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Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
7.
Revenue

At June 30, 2024, the Company had $807.9 million of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include $273.1 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at June 30, 2024. Additionally, it does not include $44.6 million of performance obligations or $12.7 million of options pending award related to offshore wind contracts. Approximately 40% of the Company’s dredging backlog at June 30, 2024 is expected to be completed during the remainder of 2024, with the remaining balance expected to be completed between 2025 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Revenues

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Capital—U.S.

 

$

70,747

 

 

$

38,157

 

 

$

140,647

 

 

$

70,632

 

Coastal protection

 

 

70,195

 

 

 

56,490

 

 

 

134,121

 

 

 

107,795

 

Maintenance

 

 

28,464

 

 

 

35,809

 

 

 

92,875

 

 

 

107,737

 

Rivers & lakes

 

 

680

 

 

 

2,211

 

 

 

1,103

 

 

 

4,547

 

Total revenues

 

$

170,086

 

 

$

132,667

 

 

$

368,746

 

 

$

290,711

 

 

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

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Federal government

 

$

118,687

 

 

$

107,368

 

 

$

253,476

 

 

$

249,530

 

State and local government

 

 

21,463

 

 

 

25,299

 

 

 

69,163

 

 

 

41,181

 

Private

 

 

29,936

 

 

 

-

 

 

 

46,107

 

 

 

—

 

Total revenues

 

$

170,086

 

 

$

132,667

 

 

$

368,746

 

 

$

290,711

 

 

Accounts receivable at June 30, 2024 and December 31, 2023 are as follows:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Completed contracts

 

$

6,810

 

 

$

2,920

 

Contracts in progress

 

 

42,027

 

 

 

40,743

 

Retainage

 

 

7,806

 

 

 

11,511

 

 

 

 

56,643

 

 

 

55,174

 

Allowance for credit losses

 

 

(364

)

 

 

(364

)

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

56,279

 

 

$

54,810

 

 

 

 

 

 

 

 

 

The components of contracts in progress at June 30, 2024 and December 31, 2023 are as follows:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

300,495

 

 

$

206,330

 

Amounts billed

 

 

(246,366

)

 

 

(196,520

)

Costs and earnings in excess of billings for contracts in progress

 

 

54,129

 

 

 

9,810

 

Costs and earnings in excess of billings for completed contracts

 

 

16,380

 

 

 

58,925

 

Total contract revenues in excess of billings

 

$

70,509

 

 

$

68,735

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

70,509

 

 

$

68,735

 

Long-term contract revenues in excess of billings

 

 

—

 

 

 

—

 

Total contract revenues in excess of billings

 

$

70,509

 

 

$

68,735

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

Amounts billed

 

$

(155,330

)

 

$

(258,948

)

Costs and earnings for contracts in progress

 

 

134,756

 

 

 

229,388

 

Total billings in excess of contract revenues

 

$

(20,574

)

 

$

(29,560

)

 

 

At June 30, 2024 and December 31, 2023, costs to fulfill a contract with a customer recognized as an asset were $21.8 million and $22.2 million, 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 six months ended June 30, 2024, the Company amortized $4.0 million and $8.4 million, respectively, of pre-construction costs. During the three and six months ended June 30, 2023, the Company amortized $1.3 million and $5.0 million, respectively, of pre-construction costs.