Business Segments (Tables)

3 Months Ended

Mar. 31, 2024

The following tables set forth certain reportable segment information relating to the Company’s operations for the three months ended March 31, 2024 and 2023:


	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Three Months Ended March 31, 2024
Total revenue	$	502,822	$	422,176	$	164,880	$	1,089,878		$	—		$	1,089,878
Elimination of intersegment revenue	(30,657)		(10,234)		—		(40,891)			—			(40,891)
Revenue from external customers	$	472,165	$	411,942	$	164,880	$	1,048,987		$	—		$	1,048,987
Income (loss) from construction operations	$	70,743	$	16,120	$	(18,312)	$	68,551	(a)	$	(19,745)	(b)	$	48,806
Capital expenditures	$	8,131	$	217	$	303	$	8,651		$	1,783		$	10,434
Depreciation and amortization(c)	$	10,254	$	585	$	598	$	11,437		$	2,145		$	13,582

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)	(d)	$	(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

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(a)During the three months ended March 31, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.0 million ($8.8 million, or $0.17 per diluted share, after tax) due to an arbitration ruling that only provided a partial award to the Company pertaining to a completed Specialty Contractors segment electrical project in New York, as well as by a favorable adjustment of $10.2 million ($7.5 million, or $0.14 per diluted share, after tax) on a Civil segment mass-transit project in California related to a dispute resolution and associated expected cost savings.

(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, 2023, the Company’s income (loss) from construction operations was unfavorably 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, resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023.

Schedule of Reconciliation of Segment Results to Consolidated Income (Loss) Before Income Taxes

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


	Three Months Ended March 31,
(in thousands)	2024		2023
Income (loss) from construction operations	$	48,806	$	(81,945)
Other income, net	5,311		6,417
Interest expense	(19,307)		(21,513)
Income (loss) before income taxes	$	34,810	$	(97,041)

Schedule of Total Assets for Reportable Segments

Total assets by segment were as follows:


(in thousands)	As of March 31, 2024		As of December 31, 2023
Civil	$	3,426,013	$	3,539,608
Building	957,202		898,902
Specialty Contractors	270,005		307,171
Corporate and other(a)	(282,813)		(315,825)
Total assets	$	4,370,407	$	4,429,856

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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.