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Revenue
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue
7.
Revenue

At June 30, 2023, the Company had $434,555 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. Approximately 53% of the Company’s dredging backlog is expected to be completed in 2023 with the remaining balance expected to be completed in 2024 and 2025.

Revenue by category

The following series of tables presents the Company's 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

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Capital—U.S.

 

$

38,157

 

 

$

89,693

 

 

$

70,632

 

 

$

190,704

 

Coastal protection

 

 

56,490

 

 

 

45,119

 

 

 

107,795

 

 

 

117,036

 

Maintenance

 

 

35,809

 

 

 

12,648

 

 

 

107,737

 

 

 

32,460

 

Rivers & lakes

 

 

2,211

 

 

 

1,968

 

 

 

4,547

 

 

 

3,577

 

Total revenues

 

$

132,667

 

 

$

149,428

 

 

$

290,711

 

 

$

343,777

 

 

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

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Federal government

 

$

107,368

 

 

$

95,360

 

 

$

249,530

 

 

$

262,934

 

State and local government

 

 

25,299

 

 

 

50,922

 

 

 

41,181

 

 

 

75,523

 

Private

 

 

-

 

 

 

3,146

 

 

 

-

 

 

 

5,320

 

Total revenues

 

$

132,667

 

 

$

149,428

 

 

$

290,711

 

 

$

343,777

 

 

 

Accounts receivable at June 30, 2023 and December 31, 2022 are as follows:

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Completed contracts

 

$

3,428

 

 

$

4,682

 

Contracts in progress

 

 

30,447

 

 

 

32,546

 

Retainage

 

 

9,725

 

 

 

8,226

 

 

 

 

43,600

 

 

 

45,454

 

Allowance for credit losses

 

 

(564

)

 

 

(564

)

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

43,036

 

 

$

44,890

 

 

 

 

 

 

 

 

 

The components of contracts in progress at June 30, 2023 and December 31, 2022 are as follows:

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

324,309

 

 

$

262,125

 

Amounts billed

 

 

(290,209

)

 

 

(210,068

)

Costs and earnings in excess of billings for contracts in progress

 

 

34,100

 

 

 

52,057

 

Costs and earnings in excess of billings for completed contracts

 

 

9,106

 

 

 

14,972

 

Total contract revenues in excess of billings

 

$

43,206

 

 

$

67,029

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

43,206

 

 

$

65,922

 

Long-term contract revenues in excess of billings

 

 

-

 

 

 

1,107

 

Total contract revenues in excess of billings

 

$

43,206

 

 

$

67,029

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

Amounts billed

 

$

(163,342

)

 

$

(95,013

)

Costs and earnings for contracts in progress

 

 

139,376

 

 

 

85,099

 

Total billings in excess of contract revenues

 

$

(23,966

)

 

$

(9,914

)

 

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, 2023 and December 31, 2022, costs to fulfill a contract with a customer recognized as an asset were $7,675 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 and six months ended June 30, 2023, the Company amortized $1,323 and $4,989, respectively, of pre-construction costs. During the three and six months ended June 30, 2022, the Company amortized $2,061 and $4,452, respectively, of pre-construction costs.