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Revenue from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenues disaggregated by geography, major product line and timing of revenue recognition | The following tables present the Company’s revenues disaggregated by major products and services, geographical region and timing of revenue recognition. Revenue by major products and services
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Subscription | $ | 29,642 |  |  | $ | 22,985 |  |  | $ | 69,636 |  |  | $ | 52,941 |
Maintenance and support | 10,232 |  |  | 11,603 |  |  | 20,802 |  |  | 22,764 |
Professional services and other (1) | 1,311 |  |  | 1,499 |  |  | 3,013 |  |  | 3,123 |
Hardware products | 19,739 |  |  | 19,646 |  |  | 32,316 |  |  | 34,512 |
Total Revenue | $ | 60,924 |  |  | $ | 55,733 |  |  | $ | 125,767 |  |  | $ | 113,340 |
(1) Professional services and other includes perpetual software licenses revenue, which was approximately 1% of total revenue for both the three and six months ended June 30, 2024 and approximately 1% of total revenue for both the three and six months ended June 30, 2023. Revenue by location of customer for the Three and Six Months Ended June 30, 2024 and 2023 We classify our sales by customer location in three geographic regions: 1) EMEA, which includes Europe, Middle East and Africa; 2) the Americas, which includes North, Central, and South America; and 3) Asia Pacific (APAC), which includes Australia, New Zealand, and India. The breakdown of revenue in each of our major geographic areas was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands, except percentages) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
EMEA | $ | 25,194 |  |  | $ | 26,539 |  |  | $ | 57,036 |  |  | $ | 54,359 |
Americas | 21,099 |  |  | 18,331 |  |  | 42,443 |  |  | 38,829 |
APAC | 14,631 |  |  | 10,863 |  |  | 26,288 |  |  | 20,152 |
Total revenue | $ | 60,924 |  |  | $ | 55,733 |  |  | $ | 125,767 |  |  | $ | 113,340 |
% of Total Revenue |  |  |  |  |  |  |
EMEA | 41 | % |  | 48 | % |  | 45 | % |  | 48 | %
Americas | 35 | % |  | 33 | % |  | 34 | % |  | 34 | %
APAC | 24 | % |  | 19 | % |  | 21 | % |  | 18 | %
Timing of revenue recognition
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Products and licenses transferred at a point in time | $ | 32,438 |  |  | $ | 30,583 |  |  | $ | 70,236 |  |  | $ | 63,729 |
Services transferred over time | 28,486 |  |  | 25,150 |  |  | 55,531 |  |  | 49,611 |
Total Revenue | $ | 60,924 |  |  | $ | 55,733 |  |  | $ | 125,767 |  |  | $ | 113,340 |
Schedule of changes in contract assets and contract liabilities | The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers as of June 30, 2024 and December 31, 2023:
| June 30, |  | December 31,
(In thousands) | 2024 |  | 2023
Receivables, inclusive of trade and unbilled | $ | 43,799 |  |  | $ | 64,387 |
Contract Assets (current and non-current) | $ | 6,864 |  |  | $ | 5,322 |
Contract Liabilities (Deferred Revenue current and non-current) | $ | 59,302 |  |  | $ | 73,483 |
Schedule of estimated revenue expected to be recognized in the future | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2024:
(In thousands) | 2024 |  | 2025 |  | 2026 |  | Beyond 2026 |  | Total
Future revenue related to current unsatisfied performance obligations | $ | 31,071 |  |  | $ | 38,266 |  |  | $ | 21,380 |  |  | $ | 7,377 |  |  | $ | 98,094 |
Schedule of information related to the capitalized costs and amortization recognized in the current and prior period | The following tables provide information related to the capitalized costs and amortization recognized in the current and prior period:
(In thousands) | June 30, 2024 |  | December 31, 2023
Capitalized costs to obtain contracts, current | $ | 3,892 |  |  | $ | 3,503 |
Capitalized costs to obtain contracts, non-current | $ | 11,126 |  |  | $ | 10,766 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization of capitalized costs to obtain contracts | $ | 942 |  |  | $ | 754 |  |  | $ | 1,826 |  |  | $ | 1,485 |

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