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REVENUE | 6 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |  |
REVENUE | REVENUE Based on how the Company manages its business, the Company has determined that it currently operates in one reportable segment. The Company operates in three geographic regions: (a) Americas; (b) Europe, Middle East and Africa (“EMEA”); and (c) Asia Pacific (“APAC”). Revenue by geography is based on the location of the customer from which the revenue is earned. In the following table, revenue is disaggregated by major product offerings and geographies (in thousands):
| Three Months Ended September 30, |  |  |  | Six Months Ended September 30, |  |
| 2024 |  |  |  | 2023 |  |  |  | 2024 |  |  |  | 2023 |  |
Americas(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenue | 20,487 |  |  |  |  | 25,493 |  |  |  |  | 44,117 |  |  |  |  | 62,128 |  |  |
Service and subscription | 17,298 |  |  |  |  | 17,635 |  |  |  |  | 32,412 |  |  |  |  | 35,589 |  |  |
Total revenue | 37,785 |  |  | 54 | % |  | 43,128 |  |  | 57 | % |  | 76,529 |  |  | 54 | % |  | 97,717 |  |  | 58 | %
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenue | 11,682 |  |  |  |  | 11,975 |  |  |  |  | 24,656 |  |  |  |  | 27,823 |  |  |
Service and subscription | 11,731 |  |  |  |  | 10,846 |  |  |  |  | 21,394 |  |  |  |  | 21,952 |  |  |
Total revenue | 23,413 |  |  | 33 | % |  | 22,821 |  |  | 30 | % |  | 46,050 |  |  | 32 | % |  | 49,775 |  |  | 30 | %
APAC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenue | 4,616 |  |  |  |  | 5,479 |  |  |  |  | 9,006 |  |  |  |  | 11,571 |  |  |
Service and subscription | 2,292 |  |  |  |  | 2,024 |  |  |  |  | 4,962 |  |  |  |  | 3,917 |  |  |
Total revenue | 6,908 |  |  | 10 | % |  | 7,503 |  |  | 10 | % |  | 13,968 |  |  | 10 | % |  | 15,488 |  |  | 9 | %
Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenue | 36,785 |  |  |  |  | 42,947 |  |  |  |  | 77,779 |  |  |  |  | 101,522 |  |  |
Service and subscription | 31,321 |  |  |  |  | 30,505 |  |  |  |  | 58,768 |  |  |  |  | 61,458 |  |  |
Royalty(2) | 2,363 |  |  | 3 | % |  | 2,228 |  |  | 3 | % |  | 5,265 |  |  | 4 | % |  | 5,194 |  |  | 3 | %
Total revenue | $ | 70,469 |  |  | 100 | % |  | $ | 75,680 |  |  | 100 | % |  | $ | 141,812 |  |  | 100 | % |  | $ | 168,174 |  |  | 100 | %
__________________ (1)Revenue for the Americas geographic region outside of the United States is not significant. (2)Royalty revenue is not allocatable to geographic regions. Revenue by Solution
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2024 |  | % |  | 2023 |  | % |  | 2024 |  | % |  | 2023 |  | %
Primary storage systems | $ | 11,760 |  |  | 17 | % |  | $ | 17,058 |  |  | 23 | % |  | $ | 28,630 |  |  | 20 | % |  | $ | 28,507 |  |  | 17 | %
Secondary storage systems | 21,742 |  |  | 30 | % |  | 20,340 |  |  | 27 | % |  | 37,511 |  |  | 26 | % |  | 61,912 |  |  | 36 | %
Device and media | 7,430 |  |  | 11 | % |  | 7,893 |  |  | 10 | % |  | 16,679 |  |  | 12 | % |  | 16,085 |  |  | 10 | %
Service | 27,174 |  |  | 39 | % |  | 28,161 |  |  | 37 | % |  | 53,727 |  |  | 38 | % |  | 56,476 |  |  | 34 | %
Royalty | 2,363 |  |  | 3 | % |  | 2,228 |  |  | 3 | % |  | 5,265 |  |  | 4 | % |  | 5,194 |  |  | 3 | %
Total revenue(1) | $ | 70,469 |  |  | 100 | % |  | $ | 75,680 |  |  | 100 | % |  | $ | 141,812 |  |  | 100 | % |  | $ | 168,174 |  |  | 100 | %
