Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contracts with Customers

Schedule of disaggregation of revenue

See details in the following tables (dollars in thousands):

	Three Months Ended March 31,
Revenue by Service Provided	2025				2024
Mechanical Segment	$	1,402,215	76.6	%	$	1,185,009	77.1	%
Electrical Segment		429,071	23.4	%		352,007	22.9	%
Total	$	1,831,286	100.0	%	$	1,537,016	100.0	%
	Three Months Ended March 31,
Revenue by Type of Customer	2025				2024
Technology	$	677,553	37.0	%	$	464,814	30.2	%
Manufacturing		452,786	24.7	%		461,400	30.0	%
Healthcare		182,542	10.0	%		133,729	8.7	%
Education		161,242	8.8	%		133,983	8.7	%
Office Buildings		122,526	6.7	%		101,892	6.6	%
Government		96,281	5.3	%		87,801	5.7	%
Retail, Restaurants and Entertainment		77,009	4.2	%		80,585	5.2	%
Multi-Family and Residential		28,353	1.5	%		40,851	2.7	%
Other		32,994	1.8	%		31,961	2.2	%
Total	$	1,831,286	100.0	%	$	1,537,016	100.0	%
	Three Months Ended March 31,
Revenue by Activity Type	2025				2024
New Construction	$	1,065,084	58.2	%	$	898,976	58.5	%
Existing Building Construction		492,603	26.9	%		390,369	25.4	%
Service Projects		119,214	6.5	%		104,114	6.8	%
Service Calls, Maintenance and Monitoring		154,385	8.4	%		143,557	9.3	%
Total	$	1,831,286	100.0	%	$	1,537,016	100.0	%

Schedule of contract assets and liabilities

Contract assets and liabilities in the Consolidated Balance Sheet consisted of the following amounts as of March 31, 2025 and December 31, 2024 (in thousands):

	March 31, 2025		December 31, 2024
Contract assets:
Costs and estimated earnings in excess of billings, less allowance for credit losses	$	227,678	$	91,681
Contract liabilities:
Billings in excess of costs and estimated earnings and deferred revenue	$	1,267,373	$	1,149,257