General form of registration statement for all companies including face-amount certificate companies

Revenue and Receivables (Tables)

v3.22.2
Revenue and Receivables (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
RevenueFromContractWithCustomerAndReceivables [Abstract]    
Summary of Disaggregation of Revenue
The following tables presents the Company’s disaggregated revenue by offering and customer type for the periods presented:
 
    
Three Months Ended March 31,
  
(in thousands)
   
2022
     
2021
  
Mission support
    $ 12,770      $ 8,747  
Launch support
      36        692  
Operations
      192        644  
Studies, design and other
      122        411  
    
 
 
     
 
 
  
Revenue
   
$
13,120
 
   
$
10,494
 
    
 
 
     
 
 
  
 
    
Three Months Ended March 31,
  
(in thousands)
   
2022
     
2021
  
U.S. Government contracts
                  
Fixed price
    $ 8,492      $ 5,478  
Cost-plus fee
      2,272        676  
    
 
 
     
 
 
  
       10,764        6,154  
    
 
 
     
 
 
  
Foreign government contracts
                  
Fixed price
      556        543  
Commercial contracts
                  
Fixed price, U.S.
      1,650        2,192  
Fixed price, International
      150        1,577  
Cost-plus fee
      —          28  
    
 
 
     
 
 
  
       1,800        3,797  
    
 
 
     
 
 
  
Revenue
   
$
13,120
 
   
$
10,494
 
    
 
 
     
 
 
  
The following tables presents the Company’s disaggregated revenue by offering and customer type for the periods presented:
 
    
Years Ended December 31,
  
(in thousands)
   
2021
     
2020
  
Mission support
    $ 37,109      $ 19,362  
Launch support
          1,144            1,304  
Operations
      2,039        2,558  
Studies, design and other
      614        1,655  
    
 
 
     
 
 
  
Revenue
   
$
40,906
 
   
$
24,879
 
    
 
 
     
 
 
  
 
    
Years Ended December 31,
  
(in thousands)
   
2021
     
2020
  
U.S. Government contracts
                  
Fixed price
    $ 17,036      $ 8,871  
Cost-plus fee
          4,912            3,053  
    
 
 
     
 
 
  
       21,948        11,924  
    
 
 
     
 
 
  
Foreign government contracts
                  
Fixed price
      4,623        884  
Commercial contracts
                  
Fixed price, U.S.
      9,005        5,602  
Fixed price, International
      5,210        6,414  
Cost-plus fee
      120        55  
    
 
 
     
 
 
  
       14,335        12,071  
    
 
 
     
 
 
  
Revenue
   
$
40,906
 
   
$
24,879
 
    
 
 
     
 
 
  
Summary of Accounts Receivable, Allowance for Credit Loss
The following table presents changes in the allowance for credit losses for the periods presented:
 
    
Three Months Ended March 31,
  
(in thousands)
   
2022
     
2021
  
Beginning balance
    $ (945 )     $ (635 ) 
Adoption of CECL
      (39 )       —    
Provision for credit losses
      (26 )       (99 ) 
Write-offs
      127        3  
    
 
 
     
 
 
  
Ending balance
   
$
(883
) 
   
$
(731
) 
    
 
 
     
 
 
  
The following table presents changes in the allowance for credit losses for the periods presented:
 
    
Years Ended December 31,
  
(in thousands)
   
    2021    
     
    2020    
  
Beginning balance
    $ (635 )     $ (116 ) 
Provision for credit losses
      (407 )       (794 ) 
Write-offs
      97        275  
    
 
 
     
 
 
  
Ending balance
   
$
(945
) 
   
$
(635
) 
    
 
 
     
 
 
  
Summary of Contract Assets Net, Recognized in Condensed Consolidated Balance Sheets
The following is a summary of contract assets, net, recognized in the condensed consolidated balance sheets as of the dates presented:
 

(in thousands)
  
March 31, 2022
 
  
January 1,
2022
(1)
 
Contract assets, gross
    $ 3,685      $ 2,757  
Allowance for credit losses
      (76 )       (82 ) 
    
 
 
     
 
 
  
Contract assets, net
   
$
3,609
 
   
$
2,675
 
    
 
 
     
 
 
  
 
(1)
Balances reflected are subsequent to the adoption of CECL on January 1, 2022.