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Revenue Recognition | 9 Months Ended
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Nov. 02, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Note 4 – Revenue Recognition We derive revenue from the sale of (i) hardware, including digital color label printers and specialty OEM printing systems, portable data acquisition systems, and airborne printers and networking hardware used in the flight deck and cabin of military, commercial and business aircraft, (ii) related supplies required in the operation of the hardware, (iii) repairs and maintenance of hardware and (iv) service agreements. Revenues disaggregated by primary geographic markets and major product types are as follows: Primary geographical markets:
|  | Three Months Ended |  |  | Nine Months Ended |
(In thousands) |  | November 2, 2024 |  |  | October 28, 2023 |  |  | November 2, 2024 |  |  | October 28, 2023 |
United States |  | $ | 23,493 |  |  | $ | 20,953 |  |  | $ | 66,834 |  |  | $ | 61,773 |
Europe |  |  | 10,330 |  |  |  | 11,292 |  |  |  | 29,522 |  |  |  | 31,088 |
Canada |  |  | 2,118 |  |  |  | 2,311 |  |  |  | 6,617 |  |  |  | 6,480 |
Asia |  |  | 2,601 |  |  |  | 1,670 |  |  |  | 5,867 |  |  |  | 4,920 |
Central and South America |  |  | 1,454 |  |  |  | 995 |  |  |  | 3,988 |  |  |  | 3,220 |
Other |  |  | 426 |  |  |  | 328 |  |  |  | 1,094 |  |  |  | 1,012 |
Total Revenue |  | $ | 40,422 |  |  | $ | 37,549 |  |  | $ | 113,922 |  |  | $ | 108,493 |
Major product types:
|  | Three Months Ended |  |  | Nine Months Ended |
(In thousands) |  | November 2, 2024 |  |  | October 28, 2023 |  |  | November 2, 2024 |  |  | October 28, 2023 |
Hardware |  | $ | 11,622 |  |  | $ | 12,865 |  |  | $ | 32,856 |  |  | $ | 35,800 |
Supplies |  |  | 20,908 |  |  |  | 19,973 |  |  |  | 61,885 |  |  |  | 58,744 |
Service and Other |  |  | 7,892 |  |  |  | 4,711 |  |  |  | 19,181 |  |  |  | 13,949 |
Total Revenue |  | $ | 40,422 |  |  | $ | 37,549 |  |  | $ | 113,922 |  |  | $ | 108,493 |
In December 2022, we entered into an amended contract with one of our T&M customers that provided for a total payment of $3.25 million to us as a result of our claims allowable under French law relating to additional component costs we have incurred and will continue to incur in order to supply aerospace printers under the contract for the period beginning in April 2022 and continuing through fiscal 2025. Revenue from this arrangement will be recognized in proportion to the total estimated shipments through the end of the contract period. As of January 31, 2024, we recognized $2.4 million in revenue and the $0.8 million balance was recorded as deferred revenue. During the nine months ended November 2, 2024, we recognized an additional $0.8 million which is included in revenue in the condensed consolidated statement of income for the respective period presented, and there is no balance in deferred revenue at November 2, 2024. Contract Assets and Liabilities We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are related to advanced billings for purchased service agreements and extended warranties. Contract liabilities were $378,000 and $530,000 at November 2, 2024 and January 31, 2024, respectively, and are recorded as deferred revenue in the accompanying condensed consolidated balance sheet. The decrease in the deferred revenue balance during the nine months ended November 2, 2024 is due to revenue recognized during the current period, including $266,000 of revenue recognized that was included in the deferred revenue balance at January 31, 2024, partially offset by cash payments received in advance of satisfying performance obligations. Contract Costs We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain costs related to obtaining sales contracts for our aerospace printer products meet the requirement to be capitalized. These costs are deferred and amortized over the remaining useful life of these contracts, which we currently estimate to be approximately 17 years as of November 2, 2024. The balance of these contract assets at January 31, 2024 was $1.3 million. We also recognize an asset for the costs to fulfill a contract with a customer if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. In fiscal 2025, we incurred $0.3 million of costs to fulfill a contract which will be amortized over approximately 17 years. During the three and nine months ended November 2, 2024, we amortized contract costs of $23,000 and $65,000, respectively. The balance of deferred incremental direct costs net of accumulated amortization at November 2, 2024 was $1.5 million, of which $0.1 million is reported in other current assets, and $1.4 million is reported in other assets in the accompanying condensed consolidated balance sheet.

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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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