Quarterly report pursuant to Section 13 or 15(d)

Revenue Related Disclosures

v3.22.1
Revenue Related Disclosures
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Related Disclosures

Note 3. Revenue Related Disclosures

The changes in deferred revenue were as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

Beginning balance

$

26,709

 

 

$

24,578

 

   Deferred revenues acquired (Note 4 - Business Acquisitions)

$

5,382

 

 

$

—

 

   New billings

 

24,527

 

 

 

15,432

 

   Revenue recognized during the year from beginning balance

 

(9,825

)

 

 

(10,103

)

   Revenue recognized during the year from new billings

 

(11,292

)

 

 

(4,898

)

   Foreign currency impact

 

8

 

 

 

(1

)

Ending balance

$

35,509

 

 

$

25,008

 

​

​

 

​

​

 

The following table presents remaining performance obligations for contractually committed revenues as of March 31, 2022 (in thousands):

 

2022

 

 

$

40,844

 

2023

 

 

 

34,805

 

2024

 

 

 

23,213

 

Thereafter

 

 

 

12,954

 

Total

 

 

$

111,816

 

 

 

 

 

 

 

The timing of certain revenue recognition included in the table above is based on estimates of go-live dates for contracts not yet live. Contractually committed revenue includes deferred revenue as of March 31, 2022 and amounts under contract that will be invoiced after March 31, 2022.

During the three months ended March 31, 2022, the Company recognized revenues of $20.8 million from customers in the United States, and $0.4 million from customers in the Bahamas and South Africa. During the three months ended March 31, 2021, the Company recognized revenues of $14.8 million from customers in the United States, and $0.2 million from customers in the Bahamas and South Africa.

During the three months ended March 31, 2022, the Company recognized revenues of $19.0 million from monthly subscription, maintenance and support services, and $2.2 million from professional software development services. During the three months ended March 31, 2021, the Company recognized revenues of $13.3 million from monthly subscription, maintenance and support services, and $1.7 million from professional software development services.