Revenue

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

3. REVENUE

The Company’s disaggregated revenues are represented by the two reportable segments discussed in Note 15.

The contract balances include the following (in thousands):

	As of
	March 31, 2021		December 31, 2020
Accounts receivable, net	$	496,173	$	523,852
Contract assets (included in Prepaid expenses and other current assets)		28,684		7,431
Deferred revenue, current portion		48,121		55,465
Deferred revenue, non-current portion		22,618		21,283
Total deferred revenue	$	70,739	$	76,748

Accounts receivable are recorded at the amount invoiced, net of an allowance for doubtful accounts, sales returns, and sales incentives. Payment terms can vary by customer and contract.

The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets are created when invoicing occurs subsequent to revenue recognition. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. The Company’s contract assets are generally current in nature and are included in Prepaid expenses and other current assets. Contract assets increased by approximately $21.3 million during the three months ended March 31, 2021 primarily due to an increase in the growth of platform revenue combined with the timing of billing which falls into a subsequent period.

Contract liabilities are included in deferred revenue and reflect consideration invoiced prior to the completion of performance obligations and revenue recognition. Deferred revenue decreased by approximately $6.0 million during the three months ended March 31, 2021 due to the timing of fulfillment of performance obligations related to platform revenue contracts.

Revenue recognized during the three months ended March 31, 2021, from amounts included in deferred revenue as of December 31, 2020 was $26.2 million. Revenue recognized during the three months ended March 31, 2020, from amounts included in deferred revenue as of December 31, 2019 was $20.5 million.

Revenue allocated to remaining performance obligations represents estimated contracted revenue that has not yet been recognized which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Estimated contracted revenue was $900.8 million as of March 31, 2021 of which we expect to recognize approximately 47% over the next 12 months and the remainder thereafter.

The Company recognized $29.0 million and $2.7 million during the three months ended March 31, 2021 and 2020, respectively, from performance obligations that were satisfied in previous periods due to the changes in transaction price of its revenue contracts.

Customer H accounted for 11% of the total net revenue during the three months ended March 31, 2021, and Customer C accounted for 14% of the total net revenue during the three months ended March 31, 2020.