Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Revenue

v3.22.1
Revenue
 12 Months Ended
Dec. 31, 2021
Revenue from contracts with customers [Abstract]  
Revenue Revenue
i)Disaggregation of Revenue
For the Year Ended December 31,
2021 2020 2019
$’000 $’000 $’000
Value-based care
 220,852  26,038  — 
Software licensing
 60,052  24,603  2,002 
Clinical services
 42,017  28,631  14,032 
322,921  79,272  16,034 
In January 2021, we entered into a License and Support Agreement (“License Agreement”) with TELUS. As part of the License Agreement, the Group received an upfront payment of $66.9 million in exchange for the right to use the Company’s digital healthcare platform (“Software Platform”), specified upgrades to be delivered over a 24-month period, post-contract support (“PCS”), and a right to access enhancements to the Group’s Software Platform over a period of seven years. We identified that the License Agreement included multiple performance obligations and allocated the transaction price to the separate performance obligations on a relative standalone basis. We determined the standalone selling prices based on our overall pricing objectives, taking into consideration market inputs and entity specific factors, including standalone selling prices when available. We also concluded that the upfront payment included a significant financing component. As a result, the transaction price was adjusted to account for the time value of money and interest expense will be recognized over the duration of the contract.

ii)Contract Balances
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
As of December 31,
2021 2020
$’000 $’000
Trade receivables (Note 20)
 8,278  4,674 
Contract assets (Note 20)
 4,484  2,378 
Contract liabilities (Note 8 iii)
 94,182  76,018 
The contract assets primarily relate to the Group’s rights to consideration for work performed but subject to customer acceptance at the reporting date. There was no impact on contract assets as a result of acquisition of subsidiaries. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. The Group’s customers generally pay for invoices in the month following the issuance date.
iii)Transaction Price Allocated to the Remaining Performance Obligations
The following table includes revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date:
2022 2023 2024 2025
2026
and
beyond
Total
$’000 $’000 $’000 $’000 $’000 $’000
As of December 31, 2021
 23,786  18,918  19,349  17,852  14,277  94,182 
The table below shows significant changes in contract liabilities:
2021 2020
$’000 $’000
Balance on January 1
 76,018  81,584 
Amounts billed but not recognized
 61,176  18,080 
Revenue recognized
 (43,012) (23,646)
Balance on December 31
 94,182  76,018