Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.24.3
REVENUE
 6 Months Ended
Sep. 30, 2024
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 September 30, Six Months Ended September 30,
2024 2023 2024 2023
Americas1
   Product revenue 20,487  25,493  44,117  62,128 
   Service and subscription 17,298  17,635  32,412  35,589 
Total revenue 37,785  54  % 43,128  57  % 76,529  54  % 97,717  58  %
EMEA
   Product revenue 11,682  11,975  24,656  27,823 
   Service and subscription 11,731  10,846  21,394  21,952 
Total revenue 23,413  33  % 22,821  30  % 46,050  32  % 49,775  30  %
APAC
   Product revenue 4,616  5,479  9,006  11,571 
   Service and subscription 2,292  2,024  4,962  3,917 
Total revenue 6,908  10  % 7,503  10  % 13,968  10  % 15,488  9  %
Consolidated
   Product revenue 36,785  42,947  77,779  101,522 
   Service and subscription 31,321  30,505  58,768  61,458 
   Royalty2
2,363  3  % 2,228  3  % 5,265  4  % 5,194  3  %
Total revenue $ 70,469  100  % $ 75,680  100  % $ 141,812  100  % $ 168,174  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 September 30, Six Months Ended September 30,
2024 % 2023 % 2024 % 2023 %
Primary storage systems $ 11,760  17  % $ 17,058  23  % $ 28,630  20  % $ 28,507  17  %
Secondary storage systems 21,742  30  % 20,340  27  % 37,511  26  % 61,912  36  %
Device and media 7,430  11  % 7,893  10  % 16,679  12  % 16,085  10  %
Service 27,174  39  % 28,161  37  % 53,727  38  % 56,476  34  %
Royalty 2,363  3  % 2,228  3  % 5,265  4  % 5,194  3  %
Total revenue1
$ 70,469  100  % $ 75,680  100  % $ 141,812  100  % $ 168,174  100  %

1 Subscription revenue of $4.1 million and $1.0 million was allocated to Primary and Secondary storage systems for the three months ended September 30, 2024 and 2023, respectively. Subscription revenue of $5.0 million and $2.5 million was allocated to Primary and Secondary storage systems for the six months ended September 30, 2024 and 2023, respectively.


Contract Balances

The following table presents the Company’s contract liabilities and certain information related to this balance as of March 31, 2024 and September 30, 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 
September 30, 2024
Deferred revenue $ 106,533 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period $ 48,132 

Remaining Performance Obligations

Total remaining performance obligations (“RPO”) representing contracted but not recognized revenue was $122.4 million as of September 30, 2024. RPO consists of both deferred revenue and uninvoiced, non-cancelable contracts that are expected to be invoiced and recognized as revenue in future periods and excludes variable consideration related to sales-based royalties. Of the $122.4 million RPO at the end of the second quarter of fiscal 2025, $106.5 million was for invoiced deferred revenue and $15.9 million was for uninvoiced, non-cancelable contracts. The non-current portion of the RPO will be recognized over the next 13 to 60 months.

RPO consisted of the following (in thousands):
Current Non-Current Total
As of September 30, 2024
 $ 82,813  $ 39,617  $ 122,430 

Deferred revenue consists of amounts that have been invoiced but have not yet been recognized as revenue including performance obligations pertaining to subscription services. The table below reflects the Company’s deferred revenue as of September 30, 2024 (in thousands):
Deferred revenue by period
Total 1 year or less 1 – 3 Years 3 year or greater
Service revenue 89,667  61,629  22,809  $ 5,229 
Subscription revenue $ 16,866  $ 7,740  $ 7,382  $ 1,744 
     Total at September 30, 2024 $ 106,533  $ 69,369  $ 30,191  $ 6,973