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Revenue Revenue | 12 Months Ended
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Dec. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue ASC 606 Adoption Impact On January 1, 2018, the Company adopted ASC 606 applying the modified retrospective method. The Company recognized the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of accumulated deficit as of the adoption date. The Company applied ASC 606 to all contracts that were not completed at the date of initial application. Comparative information for prior periods has not been restated and continues to be reported under the accounting standards in effect for those periods. In connection with the adoption of ASC 606, the Company also adopted ASC No. 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining a contract with a customer. Collectively, ASC No. 606 and ASC No. 340-40 are referred to as the “new standard.” Adoption of the new standard resulted in changes to the Company’s accounting policies for revenue recognition, commissions expense and deferred commissions as discussed below. The Company recorded a reduction to opening accumulated deficit of $12.4 million as of January 1, 2018 due to the cumulative impact of adopting the new standard as follows: •A decrease in total deferred revenue of $4.0 million primarily due to the removal of the limitation on contingent revenue that would have accelerated revenue recognition for certain of our historical revenue contracts; and •Recognition of a deferred commissions asset of $8.4 million on our consolidated balance sheet due to the requirement under the new standard to recognize incremental customer acquisition costs in our consolidated statement of operations as the related performance obligations are met as compared to the previous recognition to expense as incurred. Impact on the Consolidated Financial Statements The following table summarize the impact of ASC 606 on the Company’s Consolidated Statement of Operations for the year ended December 31, 2018: Selected Consolidated Statement of Operations Line Items
|  | Year Ended December 31, 2018
(in thousands, except per share amounts) |  | As Reported |  | Adjustments Increase (Decrease) |  | Balance Without Adopting the New Standard
Revenue - products |  | $ | 144,682 |  |  | $ | (2,594) |  |  | $ | 142,088 |
Revenue - services |  | 87,541 |  |  | — |  |  | 87,541 |
Total revenue |  | 232,223 |  |  | (2,594) |  |  | 229,629 |
Gross profit |  | 180,327 |  |  | (2,594) |  |  | 177,733 |
Sales and marketing |  | 103,214 |  |  | 1,345 |  |  | 104,559 |
Total operating expenses |  | 208,006 |  |  | 1,345 |  |  | 209,351 |
Loss from operations |  | (27,679) |  |  | (3,939) |  |  | (31,618) |
Net loss |  | (27,617) |  |  | (3,939) |  |  | (31,556) |
Basic and diluted net loss per share |  | $ | (0.38) |  |  |  |  | $ | (0.43) |
Contract Balances The following table reflects contract balances with customers (in thousands):
|  |  |  | As of |  | As of
|  | Balance Sheet Line Reference |  | December 31, 2020 |  | December 31, 2019
|  | Accounts receivables, net |  | $ | 51,051 |  |  | $ | 53,566 |
|  | Deferred revenue, current |  | 65,999 |  |  | 62,233 |
|  | Deferred revenue, non-current |  | 42,700 |  |  | 38,931 |
The Company receives payment from customers based upon billing cycles. Invoice payment terms typically range from 30 to 90 days. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the Company’s contractual right to consideration for performance obligations not yet billed, and are included in prepaid and other current assets in the Company’s Consolidated Balance Sheets. The contract assets amount was immaterial as of December 31, 2020 and 2019. Deferred revenue primarily consists of amounts that have been invoiced but not yet recognized as revenue and consists of performance obligations pertaining to support and subscription services. During the years ended December 31, 2020 and 2019, the Company recognized revenue of $61.8 million and $63.2 million, respectively, related to deferred revenue at the beginning of the period. Deferred revenue consisted of the following (in thousands):
| December 31, 2020 |  | December 31, 2019
Deferred revenue: |  |  |
Products | $ | 7,358 |  |  | $ | 6,593 |
Services | 101,341 |  |  | 94,571 |
Total deferred revenue | 108,699 |  |  | 101,164 |
Less: current portion | (65,999) |  |  | (62,233) |
Non-current portion | $ | 42,700 |  |  | $ | 38,931 |
Deferred Contract Acquisition Costs As of December 31, 2020, the current and non-current portions of deferred contract acquisition costs totaled $5.3 million and $3.7 million, respectively, and the related amortization was $6.5 million for the year ended December 31, 2020. As of December 31, 2019, the current and non-current portions of deferred contract acquisition costs totaled $6.2 million and $3.3 million, respectively, and the related amortization was $7.4 million for the year ended December 31, 2019. For the years ended December 31, 2020, 2019 and 2018, the Company had no impairment loss in relation to the costs capitalized and no asset impairment charges related to contract assets. Remaining Performance Obligations Remaining performance obligations represent contracted revenues that are non-cancellable and have not yet been recognized due to unsatisfied or partially satisfied performance obligations, which include deferred revenues and amounts that will be invoiced and recognized as revenues in future periods. The Company expects to recognize revenue on the remaining performance obligations as follows (in thousands):
|  | December 31, 2020
Within 1 year |  | $ | 65,999 |
Next 2 to 3 years |  | 32,824 |
Thereafter |  | 9,876 |
Total |  | $ | 108,699 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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