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Revenue from Contracts with Customers (Tables)
3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenue

The Company is generally the principal in its customer contracts because it has control over the goods and services prior to their transfer to the customer, and as such, revenue is recognized on a gross basis. Sales and usage-based taxes are excluded from revenue. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The table below presents the Company’s revenue disaggregated by revenue source (in thousands):

Three Months Ended

March 31, 

    

2023

    

2024

Product revenue:

Volume-related

Fuel sales(1)

$

106,895

$

68,203

Change in fair value of derivative instruments(2)

(2,532)

1,622

RIN Credits

4,503

8,812

LCFS Credits

2,298

(164)

AFTC (3)

 

4,496

 

5,357

Total volume-related product revenue

115,660

83,830

Station construction sales

4,067

5,584

Total product revenue

 

119,727

 

89,414

Service revenue:

Volume-related, O&M services

12,044

13,735

Other services

412

560

Total service revenue

12,456

14,295

Total revenue

$

132,183

$

103,709

(1)Includes non-cash stock-based sales incentive contra-revenue charges associated with the Amazon Warrant. For the three months ended March 31, 2023, contra-revenue charges recognized in fuel revenue were $13.7 million. For the three months ended March 31, 2024, contra-revenue charges recognized in fuel revenue were $12.9 million. See Note 14 for more information.
(2)Represents changes in fair value of derivative instruments related to the Company’s commodity swap and customer fueling contracts associated with the Company’s Zero Now truck financing program. The amounts are classified as revenue because the Company’s commodity swap contracts are used to economically offset the risk associated with the diesel-to-natural gas price spread resulting from customer fueling contracts under the Company’s Zero Now truck financing program. See Note 6 for more information about these derivative instruments.
(3)Represents the federal alternative fuel excise tax credit (“AFTC”). See Note 19 for more information.
Summary of contract balances

As of December 31, 2023 and March 31, 2024, the Company’s contract balances were as follows (in thousands):

    

December 31, 

    

March 31, 

2023

2024

Accounts receivable, net

$

98,426

$

85,478

  

Contract assets - current

$

7,823

$

8,501

Contract assets - non-current

 

2,433

 

2,304

Contract assets - total

$

10,256

$

10,805

  

Contract liabilities - current

$

4,936

$

7,787

Contract liabilities - non-current

 

151

 

132

Contract liabilities - total

$

5,087

$

7,919