Quarterly report pursuant to Section 13 or 15(d)

REVENUE RECOGNITION

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REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2024
REVENUE RECOGNITION  
REVENUE RECOGNITION

3. REVENUE RECOGNITION

Contract Balances

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The Company’s deferred revenue balance was $17.7 million and $15.4 million as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024, the Company recognized $3.7 million of existing deferred revenue from 2023. During the three months ended March 31, 2023, the Company recognized $3.4 million of existing deferred revenue from 2022. The deferred revenue consists of billed post-installation customer support and maintenance, cloud-based software licenses that are recognized ratably over the term of the agreement, and contracts that have outstanding performance obligations or contracts that have acceptance terms that have not yet been fulfilled.

Contract assets were not significant during the three months ended March 31, 2024 and 2023.

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Remaining Performance Obligations

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At March 31, 2024, the Company had $17.7 million of remaining performance obligations, of which approximately $14.2 million is expected to be fulfilled over the next 12 months, notwithstanding uncertainty related to customer site readiness and unanticipated economic events, which could have an adverse effect on the timing of delivery and installation of products and/or services to customers. In addition, the Company also had customer deposits of $4.3 million and $12.3 million at March 31, 2024 and 2023, respectively.