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REVENUE RECOGNITION (Tables) | 9 Months Ended
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Sep. 30, 2024
REVENUE RECOGNITION |
Schedule of timing of performance obligation | ​
​ | ​ | ​ | ​ | ​
​ |  | When Performance Obligation is Typically |  | ​
Performance Obligation | ​ | Satisfied | ​ | When Payment is Typically Due
Software and Product Revenue | ​ | ​ | ​ | ​
Software licenses (perpetual or term) |  | Upon transfer of control; typically, when made available for download (point in time) |  | Generally, within 30 days of invoicing except for term licenses, which may be paid for over time
Software licenses (subscription) |  | Upon activation of hosted site (over time) | ​ | Generally, within 30 days of invoicing
Hardware |  | When control of the hardware passes to the customer; typically, upon delivery (point in time) |  | Generally, within 30 days of invoicing
Software upgrades |  | Upon transfer of control; typically, when made available for download (point in time) |  | Generally, within 30 days of invoicing
Customer Support Revenue |  |  |  |
Customer support |  | Ratably over the course of the support contract (over time) |  | Generally, within 30 days of invoicing
Professional Services |  |  |  |
Other professional services (excluding training services) |  | As work is performed (over time) |  | Generally, within 30 days of invoicing (upon completion of services)
Training |  | When the class is taught (point in time) |  | Generally, within 30 days of services being performed
Schedule of disaggregation of revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Service revenue |  | ​ | ​
​ | ​ | Product | ​ | Service revenue | ​ | (professional | ​ | ​ | ​
Three months ended September 30, 2024 | ​ | revenue | ​ | (maintenance) | ​ | services) | ​ | Total revenue
United States | ​ | $ | 58,198 | ​ | $ | 33,670 | ​ | $ | 17,690 | ​ | $ | 109,558
Europe, Middle East and Africa | ​ | ​ | 24,708 | ​ | ​ | 17,918 | ​ | ​ | 7,141 | ​ | ​ | 49,767
Asia Pacific | ​ | ​ | 25,590 | ​ | ​ | 10,262 | ​ | ​ | 2,388 | ​ | ​ | 38,240
Other | ​ | ​ | 3,655 | ​ | ​ | 7,169 | ​ | ​ | 1,849 | ​ | ​ | 12,673
​ | ​ | $ | 112,151 | ​ | $ | 69,019 | ​ | $ | 29,068 | ​ | $ | 210,238
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Service revenue |  | ​ | ​
​ | ​ | Product | ​ | Service revenue | ​ | (professional | ​ | ​ | ​
Three months ended September 30, 2023 | ​ | revenue | ​ | (maintenance) | ​ | services) | ​ | Total revenue
United States | ​ | $ | 40,162 | ​ | $ | 33,454 | ​ | $ | 12,440 | ​ | $ | 86,056
Europe, Middle East and Africa | ​ |  | 31,969 | ​ |  | 18,268 | ​ |  | 8,120 | ​ |  | 58,357
Asia Pacific | ​ |  | 32,070 | ​ |  | 10,016 | ​ |  | 3,043 | ​ |  | 45,129
Other | ​ |  | 4,300 | ​ |  | 7,534 | ​ |  | 1,785 | ​ |  | 13,619
​ | ​ | $ | 108,501 | ​ | $ | 69,272 | ​ | $ | 25,388 | ​ | $ | 203,161
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Service revenue |  | ​ | ​
​ | ​ | Product | ​ | Service revenue | ​ | (professional | ​ | ​ | ​
Nine months ended September 30, 2024 | ​ | revenue | ​ | (maintenance) | ​ | services) | ​ | Total revenue
United States | ​ | $ | 120,173 | ​ | $ | 99,156 | ​ | $ | 42,812 | ​ | $ | 262,141
Europe, Middle East and Africa | ​ |  | 99,636 | ​ | ​ | 53,105 | ​ | ​ | 23,027 | ​ |  | 175,768
Asia Pacific | ​ |  | 68,304 | ​ | ​ | 30,262 | ​ | ​ | 7,912 | ​ |  | 106,478
Other | ​ |  | 10,781 | ​ | ​ | 22,397 | ​ | ​ | 4,957 | ​ |  | 38,135
​ | ​ | $ | 298,894 | ​ | $ | 204,920 | ​ | $ | 78,708 | ​ | $ | 582,522
