v3.24.3

DEFERRED REVENUES AND CUSTOMERS ADVANCES | 9 Months Ended
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Sep. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract] |
DEFERRED REVENUES AND CUSTOMERS ADVANCES | NOTE 14: DEFERRED REVENUES AND CUSTOMERS ADVANCES Deferred revenues consist of deferred cloud-based monitoring services, communication services, warranty extension services and advance payments received from customers for the Company’s products. Deferred revenues are classified as short-term and long-term deferred revenues based on the period in which revenues are expected to be recognized. Changes in the balances of deferred revenues and customer advances during the period are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Balance, at the beginning of the period |  | $ | 251,014 |  |  | $ | 232,828 |  |  | $ | 255,443 |  |  | $ | 213,577 |
Revenue recognized |  |  | (17,824 | ) |  |  | (19,869 | ) |  |  | (37,442 | ) |  |  | (25,819 | )
Increase in deferred revenues and customer advances |  |  | 20,947 |  |  |  | 21,130 |  |  |  | 36,136 |  |  |  | 46,331 |
Balance, at the end of the period |  |  | 254,137 |  |  |  | 234,089 |  |  |  | 254,137 |  |  |  | 234,089 |
Less current portion |  |  | (27,367 | ) |  |  | (22,064 | ) |  |  | (27,367 | ) |  |  | (22,064 | )
Long term portion |  | $ | 226,770 |  |  | $ | 212,025 |  |  | $ | 226,770 |  |  | $ | 212,025 |
The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2024:
2024 |  | $ | 16,674 |
2025 |  |  | 14,248 |
2026 |  |  | 13,904 |
2027 |  |  | 11,829 |
2028 |  |  | 11,339 |
Thereafter |  |  | 186,143 |
Total deferred revenues |  | $ | 254,137 |

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- Definition The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 430 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/430/tableOfContent + Details
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- References No definition available. + Details
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