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REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2025

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)		For perpetual licenses, typically when made available for download (point in time); for term-based licenses, at the beginning of the specified term (point in time)		Generally, within 30-60 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 30-60 days of invoicing
Hardware		When control of the hardware passes to the customer; typically, upon delivery (point in time)		Generally, within 30-60 days of invoicing
Software upgrades		Upon transfer of control; typically, when made available for download (point in time)		Generally, within 30-60 days of invoicing
Customer Support Revenue
Customer support		Ratably over the course of the support contract (over time)		Generally, within 30-60 days of invoicing
Professional Services
Other professional services (excluding training services)		As work is performed (over time), typically on the input method based on hours incurred		Generally, within 30-60 days of invoicing (upon completion of services)
Training		As the training is delivered (over time), typically one to five days		Generally, within 30-60 days of services being performed

Schedule of disaggregation of revenue


								Service revenue
		Product			Service revenue			(professional
Three months ended September 30, 2025		revenue			(maintenance)			services)			Total revenue
United States		$	39,515		$	35,191		$	21,967		$	96,673
Europe, Middle East and Africa			35,765			18,045			9,082			62,892
Asia Pacific			30,337			9,723			3,191			43,251
Other			4,362			6,556			1,637			12,555
		$	109,979		$	69,515		$	35,877		$	215,371


								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
Nine months ended September 30, 2025		revenue			(maintenance)			services)			Total revenue
United States		$	127,957		$	102,061		$	65,572		$	295,590
Europe, Middle East and Africa			80,759			53,790			25,955			160,504
Asia Pacific			89,342			28,831			10,009			128,182
Other			8,969			19,552			4,436			32,957
		$	307,027		$	204,234		$	105,972		$	617,233


								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

The Company’s product revenue from its direct sales program and from indirect sales through its channel partner program for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):


		Three months ended						Nine months ended
		September 30,			September 30,			September 30,			September 30,
		2025			2024			2025			2024
Indirect sales through channel partner program		$	28,488		$	38,000		$	90,211		$	114,958
Direct sales			81,491			74,151			216,816			183,936
		$	109,979		$	112,151		$	307,027		$	298,894

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, 2025 and 2024 was as follows (in thousands):


		Three months ended						Nine months ended
		September 30,			September 30,			September 30,			September 30,
		2025			2024			2025			2024
Sales to enterprise customers		$	37,467		$	40,002		$	99,751		$	115,912
Sales to service provider customers			72,512			72,149			207,276			182,982
		$	109,979		$	112,151		$	307,027		$	298,894

The Company’s product revenue and service revenue components by segment for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):


		Three months ended						Nine months ended
		September 30,			September 30,			September 30,			September 30,
		2025			2024			2025			2024
Product revenue:
Cloud and Edge		$	46,097		$	53,455		$	134,070		$	124,554
IP Optical Networks			63,882			58,696			172,957			174,340
Total product revenue		$	109,979		$	112,151		$	307,027		$	298,894

Service revenue:
Maintenance:
Cloud and Edge		$	52,315		$	53,595		$	154,899		$	159,454
IP Optical Networks			17,200			15,424			49,335			45,466
Total maintenance revenue			69,515			69,019			204,234			204,920
Professional services:
Cloud and Edge			26,026			21,028			80,108			56,294
IP Optical Networks			9,851			8,040			25,864			22,414
Total professional services revenue			35,877			29,068			105,972			78,708
Total service revenue		$	105,392		$	98,087		$	310,206		$	283,628

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, 2025 were as follows (in thousands):


					Unbilled			Deferred			Deferred
		Accounts			accounts			revenue			revenue
		receivable			receivable			(current)			(long-term)
Balance at January 1, 2025		$	176,575		$	78,143		$	119,295		$	20,991
Increase (decrease), net			(22,861)			(13,545)			(12,598)			8,757
Balance at September 30, 2025		$	153,714		$	64,598		$	106,697		$	29,748