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Revenue
 9 Months Ended
Sep. 30, 2022
Revenue From Contract With Customer [Abstract]  
Revenue
7.
Revenue

At September 30, 2022, the Company had $452,587 of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include approximately $50,000 of performance obligations related to offshore wind contracts. The Company expects to perform on its offshore wind contracts using the inclined fall-pipe vessel for subsea rock installation which is expected to be delivered in the second half of 2024. Approximately 38% of the Company’s dredging 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Capital—U.S.

 

$

90,574

 

 

$

111,481

 

 

$

281,278

 

 

$

268,485

 

Capital—foreign

 

 

—

 

 

 

274

 

 

 

—

 

 

 

6,596

 

Coastal protection

 

 

36,934

 

 

 

15,945

 

 

 

153,970

 

 

 

109,208

 

Maintenance

 

 

26,202

 

 

 

35,052

 

 

 

58,662

 

 

 

117,631

 

Rivers & lakes

 

 

4,636

 

 

 

5,886

 

 

 

8,213

 

 

 

14,265

 

Total revenues

 

$

158,346

 

 

$

168,638

 

 

$

502,123

 

 

$

516,185

 

 

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Federal government

 

$

62,228

 

 

$

137,605

 

 

$

325,162

 

 

$

395,668

 

State and local government

 

 

91,544

 

 

 

17,058

 

 

 

167,067

 

 

 

88,902

 

Private

 

 

4,574

 

 

 

13,701

 

 

 

9,894

 

 

 

25,019

 

Foreign

 

 

—

 

 

 

274

 

 

 

—

 

 

 

6,596

 

Total revenues

 

$

158,346

 

 

$

168,638

 

 

$

502,123

 

 

$

516,185

 

 

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

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Completed contracts

 

$

10,932

 

 

$

10,612

 

Contracts in progress

 

 

50,258

 

 

 

65,415

 

Retainage

 

 

8,044

 

 

 

7,490

 

 

 

 

69,234

 

 

 

83,517

 

Allowance for doubtful accounts

 

 

(564

)

 

 

(564

)

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

68,670

 

 

$

82,953

 

 

 

 

 

 

 

 

 

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

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

236,255

 

 

$

270,998

 

Amounts billed

 

 

(208,494

)

 

 

(240,941

)

Costs and earnings in excess of billings for contracts in progress

 

 

27,761

 

 

 

30,057

 

Costs and earnings in excess of billings for completed contracts

 

 

34,984

 

 

 

10,894

 

Total contract revenues in excess of billings

 

$

62,745

 

 

$

40,951

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

61,638

 

 

$

39,844

 

Long-term contract revenues in excess of billings

 

 

1,107

 

 

 

1,107

 

Total contract revenues in excess of billings

 

$

62,745

 

 

$

40,951

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

Amounts billed

 

$

(38,170

)

 

$

(224,381

)

Costs and earnings for contracts in progress

 

 

32,719

 

 

 

209,567

 

Total billings in excess of contract revenues

 

$

(5,451

)

 

$

(14,814

)

 

In the three and nine months ending September 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 $4,880 and $22,242, respectively.

 

At September 30, 2022 and December 31, 2021, costs to fulfill a contract with a customer recognized as an asset were $5,450 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 nine months ended September 30, 2022, the Company amortized $2,856 and $7,308, respectively, of pre-construction costs. During the three and nine months ended September 30, 2021, the Company amortized $3,687 and $15,443, respectively, of pre-construction costs.