| Revenue |
Revenue Disaggregation of Revenues
The Company's revenues are derived from the delivery of products to and services performed for its commercial and government customers. A summary of revenues by customer for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):
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Three months ended September 30, |
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Nine months ended September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
| Commercial |
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$ |
282,421 |
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$ |
202,786 |
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$ |
808,662 |
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$ |
552,066 |
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| Government |
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488 |
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856 |
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2,431 |
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6,787 |
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| Total |
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$ |
282,909 |
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$ |
203,642 |
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$ |
811,093 |
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$ |
558,853 |
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A summary of revenues by type for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands):
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Three months ended September 30, |
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Nine months ended September 30, |
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2025 |
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2024 (a)
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2025 |
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2024 (a)
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Repair |
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$ |
106,874 |
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$ |
85,279 |
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$ |
300,904 |
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$ |
217,019 |
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Distribution |
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176,035 |
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118,363 |
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510,189 |
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341,834 |
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| Total |
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$ |
282,909 |
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$ |
203,642 |
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$ |
811,093 |
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$ |
558,853 |
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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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September 30, |
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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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$ |
176,399 |
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$ |
158,104 |
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Contract assets - unbilled receivables |
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Contract assets |
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$ |
34,027 |
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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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$ |
6,559 |
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$ |
4,479 |
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During the nine months ended September 30, 2025 and 2024, the Company recognized revenue that was previously included in the beginning balance of contract liabilities of $3.1 million and $1.8 million, respectively.
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