General form of registration statement for all companies including face-amount certificate companies

Revenue Recognition

v3.22.1
Revenue Recognition
3 Months Ended
Mar. 31, 2022
Rigetti Computing, Inc [Member]  
Disaggregation of Revenue [Line Items]  
Revenue Recognition
4. REVENUE RECOGNITION
The following tables depict the disaggregation of revenue according to the type of good or service and timing of transfer of goods or services:
 
    
Three Months Ended
March 31,
 
    
2022
    
2021
 
Type of Goods or Service
  
(In thousands)
 
Collaborative research and other professional services
   $ 1,515      $ 1,603  
Access to quantum computing systems
     589        757  
  
 
 
    
 
 
 
Quantum computing components
   $ 2,104      $ 2,360  
  
 
 
    
 
 
 
Timing of Revenue Recognition
     
Revenue recognized at a point in time
   $ —        $ —    
Revenue recognized over time
     2,104        2,360  
  
 
 
    
 
 
 
   $ 2,104      $ 2,360  
  
 
 
    
 
 
 
Selected condensed consolidated balance sheet line items that reflect accounts receivable, contract assets and liabilities as of March 31, 2022 and December 31, 2021 were as follows:
 
    
March 31,
2022
    
December 31,
2021
 
    
(In thousands)
 
Trade receivables
   $ 1,147      $ 961  
Unbilled receivables
   $ 114      $ 581  
Deferred revenue
   $ (519    $ (985
Changes in deferred revenue from contracts with customers were as follows:
 
    
March 31,
2022
 
    
(In thousands)
 
Balance at beginning of period
   $ (985
Deferral of revenue
     (92
Recognition of deferred revenue
     558  
  
 
 
 
Balance at end of period
   $ (519
  
 
 
 
Remaining performance obligations represent the portion of the transaction price that has not yet been satisfied or achieved. As of March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $10.6 million. The Company expects to recognize estimated revenues related to performance obligations that are unsatisfied (or partially satisfied) in the amounts of approximately $5.3 million during the remainder of year ended December 31, 2022, and $5.3 million during the years ended December 31, 2023 and December 31, 2024.
Deferred Contract Acquisition and Fulfillment Costs
—The Company has not identified any costs that are incremental to the acquisition of customer contracts that would be capitalized as deferred costs on the balance sheet in accordance with ASC
340-40.
Incremental costs incurred to fulfill the Company’s contracts that meet the capitalization criteria in ASC
340-40
have historically been immaterial. Accordingly, the Company has not capitalized any contract fulfillment costs as of March 31, 2022 and March 31, 2021.