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Revenue
12 Months Ended
Dec. 31, 2021
Revenue From Contract With Customer [Abstract]  
Revenue
4.
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 following table represents a disaggregation of revenue from arrangements with customers for the years ended December 31, 2021 and 2020 (Successor) and the periods from July 16, 2019 to December 31, 2019 (Successor) and January 1, 2019 to July 15, 2019 (Predecessor).

 

 

 

Successor Company

 

 

 

Predecessor Company

 

 

 

 

 

 

 

 

 

Period from

 

 

 

Period from

 

 

 

Year Ended December 31,

 

 

July 16, 2019 to

 

 

 

January 1, 2019 to

 

(in thousands)

 

2021

 

 

2020

 

 

December 31, 2019

 

 

 

July 15, 2019

 

Platform subscriptions

 

$

164,564

 

 

$

117,080

 

 

$

39,872

 

 

 

$

45,244

 

Professional services

 

 

1,590

 

 

 

1,237

 

 

 

173

 

 

 

 

214

 

Total revenue

 

$

166,154

 

 

$

118,317

 

 

$

40,045

 

 

 

$

45,458

 

The opening and closing balances of the Company’s receivables, deferred contract costs and contract liabilities from contracts with customers are as follows:

 

 

 

Year Ended December 31,

 

(in thousands)

 

2021

 

 

2020

 

Accounts receivables, net

 

$

43,336

 

 

$

33,108

 

Deferred contract costs

 

 

6,880

 

 

 

2,947

 

Long-term deferred contract costs

 

 

11,667

 

 

 

5,952

 

Deferred revenues

 

 

84,023

 

 

 

61,200

 

 

Deferred Contract Costs

A summary of the activity impacting the deferred contract costs during the years ended December 31, 2021 and 2020 is presented below:

 

 

 

Year Ended December 31,

 

(in thousands)

 

2021

 

 

2020

 

Balance at beginning of period

 

$

8,899

 

 

$

2,885

 

Costs amortized

 

 

(4,792

)

 

 

(1,670

)

Additional amounts deferred

 

 

14,440

 

 

 

7,684

 

Balance at end of period

 

$

18,547

 

 

$

8,899

 

Classified as:

 

 

 

 

 

 

Current

 

 

6,880

 

 

 

2,947

 

Non-current

 

 

11,667

 

 

 

5,952

 

Total deferred contract costs (deferred commissions)

 

$

18,547

 

 

$

8,899

 

 

Contract Liabilities

A summary of the activity impacting deferred revenue balances during the years ended December 31, 2021 and 2020

is presented below:

 

 

 

Year Ended December 31,

 

(in thousands)

 

2021

 

 

2020

 

Balance at beginning of period

 

$

61,200

 

 

$

46,125

 

Revenue recognized

 

 

(166,154

)

 

 

(118,317

)

Additional amounts deferred

 

 

188,977

 

 

 

133,392

 

Balance at end of period

 

$

84,023

 

 

$

61,200

 

 

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 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. Revenue allocated to remaining performance obligations represents

contracted revenue that has not yet been recognized, which includes unearned revenue and backlog. 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)

 

December 31,
2021

 

 

December 31,
2020

 

Current

 

$

155,134

 

 

$

114,284

 

Noncurrent

 

 

95,354

 

 

 

58,250

 

Total

 

$

250,488

 

 

$

172,534