Annual report pursuant to Section 13 and 15(d)

REVENUE

v3.24.1.1.u2
REVENUE
 12 Months Ended
Mar. 31, 2024
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,
2024 % 2023 % 2022 %
Restated Restated
Americas1
   Product revenue $ 92,907  $ 175,652  $ 130,248 
   Service and subscription 71,317  77,581  82,927 
Total revenue 164,224  53  % 253,233  60  % 213,175  55  %
EMEA
   Product revenue 59,465  70,025  71,498 
   Service and subscription 47,372  46,279  46,401 
Total revenue 106,837  34  % 116,304  28  % 117,899  31  %
APAC
   Product revenue 22,507  29,177  29,068 
   Service and subscription 7,901  9,658  7,913 
Total revenue 30,408  10  % 38,835  9  % 36,981  10  %
Consolidated
   Product revenue 174,879  274,854  230,814 
   Service and subscription 126,590  133,518  137,241 
   Royalty2
10,131  3  % 13,705  3  % 15,377  4  %
Total revenue $ 311,600  100  % $ 422,077  100  % $ 383,432  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,
2024 % 2023 % 2022 %
As restated As restated
Primary storage systems $ 53,525  17  % $ 63,334  15  % $ 67,592  18  %
Secondary storage systems 100,599  32  % 178,431  42  % 118,537  31  %
Device and media 33,477  11  % 42,008  10  % 49,959  13  %
Service 113,868  37  % 124,599  30  % 131,967  34  %
Royalty 10,131  3  % 13,705  3  % 15,377  4  %
Total revenue1
$ 311,600  100  % $ 422,077  100  % $ 383,432  100  %

1 Subscription revenue of $7.3 million, $5.6 million and $4.2 million allocated to Primary and Secondary storage systems for the fiscal years ended 2024, 2023 and 2022, respectively.


Contract Balances

The following table presents the Company’s contract liabilities and certain information related to this balance as of March 31, 2024 (in thousands): 
March 31, 2024
Deferred revenue $ 116,687 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period $ 76,304 
March 31, 2023
As Restated
Deferred revenue $ 115,302 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period $ 83,113 
March 31, 2022
As Restated
Deferred revenue $ 126,916 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period $ 86,731 

Remaining Performance Obligations

Total remaining performance obligations (“RPO”) which is contracted but not recognized revenue was $131.4 million as of March 31, 2024. RPO consists of both deferred revenue and non-cancelable amounts that are expected to be invoiced and recognized as revenue in future periods and excludes variable consideration related to sales-based royalties. Of the $131.4 million RPO at the end of fiscal 2024, we expect to recognize approximately 31.1% over the next 13 to 60 months.

Remaining performance obligations consisted of the following (in thousands):
Current Non-Current Total
As of March 31, 2024 $ 90,546  $ 40,895  $ 131,441 

Deferred revenue primarily consists of amounts invoiced and paid but not recognized as revenue including performance obligations pertaining to subscription services. The table below reflects our deferred revenue as of March 31, 2024 (in thousands):
Deferred revenue by period
(in thousands) Total 1 year or less 1 – 3 Years 3 year or greater
Service revenue $ 107,819  $ 74,332  $ 28,184  $ 5,303 
Subscription revenue 8,868  4,180  3,686  1,002 
     Total $ 116,687  $ 78,512  $ 31,870  $ 6,305