Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.22.1
Revenue Recognition
3 Months Ended
Mar. 31, 2022
Revenue Recognition  
Revenue Recognition

3.  REVENUE RECOGNITION

Revenue is disaggregated between our Installation and Specialty Distribution segments and further based on market and product, as we believe this best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.  The following tables present our revenues disaggregated by market (in thousands):

Three Months Ended March 31, 2022

Installation

Specialty Distribution

Elims

Total

Residential

$

563,303

$

236,411

$

(43,421)

$

756,293

Commercial

113,390

215,514

(8,216)

320,688

Industrial

91,937

91,937

Net sales

$

676,693

$

543,862

$

(51,637)

$

1,168,918

Three Months Ended March 31, 2021

Installation

Specialty Distribution

Elims

Total

Residential

$

418,077

$

192,045

$

(33,338)

$

576,784

Commercial

114,676

59,556

(8,218)

166,014

Net sales

$

532,753

$

251,601

$

(41,556)

$

742,798

The following tables present our revenues disaggregated by product (in thousands):

Three Months Ended March 31, 2022

Installation

Specialty Distribution

Elims

Total

Insulation and accessories

$

536,341

$

452,011

$

(43,810)

$

944,542

Glass and windows

51,196

51,196

Gutters

22,957

46,631

(7,002)

62,586

All other

66,199

45,220

(825)

110,594

Net sales

$

676,693

$

543,862

$

(51,637)

$

1,168,918

Three Months Ended March 31, 2021

Installation

Specialty Distribution

Elims

Total

Insulation and accessories

$

417,597

$

211,494

$

(34,527)

$

594,564

Glass and windows

43,047

43,047

Gutters

19,358

25,839

(5,305)

39,892

All other

52,751

14,268

(1,724)

65,295

Net sales

$

532,753

$

251,601

$

(41,556)

$

742,798

The following table represents our contract assets and contract liabilities with customers, in thousands:

Included in Line Item on

As of

Condensed

March 31, 

December 31, 

Balance Sheets

2022

2021

Contract Assets:

Receivables, unbilled

Receivables, net

$

72,996

$

71,401

Contract Liabilities:

Deferred revenue

Accrued liabilities

$

15,926

$

14,310

The aggregate amount remaining on uncompleted performance obligations was $346.3 million as of March 31, 2022. We expect to satisfy the performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.

Certain customer contracts contain provisions whereby customers are entitled to withhold an agreed upon percentage of the total contract value until the customer’s project is satisfactorily complete. This amount held back is referred to as retainage and is a common practice in the construction industry. Retainage receivables are classified as a component of Receivables, net on our condensed consolidated balance sheets and were $57.1 million and $57.6 million as of March 31, 2022 and December 31, 2021, respectively.