Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Contract Assets and Liabilities

6. Contract Assets and Liabilities

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

	December 31,		December 31,
	2025		2024
	(in thousands)
Contract assets - current:
Unbilled revenue	$	28,595	$	27,852
Total contract assets - current	$	28,595	$	27,852
Contract assets - long-term:
Unbilled revenue - long-term	$	—	$	173
Other contract assets - long-term	680		937
Total contract assets - long-term(1)	$	680	$	1,110
Contract liabilities - current:
Deferred revenue - current	$	20,518	$	2,160
Other contract liabilities - current	—		23
Total contract liabilities - current	$	20,518	$	2,183
Contract liabilities - long-term:
Deferred revenue - long-term	$	9,948	$	—
Other contract liabilities - long-term(2)	555		678
Total contract liabilities - long-term	$	10,503	$	678

(1) Total contract assets - long term is included in other assets in the consolidated balance sheets.

(2) Other contract liabilities - long term is included in other liabilities in the consolidated balance sheets.

Contract liabilities include payments received and billings made in advance of the satisfaction of performance obligations under a contract and are realized when the associated revenue is recognized under a contract. Contract assets include unbilled revenue, which is the amount of revenue recognized in excess of the amount billed to customers, where the rights to payment are not just subject to the passage of time; and costs incurred incremental to the contract to fulfill contract obligations. Other contract assets and other contract liabilities primarily relate to contract commissions on customer contracts.

Changes in short-term and long-term contract assets and contract liabilities for the year ended December 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	(15,846)		(1,712)
Changes in contract assets or contract liabilities, net of reclassification to receivables	8,005		30,111
Cumulative catch-up adjustment arising from changes in estimates to complete during the year	8,411		(93)
Changes in costs to fulfill and amortization of commission costs	(257)		—
Changes in contract commission costs	—		(146)
Balance as of December 31, 2025	$	29,275	$	31,021