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Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer
17. Revenue Recognition
Transaction price allocated to the remaining performance obligations
As of December 31, 2024, approximately $1.2 billion 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 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 December 31, 2024 and December 31, 2023 were insignificant. Our closing balances of deferred revenue were as follows:
(in thousands)December 31,
2024		December 31,
2023
Total deferred revenue$361,544 $394,927 
The decrease in deferred revenue during 2024 was primarily due to our divestiture of EVERFI on December 31, 2024. 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. Generally, our lowest balance of deferred revenue during the year is at the end of our first quarter. The amount of revenue recognized during 2024 that was included in the deferred revenue balance at the beginning of the period was approximately $376 million. The amount of revenue recognized during 2024 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 location of our customers:
Years ended
December 31,
(dollars in thousands)
2024
2023
2022
United States$988,536 $945,580 $896,116 
United Kingdom104,028 100,833 101,026 
Other countries62,931 59,019 60,963 
Total revenue$1,155,495 $1,105,432 $1,058,105 
The Social Sector and Corporate Sector market groups comprised our go-to-market organizations as of December 31, 2024. The following is a description of each market group as of that date:
•The Social Sector market group focuses on sales to customers and prospects in the social sector, such as nonprofits, foundations, education institutions, healthcare organizations and other not-for-profit entities globally, and includes JustGiving; and
•The Corporate Sector market group focuses on sales to customers and prospects in the corporate sector globally, and included EVERFI and YourCause.
The following table presents our revenue by market group:
Years ended
December 31,
(dollars in thousands)
2024
2023
2022
Social Sector
$1,022,215 $954,845 $907,197 
Corporate Sector
133,280 150,587 150,908 
Total revenue$1,155,495 $1,105,432 $1,058,105 
The following table presents our recurring revenue by type:
Years ended
December 31,
(dollars in thousands)
2024
2023
2022
Contractual recurring$775,075 $738,351 $709,097 
Transactional recurring354,039 333,169 302,636 
Total recurring revenue$1,129,114 $1,071,520 $1,011,733