Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 93

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 1A
Chunk 93
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 international sales which are also excluded from the transaction price.•The Company's incremental cost to obtain a contract is limited to sales commissions. The Company applies the practical expedient to expense commissions as incurred for contracts having a duration of one year or less. Sales commissions related to contracts with a duration of greater than one year are immaterial to the Company's consolidated financial position and results of operations and are also expensed as incurred.Disaggregated RevenueA summary of net sales transferred to customers at a point in time and over time for the twelve months ended April 30 is as follows (in thousands): 2025DomesticInternationalTotalOver Time$132,723 $61,074 $193,797 Point in Time46,675 — 46,675 Total Revenue$179,398 $61,074 $240,472 2024DomesticInternationalTotalOver Time$131,798 $66,517 $198,315 Point in Time5,440 — 5,440 Total Revenue$137,238 $66,517 $203,755 Contract BalancesThe closing balances of contract assets included $12,693,000 in accounts receivable at April 30, 2025. The opening balance of contract assets arising from contracts with customers included $11,840,000 in accounts receivable and $312,000 in other assets at April 30, 2024. The closing and opening balances of contract liabilities included in deferred revenue arising from contracts with customers were $6,073,000 at April 30, 2025 and $4,374,000 at April 30, 2024. The timing of revenue recognition, billings and cash collections results in accounts receivable, unbilled receivables, and deferred revenue which is disclosed on the consolidated balance sheets and in the notes to the consolidated financial statements. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Unbilled receivables represent amounts earned which have not yet been billed in accordance with contractually stated billing terms. Accounts receivable are recorded when the right to consideration becomes unconditional and the Company has a right to invoice the customer. Deferred revenue relates to payments received in advance of performance under the contract. Deferred revenue is recognized as revenue as the Company performs under the contract.During the fiscal year ended April 30, 2025, changes in contract assets and liabilities were not materially impacted by any other factors. Approximately 40% of