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Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 2025
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 |  |  | For the Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
Fixed-Price |  | $ | 532,135 |  |  | $ | 707,235 |  |  | $ | 1,106,708 |  |  | $ | 1,338,454 |
Time-and-Materials |  |  | 372,945 |  |  |  | 347,275 |  |  |  | 720,035 |  |  |  | 697,926 |
Cost-Plus |  |  | 679,243 |  |  |  | 615,957 |  |  |  | 1,311,940 |  |  |  | 1,169,763 |
Total |  | $ | 1,584,323 |  |  | $ | 1,670,467 |  |  | $ | 3,138,683 |  |  | $ | 3,206,143 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities balances at June 30, 2025 and December 31, 2024 were as follows (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |  |  | $ change |  |  | % change |
Contract assets |  | $ | 836,366 |  |  | $ | 741,504 |  |  | $ | 94,862 |  |  |  | 12.8 | %
Contract liabilities |  |  | 320,295 |  |  |  | 289,799 |  |  |  | 30,496 |  |  |  | 10.5 | %
Net contract assets (liabilities) (1) |  | $ | 516,071 |  |  | $ | 451,705 |  |  | $ | 64,366 |  |  |  | 14.2 | %
(1) Total contract retentions included in net contract assets (liabilities) were $103.6 million as of June 30, 2025, of which $48.1 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $89.8 million as of December 31, 2024. Contract assets at June 30, 2025 and December 31, 2024 include $70.3 million and $70.7 million, respectively, related to n et claim recoveries. For the three and six months ended June 30, 2025 and June 30, 2024, there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.
Summary Of Finanial Statement Impact From Revisions In Estimates | The following table presents certain financial statement impacts from 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 |  |  | Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |
Revenue impact, net |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (8,939 | )
Operating income (loss) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,939 | )
Net income (loss) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,677 | )
Diluted income (loss) per share |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (0.06 | )
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):
|  | 2025 |  |  | 2024 |
Billed |  | $ | 717,761 |  |  | $ | 712,046 |
Unbilled |  |  | 453,966 |  |  |  | 392,236 |
Total accounts receivable, gross |  |  | 1,171,727 |  |  |  | 1,104,282 |
Allowance for doubtful accounts |  |  | (3,886 | ) |  |  | (3,886 | )
Total accounts receivable, net |  | $ | 1,167,841 |  |  | $ | 1,100,396 |
Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy | The Company expects to satisfy its RUPO as of June 30, 2025 over the following periods (in thousands):
Period RUPO Will Be Satisfied |  | Within One Year |  |  | Within One to Two Years |  |  | Thereafter |
Federal Solutions |  | $ | 1,949,998 |  |  | $ | 291,682 |  |  | $ | 147,114 |
Critical Infrastructure |  |  | 2,344,370 |  |  |  | 1,311,150 |  |  |  | 930,779 |
Total |  | $ | 4,294,368 |  |  | $ | 1,602,832 |  |  | $ | 1,077,893 |

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