Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.22.1
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 3 Months Ended
Mar. 31, 2022
Revenue From Contract With Customer [Abstract]  
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
3.
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

 

Disaggregation of Revenue

Revenue from subscription-based contracts was $12,120 and represented 67% of total revenue for the three months ended March 31, 2022 and was $3,980, representing 41% of total revenue for the three months ended March 31, 2021. Revenue from non-subscription-based contracts was $5,950 and represented 33% of total revenue for the three months ended March 31, 2022 and was $5,744, representing 59% of total revenue for the three months ended March 31, 2021.

The following revenue disaggregated by geography was recognized:

 

 

 

Three Months Ended
March 31, 2022

 

 

Three Months Ended
March 31, 2021

 

EMEA(1)

 

$

7,935

 

 

 

44

%

 

$

3,839

 

 

 

39

%

Americas (2)

 

 

7,614

 

 

 

42

%

 

 

3,277

 

 

 

34

%

Asia Pacific (3)

 

 

2,521

 

 

 

14

%

 

 

2,600

 

 

 

27

%

Total

 

$

18,070

 

 

 

100

%

 

$

9,716

 

 

 

100

%
(1)
The Netherlands represented 19% for the three months ended 2021. The United Kingdom represented 16% and 11% for the three months ended March 31, 2022 and 2021, respectively.
(2)
U.S. represented 33% for the three months ended March 31, 2022, and 34% for the three months ended March 31, 2021.
(3)
Australia represented 23% for the three months ended March 31, 2021.

 

Contract Assets

As of March 31, 2022, and December 31, 2021, Contract assets were $3,630 and $2,084, respectively, on the Condensed Consolidated Balance Sheets.

Changes in Contract assets for the three months ended March 31, 2022 and 2021 were as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Balance as of December 31, 2021

 

$

2,084

 

 

$

889

 

Contract assets recorded during the period

 

 

3,122

 

 

 

—

 

Reclassified to Accounts receivable

 

 

(1,557

)

 

 

—

 

Other

 

 

(19

)

 

 

(9

)

Balance as of March 31, 2022

 

$

3,630

 

 

$

880

 

Contract Liabilities

As of March 31, 2022, Contract liabilities were $8,236 of which $6,483 is reported in current portion of Contract liabilities and $1,753 is reported in non-current portion in Other long-term liabilities on the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2021, Contract liabilities were $9,255 of which $8,627 is reported in current portion of Contract liabilities and $628 is reported in non-current portion in Other long-term liabilities on the Company’s Condensed Consolidated Balance Sheets.

Changes in Contract liabilities for the three months ended March 31, 2022 and 2021 were as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Balance as of December 31, 2021

 

$

9,255

 

 

$

8,110

 

Contract liabilities recorded during the period

 

 

3,563

 

 

 

3,269

 

Revenue recognized during the period

 

 

(4,514

)

 

 

(3,531

)

Other

 

 

(68

)

 

 

(111

)

Balance as of March 31, 2022

 

$

8,236

 

 

$

7,737

 

Remaining Performance Obligations

The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. These commitments for future services exclude (i) contracts with an original term of one year or less, and (ii) cancellable contracts. As of March 31, 2022, the amount not yet recognized as revenue from these commitments is $90,372. The Company expects to recognize 55% of these future commitments over the next 12 months and the remaining 45% thereafter as revenue when the performance obligations are met.