Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.23.2
REVENUE
 6 Months Ended
Jun. 30, 2023
REVENUE  
REVENUE

NOTE D — 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. Contract liabilities include advance payments and billings in excess of revenue recognized. Certain customers make advance payments prior to the satisfaction of 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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​

​

​

​

​

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June 30, 2023

    

December 31, 2022

    

Change

Contract assets

​

$

4,268

​

$

7,277

​

$

(3,009)

​

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 $1.4 million as of December 31, 2022, of which $1.1 million was related to contract liabilities for services to be performed. For the three and six months ended June 30, 2023, the Company recognized as revenue $0.1 million and $1.0 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 and six months ended June 30, 2023 and 2022 (in thousands):

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​

​

​

​

​

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Three Months Ended June 30, 

    

Six Months Ended June 30, 

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2023

    

2023

​

​

Asset Management

    

​

​

    

​

​

​

Asset Management

    

​

​

    

​

​

​

    

 Solutions

    

Tech Ops

    

Total Revenues

    

 Solutions

    

TechOps

    

Total Revenues

USM

​

$

16,442

​

$

3,409

​

$

19,851

​

$

31,594

​

$

5,825

​

$

37,419

Whole asset sales

​

 

17,343

​

 

218

​

 

17,561

​

 

44,999

​

 

218

​

 

45,217

Engineered solutions

​

 

-

​

 

211

​

 

211

​

 

-

​

 

482

​

 

482

Total products

​

 

33,785

​

 

3,838

​

 

37,623

​

 

76,593

​

 

6,525

​

 

83,118

Leasing

​

 

3,286

​

 

-

​

 

3,286

​

 

8,908

​

 

-

​

 

8,908

Services

​

 

-

​

 

28,417

​

 

28,417

​

 

-

​

 

55,571

​

 

55,571

Total revenues

​

$

37,071

​

$

32,255

​

$

69,326

​

$

85,501

​

$

62,096

​

$

147,597

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Three Months Ended June 30, 

    

Six Months Ended June 30, 

​

    

2022

    

2022

​

​

Asset Management

​

​

​

​

​

​

​

Asset Management

​

​

​

​

​

​

​

    

 Solutions

    

Tech Ops

    

Total Revenues

    

 Solutions

    

TechOps

    

Total Revenues

USM

​

$

14,332

​

$

935

​

$

15,267

​

$

28,741

​

$

1,754

​

$

30,495

Whole asset sales

​

​

92,854

​

​

(350)

​

​

92,504

​

​

144,774

​

​

23,605

​

​

168,379

Engineered solutions

​

 

-

​

 

851

​

 

851

​

 

-

​

 

2,116

​

 

2,116

Total products

​

 

107,186

​

 

1,436

​

 

108,622

​

 

173,515

​

 

27,475

​

 

200,990

Leasing

​

 

7,355

​

 

-

​

 

7,355

​

 

15,556

​

 

-

​

 

15,556

Services

​

 

-

​

 

23,631

​

 

23,631

​

 

-

​

 

45,868

​

 

45,868

Total revenues

​

$

114,541

​

$

25,067

​

$

139,608

​

$

189,071

​

$

73,343

​

$

262,414

​