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REVENUE | 9 Months Ended
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Sep. 30, 2021
REVENUE |
REVENUE | NOTE D — REVENUE The timing of revenue recognition, customer billings and cash collections results in a contract asset or contract liability at the end of each reporting period. Contract assets consist of unbilled receivables or costs incurred where revenue recognized over time exceeds the amounts billed to customers. Contract liabilities include advance payments and billings in excess of revenue recognized. Certain customers make advance payments prior to the satisfaction of performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied. Contract assets and contract liabilities are determined on a contract by contract basis. Contract assets are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2021 |  | December 31, 2020 |  | Change
Contract assets | ​ | $ | 14,912 | ​ | $ | 20,431 | ​ | $ | (5,519)
​ Contract assets are reported within accounts receivable on our condensed consolidated balance sheets. Changes in contract assets primarily results from the timing difference between our performance of services. Contract liabilities are reported as deferred revenue on our condensed consolidated balance sheets and amounted to $2.6 million as of December 31, 2020, of which $2.2 million was related to contract liabilities for services performed. For the three and nine months ended September 30, 2021, the Company recognized as revenue $0.6 million and $2.0 million of contract liabilities for services performed as the timing between customer payments and our performance of the services is generally no longer than six months. Disaggregation of Revenue The Company reports revenue by segment. The following tables present revenue by segment, as well as a reconciliation to total revenue for the three and nine months ended September 30, 2021 and 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended September 30, |  | Nine months ended September 30, |
​ |  | 2021 |  | 2021 |
​ | ​ | Asset Management |  | ​ | ​ |  | ​ | ​ | ​ | Asset Management |  | ​ | ​ |  | ​ | ​ | ​
​ |  | Solutions |  | Tech Ops |  | Total Revenues |  | Solutions |  | Tech Ops |  | Total Revenues |
USM | ​ | $ | 13,466 | ​ | $ | 1,315 | ​ | $ | 14,781 | ​ | $ | 33,935 | ​ | $ | 3,574 | ​ | $ | 37,509 | ​
Whole asset sales | ​ |  | 27,408 | ​ |  | - | ​ |  | 27,408 | ​ |  | 83,868 | ​ |  | - | ​ |  | 83,868 | ​
Engineered solutions | ​ |  | - | ​ |  | 1,424 | ​ |  | 1,424 | ​ |  | - | ​ |  | 3,537 | ​ |  | 3,537 | ​
Total products | ​ |  | 40,874 | ​ |  | 2,739 | ​ |  | 43,613 | ​ |  | 117,803 | ​ |  | 7,111 | ​ |  | 124,914 | ​
Leasing | ​ |  | 8,002 | ​ |  | - | ​ |  | 8,002 | ​ |  | 20,624 | ​ |  | - | ​ |  | 20,624 | ​
Services | ​ |  | - | ​ |  | 21,683 | ​ |  | 21,683 | ​ |  | - | ​ |  | 78,116 | ​ |  | 78,116 | ​
Total revenues | ​ | $ | 48,876 | ​ | $ | 24,422 | ​ | $ | 73,298 | ​ | $ | 138,427 | ​ | $ | 85,227 | ​ | $ | 223,654 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended September 30, |  | Nine months ended September 30, |
​ |  | 2020 |  | 2020 |
​ | ​ | Asset Management | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Asset Management | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Solutions |  | Tech Ops |  | Total Revenues |  | Solutions |  | Tech Ops |  | Total Revenues |
USM | ​ | $ | 9,025 | ​ | $ | 515 | ​ | $ | 9,540 | ​ | $ | 30,594 | ​ | $ | 1,989 | ​ | $ | 32,583 | ​
Whole asset sales | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 3,103 | ​ | ​ | - | ​ | ​ | 3,103 | ​
Engineered solutions | ​ |  | - | ​ |  | 382 | ​ |  | 382 | ​ |  | - | ​ |  | 2,040 | ​ |  | 2,040 | ​
Total products | ​ |  | 9,025 | ​ |  | 897 | ​ |  | 9,922 | ​ |  | 33,697 | ​ |  | 4,029 | ​ |  | 37,726 | ​
Leasing | ​ |  | 20,627 | ​ |  | - | ​ |  | 20,627 | ​ |  | 47,637 | ​ |  | - | ​ |  | 47,637 | ​
Services | ​ |  | - | ​ |  | 26,516 | ​ |  | 26,516 | ​ |  | - | ​ |  | 74,193 | ​ |  | 74,193 | ​
Total revenues | ​ | $ | 29,652 | ​ | $ | 27,413 | ​ | $ | 57,065 | ​ | $ | 81,334 | ​ | $ | 78,222 | ​ | $ | 159,556 | ​
​

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