Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Components of contract assets and contract liabilities

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

	March 31,		December 31,
	2025		2024
	(in thousands)
Contract assets - current:
Unbilled revenue	$	32,431	$	27,852
Total contract assets - current	$	32,431	$	27,852
Contract assets - long-term:
Unbilled revenue - long-term	$	6,755	$	173
Other contract assets - long-term	825		937
Total contract assets - long-term(1)	$	7,580	$	1,110
Contract liabilities - current:
Deferred revenue - current	$	12,573	$	2,160
Other contract liabilities - current	—		23
Total contract liabilities - current	$	12,573	$	2,183
Contract liabilities - long-term:
Deferred revenue - long-term	$	24,000	$	—
Other contract liabilities - long-term(2)	544		678
Total contract liabilities - long-term	$	24,544	$	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 three months ended March 31, 2025 were as follows:

	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	(1,143)		(1,237)
Changes in contract assets or contract liabilities, net of reclassification to receivables	12,505		35,645
Cumulative catch-up adjustment arising from changes in estimates to complete during the year	(201)		5
Changes in costs to fulfill and amortization of commission costs	(112)		—
Changes in contract commission costs	—		(157)
Balance as of March 31, 2025	$	40,011	$	37,117