__________________ (1)Subscription revenue of $4.1 million and $1.0 million was allocated to Primary and Secondary storage systems for the three months ended September 30, 2024 and 2023, respectively. Subscription revenue of $5.0 million and $2.5 million was allocated to Primary and Secondary storage systems for the six months ended September 30, 2024 and 2023, respectively. Contract Balances The following table presents the Company’s contract liabilities and certain information related to this balance as of March 31, 2024 and September 30, 2024 (in thousands):
|  | March 31, 2024
Deferred revenue |  | $ | 116,687 |
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period |  | $ | 76,304 |
|  | September 30, 2024
Deferred revenue |  | $ | 106,533 |
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period |  | $ | 48,132 |
Remaining Performance Obligations Total remaining performance obligations (“RPO”) representing contracted but not recognized revenue was $122.4 million as of September 30, 2024. RPO consists of both deferred revenue and uninvoiced, non-cancelable contracts that are expected to be invoiced and recognized as revenue in future periods and excludes variable consideration related to sales-based royalties. Of the $122.4 million RPO at the end of the second quarter of fiscal 2025, $106.5 million was for invoiced deferred revenue and $15.9 million was for uninvoiced, non-cancelable contracts. The non-current portion of the RPO will be recognized over the next 13 to 60 months. RPO consisted of the following (in thousands):
| Current |  | Non-Current |  | Total
As of September 30, 2024 | $ | 82,813 |  |  | $ | 39,617 |  |  | $ | 122,430 |
Deferred revenue consists of amounts that have been invoiced but have not yet been recognized as revenue including performance obligations pertaining to subscription services. The table below reflects the Company’s deferred revenue as of September 30, 2024 (in thousands):
| Deferred revenue by period
| Total |  | 1 year or less |  | 1 – 3 Years |  | 3 year or greater |  |
Service revenue | 89,667 |  |  | 61,629 |  |  | 22,809 |  |  | $ | 5,229 |  |  |
Subscription revenue | $ | 16,866 |  |  | $ | 7,740 |  |  | $ | 7,382 |  |  | $ | 1,744 |  |  |
Total at September 30, 2024 | $ | 106,533 |  |  | $ | 69,369 |  |  | $ | 30,191 |  |  | $ | 6,973 |  |  |
| REVENUE In the following table, revenue is disaggregated by major product offering and geographies (in thousands):
| Year Ended March 31, |  |
| 2024 |  | % |  | 2023 |  | % |  | 2022 |  | %
|  |  |  |  | Restated |  |  |  | Restated |  |
Americas(1) |  |  |  |  |  |  |  |  |  |  |
Product revenue | $ | 92,907 |  |  |  |  | $ | 175,652 |  |  |  |  | $ | 130,248 |  |  |
Service and subscription | 71,317 |  |  |  |  | 77,581 |  |  |  |  | 82,927 |  |  |
Total revenue | 164,224 |  |  | 53 | % |  | 253,233 |  |  | 60 | % |  | 213,175 |  |  | 55 | %
EMEA |  |  |  |  |  |  |  |  |  |  |
Product revenue | 59,465 |  |  |  |  | 70,025 |  |  |  |  | 71,498 |  |  |
Service and subscription | 47,372 |  |  |  |  | 46,279 |  |  |  |  | 46,401 |  |  |
Total revenue | 106,837 |  |  | 34 | % |  | 116,304 |  |  | 28 | % |  | 117,899 |  |  | 31 | %
APAC |  |  |  |  |  |  |  |  |  |  |
Product revenue | 22,507 |  |  |  |  | 29,177 |  |  |  |  | 29,068 |  |  |
Service and subscription | 7,901 |  |  |  |  | 9,658 |  |  |  |  | 7,913 |  |  |
Total revenue | 30,408 |  |  | 10 | % |  | 38,835 |  |  | 9 | % |  | 36,981 |  |  | 10 | %
Consolidated |  |  |  |  |  |  |  |  |  |  |
Product revenue | 174,879 |  |  |  |  | 274,854 |  |  |  |  | 230,814 |  |  |
