BlackSky Technology Inc. Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

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


	September 30,		December 31,
	2021		2020
	(in thousands)
Contract assets - current
Unbilled revenue	$	649	$	749
Other contract assets	1,664		3,047
Total contract assets - current	$	2,313	$	3,796

Contract liabilities - current
Deferred revenue - short-term	$	14,199	$	14,030
Other contract liabilities	254		507
Total contract liabilities - current	$	14,453	$	14,537

Contract liabilities - long-term	$	—	$	—
Deferred revenue - long-term	683		2,559
Total contract liabilities - long-term	$	683	$	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 as of January 1, 2021	$	3,796	$	17,096
Reclassification of the beginning contract liabilities to revenue	—		(8,375)
Cash payments in advance of revenue recognition	—		8,268
Reclassification of the beginning contract assets to receivables	(740)		—
Cumulative catch-up adjustment arising from changes in estimates of transaction price	—		(1,663)
Changes of contract costs	(743)		(190)
Balance as of September 30, 2021	$	2,313	$	15,136