Revenues

6 Months Ended

Jun. 30, 2022

Revenue Recognition [Abstract]

Revenues

Note 4. Revenues

Disaggregation of Revenues

The following table presents the Company’s revenues disaggregated by geographical region (based on the Company's customers' locations) and revenue type for the three and six months ended June 30, 2022 and 2021:

	Three months ended June 30,				Six months ended June 30,
		2022		2021		2022		2021
	(U.S. $ in thousands)				(U.S. $ in thousands)
Americas
Systems	$	32,868	$	27,053	$	61,850	$	48,410
Consumables		34,662		30,730		66,016		58,941
Service		39,695		35,166		77,926		67,711
Total Americas		107,225		92,949		205,792		175,062
EMEA
Systems		14,760		10,481		29,837		20,179
Consumables		14,268		15,345		32,093		28,148
Service		6,184		6,697		13,337		13,114
Total EMEA		35,212		32,523		75,267		61,441
Asia Pacific
Systems		11,235		8,031		21,693		16,856
Consumables		7,928		8,665		17,305		18,095
Service		5,003		4,837		9,975		9,740
Total Asia Pacific		24,166		21,533		48,973		44,691
Total Revenues	$	166,603	$	147,005	$	330,032	$	281,194

The following table presents the Company’s revenues disaggregated based on the timing of revenue recognition (at a specific point in time or over the course of time) for the three and six months ended June 30, 2022 and 2021:

	Three months ended June 30,				Six months ended June 30,
		2022		2021		2022		2021
	(U.S. $ in thousands)				(U.S. $ in thousands)
Revenues recognized in point in time from:
Products	$	115,721	$	100,305	$	228,794	$	190,629
Services		13,147		11,124		25,639		21,725
Total revenues recognized in point in time		128,868		111,429		254,433		212,354
Revenues recognized over time from:
Services		37,735		35,576		75,599		68,840
Total revenues recognized over time		37,735		35,576		75,599		68,840
Total Revenues	$	166,603	$	147,005	$	330,032	$	281,194

Contract Assets and Contract Liabilities

Contract assets are recorded when the Company's right to consideration is conditioned on constraints other than the passage of time. The Company had no material contract assets as of June 30, 2022 and December 31, 2021.

Contract liabilities include advance payments and billings in excess of revenue recognized, which are primarily related to advanced billings for service type warranty. Contract liabilities are presented under deferred revenues. The Company's deferred revenues as of June 30, 2022 and December 31, 2021 were as follows:

		June 30, 2022		December 31, 2021
	U.S. $ in thousands
Deferred revenue*	$	72,238	$	72,307

*Includes $22.7 million and $21.1 million under long-term deferred revenue in the Company's consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively.

Revenue recognized in 2022 that was included in deferred revenue balance as of December 31, 2021 was $12.9 million and $30.5 million for the three and six months ended June 30, 2022.

Remaining Performance Obligations

Remaining Performance Obligations (“RPO“) represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2022, the total RPO amounted to $112.7 million. The Company expects to recognize $89.5 million of this RPO during the next 12 months, $16.2 million over the subsequent 12 months and the remaining $6.9 million thereafter.

Incremental Costs of Obtaining a Contract

Sales commissions earned mainly by the Company’s sales agents are considered incremental costs of obtaining a contract with a customer, as the Company expects the benefit of those commissions to be longer than one year. The majority of the sales commissions are not subject to capitalization, as the commission expense is recognized as the related revenue is recognized. Sales commissions for initial contracts related to the service type warranty are deferred and then amortized on a straight-line basis over the expected customer relationship period if the Company expects to recover those costs. Amortization expense is included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. As of June 30, 2022 and December 31, 2021, the deferred commissions amounted to $8.4 million and $7.4 million, respectively.