Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Disaggregation of Revenue

We disaggregate revenue by service type and by platform as follows (in thousands):

Service Type	Year Ended December 31, 2023		Year Ended December 31, 2022
Transaction revenue(a)	$	756,165	$	29,541
Subscription and service revenue	23,971		26,683
Total revenue	$	780,136	$	56,224

(a)Amounts are net of rebates and incentive payments of $0.1 million and $0.6 million for the years ended December 31, 2023 and December 31, 2022, respectively. Included in these amounts are amounts earned from related parties of less than $0.1 million for both years ended December 31, 2023 and December 31, 2022, respectively.

Platform	Year Ended December 31, 2023		Year Ended December 31, 2022
Loyalty redemption platform	53,148		54,479
Crypto services(b)	726,988		1,745
Total revenue	$	780,136	$	56,224

(b)Amounts are net of rebates and incentive payments of $0.1 million and $0.6 million for the years ended December 31, 2023 and December 31, 2022, respectively. Included in these amounts are amounts earned from related parties of less than $0.1 million for both years ended December 31, 2023 and December 31, 2022, respectively.

We recognized revenue from foreign jurisdictions of $15.9 million and $3.8 million for the years ended December 31, 2023 and December 31, 2022, respectively.

We have one reportable segment. See Note 2 for additional information.

Deferred Revenue

Contract liabilities consist of deferred revenues for amounts invoiced prior to us meeting the criteria for revenue recognition. We invoice customers for service fees at the time the service is performed, and such fees are recognized as revenue over time as we satisfy its performance obligation. Contract liabilities are classified as “Deferred revenue, current” and “Deferred revenue, noncurrent” in our consolidated balance sheets. The activity in deferred revenue for the years ended December 31, 2023 and December 31, 2022 was as follows (in thousands):

	Year Ended December 31, 2023		Year Ended December 31, 2022
Beginning of the period contract liability	$	7,084	$	9,448
Revenue recognized from contract liabilities included in the beginning balance	(4,045)		(4,739)
Increases due to cash received, net of amounts recognized in revenue during the period	4,441		2,375
End of the period contract liability	$	7,480	$	7,084

Remaining Performance Obligations

As of December 31, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts was $21.6 million, comprised of $14.1 million of subscription fees and $7.5 million of service fees that are deferred. We will recognize our subscription fees as revenue over a weighted-average period of 25 months (ranges from 2 months – 33 months) and our service fees as revenue over a weighted-average period of 36 months.

As of December 31, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts is $27.5 million, comprised of $20.4 million of subscription fees and $7.1 million of service fees that are deferred. We will recognize our subscription fees as revenue over a weighted-average period of 35 months (ranges from 2 months – 45 months) and our service fees as revenue over a weighted-average period of 23 months.

Contract Costs

For the years ended December 31, 2023 and December 31, 2022, we did not incur any incremental costs to obtain and/or fulfill contracts with customers, respectively.