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
 9 Months Ended
Sep. 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 $15,043 and $40,100, or 74% and 69% of total revenue, for the three and nine months ended September 30, 2022, respectively, and was $4,926 and $13,000, or 51% and 46% of total revenue, for the three and nine months ended September 30, 2021, respectively. Revenue from non-subscription-based contracts was $5,375 and $17,783, representing 26% and 31% of total revenue, for the three and nine months ended September 30, 2022, respectively, and was $4,640 and $15,395, representing 49% and 54% of total revenue, for the three and nine months ended September 30, 2021, respectively.

The following revenue disaggregated by geography was recognized:

 

 

 

Three Months Ended
 September 30, 2022

 

 

Nine Months Ended
 September 30, 2022

 

EMEA

 

$

8,178

 

 

 

40

%

 

$

23,413

 

 

 

40

%

Americas (1)

 

 

9,392

 

 

 

46

%

 

 

25,675

 

 

 

45

%

Asia Pacific

 

 

2,848

 

 

 

14

%

 

 

8,795

 

 

 

15

%

Total

 

$

20,418

 

 

 

100

%

 

$

57,883

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
 September 30, 2021

 

 

Nine Months Ended
 September 30, 2021

 

EMEA(2)

 

$

3,514

 

 

 

37

%

 

$

13,426

 

 

 

47

%

Americas (1)

 

 

4,805

 

 

 

50

%

 

 

10,561

 

 

 

37

%

Asia Pacific (3)

 

 

1,242

 

 

 

13

%

 

 

4,403

 

 

 

16

%

Total

 

$

9,561

 

 

 

100

%

 

$

28,390

 

 

 

100

%

 

(1)
U.S. represented 33% and 34% for the three and nine months ended September 30, 2022, respectively, and 50% and 37% for the three and nine months ended September 30, 2021, respectively. Canada represented 13% and 11% for the three and nine months ended September 30, 2022, respectively.
(2)
The Netherlands represented 18% and 26% for the three and nine months ended September 30, 2021, respectively.
(3)
Australia represented 11% for the nine months ended September 30, 2021.

 

Contract Assets

As of September 30, 2022, and December 31, 2021, contract assets were $3,360 and $2,084, respectively, on the condensed consolidated balance sheets. In November 2021, the Company acquired contract assets of $1,237 from the Acquisition.

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

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Balance as of December 31

 

$

2,084

 

 

$

853

 

Contract assets recorded during the period

 

 

3,480

 

 

 

900

 

Reclassified to Accounts receivable

 

 

(2,080

)

 

 

(652

)

Other

 

 

(124

)

 

 

(12

)

Balance as of September 30

 

$

3,360

 

 

$

1,089

 

Contract Liabilities

As of September 30, 2022, contract liabilities were $14,776, of which $14,244 is reported in contract liabilities, current portion, and $532 is reported 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 contract liabilities, current portion, and $628 is reported in other long-term liabilities on the Company’s condensed consolidated balance sheets. In November 2021, the Company assumed contract liabilities of $1,234 from the Acquisition.

Changes in contract liabilities for the nine months ended September 30, 2022 and 2021 were as follows:

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Balance as of December 31

 

$

9,255

 

 

$

8,110

 

Contract liabilities recorded during the period

 

 

14,486

 

 

 

9,037

 

Revenue recognized during the period

 

 

(8,220

)

 

 

(6,624

)

Other

 

 

(745

)

 

 

(192

)

Balance as of September 30

 

$

14,776

 

 

$

10,331

 

 

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 September 30, 2022, the amount not yet recognized as revenue from these commitments is $148,166. The Company expects to recognize 37% of these future commitments over the next 12 months and the remaining 63% thereafter as revenue when the performance obligations are met.