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Revenue | 9 Months Ended
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Sep. 30, 2024
Revenue |
Revenue | Note 5. Revenue ​ To reflect the organization of our business operations, we divide revenue into two categories: revenue from sales of new systems and revenue arising from the sale of used systems, parts, and labor to customers who own systems, which we refer to as “Aftermarket.” ​ Revenue by categories used by management are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
​ | ​ | (in thousands)
Systems | ​ | $ | 201,037 | ​ | $ | 231,454 | ​ | $ | 595,114 | ​ | $ | 641,825
Aftermarket | ​ | ​ | 55,527 | ​ | ​ | 60,872 | ​ | ​ | 170,334 | ​ | ​ | 178,491
Total Revenue | ​ | $ | 256,564 | ​ | $ | 292,326 | ​ | $ | 765,448 | ​ | $ | 820,316
​ We also consider revenue by geography. Revenue is allocated to geographic markets based upon the location to which our products are shipped and in which our services are performed. Revenue in our principal geographic markets is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
​ | ​ | (in thousands)
North America | ​ | $ | 32,950 | ​ | $ | 51,563 | ​ | $ | 112,826 | ​ | $ | 134,647
Asia Pacific | ​ | ​ | 202,377 | ​ | ​ | 185,194 | ​ | ​ | 586,754 | ​ | ​ | 582,238
Europe | ​ | ​ | 21,237 | ​ | ​ | 55,569 | ​ | ​ | 65,868 | ​ | ​ | 103,431
Total Revenue | ​ | $ | 256,564 | ​ | $ | 292,326 | ​ | $ | 765,448 | ​ | $ | 820,316
​ Our system sales revenue transactions give rise to contract liabilities (in the case of pre-payments and the fair value of goods and services to be delivered after the system delivery, such as installation and certain warranty obligations). ​ Contract liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (in thousands)
Contract liabilities | ​ | $ | 164,026 | ​ | $ | 210,885
​ | ​ | ​ | ​ | ​ | ​ | ​
Contract liabilities are reflected as deferred revenue on the consolidated balance sheets and include payments received in advance of system sales as well as deferral of revenue from systems sales for installation and other future performance obligations. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, |  | September 30,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
​ | ​ | (in thousands)
Balance, beginning of the period | ​ | $ | 174,011 | ​ | $ | 182,540 | ​ | $ | 210,885 | ​ | $ | 154,777
Deferral of revenue* | ​ | ​ | 31,544 | ​ | ​ | 62,787 | ​ | ​ | 65,222 | ​ | ​ | 154,216
Recognition of deferred revenue | ​ | ​ | (41,529) | ​ | ​ | (43,298) | ​ | ​ | (112,081) | ​ | ​ | (106,964)
Balance, end of the period | ​ | $ | 164,026 | ​ | $ | 202,029 | ​ | $ | 164,026 | ​ | $ | 202,029
​ * Amount is net of a reclassification of $4.7 million from deferred revenue to refund liability for the nine months ended September 30, 2024. ​ The majority of our system transactions have either (1) payment terms of 90% due upon shipment of the system and 10% due upon acceptance or (2) a pre-shipment deposit ranging from 20% to 60%, with the remainder due upon shipment, less 10% due at acceptance. Aftermarket transaction payment terms typically provide that payment is due either within 30 or 60 days after the service is provided or parts delivered.

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