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Revenue and Contracts in Process | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue and Contracts in Process | 3. Revenue and Contracts in Process Revenue from contracts with customers consisted of the following (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Infrastructure |  | $ | 233.1 |  |  | $ | 305.2 |  |  | $ | 498.0 |  |  | $ | 613.1 |
Life Sciences |  | 3.2 |  |  | 1.7 |  |  | 6.3 |  |  | 2.7 |
Spectrum |  | 5.7 |  |  | 6.2 |  |  | 11.9 |  |  | 12.5 |
Total revenue |  | $ | 242.0 |  |  | $ | 313.1 |  |  | $ | 516.2 |  |  | $ | 628.3 |
Accounts receivable, net, from contracts with customers consisted of the following (in millions):
|  | June 30, 2025 |  | December 31, 2024
Infrastructure |  | $ | 237.3 |  |  | $ | 184.8 |
Life Sciences |  | 2.0 |  |  | 1.5 |
Spectrum |  | 1.6 |  |  | 1.9 |
Total accounts receivable with customers |  | $ | 240.9 |  |  | $ | 188.2 |
As of January 1, 2024, accounts receivable, net, from contracts with customers totaled $273.2 million. Infrastructure Segment The following table disaggregates DBMG's revenue by market (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Industrial |  | $ | 59.4 |  |  | $ | 93.6 |  |  | $ | 134.4 |  |  | $ | 177.7 |
Commercial |  | 75.9 |  |  | 96.5 |  |  | 129.2 |  |  | 173.8 |
Transportation |  | 41.2 |  |  | 69.4 |  |  | 85.9 |  |  | 169.8 |
Healthcare |  | 24.1 |  |  | 39.2 |  |  | 76.2 |  |  | 73.5 |
Government |  | 23.6 |  |  | (1.0) |  |  | 48.4 |  |  | 1.7 |
Leisure |  | 4.5 |  |  | 1.7 |  |  | 11.2 |  |  | 2.7 |
Convention |  | 2.3 |  |  | 3.0 |  |  | 8.2 |  |  | 8.5 |
Energy |  | 1.8 |  |  | 1.6 |  |  | 3.6 |  |  | 3.8 |
Total revenue from contracts with customers |  | $ | 232.8 |  |  | $ | 304.0 |  |  | $ | 497.1 |  |  | $ | 611.5 |
Other revenue |  | 0.3 |  |  | 1.2 |  |  | 0.9 |  |  | 1.6 |
Total Infrastructure segment revenue |  | $ | 233.1 |  |  | $ | 305.2 |  |  | $ | 498.0 |  |  | $ | 613.1 |
Contract assets and contract liabilities consisted of the following (in millions):
|  | June 30, 2025 |  | December 31, 2024
Costs incurred on contracts in progress |  | $ | 1,229.6 |  |  | $ | 1,435.2 |
Estimated earnings |  | 83.0 |  |  | 75.8
Contract revenue earned on uncompleted contracts |  | 1,312.6 |  |  | 1,511.0 |
Less: progress billings |  | 1,402.4 |  |  | 1,513.8 |
|  | $ | (89.8) |  |  | $ | (2.8) |
The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets |  | $ | 83.0 |  |  | $ | 106.3 |
Contract liabilities |  | (172.8) |  |  | (109.1) |
|  | $ | (89.8) |  |  | $ | (2.8) |
|  | June 30, 2025 |  | December 31, 2024
Cost in excess of billings and estimated earnings |  | $ | 31.8 |  |  | $ | 50.8 |
Conditional retainage |  | 51.2 |  |  | 55.5 |
Contract assets |  | $ | 83.0 |  |  | $ | 106.3 |
Billings in excess of costs and estimated earnings |  | $ | (208.7) |  |  | $ | (147.7) |
Conditional retainage |  | 35.9 |  |  | 38.6 |
Contract liabilities |  | $ | (172.8) |  |  | $ | (109.1) |
As of January 1, 2024, contract assets were $118.6 million and contract liabilities were $153.5 million. The change in contract assets during the six months ended June 30, 2025 and 2024, is a result of the recording of $42.2 million and $45.0 million, respectively, of contract assets driven by new commercial projects, partially offset by $65.5 million and $62.4 million, respectively, of contract assets transferred to receivables from contract assets recognized at the beginning of the year, including from certain large projects completed or nearing completion and the corresponding billing of amounts previously recorded as contract assets. The change in contract liabilities during the six months ended June 30, 2025 and 2024, is a result of the recording of periodic contract liabilities of $154.1 million and $57.4 million, respectively, driven largely by new commercial projects, partially offset by revenue recognized that was included in the contract liability balance at the beginning of the year in the amount of $90.4 million and $138.1 million, respectively, including from certain large projects completed or nearing completion. Transaction Price Allocated to Remaining Unsatisfied Performance Obligations As of June 30, 2025, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):
|  | Within One Year |  | Within Five Years |  |  |  | Total
Commercial |  | $ | 331.2 |  |  | $ | 50.8 |  |  |  |  | $ | 382.0 |
Healthcare |  | 209.5 |  |  | 68.0 |  |  |  |  | 277.5 |
Industrial |  | 234.8 |  |  | 7.6 |  |  |  |  | 242.4 |
Transportation |  | 132.1 |  |  | 30.1 |  |  |  |  | 162.2 |
Government |  | 153.5 |  |  | 7.0 |  |  |  |  | 160.5 |
Leisure |  | 1.9 |  |  | 13.4 |  |  |  |  | 15.3 |
Convention |  | 0.4 |  |  | — |  |  |  |  | 0.4 |
Energy |  | 1.9 |  |  | — |  |  |  |  | 1.9 |
Remaining unsatisfied performance obligations | $ | 1,065.3 |  |  | $ | 176.9 |  |  |  |  | $ | 1,242.2 |
DBMG's remaining unsatisfied performance obligations increase with awards of new contracts and decrease as it performs work and recognizes revenue on existing contracts. DBMG includes a project within its remaining unsatisfied performance obligations at such time the project is awarded and agreement on contract terms has been reached. DBMG's remaining unsatisfied performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of total transaction price can be made. DBMG expects to recognize this revenue approximately within the next 2.0 years. Remaining unsatisfied performance obligations include unrecognized revenues to be realized from uncompleted construction contracts. Although many of DBMG's contracts are subject to cancellation at the election of its customers, in accordance with industry practice, DBMG does not limit the amount of unrecognized revenue included within its remaining unsatisfied performance obligations due to the inherent substantial economic penalty that would be incurred by its customers upon cancellation. Life Sciences Segment The following table disaggregates the Life Sciences segment's revenue by type (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Systems and consumables revenue |  | $ | 3.2 |  |  | $ | 1.7 |  |  | $ | 6.3 |  |  | $ | 2.7 |
Total Life Sciences segment revenue |  | $ | 3.2 |  |  | $ | 1.7 |  |  | $ | 6.3 |  |  | $ | 2.7 |
Spectrum Segment The following table disaggregates the Spectrum segment's revenue by type (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Broadcast station |  | $ | 5.7 |  |  | $ | 6.2 |  |  | $ | 11.9 |  |  | $ | 12.5 |
Total Spectrum segment revenue |  | $ | 5.7 |  |  | $ | 6.2 |  |  | $ | 11.9 |  |  | $ | 12.5 |
Transaction Price Allocated to Remaining Unsatisfied Performance Obligations As of June 30, 2025, the transaction price allocated to remaining unsatisfied performance obligations consisted of $12.3 million of broadcast station revenues of which $8.2 million is expected to be recognized within one year and $4.1 million is expected to be recognized within the next 3 years.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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