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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
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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March 31, 

(in thousands)

    

2025

    

2024

Contract operations:

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​

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0 ― 1,000 horsepower per unit

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$

102,232

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$

45,327

1,001 ― 1,500 horsepower per unit

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101,602

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95,670

Over 1,500 horsepower per unit

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96,416

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81,865

Other (1)

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147

​

 

189

Total contract operations revenue (2)

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300,397

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223,051

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​

​

​

​

​

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Aftermarket services:

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​

 

  

Services

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26,055

​

 

25,438

OTC parts and components sales

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20,711

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19,999

Total aftermarket services revenue (3)

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46,766

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45,437

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​

​

​

​

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Total revenue

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$

347,163

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$

268,488

(1) Primarily relates to fees associated with owned non-compression equipment.
(2) Includes $1.6 million and $1.1 million for the three months ended March 31, 2025 and 2024, 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 is recognized at a point in time.

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See Note 17 (“Segment Information”) for further information on segments.

Performance Obligations

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As of March 31, 2025, we had $912.1 million of remaining performance obligations related to our contract operations segment, which will be recognized through 2030 as follows:

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(in thousands)

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2025

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2026

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2027

    

2028

    

2029

    

2030

    

Total

Remaining performance obligations

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$

449,217

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$

345,419

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$

88,370

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$

20,931

​

$

7,406

​

$

772

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$

912,115

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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.

Receivables from Contracts with Customers

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As March 31, 2025 and December 31, 2024, our receivables from contracts with customers, net of allowance for credit losses, were $158.0 million and $126.3 million, respectively.

Allowance for Credit Losses

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Our allowance for credit losses balance changed as follows during the three months ended March 31, 2025:

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(in thousands)

      

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Balance at beginning of period

      

$

414

Provision for credit losses

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​

156

Write-offs charged against allowance

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​

(25)

Balance at end of period

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$

545

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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 March 31, 2025 and December 31, 2024, our contract liabilities were $11.5 million and $10.0 million, respectively, which is included in other long-term liabilities in our condensed consolidated balance sheets.

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During the three months ended March 31, 2025, we deferred revenue of $5.2 million and recognized $3.7 million as revenue. The revenue recognized during the period primarily related to freight billings and milestone billings on aftermarket services.