Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
6.    Revenue
i)Disaggregation of Revenue
For the Year Ended December 31,
2022 2021 2020
$’000 $’000 $’000
Value-based care
1,026,251  218,758  26,038 
Clinical services
54,480  42,017  28,631 
Software licensing 28,938  60,052  24,603 
1,109,669  320,827  79,272 
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.
The following table presents revenue by source or healthcare services provided under our value-based care arrangements for the years ended December 31, 2022, 2021 and 2020:
For the Year Ended December 31,
2022 2021 2020
$’000 $’000 $’000
Medicaid 573,337  138,641  17,970 
Medicare 409,196  55,807  8,068 
Other 43,718  24,310  — 
1,026,251  218,758  26,038 

ii)Contract Balances
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
As of December 31,
2022 2021
$’000 $’000
Trade receivables (Note 13)
15,524  8,278 
Contract assets (Note 13)
6,112  4,484 
Contract liabilities (Note 6 iii)
64,870  94,182 
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:
2023 2024 2025 2026
$’000 $’000 $’000 $’000 $’000 $’000
As of December 31, 2022
18,710  17,350  16,008  7,053  5,749  64,870 
The table below shows significant changes in contract liabilities:
2022 2021
$’000 $’000
Balance on January 1
94,182  76,018 
Amounts billed but not recognized
2,696  61,176 
Revenue recognized
(21,503) (43,012)
Effect of movement in foreign exchange
(9,774) — 
Transferred to liability held for sale (731) — 
Balance on December 31
64,870  94,182 
No revenue was recognized from performance obligations satisfied (or partially satisfied) in previous periods.