XML 18 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Revenue and Recognition
 6 Months Ended
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.