Quarterly report pursuant to Section 13 or 15(d)

Accounts Receivables, Contract Assets, and Contract Liabilities

v3.21.2
Accounts Receivables, Contract Assets, and Contract Liabilities
6 Months Ended
Jul. 31, 2021
Receivables [Abstract]  
Accounts Receivables, Contract Assets, and Contract Liabilities

10.

Accounts Receivables, Contract Assets, and Contract Liabilities

 

Receivables

 

 

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

 

 

 

As of July 31,

 

 

As of January 31,

 

 

 

2021

 

 

2021

 

 

 

(Amounts in thousands)

 

Accounts receivable, net

 

$

5,560

 

 

$

6,050

 

Unbilled receivables, current

 

 

8,344

 

 

 

9,359

 

Unbilled receivables, long-term

 

 

6,079

 

 

 

6,340

 

 

 

$

19,983

 

 

$

21,749

 

 

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):

 

 

 

As of July 31,

 

 

 

2021

 

 

Percentage

 

1 year or less

 

$

8,344

 

 

 

58

%

1-2 years

 

 

4,688

 

 

 

32

%

2-5 years

 

 

1,391

 

 

 

10

%

Total unbilled receivables

 

$

14,423

 

 

 

100

%

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 half of fiscal 2022 is due to new billings in advance of revenue recognition offset by revenue recognized during the period.

 

 

Deferred Revenue

 

 

 

Current

 

 

Long-Term

 

 

 

(Amounts in thousands)

 

Balance as of January 31, 2021

 

$

4,737

 

 

$

657

 

Decrease

 

 

(604

)

 

 

(511

)

Balance as of July 31, 2021

 

$

4,133

 

 

$

146

 

 

We recognized $1.3 million of revenue related to deferred billings in the second quarter of fiscal 2022 and $3.0 million of revenue related to deferred billings is the first half 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 July 31, 2021 is $26.4 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 half of fiscal 2022 related to remaining performance obligations as of the previous fiscal year ended January 31, 2021 was $7.6 million.