Deferred Revenue

9 Months Ended

Sep. 30, 2022

Deferred Revenue

Deferred Revenue

12. Deferred Revenue

As of September 30, 2022 and December 31, 2021, deferred revenue includes club initiation fees of $25.0 million and $22.9 million, respectively, and other deferred revenue of $14.3 million and $13.4 million, respectively.

Club initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. The following table presents the changes in club initiation fees related to contracts with customers:

	September 30, 2022		September 30, 2021
Balance at beginning of period	$	22,850	$	10,716
New club memberships		7,335		12,283
Revenue from amounts included in contract liability opening balance		(4,663)		(2,310)
Revenue from current period new memberships		(535)		(866)
Balance at end of period	$	24,987	$	19,823

Remaining performance obligations represent contracted revenue that has not been recognized related to club initiation fees. As of September 30, 2022, remaining performance obligations were $25.0 million, of which the Company expects to recognize as revenue $1.5 million in 2022, $11.2 million in 2023 through 2024, $9.3 million in 2025 through 2026 and $3.0 million thereafter.

Other deferred revenue as of both September 30, 2022 and December 31, 2021, includes $10.9 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred.