Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Disaggregation of Revenue

The following table provides information about disaggregated revenue from contracts with customers into the nature of the products and services and geographic regions, and includes a reconciliation of the disaggregated revenue with reportable segments. The geographic regions that are tracked are the Americas (United States, Canada and Latin America), EMEA (Europe, Middle East and Africa), and APAC (Australia, New Zealand, Southeast Asia and China).

Segment information is as follows (in thousands):

	Three months ended March 31, 2020						Three months ended March 31, 2019
	Performance Enzymes		Novel Biotherapeutics		Total		Performance Enzymes		Novel Biotherapeutics		Total
Major products and service:
Product Revenue	$	5,100	$	—	$	5,100	$	7,988	$	—	$	7,988
Research and development revenue	5,774		3,796		9,570		2,099		5,496		7,595
Total revenues	$	10,874	$	3,796	$	14,670	$	10,087	$	5,496	$	15,583
Primary geographical markets:
Americas	$	2,999	$	2,226	$	5,225	$	2,838	$	—	$	2,838
EMEA	4,401		1,570		5,971		2,230		5,496		7,726
APAC	3,474		—		3,474		5,019		—		5,019
Total revenues	$	10,874	$	3,796	$	14,670	$	10,087	$	5,496	$	15,583

Contract Balances

The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands):

	March 31, 2020		December 31, 2019
Contract Assets	$	619	$	1,027
Unbilled receivables	$	13,949	$	10,099
Contract Costs	$	300	$	—
Contract Liabilities: Deferred Revenue	$	8,536	$	2,044

We had no asset impairment charges related to contract assets in the three months ended March 31, 2020 and 2019.

During the three months ended March 31, 2020, decreases in contract assets were primarily due to contract assets that were subsequently invoiced as our right to consideration for goods and services became unconditional. Increases in unbilled receivables were primarily due to the timing of billings. The increase in deferred revenue were primarily due to cash advances received in excess of revenue recognized.

During the three months ended March 31, 2020 and 2019, we recognized the following revenues (in thousands):

	Three months ended March 31,
	2020		2019
Amounts included in contract liabilities at the beginning of the period:
Performance obligations satisfied	$	57	$	2,385
Changes in the period:
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods	(643)		136
Performance obligations satisfied from new activities in the period - contract revenue	15,256		13,062
Total revenues	$	14,670	$	15,583

Performance Obligations

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of March 31, 2020.

The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts (in thousands):

	Remainder of 2020		2021		2022 and Thereafter		Total
Product Revenue	$	66	$	364	$	1,623	$	2,053
Research and development revenue	5,776		707		—		6,483
Total revenues	$	5,842	$	1,071	$	1,623	$	8,536