Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| Summary of Significant Accounting Policies |
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| Schedule of customers that represent 10% or more of the Company's total revenue and accounts receivable |
Significant customers are those which represent more than 10% of the Company’s total revenue or accounts receivable, net balance at each respective balance sheet date. The following table presents customers that represent 10% or more of the Company’s total revenue:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Customer A |
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— |
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20.0 |
% |
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— |
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11.0 |
% |
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Customer B |
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21.2 |
% |
— |
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10.0 |
% |
— |
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21.2 |
% |
20.0 |
% |
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10.0 |
% |
11.0 |
% |
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Customer A revenue is from subscriptions and Customer B revenue is from product revenue.
The following table presents customers that represent 10% or more of the Company’s accounts receivable, net:
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September 30, |
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December 31, |
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2021 |
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2020 |
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Customer B |
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16.0 |
% |
— |
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Customer C |
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— |
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28.3 |
% |
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Customer D |
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— |
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23.4 |
% |
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16.0 |
% |
51.7 |
% |
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| Schedule of cash, cash equivalents, and restricted cash |
Cash, cash equivalents, and restricted cash as reported on the consolidated statement of cash flows consists of the following (in thousands):
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September 30, |
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December 31, |
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2021 |
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2020 |
Cash and cash equivalents |
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$ |
333,747 |
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$ |
4,704 |
Restricted cash |
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|
675 |
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— |
Total cash, cash equivalents, and restricted cash |
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$ |
334,422 |
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$ |
4,704 |
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| Schedule of estimated useful life of property and equipment |
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Estimated Useful Life |
Computers and telecommunications equipment |
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3 years |
Lab equipment |
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5 years |
Software |
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4 years |
Furniture and fixtures |
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5 years |
Leasehold improvements |
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Shorter of remaining lease term or useful life |
Leased equipment |
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4-7 years |
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| Schedule of estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied |
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Less than 1 year |
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Greater than 1 year |
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Total |
Product revenue |
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$ |
111 |
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$ |
36 |
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$ |
147 |
Subscription revenue |
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9,304 |
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21,802 |
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31,106 |
Service revenue |
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24 |
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— |
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24 |
Maintenance revenue |
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903 |
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1,972 |
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2,875 |
Total revenue |
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$ |
10,342 |
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$ |
23,810 |
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$ |
34,152 |
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| Schedule of future minimum payments on noncancelable leases |
As of September 30, 2021, future minimum payments on noncancelable leases are as follows (in thousands):
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Future operating lease component (in thousands): |
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Quarter Ending September 30, 2021: |
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2021 |
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$ |
2,355 |
2022 |
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9,262 |
2023 |
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8,800 |
2024 |
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7,054 |
2025 |
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3,166 |
Thereafter |
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469 |
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$ |
31,106 |
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| Summary of rollforward of deferred revenue |
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(in thousands) |
Balance at December 31, 2020 |
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$ |
4,197 |
Revenue recognized |
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(6,356) |
Revenue deferred |
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8,815 |
Balance at September 30, 2021 |
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$ |
6,656 |
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| Summary of company's revenue by revenue stream |
The following table presents the Company’s revenue by revenue stream (in thousands):
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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(in thousands) |
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2021 |
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2020 |
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2021 |
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2020 |
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Product revenue |
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$ |
5,345 |
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$ |
349 |
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10,299 |
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$ |
422 |
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Subscription revenue(1) |
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2,305 |
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794 |
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5,118 |
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1,743 |
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Service revenue |
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417 |
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165 |
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773 |
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170 |
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Maintenance revenue |
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300 |
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153 |
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656 |
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415 |
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Total revenue |
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$ |
8,367 |
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$ |
1,461 |
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$ |
16,846 |
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$ |
2,750 |
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| (1) |
Subscription revenue is inclusive of $0.5 million and $0.2 million of maintenance revenue during the three months ended September 30, 2021 and 2020, respectively, and of $1.0 million and $0.4 million of maintenance revenue during the nine months ended September 30, 2021 and 2020, respectively, determined based on a relative fair value allocation as prescribed by ASC 606.
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