Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue

Schedule of revenue by discipline

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)
Systems	$	231,454	$	171,092	$	641,825	$	488,243
Aftermarket		60,872		58,083		178,491		165,704
Total Revenue	$	292,326	$	229,175	$	820,316	$	653,947

Schedule of revenue by geographic markets

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)
North America	$	51,563	$	36,036	$	134,647	$	95,633
Asia Pacific		185,194		166,342		582,238		484,286
Europe		55,569		26,797		103,431		74,028
Total Revenue	$	292,326	$	229,175	$	820,316	$	653,947

Schedule of Contract liabilities

	September 30,		December 31,
	2023		2022
	(in thousands)
Contract liabilities	$	202,029	$	154,777

Contract liabilities are reflected as deferred revenue on the consolidated balance sheet and relate to payments invoiced or received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations.

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)
Balance, beginning of the period	$	182,540	$	71,549	$	154,777	$	68,436
Deferral of revenue		62,787		70,706		154,216		108,472
Recognition of deferred revenue		(43,298)		(19,666)		(106,964)		(54,319)
Balance, end of the period	$	202,029	$	122,589	$	202,029	$	122,589