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Revenue (Tables)
3 Months Ended
Mar. 31, 2023
Revenue Recognition [Abstract]  
Schedule of Disaggregation of Revenue between Tech-Enabled Services, Software Solutions and Print and Distribution by Reportable Segment

The following table disaggregates revenue between tech-enabled services, software solutions and print and distribution by reportable segment:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

Tech-enabled Services

 

 

Software Solutions

 

 

Print and Distribution

 

 

Total

 

 

Tech-enabled Services

 

 

Software Solutions

 

 

Print and Distribution

 

 

Total

 

Capital Markets - Software Solutions

 

$

 

 

$

43.7

 

 

$

 

 

$

43.7

 

 

$

 

 

$

44.7

 

 

$

 

 

$

44.7

 

Capital Markets - Compliance and Communications Management

 

 

60.7

 

 

 

 

 

 

33.4

 

 

 

94.1

 

 

 

71.1

 

 

 

 

 

 

32.5

 

 

 

103.6

 

Investment Companies - Software Solutions

 

 

 

 

 

26.4

 

 

 

 

 

 

26.4

 

 

 

 

 

 

25.1

 

 

 

 

 

 

25.1

 

Investment Companies - Compliance and Communications Management

 

 

17.7

 

 

 

 

 

 

16.7

 

 

 

34.4

 

 

 

20.6

 

 

 

 

 

 

17.0

 

 

 

37.6

 

Total net sales

 

$

78.4

 

 

$

70.1

 

 

$

50.1

 

 

$

198.6

 

 

$

91.7

 

 

$

69.8

 

 

$

49.5

 

 

$

211.0

 

Changes in Contract Liabilities

Contract liabilities consist of deferred revenue and progress billings which are included in accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company recognized $17.7 million and $16.1 million of revenue during the three months ended March 31, 2023 and 2022, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. Changes in contract liabilities were as follows:

Balance at January 1, 2023

 

$

46.1

 

Deferral of revenue

 

 

41.5

 

Revenue recognized

 

 

(34.6

)

Balance at March 31, 2023

 

$

53.0

 

 

Balance at January 1, 2022

 

$

36.0

 

Deferral of revenue

 

 

34.2

 

Revenue recognized

 

 

(27.9

)

Balance at March 31, 2022

 

$

42.3