Annual report pursuant to Section 13 and 15(d)

Contract Assets and Liabilities (Tables)

v3.24.1
Contract Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Components of contract assets and contract liabilities
The components of contract assets and contract liabilities consisted of the following:
December 31, December 31,
2023 2022
(in thousands)
Contract assets - current:
Unbilled revenue $ 15,213  $ 5,706 
Total contract assets - current $ 15,213  $ 5,706 
Contract assets - long-term:
Unbilled revenue - long-term $ 8,150  $ 1,287 
Contract assets - long-term 610  681 
Total contract assets - long-term(1)
$ 8,760  $ 1,968 
Contract liabilities - current:
Deferred revenue - current $ 3,670  $ 6,783 
Total contract liabilities - current $ 3,670  $ 6,783 
Contract liabilities - long-term:
Other contract liabilities - long-term $ 169  $ 109 
Total contract liabilities - long-term $ 169  $ 109 
Changes in short-term and long-term contract assets and contract liabilities for the year ended December 31, 2023 were as follows:
Contract Assets Contract Liabilities
(in thousands)
Balance as of January 1, 2023 $ 7,674  $ 6,892 
Billings or revenue recognized that was included in the beginning balance (3,063) (6,191)
Changes in contract assets or contract liabilities, net of reclassification to receivables 18,854  2,512 
Cumulative catch-up adjustment arising from changes in estimates to complete 595  225 
Cumulative catch-up adjustment arising from contract modifications (16) 341 
Changes in costs to fulfill and amortization of commission costs (71) — 
Changes in contract commission costs —  60 
Balance as of December 31, 2023 $ 23,973  $ 3,839