Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.21.2
Revenue Recognition
 9 Months Ended
Sep. 25, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
13. 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.
Contract Balances
Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets primarily result from contracts that include installation which are billed via payment requests that are submitted in the month following the period during which revenue was recognized. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. Contract assets are disclosed as costs and estimated earnings in excess of billings on uncompleted contracts, and contract liabilities are disclosed as billings in excess of costs and estimated earnings on uncompleted contracts in the consolidated balance sheet. Contract balances as of September 25, 2021 were as follows:
 
 
    
September 25, 2021
  
Contract assets, beginning of the period
    $ 11,398,934  
    
 
 
  
Contract assets, end of the period
    $ 23,602,670  
    
 
 
  
Contract liabilities, beginning of the period
    $ 21,525,319  
    
 
 
  
Contract liabilities, end of the period
    $ 25,759,923  
    
 
 
  
During the three and nine months ended September 25, 2021, the Company recognized revenue of approximately $848,000 and $17,780,000, respectively, related to contract liabilities at December 26, 2020.
There were
new billings of approximately $22,015,000 for product and services for which there were unsatisfied performance obligations to customers and revenue had
not
yet been recognized as of September 25, 2021.
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 and nine months ended September 25, 2021 and September 26, 2020:
Revenue by Timing of Revenue Recognition
 
    
Three Months Ended
     
Nine Months Ended
  
Reportable Segments by Sales Channel Revenue
Recognition
   
September 25, 2021
     
September 26, 2020
     
September 25, 2021
     
September 26, 2020
  
Janus North America
                                    
Goods transferred at a point in time
    $ 154,631,784      $ 110,370,452      $ 414,713,892      $ 310,647,036  
Services transferred over time
      24,487,323        22,127,171        75,184,879        69,200,338  
    
 
 
     
 
 
     
 
 
     
 
 
  
       179,119,107        132,497,623        489,898,771        379,847,374  
    
 
 
     
 
 
     
 
 
     
 
 
  
Janus International
                                    
Goods transferred at a point in time
      10,191,505        7,920,469        27,039,893        18,031,237  
Services transferred over time
      7,632,830        4,700,198        21,689,399        14,133,724  
    
 
 
     
 
 
     
 
 
     
 
 
  
       17,824,335        12,620,667        48,729,292        32,164,961  
    
 
 
     
 
 
     
 
 
     
 
 
  
Eliminations
      (9,153,517 )       (4,779,232 )       (23,831,481 )       (11,629,860 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Revenue
   
$
187,789,925
     
$
140,339,058
     
$
514,796,582
     
$
400,382,475
  
    
 
 
     
 
 
     
 
 
     
 
 
  
Revenue by Sale Channel Revenue Recognition
 
    
Three
M
onths Ended
     
Nine Months Ended
  
Reportable Segments by Sales Channel Revenue
Recognition
   
September 25, 2021
     
September 26, 2020
     
September 25, 2021
     
September 26, 2020
  
Janus North America
                                    
Self
Storage-New
Construction
    $ 54,506,607      $ 67,675,747      $ 157,120,551      $ 184,898,993  
Self
Storage-R3
      57,141,059        30,663,566        151,563,398        98,645,228  
Commercial and Others
      67,471,441        34,158,310        181,214,822        96,303,153  
    
 
 
     
 
 
     
 
 
     
 
 
  
       179,119,107        132,497,623        489,898,771        379,847,374  
    
 
 
     
 
 
     
 
 
     
 
 
  
Janus International
                                    
Self
Storage-New
Construction
    $ 12,435,987      $ 7,874,084      $ 34,186,904      $ 19,903,835  
Self
Storage-R3
      5,388,348        4,692,451        14,542,388        12,206,994  
Commercial and Others
      —        54,132        —        54,132  
    
 
 
     
 
 
     
 
 
     
 
 
  
       17,824,335        12,620,667        48,729,292        32,164,961  
    
 
 
     
 
 
     
 
 
     
 
 
  
Eliminations
      (9,153,517 )       (4,779,232 )       (23,831,481 )       (11,629,860 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Revenue
   
$
187,789,925
     
$
140,339,058
     
$
514,796,582
     
$
400,382,475