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Business Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Reportable Segments

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)			Civil			Building			Specialty Contractors			Total						Corporate						Consolidated 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.

Schedule of Total Assets for Reportable Segments

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
Building			1,241,307			1,085,998
Specialty Contractors			209,758			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.

Schedule of Revenue from External Customers by Geographic Areas

Information concerning principal geographic areas is as follows:

			Three Months Ended March 31,
(in thousands)			2025			2024
Revenue:
United States			$	1,107,706		$	905,352
Foreign and U.S. territories			138,927			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. territories			485,617			482,836
Total assets			$	4,454,298		$	4,242,710

Schedule of Reconciliation of Segment Results to Consolidated Income (Loss) Before Income Taxes

A reconciliation of segment results to the consolidated income before income taxes is as follows:

			Three Months Ended March 31,
(in thousands)			2025			2024
Income from construction operations			$	65,325		$	48,806
Other income, net			4,688			5,311
Interest expense			(14,352)			(19,307)
Income before income taxes			$	55,661		$	34,810

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Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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