Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Revenues

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Revenues
 12 Months Ended
Dec. 31, 2023
Revenue Recognition [Abstract]  
Revenues
Note 4. Revenues
Disaggregation of Revenues
The following table present the Company’s revenues disaggregated by geographical region (based on the Company's customers’ location) and revenue type for the years ended December 31, 2023, 2022 and 2021:
Year Ended December, 31
2023 2022 2021
(U.S. $ in thousands)
Americas
Systems $ 108,998  $ 130,959  $ 124,311 
Consumables 132,820  130,775  121,245 
Service 147,952  153,694  142,767 
Total Americas 389,770  415,428  388,323 
EMEA
Systems 51,617  53,527  42,077 
Consumables 75,468  61,703  61,192 
Service 28,857  26,430  27,027 
Total EMEA 155,942  141,660  130,296 
Asia Pacific
Systems 27,031  40,106  33,110 
Consumables 37,807  35,054  35,623 
Service 17,048  19,235  19,867 
Total Asia Pacific 81,886  94,395  88,600 
Total Revenues $ 627,598  $ 651,483  $ 607,219 
The following table present the Company’s revenues disaggregated based on the timing of revenue recognized for the years ended December 31, 2023, 2022 and 2021:
Year Ended December, 31
2023 2022 2021
(U.S. $ in thousands)
Revenues recognized in point in time from:
Products $ 433,741  $ 452,124  $ 417,557 
Services 54,362  53,152  46,049 
Total revenues recognized in point in time 488,103  505,276  463,606 
Revenues recognized over time from:
Services 139,495  146,207  143,613 
Total revenues recognized over time 139,495  146,207  143,613 
Total Revenues $ 627,598  $ 651,483  $ 607,219 
Contract Assets and Contract Liabilities
Contract assets are recorded when the Company's right to consideration is conditional on constraints other than the passage of time. The Company had no material contract assets as of December 31, 2023 and 2022.
Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are presented under deferred revenues. The Company's deferred revenues as of December 31, 2023 and 2022 were as follows:
December, 31
2023 2022
U.S. $ in thousands
Deferred revenue (*) $ 76,265  $ 75,434 
*Includes $23.7 million and $25.2 million under long term deferred revenue in the Company's consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively.
Revenue recognized in 2023 and 2022 that was included in deferred revenue balance as of January 1, 2023 and 2022 was $48.9 million and $44.0 million, respectively.

Remaining Performance Obligations
Remaining Performance Obligations (“RPO”) represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of December 31, 2023 and 2022 the total RPO amounted to $100.5 million and $104.6 million, respectively. The Company expects to recognize $64.7 million of this RPO during the next 12 months, $20.1 million over the subsequent 12 months and the remaining $15.7 million thereafter.
Incremental Costs of Obtaining a Contract
Sales commissions earned mainly by the Company’s sales agents are considered incremental costs of obtaining a contract with a customer as the Company expects the benefit of those commissions to be longer than one year. The majority of the sales commissions are not subject to capitalization as the commission expense is recognized as the related revenue is recognized. Sales commissions for initial contracts related to the service type warranty are deferred and then amortized on a straight-line basis over the expected customer relationship period (generally 5 years) if the Company expects to recover those costs. The Company determined the period of benefit by taking into consideration customer contracts including renewals, the technology and other factors. Amortization expense is included in selling, general and administrative expenses in the consolidated statements of operations. As of December 31, 2023 and 2022, the deferred commission amounted to $10.3 million and $9.6 million, respectively and presented under Other current assets and Other non-current assets.