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Revenue (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | Revenue disaggregated by recurring and non-recurring nature was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Recurring revenue |  | $ | 82,269 |  |  | $ | 81,606 |  |  | $ | 165,045 |  |  | $ | 165,972 |
Non-recurring revenue |  |  | 5,081 |  |  |  | 1,611 |  |  |  | 5,710 |  |  |  | 34,552 |
Total revenue |  | $ | 87,350 |  |  | $ | 83,217 |  |  | $ | 170,755 |  |  | $ | 200,524 |
Revenue disaggregated by market vertical was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Media |  | $ | 83,626 |  |  | $ | 80,645 |  |  | $ | 164,063 |  |  | $ | 163,279 |
Semiconductor |  |  | 3,724 |  |  |  | 2,572 |  |  |  | 6,692 |  |  |  | 37,245 |
Total revenue |  | $ | 87,350 |  |  | $ | 83,217 |  |  | $ | 170,755 |  |  | $ | 200,524 |
Schedule of Contract Assets | Contract assets were recorded in the Condensed Consolidated Balance Sheets as follows (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
Unbilled contracts receivable |  | $ | 89,187 |  |  | $ | 74,919 |
Other current assets |  |  | 682 |  |  |  | 620 |
Long-term unbilled contracts receivable |  |  | 63,943 |  |  |  | 73,843 |
Other long-term assets |  |  | 932 |  |  |  | 1,007 |
Total contract assets |  | $ | 154,744 |  |  | $ | 150,389 |
Schedule of Revenue Recognized in Period | The following table presents additional revenue and contract disclosures (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenue recognized in the period from: |  |  |  |  |  |  |  |  |  |  |  |
Amounts included in deferred revenue at the beginning of the period |  | $ | 1,703 |  |  | $ | 4,107 |  |  | $ | 3,708 |  |  | $ | 8,889 |
Performance obligations satisfied in previous periods (1) |  | $ | 4,864 |  |  | $ | 1,131 |  |  | $ | 5,076 |  |  | $ | 1,884 |
(1) Performance obligations satisfied in previous periods consist mainly of fees associated with releases for past patent infringement, settlements of litigation during the period, and revenue from past royalties owed pursuant to expired or terminated IP license agreements. For long-term and multi-year revenue contracts, the Company recorded revenue from the releases for past infringement during the three months and six months ended June 30, 2024 and 2023 and expects to record revenue from the prospective license in future periods.
Schedule of Remaining Performance Obligations | Remaining revenue under contracts with performance obligations represents the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) under certain of the Company’s fixed fee arrangements (in thousands).
|  | As of June 30, 2024 |
Revenue from contracts with performance obligations expected to be satisfied in: |  |  |
2024 (remaining 6 months) |  | $ | 81,267 |
2025 |  |  | 160,750 |
2026 |  |  | 63,986 |
2027 |  |  | 50,145 |
2028 |  |  | 43,256 |
Thereafter |  |  | 59,649 |
Total |  | $ | 459,053 |

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