Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

4. Revenue

The Company disaggregates revenue from its arrangements with customers by type of service as it believes these categories best depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

The following table represents a disaggregation of revenue from arrangements with customers for the three and six months ended June 30, 2022 and 2021, respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Platform subscriptions	$	53,211	$	39,400	$	102,980	$	75,765
Professional services		1,337		421		1,692		992
Total revenue	$	54,548	$	39,821	$	104,672	$	76,757

The opening and closing balances of the Company’s receivables, deferred contract costs and contract liabilities from contracts with customers are as follows:

(in thousands)	June 30, 2022		December 31, 2021
Accounts receivable, net	$	31,734	$	43,336
Deferred contract costs, current portion		8,469		6,880
Deferred contract costs, long-term		12,933		11,667
Deferred revenues		88,992		84,023

Deferred Contract Costs

A summary of the activity impacting the deferred contract costs for the six months ended June 30, 2022 and the year ended December 31, 2021 is presented below:

(in thousands)	Six Months Ended June 30, 2022			Twelve Months Ended December 31, 2021
Balance at beginning of period	$	18,547		$	8,899
Costs amortized		(3,991	)		(4,792	)
Additional amounts deferred		6,846			14,440
Balance at end of period		21,402			18,547
Classified as:
Current		8,469			6,880
Non-current		12,933			11,667
Total deferred contract costs (deferred commissions)	$	21,402		$	18,547

Contract Liabilities

A summary of the activity impacting deferred revenue balances during the six months ended June 30, 2022 and for the year ended December 31, 2021 is presented below:

(in thousands)	Six Months Ended June 30, 2022			Twelve Months Ended December 31, 2021
Balance at beginning of period	$	84,023		$	61,200
Revenue recognized		(104,672	)		(166,154	)
Additional amounts deferred		109,641			188,977
Balance at end of period	$	88,992		$	84,023

Remaining Performance Obligations

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be invoiced and recognized as revenue in future periods. The Company expects to recognize approximately 64% of the revenue within the next year and the remainder thereafter.

The remaining performance obligations consisted of the following:

(in thousands)	June 30, 2022		December 31, 2021
Current	$	163,304	$	155,134
Non-current		93,307		95,354
Total	$	256,611	$	250,488