| Revenue |
Revenue Disaggregation of Revenues
The Company's revenues are derived from the delivery of products to and the performance of services for commercial and government customers.
A summary of revenues by customer is as follows (in thousands):
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Three months ended June 30, |
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Six months ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
| Commercial |
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$ |
439,740 |
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$ |
271,288 |
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$ |
760,063 |
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$ |
526,241 |
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| Government |
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9,397 |
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851 |
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13,654 |
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1,943 |
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| Total |
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$ |
449,137 |
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$ |
272,139 |
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$ |
773,717 |
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$ |
528,184 |
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A summary of revenues by type is as follows (in thousands):
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Three months ended June 30, |
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Six months ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
Repair |
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$ |
245,730 |
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$ |
98,536 |
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$ |
367,960 |
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$ |
194,030 |
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Distribution |
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203,407 |
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173,603 |
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405,757 |
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334,154 |
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| Total |
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$ |
449,137 |
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$ |
272,139 |
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$ |
773,717 |
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$ |
528,184 |
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Contract Balances
Contract balances were as follows (in thousands):
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June 30, |
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December 31, |
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Financial Statement Classification |
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2026 |
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2025 |
Billed and billable receivables |
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Receivables, net |
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$ |
274,628 |
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$ |
190,732 |
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Contract assets - unbilled receivables |
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Contract assets |
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$ |
59,488 |
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$ |
41,468 |
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| Contract liabilities |
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Accrued expenses and other current liabilities |
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$ |
10,461 |
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$ |
6,891 |
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During the six months ended June 30, 2026 and 2025, the Company recognized revenue that was previously included in the beginning balance of contract liabilities of $4.0 million and $3.0 million, respectively.
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