Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

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,
	2024			2023
Trade receivables	$	206,830		$	253,367
Current contract assets (1)		2,565			2,575
Current contract liabilities (deferred revenue) (1)		(17,833	)		(12,634	)
Noncurrent contract liabilities (deferred revenue) (1)		(3,613	)		(3,947	)

(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 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):

	Contract			Contract
	Assets			Liabilities
Balance as of January 1, 2024	$	2,575		$	(16,581	)
Decrease due to amortization of revenue included in the beginning contract liability balance		—			3,185
Increase due to cash received, excluding amounts recognized as revenue during the period		—			(8,050	)
Increase due to revenue recognized during the period but contingent on future performance		391			—
Decrease due to transfer to receivables during the period		(323	)		—
Adjustments		(78	)		—
Balance as of March 31, 2024	$	2,565		$	(21,446	)

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

The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations as of March 31, 2024 (in thousands):

	For the Year Ending December 31,
	2024 (1)			2025			2026			2027			Total
Mobilization and contract preparation revenue	$	(4,317	)	$	(1,365	)	$	(1,337	)	$	(1,271	)	$	(8,290	)
Capital modification revenue		(2,954	)		(142	)		—			—			(3,096	)
Blended rate/other revenue		(10,060	)		—			—			—			(10,060	)
Total	$	(17,331	)	$	(1,507	)	$	(1,337	)	$	(1,271	)	$	(21,446	)

(1)Represents the nine-month period beginning April 1, 2024.