Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.23.2
Revenue
 6 Months Ended
Jun. 30, 2023
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   Three Months Ended     Three Months Ended  
(In thousands)   June 30, 2023     June 30, 2022  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 12,834     $ 11,161     $ 23,995     $ 8,393     $ 7,916     $ 16,309  
Time and materials     —       1,037       1,037       —       3,146       3,146  
Total   $ 12,834     $ 12,198     $ 25,032     $ 8,393     $ 11,062     $ 19,455  

 

 

                                                 
Revenue by Contract Type   Six Months Ended     Six Months Ended  
(In thousands)   June 30, 2023     June 30, 2022  
    Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 22,428     $ 19,808     $ 42,236     $ 15,872     $ 13,677     $ 29,549  
Time and materials     —       2,903       2,903       —       5,821       5,821  
Total   $ 22,428     $ 22,711     $ 45,139     $ 15,872     $ 19,498     $ 35,370  

 

                                                 
 Revenue by generator Three Months Ended     Three Months Ended  
 (In thousands) June 30, 2023     June 30, 2022  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 9,808     $ 11,441     $ 21,249     $ 6,243     $ 10,649     $ 16,892  
Domestic commercial     2,269       742       3,011       1,803       384       2,187  
Foreign government     657       (7 )     650       153       8       161  
Foreign commercial     100       22       122       194       21       215  
Total   $ 12,834     $ 12,198     $ 25,032     $ 8,393     $ 11,062     $ 19,455  

 

                                                 
Revenue by generator   Six Months Ended     Six Months Ended  
 (In thousands)   June 30, 2023     June 30, 2022  
    Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 17,065     $ 21,159     $ 38,224     $ 12,058     $ 18,894     $ 30,952  
Domestic commercial     4,475       1,339       5,814       3,239       546       3,785  
Foreign government     752       170       922       245       14       259  
Foreign commercial     136       43       179       330       44       374  
Total   $ 22,428     $ 22,711     $ 45,139     $ 15,872     $ 19,498     $ 35,370  

 

Contract Balances

 

The timing of revenue recognition and billings results in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent payment from customers in advance of the completion of our performance obligation. The following table represents changes in our contract asset and contract liabilities balances:

 

                Year-to-date     Year-to-date  
(In thousands)   June 30, 2023     December 31, 2022     Change ($)     Change (%)  
Contract assets                                
Unbilled receivables - current   $ 7,121     $ 6,062     $ 1,059       17.5 %
                                 
Contract liabilities                                
Deferred revenue   $ 4,852     $ 4,813     $ 39       0.8 %

 

During the three and six months ended June 30, 2023, the Company recognized revenue of $1,098,000 and $4,593,000, 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, 2022, the Company recognized revenue of $2,123,000 and $5,644,000, 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 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.

 

 

The Company’s contracts and subcontracts relating to activities at governmental sites generally allow for termination for convenience at any time at the government’s option without payment of a substantial penalty. The Company does not disclose remaining performance obligations on these contracts.