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CONTRACT ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2025
Contractors [Abstract]  
CONTRACT ASSETS AND LIABILITIES CONTRACT ASSETS AND LIABILITIES
Under our customized pump production and water and wastewater project contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets presented as "Costs and estimated profits in excess of billings". However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities that are presented as "Billings in excess of costs and estimated profits" on our unaudited condensed consolidated balance sheets.

Costs and estimated profits on uncompleted contracts and related amounts billed were as follows (in thousands):

 June 30, 2025December 31, 2024
Costs incurred on uncompleted contracts$136,025 $122,951 
Estimated profits, thereon64,324 58,373 
Total costs and estimated profits on uncompleted contracts200,349 181,324 
Less: billings to date165,995 143,251 
Net$34,354 $38,073 

Such amounts were included in the accompanying unaudited condensed consolidated balance sheets for June 30, 2025 and December 31, 2024 under the following captions (in thousands):

 June 30, 2025December 31, 2024
Costs and estimated profits in excess of billings$57,260 $50,735 
Billings in excess of costs and estimated profits(22,906)(12,662)
Net$34,354 $38,073 

During the six months ended June 30, 2025 and 2024, $3.1 million and $2.9 million of the balances that were previously classified as contract liabilities at the beginning of the period were recognized in revenues, respectively. Contract asset and liability changes were primarily due to normal activity and timing differences between our performance and customer payments.
REVENUE
The Company disaggregates revenue based upon our geography and our reportable segments - Service Centers, Innovative Pumping Solutions and Supply Chain Services. Each of our geographic and reportable business segments are impacted and influenced by varying factors, including the macroeconomic environment, maintenance and capital spending and commodity prices and exploration and production activity. As such, we believe this information is important in depicting the nature, timing and uncertainty of our contracts with customers. The following Geographical Information and Note 11 - Segment Reporting present our revenue disaggregated by source.

Geographical Information
Revenues are presented in geographic area based on location of the facility shipping products or providing services.

The Company’s revenues by geographical location are as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Revenues
United States$478,864 $423,621 $936,104 $818,500 
Canada19,369 21,144 38,357 38,219 
Other
449 791 790 1,472 
Total$498,682 $445,556 $975,251 $858,191 
Recent Acquisitions
We define and calculate organic sales to include locations and acquisitions under our ownership for at least twelve months. "Acquisition Sales" are sales from acquisitions that have been under our ownership for less than twelve months and are excluded in our calculation of Organic Sales.
The following tables sets forth the disaggregation of revenue from sales associated with recent acquisitions for the three and six months ended June 30, 2025 and 2024 (in thousands):


SalesAcquisition SalesOrganic Sales
Three Months Ended June 30, 2025
Service Centers$339,731 $15,555 $324,176 
Innovative Pumping Solutions93,540 9,050 84,490 
Supply Chain Services65,411 — 65,411 
Total Sales$498,682 $24,605 $474,077 
Three Months Ended June 30, 2024
Service Centers$306,516 $8,708 $297,808 
Innovative Pumping Solutions73,377 14,695 58,682 
Supply Chain Services65,663 — 65,663 
Total Sales$445,556 $23,403 $422,153 
$ Change
Service Centers$33,215 $6,847 $26,368 
Innovative Pumping Solutions20,163 (5,645)25,808 
Supply Chain Services(252)— (252)
Total $ Change$53,126 $1,202 $51,924 
% Change
Service Centers10.8 %78.6 %8.9 %
Innovative Pumping Solutions27.5 %(38.4)%44.0 %
Supply Chain Services(0.4)%N/A(0.4)%
Total % Change11.9 %5.1 %12.3 %
SalesAcquisition SalesOrganic Sales
Six Months Ended June 30, 2025
Service Centers$666,806 $33,496 $633,310 
Innovative Pumping Solutions179,722 22,221 157,501 
Supply Chain Services128,723 — 128,723 
Total Sales$975,251 $55,717 $919,534 
Six Months Ended June 30, 2024
Service Centers$594,952 $10,219 $584,733 
Innovative Pumping Solutions135,592 24,959 110,633 
Supply Chain Services127,647 — 127,647 
Total Sales$858,191 $35,178 $823,013 
$ Change
Service Centers$71,854 $23,277 $48,577 
Innovative Pumping Solutions44,130 (2,738)46,868 
Supply Chain Services1,076 — 1,076 
Total $ Change$117,060 $20,539 $96,521 
% Change
Service Centers12.1 %227.8 %8.3 %
Innovative Pumping Solutions32.5 %(11.0)%42.4 %
Supply Chain Services0.8 %N/A0.8 %
Total % Change13.6 %58.4 %11.7 %