Annual report pursuant to Section 13 and 15(d)

Note 14 - Revenue Recognition

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Note 14 - Revenue Recognition
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

14. Revenue Recognition

 

The table below sets forth the Company’s revenue disaggregated by category (in thousands):

 

   

For the Years Ended December 31,

  
   

2022

    

2021

    

2020

  

Trade sales - wholesale

   $ 149,129       164,315       106,508  

Trade sales - retail

     130,996       73,763       40,702  

Sales of real estate inventory

     27,794       65,479       20,363  

Revenue from customers

     307,919       303,557       167,573  

Interest income

     5,993       6,413       2,399  

Net gains on sales of real estate assets

     24,289       643       255  

Other revenue

     3,844       2,984       3,002  

Total revenues

   $ 342,045       313,597       173,229  

 

 

As of December 31, 2022 and 2021, the contingent purchase price receivable of $16.9 million and $19.9 million included in the Company’s consolidated statements of financial condition, respectively, represents estimated variable consideration related to the contingent purchase price due from homebuilders in connection with the sale of real estate inventory to the homebuilders. As of December 31, 2022 and 2021, the Company’s other liabilities in its consolidated statements of financial condition included $0.6 million of variable consideration related to the estimated contingent purchase price due to a homebuilder in connection with the sale of real estate inventory to the homebuilder. 

 

During the year ended December 31, 2022, Renin’s total revenues included $107.1 million of trade sales to three major customers and their affiliates and $46.9 million of revenues generated outside the United States. Revenues from one customer of Renin represented $49.6 million, $50.3 million, and $34.2 million, of the Company’s total revenues for the years ended December 31, 2022, 2021 and 2020, respectively, which represented 14.5%, 16.0% and 19.7% of the Company’s total revenues for the respective periods. Revenue from a second customer of Renin represented $37.9 million, $42.8 million and $29.4 million of the Company’s total revenues for the years ended December 31, 2022, 2021 and 2020, respectively, which represented 11.1%, 13.6% and 17.0% of the Company’s total revenues during the respective periods. Revenue from a third customer of Renin represented $19.6 million and $30.4 million, of the Company’s total revenues for the years ended December 31, 2022 and December 31, 2021, respectively, which represented 5.7% and 9.7 % of the Company's total revenues for the respective periods.