Quarterly report pursuant to Section 13 or 15(d)

Revenue Related Disclosures

v3.22.2.2
Revenue Related Disclosures
9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Beginning balance

$

35,755

 

 

$

19,791

 

 

$

26,709

 

 

$

24,579

 

Deferred revenues acquired (Note 4 - Business Acquisitions)

 

 

 

 

 

 

 

5,382

 

 

 

 

New billings

 

19,677

 

 

 

16,512

 

 

 

64,381

 

 

 

41,336

 

Revenue recognized during the period from beginning balance

 

(12,707

)

 

 

(8,999

)

 

 

(25,492

)

 

 

(22,659

)

Revenue recognized during the period from new billings

 

(5,753

)

 

 

(5,467

)

 

 

(34,010

)

 

 

(21,419

)

Foreign currency impact

 

(3

)

 

 

(7

)

 

 

(1

)

 

 

(7

)

Ending balance

$

36,969

 

 

$

21,830

 

 

$

36,969

 

 

$

21,830

 

 

 

 

 

 

 

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

 

2022

 

 

 

 

 

 

$

19,631

 

2023

 

 

 

 

 

 

 

52,408

 

2024

 

 

 

 

 

 

 

28,675

 

Thereafter

 

 

 

 

 

 

 

15,213

 

Total

 

 

 

 

 

 

$

115,927

 

 

 

 

 

 

 

 

 

 

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

During the three months ended September 30, 2022, the Company recognized revenues of $18.6 million from customers in the United States, and $0.2 million from customers in the Bahamas and South Africa. During the nine months ended September 30, 2022, the Company recognized revenues of $59.3 million from customers in the United States, and $0.7 million from customers in the Bahamas and South Africa.

During the three months ended September 30, 2021, the Company recognized revenues of $14.3 million from customers in the United States, and $0.2 million from customers in the Bahamas and South Africa. During the nine months ended September 30, 2021, the Company recognized revenues of $43.7 million from customers in the United States, and $0.5 million from customers in the Bahamas and South Africa.

During the three months ended September 30, 2022, the Company recognized revenues of $18.2 million from monthly subscription, maintenance and support services, and $0.6 million from professional software development services. During the nine months ended September 30, 2022, the Company recognized revenues of $55.1 million from monthly subscription, maintenance and support services, and $4.9 million from professional software development services.

During the three months ended September 30, 2021, the Company recognized revenues of $14.2 million from monthly subscription, maintenance and support services, and $0.3 million from professional software development services. During the nine months ended September 30, 2021, the Company recognized revenues of $41.2 million from monthly subscription, maintenance and support services, and $3.0 million from professional software development services.