REVENUE

6 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

4. REVENUE

As of September 28, 2024, the Company had $30.5 million of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more. The Company expects to recognize approximately 77% of this amount as revenue within the next twelve months and the remaining balance thereafter.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables and contract assets, as well as customer advances, customer deposits and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheets. The difference in timing between billing and revenue recognition primarily occurs in software licensing arrangements, resulting in contract assets and contract liabilities.

As of September 28, 2024 and March 30, 2024, the Company had contract liabilities of $36.7 million and $31.2 million, respectively. During the three and six months ended September 28, 2024, the Company recognized $8.5 million and $21.8 million of revenue, respectively, that was included in the above March 30, 2024 contract liability balance. Contract liabilities are classified as other current liabilities on the Condensed Consolidated Balance Sheet. As of September 28, 2024 and March 30, 2024, the Company’s contract assets were immaterial.