REVENUES

6 Months Ended

Jun. 30, 2022

REVENUES

3.REVENUES

The following table provides information about revenue by recognition model during the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
Revenues by recognition model	2022		2021		2022		2021
Point-in-time	$	37,107	$	9,780	$	65,344	$	26,815
Over-time		18,367		1,500		30,833		2,657
Total revenue by recognition model	$	55,474	$	11,280	$	96,177	$	29,472

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within contract assets) and customer advances and deposits (presented within contract liabilities) on the condensed consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the condensed consolidated balance sheets at the end of each reporting period.

The following table presents the balances related to enforceable contracts as of June 30, 2022 and December 31, 2021:

	June 30, 2022			December 31, 2021
Contract balances
Accounts receivable	$	40,183		$	13,957
Contract assets		4,393			2,490
Contract liabilities		(90,659	)		(59,749	)

Changes in contract liabilities were as follows:

Contract liabilities, at December 31, 2021	$	59,749
Contract liabilities assumed at acquisition		26,464
Customer advances received		34,810
Recognition of unearned revenue		(30,364	)
Contract liabilities, at June 30, 2022	$	90,659

The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business.

The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior years during the three and six months ended June 30, 2022 and 2021 was not material.

Remaining unsatisfied performance obligations represent the total dollar value of work to be performed on contracts awarded and in progress. The amount of remaining unsatisfied performance obligations increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of remaining unsatisfied performance obligations when an enforceable agreement has been reached. Remaining unsatisfied performance obligations totaled $531,370 as of June 30, 2022, of which approximately 42% is expected to be recognized within 12 months, with the remaining 58% to be recognized beyond 12 months.