Annual report pursuant to Section 13 and 15(d)

REVENUE

v3.23.1
REVENUE
 12 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
In the following table, revenue is disaggregated by major product offering and geographies (in thousands):
Year Ended March 31,
2023 % 2022 % 2021 %
Americas1
   Product revenue 172,332  124,952  118,653 
   Service and subscription 77,863  81,608  76,039 
Total revenue 250,195  61  % 206,560  55  % 194,692  56  %
EMEA
   Product revenue 67,485  70,730  67,509 
   Service and subscription 44,675  44,187  41,261 
Total revenue 112,160  27  % 114,917  31  % 108,770  31  %
APAC
   Product revenue 26,720  28,079  23,646 
   Service and subscription 9,972  7,894  7,604 
Total revenue 36,692  9  % 35,973  10  % 31,250  9  %
Consolidated
   Product revenue 266,537  223,761  209,808 
   Service and subscription 132,510  133,689  124,904 
   Royalty2
13,705  3  % 15,377  4  % 14,864  4  %
Total revenue 412,752  100  % 372,827  100  % 349,576  100  %

1 Revenue for Americas geographic region outside of the United States is not significant.

2 Royalty revenue is not allocable to geographic regions.



Revenue by Solution
Year Ended March 31,
2023 % 2022 % 2021 %
Primary storage systems 57,578  14  % 60,697  16  % 70,286  20  %
Secondary storage systems 175,508  43  % 118,310  32  % 89,000  25  %
Device and media 42,371  10  % 50,030  13  % 51,164  15  %
Service 123,590  30  % 128,413  35  % 124,262  36  %
Royalty 13,705  3  % 15,377  4  % 14,864  4  %
Total revenue1
412,752  100  % 372,827  100  % 349,576  100  %

1 Subscription revenue of $8.9 million, $5.3 million and $0.6 million allocated to Primary and Secondary storage systems for the fiscal years ended 2023, 2022 and 2021, respectively.


Contract Balances

The following table presents the Company’s contract liabilities and certain information related to this balance as of March 31, 2023 (in thousands): 
March 31, 2023
Deferred revenue $ 125,810 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period $ 82,609 

Remaining Performance Obligations

Remaining performance obligations consisted of the following (in thousands):
Current Non-Current Total
As of March 31, 2023 $ 95,584  $ 44,579  $ 140,163 

The table below reflects our deferred revenue as of March 31, 2023 (in thousands):
Deferred revenue by period
(in thousands) Total 1 year or less 1 – 3 Years 3 year or greater
Service revenue $ 111,041  $ 75,211  $ 33,750  $ 2,080 
Subscription revenue 14,769  7,293  6,648  828 
     Total $ 125,810  $ 82,504  $ 40,398  $ 2,908 

The Company expects to recognize approximately 68.2% of the remaining performance obligations within the next 12 months. The majority of the Company’s noncurrent remaining performance obligations is expected to be recognized in the next 13 to 60 months.