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Revenue | 9 Months Ended
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Sep. 30, 2022
Revenue |
Revenue | Note 3 – Revenue from Contracts with Customers ​ Disaggregation of Revenues ​ The following tables present the Company’s revenues disaggregated by major products and services, geographical region and timing of revenue recognition (in thousands, except percentages): ​ Revenue by major products ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months Ended | ​ | Nine months Ended
​ | ​ | September 30, 2022 | ​ | September 30, 2021 | ​ | September 30, 2022 | ​ | September 30, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subscription (1) | $ | 22,262 | $ | 17,807 | $ | 65,360 | $ | 49,935
Maintenance and support | ​ | 12,851 | ​ | 12,734 | ​ | 36,975 | ​ | 38,291
Professional services and other (2) | ​ | 2,220 | ​ | 3,827 | ​ | 6,101 | ​ | 12,075
Hardware products | ​ | 19,814 | ​ | 17,908 | ​ | 53,948 | ​ | 55,027
Total Revenue | $ | 57,147 | $ | 52,276 | $ | 162,384 | $ | 155,328
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
(1) | Subscription includes cloud and on-premises subscription revenue, previously referred to as “subscription” and “term-based software licenses”, respectively.
(2) | Professional services & other includes perpetual software licenses revenue which was less than 3% of total revenue for both the three and nine months ended September 30, 2022, and less than 6% of total revenue for both the three and nine months ended September 30, 2021.
Revenue by location of customer for the three months ended September 30, 2022 and 2021 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | EMEA |  | Americas |  | APAC |  | Total | ​
Total Revenue: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​
2022 | ​ | $ | 25,999 | ​ | $ | 20,394 | ​ | $ | 10,754 | ​ | $ | 57,147 | ​
2021 | ​ | $ | 21,965 | ​ | $ | 17,621 | ​ | $ | 12,690 | ​ | $ | 52,276 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Percent of Total: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
2022 | ​ |  | 45 | % |  | 36 | % |  | 19 | % |  | 100 | %
2021 | ​ |  | 42 | % |  | 34 | % |  | 24 | % |  | 100 | %
​ ​ ​ ​ ​ ​ ​ ​ Revenue by location of customer for the nine months ended September 30, 2022 and 2021 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | EMEA |  | Americas |  | APAC |  | Total |
Total Revenue: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
2022 | ​ | $ | 74,396 | ​ | $ | 56,972 | ​ | $ | 31,016 | ​ | $ | 162,384 | ​
2021 | ​ | $ | 73,784 | ​ | $ | 51,160 | ​ | $ | 30,384 | ​ | $ | 155,328 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Percent of Total: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
2022 | ​ |  | 46 | % |  | 35 | % |  | 19 | % |  | 100 | %
2021 | ​ |  | 48 | % |  | 32 | % |  | 20 | % |  | 100 | %
​ Timing of revenue recognition ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months ended September 30, | ​ | Nine Months ended September 30,
(In thousands) | ​ | 2022 |  | 2021 | ​ | 2022 | ​ | 2021
Products and Licenses transferred at a point in time | ​ | $ | 31,280 | ​ | $ | 28,193 | ​ | $ | 89,496 | ​ | $ | 85,016
Services transferred over time | ​ | ​ | 25,867 | ​ | ​ | 24,083 | ​ | ​ | 72,888 | ​ | ​ | 70,312
Total Revenue | ​ | $ | 57,147 | ​ | $ | 52,276 | ​ | $ | 162,384 | ​ | $ | 155,328
​ Contract balances ​ The following table provides information about receivables, contract assets and contract liabilities from contracts with customers: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, | ​ | ​ | December 31,
(In thousands) | ​ | 2022 | ​ | 2021
Receivables, inclusive of trade and unbilled | ​ | $ | 43,736 | ​ | $ | 56,612
Contract Assets (current and non-current) | ​ | $ | 4,712 | ​ | $ | 4,889
Contract Liabilities (Deferred Revenue current and non-current) | ​ | $ | 50,814 | ​ | $ | 63,742
​ Contract assets relate primarily to multi-year term license arrangements and the remaining contractual billings. These contract assets are transferred to receivables when the right to bill occurs, which is normally over 3-5 years. The contract liabilities primarily relate to the advance consideration received from customers for subscription and maintenance services. Revenue is recognized for these services over time. ​ As a practical expedient, the Company does not adjust the promised amount of consideration for the effects of a significant financing component when it expects, at contract inception, that the period between the transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less. Also, the Company does not typically include extended payment terms in its contracts with customers. ​ Revenue recognized during the nine months ended September 30, 2022 included $40.3 million that was included on the December 31, 2021 balance sheet in contract liabilities. Deferred revenue decreased in the same period due to timing of annual renewals. ​ Transaction price allocated to the remaining performance obligations ​ Remaining performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations that are unsatisfied, or partially unsatisfied, as of the end of the period. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | 2022 | ​ | 2023 | ​ | 2024 | ​ | Beyond 2024 | ​ | Total
Future revenue related to current unsatisfied performance obligations | ​ | $ | 11,238 | ​ | $ | 28,617 | ​ | $ | 15,823 | ​ | $ | 8,375 | ​ | $ | 64,053
​ The Company applies practical expedients and does not disclose information about remaining performance obligations (a) that have original expected durations of one year or less, or (b) where revenue is recognized as invoiced. ​ Costs of obtaining a contract ​ The Company incurs incremental costs related to commissions, which can be directly tied to obtaining a contract. The Company capitalizes commissions associated with certain new contracts and amortizes the costs over a period of benefit based on the transfer of goods or services that it has determined to be up to seven years. The Company determined the period of benefit by taking into consideration the customer contracts, its technology and other factors, including customer attrition. Commissions are earned upon invoicing to the customer. For contracts with multiple year payment terms, because the commissions that are payable after year 1 are payable based on continued employment, they are expensed when incurred. Commissions and amortization expense are included in “Sales and Marketing” expense in the condensed consolidated statements of operations. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period for the assets that the Company otherwise would have recognized is one year or less. These costs are included in “Sales and Marketing” expense in the condensed consolidated statements of operations. The following tables provide information related to the capitalized costs and amortization recognized in the current and prior period: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | ​ | ​ | September 30, 2022 | ​ | ​ | December 31, 2021 | ​
Capitalized costs to obtain contracts, current | ​ | ​ | $ | 2,632 | ​ | $ | 2,134 | ​
Capitalized costs to obtain contracts, non-current | ​ | ​ | $ | 9,665 | ​ | $ | 8,675 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three months ended September 30, | ​ | ​ | Nine months ended September 30,
(In thousands) | ​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2022 | ​ | ​ | 2021
Amortization of capitalized costs to obtain contracts | ​ | ​ | $ | 641 | ​ | $ | 419 | ​ | $ | 1,731 | ​ | $ | 1,090
Impairments of capitalized costs to obtain contracts | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​

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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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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