Summary of Contract Revenues by Type of Work and Customer |
The Company’s contract revenues by type of work, for the periods indicated, are as follows:
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Three Months Ended |
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Nine Months Ended |
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|
|
September 30, |
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|
September 30, |
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Revenues |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Dredging: |
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|
|
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|
|
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|
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Capital—U.S. |
|
$ |
108,682 |
|
|
$ |
54,602 |
|
|
$ |
249,329 |
|
|
$ |
125,234 |
|
Coastal protection |
|
|
43,913 |
|
|
|
23,567 |
|
|
|
178,034 |
|
|
|
131,362 |
|
Maintenance |
|
|
37,867 |
|
|
|
33,816 |
|
|
|
130,742 |
|
|
|
141,553 |
|
Rivers & lakes |
|
|
711 |
|
|
|
5,200 |
|
|
|
1,814 |
|
|
|
9,747 |
|
Total revenues |
|
$ |
191,173 |
|
|
$ |
117,185 |
|
|
$ |
559,919 |
|
|
$ |
407,896 |
|
The Company’s contract revenues by type of customer, for the periods indicated, are as follows:
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|
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Three Months Ended |
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|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
Revenues |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Dredging: |
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|
|
|
|
|
|
|
|
|
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Federal government |
|
$ |
85,876 |
|
|
$ |
78,681 |
|
|
$ |
339,352 |
|
|
$ |
328,211 |
|
State and local government |
|
|
39,330 |
|
|
|
33,316 |
|
|
|
108,493 |
|
|
|
74,497 |
|
Private |
|
|
65,967 |
|
|
|
5,188 |
|
|
|
112,074 |
|
|
|
5,188 |
|
Total revenues |
|
$ |
191,173 |
|
|
$ |
117,185 |
|
|
$ |
559,919 |
|
|
$ |
407,896 |
|
|
Schedule of Accounts Receivable |
Accounts receivable at September 30, 2024 and December 31, 2023 are as follows:
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September 30, |
|
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December 31, |
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|
|
2024 |
|
|
2023 |
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Completed contracts |
|
$ |
741 |
|
|
$ |
2,920 |
|
Contracts in progress |
|
|
34,244 |
|
|
|
40,743 |
|
Retainage |
|
|
7,885 |
|
|
|
11,511 |
|
|
|
|
42,870 |
|
|
|
55,174 |
|
Allowance for credit losses |
|
|
(364 |
) |
|
|
(364 |
) |
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|
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Total accounts receivable—net |
|
$ |
42,506 |
|
|
$ |
54,810 |
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Components of Contracts in Progress |
The components of contracts in progress at September 30, 2024 and December 31, 2023 are as follows:
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September 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Costs and earnings in excess of billings: |
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|
|
|
|
|
Costs and earnings for contracts in progress |
|
$ |
306,386 |
|
|
$ |
206,330 |
|
Amounts billed |
|
|
(231,134 |
) |
|
|
(196,520 |
) |
Costs and earnings in excess of billings for contracts in progress |
|
|
75,252 |
|
|
|
9,810 |
|
Costs and earnings in excess of billings for completed contracts |
|
|
16,547 |
|
|
|
58,925 |
|
Total contract revenues in excess of billings |
|
$ |
91,799 |
|
|
$ |
68,735 |
|
|
|
|
|
|
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Current portion of contract revenues in excess of billings |
|
$ |
91,799 |
|
|
$ |
68,735 |
|
Long-term contract revenues in excess of billings |
|
|
— |
|
|
|
— |
|
Total contract revenues in excess of billings |
|
$ |
91,799 |
|
|
$ |
68,735 |
|
|
|
|
|
|
|
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Billings in excess of costs and earnings: |
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|
|
|
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|
Amounts billed |
|
$ |
(94,545 |
) |
|
$ |
(258,948 |
) |
Costs and earnings for contracts in progress |
|
|
78,932 |
|
|
|
229,388 |
|
Total billings in excess of contract revenues |
|
$ |
(15,613 |
) |
|
$ |
(29,560 |
) |
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