v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue by Product Type
We derive our revenues from the following revenue streams:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Recurring revenues:
Fulfillment$169,979 $158,991 $334,288 $311,622 
Analytics14,139 13,944 28,271 27,646 
Other6,304 6,186 12,383 12,182 
Recurring revenues190,422 179,121 374,942 351,450 
One-time revenues7,393 8,279 14,994 17,499 
Total revenue$197,815 $187,400 $389,936 $368,949 
Revenue by Geographic Area
Domestic revenue, which we define as revenue that was attributable to customers based within the United States ("U.S."), was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Domestic revenue83 %85 %83 %85 %
No single jurisdiction outside of the U.S. had revenues in excess of 10%.
Recurring Revenues
We define recurring revenue as active contracts during the reporting period under which the customer regularly pays us fees for subscription-based and reoccurring services. All components of the contracts that are not expected to recur (primarily set-ups and professional services) are excluded from recurring revenue.
Revenue for subscription-based services is recognized on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our contracts primarily range from monthly to annual and generally allow the customer to cancel the contract for any reason with 30 to 90 days’ notice. Timing of billings varies by customer and by contract type and are either in advance or within 30 days of the service being performed.
Given that the recurring revenue contracts are generally for one year or less, we have applied the optional exemption to not disclose information about the remaining performance obligations for recurring revenue contracts.
One-time Revenues
One-time revenues consist of set-up fees and miscellaneous fees from customers.
Set-up revenues
Set-up fees, a component of our revenue, are specific for each connection a customer has with a trading partner. These nonrefundable fees are necessary for our customers to utilize our services and do not provide any standalone value. Many of our customers have connections with numerous trading partners.
Set-up fees constitute a material renewal option right that provide customers a significant future incentive that would not be otherwise available to that customer unless they entered into the contract, as the set-up fees will not be incurred again upon contract renewal. As such, set-up fees and related costs are deferred and recognized ratably, generally over two years, which is the estimated period for which a material right is present for our customers.
The table below presents the activity of the portion of the deferred revenue liability relating to set-up fees. We expect to recognize $10.6 million of the balance as of June 30, 2026 as revenue over the next 12 months with the remaining amount recognized thereafter.
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Balance, beginning of period$14,426 $15,696 $14,625 $16,735 
Invoiced set-up fees3,276 3,542 6,934 6,949 
Recognized set-up fees(3,733)(4,231)(7,590)(8,677)
Balance, end of period$13,969 $15,007 $13,969 $15,007 
Miscellaneous one-time revenues
Miscellaneous one-time fees primarily consist of professional services and testing and certification.
The contract period for these one-time fees is one year or less and recognized at the time service is provided. We have applied the optional exemption to not disclose information about the remaining performance obligations for miscellaneous one-time fee contracts since they have original durations of one year or less.
Deferred Revenue
We recognized revenue of $59.6 million and $58.4 million in the six months ended June 30, 2026 and 2025, respectively, from amounts included in deferred revenue at the beginning of the period.