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Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2024
Revenue from Contracts with Customers  
Revenue from Contracts with Customers

10. Revenue from Contracts with Customers

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The following table presents our revenue from contracts with customers by segment and disaggregated by revenue source:

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Three Months Ended

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Nine Months Ended

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September 30, 

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September 30, 

(in thousands)

    

2024

    

2023

    

2024

    

2023

Contract operations:

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​

​

  

​

​

  

​

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0 ― 1,000 horsepower per unit

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$

60,589

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$

43,142

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$

151,250

​

$

126,272

1,001 ― 1,500 horsepower per unit

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96,160

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90,016

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286,517

​

 

259,830

Over 1,500 horsepower per unit

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88,529

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74,140

​

 

255,684

​

 

209,526

Other (1)

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142

​

 

254

​

 

488

​

 

789

Total contract operations revenue (2)

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245,420

​

 

207,552

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693,939

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596,417

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​

​

​

​

​

​

​

​

​

​

​

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Aftermarket services:

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​

 

  

​

 

  

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Services

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27,396

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24,860

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78,509

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70,676

OTC parts and components sales

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19,029

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20,955

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58,411

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63,651

Other

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​

316

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​

—

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​

316

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​

—

Total aftermarket services revenue (3)

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46,741

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45,815

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137,236

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134,327

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Total revenue

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$

292,161

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$

253,367

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$

831,175

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$

730,744

(1) Primarily relates to fees associated with owned non-compression equipment.
(2) Includes $1.5 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $3.8 million and $2.9 million for the nine months ended September 30, 2024 and 2023, respectively, related to billable maintenance on owned compressors that was recognized at a point in time. All other contract operations revenue is recognized over time.
(3) Services revenue within aftermarket services is recognized over time. OTC parts and components sales revenue and other revenue is recognized at a point in time.

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See Note 17 (“Segment Information”) for further details.

Performance Obligations

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As of September 30, 2024, we had $828.3 million of remaining performance obligations related to our contract operations segment, which will be recognized through 2029 as follows:

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(in thousands)

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2024

​

2025

​

2026

    

2027

    

2028

    

2029

    

Total

Remaining performance obligations

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​

$

175,887

​

$

387,950

​

$

208,119

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$

41,617

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$

12,350

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$

2,403

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$

828,326

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We do not disclose the aggregate transaction price for the remaining performance obligations for aftermarket services as there are no contracts with customers with an original contract term that is greater than one year.

Contract Assets and Liabilities

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Contract Assets

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As September 30, 2024 and December 31, 2023, our receivables from contracts with customers, net of allowance for credit losses, were $141.1 million and $119.7 million, respectively.

Allowance for Credit Losses

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Our allowance for credit losses balance changed as follows during the nine months ended September 30, 2024:

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(in thousands)

      

​

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Balance at beginning of period

      

$

587

Provision for credit losses

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​

95

Write-offs charged against allowance

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​

(44)

Balance at end of period

​

$

638

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Contract Liabilities

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Freight billings to customers for the transport of compression assets, customer-specified modifications of compression assets and milestone billings on aftermarket services often result in a contract liability. As of September 30, 2024 and December 31, 2023, our contract liabilities were $7.9 million and $7.0 million, respectively.

During the nine months ended September 30, 2024, we deferred revenue of $10.6 million and recognized $9.7 million as revenue. The revenue recognized during the period primarily related to freight billings and milestone billings on aftermarket services.