Revenue |
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| Revenue | REVENUE The Company’s disaggregated revenue is represented by the two reportable segments discussed in Note 14. The contract balances include the following (in thousands):
Accounts receivable are recorded at the amount invoiced, net of allowances for sales returns, sales incentives, and doubtful accounts. Payment terms can vary by customer and contract. The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets are created when invoicing occurs subsequent to revenue recognition. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. The Company’s contract assets are current in nature and are included in Prepaid expenses and other current assets. Contract assets decreased by $13.5 million during the three months ended March 31, 2024 due to the timing of billing to customers. Total deferred revenue reflects consideration invoiced prior to the completion of performance obligations and revenue recognition. Total deferred revenue decreased by $1.6 million during the three months ended March 31, 2024 primarily due to the timing of fulfillment of performance obligations. Revenue recognized during the three months ended March 31, 2024, from amounts included in total deferred revenue as of December 31, 2023, was $67.3 million. Revenue recognized during the three months ended March 31, 2023, from amounts included in total deferred revenue as of December 31, 2022, was $55.5 million. Revenue allocated to remaining performance obligations represents estimated contracted revenue that has not yet been recognized which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Estimated contracted revenue for these remaining performance obligations was $1,030.9 million as of March 31, 2024 of which the Company expects to recognize approximately 48% over the next 12 months and the remainder thereafter. The Company did not recognize any material revenue during the three months ended March 31, 2024, and recognized $19.5 million during the three months ended March 31, 2023, from performance obligations that were satisfied in previous periods due to changes in the estimated transaction price of its revenue contracts. No customer accounted for more than 10% of the total revenue for the three months ended March 31, 2024. Customer I accounted 12% of the Company’s total net revenue during the three months ended March 31, 2023.
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