Annual report pursuant to Section 13 and 15(d)

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations Disaggregation of Revenue

v3.22.2.2
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations Disaggregation of Revenue
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations Disaggregation of Revenue
5.
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations Disaggregation of Revenue

Revenue from subscription-based contracts was $20,356 and represented 47% of total revenue for the year ended December 31, 2021. Revenue from subscription-based contracts was $7,677, representing 27% of total revenue for the year ended December 31, 2020. Revenue from non-subscription-based contracts was $23,019 and represented 53% of total revenue for the year ended December 31, 2021. Revenue from non-subscription-based contracts was $20,813, representing 73% of total revenue for the year ended December 31, 2020.

The following revenue disaggregated by geography was recognized:

 

 

 

Year Ended
December 31, 2021

 

 

Year Ended
December 31, 2020

 

EMEA(1)

 

$

20,562

 

 

 

48

%

 

$

14,213

 

 

 

50

%

Americas (2)

 

 

15,719

 

 

 

36

%

 

 

10,759

 

 

 

38

%

Asia Pacific (3)

 

 

7,094

 

 

 

16

%

 

 

3,518

 

 

 

12

%

Total

 

$

43,375

 

 

 

100

%

 

$

28,490

 

 

 

100

%

 

(1)
Netherlands represented 24% and 37% for the years ended December 31, 2021 and 2020, respectively.
(2)
U.S. represented 36% and 38% for the years ended December 31 2021 and 2020, respectively.
(3)
Australia represented 11% and 9% for the years ended December 31, 2021 and 2020, respectively.

Contract Assets

The increase in contract assets is due to the acquisition of exactEarth. At December 31, 2021 and 2020, Contract assets were $2,084 and $853, respectively, on the Consolidated Balance Sheets. Changes in Contract assets were as follows:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Balance at the beginning of the year

 

$

853

 

 

$

493

 

Contract assets recorded during the year

 

 

2,529

 

 

 

1,577

 

Reclassified to Accounts receivable

 

 

(1,298

)

 

 

(1,217

)

Balance at the end of the year

 

$

2,084

 

 

$

853

 

 

Contract Liabilities

At 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 potion in Other long-term liabilities on the Company’s Consolidated Balance Sheets. At December 31, 2020, Contract liabilities were $8,110 and is reported in current portion of Contract liabilities on the Consolidated Balance Sheets.

Changes in Contract liabilities were as follows:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Balance at the beginning of the year

 

$

8,110

 

 

$

4,550

 

Contract liabilities recorded during the year

 

 

8,343

 

 

 

7,759

 

Revenue recognized during the year

 

 

(6,950

)

 

 

(4,199

)

Other

 

 

(248

)

 

 

—

 

Balance at the end of the year

 

$

9,255

 

 

$

8,110

 

 

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 December 31, 2021, the amount not yet recognized as revenue from these commitments is $83,171. The Company expects to recognize 53% of these future commitments over the next 12 months and the remaining 47% thereafter as revenue when the performance obligations are met.