Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2026

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:

	March 31,		December 31,
	2026		2025
	(in thousands)
Contract assets - current:
Unbilled revenue	$	24,168	$	28,595
Total contract assets - current	$	24,168	$	28,595
Contract assets - long-term:
Other contract assets - long-term	636		680
Total contract assets - long-term(1)	$	636	$	680
Contract liabilities - current:
Deferred revenue - current	$	19,859	$	20,518
Total contract liabilities - current	$	19,859	$	20,518
Contract liabilities - long-term:
Deferred revenue - long-term	$	7,032	$	9,948
Other contract liabilities - long-term	558		555
Total contract liabilities - long-term(2)	$	7,590	$	10,503

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

(2) Total contract liabilities - long term is included in other liabilities in the unaudited condensed 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 three months ended March 31, 2026 were as follows:

	Contract Assets		Contract Liabilities
	(in thousands)
Balance as of January 1, 2026	$	29,275	$	31,021
Billings or revenue recognized that was included in the beginning balance	(8,325)		(1,705)
Changes in contract assets or contract liabilities, net of reclassification to receivables	4,287		(1,626)
Cumulative catch-up adjustment arising from changes in estimates to complete during the year	(389)		(244)
Changes in costs to fulfill and amortization of commission costs	(44)		—
Changes in contract commission costs	—		3
Balance as of March 31, 2026	$	24,804	$	27,449