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Revenue
 9 Months Ended
Sep. 30, 2022
Revenue  
Revenue

2. Revenue

Total revenue recognized under Topic 606 was $236.0 million and $155.1 million for the nine months ended September 30, 2022 and 2021, respectively, while specialty rental income was $113.5 million and $54.5 million subject to the guidance of ASC 840 for the nine months ended September 30, 2022 and 2021, respectively. Total revenue recognized under Topic 606 was $103.0 million and $67.1 million for the three months ended September 30, 2022 and 2021, respectively, while specialty rental income was $56.6 million and $22.1 million subject to the guidance of ASC 840 for the three months ended September 30, 2022 and 2021, respectively.

The following table disaggregates our revenue by our four reportable segments as well as the All Other category: Hospitality & Facilities Services – South (“HFS – South”), Hospitality & Facilities Services – Midwest  (“HFS – Midwest”), Government, TCPL Keystone, and All Other for the dates indicated below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

​

For the Nine Months Ended

​

​

September 30, 

​

September 30, 

​

​

2022

​

2021

​

2022

​

2021

HFS - South

​

​

​

​

​

​

​

​

​

​

​

​

Services income

​

$

31,936

​

$

28,732

​

$

93,085

​

$

77,729

Total HFS - South revenues

​

​

31,936

​

​

28,732

​

​

93,085

​

​

77,729

​

​

​

​

​

​

​

​

​

​

​

​

​

HFS - Midwest

​

​

​

​

​

​

​

​

​

​

​

​

Services income

​

$

1,860

​

$

1,266

​

$

4,270

​

$

2,593

Total HFS - Midwest revenues

​

​

1,860

​

​

1,266

​

​

4,270

​

​

2,593

​

​

​

​

​

​

​

​

​

​

​

​

​

Government

​

​

​

​

​

​

​

​

​

​

​

​

Services income

​

$

68,436

​

$

26,663

​

$

136,251

​

$

61,329

Total Government revenues

​

​

68,436

​

​

26,663

​

​

136,251

​

​

61,329

​

​

​

​

​

​

​

​

​

​

​

​

​

TCPL Keystone

​

​

​

​

​

​

​

​

​

​

​

​

Services income

​

$

-

​

$

31

​

$

-

​

$

989

Construction fee income

​

​

-

​

​

9,849

​

​

-

​

​

11,294

Total TCPL Keystone revenues

​

​

-

​

​

9,880

​

​

-

​

​

12,283

​

​

​

​

​

​

​

​

​

​

​

​

​

All Other

​

​

​

​

​

​

​

​

​

​

​

​

Services income

​

$

764

​

$

529

​

$

2,435

​

$

1,166

Total All Other revenues

​

​

764

​

​

529

​

​

2,435

​

​

1,166

​

​

​

​

​

​

​

​

​

​

​

​

​

Total revenues

​

$

102,996

​

$

67,070

​

$

236,041

​

$

155,100

​

On July 23, 2021, the Company executed a Termination and Settlement Agreement with TC Energy (the “Termination and Settlement Agreement”), which effectively terminated the Company’s contract with TC Energy that was originated in 2013. The Termination and Settlement Agreement also released the Company from any outstanding work performance obligations under the 2013 contract (including all change orders, limited notices to proceed, and amendments). Additionally, the Termination and Settlement Agreement resulted in an agreed upon termination fee of approximately $5 million that was collected in cash on July 27, 2021. This Termination and Settlement Agreement also resulted in the recognition of approximately $4.9 million of deferred revenue as of the effective date of the Termination and Settlement Agreement. No further revenue will be generated from the 2013 contract and as of September 30, 2022, there are no unrecognized deferred revenue amounts or costs for incomplete projects related to this contract following such termination.

The Company routinely monitors the financial stability of our customers, which involves a high degree of judgment in assessing customers’ historical time to pay, financial condition and various customer-specific factors.

Contract Assets and Liabilities

We do not have any contract assets.

Contract liabilities primarily consist of deferred revenue that represent payments for room nights that the customer may use in the future as well as advanced payments for community builds that are being recognized over the related contract period. Activity in the deferred revenue accounts as of the dates indicated below was as follows:

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​

​

​

​

​

​

​

​

​

For Nine Months Ended

​

​

September 30, 

​

    

2022

​

2021

Balances at Beginning of the Period

​

$

34,411

​

$

18,371

Additions to deferred revenue

​

 

173,146

​

 

125,592

Revenue recognized

​

 

(46,382)

​

 

(76,120)

Balances at End of the Period

​

$

161,175

​

$

67,843

​

As of September 30, 2022, for contracts greater than one year, the following table discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue, and only represents revenue expected to be recognized from contracts where the price and quantity of the product or service are fixed:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

    

2022

    

2023

​

2024

​

2025

​

2026

    

Total

Revenue expected to be recognized as of September 30, 2022

​

$

56,304

​

$

179,326

​

$

19,068

​

$

18,775

​

$

14,044

​

$

287,517

​

The Company applied some of the practical expedients in Topic 606, including the “right to invoice” practical expedient, and does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations for contracts without minimum revenue commitments.  Due to the application of these practical expedients, the table above represents only a portion of the Company’s expected future consolidated revenues and it is not necessarily indicative of the expected trend in total revenues.