Quarterly report pursuant to Section 13 or 15(d)

REVENUE

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REVENUE
 9 Months Ended
Dec. 31, 2023
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 offerings and geographies (in thousands):
  Three Months Ended December 31, Nine Months Ended December 31,
2023 2022 2023 2022
Restated Restated
Americas1
   Product revenue 16,159  50,970  78,287  134,287 
   Service and subscription 18,282  19,590  53,871  59,049 
Total revenue 34,441  47  % 70,560  63  % 132,158  55  % 193,336  62  %
EMEA
   Product revenue 14,786  18,463  42,609  47,203 
   Service and subscription 12,282  11,462  34,234  34,079 
Total revenue 27,068  38  % 29,925  26  % 76,843  32  % 81,282  26  %
APAC
   Product revenue 6,168  8,061  17,739  21,702 
   Service and subscription 2,207  2,103  6,124  6,809 
Total revenue 8,375  12  % 10,164  9  % 23,863  10  % 28,511  9  %
Consolidated
   Product revenue 37,113  77,494  138,635  203,192 
   Service and subscription 32,771  33,155  94,229  99,937 
   Royalty2
2,042  3  % 2,826  2  % 7,235  3  % 9,744  3  %
Total revenue $ 71,926  100  % $ 113,475  100  % $ 240,099  100  % $ 312,873  100  %

1 Revenue for the 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 December 31, Nine Months Ended December 31,
2023 % 2022 % 2023 % 2022 %
Restated Restated
Primary storage systems $ 12,887  18  % $ 17,196  15  % $ 41,394  17  % $ 46,255  15  %
Secondary storage systems 20,206  28  % 52,156  47  % 82,118  34  % 131,435  42  %
Device and media 7,716  11  % 10,475  9  % 23,801  10  % 31,077  10  %
Service 29,075  40  % 30,822  27  % 85,551  36  % 94,362  30  %
Royalty 2,042  3  % 2,826  2  % 7,235  3  % 9,744  3  %
Total revenue1
$ 71,926  100  % $ 113,475  100  % $ 240,099  100  % $ 312,873  100  %

1 Subscription revenue of $2.3 million and $1.5 million and $4.8 million and $3.3 million was allocated to Primary and Secondary storage systems for the three and nine months ended December 31, 2023 and 2022, respectively.


Contract Balances
The following tables presents the Company’s contract liabilities and certain information related to this balance as of March 31, 2023 and December 31, 2023 (in thousands):
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 
December 31, 2023
Deferred revenue $ 110,521 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period 65,650 

Remaining Performance Obligations

Total remaining performance obligations (“RPO”), which is contracted but not recognized revenue, was $137.7 million as of December 31, 2023. 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 $137.7 million RPO at the end of the third quarter of fiscal 2024, we expect to recognize approximately 66% over the next 12 months, and the remainder over the next 13 to 60 months.

Remaining performance obligations consisted of the following (in thousands):
Current Non-Current Total
As of December 31, 2023
 $ 91,444  $ 46,213  $ 137,657 

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, 2023 and December 31, 2023 (in thousands):
Deferred revenue by period
Total 1 year or less 1 – 3 Years 3 year or greater
Service revenue $ 107,331  $ 73,195  $ 34,030  $ 106 
Subscription revenue 7,971  6,612  1,359  — 
     Total at March 31, 2023 $ 115,302  $ 79,807  $ 35,389  $ 106 
Deferred revenue by period
Total 1 year or less 1 – 3 Years 3 year or greater
Service revenue $ 101,386  $ 67,906  $ 28,025  $ 5,455 
Subscription revenue 9,135  5,334  2,621  1,180 
     Total at December 31, 2023 $ 110,521  $ 73,240  $ 30,646  $ 6,635