Revenue

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Revenue

7. Revenue

At March 31, 2022, the Company had $473,471 of remaining performance obligations, which the Company refers to as total backlog. Approximately 79% of the Company’s backlog is expected to be completed in 2022 with the remaining balance expected to be completed in 2023.

Revenue by category

The following series of tables presents our revenue disaggregated by several categories.

Domestically, the Company’s work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. Foreign projects typically involve capital work.

The Company’s contract revenues by type of work, for the periods indicated, were as follows:

	Three Months Ended
	March 31,
Revenues	2022		2021
Dredging:
Capital—U.S.	$	101,010	$	77,606
Capital—foreign		-		4,709
Coastal protection		71,917		46,631
Maintenance		19,812		45,301
Rivers & lakes		1,610		3,386
Total revenues	$	194,349	$	177,633

The Company’s contract revenues by type of customer, for the periods indicated, were as follows:

	Three Months Ended
	March 31,
Revenues	2022		2021
Dredging:
Federal government	$	167,574	$	130,732
State and local government		24,601		34,775
Private		2,174		7,417
Foreign		-		4,709
Total revenues	$	194,349	$	177,633

Accounts receivable at March 31, 2022 and December 31, 2021 are as follows:

	March 31,			December 31,
	2022			2021
Completed contracts	$	6,348		$	10,612
Contracts in progress		23,639			65,415
Retainage		7,739			7,490
		37,726			83,517
Allowance for doubtful accounts		(564	)		(564	)
Total accounts receivable—net	$	37,162		$	82,953

The components of contracts in progress at March 31, 2022 and December 31, 2021 are as follows:

	March 31,			December 31,
	2022			2021
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	369,584		$	270,998
Amounts billed		(323,841	)		(240,941	)
Costs and earnings in excess of billings for contracts in progress		45,743			30,057
Costs and earnings in excess of billings for completed contracts		29,898			10,894
Total contract revenues in excess of billings	$	75,641		$	40,951
Current portion of contract revenues in excess of billings	$	74,535		$	39,844
Long-term contract revenues in excess of billings		1,106			1,107
Total contract revenues in excess of billings	$	75,641		$	40,951
Billings in excess of costs and earnings:
Amounts billed	$	(141,076	)	$	(224,381	)
Costs and earnings for contracts in progress		137,389			209,567
Total billings in excess of contract revenues	$	(3,687	)	$	(14,814	)

In the first quarter of 2022, a revision to the estimated gross profit percentage of a project was recognized due to a positive settlement of a claim from the recently completed project resulting in a cumulative net impact on the project margin, which increased gross profit by $11,724.

At March 31, 2022 and December 31, 2021, costs to fulfill a contract with a customer recognized as an asset were $5,656 and $5,652, respectively, and are recorded in other current assets and other noncurrent assets. These costs relate to pre-contract and pre-construction activities. During the three months ended March 31, 2022 and 2021, the Company amortized $2,402 and $5,847, respectively, of pre-construction costs.