Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 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 |
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash equivalents, restricted cash, and accounts receivable, net. The Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains its cash, cash equivalents and restricted cash with financial institutions that management believes to be of high credit quality. The Company has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.
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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Year Ended December 31, |
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|
|
2021 |
|
2020 |
|
Customer A |
|
— |
% |
10.7 |
% |
|
|
— |
% |
10.7 |
% |
Customer A revenue is from subscriptions.
The following table presents customers that represent 10% or more of the Company’s accounts receivable, net:
|
|
December 31, |
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|
|
2021 |
|
2020 |
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Customer C |
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|
|
23.8 |
% |
Customer D |
|
|
|
23.4 |
% |
Customer E |
|
18.2 |
% |
|
|
Customer F |
|
11.8 |
% |
|
|
|
|
30.0 |
% |
47.2 |
% |
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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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|
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|
|
|
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December 31, |
|
|
2021 |
|
2020 |
Cash and cash equivalents |
|
$ |
307,492 |
|
$ |
4,704 |
Restricted cash |
|
|
675 |
|
|
— |
Total cash, cash equivalents, and restricted cash |
|
$ |
308,167 |
|
$ |
4,704 |
|
| Schedule of estimated useful life of property and equipment |
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|
|
|
|
Estimated Useful Life |
Computers and telecommunications equipment |
|
3 years |
Lab equipment |
|
5 years |
Purchased software |
|
4 years |
Furniture and fixtures |
|
5 years |
Leasehold improvements |
|
Shorter of remaining lease term or useful life |
Leased equipment |
|
4-7 years |
Internal-use software |
|
4 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 |
|
Greater than 1 year |
|
Total |
Product revenue |
|
$ |
187 |
|
$ |
68 |
|
$ |
255 |
Subscription revenue |
|
|
11,183 |
|
|
25,065 |
|
|
36,248 |
Service revenue |
|
|
22 |
|
|
— |
|
|
22 |
Maintenance revenue |
|
|
1,128 |
|
|
2,507 |
|
|
3,635 |
Total revenue |
|
$ |
12,520 |
|
$ |
27,640 |
|
$ |
40,160 |
|
| Schedule of future minimum payments on noncancelable leases |
As of December 31, 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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|
|
Year Ending December 31, 2021: |
|
|
|
2022 |
|
$ |
11,183 |
2023 |
|
|
10,573 |
2024 |
|
|
9,165 |
2025 |
|
|
4,852 |
Thereafter |
|
|
475 |
|
|
$ |
36,248 |
|
| Summary of rollforward of deferred revenue |
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|
|
|
|
|
(in thousands) |
Balance at December 31, 2020 |
|
$ |
4,197 |
Revenue recognized |
|
|
(10,877) |
Revenue deferred |
|
|
15,845 |
Balance at December 31, 2021 |
|
$ |
9,165 |
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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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Year Ended December 31, |
(in thousands) |
|
2021 |
|
2020 |
Product revenue |
|
|
13,917 |
|
|
1,279 |
Leased Equipment |
|
|
6,130 |
|
|
2,073 |
SaaS and Maintenance Services(1) |
|
|
2,568 |
|
|
1,083 |
Professional Services |
|
|
1,077 |
|
|
350 |
Total revenue |
|
$ |
23,692 |
|
$ |
4,785 |
| (1) |
SaaS and Maintenance Services revenue is inclusive of $1.7 million and $0.6 million of revenue related to equipment that is leased to customers during the years ended December 31, 2021 and 2020, respectively, determined based on a relative fair value allocation as prescribed by ASC 606. This has been broken out from the leased equipment and combined with SaaS and Maintenance services from product sales within this line item.
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| Summary of changes in allowance for doubtful accounts |
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Allowance for Doubtful
Accounts |
Balance at December 31, 2019 |
|
$ |
(16) |
Provisions |
|
|
(63) |
Write-offs, net of recoveries |
|
|
16 |
Balance at December 31, 2020 |
|
$ |
(63) |
Provisions |
|
|
(50) |
Write-offs, net of recoveries |
|
|
63 |
Balance at December 31, 2021 |
|
$ |
(50) |
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