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Revenue and Recognition | 6 Months Ended
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Jun. 30, 2024
Revenue Recognition [Abstract] |
Revenue and Recognition | Note 2. Revenue and Recognition The following table presents revenue disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on the location of where the client resides.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Primary geographical markets |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 41,961 |  |  | $ | 43,296 |  |  | $ | 99,827 |  |  | $ | 103,461 |
EMEA |  |  | 42,871 |  |  |  | 28,534 |  |  |  | 79,031 |  |  |  | 50,195 |
APAC |  |  | 18,844 |  |  |  | 13,039 |  |  |  | 38,921 |  |  |  | 25,570 |
Total revenue |  | $ | 103,676 |  |  | $ | 84,869 |  |  | $ | 217,779 |  |  | $ | 179,226 |
Major solutions |  |  |  |  |  |  |  |  |  |  |  |
Transactions |  | $ | 85,298 |  |  | $ | 66,847 |  |  | $ | 180,498 |  |  | $ | 143,149 |
Platform and other revenues |  |  | 18,378 |  |  |  | 18,022 |  |  |  | 37,281 |  |  |  | 36,077 |
Total revenue |  | $ | 103,676 |  |  | $ | 84,869 |  |  | $ | 217,779 |  |  | $ | 179,226 |
Contract Balances from Contracts with Clients The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with clients (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
Accounts receivable, net |  | $ | 20,275 |  |  | $ | 18,215 |
Unbilled receivables, net |  |  | 13,052 |  |  |  | 10,689 |
Deferred revenue – current |  |  | 4,183 |  |  |  | 6,968 |
Deferred revenue – non-current |  |  | 169 |  |  |  | 169 |
For the three months ended June 30, 2024 and 2023, the Company recognized $1.8 million and $1.5 million in revenue from amounts that were included in deferred revenue as of March 31, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company recognized $4.9 million and $3.7 million in revenue from amounts that were included in deferred revenue as of December 31, 2023 and 2022, respectively. Remaining Performance Obligations The Company has performance obligations associated with certain clients' contracts for future services that have not yet been recognized as revenue. As of June 30, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied, including deferred revenue, was approximately $11.5 million. Of the total remaining performance obligations, the Company expects to recognize approximately 49.5% within the next year, 29.1% after one year through year two and 21.4% over the next three to five years thereafter. Actual amounts and timing of revenue recognized may differ due to subsequent contract modifications, renewals and/or terminations.

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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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