Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.22.1
Revenue Recognition
 9 Months Ended
Sep. 25, 2021
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.
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 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
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