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Revenues | 9 Months Ended
--- | ---
Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenues | Revenues Deferred Revenue The following table presents information regarding the Company’s deferred revenue (in thousands):
|  |  |  |  |  | September 30, 2024 |  | December 31, 2023
Deferred revenue |  |  |  |  |  | $ | 35,349 |  |  | $ | 30,049 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Total revenue recognized, included in each deferred revenue balance at the beginning of each respective period |  | $ | 11,941 |  |  | $ | 9,694 |  |  | $ | 23,215 |  |  | $ | 20,509 |
The Company’s deferred revenue as presented on its condensed consolidated balance sheets approximates its contract liability balance as of September 30, 2024 and December 31, 2023. The Company’s total deferred revenue balance as of September 30, 2024, approximates the aggregate amount of the transaction price allocated to remaining performance obligations (“RPOs”) as of that date. As of September 30, 2024, the Company's RPOs were $38.6 million. This amount includes deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied, as well as future committed revenue for periods within current contracts with customers. As of September 30, 2024, the Company expects to recognize approximately 82% of its RPOs over the next 12 months, and substantially all of its RPOs over the next 24 months. Disaggregation of Total Revenue The following table presents the Company’s total revenue disaggregated by product (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
B2 Cloud Storage | $ | 16,182 |  |  | $ | 11,608 |  |  | $ | 46,219 |  |  | $ | 32,384 |
Computer Backup | 16,407 |  |  | 13,691 |  |  | 47,623 |  |  | 40,898 |
Total revenue(1) | $ | 32,589 |  |  | $ | 25,299 |  |  | $ | 93,842 |  |  | $ | 73,282 |
________________ (1) For the periods presented, Physical Media revenue has been consolidated into B2 Cloud Storage or Computer Backup revenue based on the underlying offering from which it originates. The following table presents the Company’s total revenue disaggregated by timing of revenue recognition (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Consumption-based arrangements | $ | 15,660 |  |  | $ | 11,393 |  |  | $ | 44,910 |  |  | $ | 31,986 |
Subscription-based arrangements | 16,800 |  |  | 13,774 |  |  | 48,544 |  |  | 40,878 |
Physical Media (point in time) | 129 |  |  | 132 |  |  | 388 |  |  | 418 |
Total revenue | $ | 32,589 |  |  | $ | 25,299 |  |  | $ | 93,842 |  |  | $ | 73,282 |
Total revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 23,771 |  |  | $ | 18,277 |  |  | $ | 68,589 |  |  | $ | 52,502 |
United Kingdom | 1,866 |  |  | 1,373 |  |  | 5,228 |  |  | 3,944 |
Canada | 1,520 |  |  | 1,223 |  |  | 4,362 |  |  | 3,634 |
Other | 5,432 |  |  | 4,426 |  |  | 15,663 |  |  | 13,202 |
Total revenue | $ | 32,589 |  |  | $ | 25,299 |  |  | $ | 93,842 |  |  | $ | 73,282 |
Deferred Contract Costs The following tables present the Company’s deferred contract costs and amortization of deferred contract costs (in thousands). Starting in 2024, the Company implemented a new commission structure for its sales team. See “Not e 2. Basis of Presentation and Summary of Significant Accounting Policies — Deferred Contract Costs — Sales Commission” for additional information on the commission structure.
|  |  |  |  |  | September 30, 2024 |  | December 31, 2023
Deferred contract costs for affiliates |  |  |  |  |  | $ | 544 |  |  | $ | 489 |
Deferred contract costs for sales commission |  |  |  |  |  | $ | 510 |  |  | $ | — |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization of deferred contract costs related to affiliates |  | $ | 287 |  |  | $ | 231 |  |  | 850 |  |  | $ | 716 |
Amortization of deferred contract costs related to sales commission |  | $ | 37 |  |  | $ | — |  |  | $ | 52 |  |  | $ | — |

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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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