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Revenue Recognition
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
13. Revenue Recognition
Transaction price allocated to the remaining performance obligations
As of June 30, 2021, approximately $797 million of revenue is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 55% of these remaining performance obligations over the next 12 months, with the remainder recognized thereafter.
We applied the practical expedient in ASC 606-10-50-14 and have excluded the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less (one-time services); and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed (transactional revenue).
Contract balances
Our contract assets as of June 30, 2021 and December 31, 2020 were insignificant. Our opening and closing balances of deferred revenue were as follows:
(in thousands)June 30,
2021		December 31,
2020
Total deferred revenue$345,419 $316,914 
The increase in deferred revenue during the six months ended June 30, 2021 was primarily due to a seasonal increase in customer contract renewals and, to a lesser extent, early progress in initiatives to bring our pricing in line with the market. Historically, due to the timing of customer budget cycles, we have an increase in customer contract renewals at or near the beginning of our third quarter. The amount of revenue recognized during the six months ended June 30, 2021 that was included in the deferred revenue balance at the beginning of the period was approximately $229 million. The amount of revenue recognized during the six months ended June 30, 2021 from performance obligations satisfied in prior periods was insignificant.
Disaggregation of revenue
We sell our cloud solutions and related services in three primary geographical markets: to customers in the United States, to customers in the United Kingdom and to customers located in other countries. The following table presents our revenue by geographic area based on the address of our customers:
Three months ended
June 30,
Six months ended
June 30,
(dollars in thousands)
2021
2020
2021
2020
United States$192,000 $189,304 $377,327 $383,263 
United Kingdom24,505 29,535 46,810 45,359 
Other countries12,935 13,152 24,494 26,990 
Total revenue$229,440 $231,991 $448,631 $455,612 
Beginning in the second quarter of 2021, we combined our General Markets Group ("GMG") and Enterprise Markets Group ("EMG") into a single U.S. Markets Group ("UMG") and moved our Corporations vertical under our International Markets Group ("IMG"). This change was made to better align our resources toward customer retention and growth, which are key objectives as we progress toward our long-term aspirational goals.
The UMG and the IMG comprised our go-to-market organizations as of June 30, 2021. The following is a description of each market group as of that date:
•The UMG focuses on sales primarily to all prospects and customers inside of the U.S.; and
•The IMG focuses on sales primarily to all prospects and customers outside of the U.S, as well as corporations.
The following table presents our revenue by market group:
Three months ended
June 30,
Six months ended
June 30,
(dollars in thousands)
2021
2020(1)
2021
2020(1)
UMG$179,436 $182,925 $352,903 $370,544 
IMG
50,028 49,790 95,797 85,828 
Other(24)(724)(69)(760)
Total revenue$229,440 $231,991 $448,631 $455,612 
(1)Due to the market group change discussed above, we have recast our revenue by market group for the three and six months ended June 30, 2020 to present them on a consistent basis with the current year.
The following table presents our recurring revenue by type:
Three months ended
June 30,
Six months ended
June 30,
(dollars in thousands)
2021
2020
2021
2020
Contractual recurring$151,150 $148,214 $297,971 $295,958 
Transactional recurring65,836 68,046 125,765 125,169 
Total recurring revenue$216,986 $216,260 $423,736 $421,127