Revenue Recognition

3 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The tables below present our revenue disaggregated by major product category and the related financial statement classification of revenue for the three months ended September 30, 2019 and 2018.



	Three Months Ended September 30, 2019
	Settlement Network Solutions ⁽¹⁾		Legal Spend Management Solutions ⁽¹⁾		Banking Solutions		Payments and Transactional Documents		Healthcare ⁽²⁾		Other ⁽²⁾		Total
	(in thousands)
Financial statement classification:
Subscriptions	$	27,247	$	20,574	$	18,373	$	12,880	$	844	$	148	$	80,066
Software licenses	187		—		516		1,327		195		351		2,576
Service and maintenance	4,821		—		5,280		11,871		829		2,024		24,825
Other	—		—		—		693		16		—		709
Total revenues	$	32,255	$	20,574	$	24,169	$	26,771	$	1,884	$	2,523	$	108,176



	Three Months Ended September 30, 2018
	Settlement Network Solutions ⁽¹⁾		Legal Spend Management Solutions ⁽¹⁾		Banking Solutions		Payments and Transactional Documents		Healthcare ⁽²⁾		Other ⁽²⁾		Total
	(in thousands)
Financial statement classification:
Subscriptions	$	24,282	$	18,396	$	15,666	$	10,569	$	826	$	29	$	69,768
Software licenses	572		—		1,326		2,154		419		41		4,512
Service and maintenance	6,325		—		5,260		12,759		898		2,163		27,405
Other	—		—		—		752		—		—		752
Total revenues	$	31,179	$	18,396	$	22,252	$	26,234	$	2,143	$	2,233	$	102,437

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⁽¹⁾ Cloud Solutions segment

⁽²⁾ Other segment

Remaining Performance Obligations

The transaction price allocated to remaining performance obligations that are unsatisfied, or partially unsatisfied, as of September 30, 2019 represents contracted revenue that will be recognized in future periods. Our future performance obligations consist primarily of SaaS hosting/subscription obligations relating to future periods, contracted but uncompleted professional services obligations and support and maintenance obligations. During the three months ended September 30, 2019 and 2018, the amount of revenue recognized from performance obligations satisfied in prior periods was not significant.

Revenue allocated to remaining performance obligations was $391.2 million as of September 30, 2019 of which we expect to recognize approximately $149.0 million over the next twelve months and the remainder thereafter. We exclude from our measure of remaining performance obligations amounts related to future transactional or usage-based fees for which the value of services transferred to the customer will correspond to the amount we will invoice for those services.

Contract Assets and Liabilities

The table below presents our accounts receivable, contract assets and deferred revenue balances as of June 30, 2019 and September 30, 2019.



	September 30,		June 30,
	2019		2019		$ Change
	(in thousands)
Accounts receivable	$	65,409	$	77,285	$	(11,876	)
Contract assets	5,747		5,135		612
Deferred revenue	79,083		92,159		(13,076		)

Accounts receivable include amounts related to our contractual right to consideration for both completed and partially completed performance obligations, including amounts that may not have been invoiced. Contract assets arise when we recognize revenue in excess of amounts billed to the customer and the right to payment is contingent on conditions other than simply the passage of time, such as the future completion of a related performance obligation. Contract assets are classified in our consolidated balance sheets as other current assets for those contract assets with amortization periods of one year or less and other assets for contract assets with amortization periods greater than one year. Deferred revenue consists of billings or customer payments in excess of amounts recognized as revenue.

The decrease in deferred revenue at September 30, 2019 as compared to June 30, 2019 reflects the impact on deferred revenue of our recognition of revenue from maintenance contracts, a significant portion of which are billed on a calendar year basis, as well as the impact of foreign exchange changes.

For the three months ended September 30, 2019 and 2018, we recognized $34.0 million and $27.1 million in revenue from amounts that were included in deferred revenue as of June 30, 2019 and 2018, respectively.