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Business Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer as of December 31, 2024, who was the Company’s chief operating decision maker (“CODM”) until transitioning to the role of Executive Chairman effective January 1, 2025, aggregates business units when evaluating performance and allocating resources. The CODM uses segment operating profit predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a periodic basis for segment operating profit when making decisions about allocating resources to the segments. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military facilities, and water management and wastewater treatment facilities. The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery, and cost and risk management. To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project. The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2024, 2023 and 2022:
| Reportable Segments |  |  |  |
(in thousands) | Civil |  | Building |  | Specialty Contractors |  | Total |  | Corporate |  | Consolidated Total
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 2,248,659 |  |  | $ | 1,666,862 |  |  | $ | 590,822 |  |  | $ | 4,506,343 |  |  | $ | — |  |  | $ | 4,506,343 |
Elimination of intersegment revenue | (129,706) |  |  | (49,325) |  |  | (390) |  |  | (179,421) |  |  | — |  |  | (179,421) |
Revenue from external customers | $ | 2,118,953 |  |  | $ | 1,617,537 |  |  | $ | 590,432 |  |  | $ | 4,326,922 |  |  | $ | — |  |  | $ | 4,326,922 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |  |  |  |
Less: Segment expenses(a) | $ | 1,980,692 |  |  | $ | 1,641,674 |  |  | $ | 693,777 |  |  | $ | 4,316,143 |  |  | $ | 114,532 |  |  | $ | 4,430,675 |
Income (loss) from construction operations(b) | $ | 138,261 |  |  | $ | (24,137) |  |  | $ | (103,345) |  |  | $ | 10,779 |  |  | $ | (114,532) |  | (c) | $ | (103,753) |
Capital expenditures | $ | 27,040 |  |  | $ | 613 |  |  | $ | 530 |  |  | $ | 28,183 |  |  | $ | 9,226 |  |  | $ | 37,409 |
Depreciation and amortization(d) | $ | 42,521 |  |  | $ | 2,270 |  |  | $ | 2,333 |  |  | $ | 47,124 |  |  | $ | 6,663 |  |  | $ | 53,787 |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,971,194 |  |  | $ | 1,302,636 |  |  | $ | 694,038 |  |  | $ | 3,967,868 |  |  | $ | — |  |  | $ | 3,967,868 |
Elimination of intersegment revenue | (87,329) |  |  | (97) |  |  | (215) |  |  | (87,641) |  |  | — |  |  | (87,641) |
Revenue from external customers | $ | 1,883,865 |  |  | $ | 1,302,539 |  |  | $ | 693,823 |  |  | $ | 3,880,227 |  |  | $ | — |  |  | $ | 3,880,227 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |  |  |  |
Less: Segment expenses(a) | $ | 1,685,256 |  |  | $ | 1,393,745 |  |  | $ | 838,645 |  |  | $ | 3,917,646 |  |  | $ | 77,178 |  |  | $ | 3,994,824 |
Income (loss) from construction operations(e) | $ | 198,609 |  |  | $ | (91,206) |  |  | $ | (144,822) |  |  | $ | (37,419) |  |  | $ | (77,178) |  | (c) | $ | (114,597) |
Capital expenditures | $ | 41,318 |  |  | $ | 3,932 |  |  | $ | 1,250 |  |  | $ | 46,500 |  |  | $ | 6,453 |  |  | $ | 52,953 |
Depreciation and amortization(d) | $ | 31,685 |  |  | $ | 2,227 |  |  | $ | 2,445 |  |  | $ | 36,357 |  |  | $ | 8,872 |  |  | $ | 45,229 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,956,968 |  |  | $ | 1,305,468 |  |  | $ | 813,531 |  |  | $ | 4,075,967 |  |  | $ | — |  |  | $ | 4,075,967 |
Elimination of intersegment revenue | (222,086) |  |  | (62,897) |  |  | (229) |  |  | (285,212) |  |  | — |  |  | (285,212) |
Revenue from external customers | $ | 1,734,882 |  |  | $ | 1,242,571 |  |  | $ | 813,302 |  |  | $ | 3,790,755 |  |  | $ | — |  |  | $ | 3,790,755 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |  |  |  |
Less: Segment expenses(a) | $ | 1,713,759 |  |  | $ | 1,235,405 |  |  | $ | 981,321 |  |  | $ | 3,930,485 |  |  | $ | 65,034 |  |  | $ | 3,995,519 |
Income (loss) from construction operations(f) | $ | 21,123 |  |  | $ | 7,166 |  |  | $ | (168,019) |  |  | $ | (139,730) |  |  | $ | (65,034) |  | (c) | $ | (204,764) |
Capital expenditures | $ | 49,819 |  |  | $ | 2,333 |  |  | $ | 2,545 |  |  | $ | 54,697 |  |  | $ | 5,083 |  |  | $ | 59,780 |
Depreciation and amortization(d) | $ | 51,123 |  |  | $ | 1,713 |  |  | $ | 2,098 |  |  | $ | 54,934 |  |  | $ | 9,430 |  |  | $ | 64,364 |
