Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2024

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	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Transaction revenue	$	847,984	$	7,706
Subscription and service revenue	6,598		5,513
Total revenue	$	854,582	$	13,219

Platform	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Loyalty redemption platform, net	13,242		12,776
Crypto services	841,340		443
Total revenue	$	854,582	$	13,219

We recognized revenue from foreign jurisdictions of $14.4 million for the three months ended March 31, 2024, and $0.9 million for the three months ended March 31, 2023.

We have one reportable segment to which our revenues relate.

Deferred Revenue

Contract liabilities consist of deferred revenue 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 three months ended March 31, 2024 and March 31, 2023, respectively, was as follows (in thousands):

	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Beginning of the period contract liability	$	7,480	$	7,084
Revenue recognized from contract liabilities included in the beginning balance	(1,497)		(1,119)
Increases due to cash received, net of amounts recognized in revenue during the period	170		577
End of the period contract liability	$	6,153	$	6,542

Remaining Performance Obligations

As of March 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts is $18.0 million, comprised of $11.8 million of subscription fees and $6.2 million of service fees that are deferred. We recognize our subscription fees as revenue over a weighted-average period of 23 months (ranges from 1 month – 30 months) and our service fees as revenue over approximately 17 months.

As of March 31, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts is $24.4 million, comprised of $17.9 million of subscription fees and $6.5 million of service fees that are deferred. We recognize our subscription fees as revenue over a weighted-average period of 32 months (ranges from 1 month – 42 months) and our service fees as revenue over approximately 24 months.

Contract Costs

For the three months ended March 31, 2024 and March 31, 2023, we incurred no incremental costs to obtain and/or fulfill contracts with customers.