Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

The following tables set forth certain reportable segment information relating to the Company’s operations for the three months ended March 31, 2023 and 2022:


	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Three Months Ended March 31, 2023
Total revenue	$	378,224	$	229,291	$	196,748	$	804,263		$	—		$	804,263
Elimination of intersegment revenue	(28,354)		362		29		(27,963)			—			(27,963)
Revenue from external customers	$	349,870	$	229,653	$	196,777	$	776,300		$	—		$	776,300
Income (loss) from construction operations	$	18,012	$	(70,209)	$	(12,448)	$	(64,645)	(a)	$	(17,300)	(b)	$	(81,945)
Capital expenditures	$	15,065	$	2,017	$	444	$	17,526		$	270		$	17,796
Depreciation and amortization(c)	$	6,981	$	457	$	619	$	8,057		$	2,351		$	10,408

Three Months Ended March 31, 2022
Total revenue	$	460,742	$	355,978	$	230,864	$	1,047,584		$	—		$	1,047,584
Elimination of intersegment revenue	(69,947)		(25,330)		(153)		(95,430)			—			(95,430)
Revenue from external customers	$	390,795	$	330,648	$	230,711	$	952,154		$	—		$	952,154
Income (loss) from construction operations	$	(967)	$	9,464	$	(3,894)	$	4,603	(d)	$	(14,510)	(b)	$	(9,907)
Capital expenditures	$	11,175	$	2	$	638	$	11,815		$	213		$	12,028
Depreciation and amortization(c)	$	17,000	$	401	$	502	$	17,903		$	2,335		$	20,238

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(a)During the three months ended March 31, 2023, the Company’s income (loss) from construction operations was negatively impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.17 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.0 million ($22.2 million, or $0.43 per diluted share, after tax) for a Civil segment mass-transit project in California, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023.

(b)Consists primarily of corporate general and administrative expenses.

(c)Depreciation and amortization is included in income (loss) from construction operations.

(d)During the three months ended March 31, 2022, the Company’s income (loss) from construction operations was negatively impacted by $25.5 million ($18.3 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a completed Civil segment bridge project in New York and an adverse impact of $17.6 million ($13.9 million, or $0.27 per diluted share, after tax) for a Civil segment mass-transit project in California, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2022.

Schedule of Reconciliation of Segment Results to Consolidated Income Before Income Taxes

A reconciliation of segment results to the consolidated loss before income taxes is as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Loss from construction operations	$	(81,945)	$	(9,907)
Other income, net	6,417		3,697
Interest expense	(21,513)		(16,492)
Loss before income taxes	$	(97,041)	$	(22,702)

Schedule of Total Assets for Reportable Segments

Total assets by segment were as follows:


(in thousands)	As of March 31, 2023		As of December 31, 2022
Civil	$	3,368,743	$	3,402,934
Building	879,321		898,816
Specialty Contractors	385,806		483,535
Corporate and other(a)	(157,092)		(242,485)
Total assets	$	4,476,778	$	4,542,800

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(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.