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | Service revenue |  | ​ | ​
​ | ​ | Product | ​ | Service revenue | ​ | (professional | ​ | ​ | ​
Nine months ended September 30, 2023 | ​ | revenue | ​ | (maintenance) | ​ | services) | ​ | Total revenue
United States | ​ | $ | 131,774 | ​ | $ | 100,417 | ​ | $ | 35,135 | ​ | $ | 267,326
Europe, Middle East and Africa | ​ |  | 88,235 | ​ |  | 56,393 | ​ |  | 22,374 | ​ |  | 167,002
Asia Pacific | ​ |  | 89,495 | ​ |  | 29,552 | ​ |  | 8,456 | ​ |  | 127,503
Other | ​ |  | 9,662 | ​ |  | 23,126 | ​ |  | 5,319 | ​ |  | 38,107
​ | ​ | $ | 319,166 | ​ | $ | 209,488 | ​ | $ | 71,284 | ​ | $ | 599,938
​ The Company’s product revenue from indirect sales through its channel partner program and from its direct sales program for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Indirect sales through channel partner program | ​ | $ | 38,000 | ​ | $ | 35,950 | ​ | $ | 114,958 | ​ | $ | 109,454
Direct sales | ​ |  | 74,151 | ​ |  | 72,551 | ​ |  | 183,936 | ​ |  | 209,712
​ | ​ | $ | 112,151 | ​ | $ | 108,501 | ​ | $ | 298,894 | ​ | $ | 319,166
​ The Company’s product revenue from sales to enterprise customers and from sales to service provider customers for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Sales to enterprise customers | ​ | $ | 40,002 | ​ | $ | 32,044 | ​ | $ | 115,912 | ​ | $ | 97,163
Sales to service provider customers | ​ |  | 72,149 | ​ |  | 76,457 | ​ |  | 182,982 | ​ |  | 222,003
​ | ​ | $ | 112,151 | ​ | $ | 108,501 | ​ | $ | 298,894 | ​ | $ | 319,166
​ The Company’s product revenue and service revenue components by segment for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Product revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cloud and Edge |  | $ | 53,455 |  | $ | 42,305 |  | $ | 124,554 |  | $ | 137,496
IP Optical Networks |  | ​ | 58,696 |  | ​ | 66,196 |  | ​ | 174,340 |  | ​ | 181,670
Total product revenue |  | $ | 112,151 |  | $ | 108,501 |  | $ | 298,894 |  | $ | 319,166
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service revenue: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Maintenance: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cloud and Edge |  | $ | 53,595 |  | $ | 55,004 |  | $ | 159,454 |  | $ | 164,848
IP Optical Networks |  | ​ | 15,424 |  | ​ | 14,268 |  | ​ | 45,466 |  | ​ | 44,640
Total maintenance revenue |  | ​ | 69,019 |  | ​ | 69,272 |  | ​ | 204,920 |  | ​ | 209,488
Professional services: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cloud and Edge |  | ​ | 21,028 |  | ​ | 18,456 |  | ​ | 56,294 |  | ​ | 53,157
IP Optical Networks |  | ​ | 8,040 |  | ​ | 6,932 |  | ​ | 22,414 |  | ​ | 18,127
Total professional services revenue |  | ​ | 29,068 |  | ​ | 25,388 |  | ​ | 78,708 |  | ​ | 71,284
Total service revenue |  | $ | 98,087 |  | $ | 94,660 |  | $ | 283,628 |  | $ | 280,772
Schedule of customer assets and liabilities | The changes in the Company’s accounts receivable, unbilled receivables and deferred revenue balances for the nine months ended September 30, 2024 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unbilled | ​ | Deferred | ​ | Deferred
​ | ​ | Accounts | ​ | accounts | ​ | revenue | ​ | revenue
​ |  | receivable |  | receivable |  | (current) |  | (long-term)
Balance at January 1, 2024 | ​ | $ | 186,938 | ​ | $ | 81,483 | ​ | $ | 113,381 | ​ | $ | 19,218
Increase (decrease), net | ​ |  | (12,435) | ​ |  | (6,803) | ​ |  | (17,620) | ​ |  | (2,467)
Balance at September 30, 2024 | ​ | $ | 174,503 | ​ | $ | 74,680 | ​ | $ | 95,761 | ​ | $ | 16,751

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