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Revenue Receivables and Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 27, 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								Nine Months Ended
		September 27,				September 29,				September 27,				September 29,
(In thousands)		2024				2023				2024				2023
Fixed-price		$	153,802			$	153,178			$	349,182			$	440,015
Cost reimbursable			11,602				19,864				25,983				48,757
Equipment and labor revenue			631				2,406				1,519				5,972
Total revenue		$	166,035			$	175,448			$	376,684			$	494,744

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								Nine Months Ended
		September 27,				September 29,				September 27,				September 29,
(In thousands)		2024				2023				2024				2023
Shimmick Projects		$	101,475			$	109,884			$	275,457			$	301,475
Foundations Projects			10,837				11,523				25,931				40,615
Legacy Projects(1)			53,723				54,041				75,296				152,654
Total revenue		$	166,035			$	175,448			$	376,684			$	494,744

(1) Legacy Projects revenue for the three and nine months ended September 27, 2024 reflects a $31 million increase to revenue as a result of the GGB Project settlement in which the Company will receive $97 million in cash and a contract change order for reduced scope of work of $6 million. See Note 12 – Subsequent Events for additional details. Legacy Projects revenue for the nine months ended September 27, 2024 also reflects a reduction to revenue of $23 million recorded during the three months ended June 28, 2024 to write off previously recorded contract assets as a result of a settlement of a claim with the United States Army Corps of Engineers.

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:

		September 27,				December 29,
		2024				2023				Change
(In thousands)
Contract assets, current and non-current:
Costs and estimated earnings in excess of billings on uncompleted contracts		$	127,518			$	125,943			$	1,575
Retainage receivable			49,159				48,316				843
Total contract assets			176,677				174,259				2,418
Contract liabilities, current and non-current:
Billings on uncompleted contracts in excess of costs and estimated earnings			(42,998	)			(48,841	)			5,843
Forward loss reserve			(54,629	)			(70,159	)			15,530
Total contract liabilities			(97,627	)			(119,000	)			21,373
Net		$	79,050			$	55,259			$	23,791

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.

		September 27,				December 29,
		2024				2023
(In thousands)
Total accounts receivable, gross		$	54,470			$	55,202
Allowance for credit losses			(954	)			(1,024	)
Accounts receivable, net		$	53,516			$	54,178

Summary of Information About Significant Customers

Information about significant customers

Significant Customers as a Percentage of Accounts Receivable, Net
As of September 27, 2024
Customer one		32.8%
Customer two		18.6%
As of December 29, 2023
Customer one		32.5%
Customer two		21.7%

Significant Customers as a Percentage of Revenue
Three Months Ended September 27, 2024
Customer one		22.8%
Customer two		11.9%
Customer three		11.8%
Customer four		10.8%
Three Months Ended September 29, 2023
Customer one		15.3%
Customer two		13.9%
Customer three		13.1%

Significant Customers as a Percentage of Revenue
Nine Months Ended September 27, 2024
Customer one		17.3%
Customer two		14.6%
Customer three		12.1%
Nine Months Ended September 29, 2023
Customer one		15.5%
Customer two		14.2%
Customer three		12.5%

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