Annual report pursuant to Section 13 and 15(d)

Revenue Recognition

v3.22.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
NOTE 3 – REVENUE RECOGNITION
Contract Balances
Deferred revenue as of December 31
, 2021
and 2020
, was $6.9 million, and $7.8 million, respectively, and primarily relates to revenue that is recognized over time for connectivity monthly recurring charges, the changes in balance of which are related to the satisfaction or partial satisfaction of these contracts. The balance also contains a deferral for goods that are in-transit at period end for which control transfers to the customer upon delivery. All of the December 31
, 2020
, balance was recognized as revenue during the period ended December 31
, 2021
.
Disaggregated Revenue Information
The Company views the following disaggregated disclosures as useful to understand the composition of revenue recognized during the respective reporting periods:
 
 
  
Year ended December 31,
 
(in ‘000)
  
2021
 
  
2020
 
  
2019
 
Connectivity*
  
$
 164,392
 
  
$
 152,996
 
  
$
 147,927
 
Hardware Sales
  
 
 54,898
 
  
 
 29,601
 
  
 
 8,767
 
Hardware Sales - bill-and-hold
  
 
 5,357
 
  
 
 11,314
 
  
 
 960
 
Deployment services, professional services, and other
  
 
 23,570
 
  
 
 19,849
 
  
 
 11,498
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
248,217
 
  
$
213,760
 
  
$
169,152
 
 
*
Includes connectivity-related revenues from IoT Connectivity and IoT Solutions
Significant Customer
The Company has one customer, a large multinational medical device and
health car
e company representing 21% and 16% and of the Company’s total revenue for the years ending December 31, 2021 and 2020, respectively. No individual customer had revenue greater than 10% of the Company’s total revenue for the year ended December 31, 2019.
The Company has one
customer representing 30% and 22% of the Company’s total accounts receivable as of December 31
, 2021
and 2020
, respectively. The Company believes it is not exposed to significant risk due to the financial strength of this customer and their historical trend
of on-time payment.