Quarterly report pursuant to Section 13 or 15(d)

Revenue Related Disclosures

v3.22.2
Revenue Related Disclosures
6 Months Ended
Jun. 30, 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 June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Beginning balance

$

35,508

 

 

$

25,008

 

 

$

26,710

 

 

$

24,579

 

Deferred revenues acquired (Note 4 - Business Acquisitions)

 

 

 

 

 

 

 

5,382

 

 

 

 

New billings

 

20,179

 

 

 

9,179

 

 

 

44,705

 

 

 

24,824

 

Revenue recognized during the period from beginning balance

 

(13,361

)

 

 

(10,932

)

 

 

(19,549

)

 

 

(18,642

)

Revenue recognized during the period from new billings

 

(6,563

)

 

 

(3,466

)

 

 

(21,492

)

 

 

(10,970

)

Foreign currency impact

 

(7

)

 

 

2

 

 

 

 

 

 

 

Ending balance

$

35,756

 

 

$

19,791

 

 

$

35,756

 

 

$

19,791

 

 

 

 

 

 

The following table presents remaining performance obligations for contractually committed revenues as of June 30, 2022 (in thousands):

 

2022

 

 

 

 

 

 

$

32,078

 

2023

 

 

 

 

 

 

 

41,313

 

2024

 

 

 

 

 

 

 

25,887

 

Thereafter

 

 

 

 

 

 

 

13,588

 

Total

 

 

 

 

 

 

$

112,866

 

 

 

 

 

 

 

 

 

 

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 June 30, 2022 and amounts under contract that will be invoiced after June 30, 2022.

During the three months ended June 30, 2022, the Company recognized revenues of $19.8 million from customers in the United States, and $0.2 million from customers in the Bahamas and South Africa. During the six months ended June 30, 2022, the Company recognized revenues of $40.7 million from customers in the United States, and $0.5 million from customers in the Bahamas and South Africa.

During the three months ended June 30, 2021, the Company recognized revenues of $14.4 million from customers in the United States, and $0.2 million from customers in the Bahamas and South Africa. During the six months ended June 30, 2021, the Company recognized revenues of $29.3 million from customers in the United States, and $0.3 million from customers in the Bahamas and South Africa.

During the three months ended June 30, 2022, the Company recognized revenues of $17.8 million from monthly subscription, maintenance and support services, and $2.2 million from professional software development services. During the six months ended June 30, 2022, the Company recognized revenues of $36.9 million from monthly subscription, maintenance and support services, and $4.3 million from professional software development services.

During the three months ended June 30, 2021, the Company recognized revenues of $13.6 million from monthly subscription, maintenance and support services, and $1.0 million from professional software development services. During the six months ended June 30, 2021, the Company recognized revenues of $26.9 million from monthly subscription, maintenance and support services, and $2.7 million from professional software development services.