Annual report pursuant to Section 13 and 15(d)

REVENUE RECOGNITION (Tables)

v3.24.1.u1
REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation Revenue
The table below sets forth a summary of revenue by major service line:
For the Year Ended December 31,
(in thousands) 2023 2022
Services:
IoT Connectivity (1)
$ 200,066  $ 173,526 
IoT Solutions 12,579  15,459 
$ 212,645  $ 188,985 
Products:
Hardware (2)(3)
$ 63,965  $ 79,462 
Total $ 276,610  $ 268,447 

(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions.
(2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions.
(3) Includes $6.4 million and $10.7 million of bill-and-hold arrangements for the years ended December 31, 2023 and 2022, respectively.

The table below sets forth a summary of revenue by geographic area:

For the Year Ended December 31,
(in thousands) 2023 2022
United States $ 223,172  $ 211,599 
Other countries 53,438  56,848 
Total $ 276,610  $ 268,447 
Schedule of Change in Contract Assets and Liabilities
The following table sets forth the change in contract assets, or unbilled receivables (1):

(in thousands) December 31, 2023
Beginning balance $ — 
Revenue recognized during the period but not billed (2)
2,173 
Amounts reclassified to accounts receivable — 
Ending balance $ 2,173 

(1) There were no contract assets as of or for the year ended December 31, 2022.
(2) Net of financing component of $0.3 million.
The table below sets forth the change in contract liabilities, or deferred revenue:

December 31,
(in thousands) 2023 2022
Beginning balance $ 7,817  $ 6,889 
Amounts billed but not recognized as revenue 9,041  7,814 
Revenue recognized from balances held at the beginning of the period (7,817) (6,889)
Foreign exchange 3  3 
Ending balance $ 9,044  $ 7,817