Service and subscription | 126,590 |  |  |  |  | 133,518 |  |  |  |  | 137,241 |  |  |
Royalty(2) | 10,131 |  |  | 3 | % |  | 13,705 |  |  | 3 | % |  | 15,377 |  |  | 4 | %
Total revenue | $ | 311,600 |  |  | 100 | % |  | $ | 422,077 |  |  | 100 | % |  | $ | 383,432 |  |  | 100 | %
__________________ (1)Revenue for Americas geographic region outside of the United States is not significant. (2)Royalty revenue is not allocable to geographic regions. Revenue by Solution
| Year Ended March 31, |  |
| 2024 |  | % |  | 2023 |  | % |  | 2022 |  | %
|  |  |  |  | As restated |  |  |  | As restated |  |
Primary storage systems | $ | 53,525 |  |  | 17 | % |  | $ | 63,334 |  |  | 15 | % |  | $ | 67,592 |  |  | 18 | %
Secondary storage systems | 100,599 |  |  | 32 | % |  | 178,431 |  |  | 42 | % |  | 118,537 |  |  | 31 | %
Device and media | 33,477 |  |  | 11 | % |  | 42,008 |  |  | 10 | % |  | 49,959 |  |  | 13 | %
Service | 113,868 |  |  | 37 | % |  | 124,599 |  |  | 30 | % |  | 131,967 |  |  | 34 | %
Royalty | 10,131 |  |  | 3 | % |  | 13,705 |  |  | 3 | % |  | 15,377 |  |  | 4 | %
Total revenue(1) | $ | 311,600 |  |  | 100 | % |  | $ | 422,077 |  |  | 100 | % |  | $ | 383,432 |  |  | 100 | %
__________________ (1)Subscription revenue of $7.3 million, $5.6 million and $4.2 million allocated to Primary and Secondary storage systems for the fiscal years ended 2024, 2023 and 2022, respectively. Contract Balances The following table presents the Company’s contract liabilities and certain information related to this balance as of March 31, 2024 (in thousands):
| March 31, 2024
Deferred revenue | $ | 116,687 |
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period | $ | 76,304 |
| March 31, 2023
| As Restated
Deferred revenue | $ | 115,302 |
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period | $ | 83,113 |
| March 31, 2022
| As Restated
Deferred revenue | $ | 126,916 |
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period | $ | 86,731 |
Remaining Performance Obligations Total remaining performance obligations (“RPO”) which is contracted but not recognized revenue was $131.4 million as of March 31, 2024. RPO consists of both deferred revenue and non-cancelable amounts that are expected to be invoiced and recognized as revenue in future periods and excludes variable consideration related to sales-based royalties. Of the $131.4 million RPO at the end of fiscal 2024, we expect to recognize approximately 31.1% over the next 13 to 60 months. Remaining performance obligations consisted of the following (in thousands):
| Current |  | Non-Current |  | Total
As of March 31, 2024 | $ | 90,546 |  |  | $ | 40,895 |  |  | $ | 131,441 |
Deferred revenue primarily consists of amounts invoiced and paid but not recognized as revenue including performance obligations pertaining to subscription services. The table below reflects our deferred revenue as of March 31, 2024 (in thousands):
| Deferred revenue by period
(in thousands) | Total |  | 1 year or less |  | 1 – 3 Years |  | 3 year or greater |  |
Service revenue | $ | 107,819 |  |  | $ | 74,332 |  |  | $ | 28,184 |  |  | $ | 5,303 |  |  |
Subscription revenue | 8,868 |  |  | 4,180 |  |  | 3,686 |  |  | 1,002 |  |  |
Total | $ | 116,687 |  |  | $ | 78,512 |  |  | $ | 31,870 |  |  | $ | 6,305 |  |  |

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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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