Deferred Revenue

12 Months Ended

Dec. 31, 2023

Deferred Revenue

Deferred Revenue

12. Deferred Revenue

As of December 31, 2023 and 2022, deferred revenue includes club initiation fees of $48.7 million and $25.1 million, respectively, and other deferred revenue of $14.1 million and $13.8 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:

	December 31,		December 31,
	2023		2022
Balance at beginning of year	$	25,088	$	22,850
New club memberships		33,200		9,170
Revenue from amounts included in contract liability opening balance		(6,989)		(6,040)
Revenue from current period new memberships		(2,557)		(892)
Balance at end of year	$	48,742	$	25,088

Remaining performance obligations represent contracted revenue that has not been recognized related to club initiation fees. As of December 31, 2023, remaining performance obligations were $48.7 million, of which the Company expects to recognize as revenue $10.9 million in 2024, $20.5 million in 2025 through 2026, $14.2 million in 2027 through 2028 and $3.1 million thereafter.

Other deferred revenue as of both December 31, 2023 and 2022, 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.