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REVENUE
 12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Adoption of ASC 606, Revenue from Contracts with Customers

The Company recorded a net reduction to retained earnings of $4.6 million as of January 1, 2018, due to the cumulative impact of adopting ASC 606, primarily related to the effect on revenue and associated cost of revenue from hardware sold through the retail distribution channels and hardware installment sales. The impact to revenue for the year ended December 31, 2018 was an increase of $6.4 million as a result of applying ASC 606.

Practical Expedients

The Company does not recognize a financing component for hardware installment sales that have a term of one year or less.


The following table presents the Company's revenue disaggregated by revenue source (in thousands):

Year Ended December 31,
201920182017
Revenue from Contracts with Customers:
Transaction-based revenue$3,081,074  $2,471,451  $1,920,174  
Subscription and services-based revenue883,922  499,010  185,485  
Hardware revenue84,505  68,503  41,415  
Bitcoin revenue516,465  166,517  —  
Revenue from other sources:
Subscription and services-based revenue$147,534  $92,696  $67,179  

The deferred revenue balances were as follows (in thousands):
Year Ended December 31,
20192018
Deferred revenue, beginning of the period$36,451  $5,893  
Less: cumulative impact of the adoption of ASC 606—  (4,303) 
Deferred revenue, beginning of the period, as adjusted36,451  1,590  
Deferred revenue, end of the period44,331  36,451  
Deferred revenue arising from business combination—  22,800  
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period$31,510  $1,590