v3.25.2
Accounts Receivable and Allowance for Credit Losses
6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Accounts Receivable and Allowance for Credit Losses Accounts Receivable and Allowance for Credit Losses
We extend credit to customers in the normal course of business. Our customers are predominantly oil and gas exploration and production companies located in the U.S. Our receivables are short-term in nature and typically due in 30 to 60 days. We do not accrue interest on delinquent receivables. Accounts receivable includes both amounts billed and currently due from customers, as well as unbilled amounts resulting from accrued revenue associated with products delivered and services performed for which billings have not yet been submitted to the customers. Total unbilled revenue included in accounts receivable as of June 30, 2025 and December 31, 2024 was $33.5 million and $29.8 million, respectively.
We maintain an allowance for credit losses to provide for the amount of billed receivables we believe to be at risk of loss. In our determination of the allowance for credit losses, we pool receivables with similar risk characteristics based on customer size, credit ratings, payment history, bankruptcy status and other factors known to us, and then apply an expected credit loss percentage. The expected credit loss percentage is determined using historical loss data adjusted for current conditions and forecasts of future economic conditions. Accounts deemed uncollectible are applied against the allowance for credit losses. The following is a roll-forward of our allowance for credit losses.
Balance at
Beginning of
Period
ExpenseWrite offOtherBalance at
End of
Period
Six Months Ended June 30, 2025$3,779 $300 $(44)$$4,041 
Six Months Ended June 30, 20243,642 589 (1)47 4,277