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Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue

The Company’s contracts contain both fixed-price and cost reimbursable components. Contract types are based on the component that represents the majority of the contract. The following table presents revenue disaggregated by contract type (in thousands):

		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Fixed-price		$	790,820			$	452,606			$	2,129,274			$	1,233,712
Time-and-Materials			354,114				355,689				1,052,040				998,037
Cost-plus			665,182				610,276				1,834,945				1,716,774
Total		$	1,810,116			$	1,418,571			$	5,016,259			$	3,948,523

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at September 30, 2024 and December 31, 2023 were as follows (in thousands):

		September 30, 2024				December 31, 2023				$ change				% change
Contract assets		$	790,001			$	757,515			$	32,486				4.3	%
Contract liabilities			300,799				301,107				(308	)			-0.1	%
Net contract assets (liabilities) (1)		$	489,202			$	456,408			$	32,794				7.2	%

(1)Total contract retentions included in net contract assets (liabilities) were $82.5 million as of September 30, 2024, of which $33.5 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $73.8 million as of December 31, 2023. Contract assets at September 30, 2024 and December 31, 2023 include $69.2 million and $109.5 million, respectively, related to net claim recoveries. There was a $21.6 million loss recognized for the three and nine months ended September 30, 2024 and no material losses recognized for the three and nine months ended September 30, 2023, related to the collectability of claims.

Summary of Changes in Contract Assets and Contract Liabilities

Certain changes in contract assets and contract liabilities consisted of the following (in thousands):

		September 30, 2024				December 31, 2023
Acquired contract assets		$	3,209			$	2,715
Acquired contract liabilities			-				3,155

Summary of Changes in Revenue

The following table presents revisions in estimates, such as changes in estimated claims or incentives, related to performance obligations partially satisfied in previous periods that individually had an impact of $5 million or more on revenue. In certain instances, revisions in estimates on a contract do not exceed the threshold in any particular quarter but exceed the threshold on a year-to-date basis (in thousands):

		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Revenue impact, net		$	(21,626	)		$	-			$	(35,129	)		$	4,748

Summary of Finanial Statement Impact from Revisions in Estimates

Certain financial statement impacts from revisions in estimates were as follows (in thousands):

		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Operating income (loss)		$	(23,520	)		$	-			$	(37,023	)		$	(3,079	)
Net income (loss)			(17,569	)			-				(27,656	)			(2,291	)
Diluted income (loss) per share		$	(0.16	)		$	-			$	(0.26	)		$	(0.02	)

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):

		2024				2023
Billed		$	617,761			$	646,375
Unbilled			421,101				273,215
Total accounts receivable, gross			1,038,862				919,590
Allowance for doubtful accounts			(3,886	)			(3,952	)
Total accounts receivable, net		$	1,034,976			$	915,638

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of September 30, 2024 over the following periods (in thousands):

Period RUPO Will Be Satisfied		Within One Year				Within One to Two Years				Thereafter
Federal Solutions		$	1,870,032			$	543,038			$	207,797
Critical Infrastructure			1,983,920				1,085,300				969,038
Total		$	3,853,951			$	1,628,338			$	1,176,834

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