Annual report pursuant to Section 13 and 15(d)

Revenue Recognition

v3.19.2
Revenue Recognition
12 Months Ended
Mar. 31, 2019
Revenue Recognition  
Revenue Recognition

7. Revenue Recognition

The following table presents disaggregated revenue by business group for the fiscal year ended March 31, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

Fiscal Year Ended

 

    

March 31, 2019

Microturbine Products

 

$

51,417

Accessories and Parts

 

 

14,886

Total Product, Accessories and Parts

 

 

66,303

Service

 

 

17,109

Total Revenue

 

$

83,412

Following is the geographic revenue information based on the primary operating location of the Company’s customers for the fiscal year ended March 31, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year Ended

 

    

March 31, 2019

United States

 

$

45,480

Mexico

 

 

5,005

All other North America

 

 

791

Total North America

 

 

51,276

Europe

 

 

3,176

All other Europe

 

 

12,886

Total Europe

 

 

16,062

Asia

 

 

5,229

Australia

 

 

3,874

All other

 

 

6,971

Total Revenue

 

$

83,412

 

Contract Balances

Our contract liabilities consist of advance payments for systems as well as deferred revenue on service obligations and extended warranties. The current portion of deferred revenue is included in current liabilities under deferred revenue and the non-current portion of deferred revenue is included in other non-current liabilities in the Consolidated Balance Sheets.

As of March 31, 2019 the balance of deferred revenue was approximately $8.2 million compared to $6.6 million as of March 31, 2018. This overall increase in the balance of deferred revenue of $1.6 million during the fiscal year ended March 31, 2019 was comprised of increases in deferred revenue attributable to FPP contracts of $1.3 million, increases in deferred revenue attributable to the DSS program of $0.6 million, offset by a decrease in deferred revenue attributable to deposits of $0.3 million. Changes in deferred revenue during the fiscal year ended March 31, 2019 and 2018 are as follows (in thousands):

 

 

 

 

 

 

 

 

 

    

2019

    

2018

 

FPP Balance, beginning of the period

 

$

3,549

 

$

3,414

 

FPP Billings

 

 

15,650

 

 

15,138

 

FPP Revenue recognized

 

 

(14,318)

 

 

(15,003)

 

Balance attributed to FPP contracts

 

 

4,881

 

 

3,549

 

DSS program

 

 

1,689

 

 

1,087

 

Deposits

 

 

1,666

 

 

1,960

 

Deferred revenue balance, end of the period

 

$

8,236

 

$

6,596

 

 

Deferred revenue attributed to FPP contracts represents the unearned portion of our agreements. FPP agreements are generally paid quarterly in advance with revenue recognized on a straight line basis over the contract period. Deposits are primarily non-refundable cash payments from distributors for future orders.

As of March 31, 2019, approximately $4.9 million of revenue is expected to be recognized from remaining performance obligations for FPP service contracts. The Company expects to recognize revenue on approximately $3.8 million of these remaining performance obligations over the next 12 months and the balance of $1.1 million will be recognized thereafter. Revenue from remaining performance obligations for professional services contracts as of March 31, 2019 was not material.