Quarterly report pursuant to Section 13 or 15(d)

REVENUE RECOGNITION (Tables)

v3.24.3
REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation Revenue
The table below sets forth a summary of revenue by major service line and product category:

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2024 2023 2024 2023
Services:
IoT Connectivity (1)
$ 54,579  $ 47,699  $ 111,240  $ 90,943 
IoT Solutions 2,739  3,065  5,718  7,155 
$ 57,318  $ 50,764  $ 116,958  $ 98,098 
Products:
Hardware (2)(3)
$ 10,550  $ 18,772  $ 26,885  $ 37,413 
Total $ 67,868  $ 69,536  $ 143,843  $ 135,511 

(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions.
(2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions.
(3) Includes $0.3 million and $2.3 million of bill-and-hold arrangements for the three months ended June 30, 2024 and 2023, respectively, and $2.9 million and $4.5 million for the six months ended June 30, 2024 and 2023, respectively.
The table below sets forth a summary of revenue by geographic area:

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2024 2023 2024 2023
United States $ 57,181  $ 56,709  $ 120,802  $ 106,759 
Other countries (1)
10,687  12,827  23,041  28,752 
Total $ 67,868  $ 69,536  $ 143,843  $ 135,511 

(1) No single country in “other countries” exceeded 10% of the total revenue for the three months ended June 30, 2024 and 2023, and the six months ended June 30, 2024 and 2023.
Schedule of Change in Contract Assets and Liabilities
The following table sets forth the change in contract assets, or unbilled receivables:

(in thousands) June 30, 2024 December 31, 2023
Beginning balance $ 2,173  $ — 
Revenue recognized during the period but not billed (1)
1,779  2,173 
Amounts reclassified to accounts receivable (807) — 
Ending balance $ 3,145  $ 2,173 

(1) Net of financing component of $0.5 million and $0.3 million as of June 30, 2024 and December 31, 2023, respectively.
The table below sets forth the change in contract liabilities, or deferred revenue:

(in thousands) June 30, 2024 December 31, 2023
Beginning balance $ 9,044  $ 7,817 
Amounts billed but not recognized as revenue 8,483  9,041 
Revenue recognized from balances held at the beginning of the period (9,044) (7,817)
Foreign exchange 48  3 
Ending balance $ 8,531  $ 9,044