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REVENUE | 9 Months Ended
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Sep. 30, 2020
REVENUE |
REVENUE | NOTE 6—REVENUE ​ The majority of our revenue is derived from contracts that can span from a few months to several years. We enter into contracts that can include various combinations of services, which, depending on contract type, are sometimes capable of being distinct. If services are determined to be distinct, they are accounted for as separate performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the client and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, including our managed service implementation and software and implementation contract types, the Company allocates the transaction price to each performance obligation using our best estimate of the standalone selling price, or SSP, of each distinct good or service in the contract. ​ Our contracts may include promises to transfer multiple services and products to a client. Determining whether services and products are considered distinct performance obligations that should be accounted for separately versus together may require judgment. ​ Estimates were required to determine the SSP for each distinct performance obligation identified within our managed service implementation contracts, software and implementation contracts, and research and subscription contracts. ​ Contract Balances ​ The timing of revenue recognition, billings, and cash collections results in billed accounts receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities). Our clients are billed based on the type of arrangement. A portion of our services is billed monthly based on hourly or daily rates. There are also client engagements in which we bill a fixed amount for our services. This may be one single amount covering the whole engagement or several amounts for various phases, functions, or milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits before revenue is recognized, resulting in contract liabilities. Contract assets and liabilities are reported in the current assets and current liabilities sections of the consolidated balance sheet, at the end of each reporting period, based on the timing of the satisfaction of the related performance obligation(s). See the table below for a breakdown of contract assets and contract liabilities. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ |  | 2020 |  | 2019
Contract assets | ​ | $ | 29,569 | ​ | $ | 28,529
Contract liabilities | ​ | $ | 4,546 | ​ | $ | 4,935
​ Revenue recognized for the three months ended September 30, 2020 that was included in the contract liability balance at July 1, 2020 was $2.4 million and represented primarily revenue from our fixed fee and subscription contracts. ​ Revenue recognized for the nine months ended September 30, 2020 that was included in the contract liability balance at January 1, 2020 was $4.6 million and represented primarily revenue from our fixed fee and subscription contracts. ​ Disaggregation of Revenue ​ The following table presents our revenue disaggregated by geographic area for the three and nine months ended September 30, 2020 and 2019. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​ | ​ | Nine Months Ended
​ | ​ | ​ | September 30, | ​ | ​ | September 30,
Geographic area |  | ​ | 2020 |  | 2019 |  | ​ | 2020 |  | 2019
Americas | ​ | $ | 34,968 | ​ | $ | 40,253 | ​ | ​ | 103,422 | ​ | $ | 118,738
Europe | ​ | ​ | 20,928 | ​ | ​ | 22,558 |  | ​ | 64,044 | ​ | ​ | 67,562
Asia Pacific | ​ | ​ | 5,739 | ​ | ​ | 5,332 | ​ | ​ | 15,273 | ​ | ​ | 13,962
​ | ​ | $ | 61,635 | ​ | $ | 68,143 | ​ | $ | 182,739 | ​ | $ | 200,262
​ Remaining Performance Obligations As of September 30, 2020, the Company had $102.6 million of remaining performance obligations, the majority of which are expected to be satisfied within the next year.

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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 + Details
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