Annual report pursuant to Section 13 and 15(d)

Revenue

v3.22.4
Revenue
12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Contract Balance
The following table provides information about accounts receivable, net, and contract liabilities from contracts with customers. The Company did not have any contract assets as of December 31, 2022 and 2021 (dollars in thousands):
 
  December 31, 2022    December 31, 2021
Accounts receivable, net $ 21,447  $ 20,128 
Contract liabilities, current (deferred revenue) 1,318  1,307 
Contract liabilities, non-current (deferred revenue) 338  456 

Changes in the contract liabilities balances are as follows (dollars in thousands):

  December 31, 2022    December 31, 2021    $ Change
Contract liabilities (deferred revenue) $ 1,656  $ 1,763  $ (107)

The decrease in deferred revenue was due to billings in advance of performance obligations being satisfied, net of revenue recognized for services rendered during the period. Revenue of $1.5 million was recognized during the year ended December 31, 2022 which was included in the deferred revenue balance at the beginning of the period, and revenue of $1.2 million was recognized during the year ended December 31, 2021 which was included in the deferred revenue balance at the beginning of the period.

Remaining Performance Obligations
Remaining performance obligations represent the contracted minimum usage commitments and do not include an estimate of additional usage in excess of contractual minimum commitments. The Company’s contract terms typically range from one to three years. Revenue as of December 31, 2022 that has not yet been recognized was approximately $173.1 million, of which $90.6 million and $82.5 million is expected to be recognized as revenue within one year and beyond one year, respectively. As of December 31, 2022, the Company expects to recognize revenue on the remaining performance obligations over the next 54 months.