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Note 21 - Revenue | 12 Months Ended
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Jan. 31, 2023
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | (21) Revenue Revenue Components and Performance Obligations Subscription services The Company offers subscriptions that provide customers access to a broad-based spectrum of learning options including access to cloud-based learning contend and talent management solutions. The Company’s cloud-based subscription solutions normally do not provide customers with the right to take possession of the software supporting the platform or to download course content without continuing to incur fees for hosting services and, as a result, are accounted for as service arrangements. Access to the platform and course content represents a series of distinct services as the Company continually provides access to, and fulfill its obligation to, the end customer over the subscription term. The series of distinct services represents a single performance obligation that is satisfied over time. Accordingly, the fixed consideration related to subscription revenue is usually recognized on a straight-line basis over the contract term, beginning on the date that the service is made available to the customer. The Company’s subscription contracts typically vary from one year to three years. The Company’s cloud-based solutions arrangements are mostly non-cancellable, non-refundable, and are invoiced in advance of the subscription services being provided. Virtual, on-demand and classroom, and individualized coaching The Company’s virtual, on-demand and classroom training, and individualized coaching provide customers with technical training and leadership coaching. Revenue is recognized in the period in which the services are performed. Billing is in advance of the services being provided or immediately after the services have been provided. Professional services The Company also sells professional services related to its cloud solutions which are typically considered distinct performance obligations and are recognized over time as services are performed. For fixed-price contracts, revenue is recognized based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided (proportional performance method). These services usually consist of implementation, integration, and general consulting. Mostly, the Company’s professional service engagements are short in duration. Billing is commonly in advance of the services being provided. Disaggregated Revenue and Geography Information The following is a summary of revenues by type for the fiscal year ended January 31, 2023 (Successor), the period from June 12, 2021 through January 31, 2022 (Successor), the period from February 1, 2021 through June 11, 2021 (Predecessor (SLH)), the period from August 28, 2020 through January 31, 2021 (Predecessor (SLH)), and the period from February 1, 2020 through August 27, 2020 (Predecessor (PL)) (in thousands):
|  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
|  | Successor |  |  | Successor |  |  | Predecessor (SLH) |  |  | Predecessor (SLH) |  |  | Predecessor (PL) |
|  | From |  |  | From |  |  | From |  |  | From |  |  | From |
|  | February 1, 2022 to |  |  | June 12, 2021 to |  |  | February 1, 2021 |  |  | August 28, 2020 |  |  | February 1, 2020 |
|  | January 31, 2023 |  |  | January 31, 2022 |  |  | to June 11, 2021 |  |  | to January 31, 2021 |  |  | to August 27, 2020 |
SaaS and subscription services |  | $ | 365,447 |  |  | $ | 208,229 |  |  | $ | 97,406 |  |  | $ | 69,698 |  |  | $ | 188,925 |
Virtual, on-demand and classroom, and individualized coaching |  |  | 170,746 |  |  |  | 132,586 |  |  |  | — |  |  |  | — |  |  |  | — |
Professional services |  |  | 18,931 |  |  |  | 11,028 |  |  |  | 5,088 |  |  |  | 3,552 |  |  |  | 8,747 |
Total net revenues (1) |  | $ | 555,124 |  |  | $ | 351,843 |  |  | $ | 102,494 |  |  | $ | 73,250 |  |  | $ | 197,672 |
The following table sets forth our revenues by geographic region for the fiscal year ended January 31, 2023 (Successor), the period from June 12, 2021 through January 31, 2022 (Successor), the period from February 1, 2021 through June 11, 2021 (Predecessor (SLH)), the period from August 28, 2020 through January 31, 2021 (Predecessor (SLH)), and the period from February 1, 2020 through August 27, 2020 (Predecessor (PL)) , (in thousands): Other than the United States, no single country accounted for more than 10% of revenue for all periods presented.
|  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
|  | Successor |  |  | Successor |  |  | Predecessor (SLH) |  |  | Predecessor (SLH) |  |  | Predecessor (PL) |
|  | From |  |  | From |  |  | From |  |  | From |  |  | From |
|  | February 1, 2022 to |  |  | June 12, 2021 to |  |  | February 1, 2021 |  |  | August 28, 2020 |  |  | February 1, 2020 |
|  | January 31, 2023 |  |  | January 31, 2022 |  |  | to June 11, 2021 |  |  | to January 31, 2021 |  |  | to August 27, 2020 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 356,604 |  |  | $ | 212,055 |  |  | $ | 77,488 |  |  | $ | 55,751 |  |  | $ | 155,333 |
Europe, Middle East and Africa |  |  | 148,154 |  |  |  | 102,982 |  |  |  | 14,283 |  |  |  | 10,354 |  |  |  | 26,159 |
Other Americas |  |  | 30,512 |  |  |  | 24,922 |  |  |  | 5,197 |  |  |  | 3,237 |  |  |  | 5,784 |
Asia-Pacific |  |  | 19,854 |  |  |  | 11,884 |  |  |  | 5,526 |  |  |  | 3,908 |  |  |  | 10,396 |
Total net revenues |  | $ | 555,124 |  |  | $ | 351,843 |  |  | $ | 102,494 |  |  | $ | 73,250 |  |  | $ | 197,672 |
Deferred Revenue Deferred revenue activity for the fiscal year ended January 31, 2023 was as follows (in thousands):
Deferred revenue at January 31, 2022 (Successor) |  | $ | 260,949 |
Codecademy acquired balance |  |  | 18,396 |
Billings deferred |  |  | 558,233 |
Recognition of prior deferred revenue |  |  | (555,124 | )
Deferred revenue at January 31, 2023 (Successor) |  | $ | 282,454 |
Deferred revenue performance obligations relate predominately to time-based SaaS and subscription services that are billed in advance of services being rendered. Deferred Contract Acquisition Costs Deferred contract acquisition cost activity for the fiscal year ended January 31, 2023 was as follows (in thousands):
Deferred contract acquisition costs at January 31, 2022 (Successor) |  | $ | 13,248 |
Contract acquisition costs |  |  | 30,950 |
Recognition of contract acquisition costs |  |  | (19,604 | )
Deferred contract acquisition costs at January 31, 2023 (Successor) |  | $ | 24,594 |

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