Receivables

The following table summarizes our accounts receivable, net and unbilled receivables:

Contract Assets

Contract assets consist of unbilled receivables and are customer committed amounts for which revenue recognition precedes billing, and billing is solely subject to the passage of time.

Unbilled receivables are expected to be billed in the future as follows (amounts in thousands, except percentage amounts):

Contract Liabilities

Contract liabilities consist of deferred revenue and customer deposits that arise when amounts are billed to or collected from customers in advance of revenue recognition. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue and the remaining portion is recorded as deferred revenue, long-term. The change in deferred revenue in the first quarter ended April 30, 2021 is due to new billings in advance of revenue recognition offset by revenue recognized during the period.

We recognized $1.7 million of revenue related to deferred billings in the first quarter of fiscal 2022.

Remaining Performance Obligations

The aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied or are partially satisfied as of April 30, 2021 is $27.7 million. This amount includes amounts billed for undelivered services that are included in deferred revenue reported on the consolidated balance sheets. Revenue recognized in the first quarter of fiscal 2022 related to remaining performance obligations as of the previous fiscal year ended January 31, 2021 was $3.3 million.