Note 8 - Revenue

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

8 – Revenue

The Company’s non-lease and rental revenues are generated from the sale of finished products to customers. Revenue from 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, 2024 and 2023 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Commercial vehicle sales revenue	$	1,163,255	$	1,235,767	$	3,586,882	$	3,648,286
Parts revenue		350,896		376,183		1,089,354		1,141,081
Commercial vehicle repair service revenue		282,149		267,440		820,318		801,898
Finance revenue		2,254		2,869		6,715		9,369
Insurance revenue		3,526		3,448		10,396		9,708
Other revenue		4,924		5,567		16,799		20,536
Total	$	1,807,004	$	1,891,274	$	5,530,464	$	5,630,878

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, 2024. 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.