Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.24.1.u1
Revenue Recognition
 3 Months Ended
Mar. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company accounts for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights and payment terms can be identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it is entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised good or service to a customer. The performance obligations typically have an original expected duration of one year or less.
Contract Balances
Contract assets are the rights to consideration in exchange for goods and services that the Company has transferred to a customer. Revenues in excess of billings result from revenues recognized over time. Unbilled receivables result from revenues recognized point in time and represent an unconditional right to payment for earned revenues and result from timing differences between when revenues are earned and billed for. Unbilled receivables are recognized as accounts receivable when they are billed. Contract liabilities result from revenues recognized over time and represent cash received in excess of revenue earned on active projects. Where the Company receives a down-payment from the customer, it is recorded in customer deposits within accrued expenses and other current liabilities until the project becomes active.
Contract balances as of March 30, 2024 were as follows:

Revenues in excess of billings at December 30, 2023
 $ 17.8 
Unbilled receivables at December 30, 2023
 31.9 
Contract assets at December 30, 2023
$ 49.7 
Revenues in excess of billings at March 30, 2024
 $ 24.1 
Unbilled receivables at March 30, 2024
 11.3 
Contract assets at March 30, 2024
 $ 35.4 
Contract liabilities at December 30, 2023
 $ 26.7 
Contract liabilities at March 30, 2024
 $ 29.7 
During the three month period ended March 30, 2024, the Company recognized revenue of approximately $20.2 related to contract liabilities at December 30, 2023.
The Company derives subscription revenue from continued software support and through the Nokē Smart Entry System, a product which provides mobile access for tenants and remote monitoring and tracking for operators. We determine standalone selling price for recurring software revenue by using the adjusted market assessment approach. The recurring revenue recognized from the Nokē Smart Entry System, included in service revenues, for the three month periods ended March 30, 2024 and April 1, 2023 was $0.6 and $0.4, respectively.
Disaggregation of Revenue
The principal categories we use to disaggregate revenues are by timing and sales channel of revenue recognition. The following disaggregation of revenues depict the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the three month periods ended March 30, 2024 and April 1, 2023:
Revenue by Timing of Revenue Recognition
Three Months Ended
Reportable Segments by Timing of Revenue Recognition
 March 30, 2024 April 1, 2023
Janus North America
Product revenues transferred at a point in time(1)
$ 174.2  $ 169.6 
Product revenues transferred over time(1)
32.7  32.9 
Service revenues transferred over time(1)
33.6  28.0 

$ 240.5  $ 230.5 
Janus International
Product revenues transferred at a point in time $ 8.9  $ 13.1 
Service revenues transferred over time 5.8  8.5 
$ 14.7  $ 21.6 
Eliminations $ (0.7) $ (0.2)
Total Revenue
 $ 254.5  $ 251.9 
(1) These numbers have been revised for the three month period ended April 1, 2023. See Note 2 to our Unaudited Condensed Consolidated Financial Statements for additional information.

Revenue by Sales Channel
Three Months Ended
Reportable Segments by Sales Channel Revenue Recognition
 March 30, 2024 April 1, 2023
Janus North America
Self Storage-New Construction $ 104.2  $ 64.6 
Self Storage-R3 68.3  82.4 
Commercial and Others 68.0  83.5 

$ 240.5  $ 230.5 
Janus International
Self Storage-New Construction $ 12.4  $ 18.6 
Self Storage-R3 2.3  3.0 
$ 14.7  $ 21.6 
Eliminations $ (0.7) $ (0.2)
Total Revenue
 $ 254.5  $ 251.9