Revenue and Related Matters

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue and Related Matters

Note 5 - Revenue and Related Matters

Disaggregated Revenue

The Company disaggregates revenue as set forth in the following table (in thousands):

	Year Ended December 31,
Revenues by Type:	2021		2020		2019
Subscription and transaction fees	$	121,321	$	99,609	$	89,476
Services and other	10,253		8,960		6,984
Subscription, transaction, and services	$	131,574	$	108,569	$	96,460

Deferred Revenue

Deferred revenue consists primarily of implementation fees for new customers or new services and fees received to store customers’ billing data. 

The acquisition of iController (refer to Note 3 - Business Combination & Acquisitions) resulted in an increase to deferred revenue and accounts receivable of $3.8 million and $1.2 million, respectively as of the closing date.

During the years ended December 31, 2021 and 2020, the Company recognized approximately $18.5 million and $11.9 million of revenue, respectively, related to its deferred revenue balance at the beginning of each such period. To determine revenue recognized in each period, the Company first allocates revenue to the deferred revenue balance outstanding at the beginning of each period, until the revenue equals that balance.

The amount of revenue recognized in the year ended December 31, 2021 included $2.5 million in the first quarter of 2021 related to the acceleration of previously paid and deferred revenue from a customer that terminated its contract in the first quarter of 2021.

Remaining Performance Obligations

As of December 31, 2021, the Company had approximately $37.7 million of remaining performance obligations, primarily from multi-year contracts for the Company's services, which includes both the deferred revenue balance and amounts that will be invoiced and recognized as revenue in future periods. The Company expects to recognize revenue for approximately 96% of this amount during the next 36 months, and the remainder thereafter.

To determine the amount of remaining performance obligations, the Company applies the practical expedient that allows for the exclusion of (1) amounts from contracts with an original expected duration of one year or less, and (2) variable consideration allocated to unsatisfied performance obligations for which variable consideration is allocated entirely to a wholly unsatisfied performance obligation, or to a wholly unsatisfied promise to transfer a distinct good or service, that forms part of a single performance obligation.

Deferred Commissions and Implementation Costs

The current and non-current portions of deferred implementation and commission costs on the Consolidated Balance Sheets were as follows (in thousands):

	As of December 31,
	2021		2020
Current portion of deferred costs:
Deferred commissions, current	$	2,997	$	2,431
Deferred implementation costs, current	2,063		2,287
Deferred implementation and commission costs, current portion	$	5,060	$	4,718
Non-current portion of deferred costs:
Deferred commissions, net of current portion	$	6,392	$	5,233
Deferred implementation costs, net of current portion	2,846		3,444
Deferred implementation and commission costs, net of current portion	$	9,238	$	8,677

Amortization of commissions was $2.6 million, $2.1 million, $1.7 million during the years ended December 31, 2021, 2020, and 2019. Amortization of implementation costs was $3.4 million, $5.8 million, $6.1 million during the years ended December 31, 2021, 2020, and 2019.

The Company evaluates the recoverability of deferred commissions and deferred implementation costs at each balance sheet date and there were no impairments recorded during the years ended December 31, 2021, 2020, and 2019.