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Revenue and Deferred Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue and Deferred Revenue Revenue and Deferred Revenue
Deferred revenue relates to performance obligations for which payments have been received from the customer prior to revenue recognition. Deferred revenue primarily consists of deferred subscription-based services. Deferred revenue also includes amounts allocated from the sale of a connected machine to the unspecified upgrades and enhancements and the Company’s cloud-based services. The Company has recognized no contract assets as of March 31, 2024 and December 31, 2023.
The following table summarizes the changes in the deferred revenue balance for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
(in thousands)
Deferred revenue, beginning of period$43,235 $38,658 
Recognition of revenue included in beginning of period
deferred revenue
(23,479)(21,076)
Revenue deferred, net of revenue recognized on contracts in
the respective period
26,877 24,194 
Deferred revenue, end of period$46,633 $41,776 
As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was equal to the deferred revenue balance.
The Company expects the following recognition of deferred revenue as of March 31, 2024:
Year Ended December 31,
2024 (remainder of year)202520262027Total
(in thousands)
Revenue expected to be recognized$41,228 $4,411 $976 $18 $46,633 
The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 16 under the heading “Segment Information.”
Revenue recognized during the three months ended March 31, 2024 related to performance obligations satisfied or partially satisfied was $2.6 million.
The following table presents the total revenue by geography based on the ship-to address for the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
North America*$134,835 $147,755 
International32,557 33,472 
Total revenue$167,392 $181,227 
*North America revenue consists of revenues from the United States and Canada.
The following table presents the total revenue by source for the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Platform
$78,286 $76,241 
Connected machines
36,948 34,131 
Accessories and materials
52,158 70,855 
Total revenue$167,392 $181,227