Annual report [Section 13 and 15(d), not S-K Item 405]

Revenue Recognition

v3.25.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregated Revenue
Our revenues are derived from the delivery of products and services performed for commercial and government customers.

A summary of revenues by customer for each of our operating segments is as follows (in thousands):
Year Ended December 31, 2024 Aviation Fleet Total
Commercial $ 779,008  $ 178,509  $ 957,517 
Other government 7,248  115,367  122,615 
Total $ 786,256  $ 293,876  $ 1,080,132 
Year Ended December 31, 2023
Commercial $ 539,592  $ 150,835  $ 690,427 
DoD —  209  209 
Other government 4,428  165,424  169,852 
Total $ 544,020  $ 316,468  $ 860,488 
Year Ended December 31, 2022
Commercial $ 403,155  $ 104,162  $ 507,317 
DoD —  3,286  3,286 
Other government 4,957  153,888  158,845 
Total $ 408,112  $ 261,336  $ 669,448 
A summary of revenues by type for each of our operating segments is as follows (in thousands):
Year Ended December 31, 2024 Aviation Fleet Total
Repair $ 293,063  $ —  $ 293,063 
Distribution 493,193  293,876  787,069 
Total $ 786,256  $ 293,876  $ 1,080,132 
Year Ended December 31, 2023
Repair $ 157,154  $ —  $ 157,154 
Distribution 386,866  316,468  703,334 
Total $ 544,020  $ 316,468  $ 860,488 
Year Ended December 31, 2022
Repair $ 107,399  $ —  $ 107,399 
Distribution 300,713  261,336  562,049 
Total $ 408,112  $ 261,336  $ 669,448 

Contract Balances

Contract balances were as follows (in thousands):
As of December 31,
Financial Statement Classification 2024 2023
Billed and billable receivables
Receivables, net (a)
$ 197,563  $ 127,958 
Contract assets - unbilled receivables
Contract assets
 $ 29,960  $ 8,049 
Contract liabilities Accrued expenses and other current liabilities $ 4,479  $ 2,785 
(a) Net of allowance of $6.5 million and $3.4 million as of December 31, 2024 and 2023, respectively.
The increase in contract assets during fiscal 2024 is primarily in connection with the acquisition of TCI during the current period. Refer to Note (2) "Acquisitions" for further information. During fiscal 2024 and 2023, respectively, we recognized $2.1 million and $0.9 million of revenue that was previously included in the beginning balance of contract liabilities.