Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Accounts Receivable, Net |
Accounts receivable, net as of June 30, 2025 and December 31, 2024 was composed of the following (in thousands):
|
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|
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June 30, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Billed accounts receivable |
|
$ |
69,830 |
|
|
$ |
37,658 |
|
Unbilled accounts receivable |
|
|
37,118 |
|
|
|
11,307 |
|
Allowance for credit losses |
|
|
(7,649 |
) |
|
|
(6,470 |
) |
Total accounts receivable, net |
|
$ |
99,299 |
|
|
$ |
42,495 |
|
|
| Schedule of Allowance for Credit Losses |
Allowance for credit losses during the three and six months ended June 30, 2025 and 2024 was composed of the following (in thousands):
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Three Months Ended June 30, |
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|
Six Months Ended June 30, |
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|
|
2025 |
|
|
2024 |
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|
2025 |
|
|
2024 |
|
Balance, beginning of period |
|
$ |
7,005 |
|
|
$ |
4,370 |
|
|
$ |
6,470 |
|
|
$ |
3,439 |
|
Provision for credit losses |
|
|
1,894 |
|
|
|
1,570 |
|
|
|
2,780 |
|
|
|
2,487 |
|
Write-off for credit losses, net |
|
|
(1,250 |
) |
|
|
(321 |
) |
|
|
(1,601 |
) |
|
|
(307 |
) |
Balance, end of period |
|
$ |
7,649 |
|
|
$ |
5,619 |
|
|
$ |
7,649 |
|
|
$ |
5,619 |
|
|
| Summary of Deferred Commission Balances |
A summary of the activity of the Company’s deferred commission balances during the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):
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Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
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|
2025 |
|
|
2024 |
|
Balance, beginning of period |
|
$ |
25,519 |
|
|
$ |
16,221 |
|
|
$ |
24,078 |
|
|
$ |
15,479 |
|
Capitalized costs |
|
|
17,020 |
|
|
|
11,239 |
|
|
|
27,651 |
|
|
|
18,347 |
|
Amortized costs |
|
|
(10,680 |
) |
|
|
(7,221 |
) |
|
|
(19,870 |
) |
|
|
(13,587 |
) |
Balance, end of period |
|
$ |
31,859 |
|
|
$ |
20,239 |
|
|
$ |
31,859 |
|
|
$ |
20,239 |
|
Classified as: |
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|
Deferred commissions - current |
|
$ |
24,354 |
|
|
$ |
15,978 |
|
|
$ |
24,354 |
|
|
$ |
15,978 |
|
Other assets - non current |
|
|
7,505 |
|
|
|
4,261 |
|
|
|
7,505 |
|
|
|
4,261 |
|
Balance, end of period |
|
$ |
31,859 |
|
|
$ |
20,239 |
|
|
$ |
31,859 |
|
|
$ |
20,239 |
|
|
| Summary of Changes in Deferred Revenue |
The following table summarizes the changes in the balances of deferred revenue during the three and six months ended June 30, 2025 and 2024 (in thousands):
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Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Balance, beginning of period |
|
$ |
217,328 |
|
|
$ |
141,849 |
|
|
$ |
217,632 |
|
|
$ |
140,473 |
|
Add: billings during the period |
|
|
196,908 |
|
|
|
135,382 |
|
|
|
320,429 |
|
|
|
219,466 |
|
Less: revenue recognized |
|
|
(139,098 |
) |
|
|
(89,825 |
) |
|
|
(262,923 |
) |
|
|
(172,533 |
) |
Balance, end of period |
|
$ |
275,138 |
|
|
$ |
187,406 |
|
|
$ |
275,138 |
|
|
$ |
187,406 |
|
|