| Components of contract assets and contract liabilities |
The components of contract assets and contract liabilities consisted of the following:
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|
March 31, |
|
December 31, |
|
2024 |
|
2023 |
|
(in thousands) |
| Contract assets - current: |
|
|
|
| Unbilled revenue |
$ |
24,134 |
|
|
$ |
15,213 |
|
|
|
|
|
| Total contract assets - current |
$ |
24,134 |
|
|
$ |
15,213 |
|
|
|
|
|
| Contract assets - long-term: |
|
|
|
| Unbilled revenue - long-term |
$ |
2,607 |
|
|
$ |
8,150 |
|
| Contract assets - long-term |
560 |
|
|
610 |
|
Total contract assets - long-term(1)
|
$ |
3,167 |
|
|
$ |
8,760 |
|
|
|
|
|
| Contract liabilities - current: |
|
|
|
| Deferred revenue - current |
$ |
2,157 |
|
|
$ |
3,670 |
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|
|
|
|
| Total contract liabilities - current |
$ |
2,157 |
|
|
$ |
3,670 |
|
|
|
|
|
| Contract liabilities - long-term: |
|
|
|
|
|
|
|
| Other contract liabilities - long-term |
$ |
443 |
|
|
$ |
169 |
|
| Total contract liabilities - long-term |
$ |
443 |
|
|
$ |
169 |
|
Changes in short-term and long-term contract assets and contract liabilities for the three months ended March 31, 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 |
(3,356) |
|
|
(2,897) |
|
| Changes in contract assets or contract liabilities, net of reclassification to receivables |
6,930 |
|
|
1,319 |
|
| Cumulative catch-up adjustment arising from changes in estimates to complete |
(196) |
|
|
65 |
|
|
|
|
|
| Changes in costs to fulfill and amortization of commission costs |
(50) |
|
|
— |
|
| Changes in contract commission costs |
— |
|
|
274 |
|
| Balance as of March 31, 2024 |
$ |
27,301 |
|
|
$ |
2,600 |
|
|