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Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
8.
Revenue

At March 31, 2025, the Company had $968.5 million of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include $265.3 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at March 31, 2025. Additionally, it does not include $44.9 million of performance obligations or $14.5 million of options pending award related to offshore energy contracts. Approximately 60% of the Company’s dredging backlog at March 31, 2025 is expected to be completed during the remainder of 2025, with the remaining balance expected to be completed in 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 three primary types of work: capital, coastal protection and maintenance. 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

 

 

 

March 31,

 

Revenues

 

2025

 

 

2024

 

Dredging:

 

 

 

 

 

 

Capital—U.S.

 

$

91,120

 

 

$

69,900

 

Coastal protection

 

 

120,302

 

 

 

63,926

 

Maintenance

 

 

31,443

 

 

 

64,834

 

Total revenues

 

$

242,865

 

 

$

198,660

 

 

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

 

 

Three Months Ended

 

 

 

March 31,

 

Revenues

 

2025

 

 

2024

 

Dredging:

 

 

 

 

 

 

Federal government

 

$

134,408

 

 

$

134,789

 

State and local government

 

 

36,394

 

 

 

47,700

 

Private

 

 

72,063

 

 

 

16,171

 

Total revenues

 

$

242,865

 

 

$

198,660

 

 

Accounts receivable at March 31, 2025 and December 31, 2024 are as follows:

 

 

2025

 

 

2024

 

Completed contracts

 

$

8,328

 

 

$

660

 

Contracts in progress

 

 

96,511

 

 

 

105,159

 

Retainage

 

 

8,827

 

 

 

12,575

 

 

 

 

113,666

 

 

 

118,394

 

Allowance for credit losses

 

 

(364

)

 

 

(364

)

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

113,302

 

 

$

118,030

 

 

 

 

 

 

 

 

 

The components of contracts in progress at March 31, 2025 and December 31, 2024 are as follows:

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

203,252

 

 

$

206,933

 

Amounts billed

 

 

(141,491

)

 

 

(153,208

)

Costs and earnings in excess of billings for contracts in progress

 

 

61,761

 

 

 

53,725

 

Costs and earnings in excess of billings for completed contracts

 

 

17,203

 

 

 

20,472

 

Total contract revenues in excess of billings

 

$

78,964

 

 

$

74,197

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

78,964

 

 

$

74,197

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

Amounts billed

 

$

(450,700

)

 

$

(303,810

)

Costs and earnings for contracts in progress

 

 

420,331

 

 

 

278,014

 

Total billings in excess of contract revenues

 

$

(30,369

)

 

$

(25,796

)

 

 

At March 31, 2025 and December 31, 2024, costs to fulfill contracts customers recognized as other current assets were $12.3 million and $10.3 million, respectively. At March 31, 2025 and December 31, 2024, costs to fulfill contracts with customers recognized as other noncurrent assets were $2.7 million and $7.6 million, respectively. These costs relate to pre-contract and pre-construction activities. During the three months ended March 31, 2025 and 2024, the Company amortized $3.4 million and $4.4 million of pre-construction costs, respectively.