Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

NOTE 6 – REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates revenue from clients into categories that depict how the nature, amount, and uncertainty of revenue and cash flows are affected by economic and business factors. Those categories are client market, client type, and contract mix.

	Three Months Ended March 31,
	2024					2023
	Dollars		Percent			Dollars		Percent
Client Markets:
Energy, environment, infrastructure, and disaster recovery	$	224,689		45	%	$	187,218		39	%
Health and social programs		190,148		39	%		202,782		42	%
Security and other civilian & commercial		79,599		16	%		93,282		19	%
Total	$	494,436		100	%	$	483,282		100	%

	Three Months Ended March 31,
	2024					2023
	Dollars		Percent			Dollars		Percent
Client Type:
U.S. federal government	$	274,177		55	%	$	267,742		55	%
U.S. state and local government		76,905		16	%		75,242		16	%
International government		25,276		5	%		20,684		4	%
Total Government		376,358		76	%		363,668		75	%
Commercial		118,078		24	%		119,614		25	%
Total	$	494,436		100	%	$	483,282		100	%

	Three Months Ended March 31,
	2024					2023
	Dollars		Percent			Dollars		Percent
Contract Mix:
Time-and-materials	$	206,160		42	%	$	201,203		42	%
Fixed-price		224,725		45	%		218,735		45	%
Cost-based		63,551		13	%		63,344		13	%
Total	$	494,436		100	%	$	483,282		100	%

Contract Assets and Liabilities

Contract assets consist of unbilled receivables on contracts where revenue recognized exceeds the amount billed. Contract liabilities result from advance payments received on a contract or from billings in excess of revenue recognized on long-term contracts.

The following table summarizes the contract assets and liabilities as of March 31, 2024 and December 31, 2023:

	March 31, 2024			December 31, 2023
Contract assets	$	230,412		$	201,832
Contract liabilities		(22,099	)		(21,997	)
Net contract assets (liabilities)	$	208,313		$	179,835

The increase in net contract assets (liabilities) is primarily due to the timing difference between the performance of services and billings to and payments from customers. During the three months ended March 31, 2024 and 2023, the Company recognized $12.8 million and $14.2 million in revenue related to the contract liabilities balance at December 31, 2023 and 2022, respectively.

Unfulfilled Performance Obligations

The Company had $1.2 billion in unfulfilled performance obligations (“UPO”) as of March 31, 2024. The Company expects to recognize the remaining UPO as revenue of approximately 48% by December 31, 2024, 77% by December 31, 2025, and the remainder thereafter.