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Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
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 1LEVEL 2LEVEL 3TOTAL
(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 1LEVEL2LEVEL 3TOTAL
(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 
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 remeasurement8,102 
Ending balance at September 30, 2024
$43,696 
Schedule of Accounts, Notes, Loans and Financing Receivable
Accounts receivable consists of the following:
SEPTEMBER 30, 2024DECEMBER 31,
2023
(In thousands)
Trade receivables$80,978 $75,410 
Unbilled receivables16,230 10,405 
Other receivables304 354 
Allowances for credit losses(1,556)(1,312)
Accounts receivable, net$95,956 $84,857 
Accounts Receivable, Allowance for Credit Loss
The following table presents the information regarding the allowance for credit losses:
SEPTEMBER 30, 2024DECEMBER 31,
2023
(In thousands)
Beginning balance $1,312 $1,250 
Provision for credit losses393 684 
Charge-offs, net of recoveries(149)(622)
Ending balance$1,556 $1,312 
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, 2024DECEMBER 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 
Contract Balances, Contract Asset, Contract Liability, and Receivable
Contract balances at September 30, 2024 and December 31, 2023 were as follows:
SEPTEMBER 30, 2024DECEMBER 31,
2023
(In thousands)
Contract assets$16,230 $10,405 
Contract liabilities$60,513 $61,748 
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,
2024202320242023
(In thousands)
Software licenses transferred at a point in time$10,202 $9,916 $39,031 $38,967 
Software licenses transferred over time25,710 21,414 74,395 59,092 
Service revenues earned over time58,908 54,246 171,361 168,268 
Total$94,820 $85,576 $284,787 $266,327