Annual report pursuant to Section 13 and 15(d)

REVENUE RECOGNITION

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REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2021
REVENUE RECOGNITION  
REVENUE RECOGNITION

3. REVENUE RECOGNITION

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Contract Balances

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The Company’s deferred revenue balance was $22.7 million and $3.0 million as of December 31, 2021 and 2020, respectively. During the year ended December 31, 2021, the Company acquired $16.8 million in deferred revenue through acquisitions. During the year ended December 31, 2021, the Company recognized $2.5 million of existing deferred revenue from 2020 and recognized $8.5 million of acquired deferred revenue. The deferred revenue consists of billed post-installation customer support and maintenance, cloud-based software licenses that are recognized ratably over the term of the agreement, and contracts that have outstanding performance obligations or contracts that have acceptance terms that have not yet been fulfilled.

Contract assets were not significant during the years ended December 31, 2021 and 2020.

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Remaining Performance Obligations

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At December 31, 2021, the Company had $22.7 million of remaining performance obligations, also referred to as backlog, of which approximately $18.2 million is expected to be fulfilled over the next 12 months, notwithstanding uncertainty related to the impact of COVID-19, including, but not limited to, international shipping and travel restrictions brought about by COVID-19, which could have an adverse effect on the timing of delivery and installation of products and/or services to customers. In addition, the Company also had customer deposits of $14.1 million at December 31, 2021.