_____________________________________________________________________________________________________________ (a)Segment expenses include the total expenses that are deducted from revenue to determine income (loss) from construction operations. The CODM regularly receives and reviews the total expenses for each segment. (b)During the year ended December 31, 2024, the Company’s income (loss) from construction operations in the Civil segment was impacted by unfavorable adjustments of $101.6 million ($74.3 million after tax, or $1.42 per diluted share) pertaining to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $31.8 million ($25.4 million after tax, or $0.48 per share) in the fourth quarter for a project on the West Coast, which primarily resulted from significant changes that have been negotiated, or are being negotiated, that carry lower margin (and lower risk) that reduced the project’s percentage of completion and overall margin percentage; $17.4 million ($12.7 million after tax, or $0.24 per share) due to an unfavorable legal ruling on a completed highway project in Virginia; and $15.1 million ($11.1 million after tax, or $0.21 per diluted share) for changes in estimates on an otherwise profitable mass-transit project in California that is nearly complete. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the western United States. The Company’s income (loss) from operations in the Building segment was impacted by unfavorable adjustments of $25.9 million ($18.9 million after tax, or $0.36 per diluted share) on a government building project in Florida that is now nearing completion, primarily due to increased costs associated with external subcontractors and resolution of certain delay change orders, and $20.0 million ($14.6 million after tax, or $0.28 per diluted share) associated with the settlement of a legacy dispute related to a completed Building segment government facility project in Florida. The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $17.7 million ($13.0 million after tax, or $0.25 per diluted share) due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California. (c)Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the year ended December 31, 2024, 2023 and 2022 included share-based compensation expense of $40.4 million ($29.5 million after tax, or $0.56 per diluted share), $12.3 million ($9.0 million after tax, or $0.17 per diluted share), and $9.1 million ($6.6 million after tax, or $0.13 per diluted share), respectively. The increase in share-based compensation expense in 2024 was primarily due to a substantial increase in the Company’s stock price during the year, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings. (d)Depreciation and amortization is included in income (loss) from construction operations. (e)During the year ended December 31, 2023, the Company’s income (loss) from construction operations in the Civil segment was impacted by net unfavorable adjustments related to a settlement that impacted multiple components of a mass-transit project in California. The settlement resolved certain ongoing disputes and increased the expected profit from work to be performed in the future. The settlement resulted in an unfavorable non-cash adjustment of $23.2 million ($17.0 million after tax, or $0.33 per diluted share) to one component of the project that is nearing completion, partially offset by a favorable adjustment of $8.8 million ($7.1 million after tax, or $0.14 per diluted share) on the other component of the project that has substantial scope of work remaining. As a result of the settlement, the net unfavorable impact to the period from these two adjustments is expected to be mitigated by the increased profit generated from future work on the project. The Civil segment was also impacted by net favorable adjustments of $19.0 million ($15.2 million after tax, or $0.29 per diluted share) for a project on the West Coast that primarily resulted from a favorable impact of $58.1 million on the settlement of change orders and changes in estimates due to improved performance, partially offset by a temporary unfavorable non-cash impact of $40.7 million 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. The Company’s income (loss) from operations in the Building segment was adversely impacted an unfavorable adjustment of $14.6 million ($10.7 million after tax, or $0.21 per diluted share) on a government building project in Florida primarily due to increased costs associated with an external subcontractor. The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $62.2 million ($45.7 million after tax, or $0.88 per diluted share) of unfavorable non-cash adjustments due to changes in estimates on the electrical and mechanical scope of a completed transportation project in the Northeast associated with changes in the expected recovery on certain unapproved change orders resulting from ongoing negotiations; a non-cash charge of $24.7 million ($18.1 million after tax, or $0.35 per diluted share) that resulted from an adverse legal ruling on an educational facilities project in New York; and an unfavorable adjustment of $16.9 million ($12.4 million after tax, or $0.24 per diluted share) on a multi-unit