Quarterly report [Sections 13 or 15(d)]

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.25.1
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
3.
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

Disaggregation of Revenue

Revenue from subscription-based contracts was $19,510, or 82% of total revenue, for the three months ended March 31, 2025, and was $18,166, or 52% of total revenue, for the three months ended March 31, 2024. Revenue from non-subscription-based contracts was $4,366, or 18% of total revenue, for the three months ended March 31, 2025, and was $16,659, or 48% of total revenue, for the three months ended March 31, 2024.

The following revenue disaggregated by geography, derived from billing addresses, was recognized:

 

 

Three Months Ended March 31, 2025

 

 

Three Months Ended March 31, 2024

 

Americas (1)

 

$

13,580

 

 

 

57

%

 

$

22,680

 

 

 

65

%

EMEA(2)

 

 

8,217

 

 

 

34

%

 

 

9,959

 

 

 

29

%

Asia Pacific

 

 

2,079

 

 

 

9

%

 

 

2,186

 

 

 

6

%

Total

 

$

23,876

 

 

 

100

%

 

$

34,825

 

 

 

100

%

 

(1)
U.S. represented 50% and 34% of total revenue for the three months ended March 31, 2025, and 2024, respectively. Canada represented 30% of total revenue for the three months ended March 31, 2024.
(2)
United Kingdom represented 14% of total revenue for the three months ended March 31, 2025.

Contract Assets

As of March 31, 2025, contract assets were $2,221, which was reported in contract assets on the Company’s condensed consolidated balance sheets. As of December 31, 2024, contract assets of $785 were reported in contract assets on the Company’s condensed consolidated balance sheets.

Changes in contract assets for the three months ended March 31, 2025 and 2024 were as follows:

 

2025

 

 

2024

 

Balance as of January 1

 

$

785

 

 

$

4,917

 

Contract assets recorded during the period

 

 

2,126

 

 

 

4,696

 

Reclassified to accounts receivable

 

 

(710

)

 

 

(4,399

)

Other

 

 

20

 

 

 

(29

)

Balance as of March 31

 

$

2,221

 

 

$

5,185

 

Contract Liabilities

As of March 31, 2025, contract liabilities were $47,686, of which $25,523 was reported in contract liabilities, current portion, and $22,163 was reported in other long-term liabilities on the Company’s condensed consolidated balance sheets. As of

December 31, 2024, contract liabilities were $45,526, of which $22,037 was reported in contract liabilities, current portion, and $23,489 was reported in other long-term liabilities on the Company’s condensed consolidated balance sheets.

Changes in contract liabilities for the three months ended March 31, 2025 and 2024 were as follows:

 

2025

 

 

2024

 

Balance as of January 1

 

$

45,526

 

 

$

49,101

 

Contract liabilities recorded during the period

 

 

11,635

 

 

 

13,004

 

Revenue recognized during the period

 

 

(9,908

)

 

 

(20,317

)

Other

 

 

433

 

 

 

(299

)

Balance as of March 31

 

$

47,686

 

 

$

41,489

 

Remaining Performance Obligations

The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. These commitments for future services exclude (i) contracts with an original term of one year or less, and (ii) cancellable contracts. As of March 31, 2025, the amount not yet recognized as revenue from these commitments was $252,511.

The Company expects to recognize its remaining performance obligations as of March 31, 2025, over the following periods:

 

 

March 31, 2025

 

1 to 12 months

 

$

83,506

 

 

 

33

%

13 to 24 months

 

 

65,320

 

 

 

26

%

25 to 36 months

 

 

41,726

 

 

 

17

%

37 to 48 months

 

 

23,981

 

 

 

9

%

Remaining

 

 

37,978

 

 

 

15

%

Total

 

$

252,511

 

 

 

100

%