Revenues |
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| Revenues | Revenues Disaggregation of Revenue The following table disaggregates the Company's revenue by major source:
Deferred Revenues Deferred revenue primarily consists of payments received and amounts billed in advance for subscription and implementation services prior to satisfying the Company’s performance obligations. During the year ended December 31, 2025, the Company recognized $134.6 million of revenue that was included in the deferred revenue balance as of December 31, 2024. Remaining Performance Obligations On December 31, 2025, the Company had $2.69 billion of remaining performance obligations, which represents contracted revenue minimums that have not yet been recognized, including amounts that will be invoiced and recognized as revenue in future periods. The Company expects to recognize approximately 52% of its remaining performance obligations as revenue in the next 24 months, an additional 34% in the next 25 to 48 months and the balance thereafter. Allowance for Credit Losses and Other Reserved Balances The Company is exposed to credit losses primarily through sales of products and services. The Company assesses the collectability of outstanding contract assets on an ongoing basis and maintains a reserve which is included in the allowance for credit losses for contract assets deemed uncollectible. The Company analyzes the contract asset portfolio for significant risks by considering historical collection experience and forecasting of future collectability to determine the amount of revenues that will ultimately be collected from its customers. Customer type (whether a customer is a financial institution or other digital solution provider) has been identified as the primary specific risk affecting the Company's contract assets, and the estimate for losses is analyzed quarterly and adjusted as necessary. Future collectability may be impacted by current and anticipated economic conditions that could impact the Company's customers. Additionally, specific allowance amounts may be established to record the appropriate provision for customers that have a higher probability of default. Nominal amounts were provisioned by the Company for expected credit losses for the years ended December 31, 2025 and 2024, and no charges were taken against the allowance at either December 31, 2025 or 2024. The allowance for credit losses related to contract assets was $0.05 million and $0.02 million as of December 31, 2025 and 2024, respectively. The Company assesses the collectability of outstanding accounts receivable on an ongoing basis and maintains an allowance for credit losses for accounts receivable deemed uncollectible. The Company analyzes the accounts receivable portfolio for significant risks and considers prior periods and forecasts future collectability to determine the amount of revenues that will ultimately be collected from its customers. This estimate is analyzed quarterly and adjusted as necessary. Identified risks pertaining to the Company's accounts receivable include the delinquency level and customer type. Future collectability may be impacted by current and anticipated economic conditions that could impact the Company's customers. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Historically, the Company's collection experience has not varied significantly, and bad debt expenses have been insignificant. Nominal amounts were provisioned by the Company for the expected losses for the years ended December 31, 2025 and 2024, and nominal charges were taken against the allowance at December 31, 2025 and 2024, respectively. The allowance for credit losses related to accounts receivable was $0.4 million and 0.3 million for the years ended December 31, 2025 and 2024, respectively. The Company maintains reserves for estimated sales credits issued to customers for billing disputes or other service-related reasons. These allowances are recorded as a reduction against current period revenues and accounts receivable. In estimating this allowance, the Company analyzes prior periods to determine the amounts of sales credits issued to customers compared to the revenues in the period that related to the original customer invoice. This estimate is analyzed semi-annually and adjusted as necessary. The Company also maintains specific reserves for anticipated contract concessions. The allowance for sales credits and specific reserves was $1.1 million and $1.0 million as of December 31, 2025 and 2024, respectively. The following table shows the Company's allowance for sales credits, credit losses, and other reserved balances as follows:
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