XML 25 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2024

REVENUE RECOGNITION

REVENUE RECOGNITION

2.REVENUE RECOGNITION

Disaggregation of revenue

The table reflects revenue by major source for the following periods:

​

​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		​	2024		2023			2022
Software subscriptions:	​	​		​	​		​	​
Software licenses	​	$	291,081	​	$	266,213	​	$	246,577
Cloud subscriptions	​	​	276,043	​	​	214,617	​	​	168,896
Software subscriptions	​	​	567,124	​	​	480,830	​	​	415,473
Services	​		99,652	​		91,557	​		76,151
Total revenues	​	$	666,776	​	$	572,387	​	$	491,624

​

Contract balances

Timing of revenue recognition may differ from the timing of invoicing customers. A receivable is recorded in the consolidated balance sheets when customers are billed related to revenue to be collected and recognized for subscription agreements as there is an unconditional right to invoice and receive payment in the future related to these subscriptions. A receivable and related revenue may also be recorded in advance of billings to the extent services have been performed and the Company has a right under the contract to bill and collect for such performance. Subscription-based customers are generally invoiced annually at the beginning of each annual subscription period. The Company’s payment terms typically range from 30-60 days. Accounts receivable is presented net of an allowance for potentially uncollectible accounts and estimated cancellations of software license and cloud-based subscriptions (the “allowance”) of $16,838 and $16,272 at December 31, 2024 and 2023, respectively. The allowance is adjusted for expected credit losses based on management’s assessment of collectability after considering factors including the age of each outstanding invoice, collection history of customers, current and forecasted economic conditions as well as estimated cancellations.

The beginning and ending balances of accounts receivable, net of allowance, are as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	2024		2023			2022
Balance, beginning of period	​	$	141,752	​	$	102,885	​	$	76,929
Balance, end of period	​		164,432	​		141,752	​		102,885
Increase	​	$	22,680	​	$	38,867	​	$	25,956

​

A contract liability is recorded as deferred revenue on the consolidated balance sheets when customers are billed in advance of performance obligations being satisfied, and revenue is recognized after invoicing ratably over the subscription period. Deferred revenue is reflected net of a related deferred allowance for subscription cancellations (the “deferred allowance”) of $12,028 and $11,741 at December 31, 2024 and 2023, respectively. The deferred allowance represents the portion of the allowance for subscription cancellations associated with deferred revenue.

​

The beginning and ending balances of and changes to the allowance and the deferred allowance are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

​

2024

​

2023

​

2022

​

​

Balance

​

Net Change

Balance

​

Net Change

​

Balance

​

​

Net Change

Allowance balance, January 1,

​

$

(16,272)

​

​

$

(9,554)

​

$

(9,151)

​

​

​

Allowance balance, December 31,

​

(16,838)

​

​

(16,272)

​

​

(9,554)

​

​

​

Change in allowance

​

​

​

$

566

​

​

​

$

6,718

​

​

​

$

403

Deferred allowance balance, January 1,

​

11,741

​

​

7,133

​

​

6,537

​

​

​

Deferred allowance balance, December 31,

​

12,028

​

​

11,741

​

​

7,133

​

​

​

Change in deferred allowance

​

​

​

(287)

​

​

​

(4,608)

​

​

​

​

(596)

Net amount charged to revenues

​

​

​

$

279

​

​

​

$

2,110

​

​

​

$

(193)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The amount of revenue recognized during the years ended December 31, 2024, 2023, and 2022 that was included in the opening deferred revenue balance of the same fiscal year was $290,143, $268,847, and $237,344, respectively.

The portion of deferred revenue expected to be recognized in revenue beyond one year is included in deferred revenue, net of current portion in the consolidated balance sheets. The tables provide information about the balances of and changes to deferred revenue for the following periods:

​

​	​	​	​	​	​	​
​	​	As of December 31,
​	​	2024		​	2023
Balances:		​	​	​	​
Deferred revenue, current	​	$	339,326	​	$	290,143
Deferred revenue, non-current	​		4,840	​		2,577
Total deferred revenue	​	$	344,166	​	$	292,720

​

​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​	​	2024		​	2023		​	2022
Changes to deferred revenue:		​			​			​
Beginning balance	​	$	292,720	​	$	279,136	​	$	249,010
Additional amounts deferred	​		718,222	​		585,971	​		521,750
Revenues recognized	​		(666,776)	​		(572,387)	​		(491,624)
Ending balance	​	$	344,166	​	$	292,720	​	$	279,136

​

Deferred revenue at December 31, 2024 will be recognized as follows for all future years:

​

​	​	​	​
Year Ending December 31,		​	​
2025	​	$	339,326
2026	​		4,840
2027	​		—
Total	​	$	344,166

​

Contract costs

Deferred sales commissions earned by the Company’s sales force and certain sales incentive programs and vendor referral agreements are considered incremental and recoverable costs of obtaining a contract with a customer. An asset is recognized for these incremental contract costs and reflected as deferred commissions in the consolidated balance sheets.

These contract costs are amortized on a straight-line basis over a period consistent with the transfer of the associated product and services to the customer, which is generally one to three years. Amortization of these costs are included in selling and marketing expense in the consolidated statements of comprehensive loss. The Company periodically reviews these contract assets to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these assets. There were no impairment losses recorded for the periods presented.

The changes to contract cost balances as of and for the following periods are:

​

​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​	​	2024		​	2023		​	2022
Deferred commissions:		​			​			​
Beginning balance	​	$	21,237	​	$	15,463	​	$	12,555
Additions	​		23,736	​		16,552	​		13,913
Amortization	​		(17,493)	​		(10,778)	​		(11,005)
Ending balance	​	$	27,480	​	$	21,237	​	$	15,463

3.​​

X

- References

No definition available.

+ Details

Name:	us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Name:	us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration