Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.20.2
REVENUE
 6 Months Ended
Sep. 30, 2020
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 offering and geographies (in thousands):
  Three Months Ended September 30, Six Months Ended September 30,
2020
2019 1
2020
2019 1
Americas2
   Primary storage systems $ 16,933  $ 16,352  $ 23,792  $ 25,771 
   Secondary storage systems 9,317  16,004  17,993  40,296 
   Device and media 6,069  9,348  12,431  18,019 
   Service 19,399  20,366  37,994  41,936 
Total revenue 51,718  62,070  92,210  126,022 
EMEA
   Primary storage systems 2,798  3,388  5,094  7,226 
   Secondary storage systems 6,352  8,079  12,968  17,976 
   Device and media 4,745  6,640  8,767  10,173 
   Service 10,227  9,828  20,042  19,051 
Total revenue 24,122  27,935  46,871  54,426 
APAC
   Primary storage systems 879  1,559  1,938  2,925 
   Secondary storage systems 3,234  4,721  6,434  8,244 
   Device and media 523  2,039  1,120  3,296 
   Service 1,868  2,207  3,844  4,794 
Total revenue 6,504  10,526  13,336  19,259 
Consolidated
   Primary storage systems 20,610  21,299  30,824  35,922 
   Secondary storage systems 18,903  28,804  37,395  66,516 
   Device and media 11,337  18,027  22,318  31,488 
   Service 31,494  32,401  61,880  65,781 
   Royalty3
3,477  5,258  6,709  11,712 
Total revenue $ 85,821  $ 105,789  $ 159,126  $ 211,419 

1 Primary and Secondary storage system revenue has been adjusted for September 30, 2019 due to certain reclassifications from Primary to Secondary storage systems.
2 Revenue for Americas geographic region outside of the United States is not significant.
3 Royalty revenue is not allocable to geographic regions.


Contract Balances

The following table presents the Company’s contract liabilities and certain information related to this balance as of and for the six months ended September 30, 2020 (in thousands): 
September 30, 2020
Contract liabilities (deferred revenue) $ 106,350 
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period 51,542 

Remaining Performance Obligations

Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and contractually agreed upon amounts, yet to be invoiced, that will be recognized as revenue in future periods. Remaining performance obligations are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, adjustments for revenue that have not materialized and foreign exchange adjustments. The Company applied the practical expedient in accordance within ASC 606, Revenue from Contracts with Customers (“ASC 606”), to exclude amounts for variable consideration constituting a sale- or usage-based royalty promised in exchange for a license of intellectual property from remaining performance obligations.

Remaining performance obligations consisted of the following (in thousands):
Current Non-Current Total
As of September 30, 2020 $ 86,653  $ 42,598  $ 129,251 

The Company's non-current remaining performance obligations are expected to be recognized in the next 13 to 60 months.