Quarterly report pursuant to Section 13 or 15(d)

REVENUE RECOGNITION (Tables)

v3.24.1.1.u2
REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation Revenue
The table below sets forth a summary of revenue by major service line:

Three Months Ended March 31,
(in thousands) 2024 2023
Services:
IoT Connectivity (1)
$ 56,661  $ 43,244 
IoT Solutions 2,979  4,090 
$ 59,640  $ 47,334 
Products:
Hardware (2)(3)
$ 16,335  $ 18,641 
Total $ 75,975  $ 65,975 

(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions.
(2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions.
(3) Includes $2.5 million and $2.2 million of bill-and-hold arrangements for the three months ended March 31, 2024 and 2023, respectively.

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

Three Months Ended March 31,
(in thousands) 2024 2023
United States $ 63,621  $ 50,050 
Other countries 12,354  15,925 
Total $ 75,975  $ 65,975 
Schedule of Change in Contract Assets and Liabilities
The following table sets forth the change in contract assets, or unbilled receivables:

(in thousands) March 31, 2024 December 31, 2023
Beginning balance $ 2,173  $ — 
Revenue recognized during the period but not billed (1)
311  2,173 
Amounts reclassified to accounts receivable (261) — 
Ending balance $ 2,223  $ 2,173 

(1) Net of financing component of $0.4 million and $0.3 million as of March 31, 2024 and December 31, 2023, respectively.
The table below sets forth the change in contract liabilities, or deferred revenue:

(in thousands) March 31, 2024 December 31, 2023
Beginning balance $ 9,044  $ 7,817 
Amounts billed but not recognized as revenue 7,907  9,041 
Revenue recognized from balances held at the beginning of the period (9,044) (7,817)
Foreign exchange 34  3 
Ending balance $ 7,941  $ 9,044