Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.24.3
REVENUE
9 Months Ended
Sep. 30, 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):

    

September 30, 2024

    

December 31, 2023

    

Change

Contract assets

$

5,460

$

6,474

$

(1,014)

Contract assets are reported within deposits, prepaid expenses, and other current assets on our condensed consolidated balance sheets. Changes in contract assets primarily result 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 and nine months ended September 30, 2024, the Company recognized as revenue $0.1 million and $2.5 million of contract liabilities included in the deferred revenue 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 nine months ended September 30, 2024 and 2023 (in thousands):

    

Three Months Ended September 30, 

    

Nine Months Ended September 30, 

    

2024

    

2024

Asset Management

    

    

Asset Management

    

    

    

 Solutions

    

Tech Ops

    

Total Revenues

    

 Solutions

    

TechOps

    

Total Revenues

USM

$

20,928

$

3,718

$

24,646

$

58,060

$

13,211

$

71,271

Whole asset sales

 

22,586

 

-

 

22,586

 

79,147

 

-

 

79,147

Engineered solutions

 

-

 

487

 

487

 

-

 

2,209

 

2,209

Total products

 

43,514

 

4,205

 

47,719

 

137,207

 

15,420

 

152,627

Leasing

 

6,900

 

-

 

6,900

 

14,268

 

-

 

14,268

Services

 

-

 

28,065

 

28,065

 

-

 

83,430

 

83,430

Total revenues

$

50,414

$

32,270

$

82,684

$

151,475

$

98,850

$

250,325

    

Three Months Ended September 30, 

    

Nine Months Ended September 30, 

    

2023

    

2023

Asset Management

Asset Management

    

 Solutions

    

Tech Ops

    

Total Revenues

    

 Solutions

    

TechOps

    

Total Revenues

USM

$

17,754

$

3,884

$

21,638

$

49,348

$

9,709

$

59,057

Whole asset sales

44,812

-

44,812

89,811

218

90,029

Engineered solutions

 

-

 

392

 

392

 

-

 

874

 

874

Total products

 

62,566

 

4,276

 

66,842

 

139,159

 

10,801

 

149,960

Leasing

 

2,488

 

-

 

2,488

 

11,396

 

-

 

11,396

Services

 

-

 

23,154

 

23,154

 

-

 

78,725

 

78,725

Total revenues

$

65,054

$

27,430

$

92,484

$

150,555

$

89,526

$

240,081