REVENUE

12 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

In the following table, revenue is disaggregated by major product offering and geographies (in thousands):

	Year Ended March 31,
	2024		%		2023		%		2022		%
					Restated				Restated
Americas1
Product revenue	$	92,907			$	175,652			$	130,248
Service and subscription	71,317				77,581				82,927
Total revenue	164,224		53	%	253,233		60	%	213,175		55	%
EMEA
Product revenue	59,465				70,025				71,498
Service and subscription	47,372				46,279				46,401
Total revenue	106,837		34	%	116,304		28	%	117,899		31	%
APAC
Product revenue	22,507				29,177				29,068
Service and subscription	7,901				9,658				7,913
Total revenue	30,408		10	%	38,835		9	%	36,981		10	%
Consolidated
Product revenue	174,879				274,854				230,814
Service and subscription	126,590				133,518				137,241
Royalty2	10,131		3	%	13,705		3	%	15,377		4	%
Total revenue	$	311,600	100	%	$	422,077	100	%	$	383,432	100	%

1 Revenue for Americas geographic region outside of the United States is not significant.

2 Royalty revenue is not allocable to geographic regions.

Revenue by Solution

	Year Ended March 31,
	2024		%		2023		%		2022		%
					As restated				As restated
Primary storage systems	$	53,525	17	%	$	63,334	15	%	$	67,592	18	%
Secondary storage systems	100,599		32	%	178,431		42	%	118,537		31	%
Device and media	33,477		11	%	42,008		10	%	49,959		13	%
Service	113,868		37	%	124,599		30	%	131,967		34	%
Royalty	10,131		3	%	13,705		3	%	15,377		4	%
Total revenue1	$	311,600	100	%	$	422,077	100	%	$	383,432	100	%

1 Subscription revenue of $7.3 million, $5.6 million and $4.2 million allocated to Primary and Secondary storage systems for the fiscal years ended 2024, 2023 and 2022, respectively.

Contract Balances

The following table presents the Company’s contract liabilities and certain information related to this balance as of March 31, 2024 (in thousands): 

	March 31, 2024
Deferred revenue	$	116,687
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period	$	76,304

	March 31, 2023
	As Restated
Deferred revenue	$	115,302
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period	$	83,113

	March 31, 2022
	As Restated
Deferred revenue	$	126,916
Revenue recognized in the period from amounts included in contract liabilities at the beginning of the period	$	86,731

Remaining Performance Obligations

Total remaining performance obligations (“RPO”) which is contracted but not recognized revenue was $131.4 million as of March 31, 2024. RPO consists of both deferred revenue and non-cancelable amounts that are expected to be invoiced and recognized as revenue in future periods and excludes variable consideration related to sales-based royalties. Of the $131.4 million RPO at the end of fiscal 2024, we expect to recognize approximately 31.1% over the next 13 to 60 months.

Remaining performance obligations consisted of the following (in thousands):

	Current		Non-Current		Total
As of March 31, 2024	$	90,546	$	40,895	$	131,441

Deferred revenue primarily consists of amounts invoiced and paid but not recognized as revenue including performance obligations pertaining to subscription services. The table below reflects our deferred revenue as of March 31, 2024 (in thousands):

	Deferred revenue by period
(in thousands)	Total		1 year or less		1 – 3 Years		3 year or greater
Service revenue	$	107,819	$	74,332	$	28,184	$	5,303
Subscription revenue	8,868		4,180		3,686		1,002
Total	$	116,687	$	78,512	$	31,870	$	6,305