REVENUE

3 Months Ended

Mar. 31, 2024

REVENUE

REVENUE

10.          REVENUE

All of our operating revenue is generated from contracts with customers. Our primary source of revenue is generated from sales of towing and recovery equipment. Because our product lines have substantially similar characteristics, the Company has identified one operating segment regularly reviewed to assess performance and allocate resources. Alternatively, the Company uses a geographic approach to track revenues by geographic regions.

Net revenues by geographic region are as follows:

	Three Months Ended March 31,
(in thousands)	2024		2023		Change
Geographic regions:
North America	$	318,536	$	258,167	23.4%
Foreign		31,335		24,108	30.0%
Total net revenue	$	349,871	$	282,275	23.9%

Concentrations of Credit Risk

Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash and temporary investments and trade accounts receivable. At March 31, 2024 and December 31, 2023, the Company had cash deposited net of outstanding checks of $26.8 million and $29.9 million, respectively held in multiple high-credit quality financial institutions. We attempt to limit our credit risk by performing ongoing credit evaluations of our customers and maintaining adequate allowances for potential credit losses.

No single customer accounted for more than 10% of total revenues for the period ended March 31, 2024 and one customer accounted for 11.0% of total revenues for the period ended March 31, 2023.

No single customer accounted for more than 10% of total accounts receivable at March 31, 2024 and December 31, 2023.