Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.25.0.1
REVENUE
 9 Months Ended
Dec. 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 December 31, Nine Months Ended December 31,
2024 2023 2024 2023
Americas1
   Product revenue 18,294  16,159  62,410  78,287 
   Service and subscription 16,563  18,282  48,975  53,871 
Total revenue 34,857  48  % 34,441  47  % 111,385  52  % 132,158  55  %
EMEA
   Product revenue 15,235  14,786  39,892  42,609 
   Service and subscription 12,077  12,282  33,471  34,234 
Total revenue 27,312  38  % 27,068  38  % 73,363  34  % 76,843  32  %
APAC
   Product revenue 5,081  6,168  14,087  17,739 
   Service and subscription 2,975  2,207  7,937  6,124 
Total revenue 8,056  11  % 8,375  12  % 22,024  10  % 23,863  10  %
Consolidated
   Product revenue 38,610  37,113  116,389  138,635 
   Service and subscription 31,615  32,771  90,383  94,229 
   Royalty2
2,326  3  % 2,042  3  % 7,592  4  % 7,235  3  %
Total revenue $ 72,551  100  % $ 71,926  100  % $ 214,364  100  % $ 240,099  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,
2024 % 2023 % 2024 % 2023 %
Primary storage systems $ 12,404  17  % $ 12,887  18  % $ 41,034  19  % $ 41,394  17  %
Secondary storage systems 23,276  33  % 20,206  28  % 60,787  28  % 82,118  34  %
Device and media 7,575  10  % 7,716  11  % 24,254  11  % 23,801  10  %
Service 26,970  37  % 29,075  40  % 80,697  38  % 85,551  36  %
Royalty 2,326  3  % 2,042  3  % 7,592  4  % 7,235  3  %
Total revenue1
$ 72,551  100  % $ 71,926  100  % $ 214,364  100  % $ 240,099  100  %

1 Subscription revenue of $4.6 million and $2.3 million was allocated to Primary and Secondary storage systems for the three months ended December 31, 2024 and 2023, respectively. Subscription revenue of $11.3 million and $4.8 million was allocated to Primary and Secondary storage systems for the nine months ended December 31, 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 December 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 
December 31, 2024
Deferred revenue $ 105,266 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period $ 64,539 

Remaining Performance Obligations

Total remaining performance obligations (“RPO”) representing contracted but not recognized revenue was $122.6 million as of December 31, 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 $122.6 million RPO at the end of the third quarter of fiscal 2025, $105.4 million was for invoiced deferred revenue and $17.2 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 December 31, 2024
 $ 84,644  $ 37,929  $ 122,573 

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 December 31, 2024 (in thousands):
Deferred revenue by period
Total 1 year or less 1 – 3 Years 3 year or greater
Service revenue 84,624  60,782  21,815  $ 2,027 
Subscription revenue $ 20,642  $ 9,134  $ 8,773  $ 2,735 
Balance as of December 31, 2024 $ 105,266  $ 69,916  $ 30,588  $ 4,762