Revenue

6 Months Ended

Jun. 30, 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
	June 30, 2021		December 31, 2020
Accounts receivable, net	$	587,481	$	523,852
Contract assets (included in Prepaid expenses and other current assets)		37,715		7,431
Deferred revenue, current portion	$	48,235	$	55,465
Deferred revenue, non-current portion		23,149		21,283
Total deferred revenue	$	71,384	$	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. Contract assets increased by approximately $30.3 million during the six months ended June 30, 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 $5.4 million during the six months ended June 30, 2021 due to the timing of fulfillment of performance obligations related to platform revenue contracts.

Revenue recognized during the three and six months ended June 30, 2021, from amounts included in deferred revenue as of December 31, 2020, was $13.5 million and $39.7 million, respectively. Revenue recognized during the three and six months ended June 30, 2020, from amounts included in deferred revenue as of December 31, 2019, was $8.1 million and $28.7 million, respectively.

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 for these remaining performance obligations was $1,248.4 million as of June 30, 2021 of which we expect to recognize approximately 35% over the next 12 months and the remainder thereafter.

The Company recognized revenue of $3.3 million and $29.6 million during the three and six months ended June 30, 2021, respectively, and revenue of $7.1 million and $6.6 million during the three and six months ended June 30, 2020, respectively, from performance obligations that were satisfied in previous periods due to changes in the transaction price of its revenue contracts.

Customers accounting for 10% or more of the Company’s net revenue were as follows:

	Three Months Ended				Six Months Ended
	June 30, 2021	June 30, 2020			June 30, 2021	June 30, 2020
Customer C	*		13	%	*		13	%
Customer H	*		10	%	*	*

* Less than 10%.