Revenue

3 Months Ended

Mar. 31, 2024

Revenue [Abstract]

Revenue

3. Revenue

We account for revenue in accordance with ASC Topic 606: Revenue from Contracts with Customers.

Disaggregation of revenue

The following tables disaggregate our revenue by market type, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.  Sales and usage-based taxes are excluded from revenues.

	Three Months Ended
	March 31,
	2024						2023
	(In thousands)
	United States		International		Total		United States		International		Total
Food service technology	$	3,023	$	277	$	3,300	$	3,263	$	195	$	3,458
POS automation		651		–		651		1,782		15		1,797
Casino and gaming		3,238		2,458		5,696		11,569		4,242		15,811
TransAct Services Group		853		187		1,040		983		221		1,204
Total net sales	$	7,765	$	2,922	$	10,687	$	17,597	$	4,673	$	22,270

Contract balances

Contract assets consist of unbilled receivables.  Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced.  An unbilled receivable is recorded to reflect revenue that is recognized when such revenue exceeds the amount invoiced to the customer. Unbilled receivables are separated into current and non-current assets and included within “Accounts receivable, net” and “Other assets” in the Condensed Consolidated Balance Sheets. 

Contract liabilities consist of customer pre-payments and deferred revenue.  Customer prepayments are reported as “Accrued liabilities” in current liabilities in the Condensed Consolidated Balance Sheets and represent customer payments made in advance of performance obligations in instances where credit has not been extended and are recognized as revenue when the performance obligation is complete.  Deferred revenue is reported separately in current liabilities and non-current liabilities and consists of our extended warranty contracts, technical support for our food service technology terminals, EPICENTRAL maintenance contracts and prepaid software subscriptions for our BOHA! software applications, and is recognized as revenue as (or when) we perform under the contract.  For the three months ended March 31, 2024, we recognized revenue of $0.4 million related to our contract liabilities at December 31, 2023. Total net contract liabilities consisted of the following:

	March 31, 2024			December 31, 2023
	(In thousands)
Unbilled receivables, current	$	155		$	145
Unbilled receivables, net of current portion		103			120
Customer pre-payments		(123	)		(155	)
Deferred revenue, current		(925	)		(1,079	)
Deferred revenue, net of current portion		(196	)		(209	)
Total net contract liabilities	$	(986	)	$	(1,178	)

Remaining performance obligations

Remaining performance obligations represent the transaction price of firm orders for which a good or service has not been delivered to our customer.  As of March 31, 2024, the aggregate amount of transaction prices allocated to remaining performance obligations was $6.8 million.  The Company expects to recognize revenue of $6.5 million of its remaining performance obligations within the next 12 months following March 31, 2024, $0.2 million within the next 24 months following March 31, 2024 and the balance of these remaining performance obligations recognized within the next 36 months following March 31, 2024.