Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

5.REvenue

Disaggregation of Revenue—The Company provides disaggregation of revenue based on type of service as it believes these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

The following table summarizes revenue by type of service for the three and six months ended June 30, 2022 and 2021 (in thousands):

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Software subscriptions	$	185,499	$	159,841	$	365,317	$	311,865
Other		7,287		6,948		14,292		12,713
Total revenues	$	192,786	$	166,789	$	379,609	$	324,578

Transaction Price Allocated to the Remaining Performance Obligations—Remaining performance obligations represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2022, approximately $1,335 million of revenue is expected to be recognized from remaining performance obligations in the amount of approximately $524 million during the following twelve months, and approximately $811 million thereafter. The estimated revenues do not include unexercised contract renewals. The remaining performance obligations exclude future transaction revenue where revenue is recognized as the services are rendered and in the amount to which the Company has the right to invoice.

Deferred Revenue—Revenue recognized for the three months ended June 30, 2022 from amounts in deferred revenue as of March 31, 2022 was $32.2 million. Revenue recognized for the three months ended June 30, 2021 from amounts in deferred revenue as of March 31, 2021 was $26.4 million.

Revenue recognized for the six months ended June 30, 2022 from amounts in deferred revenue as of December 31, 2021 was $30.2 million. Revenue recognized for the six months ended June 30, 2021 from amounts in deferred revenue as of December 31, 2020 was $25.6 million.

Contract Assets and Liabilities—The opening and closing balances of the Company’s receivables, contract assets and contract liabilities from contracts with customers are as follows (in thousands):

	June 30,		December 31,
	2022		2021
Accounts receivables-net of allowances	$	82,816	$	78,793
Deferred contract costs		16,021		15,069
Long-term deferred contract costs		19,869		22,117
Other assets (accounts receivable, non-current)		14,201		8,622
Deferred revenues		33,298		31,042
Other liabilities (deferred revenues, non-current)		1,444		1,574

A summary of the activity impacting deferred revenue balances during the three and six months ended June 30, 2022 and 2021, is presented below (in thousands):

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Balance at beginning of period	$	34,900		$	30,109		$	32,616		$	28,515
Revenue recognized1		(92,823	)		(82,159	)		(182,255	)		(163,121	)
Additional amounts deferred1		92,665			82,806			184,381			165,362
Balance at end of period	$	34,742		$	30,756		$	34,742		$	30,756
Classified as:
Current	$	33,298		$	28,824		$	33,298		$	28,824
Non-current		1,444			1,932			1,444			1,932
Total deferred revenue	$	34,742		$	30,756		$	34,742		$	30,756

1 Amounts include total revenue deferred and recognized during each respective period.

A summary of the activity impacting the deferred contract costs during the three and six months ended June 30, 2022 and 2021 is presented below (in thousands):

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Balance at beginning of period	$	36,948		$	26,554		$	37,186		$	26,361
Costs amortized		(4,407	)		(3,612	)		(8,628	)		(7,317	)
Additional amounts deferred		3,349			5,725			7,332			9,623
Balance at end of period	$	35,890		$	28,667		$	35,890		$	28,667
Classified as:
Current	$	16,021		$	12,681		$	16,021		$	12,681
Non-current		19,869			15,986			19,869			15,986
Total deferred contract costs	$	35,890		$	28,667		$	35,890		$	28,667