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REVENUE RECOGNITION (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation Revenue | The table below sets forth a summary of revenue by major service line and product category:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Services: |  |  |  |  |  |  |
IoT Connectivity (1) | $ | 55,416 |  |  | $ | 54,217 |  |  | $ | 166,656 |  |  | $ | 145,161 |
IoT Solutions | 2,788 |  |  | 2,787 |  |  | 8,506 |  |  | 9,941 |
| $ | 58,204 |  |  | $ | 57,004 |  |  | $ | 175,162 |  |  | $ | 155,102 |
Products: |  |  |  |  |  |  |
Hardware (2)(3) | $ | 10,716 |  |  | $ | 11,629 |  |  | $ | 37,601 |  |  | $ | 49,042 |
Total | $ | 68,920 |  |  | $ | 68,633 |  |  | $ | 212,763 |  |  | $ | 204,144 |
(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions. (2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions. (3) Includes $0.9 million and $2.1 million of bill-and-hold arrangements for the three months ended September 30, 2024 and 2023, respectively, and $3.7 million and $6.6 million for the nine months ended September 30, 2024 and 2023, respectively. The table below sets forth a summary of revenue by geographic area:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 58,201 |  |  | $ | 56,163 |  |  | $ | 179,003 |  |  | $ | 162,924 |
Other countries (1) | 10,719 |  |  | 12,470 |  |  | 33,760 |  |  | 41,220 |
Total | $ | 68,920 |  |  | $ | 68,633 |  |  | $ | 212,763 |  |  | $ | 204,144 |
(1) No single country in “other countries” exceeded 10% of the total revenue for the three months ended September 30, 2024 and 2023, and the nine months ended September 30, 2024 and 2023.
Schedule of Change in Contract Assets and Liabilities | The following table sets forth the change in contract assets, or unbilled receivables:
(in thousands) | September 30, 2024 |  | December 31, 2023
Beginning balance | $ | 2,173 |  |  | $ | — |
Revenue recognized during the period but not billed (1) | 2,626 |  |  | 2,173 |
Amounts reclassified to accounts receivable | (1,349) |  |  | — |
Ending balance | $ | 3,450 |  |  | $ | 2,173 |
(1) Net of financing component of $0.5 million and $0.3 million as of September 30, 2024 and December 31, 2023, respectively. The table below sets forth the change in contract liabilities, or deferred revenue:
(in thousands) | September 30, 2024 |  | December 31, 2023
Beginning balance | $ | 9,044 |  |  | $ | 7,817 |
Amounts billed but not recognized as revenue | 7,794 |  |  | 9,041 |
Revenue recognized from balances held at the beginning of the period | (9,044) |  |  | (7,817) |
Foreign exchange | — |  |  | 3 |
Ending balance | $ | 7,794 |  |  | $ | 9,044 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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