REVENUE FROM CONTRACTS WITH CUSTOMERS |
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REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue
Our reportable segments for the three and six months ended June 30, 2025 and 2024 are North America Regions, U.S. Federal, Europe, Renewable Fuels, and All Other.
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended June 30, 2025:
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended June 30, 2024:
The following table presents our revenue disaggregated by line of business and reportable segment for the six months ended June 30, 2025:
The following table presents our revenue disaggregated by line of business and reportable segment for the six months ended June 30, 2024:
The following table presents information related to our revenue recognized over time:
The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized.
We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area:
Contract Balances
The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
The decrease in contract assets for the six months ended June 30, 2025 was primarily due to billings of $598,064, offset by revenue recognized of $527,653, as well as reclassifications, primarily from contract liabilities as a result of the timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the six months ended June 30, 2025, we recognized revenue of $239,308 and billed $217,506 to customers that had balances which were included in contract liabilities at December 31, 2024.
The increase in contract assets for the six months ended June 30, 2024 was primarily due to revenue recognized of $490,125 offset by billings of $494,441. Contract assets also increased due to reclassifications, primarily from contract liabilities as a result of timing of customer payments. The increase in contract liabilities was primarily driven by the receipt of advance payments from customers, and related billings, as well as reclassifications from contract assets as a result of timing of customer payments. The advance payments and reclassifications exceeded the recognition of revenue as performance obligations were satisfied. For the six months ended June 30, 2024, we recognized revenue of $148,279 and billed $153,688 to customers that had balances which were included in contract liabilities at December 31, 2023.
Performance Obligations
Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At June 30, 2025, we had contracted backlog of $3,761,721 of which approximately 35% is anticipated to be recognized as revenue in the next twelve months. The remaining performance obligations primarily relate to the energy efficiency and renewable energy construction projects, including long-term operations and maintenance (“O&M”) services related to these projects. The long-term services have varying initial contract terms, up to 27 years.
Deferred Project Costs
Deferred project costs include costs incurred on active projects which will be reclassified either to contract assets or energy assets, as applicable, once a change order or other project resolution is finalized.
Project Development Costs
Project development costs of $4,045 and $3,164 were recognized in our condensed consolidated statements of income (loss) on projects that converted to customer contracts during the three months ended June 30, 2025 and 2024, respectively. Project development costs of $8,481 and $6,284 were recognized in the condensed consolidated statements of income (loss) on projects that converted to customer contracts during the six months ended June 30, 2025 and 2024, respectively.
No impairment charges in connection with our project development costs were recorded during the three or six months ended June 30, 2025 and 2024
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