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Revenue | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | (3) Revenue Revenue is recognized when control of the promised products or services is transferred to customers. A majority of our revenue is recognized at the point in time when products are shipped or delivered and the point in time when services are delivered to our customers. However, we also enter into service contracts and collaboration agreements with customers, for which we typically are required to recognize revenue over time. Performance Obligations At September 30, 2024, we had $100,187 of unrecognized revenue comprised of $44,914 of deferred revenue and customer deposits as well as cancellable and non-cancellable customer order backlog. This $100,187 excludes variable consideration totaling $46,000, which will not be included in contract transaction price for purposes of revenue recognition until management is able to conclude that it is probable that the inclusion of such amounts will not result in a subsequent significant reversal of the cumulative amount of revenue recognized. We expect to recognize approximately 93.5% of the deferred revenue and customer deposits as revenue within the next twelve months, and the remaining balance thereafter. Collaboration and Licensing Arrangements We enter into collaboration and licensing arrangements with third parties. The nature of the activities to be performed and the consideration exchanged under these arrangements varies on a contract-by-contract basis. We evaluate these arrangements to determine whether they meet the definition of a customer relationship for which revenue should be recorded and recognized. These contracts may contain multiple performance obligations and may contain fees for licensing, research and development services, contingent milestone payments upon the achievement of contractual developmental criteria and/or royalty fees based on the licensees’ product revenue. We determine the revenue to be recognized under these arrangements based upon an evaluation of the distinct performance obligations; the identification and evaluation of material rights; the estimation of the amount of variable consideration to be included in transaction price, as well as the timing for inclusion of such variable consideration; and the amount of transaction price assigned to and the pattern of transfer of control for each distinct performance obligation. This typically results in the recognition of revenue over time using a cost-to-cost percentage of completion model to measure the progress of the transfer of control. During the three and nine months ended September 30, 2024, the Company recognized $1,974 and $5,820, respectively, of revenue related to collaboration arrangements with customers. During the three and nine months ended September 30, 2023, the Company recognized $7,896 and $16,099, respectively, of revenue related to collaboration arrangements with customers. Contract Balances Our accounts receivable, contract asset and contract liability balances as of September 30, 2024 and December 31, 2023 were as follows:
(in thousands) |  | September 30, 2024 |  | December 31, 2023
Accounts receivable, net of reserves |  | $ | 99,224 |  |  | $ | 101,497 |
Contract assets(1) |  | 14,747 |  |  | 12,147 |
Contract liabilities(2) |  | 44,914 |  |  | 40,075 |
(1) Includes amounts reported in Prepaid expenses and other current assets and Other assets on the condensed consolidated balance sheets, inclusive of $7,167 and $5,422 as of September 30, 2024 and December 31, 2023, respectively, that is related to a long-term contract and is billable upon the attainment of milestones. (2) Includes both current and long-term portions of deferred revenue. The long-term portion of deferred revenue is reported in Other liabilities on the condensed consolidated balance sheets. During the three months ended September 30, 2024, we recognized revenue of $6,452 related to our contract liabilities at December 31, 2023. During the nine months ended September 30, 2024, we recognized revenue of $28,903 related to our contract liabilities at December 31, 2023. Revenue Concentrations For the three and nine months ended September 30, 2024, one customer accounted for approximately 19.9% and 17.4% of our consolidated revenue, respectively. For the three and nine months ended September 30, 2023, the same customer accounted for approximately 10.7% and 14.4% of our consolidated revenue, respectively. We expect to maintain our relationship with this customer. Revenue by geographic region for the three and nine months ended September 30, 2024 and September 30, 2023, which is determined based upon the geographic region in which a sale originates, was as follows:
| Three Months Ended
(in thousands) | September 30, 2024 |  | September 30, 2023
Americas | $ | 66,500 |  |  | $ | 69,714 |
EMEA | 36,864 |  |  | 43,141 |
APAC | 9,576 |  |  | 10,936 |
Total | $ | 112,940 |  |  | $ | 123,791 |
| Nine Months Ended
(in thousands) | September 30, 2024 |  | September 30, 2023
Americas | $ | 193,285 |  |  | $ | 214,956 |
EMEA | 108,300 |  |  | 127,150 |
APAC | 27,512 |  |  | 31,115 |
Total | $ | 329,097 |  |  | $ | 373,221 |

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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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