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Revenue and Deferred Revenue | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue and Deferred Revenue | NOTE 4. REVENUE AND DEFERRED REVENUE Disaggregation of Revenue In the following tables, revenue is disaggregated by primary geographical market, type of revenue, and SmartRent Solution.
|  | For the three months ended March 31, |
|  | 2024 |  |  | 2023 |
Revenue by geography |  |  |  |  |  |
United States |  | $ | 50,301 |  |  | $ | 64,933 |
International |  |  | 188 |  |  |  | 146 |
Total revenue |  | $ | 50,489 |  |  | $ | 65,079 |
|  | For the three months ended March 31, |
|  | 2024 |  |  | 2023 |
Revenue by type |  |  |  |  |  |
Hardware |  | $ | 29,077 |  |  | $ | 37,325 |
Professional services |  |  | 3,458 |  |  |  | 12,769 |
Hosted services |  |  | 17,954 |  |  |  | 14,985 |
Total revenue |  | $ | 50,489 |  |  | $ | 65,079 |
| For the three months ended March 31, |
| 2024 |  |  | 2023 |
| (dollars in thousands) |
SmartRent Solutions | Hardware |  | Professional Services |  | Hosted Services |  | Total 2024 |  |  | Hardware |  | Professional Services |  | Hosted Services |  | Total 2023 |
Smart Communities Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Smart Apartments | $ | 27,429 |  | $ | 2,713 |  | $ | 14,072 |  | $ | 44,214 |  |  | $ | 36,392 |  | $ | 11,691 |  | $ | 11,570 |  | $ | 59,653 |
Access Control |  | 1,015 |  |  | 561 |  |  | 349 |  |  | 1,925 |  |  |  | 778 |  |  | 1,051 |  |  | 153 |  |  | 1,982 |
Community WiFi |  | 137 |  |  | 16 |  |  | 180 |  |  | 333 |  |  |  | 5 |  |  | - |  |  | 156 |  |  | 161 |
Other |  | 496 |  |  | 168 |  |  | 492 |  |  | 1,156 |  |  |  | 150 |  |  | 27 |  |  | 372 |  |  | 549 |
Smart Operations Solutions |  | - |  |  | - |  |  | 2,861 |  |  | 2,861 |  |  |  | - |  |  | - |  |  | 2,734 |  |  | 2,734 |
Total Revenue | $ | 29,077 |  | $ | 3,458 |  | $ | 17,954 |  | $ | 50,489 |  |  | $ | 37,325 |  | $ | 12,769 |  | $ | 14,985 |  | $ | 65,079 |
Remaining Performance Obligations Advance payments received from customers are recorded as deferred revenue and are recognized upon the completion of related performance obligations over the period of service. Advance payments for non-distinct Hub Devices were recorded as deferred revenue and recognized over their average in-service life. Advance payments received from customers for subscription services are recorded as deferred revenue and recognized over the term of the subscription. A summary of the change in deferred revenue is as follows.
|  | For the three months ended March 31, |
|  | 2024 |  |  | 2023 |
Deferred revenue balance as of January 1 |  | $ | 123,159 |  |  | $ | 139,948 |
Revenue recognized from balance of deferred revenue at the beginning of the period |  |  | (8,656 | ) |  |  | (14,505 | )
Revenue deferred during the period |  |  | 7,075 |  |  |  | 19,593 |
Revenue recognized from revenue originated and deferred during the period |  |  | (2,010 | ) |  |  | (2,067 | )
Deferred revenue balance as of March 31 |  |  | 119,568 |  |  |  | 142,969 |
As of March 31, 2024, the Company expects to recognize 59% of its total deferred revenue within the next 12 months, 20% of its total deferred revenue between 13 and 36 months, 19% between 37 and 60 months, and the remainder is expected to be recognized beyond five years. Contra cts may contain termination for convenience provisions that allow the Company, customer, or both parties the ability to terminate for convenience, either at any time or upon providing a specified notice period, without a substantive termination penalty. Included in deferred revenue as of March 31, 2024 and 2023 are $31,178 and $39,656, respectively, of prepaid fees related to contracts with termination for convenience provisions which are refundable at the request of the customer. Based on the Company's historical experience, customers do not typically exercise their termination for convenience rights. Deferred cost of revenue includes all direct costs includ ed in cost of revenue that have been deferred to future periods.

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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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