| 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, |
|
2023 |
|
2022 |
|
(in thousands) |
| Contract assets - current: |
|
|
|
| Unbilled revenue |
$ |
8,643 |
|
|
$ |
5,706 |
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|
|
|
|
| Total contract assets - current |
$ |
8,643 |
|
|
$ |
5,706 |
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|
|
|
|
| Contract assets - long-term: |
|
|
|
| Unbilled revenue - long-term |
$ |
2,335 |
|
|
$ |
1,287 |
|
| Contract assets - long-term |
797 |
|
|
681 |
|
Total contract assets - long-term(1)
|
$ |
3,132 |
|
|
$ |
1,968 |
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|
|
|
|
| Contract liabilities - current: |
|
|
|
| Deferred revenue - short-term |
$ |
3,154 |
|
|
$ |
6,783 |
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|
|
|
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| Total contract liabilities - current |
$ |
3,154 |
|
|
$ |
6,783 |
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|
|
|
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| Contract liabilities - long-term: |
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|
|
|
|
|
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| Other contract liabilities - long-term |
$ |
247 |
|
|
$ |
109 |
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| Total contract liabilities - long-term |
$ |
247 |
|
|
$ |
109 |
|
Changes in short-term and long-term contract assets and contract liabilities for the six months ended June 30, 2023 were as follows:
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Contract Assets |
|
Contract Liabilities |
|
(in thousands) |
| Balance on January 1, 2023 |
$ |
7,674 |
|
|
$ |
6,892 |
|
| Billings or revenue recognized that was included in the beginning balance |
(2,892) |
|
|
(5,616) |
|
| Changes in contract assets or contract liabilities, net of reclassification to receivables |
8,150 |
|
|
1,761 |
|
| Cumulative catch-up adjustment arising from changes in estimates to complete |
(1,068) |
|
|
226 |
|
| Cumulative catch-up adjustment arising from contract modifications |
(205) |
|
|
— |
|
| Changes in costs to fulfill and amortization of commission costs |
116 |
|
|
— |
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| Changes in contract commission costs |
— |
|
|
138 |
|
| Balance on June 30, 2023 |
$ |
11,775 |
|
|
$ |
3,401 |
|
|