Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contracts with Customers

Schedule of disaggregation of revenue

Our consolidated 2024 revenue was derived from contracts to provide service activities in the mechanical and electrical segments we serve. Refer to Note 16 “Segment Information” for additional information on our reportable segments. We disaggregate our revenue from contracts with customers by activity, customer type and service provided, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the following tables (dollars in thousands):

	Year Ended December 31,
Revenue by Service Provided	2024				2023				2022
Mechanical Segment	$	5,527,604	78.7	%	$	3,946,022	75.8	%	$	3,178,475	76.8	%
Electrical Segment		1,499,872	21.3	%		1,260,738	24.2	%		961,889	23.2	%
Total	$	7,027,476	100.0	%	$	5,206,760	100.0	%	$	4,140,364	100.0	%
	Year Ended December 31,
Revenue by Type of Customer	2024				2023				2022
Technology	$	2,331,362	33.2	%	$	1,114,382	21.4	%	$	546,290	13.2	%
Manufacturing		1,919,403	27.3	%		1,751,684	33.6	%		1,426,962	34.5	%
Education		702,706	10.0	%		493,982	9.5	%		445,638	10.8	%
Healthcare		584,902	8.3	%		554,906	10.6	%		584,023	14.1	%
Office Buildings		424,343	6.0	%		400,754	7.7	%		349,235	8.4	%
Retail, Restaurants and Entertainment		377,302	5.4	%		310,381	6.0	%		311,697	7.5	%
Government		375,201	5.4	%		301,837	5.8	%		255,314	6.2	%
Multi-Family and Residential		142,133	2.0	%		181,780	3.5	%		126,339	3.0	%
Other		170,124	2.4	%		97,054	1.9	%		94,866	2.3	%
Total	$	7,027,476	100.0	%	$	5,206,760	100.0	%	$	4,140,364	100.0	%

	Year Ended December 31,
Revenue by Activity Type	2024				2023				2022
New Construction	$	3,984,529	56.7	%	$	2,853,239	54.8	%	$	2,011,992	48.6	%
Existing Building Construction		1,945,093	27.7	%		1,337,023	25.6	%		1,210,512	29.2	%
Service Projects		468,950	6.7	%		446,151	8.6	%		382,155	9.2	%
Service Calls, Maintenance and Monitoring		628,904	8.9	%		570,347	11.0	%		535,705	13.0	%
Total	$	7,027,476	100.0	%	$	5,206,760	100.0	%	$	4,140,364	100.0	%

Schedule of contract assets and liabilities

Contract assets and liabilities in the Consolidated Balance Sheet consisted of the following amounts as of December 31, 2024 and December 31, 2023 (in thousands):

	December 31, 2024		December 31, 2023
Contract assets:
Costs and estimated earnings in excess of billings, less allowance for credit losses	$	91,681	$	28,084
Contract liabilities:
Billings in excess of costs and estimated earnings and deferred revenue	$	1,149,257	$	909,538