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Revenues
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues

Note 3. Revenues

Disaggregation of Revenue

The following table depicts the Company's disaggregated revenue for the periods presented:

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Subscription

 

$

25,232

 

 

$

29,626

 

Advisory

 

 

1,063

 

 

 

1,257

 

Advertising

 

 

455

 

 

 

514

 

Books

 

 

2

 

 

 

148

 

Other revenue

 

 

759

 

 

 

567

 

Total

 

$

27,511

 

 

$

32,112

 

 

Revenue by Geographic Locations

The following table depicts the Company’s revenue by geographic operations for the periods presented:

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

North America

 

$

21,910

 

 

$

25,997

 

Europe

 

 

5,297

 

 

 

5,269

 

Australia

 

 

304

 

 

 

303

 

Asia

 

 

-

 

 

 

543

 

Total

 

$

27,511

 

 

$

32,112

 

Revenues by geography are determined based on the region of the Company's contracting entity, which may be different than the region of the customer. North America revenue consists solely of revenue attributed to the United States. For the three months ended March 31, 2025 and 2024, revenue attributed to the United Kingdom (and presented within Europe in the above table) represented approximately 15% and 13% of total revenues, respectively. No other foreign country represented more than five percent of total revenue during the three months ended March 31, 2025 and 2024.

Contract Assets

The Company had contract assets of $747, $1,240, and $1,183 as of March 31, 2025, December 31, 2024, and December 31, 2023, respectively. Contract assets are generated when contractual billing schedules differ from the timing of revenue recognition or cash collections. They represent a conditional right to consideration for satisfied performance obligations that becomes a receivable when the conditions are satisfied. They are recorded as part of other current assets on the condensed consolidated balance sheets.

Deferred Revenue

Details of the Company’s deferred revenue for the periods presented are as follows:

Balance at December 31, 2023

 

$

44,405

 

Sale of Board.org

 

 

(9,117

)

Revenue recognized in the current period from amounts in the prior balance

 

 

(19,249

)

New deferrals, net of amounts recognized in the current period

 

 

29,502

 

Effects of foreign currency

 

 

(118

)

Balance at March 31, 2024

 

$

45,423

 

 

 

 

 

Balance at December 31, 2024

 

$

35,475

 

Sale of Dragonfly and Oxford Analytica

 

 

(7,342

)

Revenue recognized in the current period from amounts in the prior balance

 

 

(17,472

)

New deferrals, net of amounts recognized in the current period

 

 

25,621

 

Effects of foreign currency

 

 

277

 

Balance at March 31, 2025

 

$

36,559

 

Costs to Obtain

During the three months ended March 31, 2025 and 2024, the Company capitalized $524 and $941 of costs to obtain revenue contracts. The Company amortized costs capitalized to obtain revenue contracts in the amount of $884 and $1,009 to sales and marketing expense during the three months ended March 31, 2025 and 2024, respectively. There were no impairments of costs capitalized to obtain revenue contracts for the three months ended March 31, 2025 and 2024.

Unsatisfied Performance Obligations

At March 31, 2025, the Company had $80,415 of remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations. The Company expects to recognize this over the next five years.