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

Revenue Recognition

v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregated Revenue
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 is as follows (in thousands):
Year ended December 31,
2025 2024 2023
Commercial $ 1,108,091  $ 779,008  $ 539,592 
Government
 4,184  7,248  $ 4,428 
Total $ 1,112,275  $ 786,256  $ 544,020 
A summary of revenues by type is as follows (in thousands):
Year ended December 31,
2025
2024(a)
2023(a)
Repair $ 408,350  $ 303,456  $ 167,453 
Distribution 703,925  482,800  376,567 
Total $ 1,112,275  $ 786,256  $ 544,020 
(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):
As of December 31,
Financial Statement Classification 2025 2024
Billed and billable receivables
Receivables, net (a)
$ 190,732  $ 158,104 
Contract assets - unbilled receivables
Contract assets
 $ 41,468  $ 29,960 
Contract liabilities Accrued expenses and other current liabilities $ 6,891  $ 4,479 
(a) Net of allowance of $7.2 million and $4.1 million as of December 31, 2025 and 2024, respectively.
During fiscal 2025 and 2024, respectively, the Company recognized $3.5 million and $2.1 million of revenue that was previously included in the beginning balance of contract liabilities.