| Revenue Disaggregation of Revenues
The Company's revenues are derived from the delivery of products to its customers and from services performed for commercial and government customers.
A summary of revenues by customer for the three months ended March 31, 2025 and 2024 is as follows (in thousands):
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Three months ended March 31, |
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2025 |
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2024 |
| Commercial |
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$ |
254,953 |
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$ |
157,984 |
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Government |
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1,092 |
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4,399 |
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| Total |
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$ |
256,045 |
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$ |
162,383 |
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A summary of revenues by type for the three months ended March 31, 2025 and 2024 is as follows (in thousands):
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Three months ended March 31, |
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2025 |
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2024 (a)
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Repair |
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$ |
95,494 |
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$ |
54,360 |
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Distribution |
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160,551 |
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108,023 |
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| Total |
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$ |
256,045 |
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$ |
162,383 |
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(a) Certain revenue amounts in the prior year have been reclassified to conform to current presentation of revenue type categories. |
Contract Balances
Contract balances were as follows (in thousands):
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March 31, |
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December 31, |
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Financial Statement Classification |
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2025 |
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2024 |
Billed and billable receivables |
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Receivables, net |
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$ |
169,532 |
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$ |
158,104 |
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Contract assets - unbilled receivables |
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Contract assets |
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$ |
30,879 |
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$ |
29,960 |
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| Contract liabilities |
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Accrued expenses and other current liabilities |
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$ |
3,088 |
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$ |
4,479 |
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For the three months ended March 31, 2025 and 2024, the Company recognized revenue that was previously included in the beginning balance of contract liabilities of $2.4 million and $1.4 million, respectively.
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