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Revenue Receivables and Contract Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 28, 2024
Revenue from Contract with Customer [Abstract] |
Summary of Company's Revenue Disaggregated by Contract Types | The following table presents the Company’s revenue disaggregated by contract types:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, |  |  | June 30, |  |  | June 28, |  |  | June 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Fixed-price |  | $ | 82,313 |  |  | $ | 135,310 |  |  | $ | 195,379 |  |  | $ | 286,838 |
Cost reimbursable |  |  | 7,876 |  |  |  | 18,050 |  |  |  | 14,381 |  |  |  | 28,893 |
Equipment and labor revenue |  |  | 416 |  |  |  | 1,829 |  |  |  | 888 |  |  |  | 3,566 |
Total revenue |  | $ | 90,605 |  |  | $ | 155,189 |  |  | $ | 210,648 |  |  | $ | 319,297 |
Projects started after the AECOM Sale Transactions ("Shimmick Projects") have focused on water infrastructure and other critical infrastructure. Projects that focus on foundation drilling are referred to as "Foundations Projects". Projects that started prior to consummation of the AECOM Sale Transactions are referred to as "Legacy Projects". The following table presents the Company’s revenue disaggregated by Shimmick Projects, Foundations Projects and Legacy Projects:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, |  |  | June 30, |  |  | June 28, |  |  | June 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Shimmick Projects |  | $ | 83,689 |  |  | $ | 103,493 |  |  | $ | 173,981 |  |  | $ | 191,592 |
Foundations Projects |  |  | 8,454 |  |  |  | 8,988 |  |  |  | 15,094 |  |  |  | 29,092 |
Legacy Projects(1) |  |  | (1,538 | ) |  |  | 42,708 |  |  |  | 21,573 |  |  |  | 98,613 |
Total revenue |  | $ | 90,605 |  |  | $ | 155,189 |  |  | $ | 210,648 |  |  | $ | 319,297 |
(1) Legacy Projects revenue for the three and six months ended June 28, 2024 reflect a non-cash adjustment to revenue of $23 million to write off previously recorded contract assets as a result of a settlement of a claim on a large Legacy Project in which the Company will receive $33 million in cash. See Note 12 - Subsequent Events for additional details.
Summary of Information About Contract Assets and Contract Liabilities | The following table provides information about contract assets (also referred to as costs and estimated earnings in excess of billings on uncompleted contracts and retainage receivable) and contract liabilities (also referred to as billings on uncompleted contracts in excess of costs and estimated earnings and forward loss reserve), which include assets and liabilities that are dependent upon future activity:
|  | June 28, |  |  | December 29, |  |  |  |
|  | 2024 |  |  | 2023 |  |  | Change |
(In thousands) |  |  |  |  |  |  |  |  |
Contract assets, current and non-current: |  |  |  |  |  |  |  |  |
Costs and estimated earnings in excess of billings on uncompleted contracts |  | $ | 119,694 |  |  | $ | 125,943 |  |  | $ | (6,249 | )
Retainage receivable |  |  | 46,569 |  |  |  | 48,316 |  |  |  | (1,747 | )
Total contract assets |  |  | 166,263 |  |  |  | 174,259 |  |  |  | (7,996 | )
Contract liabilities, current and non-current: |  |  |  |  |  |  |  |  |
Billings on uncompleted contracts in excess of costs and estimated earnings |  |  | (44,732 | ) |  |  | (48,841 | ) |  |  | 4,109 |
Forward loss reserve |  |  | (69,778 | ) |  |  | (70,159 | ) |  |  | 381 |
Total contract liabilities |  |  | (114,510 | ) |  |  | (119,000 | ) |  |  | 4,490 |
Net |  | $ | 51,753 |  |  | $ | 55,259 |  |  | $ | (3,506 | )
Summary of Unconditional Right to Cash from Clients | The Company’s accounts receivable represents amounts billed to clients that have yet to be collected and represent an unconditional right to cash from its clients as presented below.
|  | June 28, |  |  | December 29, |
|  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |
Total accounts receivable, gross |  | $ | 49,473 |  |  | $ | 55,202 |
Allowance for credit losses |  |  | (954 | ) |  |  | (1,024 | )
Accounts receivable, net |  | $ | 48,519 |  |  | $ | 54,178 |
Summary of Information About Significant Customers | Information about significant customers
Significant Customers as a Percentage of Accounts Receivable, Net |  |  |
As of June 28, 2024 |  |  |
Customer one |  | 35.7% |
Customer two |  | 17.7% |
As of December 29, 2023 |  |  |
Customer one |  | 32.5% |
Customer two |  | 21.7% |
Significant Customers as a Percentage of Revenue |  |  |
Three Months Ended June 28, 2024 |  |  |
Customer one |  | 21.9% |
Customer two |  | 19.2% |
Customer three |  | 11.9% |
Three Months Ended June 30, 2023 |  |  |
Customer one |  | 16.7% |
Customer two |  | 13.7% |
Customer three |  | 11.5% |
Significant Customers as a Percentage of Revenue |  |  |
Six Months Ended June 28, 2024 |  |  |
Customer one |  | 21.6% |
Customer two |  | 16.8% |
Six Months Ended June 30, 2023 |  |  |
Customer one |  | 15.6% |
Customer two |  | 14.3% |
Customer three |  | 12.2% |

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