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Revenue
 6 Months Ended
Jun. 30, 2022
Revenue From Contract With Customer [Abstract]  
Revenue

7.

Revenue

At June 30, 2022, the Company had $373,801 of remaining performance obligations, which the Company refers to as total backlog. Approximately 73% of the Company’s backlog is expected to be completed in 2022 with the remaining balance expected to be completed in 2023.

Revenue by category

The following series of tables presents our revenue disaggregated by several categories.

Domestically, the Company’s work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. Foreign projects typically involve capital work.

The Company’s contract revenues by type of work, for the periods indicated, are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Revenues

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital—U.S.

 

$

89,693

 

 

$

79,399

 

 

$

190,704

 

 

$

157,005

 

Capital—foreign

 

 

—

 

 

 

1,613

 

 

 

—

 

 

 

6,322

 

Coastal protection

 

 

45,119

 

 

 

46,631

 

 

 

117,036

 

 

 

93,262

 

Maintenance

 

 

12,648

 

 

 

37,278

 

 

 

32,460

 

 

 

82,579

 

Rivers & lakes

 

 

1,968

 

 

 

4,993

 

 

 

3,577

 

 

 

8,379

 

Total revenues

 

$

149,428

 

 

$

169,914

 

 

$

343,777

 

 

$

347,547

 

 

The Company’s contract revenues by type of customer, for the periods indicated, are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Revenues

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal government

 

$

95,360

 

 

$

127,331

 

 

$

262,934

 

 

$

258,063

 

State and local government

 

 

50,922

 

 

 

37,069

 

 

 

75,523

 

 

 

71,844

 

Private

 

 

3,146

 

 

 

3,901

 

 

 

5,320

 

 

 

11,318

 

Foreign

 

 

—

 

 

 

1,613

 

 

 

—

 

 

 

6,322

 

Total revenues

 

$

149,428

 

 

$

169,914

 

 

$

343,777

 

 

$

347,547

 

 

 

Accounts receivable at June 30, 2022 and December 31, 2021 are as follows:

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Completed contracts

 

$

34,030

 

 

$

10,612

 

Contracts in progress

 

 

31,211

 

 

 

65,415

 

Retainage

 

 

4,648

 

 

 

7,490

 

 

 

 

69,889

 

 

 

83,517

 

Allowance for doubtful accounts

 

 

(564

)

 

 

(564

)

 

 

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

69,325

 

 

$

82,953

 

 

 

 

 

 

 

 

 

 

 

The components of contracts in progress at June 30, 2022 and December 31, 2021 are as follows:

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

277,373

 

 

$

270,998

 

Amounts billed

 

 

(239,568

)

 

 

(240,941

)

Costs and earnings in excess of billings for contracts in progress

 

 

37,805

 

 

 

30,057

 

Costs and earnings in excess of billings for completed contracts

 

 

25,917

 

 

 

10,894

 

Total contract revenues in excess of billings

 

$

63,722

 

 

$

40,951

 

 

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

62,615

 

 

$

39,844

 

Long-term contract revenues in excess of billings

 

 

1,107

 

 

 

1,107

 

Total contract revenues in excess of billings

 

$

63,722

 

 

$

40,951

 

 

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

 

 

Amounts billed

 

$

(155,455

)

 

$

(224,381

)

Costs and earnings for contracts in progress

 

 

152,841

 

 

 

209,567

 

Total billings in excess of contract revenues

 

$

(2,614

)

 

$

(14,814

)

 

In the three and six months ending June 30, 2022, a revision to the estimated gross profit percentage of a project was recognized due to a positive settlement of a claim from the recently completed project resulting in a cumulative net impact on the project margin, which increased gross profit by $5,638 and $17,362, respectively.

 

At June 30, 2022 and December 31, 2021, costs to fulfill a contract with a customer recognized as an asset were $4,492 and $5,652, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the three and six months ended June 30, 2022 and 2021, the Company amortized $2,061 and $5,909 and $4,452 and $11,756, respectively, of pre-construction costs.