Revenue Recognition

9 Months Ended

Sep. 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 September 30,										Nine Months Ended September 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Markets:
Energy, environment, infrastructure, and disaster recovery	$	236,039		46	%	$	204,740		41	%	$	693,229		46	%	$	595,769		40	%
Health and social programs		196,586		38	%		209,760		42	%		582,191		38	%		617,997		42	%
Security and other civilian & commercial		84,373		16	%		87,019		17	%		248,043		16	%		271,120		18	%
Total	$	516,998		100	%	$	501,519		100	%	$	1,523,463		100	%	$	1,484,886		100	%

	Three Months Ended September 30,										Nine Months Ended September 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Type:
U.S. federal government	$	282,022		55	%	$	279,314		56	%	$	829,688		55	%	$	820,116		55	%
U.S. state and local government		78,883		15	%		76,594		15	%		240,685		16	%		233,264		16	%
International government		26,871		5	%		27,547		5	%		80,831		5	%		74,378		5	%
Total Government		387,776		75	%		383,455		76	%		1,151,204		76	%		1,127,758		76	%
Commercial		129,222		25	%		118,064		24	%		372,259		24	%		357,128		24	%
Total	$	516,998		100	%	$	501,519		100	%	$	1,523,463		100	%	$	1,484,886		100	%

	Three Months Ended September 30,										Nine Months Ended September 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Contract Mix:
Time-and-materials	$	220,564		43	%	$	206,622		41	%	$	644,822		42	%	$	615,902		41	%
Fixed-price		236,538		46	%		223,338		45	%		696,211		46	%		667,982		45	%
Cost-based		59,896		11	%		71,559		14	%		182,430		12	%		201,002		14	%
Total	$	516,998		100	%	$	501,519		100	%	$	1,523,463		100	%	$	1,484,886		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 September 30, 2024 and December 31, 2023:

	September 30, 2024			December 31, 2023
Contract assets	$	237,742		$	201,832
Contract liabilities		(17,176	)		(21,997	)
Net contract assets (liabilities)	$	220,566		$	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 nine months ended September 30, 2024 and 2023, the Company recognized $17.1 million and $17.3 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 September 30, 2024. The Company expects to recognize the remaining UPO as revenue of approximately 8% by December 31, 2024, 65% by December 31, 2025, and the remainder thereafter.