REVENUE

6 Months Ended

12 Months Ended

Sep. 30, 2024

Mar. 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 September 30,								Six Months Ended September 30,
	2024				2023				2024				2023
Americas(1)
Product revenue	20,487				25,493				44,117				62,128
Service and subscription	17,298				17,635				32,412				35,589
Total revenue	37,785		54	%	43,128		57	%	76,529		54	%	97,717		58	%
EMEA
Product revenue	11,682				11,975				24,656				27,823
Service and subscription	11,731				10,846				21,394				21,952
Total revenue	23,413		33	%	22,821		30	%	46,050		32	%	49,775		30	%
APAC
Product revenue	4,616				5,479				9,006				11,571
Service and subscription	2,292				2,024				4,962				3,917
Total revenue	6,908		10	%	7,503		10	%	13,968		10	%	15,488		9	%
Consolidated
Product revenue	36,785				42,947				77,779				101,522
Service and subscription	31,321				30,505				58,768				61,458
Royalty(2)	2,363		3	%	2,228		3	%	5,265		4	%	5,194		3	%
Total revenue	$	70,469	100	%	$	75,680	100	%	$	141,812	100	%	$	168,174	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 September 30,								Six Months Ended September 30,
	2024		%		2023		%		2024		%		2023		%
Primary storage systems	$	11,760	17	%	$	17,058	23	%	$	28,630	20	%	$	28,507	17	%
Secondary storage systems	21,742		30	%	20,340		27	%	37,511		26	%	61,912		36	%
Device and media	7,430		11	%	7,893		10	%	16,679		12	%	16,085		10	%
Service	27,174		39	%	28,161		37	%	53,727		38	%	56,476		34	%
Royalty	2,363		3	%	2,228		3	%	5,265		4	%	5,194		3	%
Total revenue(1)	$	70,469	100	%	$	75,680	100	%	$	141,812	100	%	$	168,174	100	%

__________________

(1)Subscription revenue of $4.1 million and $1.0 million was allocated to Primary and Secondary storage systems for the three months ended September 30, 2024 and 2023, respectively. Subscription revenue of $5.0 million and $2.5 million was allocated to Primary and Secondary storage systems for the six months ended September 30, 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 September 30, 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

	September 30, 2024
Deferred revenue	$	106,533
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period	$	48,132

Remaining Performance Obligations

Total remaining performance obligations (“RPO”) representing contracted but not recognized revenue was $122.4 million as of September 30, 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 $122.4 million RPO at the end of the second quarter of fiscal 2025, $106.5 million was for invoiced deferred revenue and $15.9 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 September 30, 2024	$	82,813	$	39,617	$	122,430

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 September 30, 2024 (in thousands):

	Deferred revenue by period
	Total		1 year or less		1 – 3 Years		3 year or greater
Service revenue	89,667		61,629		22,809		$	5,229
Subscription revenue	$	16,866	$	7,740	$	7,382	$	1,744
Total at September 30, 2024	$	106,533	$	69,369	$	30,191	$	6,973

REVENUE

In the following table, revenue is disaggregated by major product offering and geographies (in thousands):

	Year Ended March 31,
	2024		%		2023		%		2022		%
					Restated				Restated
Americas(1)
Product revenue	$	92,907			$	175,652			$	130,248
Service and subscription	71,317				77,581				82,927
Total revenue	164,224		53	%	253,233		60	%	213,175		55	%
EMEA
Product revenue	59,465				70,025				71,498
Service and subscription	47,372				46,279				46,401
Total revenue	106,837		34	%	116,304		28	%	117,899		31	%
APAC
Product revenue	22,507				29,177				29,068
Service and subscription	7,901				9,658				7,913
Total revenue	30,408		10	%	38,835		9	%	36,981		10	%
Consolidated
Product revenue	174,879				274,854				230,814
Service and subscription	126,590				133,518				137,241
Royalty(2)	10,131		3	%	13,705		3	%	15,377		4	%
Total revenue	$	311,600	100	%	$	422,077	100	%	$	383,432	100	%

__________________

(1)Revenue for Americas geographic region outside of the United States is not significant.

(2)Royalty revenue is not allocable to geographic regions.

Revenue by Solution

	Year Ended March 31,
	2024		%		2023		%		2022		%
					As restated				As restated
Primary storage systems	$	53,525	17	%	$	63,334	15	%	$	67,592	18	%
Secondary storage systems	100,599		32	%	178,431		42	%	118,537		31	%
Device and media	33,477		11	%	42,008		10	%	49,959		13	%
Service	113,868		37	%	124,599		30	%	131,967		34	%
Royalty	10,131		3	%	13,705		3	%	15,377		4	%
Total revenue(1)	$	311,600	100	%	$	422,077	100	%	$	383,432	100	%

__________________

(1)Subscription revenue of $7.3 million, $5.6 million and $4.2 million allocated to Primary and Secondary storage systems for the fiscal years ended 2024, 2023 and 2022, respectively.

Contract Balances

The following table presents the Company’s contract liabilities and certain information related to this balance as of March 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

	March 31, 2023
	As Restated
Deferred revenue	$	115,302
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period	$	83,113

	March 31, 2022
	As Restated
Deferred revenue	$	126,916
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period	$	86,731

Remaining Performance Obligations

Total remaining performance obligations (“RPO”) which is contracted but not recognized revenue was $131.4 million as of March 31, 2024. RPO consists of both deferred revenue and non-cancelable amounts that are expected to be invoiced and recognized as revenue in future periods and excludes variable consideration related to sales-based royalties. Of the $131.4 million RPO at the end of fiscal 2024, we expect to recognize approximately 31.1% over the next 13 to 60 months.

Remaining performance obligations consisted of the following (in thousands):

	Current		Non-Current		Total
As of March 31, 2024	$	90,546	$	40,895	$	131,441

Deferred revenue primarily consists of amounts invoiced and paid but not recognized as revenue including performance obligations pertaining to subscription services. The table below reflects our deferred revenue as of March 31, 2024 (in thousands):

	Deferred revenue by period
(in thousands)	Total		1 year or less		1 – 3 Years		3 year or greater
Service revenue	$	107,819	$	74,332	$	28,184	$	5,303
Subscription revenue	8,868		4,180		3,686		1,002
Total	$	116,687	$	78,512	$	31,870	$	6,305