REVENUES

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

The following tables present a disaggregation of our revenue from contracts with customers by distribution channel for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30, 2019
	North America		Europe		Asia-Pacific		Total

	(in thousands)

Direct:
Relationship-led	$	301,094	$	110,655	$	30,742	$	442,491
Technology-enabled	349,839		49,694		28,142		427,675
	650,933		160,349		58,884		870,166
Wholesale	64,986		—		—		64,986
	$	715,919	$	160,349	$	58,884	$	935,152



	Three Months Ended June 30, 2018
	North America		Europe		Asia-Pacific		Total

	(in thousands)

Direct:
Relationship-led	$	244,861	$	102,960	$	32,371	$	380,192
Technology-enabled	296,419		52,671		23,361		372,451
	541,280		155,631		55,732		752,643
Wholesale	80,521		—		—		80,521
	$	621,801	$	155,631	$	55,732	$	833,164



	Six Months Ended June 30, 2019
	North America		Europe		Asia-Pacific		Total

	(in thousands)

Direct:
Relationship-led	$	571,637	$	205,220	$	64,161	$	841,018
Technology-enabled	691,947		97,998		56,470		846,415
	1,263,584		303,218		120,631		1,687,433
Wholesale	130,757		—		—		130,757
	$	1,394,341	$	303,218	$	120,631	$	1,818,190



	Six Months Ended June 30, 2018
	North America		Europe		Asia-Pacific		Total

	(in thousands)

Direct:
Relationship-led	$	471,281	$	195,174	$	67,613	$	734,068
Technology-enabled	579,776		103,734		45,790		729,300
	1,051,057		298,908		113,403		1,463,368
Wholesale	164,773		—		—		164,773
	$	1,215,830	$	298,908	$	113,403	$	1,628,141

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 and six months ended June 30, 2019 and 2018, substantially all of our revenues were recognized over time.

Supplemental balance sheet information related to contracts from customers as of June 30, 2019 and December 31, 2018 was as follows:



	Balance Sheet Location	June 30, 2019		December 31, 2018

		(in thousands)

Assets:
Capitalized costs to obtain customer contracts, net	Other noncurrent assets	$	210,609	$	194,616
Capitalized costs to fulfill customer contracts, net	Other noncurrent assets	$	19,319	$	12,954

Liabilities:
Contract liabilities, net (current)	Accounts payable and accrued liabilities	$	156,930	$	146,947
Contract liabilities, net (noncurrent)	Other noncurrent liabilities	$	9,532	$	8,595

Revenue recognized for the three months ended June 30, 2019 and 2018 from contract liability balances at the beginning of each period was $52.0 million and $37.0 million, respectively. Revenue recognized for the six months ended June 30, 2019 and 2018 from contract liability balances at the beginning of each period was $97.1 million and $69.9 million, respectively.