Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following table summarizes disaggregated revenue information by geographic area based on the customer's country of domicile (in thousands):

	Year Ended December 31,
	2024		2023		2022
Americas	$	350,155	$	330,415	$	390,573
Europe	217,880		220,665		234,643
Greater China	164,147		164,115		227,447
Other Asia	182,333		122,352		153,427
	$	914,515	$	837,547	$	1,006,090

The following table summarizes disaggregated revenue information by revenue type (in thousands):

	Year Ended December 31,
	2024		2023		2022
Standard products and services	$	795,319	$	734,140	$	848,153
Application-specific customer solutions	119,196		103,407		157,937
	$	914,515	$	837,547	$	1,006,090

Costs to Fulfill a Contract

Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $10,705,000 and $13,265,000 as of December 31, 2024 and 2023, respectively. The amount of amortization during 2024 related to costs deferred as of December 31, 2023 amounted to $12,512,000

Accounts Receivable, Contract Assets, and Contract Liabilities

Accounts receivable represent amounts billed and currently due from customers which are reported at their net estimated realizable value. The Company maintains an allowance against its accounts receivable for credit losses. Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing primarily for certain application-specific customer solutions contracts. Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition.

The following table summarizes changes in the allowance for credit losses (in thousands):

	Amount
Balance as of December 31, 2022	$	730
Increases to the allowance for credit losses	500
Write-offs, net of recoveries	(645)
Foreign exchange rate changes	(2)
Balance as of December 31, 2023	583
Increases to the allowance for credit losses	459
Write-offs, net of recoveries	(222)
Foreign exchange rate changes	7
Balance as of December 31, 2024	$	827

The following table summarizes the deferred revenue and customer deposits activity (in thousands):

	Amount
Balance as of December 31, 2022	$	40,787
Deferral of revenue billed in the current period, net of recognition	21,538
Recognition of revenue deferred in prior period	(20,987)
Returned customer deposit	(9,205)
Foreign exchange rate changes	(608)
Balance as of December 31, 2023	31,525
Deferral of revenue billed in the current period, net of recognition	21,998
Recognition of revenue deferred in prior period	(28,108)
Foreign exchange rate changes	(380)
Balance as of December 31, 2024	$	25,035

As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations for contracts that have an original expected duration of less than one year. The remaining unsatisfied performance obligations for contracts that have an original expected duration of more than one year, primarily related to extended hardware warranties, are not material.