Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.24.1.u1
REVENUE
 3 Months Ended
Mar. 31, 2024
REVENUE  
REVENUE

NOTE C — REVENUE

The timing of revenue recognition, customer billings, and cash collections results in a contract asset or contract liability at the end of each reporting period. Contract assets consist of unbilled receivables or costs incurred where revenue recognized over time exceeds the amounts billed to customers. We record a receivable when revenue is recognized prior to invoicing and we have an unconditional right to consideration (only the passage of time is required before payment of that consideration is due) and a contract asset when the right to payment is conditional upon our future performance. Contract liabilities include advance payments and billings in excess of revenue recognized. Certain customers make advance payments prior to our satisfaction of our performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied. Contract assets and contract liabilities are determined on a contract by contract basis.

Contract assets are as follows (in thousands):

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March 31, 2024

    

December 31, 2023

    

Change

Contract assets

​

$

6,134

​

$

6,474

​

$

(340)

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Contract assets are reported within deposits, prepaid expenses, and other current assets on our condensed consolidated balance sheets. Changes in contract assets primarily results from the timing difference between the performance of services. Contract liabilities are reported as deferred revenue on our condensed consolidated balance sheets and amounted to $3.0 million as of December 31, 2023, of which $2.7 million was related to contract liabilities for services to be performed. For the three months ended March 31, 2024, the Company recognized as revenue $2.3 million of contract liabilities included in the beginning balance for services performed as the timing between customer payments and our performance of the services is generally no longer than six months.

Disaggregation of Revenue

The Company reports revenue by segment. The following tables present revenue by segment, as well as a reconciliation to total revenue for the three months ended March 31, 2024 and 2023 (in thousands):

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Three Months Ended March 31, 

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2024

​

​

Asset Management

    

​

​

    

​

​

​

    

 Solutions

    

TechOps

    

Total Revenues

USM

​

$

17,532

​

$

5,375

​

$

22,907

Whole asset sales

​

 

38,648

​

 

-

​

 

38,648

Engineered solutions

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-

​

 

55

​

 

55

Total products

​

 

56,180

​

 

5,430

​

 

61,610

Leasing

​

 

3,082

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-

​

 

3,082

Services

​

 

-

​

 

25,848

​

 

25,848

Total revenues

​

$

59,262

​

$

31,278

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$

90,540

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​

​

​

​

​

​

​

​

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Three Months Ended March 31, 

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2023

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​

Asset Management

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​

​

​

​

​

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 Solutions

    

TechOps

    

Total Revenues

USM

​

$

15,152

​

$

2,416

​

$

17,568

Whole asset sales

​

​

27,656

​

​

-

​

​

27,656

Engineered solutions

​

 

-

​

 

271

​

 

271

Total products

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42,808

​

 

2,687

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45,495

Leasing

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5,622

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-

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5,622

Services

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-

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27,154

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27,154

Total revenues

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$

48,430

​

$

29,841

​

$

78,271

​