Annual report [Section 13 and 15(d), not S-K Item 405]

Contract Assets and Liabilities (Tables)

v3.25.1
Contract Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
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,
2024 2023
(in thousands)
Contract assets - current:
Unbilled revenue $ 27,852  $ 15,213 
Total contract assets - current $ 27,852  $ 15,213 
Contract assets - long-term:
Unbilled revenue - long-term $ 173  $ 8,150 
Other contract assets - long-term 937  610 
Total contract assets - long-term(1)
$ 1,110  $ 8,760 
Contract liabilities - current:
Deferred revenue - current $ 2,160  $ 3,670 
Other contract liabilities - current 23  — 
Total contract liabilities - current $ 2,183  $ 3,670 
Contract liabilities - long-term:
Other contract liabilities - long-term $ 678  $ 169 
Total contract liabilities - long-term(2)
$ 678  $ 169 
(1) Total contract assets - long term is included in other assets in the consolidated balance sheets.
(2) Total contract liabilities - long term is included in other liabilities in the consolidated balance sheets.
Changes in short-term and long-term contract assets and contract liabilities for the year ended December 31, 2024 were as follows:
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 (12,992) (3,258)
Changes in contract assets or contract liabilities, net of reclassification to receivables 17,599  1,694 
Cumulative catch-up adjustment arising from changes in estimates to complete during the year 55  65 
Cumulative catch-up adjustment arising from contract modifications —  (11)
Changes in costs to fulfill and amortization of commission costs 327  — 
Changes in contract commission costs —  532 
Balance as of December 31, 2024 $ 28,962  $ 2,861