Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

The following table provides information about receivables, contract assets and contract liabilities related to our contracts with customers (in thousands):

	March 31,			December 31,
	2023			2022
Trade receivables	$	179,083		$	155,956
Current contract assets (1)		411			141
Current contract liabilities (deferred revenue) (1)		(12,298	)		(11,513	)
Noncurrent contract liabilities (deferred revenue) (1)		—			(487	)

(1)Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Summary of Significant Changes in Contract Assets and Contract Liabilities Balances

Changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands):

	Net Contract
	Balances
Contract assets at January 1, 2023	$	141
Contract liabilities at January 1, 2023		(12,000	)
Net balance at January 1, 2023		(11,859	)
Decrease due to amortization of revenue included in the beginning contract liability balance		3,626
Increase due to cash received, excluding amounts recognized as revenue during the period		(3,676	)
Increase due to revenue recognized during the period but contingent on future performance		22
Net balance at March 31, 2023	$	(11,887	)
Contract assets at March 31, 2023	$	411
Contract liabilities at March 31, 2023		(12,298	)

Summary of Specified Types Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations

The following table reflects the specified types of revenue expected to be recognized in the future related to unsatisfied performance obligations as of March 31, 2023 (in thousands):

	For the Years Ending December 31,
	2023 (1)			2024		Total
Mobilization and contract preparation revenue	$	3,241		$	898	$	4,139
Capital modification revenue		6,909			1,249		8,158
Demobilization and other deferred revenue		(338	)		—		(338	)
Total	$	9,812		$	2,147	$	11,959

(1)Represents the nine-month period beginning April 1, 2023.