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Business Segments
 3 Months Ended
Mar. 31, 2025
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 management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Company’s Chief Executive Officer and President, who is the Company’s chief operating decision maker (“CODM”), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segment’s historical, actual and forecasted revenue and operating income on a regular basis.
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 is strategically important to the Company because various business units within the segment participate in many of the Company’s larger Civil and Building segment projects, and the segment provides unique strengths and capabilities that allow the Company to position itself as a full-service contractor in key geographic markets 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 three months ended March 31, 2025 and 2024:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended March 31, 2025
Total revenue$645,003 $488,324 $176,808 $1,310,135 $— $1,310,135 
Elimination of intersegment revenue(34,962)(28,540)— (63,502)— (63,502)
Revenue from external customers$610,041 $459,784 $176,808 $1,246,633 $— $1,246,633 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$508,773 $436,288 $167,171 $1,112,232 $— $1,112,232 
General and administrative expenses$21,668 $13,037 $16,748 $51,453 $17,623 $69,076 
Income (loss) from construction operations$79,600 $10,459 $(7,111)$82,948 $(17,623)
(a)
$65,325 
Capital expenditures$26,850 $1,016 $840 $28,706 $1,398 $30,104 
Depreciation and amortization(b)
$10,690 $527 $604 $11,821 $753 $12,574 
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 
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations$381,624 $383,996 $168,116 $933,736 $— $933,736 
General and administrative expenses$19,798 $11,826 $15,076 $46,700 $19,745 $66,445 
Income (loss) from construction operations$70,743 $16,120 $(18,312)$68,551 

$(19,745)
(a)
$48,806 
Capital expenditures$8,131 $217 $303 $8,651 $1,783 $10,434 
Depreciation and amortization(b)
$10,254 $585 $598 $11,437 $2,145 $13,582 
____________________________________________________________________________________________________
(a)Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the three months ended March 31, 2025 and 2024 included share-based compensation expense of $6.6 million ($4.8 million after tax, or $0.09 per diluted share) and $5.5 million ($4.1 million after tax, or $0.08 per diluted share), respectively.
(b)Depreciation and amortization is included in income (loss) from construction operations.
Total assets by segment were as follows:
(in thousands)As of March 31,
2025		As of December 31,
2024
Civil$3,819,512 $3,636,825 
Building1,241,307 1,085,998 
Specialty Contractors209,758 198,952 
Corporate and other(a)
(816,279)(679,065)
Total assets$4,454,298 $4,242,710 
____________________________________________________________________________________________________
(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:
Three Months Ended March 31,
(in thousands)20252024
Revenue:
United States$1,107,706 $905,352 
Foreign and U.S. territories138,927 143,635 
Total revenue$1,246,633 $1,048,987 

(in thousands)As of March 31,
2025		As of December 31,
2024
Assets:
United States$3,968,681 $3,759,874 
Foreign and U.S. territories485,617 482,836 
Total assets$4,454,298 $4,242,710 

Major Customer

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 15.6% and 18.7% of the Company’s consolidated revenue for the three months ended March 31, 2025 and 2024, respectively.
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income before income taxes is as follows:
Three Months Ended March 31,
(in thousands)20252024
Income from construction operations$65,325 $48,806 
Other income, net4,688 5,311 
Interest expense(14,352)(19,307)
Income before income taxes
$55,661 $34,810