Quarterly report pursuant to Section 13 or 15(d)

REVENUE RECOGNITION

v3.23.2
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Contract Balances
Deferred revenue as set forth on the Company’s condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 primarily relates to revenue that is recognized over time for IoT connectivity monthly recurring charges, with reductions in the balance related to the satisfaction or partial satisfaction of these contracts. The balance also contains a deferral for goods that are in transit at the period end for which control transfers to the customer upon delivery.
Disaggregated Revenue Information
The Company has presented the disaggregated disclosures below which are useful to understand the composition of the Company’s revenue during the respective reporting periods shown below:
Three Months Ended Six Months Ended
($ in thousands) June 30, June 30,
2023 2022 2023 2022
IoT Connectivity*
 $ 47,699  $ 43,814  $ 90,943  $ 86,867 
Hardware Sales 16,499  21,469  32,943  40,481 
Hardware Sales—bill-and-hold 2,273  1,646  4,470  4,070 
Deployment services, professional services, referral services and other 3,065  3,992  7,155  8,481 
Total $ 69,536  $ 70,921  $ 135,511  $ 139,899 
*Includes connectivity-related revenues from IoT Connectivity services and IoT Solutions services
Customer Concentrations
The Company did not have any customer concentrations in revenue for the three months ended June 30, 2023. For the six months ended June 30, 2023, one customer, a large multinational medical device and healthcare company, represented approximately 10% of the Company’s total revenue.
For the three and six months ended June 30, 2022, the same customer as described above represented approximately 11% and 15%, respectively, of the Company’s total revenue.
Geographic Concentrations
For the three months ended June 30, 2023 and 2022, approximately 82% and 79%, respectively, of the Company’s revenue was generated in the United States. For the six months ended June 30, 2023 and 2022, approximately 79% and 78%, respectively, of the Company’s revenue was generated in the United States.
Three Months Ended Six Months Ended
($ in thousands) June 30, June 30,
2023 2022 2023 2022
United States $ 56,709  $ 55,875  $ 106,759  $ 108,833 
Other countries 12,827  15,046  28,752  31,066 
Total $ 69,536  $ 70,921  $ 135,511  $ 139,899