Quarterly report [Sections 13 or 15(d)]

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.25.3
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 6 Months Ended
Jun. 30, 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 $14,572 and $34,082, or 76% and 79% of total revenue, for the three and six months ended June 30, 2025, respectively, and was $19,703 and $37,759, or 78% and 63% of total revenue, for the three and six months ended June 30, 2024, respectively. Revenue from non-subscription-based contracts was $4,610 and $8,976, or 24% and 21% of total revenue, for the three and six months ended June 30, 2025, respectively, and was $5,696 and $22,465, or 22% and 37% of total revenue, for the three and six months ended June 30, 2024, respectively.

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

 

 

Three Months Ended June 30, 2025

 

 

Six Months Ended June 30, 2025

 

Americas (1)

 

$

12,605

 

 

 

66

%

 

$

26,164

 

 

 

61

%

EMEA(2)

 

 

5,987

 

 

 

31

%

 

 

14,204

 

 

 

33

%

Asia Pacific

 

 

590

 

 

 

3

%

 

 

2,690

 

 

 

6

%

Total

 

$

19,182

 

 

 

100

%

 

$

43,058

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

 

Six Months Ended June 30, 2024

 

Americas (1)

 

$

13,880

 

 

 

55

%

 

$

36,560

 

 

 

61

%

EMEA(2)

 

 

9,436

 

 

 

37

%

 

 

19,395

 

 

 

32

%

Asia Pacific

 

 

2,083

 

 

 

8

%

 

 

4,269

 

 

 

7

%

Total

 

$

25,399

 

 

 

100

%

 

$

60,224

 

 

 

100

%

Revenue from individual geographic regions that represent less than 10% of total revenue for the periods presented are not separately disclosed.

(1)
U.S. represented 54% and 53% of total revenue for the three and six months ended June 30, 2025, respectively, and 49% and 41% of total revenue for the three and six months ended June 30, 2024, respectively. Canada represented 12% of total revenue for the three months ended June 30, 2025 and 20% of total revenue for the six months ended June 30, 2024.
(2)
United Kingdom represented 11% of total revenue for the six months ended June 30, 2025, and United Kingdom represented 15% and 11% of total revenue for the three and six months ended June 30, 2024.

Contract Assets

As of June 30, 2025, contract assets were $2,376, 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 six months ended June 30, 2025 and 2024 were as follows:

 

2025

 

 

2024

 

Balance as of January 1

 

$

785

 

 

$

4,917

 

Contract assets recorded during the period

 

 

3,048

 

 

 

3,970

 

Reclassified to accounts receivable

 

 

(1,539

)

 

 

(4,685

)

Other

 

 

82

 

 

 

(41

)

Balance as of June 30

 

$

2,376

 

 

$

4,161

 

Contract Liabilities

As of June 30, 2025, contract liabilities were $49,110, of which $24,609 was reported in contract liabilities, current portion, and $24,501 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 six months ended June 30, 2025 and 2024 were as follows:

 

2025

 

 

2024

 

Balance as of January 1

 

$

45,526

 

 

$

49,101

 

Contract liabilities recorded during the period

 

 

21,549

 

 

 

22,821

 

Revenue recognized during the period

 

 

(18,281

)

 

 

(29,037

)

Other

 

 

316

 

 

 

(390

)

Balance as of June 30

 

$

49,110

 

 

$

42,495

 

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 June 30, 2025, the amount not yet recognized as revenue from these commitments was $208,880.

The Company expects to recognize its remaining performance obligations as of June 30, 2025, over the following periods:

 

 

June 30, 2025

 

1 to 12 months

 

$

66,213

 

 

 

31

%

13 to 24 months

 

 

51,387

 

 

 

25

%

25 to 36 months

 

 

35,307

 

 

 

17

%

37 to 48 months

 

 

20,016

 

 

 

10

%

Remaining

 

 

35,957

 

 

 

17

%

Total

 

$

208,880

 

 

 

100

%