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REVENUE RECOGNITION | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE RECOGNITION | REVENUE RECOGNITION Disaggregated Revenue The table below sets forth a summary of revenue by major service line:
| Three Months Ended March 31,
(in thousands) | 2024 |  | 2023
Services: |  |  |
IoT Connectivity (1) | $ | 56,661 |  |  | $ | 43,244 |
IoT Solutions | 2,979 |  |  | 4,090 |
| $ | 59,640 |  |  | $ | 47,334 |
Products: |  |  |
Hardware (2)(3) | $ | 16,335 |  |  | $ | 18,641 |
Total | $ | 75,975 |  |  | $ | 65,975 |
(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions. (2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions. (3) Includes $2.5 million and $2.2 million of bill-and-hold arrangements for the three months ended March 31, 2024 and 2023, respectively. The table below sets forth a summary of revenue by geographic area:
| Three Months Ended March 31,
(in thousands) | 2024 |  | 2023
United States | $ | 63,621 |  |  | $ | 50,050 |
Other countries | 12,354 |  |  | 15,925 |
Total | $ | 75,975 |  |  | $ | 65,975 |
Contract Assets The following table sets forth the change in contract assets, or unbilled receivables:
(in thousands) | March 31, 2024 |  | December 31, 2023
Beginning balance | $ | 2,173 |  |  | $ | — |
Revenue recognized during the period but not billed (1) | 311 |  |  | 2,173 |
Amounts reclassified to accounts receivable | (261) |  |  | — |
Ending balance | $ | 2,223 |  |  | $ | 2,173 |
(1) Net of financing component of $0.4 million and $0.3 million as of March 31, 2024 and December 31, 2023, respectively. Contract Liabilities The table below sets forth the change in contract liabilities, or deferred revenue:
(in thousands) | March 31, 2024 |  | December 31, 2023
Beginning balance | $ | 9,044 |  |  | $ | 7,817 |
Amounts billed but not recognized as revenue | 7,907 |  |  | 9,041 |
Revenue recognized from balances held at the beginning of the period | (9,044) |  |  | (7,817) |
Foreign exchange | 34 |  |  | 3 |
Ending balance | $ | 7,941 |  |  | $ | 9,044 |
Remaining Performance Obligations Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations that are unsatisfied, or partially unsatisfied, at the end of the reporting period. Remaining performance obligations estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustments for revenue that have not materialized, and adjustments for currency. As of March 31, 2024 the Company had approximately $11.3 million of remaining performance obligations on contracts with an original duration of one year or more. The Company expects to recognize approximately 61% of these remaining performance obligations in 2024, with the remaining balance recognized thereafter. The Company has variable consideration of approximately $2.5 million that was constrained revenue and excluded from the transaction price for the period ended March 31, 2024. There were no material instances where variable consideration was constrained and not recorded at the initial time of sale for the period ended March 31, 2023. Costs to Obtain and Fulfill a Contract The Company did not have material costs related to obtaining a contract, or fulfilling a contract that are not addressed by other accounting standards, with amortization periods greater than one year as of March 31, 2024 and 2023.

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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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