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Revenue
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue
7.
Revenue

At September 30, 2023, the Company had $1,033.7 million of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include approximately $50.0 million of performance obligations related to offshore wind contracts or approximately $225.0 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at September 30, 2023. Approximately 19% of the Company’s dredging backlog is expected to be completed in 2023 with the remaining balance expected to be completed between 2024 and 2026.

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Capital—U.S.

 

$

54,602

 

 

$

90,574

 

 

$

125,234

 

 

$

281,278

 

Coastal protection

 

 

23,567

 

 

 

36,934

 

 

 

131,362

 

 

 

153,970

 

Maintenance

 

 

33,816

 

 

 

26,202

 

 

 

141,553

 

 

 

58,662

 

Rivers & lakes

 

 

5,200

 

 

 

4,636

 

 

 

9,747

 

 

 

8,213

 

Total revenues

 

$

117,185

 

 

$

158,346

 

 

$

407,896

 

 

$

502,123

 

 

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

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Federal government

 

$

78,681

 

 

$

62,228

 

 

$

328,211

 

 

$

325,162

 

State and local government

 

 

33,316

 

 

 

91,544

 

 

 

74,497

 

 

 

167,067

 

Private

 

 

5,188

 

 

 

4,574

 

 

 

5,188

 

 

 

9,894

 

Total revenues

 

$

117,185

 

 

$

158,346

 

 

$

407,896

 

 

$

502,123

 

 

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

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Completed contracts

 

$

1,530

 

 

$

4,682

 

Contracts in progress

 

 

18,172

 

 

 

32,546

 

Retainage

 

 

11,204

 

 

 

8,226

 

 

 

 

30,906

 

 

 

45,454

 

Allowance for credit losses

 

 

(564

)

 

 

(564

)

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

30,342

 

 

$

44,890

 

 

 

 

 

 

 

 

 

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

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

296,736

 

 

$

262,125

 

Amounts billed

 

 

(263,110

)

 

 

(210,068

)

Costs and earnings in excess of billings for contracts in progress

 

 

33,626

 

 

 

52,057

 

Costs and earnings in excess of billings for completed contracts

 

 

15,664

 

 

 

14,972

 

Total contract revenues in excess of billings

 

$

49,290

 

 

$

67,029

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

49,290

 

 

$

65,922

 

Long-term contract revenues in excess of billings

 

 

-

 

 

 

1,107

 

Total contract revenues in excess of billings

 

$

49,290

 

 

$

67,029

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

Amounts billed

 

$

(257,790

)

 

$

(95,013

)

Costs and earnings for contracts in progress

 

 

228,398

 

 

 

85,099

 

Total billings in excess of contract revenues

 

$

(29,392

)

 

$

(9,914

)

 

In the 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 $17,362.

At September 30, 2023 and December 31, 2022, costs to fulfill a contract with a customer recognized as an asset were $19,771 and $4,472, respectively, and are recorded in other current assets and other noncurrent assets in the condensed consolidated balance sheets. These costs relate to pre-contract and pre-construction activities. During the three and nine months ended September 30, 2023, the Company amortized $1,594 and $6,582, respectively, of pre-construction costs. During the three and nine months ended September 30, 2022, the Company amortized $2,856 and $7,308, respectively, of pre-construction costs.