v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Revenues Disaggregation

The following tables present our revenues disaggregated by category and by geography:

 

 

Three Months Ended March 31, 2025

 

 

Three Months Ended March 31, 2024

 

(in thousands)

 

NAM

 

 

INTL &
Offshore

 

 

Total

 

 

NAM

 

 

INTL &
Offshore

 

 

Total

 

Product revenues

 

$

75,255

 

 

$

92,095

 

 

$

167,350

 

 

$

66,665

 

 

$

40,286

 

 

$

106,951

 

Service revenues

 

 

16,749

 

 

 

18,312

 

 

 

35,061

 

 

 

12,126

 

 

 

1,844

 

 

 

13,970

 

Rental revenues

 

 

28,513

 

 

 

9,491

 

 

 

38,004

 

 

 

2,107

 

 

 

4,969

 

 

 

7,076

 

Total revenues

 

$

120,517

 

 

$

119,898

 

 

$

240,415

 

 

$

80,898

 

 

$

47,099

 

 

$

127,997

 
Schedule of Changes in Allowance for Credit Losses

The changes in allowance for credit losses during the three months ended March 31, 2025 and 2024 were as follows:

 

 

 

March 31,

 

(in thousands)

 

2025

 

 

2024

 

Balance at January 1

 

$

63,875

 

 

$

5,015

 

Provision for credit losses

 

 

74

 

 

 

31

 

Write-offs charged against allowance

 

 

(6,317

)

 

 

(497

)

Balance at March 31

 

$

57,632

 

 

$

4,549

 
Schedule of Contract Asset and Liability

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)

Contract assets at December 31, 2024

 

$

5,062

 

Additions

 

 

521

 

Transfers to Trade receivables, net

 

 

(71

)

Contract assets at March 31, 2025

 

$

5,512

 

Contract liabilities (amounts shown in thousands)

Contract liabilities at December 31, 2024

 

$

13,463

 

Additions

 

 

1,103

 

Revenue recognized

 

 

(3,438

)

Contract liabilities at March 31, 2025

 

$

11,128