Revenue
Disaggregation of Revenue
The following table depicts the disaggregation of revenue by geographic region based on the shipping address of customers (in thousands):
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| | | Year Ended December 31, |
| | | | | 2025 | | 2024 | | 2023 |
| United States | | | | | $ | 107,738 | | | $ | 113,758 | | | $ | 126,147 | |
| EMEA | | | | | 23,867 | | | 26,167 | | | 27,636 | |
| Other | | | | | 7,707 | | | 8,156 | | | 9,925 | |
| Total revenue | | | | | $ | 139,312 | | | $ | 148,081 | | | $ | 163,708 | |
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No individual foreign country contributed 10% or more of the total revenue in 2025, 2024 and 2023.
No single customer accounted for 10% or more of the total revenue in 2025 2024 and 2023. Additionally, no single customer accounted for 10% or more of accounts receivable as of December 31, 2025 and 2024.
Contract Balances
Accounts receivable: The Company records accounts receivable when the Company has a contractual right to consideration. In some arrangements, a right to consideration for the Company’s performance under the customer contract may occur before invoicing to the customer, resulting in an unbilled receivable. As of December 31, 2025 and 2024, unbilled receivables were included within accounts receivable, net of allowance for doubtful accounts and billing reserves on the consolidated balance sheets and were not material.
Contract assets: The Company records a contract asset when the Company has satisfied a performance obligation but does not yet have an unconditional right to consideration. Contract assets are included in prepaid expenses and other current assets in the consolidated balance sheets and were not material as of December 31, 2025 and 2024.
Contract liabilities: The Company defers its revenue when the Company has the right to invoice in advance of performance under a customer contract. The current portion of deferred revenue balances is recognized during the following 12-month period and the remaining portion is recorded as noncurrent, which is included in other long-term liabilities on the consolidated balance sheet. The amount of revenue recognized in 2025 that was included in deferred revenue at the beginning of the period was $64.3 million.
Remaining Performance Obligations
The terms of the Company’s subscription agreements are primarily annual and, to a lesser extent, multi-year. The Company may bill for the full term in advance or on an annual, quarterly or monthly basis, depending on the terms of the agreement. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $131.1 million, which consists of both billed consideration in the amount of $60.6 million and unbilled consideration in the amount of $70.5 million that the Company expects to recognize as revenue. As of December 31, 2025, the Company expects to recognize 71% of its remaining performance obligations as revenue over the subsequent 12 months and the remainder thereafter.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.