Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.23.2
REVENUE
 3 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUEBased 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 offerings and geographies (in thousands):
  Three Months Ended June 30,
2023 2022
Americas1
   Product revenue 36,629  39,105 
   Service and subscription 18,394  20,145 
Total revenue 55,023  61  % 59,250  60  %
EMEA
   Product revenue 15,102  15,753 
   Service and subscription 10,926  11,017 
Total revenue 26,028  28  % 26,770  28  %
APAC
   Product revenue 5,716  5,353 
   Service and subscription 2,055  2,261 
Total revenue 7,771  8  % 7,614  8  %
Consolidated
   Product revenue 57,447  60,211 
   Service and subscription 31,375  33,423 
   Royalty2
2,965  3  % 3,440  4  %
Total revenue $ 91,787  100  % $ 97,074  100  %

1 Revenue for Americas geographic region outside of the United States is not significant.
2 Royalty revenue is not allocatable to geographic regions.

Revenue by Solution
Three Months Ended June 30,
2023 % 2022 %
Primary storage systems 11,111  12  % 16,743  17  %
Secondary storage systems 40,626  45  % 33,451  34  %
Device and media 8,348  9  % 11,616  12  %
Service 28,737  31  % 31,824  33  %
Royalty 2,965  3  % 3,440  4  %
Total revenue1
91,787  100  % 97,074  100  %

1 Subscription revenue of $2.6 million and $1.6 million was allocated to Primary and Secondary storage systems for the quarters ended June 30, 2023 and 2022, respectively.


Contract Balances

The following table presents the Company’s contract liabilities and certain information related to this balance as of and for the three months ended June 30, 2023 (in thousands): 
June 30, 2023
Contract liabilities (deferred revenue) $ 123,589 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period 26,919 

Remaining Performance Obligations

Remaining performance obligations consisted of the following (in thousands):
Current Non-Current Total
As of June 30, 2023
 $ 95,299  $ 46,032  $ 141,331 

The table below reflects our deferred revenue as of June 30, 2023 (in thousands):
Deferred revenue by period
(in thousands) Total 1 year or less 1 – 3 Years 3 year or greater
Subscription revenue $ 14,800  $ 6,936  $ 7,160  $ 704 
Service revenue 108,789  72,749  33,973  $ 2,067 
     Total $ 123,589  $ 79,685  $ 41,133  $ 2,771 


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