Accounts Receivables, Unbilled Receivables and Contract Liabilities |
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| Accounts Receivables, Unbilled Receivables and Contract Liabilities |
10.
Accounts Receivables, Unbilled Receivables and Contract Liabilities
The following table shows the Company’s accounts receivable, net and unbilled receivables, net:
Unbilled Receivables, Net Unbilled receivables, net consist of amounts recognized as revenue as performance obligations were transferred to customers for which the Company does not currently have the right to invoice. Unbilled receivables, net are primarily derived from the allocation of contract consideration to products and services, such as software licenses, recognized at the point of time transferred, with payment of such consideration received over the contract term, which is generally between and three years. Unbilled receivables, net are expected to be billed in the future as follows (amounts in thousands, except percentage amounts):
As of January 31, 2023, the allowance for unbilled receivables, net was $0.2 million. As of January 31, 2022, there was no allowance for unbilled receivables, net. 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 fiscal years ended January 31, 2023 and 2022 is due to new billings in advance of revenue recognition offset by revenue recognized during the periods. The Company recognized $3.5 million of revenue related to deferred billings in fiscal 2023 and $3.5 million in 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 January 31, 2023 is $21.5 million and consists primarily of undelivered software, service, and support obligations. This amount in part includes amounts billed for undelivered services that are included in deferred revenue reported on the consolidated balance sheets as of January 31, 2023. The Company expects to recognize $14.2 million as revenue within one year, an additional $4.4 million in the following year, and the remaining revenue thereafter. The Company expects to recognize substantially all of the remaining performance obligations by the first quarter of fiscal 2026. Revenue recognized in fiscal 2023 related to remaining performance obligations as of the previous fiscal year ended January 31, 2022 was $16.1 million. |
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