Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.22.2.2
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 6 Months Ended
Jun. 30, 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 $12,937 and $25,057, or 67% and 67% of total revenue, for the three and six months ended June 30, 2022, respectively, and was $4,094 and $8,074, or 45% and 43% of total revenue for the three and six months ended June 30, 2021, respectively. Revenue from non-subscription-based contracts was $6,457 and $12,408, representing, 33% of total revenue, for each of the three and six months ended June 30, 2022, and was $5,011 and $10,755, representing 55% and 57% of total revenue for the three and six months ended June 30, 2021, respectively.

The following revenue disaggregated by geography was recognized:

 

 

 

Three Months Ended
June 30, 2022

 

 

Six Months Ended
June 30, 2022

 

EMEA(1)

 

$

7,300

 

 

 

38

%

 

$

15,235

 

 

 

41

%

Americas (2)

 

 

8,669

 

 

 

45

%

 

 

16,283

 

 

 

43

%

Asia Pacific (3)

 

 

3,426

 

 

 

18

%

 

 

5,947

 

 

 

16

%

Total

 

$

19,395

 

 

 

100

%

 

$

37,465

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30, 2021

 

 

Six Months Ended
June 30, 2021

 

EMEA(1)

 

$

6,064

 

 

 

67

%

 

$

9,903

 

 

 

53

%

Americas (2)

 

 

2,488

 

 

 

27

%

 

 

5,765

 

 

 

31

%

Asia Pacific (3)

 

 

561

 

 

 

6

%

 

 

3,161

 

 

 

16

%

Total

 

$

9,113

 

 

 

100

%

 

$

18,829

 

 

 

100

%
(1)
The Netherlands represented 43% and 31% for the three and six months ended June 30, 2021, respectively. The United Kingdom represented 11% and 11% for the three and six months ended June 30, 2021, respectively.
(2)
U.S. represented 35% and 34% for the three and six months ended June 30, 2022, respectively, and 27% and 31% for the three and six months ended June 30, 2021, respectively.
(3)
Australia represented 12% for the six months ended June 30, 2021.

 

Contract Assets

As of June 30, 2022, and December 31, 2021, contract assets were $4,438 and $2,084, respectively, on the condensed consolidated balance sheets.

Changes in contract assets for the six months ended June 30, 2022 and 2021 were as follows:

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Balance as of December 31

 

$

2,084

 

 

$

853

 

Contract assets recorded during the period

 

 

4,715

 

 

 

—

 

Reclassified to Accounts receivable

 

 

(2,318

)

 

 

—

 

Other

 

 

(43

)

 

 

(7

)

Balance as of June 30

 

$

4,438

 

 

$

846

 

Contract Liabilities

As of June 30, 2022, contract liabilities were $13,220 of which $12,080 is reported in current portion of contract liabilities and $1,140 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 six months ended June 30, 2022 and 2021 were as follows:

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Balance as of December 31

 

$

9,255

 

 

$

8,110

 

Contract liabilities recorded during the period

 

 

11,602

 

 

 

9,820

 

Revenue recognized during the period

 

 

(7,242

)

 

 

(6,953

)

Other

 

 

(395

)

 

 

(63

)

Balance as of June 30

 

$

13,220

 

 

$

10,914

 

 

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 June 30, 2022, the amount not yet recognized as revenue from these commitments is $125,286. The Company expects to recognize 40% of these future commitments over the next 12 months and the remaining 60% thereafter as revenue when the performance obligations are met.