Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.20.2
Revenue
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue

4. 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  
    June 30, 2020     June 30, 2019  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 7,840     $ 5,751     $ 13,591     $ 10,094     $ 2,709     $ 12,803  
Time and materials      ―       8,456       8,456        ―       4,332       4,332  
Total   $ 7,840     $ 14,207     $ 22,047     $ 10,094     $ 7,041     $ 17,135  

 

Revenue by Contract Type                                    
(In thousands)   Six Months Ended     Six Months Ended  
    June 30, 2020     June 30, 2019  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 17,403     $ 8,698     $ 26,101     $ 19,999     $ 3,137     $ 23,136  
Time and materials      ―       20,806       20,806        ―       5,707       5,707  
Total   $ 17,403     $ 29,504     $ 46,907     $ 19,999     $ 8,844     $ 28,843  

 

Revenue by generator                                    
(In thousands)   Three Months Ended     Three Months Ended  
    June 30, 2020     June 30, 2019  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 6,055     $ 12,791     $ 18,846     $ 6,537     $ 4,842     $ 11,379  
Domestic commercial     1,785       431       2,216       3,395       855       4,250  
Foreign government      ―       965       965       162       1,323       1,485  
Foreign commercial      ―       20       20        ―       21       21  
Total   $ 7,840     $ 14,207     $ 22,047     $ 10,094     $ 7,041     $ 17,135  

 

Revenue by generator                                    
(In thousands)   Six Months Ended     Six Months Ended  
    June 30, 2020     June 30, 2019  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 13,745     $ 26,589     $ 40,334     $ 14,449     $ 5,529     $ 19,978  
Domestic commercial     3,658       893       4,551       5,274       1,613       6,887  
Foreign government      ―       1,979       1,979       220       1,659       1,879  
Foreign commercial      ―       43       43       56       43       99  
Total   $ 17,403     $ 29,504     $ 46,907     $ 19,999     $ 8,844     $ 28,843  

 

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)   June 30, 2020     December 31, 2019     Change ($)     Change (%)  
Contract assets                                
Account receivables, net of allowance   $ 10,806     $ 13,178     $ (2,372 )     (18.0 )%
Unbilled receivables - current     11,069       7,984       3,085       38.6 %
                                 
Contract liabilities                                
Deferred revenue   $ 3,699     $ 5,456     $ (1,757 )     (32.2 )%

 

During the three and six months ended June 30, 2020, the Company recognized revenue of $2,516,000 and $6,539,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of each respective year. During the three and six months ended June 30, 2019, the Company recognized revenue of $2,865,000 and $7,442,000, 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 FASB Accounting Standards Codification (“ASC”) 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.