v3.25.2
Deferred Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Deferred Revenue Deferred Revenue
Three months ended June 30,Six months ended June 30,
 2025202420252024
(in US $ millions)
Balance, beginning of the period430 479 430 498 
Deferral of revenue(1)
114 110 171 166 
Recognition of deferred revenue from beginning balance(123)(121)(180)(196)
Balance, end of the period421 468 421 468 
(1) Deferral of revenue includes only the portion of collections from merchant billings throughout the period, primarily related to subscription fees, for which the services have not yet been provided. The amounts primarily exclude subscription revenue that has both been deferred and recognized within the period presented.
June 30, 2025June 30, 2024
(in US $ millions)
Current portion298 298 
Long-term portion123 170 
421 468 
The opening balances of current and long-term deferred revenue were $302 million and $196 million, respectively, as of January 1, 2024.
As of June 30, 2025, the long-term deferred revenue, excluding non-cash consideration received, will be recognized ratably over the remaining terms of the contracts with the customers, which range from two to three years.
The Company has received non-cash consideration in the form of equity investments in exchange for services to be rendered as part of strategic partnerships. As the Company is required to provide referral services and other services to support the partners' merchant offerings over the period of the performance obligations, revenue is deferred and recognized over time on a ratable basis over the expected terms of the contracts.
The table below summarizes the gross changes in deferred revenue associated with this non-cash consideration received for the three and six months ended June 30, 2025 and 2024:
Three months ended June 30,Six months ended June 30,
 2025202420252024
(in US $ millions)
Balance, beginning of the period177 249 190 284 
Revenue recognized related to non-cash consideration(12)(21)(25)(56)
Balance, end of the period165 228 165 228 
Current portion49 64 
Long term portion116 164 
165 228 
The Company will recognize this revenue ratably over the remaining terms of the respective strategic partnership service agreements, which range from two to five years.