Note 2 - Contracts With Customers |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Text Block] |
We derive a majority of our revenue from renewable subscription‑based service agreements with our customers. These arrangements represent a single promise to stand ready to provide services over the contractual term and are recognized ratably as the related services are provided. As a result, the significant majority of our revenue is recognized over time.
Revenue recognized over time totaled $32.9 million and $31.2 million for the three months ended June 30, 2026, and 2025, respectively and $66.1 million and $62.3 million for the six months ended June 30, 2026, and 2025, respectively. Revenue associated with performance obligations satisfied at a point in time, including one‑time specified services, as well as revenue from fixed, non‑subscription and unit‑priced service arrangements, was not material for either period.
Total revenue for the three months ended June 30, 2026, was $35.4 million, compared to $34.0 million for the three months ended June 30, 2025. Total revenue for the six months ended June 30, 2026, was $70.2 million compared to $67.6 million for the six months ended June 30, 2025. The increases were primarily attributable to growth in subscription‑based services.
Our revenue recognition patterns during the quarter are consistent with those disclosed in our Annual Report on Form 10‑K for the year ended December 31, 2025.
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers (in thousands):
Deferred revenue increased by $0.5 million primarily due to new billings exceeding revenue recognized during the period.
We have elected to apply the practical expedient to not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Total remaining contract revenue for contracts with original duration of greater than one year expected to be recognized in the future related to performance obligations that are unsatisfied at June 30, 2026, approximated $188.3 million, of which $44.8 million is expected to be recognized during the remainder of , with the balance recognized thereafter.
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