Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

4.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 months ended March 31, 2023 and 2022 (in thousands):

	For the Three Months Ended
	March 31,
	2023		2022
Software subscriptions	$	196,256	$	179,818
Other		8,663		7,005
Total revenues	$	204,919	$	186,823

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 March 31, 2023, approximately $1,519 million of revenue is expected to be recognized from remaining performance obligations in the amount of approximately $554 million during the following twelve months, and approximately $965 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 March 31, 2023 from amounts in deferred revenue as of December 31, 2022 was $33.8 million. Revenue recognized for the three months ended March 31, 2022 from amounts in deferred revenue as of December 31, 2021 was $29.7 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):

	March 31,		December 31,
	2023		2022
Accounts receivables-net of allowances	$	92,268	$	98,353
Deferred contract costs		17,339		16,556
Long-term deferred contract costs		20,212		20,161
Other assets (accounts receivable, non-current)		15,738		16,437
Deferred revenues		40,272		35,239
Other liabilities (deferred revenues, non-current)		1,150		1,240

A summary of the activity impacting deferred revenue balances during the three months ended March 31, 2023 and 2022 is presented below (in thousands):

	For the Three Months Ended
	March 31,
	2023			2022
Balance at beginning of period	$	36,479		$	32,615
Revenue recognized1		(103,187	)		(89,432	)
Additional amounts deferred1		108,130			91,717
Balance at end of period	$	41,422		$	34,900
Classified as:
Current	$	40,272		$	33,395
Non-current		1,150			1,505
Total deferred revenue	$	41,422		$	34,900

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 months ended March 31, 2023 and 2022 is presented below (in thousands):

	For the Three Months Ended
	March 31,
	2023			2022
Balance at beginning of period	$	36,717		$	37,186
Costs amortized		(4,785	)		(4,221	)
Additional amounts deferred		5,619			3,983
Balance at end of period	$	37,551		$	36,948
Classified as:
Current	$	17,339		$	15,645
Non-current		20,212			21,303
Total deferred contract costs	$	37,551		$	36,948