Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.21.1
Revenue
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue
3. Revenue

 

Disaggregation of Revenue

 

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The nature of the Company’s performance obligations within our Treatment and Services Segments result in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

Revenue by Contract Type                                    
(In thousands)   Three Months Ended     Three Months Ended  
    March 31, 2021     March 31, 2020  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 7,495     $ 2,581     $ 10,076     $ 9,563     $ 1,392     $ 10,955  
Time and materials     —       13,057       13,057       —       13,905       13,905  
Total   $ 7,495     $ 15,638     $ 23,133     $ 9,563     $ 15,297     $ 24,860  

 

Revenue by generator                                    
(In thousands)   Three Months Ended     Three Months Ended  
    March 31, 2021     March 31, 2020  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 4,598     $ 12,661     $ 17,259     $ 7,690     $ 13,798     $ 21,488  
Domestic commercial     2,265       590       2,855       1,873       462       2,335  
Foreign government     534       2,364       2,898        —       1,014       1,014  
Foreign commercial     98       23       121        —       23       23  
Total   $ 7,495     $ 15,638     $ 23,133     $ 9,563     $ 15,297     $ 24,860  

 

Contract Balances

 

The timing of revenue recognition, billings, and cash collections results in accounts receivable and unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represents advance payment from customers in advance of the completion of our performance obligation.

 

The following table represents changes in our contract assets and contract liabilities balances:

 

                Year-to-date     Year-to-date  
(In thousands)   March 31, 2021     December 31, 2020     Change ($)     Change (%)  
Contract assets                                
Account receivables, net of allowance   $ 20,121     $ 9,659     $ 10,462       108.3 %
Unbilled receivables - current     9,229       14,453       (5,224 )     (36.1 )%
                                 
Contract liabilities                                
Deferred revenue   $ 3,106     $ 4,614     $ (1,508 )     (32.7 )%

 

During the three months ended March 31, 2021 and 2020, the Company recognized revenue of $4,311,000 and $4,023,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of each respective year. Revenue recognized in each period related to performance obligations satisfied within the respective period.

 

Remaining Performance Obligations

 

The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

 

Within our Services Segment, there are service contracts which provide that the Company has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. For those contracts, the Company has utilized the practical expedient in ASC 606-10-55-18, which allows the Company to recognize revenue in the amount for which we have the right to invoice; accordingly, the Company does not disclose the value of remaining performance obligations for those contracts.