Revenue

12 Months Ended

Dec. 31, 2023

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 years ended December 31 (in thousands):

	Year Ended December 31,
	2023		2022		2021
Software subscriptions	$	830,117	$	752,505	$	662,300
Other		36,261		29,943		25,988
Total revenues	$	866,378	$	782,448	$	688,288

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

	December 31,		December 31,		December 31,
	2023		2022		2021
Accounts receivables-Net of allowances	$	102,365	$	98,353	$	78,793
Deferred contract costs		17,900		16,556		15,069
Deferred contract costs-non-current		22,302		20,161		22,117
Other assets (accounts receivable, non-current)		15,198		16,437		8,622
Deferred revenues		43,567		35,239		31,042
Other liabilities (deferred revenues, non-current)		1,373		1,240		1,574

Deferred Contract Costs—A summary of the activity impacting the deferred contract costs during the years ended December 31, 2023, 2022 and 2021 is presented below (in thousands):

	Year Ended December 31,
	2023			2022			2021
Balance at beginning of period	$	36,717		$	37,186		$	26,306
Costs amortized		(19,197	)		(17,986	)		(15,384	)
Additional amounts deferred		22,682			17,517			26,264
Balance at end of period	$	40,202		$	36,717		$	37,186
Classified as:
Current	$	17,900		$	16,556		$	15,069
Non-current		22,302			20,161			22,117
Total deferred contract costs	$	40,202		$	36,717		$	37,186

Deferred Revenue—A summary of the activity impacting deferred revenue balances during the years ended December 31, 2023, 2022 and 2021, is presented below (in thousands):

	Year Ended December 31,
	2023			2022			2021
Balance at beginning of period	$	36,479		$	32,616		$	28,515
Revenue recognized1		(434,197	)		(380,977	)		(334,524	)
Additional amounts deferred1		442,658			384,840			338,625
Balance at end of period	$	44,940		$	36,479		$	32,616
Classified as:
Current	$	43,567		$	35,239		$	31,042
Non-current		1,373			1,240			1,574
Total deferred revenue	$	44,940		$	36,479		$	32,616

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

During the years ended December 31, 2023, 2022 and 2021, $35.1 million, $31.0 million and $26.5 million, respectively, that was included in the deferred revenue balance at the beginning of each period was recognized as revenue.

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 December 31, 2023, approximately $1,552 million of revenue is expected to be recognized from remaining performance obligations with approximately $597 million impacting the next twelve months, and approximately $955 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.