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Revenue and Contracts in Process
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
 2025202420252024
Infrastructure
$338.4 $232.8 $836.4 $845.9 
Life Sciences3.1 3.0 9.4 5.7 
Spectrum5.6 6.4 17.5 18.9 
Total revenue$347.1 $242.2 $863.3 $870.5 

Accounts receivable, net, from contracts with customers consisted of the following (in millions):
September 30,
2025		December 31, 2024
 
Infrastructure
$260.2 $184.8 
Life Sciences2.3 1.5 
Spectrum1.8 1.9 
Total accounts receivable with customers
$264.3 $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 September 30,Nine Months Ended September 30,
 2025202420252024
Commercial116.1 57.1 246.2 230.9 
Industrial$85.1 $64.7 $219.1 $242.5 
Transportation48.6 58.2 134.6 228.0 
Healthcare48.6 40.9 124.2 114.4 
Government36.1 3.9 84.5 5.6 
Leisure1.7 4.3 12.9 6.9 
Convention0.2 1.8 8.3 10.3 
Energy1.8 1.9 5.5 5.7 
Total revenue from contracts with customers$338.2 $232.8 $835.3 $844.3 
Other revenue0.2 — 1.1 1.6 
Total Infrastructure segment revenue$338.4 $232.8 $836.4 $845.9 

Contract assets and contract liabilities consisted of the following (in millions):
September 30,
2025		December 31, 2024

Costs incurred on contracts in progress$1,323.5 $1,435.2 
Estimated earnings118.8 75.8
Contract revenue earned on uncompleted contracts1,442.3 1,511.0 
Less: progress billings1,537.0 1,513.8 
$(94.7)$(2.8)
The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets$80.8 $106.3 
Contract liabilities(175.5)(109.1)
$(94.7)$(2.8)
September 30,
2025		December 31, 2024
 
Cost in excess of billings and estimated earnings$30.9 $50.8 
Conditional retainage49.9 55.5 
Contract assets$80.8 $106.3 
Billings in excess of costs and estimated earnings$(213.4)$(147.7)
Conditional retainage37.9 38.6 
Contract liabilities$(175.5)$(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 nine months ended September 30, 2025 and 2024, is a result of the recording of $45.6 million and $63.6 million, respectively, of contract assets driven by new commercial projects, partially offset by $71.1 million and $68.4 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 nine months ended September 30, 2025 and 2024, is a result of the recording of periodic contract liabilities of $166.2 million and $78.3 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 $99.8 million and $146.3 million, respectively, including from certain large projects completed or nearing completion.

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of September 30, 2025, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):
 Within One YearWithin Five YearsTotal
Commercial$283.0 $26.7 $309.7 
Healthcare186.6 68.4 255.0 
Industrial223.5 13.9 237.4 
Transportation273.1 281.3 554.4 
Government143.1 6.9 150.0 
Leisure0.3 13.4 13.7 
Convention0.6 — 0.6 
Energy16.9 — 16.9 
Remaining unsatisfied performance obligations$1,127.1 $410.6 $1,537.7 

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 3.3 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 September 30,Nine Months Ended September 30,
2025202420252024
Systems and consumables revenue$3.1 $3.0 $9.4 $5.7 
Total Life Sciences segment revenue$3.1 $3.0 $9.4 $5.7 
Spectrum Segment

The following table disaggregates the Spectrum segment's revenue by type (in millions):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Broadcast station$5.6 $6.4 $17.5 $18.9 
Total Spectrum segment revenue$5.6 $6.4 $17.5 $18.9 

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations
As of September 30, 2025, the transaction price allocated to remaining unsatisfied performance obligations consisted of $12.9 million of broadcast station revenues of which $8.8 million is expected to be recognized within one year and $4.1 million is expected to be recognized within the next 3 years.