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Revenue, Performance Obligations and Contract Balances
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue, Performance Obligations and Contract Balances

3. Revenue, Performance Obligations and Contract Balances

Disaggregation of Revenue

The following table presents a disaggregation of revenue from contracts with customers (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Payment transaction processing revenue

 

$

182,752

 

 

$

146,388

 

Other

 

 

2,123

 

 

$

1,940

 

Total revenue

 

$

184,875

 

 

$

148,328

 

Revenue by geographic area, based on the location of the Company’s users, was as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

United States

 

$

181,301

 

 

$

145,557

 

Other

 

 

3,574

 

 

 

2,771

 

Total

 

$

184,875

 

 

$

148,328

 

Remaining Performance Obligations

As of March 31, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied was $6.8 million, of which the Company expects to recognize over 75% within the next two years, 19% between two to four years and the remainder thereafter. The timing of revenue recognition within the next four years is largely dependent upon the go-live dates of the Company's customers under the Company’s contracts.

As of March 31, 2024, the Company has contractual rights under its commercial agreements with customers and resellers to receive $51.2 million of fixed consideration related to the future minimum guarantees through 2026. As permitted, the Company has elected to exclude from this disclosure any variable consideration that meets specified criteria. Accordingly, the total unsatisfied or partially unsatisfied performance obligations related to processing services is significantly higher than the amount disclosed.

Contract Balances

Contract balances consist of the following:

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Contract Assets

 

 

 

 

 

 

Costs to fulfill (prepaid expenses and other current assets)

 

$

2,893

 

 

$

2,893

 

Costs to fulfill (other long-term assets)

 

 

4,189

 

 

 

4,783

 

Total contract assets

 

$

7,082

 

 

$

7,676

 

Contract Liabilities

 

 

 

 

 

 

Contract liabilities, Current

 

$

4,097

 

 

$

4,089

 

Contract liabilities, Non-current

 

 

2,752

 

 

 

2,731

 

Total contract liabilities

 

$

6,849

 

 

$

6,820

 

During the three months ended March 31, 2024 and 2023, the Company reduced revenue as a result of amortization of related contract assets by $0.2 million and $0.7 million, respectively.

Revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liabilities balance at the beginning of each of the periods was $0.9 million and $0.7 million, respectively.