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Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
8.
Revenue

At September 30, 2024, the Company had $1.21 billion of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include $465.0 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at September 30, 2024. Additionally, it does not include $44.9 million of performance obligations or $12.7 million of options pending award related to offshore wind contracts. Approximately 18% of the Company’s dredging backlog at September 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Capital—U.S.

 

$

108,682

 

 

$

54,602

 

 

$

249,329

 

 

$

125,234

 

Coastal protection

 

 

43,913

 

 

 

23,567

 

 

 

178,034

 

 

 

131,362

 

Maintenance

 

 

37,867

 

 

 

33,816

 

 

 

130,742

 

 

 

141,553

 

Rivers & lakes

 

 

711

 

 

 

5,200

 

 

 

1,814

 

 

 

9,747

 

Total revenues

 

$

191,173

 

 

$

117,185

 

 

$

559,919

 

 

$

407,896

 

 

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

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Dredging:

 

 

 

 

 

 

 

 

 

 

 

 

Federal government

 

$

85,876

 

 

$

78,681

 

 

$

339,352

 

 

$

328,211

 

State and local government

 

 

39,330

 

 

 

33,316

 

 

 

108,493

 

 

 

74,497

 

Private

 

 

65,967

 

 

 

5,188

 

 

 

112,074

 

 

 

5,188

 

Total revenues

 

$

191,173

 

 

$

117,185

 

 

$

559,919

 

 

$

407,896

 

 

 

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

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Completed contracts

 

$

741

 

 

$

2,920

 

Contracts in progress

 

 

34,244

 

 

 

40,743

 

Retainage

 

 

7,885

 

 

 

11,511

 

 

 

 

42,870

 

 

 

55,174

 

Allowance for credit losses

 

 

(364

)

 

 

(364

)

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

42,506

 

 

$

54,810

 

 

 

 

 

 

 

 

 

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

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

306,386

 

 

$

206,330

 

Amounts billed

 

 

(231,134

)

 

 

(196,520

)

Costs and earnings in excess of billings for contracts in progress

 

 

75,252

 

 

 

9,810

 

Costs and earnings in excess of billings for completed contracts

 

 

16,547

 

 

 

58,925

 

Total contract revenues in excess of billings

 

$

91,799

 

 

$

68,735

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

91,799

 

 

$

68,735

 

Long-term contract revenues in excess of billings

 

 

—

 

 

 

—

 

Total contract revenues in excess of billings

 

$

91,799

 

 

$

68,735

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

Amounts billed

 

$

(94,545

)

 

$

(258,948

)

Costs and earnings for contracts in progress

 

 

78,932

 

 

 

229,388

 

Total billings in excess of contract revenues

 

$

(15,613

)

 

$

(29,560

)

 

 

At September 30, 2024 and December 31, 2023, costs to fulfill a contract with a customer recognized as an asset were $22.1 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 nine months ended September 30, 2024, the Company amortized $4.4 million and $12.8 million, respectively, of pre-construction costs. During the three and nine months ended September 30, 2023, the Company amortized $1.6 million and $6.6 million, respectively, of pre-construction costs.