v3.25.1

Revenue Recognition | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The following table disaggregates our revenue by type of service (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Contract operations revenue |  |  |  |  | $ | 239,667 |  |  | $ | 223,780 |
Retail parts and services revenue |  |  |  |  | 5,567 |  |  | 5,496 |
Total revenues |  |  |  |  | $ | 245,234 |  |  | $ | 229,276 |
The following table disaggregates our revenue by timing of provision of services or transfer of goods (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Services provided over time: |  |  |  |  |  |  |
Primary term |  |  |  |  | $ | 194,533 |  |  | $ | 190,433 |
Month-to-month |  |  |  |  | 45,134 |  |  | 33,347 |
Total services provided over time |  |  |  |  | 239,667 |  |  | 223,780 |
Services provided or goods transferred at a point in time |  |  |  |  | 5,567 |  |  | 5,496 |
Total revenues |  |  |  |  | $ | 245,234 |  |  | $ | 229,276 |
Deferred Revenue We record deferred revenue when cash payments are received or due in advance of our performance. Components of deferred revenue were as follows (in thousands):
| Balance sheet location |  | March 31, 2025 |  | December 31, 2024
Current (1) | Deferred revenue |  | $ | 63,790 |  |  | $ | 63,900 |
Noncurrent | Other liabilities |  | 6,075 |  |  | 6,616 |
Total |  |  | $ | 69,865 |  |  | $ | 70,516 |
________________________________ (1)We recognized $60.7 million of revenue during the three months ended March 31, 2025 related to our deferred revenue balance as of December 31, 2024. Performance Obligations As of March 31, 2025, the aggregate amount of transaction price allocated to unsatisfied performance obligations related to our contract operations revenue was $1.2 billion. We expect to recognize these remaining performance obligations as follows (in thousands):
| 2025 (remainder) |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Remaining performance obligations | $ | 473,478 |  |  | $ | 396,154 |  |  | $ | 212,149 |  |  | $ | 82,367 |  |  | $ | 19,463 |  |  | $ | 1,183,611 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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