Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Deferred Revenue

Deferred revenue is as follows:

(in thousands)	September 30, 2024		December 31, 2023
Current	$	28,777	$	7,250
Non-current	1,733		4,204
Total	$	30,510	$	11,454

Most performance obligations greater than one year relate to service and support contracts that the Company expects to fulfill within 36 months. The Company expects to fulfill 100% of service and support contracts within 60 months.

The changes in deferred revenue, inclusive of both current and long-term, are as follows:

(in thousands)	2024		2023
Beginning balance - January 1	$	11,454	$	13,584
Acquired deferred revenue (Note 3)	12,391		—
Recognition of deferred revenue	(73,706)		(19,074)
Deferral of revenue	79,911		17,889
Impact of foreign currency translation on deferred revenue	460		—
Ending balance - September 30	$	30,510	$	12,399

The above tables exclude customer deposits of $1.7 million and $2.0 million as of the nine months ended September 30, 2024 and 2023, respectively. During the three months ended September 30, 2024 and 2023, the Company recognized revenue included in deferred revenue at the beginning of each respective period of $1.4 million and $2.7 million. During the nine months ended September 30, 2024 and 2023, the Company recognized revenue included in deferred revenue at the beginning of each respective period of $6.3 million and $8.7 million.

Disaggregated Revenue

The Company disaggregates revenue from contracts with customers by major product line because the Company believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by contract terms and economic factors.

	Three Months Ended September 30, 2024				Three Months Ended September 30, 2023
	Point in time		Over time		Point in time		Over time
Subscription service	$	—	$	59,909	$	—	$	31,363
Hardware	22,650		—		25,824		—
Professional service	5,263		8,932		4,272		7,242
Total	$	27,913	$	68,841	$	30,096	$	38,605

	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
	Point in time		Over time		Point in time		Over time
Subscription service	$	—	$	143,160	$	—	$	89,700
Hardware	60,992		—		78,991		—
Professional service	15,977		24,848		16,467		21,656
Total	$	76,969	$	168,008	$	95,458	$	111,356