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Revenue and Deferred Revenue | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue and Deferred Revenue | Revenue and Deferred Revenue Deferred revenue relates to performance obligations for which payments have been received from the customer prior to revenue recognition. Deferred revenue primarily consists of deferred subscription-based services. Deferred revenue also includes amounts allocated from the sale of a connected machine to the unspecified upgrades and enhancements and the Company’s cloud-based services. The Company has recognized no contract assets as of March 31, 2024 and December 31, 2023. The following table summarizes the changes in the deferred revenue balance for the three months ended March 31, 2024 and 2023:
| Three Months Ended March 31,
| 2024 |  | 2023
(in thousands) |  |  |
Deferred revenue, beginning of period | $ | 43,235 |  |  | $ | 38,658 |
Recognition of revenue included in beginning of period deferred revenue | (23,479) |  |  | (21,076) |
Revenue deferred, net of revenue recognized on contracts in the respective period | 26,877 |  |  | 24,194 |
Deferred revenue, end of period | $ | 46,633 |  |  | $ | 41,776 |
As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was equal to the deferred revenue balance. The Company expects the following recognition of deferred revenue as of March 31, 2024:
| Year Ended December 31,
| 2024 (remainder of year) |  | 2025 |  | 2026 |  | 2027 |  | Total
(in thousands) |  |  |  |  |  |  |  |  |
Revenue expected to be recognized | $ | 41,228 |  |  | $ | 4,411 |  |  | $ | 976 |  |  | $ | 18 |  |  | $ | 46,633 |
The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 16 under the heading “Segment Information.” Revenue recognized during the three months ended March 31, 2024 related to performance obligations satisfied or partially satisfied was $2.6 million. The following table presents the total revenue by geography based on the ship-to address for the periods indicated:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
(in thousands) |  |  |  |  |  |  |
North America* | $ | 134,835 |  |  | $ | 147,755 |  |  |  |  |
International | 32,557 |  |  | 33,472 |  |  |  |  |
Total revenue | $ | 167,392 |  |  | $ | 181,227 |  |  |  |  |
*North America revenue consists of revenues from the United States and Canada. |  |  |  |
The following table presents the total revenue by source for the periods indicated:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
(in thousands) |  |  |  |  |  |  |
Platform | $ | 78,286 |  |  | $ | 76,241 |  |  |  |  |
Connected machines | 36,948 |  |  | 34,131 |  |  |  |  |
Accessories and materials | 52,158 |  |  | 70,855 |  |  |  |  |
Total revenue | $ | 167,392 |  |  | $ | 181,227 |  |  |  |  |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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