Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | | | (In thousands) | Assets | | | | | | | | | Money market funds | | $ | 78,253 | | | $ | — | | | $ | — | | | $ | 78,253 | | Interest rate swap assets | | — | | | 2,424 | | | — | | | 2,424 | | Total assets | | $ | 78,253 | | | $ | 2,424 | | | $ | — | | | $ | 80,677 | | | | | | | | | | | Liabilities | | | | | | | | | Contingent liabilities | | $ | — | | | $ | — | | | $ | 43,696 | | | $ | 43,696 | | Total liabilities | | $ | — | | | $ | — | | | $ | 43,696 | | | $ | 43,696 | |
The following table sets forth the assets and liabilities that were measured at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | LEVEL 1 | | LEVEL2 | | LEVEL 3 | | TOTAL | | | (In thousands) | Assets | | | | | | | | | Money market funds | | $ | 147,478 | | | $ | — | | | $ | — | | | $ | 147,478 | | Interest rate swap assets | | — | | | 5,624 | | | — | | | 5,624 | | Total assets | | $ | 147,478 | | | $ | 5,624 | | | $ | — | | | $ | 153,102 | | | | | | | | | | | Liabilities | | | | | | | | | Contingent liabilities | | $ | — | | | $ | — | | | $ | 54,457 | | | $ | 54,457 | | Total liabilities | | $ | — | | | $ | — | | | $ | 54,457 | | | $ | 54,457 | |
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table summarizes the Level 3 activity of the changes in the contingent consideration liability. | | | | | | | | | | | | | | SEPTEMBER 30, 2024 | | | (In thousands) | Beginning balance at December 31, 2023 | | $ | 54,457 | | Additions | | — | | Payments | | (18,863) | | Fair value remeasurement | | 8,102 | | Ending balance at September 30, 2024 | | $ | 43,696 | |
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Schedule of Accounts, Notes, Loans and Financing Receivable |
Accounts receivable consists of the following: | | | | | | | | | | | | | SEPTEMBER 30, 2024 | | DECEMBER 31, 2023 | | (In thousands) | Trade receivables | $ | 80,978 | | | $ | 75,410 | | Unbilled receivables | 16,230 | | | 10,405 | | Other receivables | 304 | | | 354 | | Allowances for credit losses | (1,556) | | | (1,312) | | Accounts receivable, net | $ | 95,956 | | | $ | 84,857 | |
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Accounts Receivable, Allowance for Credit Loss |
The following table presents the information regarding the allowance for credit losses: | | | | | | | | | | | | | SEPTEMBER 30, 2024 | | DECEMBER 31, 2023 | | (In thousands) | Beginning balance | $ | 1,312 | | | $ | 1,250 | | Provision for credit losses | 393 | | | 684 | | Charge-offs, net of recoveries | (149) | | | (622) | | Ending balance | $ | 1,556 | | | $ | 1,312 | |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The notional amounts, fair values, and classification of derivative instruments in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 were as follows: | | | | | | | | | | | | | | | Interest rate swap derivative designated as cash flow hedging instrument: | | SEPTEMBER 30, 2024 | | DECEMBER 31, 2023 | | | (In thousands) | Notional amounts | | $ | 230,000 | | | $ | 230,000 | | Prepaid expenses and other current assets | | $ | 2,424 | | | $ | 4,473 | | Other long-term assets | | $ | — | | | $ | 1,151 | |
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Contract Balances, Contract Asset, Contract Liability, and Receivable |
Contract balances at September 30, 2024 and December 31, 2023 were as follows: | | | | | | | | | | | | | | | | | SEPTEMBER 30, 2024 | | DECEMBER 31, 2023 | | | (In thousands) | Contract assets | | $ | 16,230 | | | $ | 10,405 | | Contract liabilities | | $ | 60,513 | | | $ | 61,748 | |
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Summary of Revenue by Timing of Revenue Recognition |
The following table presents the Company’s revenue by timing of revenue recognition to understand the risks of timing of transfer of control and cash flows: | | | | | | | | | | | | | | | | | | | | | | | | | THREE MONTHS ENDED SEPTEMBER 30, | | NINE MONTHS ENDED SEPTEMBER 30, | | 2024 | | 2023 | | 2024 | | 2023 | | (In thousands) | Software licenses transferred at a point in time | $ | 10,202 | | | $ | 9,916 | | | $ | 39,031 | | | $ | 38,967 | | Software licenses transferred over time | 25,710 | | | 21,414 | | | 74,395 | | | 59,092 | | Service revenues earned over time | 58,908 | | | 54,246 | | | 171,361 | | | 168,268 | | Total | $ | 94,820 | | | $ | 85,576 | | | $ | 284,787 | | | $ | 266,327 | |
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