Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenue

The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three months ended March 31, 2023 and 2022.

	Three Months Ended March 31,
(in thousands)	2023		2022
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	188,460	$	257,138
Military defense facilities	85,567		49,794
Bridges	30,645		41,247
Commercial and industrial sites	22,504		11,910
Other	22,694		30,706
Total Civil segment revenue	$	349,870	$	390,795

	Three Months Ended March 31,
(in thousands)	2023		2022
Building segment revenue by end market:
Municipal and government	$	89,620	$	75,955
Health care facilities	50,417		35,560
Education facilities	48,077		29,860
Commercial and industrial facilities	38,271		39,086
Mass transit (includes transportation projects)	33,320		60,201
Hospitality and gaming	19,606		76,918
Sports and entertainment	13,466		4,772
Other(a)	(63,124)		8,296
Total Building segment revenue	$	229,653	$	330,648

	Three Months Ended March 31,
(in thousands)	2023		2022
Specialty Contractors segment revenue by end market:
Commercial and industrial facilities	$	54,227	$	29,857
Mass transit (includes certain transportation and tunneling projects)	47,545		119,027
Multi-unit residential	32,796		24,938
Water	28,334		21,447
Federal government	12,619		6,748
Health care facilities	9,531		8,574
Education facilities	8,253		12,276
Other(a)	3,472		7,844
Total Specialty Contractors segment revenue	$	196,777	$	230,711

	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	213,427	$	136,601	$	85,682	$	435,710	$	313,842	$	123,690	$	92,231	$	529,763
Federal agencies	95,984		41,735		1,893		139,612		50,694		46,098		11,334		108,126
Private owners(a)	40,459		51,317		109,202		200,978		26,259		160,860		127,146		314,265
Total revenue	$	349,870	$	229,653	$	196,777	$	776,300	$	390,795	$	330,648	$	230,711	$	952,154

	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	311,373	$	96,116	$	166,155	$	573,644	$	336,993	$	102,518	$	199,063	$	638,574
Guaranteed maximum price(a)	62		69,778		1,756		71,596		293		171,509		5,333		177,135
Unit price	33,012		—		24,064		57,076		50,510		33		14,822		65,365
Cost plus fee and other	5,423		63,759		4,802		73,984		2,999		56,588		11,493		71,080
Total revenue	$	349,870	$	229,653	$	196,777	$	776,300	$	390,795	$	330,648	$	230,711	$	952,154

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(a)Includes the negative impact of a non-cash charge in the first quarter of 2023 resulting from an adverse legal ruling. Refer to Note 17, Business Segments, for additional details.

Changes in Contract Estimates that Impact Revenue

Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the three months ended March 31, 2023 related to performance obligations satisfied (or partially satisfied) in prior periods by $108.0 million. Refer to Note 17, Business Segments, for additional details on significant adjustments. Revenue was negatively impacted during the three months ended March 31, 2022 related to performance obligations satisfied (or partially satisfied) in prior periods by $48.5 million.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of March 31, 2023, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.4 billion, $2.2 billion and $1.2 billion for

the Civil, Building and Specialty Contractors segments, respectively. As of March 31, 2022, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.6 billion, $2.2 billion and $1.3 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.