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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at March 31, 2024:
LEVEL 1LEVEL2LEVEL 3TOTAL
(In thousands)
Assets
Money market funds$149,397 $— $— $149,397 
Interest rate swap assets— 6,374 — 6,374 
Total assets$149,397 $6,374 $— $155,771 
Liabilities
Contingent liabilities$— $— $44,982 $44,982 
Total liabilities$— $— $44,982 $44,982 
The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at December 31, 2023:
LEVEL 1LEVEL2LEVEL 3TOTAL
(In thousands)
Assets
Money market funds$147,478 $— $— $147,478 
Interest rate swap assets— 5,624 — 5,624 
Total assets$147,478 $5,624 $— $153,102 
Liabilities
Contingent liabilities$— $— $54,457 $54,457 
Total liabilities$— $— $54,457 $54,457 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes the Level 3 activity of the changes in the contingent consideration liability.
MARCH 31,
2024
(In thousands)
Beginning balance at December 31, 2023
$54,457 
Additions— 
Payments(12,356)
Fair value remeasurement2,881 
Ending balance at March 31, 2024
$44,982 
Schedule of Accounts, Notes, Loans and Financing Receivable
Accounts receivable consists of the following:
MARCH 31,
2024
DECEMBER 31,
2023
(In thousands)
Trade receivables$71,268 $75,410 
Unbilled receivables10,767 10,405 
Other receivables255 354 
Allowances for credit losses(1,341)(1,312)
Accounts receivable, net$80,949 $84,857 
Accounts Receivable, Allowance for Credit Loss
The following table presents the information regarding the allowance of accounts receivable:
MARCH 31,
2024
DECEMBER 31,
2023
(In thousands)
Beginning balance $1,312 $1,250 
Provision for credit losses59 684 
Charge-offs, net of recoveries(30)(622)
Ending balance$1,341 $1,312 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The notional amounts, fair values, and classification of derivative instruments in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 were as follows:
Interest rate swap derivative designated as cash flow hedging instrument:MARCH 31,
2024
DECEMBER 31,
2023
(In thousands)
                                                                                                                                                  Notional amounts $230,000 $230,000 
Prepaid expenses and other current assets$5,033 $4,473 
Other long-term assets$1,341 $1,151 
Contract Balances, Contract Asset, Contract Liability, and Receivable
Contract balances at March 31, 2024 and December 31, 2023 were as follows:
MARCH 31,
2024
DECEMBER 31,
2023
(In thousands)
Contract assets$10,767 $10,405 
Contract liabilities58,238 61,748 
Summary of Revenue by Timing of Revenue Recognition The following table presents the Company’s revenue by timing of revenue recognition to understand the risks of timing of transfer of control and cash flows:
THREE MONTHS ENDED MARCH 31,
20242023
Software licenses transferred at a point in time$15,380 $14,498 
Software licenses transferred over time23,927 18,507 
Service revenues earned over time57,347 57,296 
Total$96,654 $90,301