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Revenue (Tables)
9 Months Ended
Sep. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Summarizes Revenue By Type of Service

The following table summarizes revenue by type of service for the three and nine months ended September 30, 2024 and 2023 (in thousands):

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Software subscriptions

 

$

229,425

 

 

$

212,497

 

 

$

670,335

 

 

$

611,582

 

Other

 

 

9,056

 

 

 

8,650

 

 

 

28,001

 

 

 

26,195

 

Total revenues

 

$

238,481

 

 

$

221,147

 

 

$

698,336

 

 

$

637,777

 

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

 

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Accounts receivables—Net of allowances

 

$

129,606

 

 

$

102,365

 

Deferred contract costs

 

 

19,707

 

 

 

17,900

 

Long-term deferred contract costs

 

 

21,396

 

 

 

22,302

 

Other assets (accounts receivable, non-current)

 

 

16,451

 

 

 

15,198

 

Deferred revenues

 

 

46,577

 

 

 

43,567

 

Other liabilities (deferred revenues, non-current)

 

 

1,770

 

 

 

1,373

 

Summary of Deferred Revenue

A summary of the activity impacting deferred revenue balances during the three and nine months ended September 30, 2024 and 2023 is presented below (in thousands):

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Balance at beginning of period

$

48,101

 

 

$

41,203

 

 

$

44,940

 

 

$

36,479

 

Revenue recognized1

 

(120,315

)

 

 

(109,109

)

 

 

(353,523

)

 

 

(323,827

)

Additional amounts deferred1

 

120,561

 

 

 

110,934

 

 

 

356,930

 

 

 

330,376

 

Balance at end of period

$

48,347

 

 

$

43,028

 

 

$

48,347

 

 

$

43,028

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

Current

$

46,577

 

 

$

41,885

 

 

$

46,577

 

 

$

41,885

 

Non-current

 

1,770

 

 

 

1,143

 

 

 

1,770

 

 

 

1,143

 

Total deferred revenue

$

48,347

 

 

$

43,028

 

 

$

48,347

 

 

$

43,028

 

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

Summary of Deferred Contract Costs

A summary of the activity impacting the deferred contract costs during the three and nine months ended September 30, 2024 and 2023 is presented below (in thousands):

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Balance at beginning of period

 

$

41,093

 

 

$

36,351

 

 

$

40,202

 

 

$

36,717

 

Costs amortized

 

 

(5,651

)

 

 

(4,705

)

 

 

(16,222

)

 

 

(14,128

)

Additional amounts deferred

 

 

5,661

 

 

 

4,927

 

 

 

17,123

 

 

 

13,984

 

Balance at end of period

 

$

41,103

 

 

$

36,573

 

 

$

41,103

 

 

$

36,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$

19,707

 

 

$

16,994

 

 

$

19,707

 

 

$

16,994

 

Non-current

 

 

21,396

 

 

 

19,579

 

 

 

21,396

 

 

 

19,579

 

Total deferred contract costs

 

$

41,103

 

 

$

36,573

 

 

$

41,103

 

 

$

36,573