Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

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Revenue Recognition
6 Months Ended
Jun. 30, 2019
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition

Note 10 - Revenue Recognition

 

We recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services, in accordance with implemented Topic 606 - an update to Topic 605.

 

We adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606. Revenue amounts presented in our condensed consolidated financial statements are recognized net of sales tax, value-added taxes, and other taxes.

 

In the normal course of business, we recognize revenue based on the customers’ attendance of the course, mentoring training, coaching session or delivery of the software, data or course materials on-line. After a customer contract expires we record breakage revenue less a reserve for cases where we allow a customer to attend after expiration. We have deferred revenue of $60.6 million related to contractual commitments with customers where the performance obligation will be satisfied over time, which ranges from one to two years as of June 30, 2019. The revenue associated with these performance obligations is recognized as the obligation is satisfied. We did not have a material change in financial position, results of operations, or cash flows and therefore there is no cumulative impact recorded to opening equity.

 

The following tables disaggregate our segment revenue by revenue source: 

 

    Three Months Ended June 30, 2019     Three Months Ended June 30, 2018  
Revenue Type:   North America     U.K.     Other foreign markets     Total Consolidated Revenue     North America     U.K.     Other foreign markets     Total Consolidated Revenue  
    (In thousands)                          
Seminars   $ 8,532     $ 3,220     $ 1,990     $ 13,742     $ 8,134     $ 4,690     $ 3,971     $ 16,795  
Products     2,702       1,198       1,421       5,321       2,578       1,029       1,078       4,685  
Coaching and Mentoring     1,400       317       1,330       3,047       1,291       206       986       2,483  
Online and Subscription     430       2       79       511       385       13       6       404  
Other     916       161             1,077       849       6             855  
Total revenue   $ 13,980     $ 4,898     $ 4,820     $ 23,698     $ 13,237     $ 5,944     $ 6,041     $ 25,222  

 

    Six Months Ended June 30, 2019     Six Months Ended June 30, 2018  
Revenue Type:   North America     U.K.     Other foreign markets     Total Consolidated Revenue     North America     U.K.     Other foreign markets     Total Consolidated Revenue  
    (In thousands)                          
Seminars   $ 16,885     $ 7,443     $ 4,160     $ 28,488     $ 18,316     $ 8,120     $ 6,597     $ 33,033  
Products     5,484       2,449       1,801       9,734       5,852       2,382       2,004       10,238  
Coaching and Mentoring     2,799       645       2,495       5,939       2,748       644       1,971       5,363  
Online and Subscription     928       4       149       1,081       952       24       10       986  
Other     2,871       161             3,032       1,318       39             1,357  
Total revenue   $ 28,967     $ 10,702     $ 8,605     $ 48,274     $ 29,186     $ 11,209     $ 10,582     $ 50,977