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Revenue (Tables)
9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
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:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

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:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

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:

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

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

)

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

42,506

 

 

$

54,810

 

 

 

 

 

 

 

 

Components of Contracts in Progress

The components of contracts in progress at September 30, 2024 and December 31, 2023 are as follows:

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

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

)