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| Revenue | Revenue
The Company accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts With Customers for all periods presented. See Note 2 for a description of the Company’s revenue recognition accounting policy.
Contract Balances
The Company recognized revenue that was included in the corresponding deferred revenue balance at the beginning of the period of $16.7 million and $13.0 million for the three months ended September 30, 2022 and 2021, respectively, and $29.3 million and $22.7 million for the nine months ended September 30, 2022 and 2021, respectively.
The revenue recognized from amounts included in deferred revenue as of December 31, 2020, during the nine months ended September 30, 2021, presented above has been corrected from the previously reported amount of $36.1 million.
Capitalized Contract Costs
As discussed in Note 2, the Company capitalizes incremental costs of obtaining and fulfilling a contract. Amortization expense related to these costs were $2.8 million and $2.5 million for the three months ended September 30, 2022 and 2021, respectively, and $8.2 million and $6.8 million for the nine months ended September 30, 2022 and 2021, respectively.
Disaggregation of Revenues
Revenue has been disaggregated into recurring and non-recurring categories to identify revenue and costs of revenue that are one-time in nature from those that are term-based and renewable.
The table below outlines revenue for our recurring subscription (software and phone services) and payment processing services, as well as for our onboarding services, and phone hardware (in thousands) for the three and nine months ended September 30, 2022 and 2021:
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