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Note 8 - Revenue
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

8 – Revenue

 

The Company’s non-lease and rental revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue from such sales is recognized when the customer obtains control, which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: the sale of new and used commercial vehicles, the arrangement of associated commercial vehicle financing and insurance contracts, the performance of commercial vehicle repair services and the sale of commercial vehicle parts. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.

 

The following table summarizes the Company’s disaggregated revenue by revenue source, excluding lease and rental revenue, for the three months and nine months ended September 30, 2023 and 2022 (in thousands):

 

   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  
   

2023

    

2022

    

2023

    

2022

  

Commercial vehicle sales revenue

   $ 1,235,767     $ 1,142,201     $ 3,648,286     $ 3,176,175  

Parts revenue

     376,183       373,207       1,141,081       1,080,552  

Commercial vehicle repair service revenue

     267,440       248,923       801,898       683,139  

Finance revenue

     2,869       4,113       9,369       13,211  

Insurance revenue

     3,448       3,526       9,708       9,708  

Other revenue

     5,567       6,628       20,536       18,383  

Total

   $ 1,891,274     $ 1,778,598     $ 5,630,878     $ 4,981,168  

 

All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company did not have any material contract assets or contract liabilities on the balance sheet as of September 30, 2023. Revenues related to commercial vehicle sales, parts sales, commercial vehicle repair service, finance and the majority of other revenues are related to the Truck Segment.