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Revenue
12 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenue Disaggregation
The following table summarizes our revenue by geographic location of our customers:
Year ended September 30,
($ in thousands)202420232022
North America, primarily the United States$302,491 $323,714 $302,409 
Europe, Middle East & Africa64,890 69,980 53,612 
Rest of world56,665 51,155 32,204 
Total revenue$424,046 $444,849 $388,225 

The following table summarizes our revenue by the timing of revenue recognition:
Year ended September 30,
($ in thousands)202420232022
Transferred at a point in time$313,421 $345,119 $302,535 
Transferred over time110,625 99,730 85,690 
Total revenue$424,046 $444,849 $388,225 
Contract Balances
Contract Related Assets
Our contract related assets consist of subscriber assets. Subscriber assets are equipment that we provide to customers pursuant to subscription-based contracts.  In these cases, we retain the ownership of the equipment a customer uses and charge the customer subscription fees to receive our end-to-end solutions. The total net book value of subscriber assets of $23.6 million and $16.6 million as of September 30, 2024 and September 30, 2023, respectively, are included in property, equipment and improvements, net. Depreciation expense for these subscriber assets was $5.3 million and $3.8 million for the twelve months ended September 30, 2024 and 2023, respectively. We depreciate the cost of this equipment over its useful life and include these expenses in cost of sales.
9. REVENUE (CONTINUED)
Contract Assets
Contract assets at Digi consist of products and services that have been fulfilled, but for which revenue has not yet been recognized. Our contract asset balances were immaterial as of September 30, 2024 and September 30, 2023.
Contract Liabilities
The timing of revenue recognition may differ from the timing of invoicing to customers. Customers are invoiced for subscription services on a monthly, quarterly or annual basis. Contract liabilities consist of unearned revenue related to annual or multi-year contracts for subscription services and related implementation fees, as well as product sales that have been invoiced, but not yet fulfilled.
Our contract liabilities were $36.8 million and $27.9 million at September 30, 2024 and 2023, respectively.
Of the $27.9 million and $21.6 million balances as of September 30, 2023 and 2022, Digi recognized $20.0 million and $17.5 million as revenue in the twelve months ended September 30, 2024 and 2023, respectively.
Remaining Performance Obligation
As of September 30, 2024, we had approximately $151.0 million of remaining performance obligations on contracts with an original duration of one year or more. We expect to recognize revenue on approximately $73.9 million of remaining performance obligations over the next 12 months. Revenue from the remaining performance obligations we expect to recognize over a range of two to five years.