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Revenue (Tables)
6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025 and 2024 (in thousands):

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Software subscriptions

 

$

250,579

 

 

$

223,014

 

 

$

493,115

 

 

$

441,083

 

Other

 

 

9,872

 

 

 

9,604

 

 

 

18,901

 

 

 

18,772

 

Total revenues

 

$

260,451

 

 

$

232,618

 

 

$

512,016

 

 

$

459,855

 

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):

 

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Accounts receivables—Net of allowances

 

$

132,450

 

 

$

106,578

 

Deferred contract costs

 

 

23,158

 

 

 

22,373

 

Long-term deferred contract costs

 

 

20,281

 

 

 

18,692

 

Other assets (accounts receivable, non-current)

 

 

22,794

 

 

 

16,946

 

Deferred revenues

 

 

71,214

 

 

 

44,915

 

Other liabilities (deferred revenues, non-current)

 

 

1,078

 

 

 

1,415

 

Summary of Deferred Revenue

A summary of the activity impacting deferred revenue balances during the three and six months ended June 30, 2025 and 2024 is presented below (in thousands):

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Balance at beginning of period

$

69,172

 

 

$

47,560

 

 

$

46,330

 

 

$

44,940

 

Revenue recognized1

 

(176,485

)

 

 

(117,797

)

 

 

(327,989

)

 

 

(233,209

)

Additional amounts deferred1

 

179,605

 

 

 

118,338

 

 

 

353,951

 

 

 

236,370

 

Balance at end of period

$

72,292

 

 

$

48,101

 

 

$

72,292

 

 

$

48,101

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

Current

$

71,214

 

 

$

45,988

 

 

$

71,214

 

 

$

45,988

 

Non-current

 

1,078

 

 

 

2,113

 

 

 

1,078

 

 

 

2,113

 

Total deferred revenue

$

72,292

 

 

$

48,101

 

 

$

72,292

 

 

$

48,101

 

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 six months ended June 30, 2025 and 2024 is presented below (in thousands):

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Balance at beginning of period

 

$

42,179

 

 

$

40,153

 

 

$

41,065

 

 

$

40,202

 

Costs amortized

 

 

(6,019

)

 

 

(5,322

)

 

 

(11,683

)

 

 

(10,571

)

Additional amounts deferred

 

 

7,279

 

 

 

6,262

 

 

 

14,057

 

 

 

11,462

 

Balance at end of period

 

$

43,439

 

 

$

41,093

 

 

$

43,439

 

 

$

41,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$

23,158

 

 

$

19,427

 

 

$

23,158

 

 

$

19,427

 

Non-current

 

 

20,281

 

 

 

21,666

 

 

 

20,281

 

 

 

21,666

 

Total deferred contract costs

 

$

43,439

 

 

$

41,093

 

 

$

43,439

 

 

$

41,093