Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Contract Balances

The contract assets are primarily related to the Company’s fixed fee intellectual property (“IP”) licensing arrangements and rights to consideration for performance obligations delivered but not billed as of June 30, 2024.

The Company’s contract balances were as follows:

	As of
(In thousands)	June 30, 2024		December 31, 2023
Unbilled receivables	$	33,884	$	55,295
Deferred revenue	$	16,442	$	18,085

During the six months ended June 30, 2024, the Company recognized $14.3 million of revenue that was included in deferred revenue as of December 31, 2023. During the six months ended June 30, 2023, the Company recognized $17.0 million of revenue that was included in deferred revenue as of December 31, 2022.

Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted but unsatisfied performance obligations were approximately $18.9 million as of June 30, 2024, which the Company primarily expects to recognize over the next 2 years.