REVENUE

12 Months Ended

Mar. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

As of March 30, 2024, the Company had $26.8 million of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more. The Company expects to recognize approximately 79% of this amount as revenue within the next twelve months and the remaining balance thereafter.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables and contract assets, as well as customer advances, customer deposits and deferred revenue (contract liabilities) on the consolidated balance sheets. The difference in timing between billing and revenue recognition primarily occurs in software licensing arrangements, resulting in contract assets and contract liabilities.

As of March 30, 2024 and April 1, 2023, the Company had contract liabilities of $31.2 million and $30.2 million, respectively. During fiscal 2024, we recognized $27.9 million of revenue that was included in the above April 1, 2023 contract liability balance. Contract liabilities are classified as other current liabilities and other long-term liabilities on the consolidated balance sheet. As of March 30, 2024 and April 1, 2023, the Company’s contract assets were immaterial.