Company: CTLPP
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023882
Chunk: 31

Company: CANTALOUPE, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 31
---
10,248 8,690 25,929 25,568 Total revenues$75,427 $67,897 $219,985 $195,939 A portion of the Company’s revenues relate to rental lease arrangements. The Company leases equipment to customers under the Cantaloupe One program which is accounted for as operating leases in accordance with ASC 842. Lease revenue is recognized on a straight-line basis over the term of the lease and is included in Subscription and transaction fees in the Consolidated Statement of Operations and Subscription fees in the table above. As described in Note 4 - Finance Receivables, the Company leases equipment under sales-type finance leases in accordance with ASC 842.The Company's revenues earned under ASC Topic 842 are as follows:Three months endedMarch 31,Nine months endedMarch 31,($ in thousands)2025202420252024Operating leases$2,262 $2,056 $6,769 $6,081 Sales-type leases237 884 1,172 1,995 Total lease revenues$2,499 $2,940 $7,941 $8,076 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 $2.2 million and $2.6 million, as of March 31, 2025 and June 30, 2024.Contract LiabilitiesThe change in the contract liability balances, presented as Deferred revenue on the Condensed Consolidated Balance Sheets, is primarily the result of timing difference between the Company’s satisfaction of a performance obligation and payment from the customer.The Company's contract liability (i.e., deferred revenue) balances are as follows:Three months endedMarch 31,($ in thousands)20252024Deferred revenue, beginning of the period$1,356 $1,788 Revenue recognized in the period from amounts included