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Revenue
 3 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenue Disaggregation
The following table summarizes our revenue by geographic location of our customers (in thousands):
Three months ended December 31,
20212020
North America, primarily the United States$66,243 $54,018 
Europe, Middle East & Africa10,159 10,536 
Rest of world7,855 8,592 
Total revenue$84,257 $73,146 
The following table summarizes our revenue by the timing of revenue recognition (in thousands):
Three months ended December 31,
20212020
Transferred at a point in time$66,535 $64,188 
Transferred over time17,722 8,958 
Total revenue$84,257 $73,146 
Contract Balances
Contract Assets
Contract assets consist of subscriber assets.  These subscriber assets relate to fees in certain contracts that we charge our customers so they can begin using equipment. In these cases, we retain the ownership of the equipment that the customer uses. The total net book value of subscriber assets of $9.8 million and $1.9 million as of December 31, 2021 and September 30, 2021, respectively, are included in property, equipment and improvements, net. The December 31, 2021 balance includes $8.1 million acquired in the acquisition of Ventus. Depreciation expense for these subscriber assets, which is included in cost of sales, was $0.8 million and $0.5 million for the three months ended December 31, 2021 and December 31, 2020, respectively. We depreciate the cost of this equipment over its useful life (typically three years).
Contract Liabilities
The timing of revenue recognition may differ from the timing of invoicing to customers. Customers are invoiced for subscription services in advance on a monthly, quarterly or annual basis. Contract liabilities consist of unearned revenue related to annual or multi-year contracts for subscription services and related implementation fees. These pertain to our IoT Solutions segment and our Digi Remote Manager® services in our IoT Products & Services segment.
9. REVENUE (CONTINUED)
Changes in unearned revenue were (in thousands):
Three months ended December 31,
20212020
Unearned revenue, beginning of period$15,488 $9,341 
Unearned revenue assumed from Ventus acquisition2,100 — 
Billings27,181 14,267 
Revenue recognized(20,459)(10,542)
Unearned revenue, end of period$24,310 $13,066 
Remaining Transaction Price
Transaction price allocated to the remaining performance obligations represents contracted revenue that has not been recognized. This includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods. As of December 31, 2021, approximately $24.3 million of revenue is expected to be recognized from remaining performance obligations for subscription contracts. We expect to recognize revenue on approximately $22.1 million of remaining performance obligations over the next twelve months. Revenue from the remaining performance obligations we expect to recognize over a range of two to seven years.