Company: CTLPP
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004271
Chunk: 27

Company: CANTALOUPE, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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56,029 128,877 111,164 Equipment sales8,636 9,330 15,681 16,878 Total revenues$73,722 $65,359 $144,558 $128,042 A portion of the Company’s revenues relate to rental lease arrangements. The Company leases equipment to customers under the Cantaloupe One program which is accounted for as operating leases in accordance with ASC 842. Lease revenue is recognized on a straight-line basis over the term of the lease and is included in Subscription and transaction fees in the Consolidated Statement of Operations and Subscription fees in the table above. As described in Note 4 - Finance Receivables, the Company leases equipment under sales-type finance leases in accordance with ASC 842.The Company's revenues earned under ASC Topic 842 are as follows:Three months endedDecember 31,Six months endedDecember 31,($ in thousands)2024202320242023Operating leases$2,190 $2,032 $4,508 $4,023 Sales-type leases294 420 934 1,111 Total lease revenues$2,484 $2,452 $5,442 $5,134 Operating leases are included in Subscription and transaction fees in the Consolidated Statement of Operations and Subscription fees in the disaggregated revenue table above. Sales-type finance leases are included in Equipment sales in the Consolidated Statement of Operations and in the disaggregated revenue table above.Contract AssetsContract assets represent revenues earned from customers that are not yet billable to customers, generally due to the timing of when equipment and services are delivered to customers on bundled contracts, or as a result of contract costs as described below. Contract assets that will be billed within the next 12 months are included in Prepaid expenses and other current assets and all others are included in Other assets on the Condensed Consolidated Balance Sheets. Contract assets were $2.4 million and $2.6 million, as of December 31, 2024 and June 30, 2024.Contract LiabilitiesThe change in the contract liability balances, presented as Deferred revenue on the Condensed Consolidated Balance Sheets, is primarily the result of timing difference between the Company’s satisfaction of a performance obligation and payment from the customer.The Company's contract liability (i.e., deferred revenue) balances are as follows:Three months endedDecember 31,($ in thousands)20242023Deferred revenue, beginning of the period$1,471 $