|
The components of contract assets and contract liabilities consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
2025 |
|
2024 |
|
(in thousands) |
| Contract assets - current: |
|
|
|
| Unbilled revenue |
$ |
36,040 |
|
|
$ |
27,852 |
|
|
|
|
|
| Total contract assets - current |
$ |
36,040 |
|
|
$ |
27,852 |
|
|
|
|
|
| Contract assets - long-term: |
|
|
|
| Unbilled revenue - long-term |
$ |
7,329 |
|
|
$ |
173 |
|
| Other contract assets - long-term |
605 |
|
|
937 |
|
Total contract assets - long-term(1)
|
$ |
7,934 |
|
|
$ |
1,110 |
|
|
|
|
|
| Contract liabilities - current: |
|
|
|
| Deferred revenue - current |
$ |
21,662 |
|
|
$ |
2,160 |
|
| Other contract liabilities - current |
— |
|
|
23 |
|
| Total contract liabilities - current |
$ |
21,662 |
|
|
$ |
2,183 |
|
|
|
|
|
| Contract liabilities - long-term: |
|
|
|
| Deferred revenue - long-term |
$ |
14,063 |
|
|
$ |
— |
|
Other contract liabilities - long-term(2)
|
369 |
|
|
678 |
|
Total contract liabilities - long-term |
$ |
14,432 |
|
|
$ |
678 |
|
(1) Total contract assets - long term is included in other assets in the unaudited condensed consolidated balance sheets.
(2) Other contract liabilities - long term is included in other liabilities in the unaudited condensed consolidated balance sheets.
Changes in short-term and long-term contract assets and contract liabilities for the nine months ended September 30, 2025 were as follows:
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|
|
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|
|
|
|
|
|
|
|
Contract Assets |
|
Contract Liabilities |
|
(in thousands) |
| Balance as of January 1, 2025 |
$ |
28,962 |
|
|
$ |
2,861 |
|
| Billings or revenue recognized that was included in the beginning balance |
(4,846) |
|
|
(1,646) |
|
| Changes in contract assets or contract liabilities, net of reclassification to receivables |
20,761 |
|
|
35,311 |
|
| Cumulative catch-up adjustment arising from changes in estimates to complete during the year |
(571) |
|
|
(100) |
|
|
|
|
|
| Changes in costs to fulfill and amortization of commission costs |
(332) |
|
|
— |
|
| Changes in contract commission costs |
— |
|
|
(332) |
|
| Balance as of September 30, 2025 |
$ |
43,974 |
|
|
$ |
36,094 |
|
|