Revenue Recognition

6 Months Ended

Jun. 30, 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 June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Markets:
Energy, environment, infrastructure, and disaster recovery	$	232,655		45	%	$	203,834		41	%	$	457,260		45	%	$	391,027		40	%
Health and social programs		194,929		38	%		205,530		41	%		385,053		39	%		408,239		41	%
Security and other civilian & commercial		84,445		17	%		90,721		18	%		164,152		16	%		184,101		19	%
Total	$	512,029		100	%	$	500,085		100	%	$	1,006,465		100	%	$	983,367		100	%

	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Type:
U.S. federal government	$	273,471		53	%	$	273,060		55	%	$	547,666		54	%	$	540,802		55	%
U.S. state and local government		84,850		17	%		81,054		16	%		161,803		16	%		156,296		16	%
International government		28,696		6	%		26,212		5	%		53,959		6	%		46,831		5	%
Total Government		387,017		76	%		380,326		76	%		763,428		76	%		743,929		76	%
Commercial		125,012		24	%		119,759		24	%		243,037		24	%		239,438		24	%
Total	$	512,029		100	%	$	500,085		100	%	$	1,006,465		100	%	$	983,367		100	%

	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Contract Mix:
Time-and-materials	$	217,587		42	%	$	208,171		42	%	$	423,680		42	%	$	409,290		42	%
Fixed-price		235,398		46	%		225,731		45	%		460,253		46	%		444,637		45	%
Cost-based		59,044		12	%		66,183		13	%		122,532		12	%		129,440		13	%
Total	$	512,029		100	%	$	500,085		100	%	$	1,006,465		100	%	$	983,367		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.

The following table summarizes the contract assets and liabilities as of June 30, 2024 and December 31, 2023:

	June 30, 2024			December 31, 2023
Contract assets	$	222,767		$	201,832
Contract liabilities		(20,102	)		(21,997	)
Net contract assets (liabilities)	$	202,665		$	179,835

The increase in net contract assets (liabilities) is primarily due to the timing difference between the performance of services and billings to customers. During the six months ended June 30, 2024 and 2023, the Company recognized $15.2 million and $16.2 million in revenue related to the contract liabilities balance at December 31, 2023 and 2022, respectively.

Unfulfilled Performance Obligations

The Company had $1.4 billion in unfulfilled performance obligations (“UPO”) as of June 30, 2024. The Company expects to recognize the remaining UPO as revenue of approximately 25% by December 31, 2024, 58% by December 31, 2025, and the remainder thereafter.