| Revenue Recognition |
3. REVENUE RECOGNITION
Revenue is disaggregated between our Installation and 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, 2021 |
|
|
|
Installation |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
|
|
Installation |
|
|
Distribution |
|
|
Elims |
|
|
Total |
Residential |
|
$ |
373,281 |
|
$ |
162,456 |
|
$ |
(29,006) |
|
$ |
506,731 |
Commercial |
|
|
102,592 |
|
|
51,767 |
|
|
(7,862) |
|
|
146,497 |
Net sales |
|
$ |
475,873 |
|
$ |
214,223 |
|
$ |
(36,868) |
|
$ |
653,228 |
The following tables present our revenues disaggregated by product (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2021 |
|
|
|
Installation |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
|
|
Installation |
|
|
Distribution |
|
|
Elims |
|
|
Total |
Insulation and accessories |
|
$ |
369,996 |
|
$ |
180,249 |
|
$ |
(30,059) |
|
$ |
520,186 |
Glass and windows |
|
|
41,319 |
|
|
— |
|
|
— |
|
|
41,319 |
Gutters |
|
|
18,930 |
|
|
19,991 |
|
|
(5,387) |
|
|
33,534 |
All other |
|
|
45,628 |
|
|
13,983 |
|
|
(1,422) |
|
|
58,189 |
Net sales |
|
$ |
475,873 |
|
$ |
214,223 |
|
$ |
(36,868) |
|
$ |
653,228 |
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 |
|
2021 |
|
2020 |
Contract Assets: |
|
|
|
|
|
|
|
Receivables, unbilled |
Receivables, net |
|
$ |
64,519 |
|
$ |
48,839 |
|
|
|
|
|
|
|
|
Contract Liabilities: |
|
|
|
|
|
|
|
Deferred revenue |
Accrued liabilities |
|
$ |
8,091 |
|
$ |
6,542 |
The increase in contract assets as of March 31, 2021 is primarily driven by an increase in organic sales as well as sales from our acquisitions during the quarter.
The aggregate amount remaining on uncompleted performance obligations was $283.3 million as of March 31, 2021. We expect to satisfy the performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.
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