General form of registration statement for all companies including face-amount certificate companies

REVENUE

v3.25.0.1
REVENUE
 6 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 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
Americas(1)
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 
Royalty(2)
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 revenue(1)
$ 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 
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
Americas(1)
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 
Royalty(2)
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 revenue(1)
$ 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