Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.20.4
REVENUE
 9 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Based on how the Company manages its business, the Company has determined that it currently operates in one reportable segment. The Company operates in three geographic regions: (a) Americas; (b) Europe, Middle East and Africa (“EMEA”); and (c) Asia Pacific (“APAC”). Revenue by geography is based on the location of the customer from which the revenue is earned.

In the following table, revenue is disaggregated by major product offering and geographies (in thousands):
  Three Months Ended December 31, Nine Months Ended December 31,
2020
2019 1
2020
2019 1
Americas2
   Primary storage systems $ 18,755  $ 17,744  $ 42,547  $ 43,516 
   Secondary storage systems 11,124  9,465  29,117  49,761 
   Device and media 5,347  6,467  17,777  24,486 
   Service 18,913  20,628  56,907  62,563 
Total revenue 54,139  54,304  146,348  180,326 
EMEA
   Primary storage systems 3,680  5,320  8,774  12,545 
   Secondary storage systems 10,113  11,297  23,081  29,273 
   Device and media 5,900  7,933  14,668  18,106 
   Service 10,339  10,063  30,380  29,115 
Total revenue 30,032  34,613  76,903  89,039 
APAC
   Primary storage systems 1,219  2,555  3,157  5,480 
   Secondary storage systems 4,074  4,612  10,507  12,856 
   Device and media 2,809  1,042  3,929  4,338 
   Service 1,917  2,201  5,762  6,995 
Total revenue 10,019  10,410  23,355  29,669 
Consolidated
   Primary storage systems 23,654  25,619  54,478  61,541 
   Secondary storage systems 25,311  25,374  62,705  91,890 
   Device and media 14,056  15,442  36,374  46,930 
   Service 31,169  32,892  93,049  98,673 
   Royalty3
3,833  3,988  10,543  15,700 
Total revenue $ 98,023  $ 103,315  $ 257,149  $ 314,734 
1 Primary and Secondary storage system revenue has been adjusted for December 31, 2019 due to certain reclassifications from Primary to Secondary storage systems.
2 Revenue for Americas geographic region outside of the United States is not significant.
3 Royalty revenue is not allocable to geographic regions.


Contract Balances

The following table presents the Company’s contract liabilities and certain information related to this balance as of and for the nine months ended December 31, 2020 (in thousands): 
December 31, 2020
Contract liabilities (deferred revenue) $ 110,007 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period 69,355 

Remaining Performance Obligations

Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and contractually agreed upon amounts, yet to be invoiced, that will be recognized as revenue in future periods. Remaining performance obligations are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, adjustments for revenue that have not materialized and foreign exchange adjustments. The Company applied the practical expedient in accordance within ASC 606, Revenue from Contracts with Customers (“ASC 606”), to exclude amounts for variable consideration constituting a sale- or usage-based royalty promised in exchange for a license of intellectual property from remaining performance obligations.

Remaining performance obligations consisted of the following (in thousands):
Current Non-Current Total
As of December 31, 2020
 $ 89,655  $ 37,169  $ 126,824 

The Company's non-current remaining performance obligations are expected to be recognized in the next 13 to 60 months.