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Revenues | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenues | Revenues Disaggregation of Revenue The Company disaggregates revenue from contracts with customers into primary geographical markets, nature of the products and services, and timing of transfer of goods and services. The Company's operating segments are determined by the nature of the products and services the Company provides and the primary geographical markets in which the Company operates. Revenue disaggregated by segment is discussed in Note 15, Segment Information. In the following tables, revenue for each segment, excluding intersegment revenues, is disaggregated by timing of revenue recognition for the periods indicated.
| Three months ended June 30, 2024 |
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Latin America Payments and Solutions |  | Merchant Acquiring, net |  | Business Solutions |  | Total |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |
Products and services transferred at a point in time | $ | 78 |  |  | $ | 996 |  |  | $ | — |  |  | $ | 1,653 |  |  | $ | 2,727 |  |
Products and services transferred over time | 34,735 |  |  | 68,514 |  |  | 45,319 |  |  | 60,683 |  |  | $ | 209,251 |  |
| $ | 34,813 |  |  | $ | 69,510 |  |  | $ | 45,319 |  |  | $ | 62,336 |  |  | $ | 211,978 |  |
| Three months ended June 30, 2023
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Latin America Payments and Solutions |  | Merchant Acquiring, net |  | Business Solutions |  | Total
Timing of revenue recognition |  |  |  |  |  |  |  |  |
Products and services transferred at a point in time | $ | 125 |  |  | $ | 639 |  |  | $ | — |  |  | $ | 1,930 |  |  | $ | 2,694 |
Products and services transferred over time | 33,983 |  |  | 34,110 |  |  | 41,248 |  |  | 55,041 |  |  | 164,382 |
| $ | 34,108 |  |  | $ | 34,749 |  |  | $ | 41,248 |  |  | $ | 56,971 |  |  | $ | 167,076 |
| Six months ended June 30, 2024
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Latin America Payments and Solutions |  | Merchant Acquiring, net |  | Business Solutions |  | Total
Timing of revenue recognition |  |  |  |  |  |  |  |  |
Products and services transferred at a point in time | $ | 110 |  |  | $ | 1,553 |  |  | $ | — |  |  | $ | 4,128 |  |  | $ | 5,791 |
Products and services transferred over time | 68,647 |  |  | 138,104 |  |  | 88,418 |  |  | 116,336 |  |  | $ | 411,505 |
| $ | 68,757 |  |  | $ | 139,657 |  |  | $ | 88,418 |  |  | $ | 120,464 |  |  | $ | 417,296 |
| Six months ended June 30, 2023
(In thousands) | Payment Services - Puerto Rico & Caribbean |  | Latin America Payments and Solutions |  | Merchant Acquiring, net |  | Business Solutions |  | Total
Timing of revenue recognition |  |  |  |  |  |  |  |  |
Products and services transferred at a point in time | $ | 238 |  |  | $ | 1,253 |  |  | $ | — |  |  | $ | 3,657 |  |  | $ | 5,148 |
Products and services transferred over time | 66,349 |  |  | 64,789 |  |  | 81,595 |  |  | 109,009 |  |  | 321,742 |
| $ | 66,587 |  |  | $ | 66,042 |  |  | $ | 81,595 |  |  | $ | 112,666 |  |  | $ | 326,890 |
Revenue concentration with a single customer, Popular, as a percentage of total revenues for the quarters ended June 30, 2024 and 2023 was approximately 32% and 37%, respectively. For the six months ended June 30, 2024 and 2023 this percentage was approximately 31% and 37%, respectively. Accounts receivable from Popular at June 30, 2024 and 2023 amounted to $37.0 million and $34.7 million, respectively. Contract Balances The following table provides information about contract assets from contracts with customers for the six months ended June 30, 2024 and the year ended December 31, 2023.
(In thousands) | June 30, 2024 |  | December 31, 2023
Balance at beginning of period | $ | 13,917 |  |  | $ | 4,749 |
Services transferred to customers | 15,000 |  |  | 28,165 |
Transfers to accounts receivable | (16,510) |  |  | (18,997) |
Balance at end of period | $ | 12,407 |  |  | $ | 13,917 |
The current portion of contract assets is recorded as part of prepaid expenses and other assets, and the long-term portion is included in other long-term assets in the unaudited condensed consolidated balance sheets. Accounts receivable, net at June 30, 2024 amounted to $122.3 million. Contract liability and contract liability - long term at June 30, 2024 amounted to $18.9 million and $54.1 million, respectively, and may arise when consideration is received or due in advance from customers prior to performance. The contract liability is mainly comprised of upfront fees for implementation or set up activities, including fees charged in pre-production periods in connection with hosting services. During the three and six months ended June 30, 2024, the Company recognized revenue of $7.2 million and $15.0 million, respectively, that was included in the contract liability at December 31, 2023. During the three and six months ended June 30, 2023, the Company recognized revenue of $4.3 million and $8.7 million, respectively, that was included in the contract liability at December 31, 2022. Transaction price allocated to the remaining performance obligations The estimated aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially satisfied at June 30, 2024 was $860.7 million, which is expected to be recognized over the next 1 to 6 years. This amount consists of minimums on certain master services agreements, professional service fees for implementation or set up activities related to managed services and maintenance services typically recognized over the life of the contract, and professional service fees for customizations or development of on-premise licensing agreements, which are recognized over time based on inputs relative to the total expected inputs to satisfy a performance obligation.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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