Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Deferred Revenue

Deferred revenue is recorded when cash payments are received or due in advance of revenue recognition from software licenses, professional services, and maintenance agreements. The timing of revenue recognition may differ from when customers are invoiced.

Deferred revenue is as follows:

(in thousands)	December 31, 2024		December 31, 2023
Current	$	23,166	$	7,250
Non-current	1,529		4,204
Total	$	24,695	$	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 (refer to "Note 2 - Acquisitions")	13,283		—
Recognition of deferred revenue	(113,016)		(23,770)
Deferral of revenue	114,755		21,640
Impact of foreign currency translation of deferred revenue	(1,781)		—
Ending balance - December 31	$	24,695	$	11,454

The above table excludes customer deposits of $1.8 million and $2.1 million as of December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, the Company recognized revenue included in contract liabilities at the beginning of each respective period of $7.1 million and $8.5 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 economic factors.

    Disaggregated revenue is as follows:

	Year Ended December 31, 2024
(in thousands)	Point in time		Over time
Subscription service	$	—	$	207,422
Hardware	87,040		—
Professional service	21,322		34,198
Total	$	108,362	$	241,620

	Year Ended December 31, 2023
(in thousands)	Point in time		Over time
Subscription service	$	—	$	122,597
Hardware	103,391		—
Professional service	21,565		29,161
Total	$	124,956	$	151,758

	Year Ended December 31, 2022
(in thousands)	Point in time		Over time
Subscription service	$	—	$	97,499
Hardware	114,410		—
Professional service	20,937		29,501
Total	$	135,347	$	127,000