BlackSky Technology Inc. Annual report pursuant to Section 13 and 15(d)

Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

The components of contract assets and contract liabilities consisted of the following:


	December 31,		December 31,
	2021		2020
	(in thousands)
Contract assets - current
Unbilled revenue	$	788	$	749
Contract assets	890		3,047
Total contract assets - current	$	1,678	$	3,796

Contract liabilities - current
Deferred revenue - short-term	$	11,082	$	14,030
Other contract liabilities	184		507
Total contract liabilities - current	$	11,266	$	14,537

Contract liabilities - long-term	$	—	$	—
Deferred revenue - long-term	568		2,559
Total contract liabilities - long-term	$	568	$	2,559

Changes in short-term and long-term contract assets and contract liabilities reported as of January 1, 2021 were as follows:


	Contract Assets		Contract Liabilities
	(in thousands)
Balance on January 1, 2021	3,796		$	17,096
Billings or revenue recognized that was included in the beginning balance	(740)		(12,641)
Cash received in advance and not recognized as revenue	—		3,060
Changes in contract assets, net of reclassification to receivables	780		—
Cumulative catch-up adjustment arising from changes in estimates to complete	—		4,624
Cumulative catch-up adjustment arising from contract modification	—		18
Changes in costs to fulfill and amortization of commission costs	(2,158)		—
Changes in contract commission costs			(323)
Balance on December 31, 2021	$	1,678	$	11,834