⁽¹⁾Revenue recognized during 2022, 2021 and 2020 includes revenue of $83.9 million, $26.6 million and $nil, respectively, which is accounted for separately from revenue from contracts with customers.

Disclosures Related to Contracts with Customers

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to contracts with customers. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. To the extent a contract exists, as defined by ASC 606, these liabilities are classified as deferred revenue. To the extent that a contract does not exist, as defined by ASC 606, these liabilities are classified as refundable customer deposits. Refundable customer deposits related to contracts with customers were not material at December 31, 2022 and 2021.

Contract Assets —Insurance Commissions Receivable

A summary of the activity impacting the contract assets is presented below:


	Contract Assets
Balance at January 1, 2020	$	—
Estimated lifetime value of commissions on insurance policies sold by carriers		4,313
Cash receipts		(784)
Balance at December 31, 2020		3,529
Estimated lifetime value of commissions on insurance policies sold by carriers		8,089
Cash receipts		(2,234)
Balance at December 31, 2021		9,384
Estimated lifetime value of commissions on insurance policies sold by carriers		9,925
Cash receipts		(3,788)
Balance at December 31, 2022	$	15,521

As of December 31, 2022, $3.3 million of contract assets are expected to be collected within the next 12 months and therefore are included in current accounts receivable on the consolidated balance sheets. The remaining $12.3 million of contract assets are expected to be collected in the following periods and are included in long-term insurance commissions receivable on the consolidated balance sheets.

Deferred Revenue

A summary of the activity impacting deferred revenue is presented below:


	Vertical Software
	Deferred Revenue
Balance at January 1, 2020	$	3,333
Additional amounts deferred		6,602
Impact of acquisitions		196
Revenue recognized		(4,923)
Balance at December 31, 2020		5,208
Additional amounts deferred		5,539
Impact of acquisitions		1,170
Revenue recognized		(8,103)
Balance at December 31, 2021		3,814
Additional amounts deferred		19,421
Impact of acquisitions		137
Revenue recognized		(19,498)
Balance at December 31, 2022	$	3,874

Deferred revenue on our consolidated balance sheets as of December 31, 2022 and 2021, includes $266.8 million and $197.3 million, respectively, of deferred revenue related to our Insurance segment.

Remaining Performance Obligations

The amount of the transaction price allocated to performance obligations to be satisfied at a later date, which is not recorded in the consolidated balance sheets, is immaterial as of December 31, 2022 and 2021.

The Company has applied the practical expedients provided for in the accounting standards, and does not present unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which we have the right to invoice for services performed. Additionally, the Company excludes amounts related to performance obligations that are billed and recognized as they are delivered.

Warranty Revenue and Related Balance Sheet Disclosures

Payments received in advance of warranty services provided are included in refundable customer deposits or deferred revenue based upon the cancellation and refund provisions within the respective agreement.

At December 31, 2022, we had $20.0 million, $4.4 million and $1.9 million of refundable customer deposits, deferred revenue and non-current deferred revenue, respectively. At December 31, 2021, we had $14.9 million, $nil and $nil of refundable customer deposits, deferred revenue and non-current deferred revenue, respectively.

For the year ended December 31, 2022, we incurred $3.7 million in expenses related to warranty claims.