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Basis of Presentation (Policies) | 6 Months Ended
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Jun. 30, 2026
Basis of Presentation |
Restricted cash | ​ Restricted cash — Restricted cash consists primarily of cash balances that are restricted as to withdrawal or usage and contract retention payments made by customers into escrow bank accounts and are included in prepaid expenses and other current assets in our Condensed Consolidated Balance Sheets. Escrow cash accounts are released to us by customers as projects are completed in accordance with contract terms. The following tables provide a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals of such amounts shown in the Condensed Consolidated Statements of Cash Flows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ | ​ ​ ​ | 2026 | ​ | 2025
Cash and cash equivalents | ​ | $ | 218.2 | ​ | $ | 390.3
Restricted cash included in prepaid expenses and other current assets | ​ | ​ | 5.7 | ​ | ​ | 5.9
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | ​ | $ | 223.9 | ​ | $ | 396.2
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​
​ | ​ | December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Cash and cash equivalents | ​ | $ | 535.5 | ​ | $ | 455.8
Restricted cash included in prepaid expense and other current assets | ​ | ​ | 5.8 | ​ | ​ | 5.6
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | ​ | $ | 541.3 | ​ | $ | 461.4
Accounts Receivable Securitization Facility | Accounts Receivable Securitization Facility — We have an Accounts Receivable Securitization Facility (the “AR Facility”) to reduce interest costs and improve cash flows from trade accounts receivable. Under the AR Facility we may sell or pledge trade accounts receivable as they are originated to a wholly owned bankruptcy remote special purpose entity (the “SPE”). The maximum commitment amount under the AR Facility is $250.0 million. Fees associated with the AR Facility for the six months ended June 30, 2026 and 2025 were $4.6 and $3.0 million, respectively, and are included in interest expense in the Condensed Consolidated Statements of Operations. ​ The total outstanding balance of trade accounts receivable that have been sold and derecognized is $213.5 million as of June 30, 2026. For the six months ended June 30, 2026, we received $92.5 million in cash proceeds from the sale of accounts receivables under the AR Facility and repaid $4.0 million to the AR Facility, which are included in cash from operating activities in the Condensed Consolidated Statements of Cash Flows. For the six months ended June 30, 2025, we received $25.0 million in cash proceeds from the sale of accounts receivable under the AR Facility and did not have any repayments to the AR Facility. ​ There were no trade accounts receivable pledged as of June 30, 2026. For the six months ended June 30, 2026, we did not receive any cash proceeds from the pledge of accounts receivables under the AR Facility, and repaid $62.5 million to the AR Facility which are included in cash from financing activities in the Condensed Consolidated Statements of Cash Flows. As of June 30, 2025, we received $50.0 million in cash proceeds from the pledge of accounts receivables under the AR Facility, and did not repay any amounts to the AR Facility. ​ The SPE owned $219.7 million and $185.3 million of trade accounts receivable as of June 30, 2026, and December 31, 2025, respectively, which is included in “Accounts receivable, net” on the Condensed Consolidated Balance Sheets. In addition, the SPE had no debt outstanding as of June 30, 2026, and $62.5 million outstanding as of December 31, 2025, which is included in “Long-term debt, net of current portion” on the Condensed Consolidated Balance Sheets. As of June 30, 2026, we had $36.5 million of available capacity under the AR Facility.
Customer concentration | Customer concentration — We operate in multiple industry sectors encompassing the construction of commercial, utility, industrial and public works infrastructure assets primarily throughout the United States. Typically, the top ten customers in any one calendar year generate revenue that is approximately 40% to 50% of total revenue; however, the companies that comprise the top ten customers vary from year to year. ​ For the three and six months ended June 30, 2026, approximately 50.9% and 48.2% of total revenue was generated from our top ten customers and no one customer accounted for more than 10% of our total revenue. ​ For the three and six months ended June 30, 2025, approximately 45.9% and 46.1%, respectively, of total revenue was generated from our top ten customers and no one customer accounted for more than 10% of our total revenue. ​
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements ​ In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. This ASU requires an entity to disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. An entity may apply the amendments prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. This ASU will likely result in us including additional required disclosures in the financial statement footnotes, but is not expected to have an effect on our consolidated financial position, results of operations or cash flows.

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