| Components of contract assets and contract liabilities |
The components of contract assets and contract liabilities consisted of the following:
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June 30, |
|
December 31, |
|
2024 |
|
2023 |
|
(in thousands) |
| Contract assets - current: |
|
|
|
| Unbilled revenue |
$ |
28,166 |
|
|
$ |
15,213 |
|
|
|
|
|
| Total contract assets - current |
$ |
28,166 |
|
|
$ |
15,213 |
|
|
|
|
|
| Contract assets - long-term: |
|
|
|
| Unbilled revenue - long-term |
$ |
1,332 |
|
|
$ |
8,150 |
|
| Other contract assets - long-term |
1,168 |
|
|
610 |
|
Total contract assets - long-term(1)
|
$ |
2,500 |
|
|
$ |
8,760 |
|
|
|
|
|
| Contract liabilities - current: |
|
|
|
| Deferred revenue - current |
$ |
4,580 |
|
|
$ |
3,670 |
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|
|
|
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| Total contract liabilities - current |
$ |
4,580 |
|
|
$ |
3,670 |
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|
|
|
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| Contract liabilities - long-term: |
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|
|
|
|
|
|
| Other contract liabilities - long-term |
$ |
1,217 |
|
|
$ |
169 |
|
| Total contract liabilities - long-term |
$ |
1,217 |
|
|
$ |
169 |
|
Changes in short-term and long-term contract assets and contract liabilities for the six months ended June 30, 2024 were as follows:
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Contract Assets |
|
Contract Liabilities |
|
(in thousands) |
| Balance as of January 1, 2024 |
$ |
23,973 |
|
|
$ |
3,839 |
|
| Billings or revenue recognized that was included in the beginning balance |
(6,162) |
|
|
(3,219) |
|
| Changes in contract assets or contract liabilities, net of reclassification to receivables |
11,229 |
|
|
4,065 |
|
| Cumulative catch-up adjustment arising from changes in estimates to complete |
1,068 |
|
|
(11) |
|
| Cumulative catch-up adjustment arising from contract modifications |
— |
|
|
76 |
|
| Changes in costs to fulfill and amortization of commission costs |
558 |
|
|
— |
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| Changes in contract commission costs |
— |
|
|
1,047 |
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| Balance as of June 30, 2024 |
$ |
30,666 |
|
|
$ |
5,797 |
|
|