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REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2025
REVENUE RECOGNITION  
REVENUE RECOGNITION

2.     REVENUE RECOGNITION

Disaggregation of revenue

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended September 30, 

    

Nine months ended September 30, 

​

    

​

2025

    

2024

    

​

2025

    

2024

​

 

(unaudited)

    

(unaudited)

Software subscriptions:

​

​

​

​

​

  

    

​

​

​

​

  

Software licenses

​

$

72,837

​

$

75,273

    

$

215,080

​

$

215,365

Cloud subscriptions

​

​

91,987

​

​

70,981

    

​

258,349

​

​

199,162

Software subscriptions

​

​

164,824

​

​

146,254

    

​

473,429

​

​

414,527

Services

​

 

27,288

​

 

24,181

    

 

80,304

​

 

73,793

Total revenues

​

$

192,112

​

$

170,435

​

$

553,733

​

$

488,320

​

Contract balances

Timing of revenue recognition may differ from the timing of invoicing customers. A receivable is recorded in the condensed 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. 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 $15,069 and $16,838 at September 30, 2025 and December 31, 2024, respectively. The allowance for potentially uncollectible accounts represents future expected credit losses over the life of the receivables based on past experience, current information and forward-looking economic considerations.

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

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 2025

​

For the year ended December 31, 2024

​

​

​

(unaudited)

​

​

​

​

Balance, beginning of period

​

$

164,432

​

$

141,752

​

Balance, end of period

​

 

131,502

​

 

164,432

​

Increase (decrease)

​

$

(32,930)

​

$

22,680

​

​

A contract liability is recorded as deferred revenue on the condensed 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 included net of a related deferred allowance for subscription cancellations (the

“deferred allowance”) of $10,682 and $12,028 at September 30, 2025 and December 31, 2024, 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 three months ended September 30, 

​

​

2025

​

2024

​

​

Balance

    

​

Net Change

    

Balance

    

​

Net Change

​

​

(unaudited)

Allowance balance, July 1

​

$

(16,389)

 

​

  

​

$

(17,704)

 

​

  

Allowance balance, September 30, 

​

 

(15,069)

 

​

  

​

 

(14,273)

 

​

  

Change in allowance

​

​

​

 

$

(1,320)

​

​

​

 

$

(3,431)

Deferred allowance balance, July 1,

​

 

11,661

 

​

  

​

 

12,753

 

​

  

Deferred allowance balance, September 30, 

​

 

10,682

 

​

  

​

 

10,235

 

​

  

Change in deferred allowance

​

 

​

 

​

979

​

 

​

 

​

2,518

Net amount charged to revenues

​

​

​

 

$

(341)

​

​

​

 

$

(913)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 

​

​

2025

​

2024

​

​

Balance

    

​

Net Change

    

Balance

    

​

Net Change

​

​

(unaudited)

Allowance balance, January 1,

​

$

(16,838)

 

​

  

​

$

(16,272)

 

​

  

Allowance balance, September 30, 

​

 

(15,069)

 

​

  

​

 

(14,273)

 

​

  

Change in allowance

​

​

​

 

$

(1,769)

​

​

​

 

$

(1,999)

Deferred allowance balance, January 1,

​

 

12,028

 

​

  

​

 

11,741

 

​

  

Deferred allowance balance, September 30, 

​

 

10,682

 

​

  

​

 

10,235

 

​

  

Change in deferred allowance

​

 

​

 

​

1,346

​

 

​

 

​

1,506

Net amount charged to revenues

​

​

​

 

$

(423)

​

​

​

 

$

(493)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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 condensed consolidated balance sheets. The following table provides information about the balances of and changes to deferred revenue for the following periods:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 

​

For the nine months ended September 30, 

​

​

2025

​

2024

​

2025

​

2024

​

​

(unaudited)

​

(unaudited)

Changes to deferred revenue:

    

​

  

    

​

  

    

​

  

    

​

  

Beginning balance

​

$

347,250

​

$

299,741

​

$

344,166

​

$

292,720

Additional amounts deferred

​

 

183,905

​

 

175,106

​

 

548,610

​

 

500,012

Revenues recognized

​

 

(192,112)

​

 

(170,435)

​

 

(553,733)

​

 

(488,320)

Ending balance

​

$

339,043

​

$

304,412

​

$

339,043

​

$

304,412

​

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 included as deferred commissions in the condensed 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 condensed consolidated statements of comprehensive income. 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 three months ended September 30, 

​

For the nine months ended September 30, 

​

​

2025

​

2024

​

2025

​

2024

​

​

(unaudited)

​

(unaudited)

Deferred commissions:

    

​

  

    

​

  

    

​

  

    

​

  

Beginning balance

​

$

27,737

​

$

21,862

​

$

27,480

​

$

21,237

Additions

​

 

7,205

​

 

5,024

​

 

18,184

​

 

13,793

Amortization

​

 

(6,130)

​

 

(4,346)

​

 

(16,852)

​

 

(12,490)

Ending balance

​

$

28,812

​

$

22,540

​

$

28,812

​

$

22,540

​