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Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Other Liabilities

Note 9 — Accrued Expenses and Other Liabilities

The components of accrued expenses and other current liabilities were as follows:


	December 31,		December 31,
	2023		2022

	(in thousands)
Payroll and related benefits	$	28,321	$	30,044
Warranty		8,864		8,601
Operating lease liabilities		4,025		3,333
Interest		1,149		2,853
Professional fees		1,834		2,102
Sales, use, and other taxes		1,825		2,027
Contingent consideration		1,814		—
Other		9,792		7,071
Total	$	57,624	$	56,031

Contract Liabilities and Performance Obligations

Contract liabilities consist of unsatisfied performance obligations related to advanced payments received and billing in excess of revenue recognized. The contract liability balance as of December 31, 2022 was approximately $127.2 million, of which the Company recognized approximately $78.4 million into revenue during the year ended December 31, 2023.

This reduction in contract liabilities was offset by new billings for products and services which were unsatisfied performance obligations to customers and revenue had not yet been recognized as of December 31, 2023.

As of December 31, 2023, the Company has approximately $195.1 million of remaining performance obligations on contracts with an original estimated duration of one year or more, of which approximately 92% is expected to be recognized within one year, with the remaining amounts expected to be recognized between one to three years. The Company has elected to exclude disclosures regarding remaining performance obligations that have an original expected duration of one year or less.

Other liabilities

Other Liabilities at December 31, 2023 was approximately $25.5 million, which included contingent consideration of $22.4 million. Additionally, at December 31, 2023 and 2022, other liabilities included medical and dental benefits for former executives of $1.9 million and $2.0 million, respectively; and asset retirement obligations of $0.9 million and $0.7 million, respectively.