v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at June 30, 2025:
LEVEL 1LEVEL 2LEVEL 3TOTAL
(In thousands)
Assets
Money market funds$80,845 $— $— $80,845 
Interest rate swap assets— 775 — 775 
Total assets$80,845 $775 $— $81,620 
Liabilities
Contingent liabilities$— $— $19,211 $19,211 
Interest rate swap liabilities— 2,587 — 2,587 
Total liabilities$— $2,587 $19,211 $21,798 
The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at December 31, 2024:
LEVEL 1LEVEL2LEVEL 3TOTAL
(In thousands)
Assets
Money market funds$79,167 $— $— $79,167 
Interest rate swap assets— 2,213 — 2,213 
Total assets$79,167 $2,213 $— $81,380 
Liabilities
Contingent liabilities$— $— $43,939 $43,939 
Total liabilities$— $— $43,939 $43,939 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes the Level 3 activity of the changes in the contingent consideration liability.
JUNE 30, 2025
(In thousands)
Beginning balance at December 31, 2024
$43,939 
Payments(18,900)
Fair value remeasurement(5,828)
Ending balance at June 30, 2025
$19,211 
Schedule of Accounts, Notes, Loans and Financing Receivable
Accounts receivable consists of the following:
JUNE 30, 2025DECEMBER 31,
2024
(In thousands)
Trade receivables$83,214 $90,609 
Unbilled receivables16,378 13,454 
Other receivables231 290 
Allowances for credit losses(2,315)(2,164)
Accounts receivable, net$97,508 $102,189 
Schedule of Allowance Rollforward of Credit Losses
The following table presents the information regarding the allowance for credit losses:
JUNE 30, 2025DECEMBER 31,
2024
(In thousands)
Beginning balance $2,164 $1,312 
Provision for credit losses401 1,464 
Charge-offs, net of recoveries(250)(612)
Ending balance of allowances for credit losses$2,315 $2,164 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The notional amounts, fair values, and classification of derivative instruments in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 were as follows:
Interest rate swap derivative designated as cash flow hedging instrument:JUNE 30, 2025DECEMBER 31,
2024
(In thousands)
                                                                                                                                                  Notional amounts $460,000 $230,000 
Prepaid expenses and other current assets$775 $2,213 
Other long-term liabilities$2,587 $— 
Schedule of Contract Balances, Contract Asset, Contract Liability, and Receivable
Contract balances at June 30, 2025, December 31, 2024, and December 31, 2023 were as follows:
JUNE 30, 2025DECEMBER 31,
2024		DECEMBER 31,
2023
(In thousands)
Contract assets$16,378 $13,454 $10,405 
Contract liabilities$71,215 $78,878 $61,748 
Schedule of Revenue by Timing of Revenue Recognition The following table presents the Company’s revenue by timing of revenue recognition to understand the risks of timing of transfer of control and cash flows:
THREE MONTHS ENDED
JUNE 30,		SIX MONTHS ENDED
JUNE 30,
2025202420252024
(In thousands)
Software licenses transferred at a point in time$18,714 $13,449 $38,577 $28,829 
Software licenses transferred over time27,981 24,758 54,487 48,685 
Service revenues earned over time57,875 55,106 117,510 112,453 
Total$104,570 $93,313 $210,574 $189,967