REVENUES

The following tables present a disaggregation of our revenue from contracts with customers by distribution channel for the three months ended March 31, 2019 and 2018:



	Three Months Ended March 31, 2019
	North America		Europe		Asia-Pacific		Total

	(in thousands)

Direct:
Relationship-led	$	271,411	$	97,041	$	33,420	$	401,872
Technology-enabled	341,241		45,828		28,327		415,396
	612,652		142,869		61,747		817,268
Wholesale	65,771		—		—		65,771
	$	678,423	$	142,869	$	61,747	$	883,039



	Three Months Ended March 31, 2018
	North America		Europe		Asia-Pacific		Total

	(in thousands)

Direct:
Relationship-led	$	226,420	$	92,214	$	35,242	$	353,876
Technology-enabled	283,358		51,063		22,429		356,850
	509,778		143,277		57,671		710,726
Wholesale	84,251		—		—		84,251
	$	594,029	$	143,277	$	57,671	$	794,977

ASC 606 requires that we determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the three months ended March 31, 2019 and 2018, substantially all of our revenues were recognized over time.

Supplemental balance sheet information related to contracts from customers as of March 31, 2019 and 2018 was as follows:



	Balance Sheet Location	March 31, 2019		December 31, 2018

		(in thousands)

Assets:
Capitalized costs to obtain customer contracts, net	Other noncurrent assets	$	201,896	$	194,616
Capitalized costs to fulfill customer contracts, net	Other noncurrent assets	$	16,282	$	12,954

Liabilities:
Contract liabilities, net (current)	Accounts payable and accrued liabilities	$	140,808	$	146,947
Contract liabilities, net (noncurrent)	Other noncurrent liabilities	$	9,045	$	8,595

Revenue recognized for the three months ended March 31, 2019 and 2018 from contract liability balances at the beginning of the period was $58.5 million and $40.6 million, respectively.