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Revenue and Contracts with Customers
 3 Months Ended
Mar. 31, 2024
Revenue and Contracts with Customers [Abstract]  
Revenue and Contracts with Customers

3. Revenue and Contracts with Customers

 

Contract Balances

 

Timing differences between revenue recognized, billings, and customer payments result in contract assets and liabilities. Contract assets represent revenue recognized in excess of customer billings. Contract liabilities represent payments received from customers in advance of satisfying performance obligations. The Company’s contract assets or liabilities as of March 31, 2024 and December 31, 2023 are not material.

 

Deferred Contract Costs

 

The Company defers costs associated with fulfilling its contracts if those costs meet all of the following criteria: (i) the costs relate directly to a contract, (ii) the costs generate or enhance resources of the Company that will be used in satisfying performance obligations in the future, and (iii) the costs are expected to be recovered. Deferred contract costs are included in prepaid and other current assets in the condensed consolidated balance sheets. The Company had no deferred contract costs as of March 31, 2024 and December 31, 2023, respectively.