Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Note 2. Revenue

Disaggregation of Revenue

The following table provides detail of total revenue:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Vertical Software segment
Software and service subscriptions	$	18,582	$	17,307	$	53,771	$	51,640
Move-related transactions	8,311		12,488		24,289		32,503
Post-move transactions	4,359		4,533		13,280		13,247
Total Vertical Software segment revenue	31,252		34,328		91,340		97,390
Insurance segment
Insurance and warranty premiums, commissions and policy fees(1)	79,948		95,228		246,147		218,300
Total Insurance segment revenue	79,948		95,228		246,147		218,300
Total revenue	$	111,200	$	129,556	$	337,487	$	315,690

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(1)Revenue recognized during the three months ended September 30, 2024 and 2023, includes revenue of $73.6 million and $88.2 million, respectively, which is accounted for separately from the revenue from contracts with customers. Revenue accounted separately from the revenue from contracts with customers for the nine months ended September 30, 2024 and 2023, was $229.5 million and $193.2 million, respectively.

Disclosures Related to Contracts with Customers

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to contracts with customers. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. To the extent a contract exists, as defined by ASC Topic 606, Revenue from Contracts with Customers, (“ASC 606”) these liabilities are classified as deferred revenue. To the extent that a contract does not exist, as defined by ASC 606, these liabilities are classified as refundable customer deposits.

Insurance Commissions Receivable

A summary of the activity impacting the contract assets during the nine months ended September 30, 2024, is presented below:

	Contract Assets
Balance at December 31, 2023	$	17,393
Estimated lifetime value of commissions on insurance policies sold by carriers	1,056
Cash receipts	(381)
Value of commissions sold with business disposition (Note 15)	(16,982)
Balance at September 30, 2024	$	1,086

As of September 30, 2024, and December 31, 2023, $0.2 million and $4.0 million, respectively, of contract assets were expected to be collected within the immediately following 12 months and therefore were included in accounts receivable, net, on the unaudited Condensed Consolidated Balance Sheets. The remaining $0.9 million and $13.4 million as of September 30, 2024, and December 31, 2023, respectively, of contract assets are expected to be collected after the immediately following 12 months and were included in other assets on the unaudited Condensed Consolidated Balance Sheets.

Deferred Revenue

A summary of the activity impacting Vertical Software segment deferred revenue balances during the nine months ended September 30, 2024, is presented below:

Balance at December 31, 2023	$	3,715
Revenue recognized	(14,639)
Additional amounts deferred	14,816
Balance at September 30, 2024	$	3,892

Revenue recognized for performance obligations satisfied during the nine month ended September 30, 2024, includes $3.7 million that was included in the deferred revenue balances as of December 31, 2023.

Deferred revenue on the unaudited condensed consolidated balance sheet as of September 30, 2024, and December 31, 2023, includes $247.9 million and $245.0 million, respectively, of deferred revenue related to the Insurance segment. The portion of insurance premiums related to the unexpired term of policies in force as of the end of the reporting period and to be earned over the remaining term of these policies is deferred and reported as deferred revenue.

Remaining Performance Obligations

The amount of the transaction price allocated to performance obligations to be satisfied at a later date, which is not recorded in the unaudited condensed consolidated balance sheets, is immaterial as of September 30, 2024, and December 31, 2023.

We have applied the practical expedients not to present unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which we recognize revenue at the amount which it has the right to invoice for services performed.

Warranty Revenue and Related Balance Sheet Disclosures

Payments received in advance of warranty services provided are included in refundable customer deposits or deferred revenue based upon the cancellation and refund provisions within the respective agreement. The following table provides balances as of the dates shown.

	September 30, 2024		December 31, 2023
Refundable customer deposits	$	13,054	$	17,911
Deferred revenue	$	4,404	$	3,887
Non-current deferred revenue (1)	$	2,539	$	2,856

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(1)Non-current deferred revenue is included in other liabilities in Condensed Consolidated Balance Sheets.

For the three months ended September 30, 2024 and 2023, we incurred $2.2 million and $1.6 million, respectively, in expenses related to warranty claims. For the nine months ended September 30, 2024 and 2023, we incurred $5.5 million and $4.1 million, respectively, in expenses related to warranty claims.