v3.25.2
Revenue, Deferred Revenue, and Deferred Device and Contract Costs
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue, Deferred Revenue, and Deferred Device and Contract Costs Revenue, Deferred Revenue, and Deferred Device and Contract Costs
The Company generates access fees from customers, which primarily consist of employers, health plans, hospitals and health systems, insurance and financial services companies (collectively “Clients”), as well as individual paying users, accessing the THMG Association professional provider network, Uplift Association professional provider network, and the Company's therapy and other wellness platforms, hosted virtual healthcare platform, and chronic care management platforms. Visit fee revenue is generated for general medical, expert medical service, virtual therapy, and other specialty visits, and is reported as a component of other revenue. Revenue associated with virtual healthcare device equipment sales included with the Company’s hosted virtual healthcare platform is also reported in other revenue.
The following table presents the Company’s revenues disaggregated by revenue source and geography (in thousands):

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenue by Type
Access Fees$523,703 $559,648 $1,049,439 $1,116,822 
Other108,197 82,796 211,830 171,753 
Total Revenue$631,900 $642,444 $1,261,269 $1,288,575 
Revenue by Geography
U.S. Revenue$519,689 $540,802 $1,044,659 $1,088,402 
International Revenue112,211 101,642 216,610 200,173 
Total Revenue$631,900 $642,444 $1,261,269 $1,288,575 

Deferred Revenue

Deferred revenue represents billed, but unrecognized revenue, and is comprised of fees received in advance of the delivery or completion of the services and amounts received in instances when revenue recognition criteria have not been met. The Company records deferred revenue when cash payments are received in advance of the Company’s performance obligation to provide services. Deferred revenue is derived from 1) upfront payments for a device, which is amortized ratably over the expected member enrollment period; 2) upfront payments for certain services where payment is required for future periods before the service is delivered to the member, which is recognized when the services are provided; and 3) upfront payments from third-party financing companies with whom the Company works to provide certain Clients with a rental option, which is recognized over the rental period. Deferred revenue that will be recognized during the next twelve-month period is recorded as current deferred revenue and the remaining portion is recorded as non-current deferred revenue.

The following table summarizes deferred revenue activities for the periods presented (in thousands):

Six Months Ended
June 30,
20252024
Beginning balance$89,082 $109,282 
Balances assumed as part of business acquisitions890 — 
 Cash collected67,663 66,593 
 Revenue recognized (72,244)(68,698)
Ending balance$85,391 $107,177 

The Company expects to recognize $56.3 million of revenue throughout the remainder of 2025, $20.2 million of revenue in the year ending December 31, 2026, and the remaining balance thereafter related to future performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2025.
Deferred Device and Contract Costs

Deferred device and contract costs are classified as a component of prepaid expenses and other current assets or other assets, depending on term, and consisted of the following (in thousands):

As of
June 30,December 31,
20252024
Deferred device and contract costs, current$34,063 $33,188 
Deferred device and contract costs, non-current16,092 17,057 
Total deferred device and contract costs$50,155 $50,245 

Deferred device and contract costs were as follows (in thousands):

Deferred Device and Contract Costs
Beginning balance as of December 31, 2024$50,245 
Additions22,882 
Cost of revenue recognized(22,972)
Ending balance as of June 30, 2025$50,155