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REVENUE RECOGNITION (Tables)

9 Months Ended

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