v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

2. Revenue

The Company disaggregates revenue from its arrangements with customers by type of service as it believes these categories best depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The opening balance of accounts receivable as of January 1, 2025 was $53.2 million.

The following table represents a disaggregation of revenue from arrangements with customers for the three and six months ended June 30, 2026 and 2025, respectively:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Subscription services

 

$

52,795

 

 

$

58,200

 

 

$

106,366

 

 

$

115,511

 

Professional services

 

 

2,400

 

 

 

2,550

 

 

 

4,758

 

 

 

4,430

 

Total revenue

 

$

55,195

 

 

$

60,750

 

 

$

111,124

 

 

$

119,941

 

Deferred Contract Costs

A summary of the activity impacting the deferred contract costs for the six months ended June 30, 2026 and the year ended December 31, 2025 is presented below:

(in thousands)

 

Six Months Ended June 30, 2026

 

 

Year Ended December 31, 2025

 

Balance at beginning of period

 

$

25,606

 

 

$

28,125

 

Costs amortized

 

 

(7,439

)

 

 

(15,871

)

Additional amounts deferred

 

 

5,787

 

 

 

13,352

 

Balance at end of period

 

 

23,954

 

 

 

25,606

 

Classified as:

 

 

 

 

 

 

Current

 

 

12,190

 

 

 

12,766

 

Non-current

 

 

11,764

 

 

 

12,840

 

Total deferred contract costs (deferred commissions)

 

$

23,954

 

 

$

25,606

 

Contract Liabilities

A summary of the activity impacting deferred revenue balances during the six months ended June 30, 2026 and for the year ended December 31, 2025 is presented below:

(in thousands)

 

Six Months Ended June 30, 2026

 

 

Year Ended December 31, 2025

 

Balance at beginning of period

 

$

99,372

 

 

$

93,376

 

Revenue recognized

 

 

(111,124

)

 

 

(241,521

)

Additional amounts deferred

 

 

101,094

 

 

 

247,517

 

Balance at end of period

 

$

89,342

 

 

$

99,372

 

Remaining Performance Obligations

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be invoiced and recognized as revenue in future periods. Transaction price allocated to remaining performance obligations is influenced by several factors, including seasonality, the timing of renewals, and disparate contract terms. The Company’s backlog represents installment billings for periods beyond the current billing cycle. The majority of the Company’s noncurrent remaining performance obligations will be recognized in the next 13 to 36 months.

The remaining performance obligations consisted of the following:

(in thousands)

 

June 30,
2026

 

 

December 31,
2025

 

Current

 

$

149,986

 

 

$

165,087

 

Non-current

 

 

63,386

 

 

 

75,368

 

Total

 

$

213,372

 

 

$

240,455