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Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
12. Revenue Recognition
Transaction price allocated to the remaining performance obligations
As of March 31, 2025, approximately $1.2 billion of revenue under contract is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 50% 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 March 31, 2025 and December 31, 2024 were insignificant. Our closing balances of deferred revenue were as follows:
(in thousands)March 31,
2025		December 31,
2024
Total deferred revenue$332,242 $361,544 
The decrease in deferred revenue during the three months ended March 31, 2025 was primarily due to a seasonal decrease in customer contract billings. Historically, due to the timing of customer budget cycles, we have an increase in billings and 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 the three months ended March 31, 2025 that was included in the deferred revenue balance at the beginning of the period was approximately $159 million. The amount of revenue recognized during the three months ended March 31, 2025 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:
Three months ended
March 31,
(dollars in thousands)
2025
2024
United States$229,217 $238,109 
United Kingdom26,122 26,129 
Other countries15,322 15,012 
Total revenue$270,661 $279,250 
The following table presents our revenue by type:
Three months ended
March 31,
(dollars in thousands)
2025
2024
Contractual recurring$175,936 $190,855 
Transactional recurring88,114 80,663 
Total recurring revenue$264,050 $271,518 
One-time services and other6,611 7,732 
Total revenue$270,661 $279,250