Deferred Revenue and Revenue by Type

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Deferred Revenue and Revenue by Type

NOTE 8 — Deferred Revenue and Revenue by Type

Deferred Revenue

Contract liabilities consist of deferred revenue, which is recorded on the Consolidated Balance Sheets when the Company has received consideration, or has the right to receive consideration, in advance of transferring the performance obligations under the contract to the customer.

The following table presents the Company's deferred revenue balances and changes therein:

	Three Months Ended March 31,
	2024			2023
Balance, beginning of period	$	1,764		$	1,958
Add: net increase in current period contract liabilities		1,550			1,951
Less: revenue recognized from beginning balance		(1,437	)		(1,729	)
Balance, end of period	$	1,877		$	2,180

A majority of the deferred revenue balance as of March 31, 2024 is expected to be recognized in the subsequent 12-month period. No other contract assets or liabilities are recorded on the Company’s Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.

Revenue by Type and Geography

The following table presents the Company's revenue by service type:

	Three Months Ended March 31,
	2024		2023
Advertising 1	$	8,880	$	11,186
Other services 1		168		63
	$	9,048	$	11,249

1.Amounts for the prior period have been reclassified to conform to the current period presentation.

The following table presents the Company's revenue by geographic region:

	Three Months Ended March 31,
	2024		2023
United States 1	$	8,629	$	10,805
All other countries 1		419		444
	$	9,048	$	11,249

1.Amounts for the prior period have been reclassified to conform to the current period presentation.

The following table presents the Company's revenue by state:

	Three Months Ended March 31,
	2024			2023
Arizona		24	%		20	%
California		11	%		12	%
Oregon		11	%		11	%

No other state comprised 10% or more of Leafly’s revenue during the three months ended March 31, 2024 and 2023. We have a diversified set of customers; no single customer accounted for 10% or more of our revenue for the three months ended March 31, 2024 or 2023.

The following table presents the Company's revenue by timing of recognition:

	Three Months Ended March 31,
	2024		2023
Over Time 1
Retail 2	$	7,871	$	9,470
Brands 3		843		1,362
		8,714		10,832
Point in time 1
Brands 4		334		417
	$	9,048	$	11,249

1.Amounts for the prior period have been reclassified to conform to the current period presentation.

2.Revenues from subscription services and display ads.

3.Revenues from brand profile subscriptions and digital media (including display ads and audience extension).

4.Revenues from channel advertising (including direct to consumer email).

Revenues recognized over time are associated with software subscriptions, display ads and audience extension. Revenues recognized at a point in time are associated with branded content and channel advertising. There are no material variations in delivery and revenue recognition periods within the over time category.