XML 55 R18.htm IDEA: XBRL DOCUMENT v3.25.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
12. Revenue Recognition
Transaction price allocated to the remaining performance obligations
As of June 30, 2025, approximately $1.3 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 closing balances of deferred revenue were as follows:
(in thousands)June 30,
2025		December 31,
2024
Total deferred revenue$401,386 $361,544 
The increase in deferred revenue during the six months ended June 30, 2025 was primarily due to a seasonal increase 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 six months ended June 30, 2025 that was included in the deferred revenue balance at the beginning of the period was approximately $272 million. The amount of revenue recognized during the six months ended June 30, 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
June 30,
Six months ended
June 30,
(dollars in thousands)
2025
2024
2025
2024
United States$231,001 $241,831 $460,218 $479,940 
United Kingdom33,708 29,980 59,830 56,109 
Other countries16,673 15,475 31,995 30,487 
Total revenue$281,382 $287,286 $552,043 $566,536 
The following table presents our revenue by type:
Three months ended
June 30,
Six months ended
June 30,
(dollars in thousands)
2025
2024
2025
2024
Contractual recurring$180,224 $193,542 $356,160 $384,397 
Transactional recurring95,407 87,834 183,521 168,497 
Total recurring revenue$275,631 $281,376 $539,681 $552,894 
One-time services and other5,751 5,910 12,362 13,642 
Total revenue$281,382 $287,286 $552,043 $566,536