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Revenue
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue

7. Revenue

At March 31, 2023, the Company had $327,147 of remaining performance obligations, which the Company refers to as total dredging backlog. Total backlog does not include approximately $50,000 of performance obligations related to offshore wind contracts. Approximately 77% of the Company’s dredging backlog is expected to be completed in 2023 with the remaining balance expected to be completed in 2024.

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, were as follows:

 

 

Three Months Ended

 

 

 

March 31,

 

Revenues

 

2023

 

 

2022

 

Dredging:

 

 

 

 

 

 

Capital—U.S.

 

$

32,475

 

 

$

101,010

 

Coastal protection

 

 

51,305

 

 

 

71,917

 

Maintenance

 

 

71,928

 

 

 

19,812

 

Rivers & lakes

 

 

2,336

 

 

 

1,610

 

Total revenues

 

$

158,044

 

 

$

194,349

 

 

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

 

 

Three Months Ended

 

 

 

March 31,

 

Revenues

 

2023

 

 

2022

 

Dredging:

 

 

 

 

 

 

Federal government

 

$

142,162

 

 

$

167,574

 

State and local government

 

 

15,882

 

 

 

24,601

 

Private

 

 

-

 

 

 

2,174

 

Total revenues

 

$

158,044

 

 

$

194,349

 

 

 

Accounts receivable at March 31, 2023 and December 31, 2022 are as follows:

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Completed contracts

 

$

4,983

 

 

$

4,682

 

Contracts in progress

 

 

18,146

 

 

 

32,546

 

Retainage

 

 

10,087

 

 

 

8,226

 

 

 

 

33,216

 

 

 

45,454

 

Allowance for credit losses

 

 

(564

)

 

 

(564

)

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

32,652

 

 

$

44,890

 

 

 

 

 

 

 

 

The components of contracts in progress at March 31, 2023 and December 31, 2022 are as follows:

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

343,316

 

 

$

262,125

 

Amounts billed

 

 

(276,822

)

 

 

(210,068

)

Costs and earnings in excess of billings for contracts in progress

 

 

66,494

 

 

 

52,057

 

Costs and earnings in excess of billings for completed contracts

 

 

14,808

 

 

 

14,972

 

Total contract revenues in excess of billings

 

$

81,302

 

 

$

67,029

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

81,302

 

 

$

65,922

 

Long-term contract revenues in excess of billings

 

 

-

 

 

 

1,107

 

Total contract revenues in excess of billings

 

$

81,302

 

 

$

67,029

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

Amounts billed

 

$

(112,333

)

 

$

(95,013

)

Costs and earnings for contracts in progress

 

 

99,889

 

 

 

85,099

 

Total billings in excess of contract revenues

 

$

(12,444

)

 

$

(9,914

)

 

In the first quarter of 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 $11,724.

At March 31, 2023 and December 31, 2022, costs to fulfill a contract with a customer recognized as an asset were $3,971 and $4,472, 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 months ended March 31, 2023 and 2022, the Company amortized $3,666 and $2,402, respectively, of pre-construction costs.