residential project in New York due to changes in estimates resulting from incremental costs to complete the project and ongoing negotiations on unapproved change orders. The Company’s income (loss) from construction operations was also 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 ($60.8 million after tax, or $1.17 per diluted share), 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 $28.3 million ($22.2 million after tax, or $0.43 per diluted share) on a completed transportation project in the Northeast, split evenly between the Civil and Building segments, primarily due to the settlement of certain change orders, changes in estimates due to recent negotiations and incremental cost incurred during project closeout. (f)During the year ended December 31, 2022, the Company’s income (loss) from construction operations in the Civil segment was adversely impacted by $38.8 million ($30.7 million after tax, or $0.60 per diluted share) for a project on the West Coast, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage; $26.2 million ($18.9 million after tax, or $0.37 per diluted share) of unfavorable non-cash adjustments on a completed highway project in the Northeast due to the reversal on appeal of a previously favorable lower-court ruling; a non-cash charge of $25.5 million ($18.4 million after tax, or $0.36 per diluted share) due to an adverse legal ruling on a dispute related to a completed bridge project in New York; $24.7 million ($17.9 million after tax, or $0.35 per diluted share) of unfavorable adjustments on a mass-transit project in California; and a $16.2 million ($11.7 million after tax, or $0.23 per diluted share) unfavorable non-cash impact related to the settlement of a long-disputed, completed project in Maryland. The Company’s income (loss) from operations was also negatively impacted by an unfavorable adjustment of $31.4 million ($24.4 million after tax, or $0.48 per diluted share) split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast. The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $46.2 million ($33.5 million after tax, or $0.65 per diluted share) due to unfavorable adjustments related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies, as well as growth in unapproved change orders on the electrical component of a transportation project in the Northeast; an unfavorable non-cash impact of $43.2 million ($31.4 million after tax, or $0.61 per diluted share) related to an adverse appellate court decision involving the electrical component of a completed mass-transit project in New York; and a non-cash charge of $17.8 million ($12.9 million after tax, or $0.25 per diluted share) that increased cost of operations associated with the partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York. The above were the only changes in estimates considered material to the Company’s results of operations during the periods presented herein. Total assets by segment were as follows:
| As of December 31,
(in thousands) | 2024 |  | 2023
Civil | $ | 3,636,825 |  |  | $ | 3,539,608 |
Building | 1,085,998 |  |  | 898,902 |
Specialty Contractors | 198,952 |  |  | 307,171 |
Corporate and other(a) | (679,065) |  |  | (315,825) |
Total assets | $ | 4,242,710 |  |  | $ | 4,429,856 |
_____________________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. Geographic Information Information concerning principal geographic areas is as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Revenue: |  |  |  |  |
United States | $ | 3,743,518 |  |  | $ | 3,437,971 |  |  | $ | 3,424,574 |
Foreign and U.S. territories | 583,404 |  |  | 442,256 |  |  | 366,181 |
Total revenue | $ | 4,326,922 |  |  | $ | 3,880,227 |  |  | $ | 3,790,755 |
| As of December 31,
(in thousands) | 2024 |  | 2023
Assets: |  |  |
United States | $ | 3,759,874 |  |  | $ | 3,998,470 |
Foreign and U.S. territories | 482,836 |  |  | 431,386 |
Total assets | $ | 4,242,710 |  |  | $ | 4,429,856 |
Major Customer Revenue from a single customer with multiple projects impacting the Civil, Building and Specialty Contractors segments represented 17.6%, 16.3% and 16.3% of the Company’s consolidated revenue for the years ended December 31, 2024, 2023 and 2022, respectively. Reconciliation of Segment Information to Consolidated Amounts A reconciliation of segment results to the consolidated loss before income taxes is as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Loss from construction operations | $ | (103,753) |  |  | $ | (114,597) |  |  | $ | (204,764) |
Other income, net | 19,878 |  |  | 17,200 |  |  | 6,732 |
Interest expense | (89,133) |  |  | (85,157) |  |  | (69,638) |
Loss before income taxes | $ | (173,008) |  |  | $ | (182,554) |  |  | $ | (267,670) |

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