Concentration of Risk and Enterprise-Wide Disclosures

6 Months Ended

Jun. 30, 2024

Risks and Uncertainties [Abstract]

Concentration of Risk and Enterprise Wide Disclosures

4.Concentration of Risk and Enterprise-Wide Disclosures

In both reportable segments accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner.

The table below presents the concentrations of current receivables (trade and retainage) at June 30, 2024 and December 31, 2023, respectively:

	June 30, 2024				December 31, 2023
Federal Government	$	51,432	30	%	$	8,885	6	%
State Governments		6,082	4	%		2,355	2	%
Local Governments		18,733	10	%		12,804	9	%
Private Companies		95,871	56	%		119,590	83	%
Gross receivables		172,118	100	%		143,634	100	%
Allowance for credit losses		(523)				(361)
Net receivables	$	171,595			$	143,273

At June 30, 2024, the United States Navy, which is included in the Federal Government category, accounted for 27.2% of total current receivables. At December 31, 2023, a customer in the Private Companies category accounted for 19.9% of total current receivables.

Additionally, the table below represents concentrations of contract revenue by type of customer for the three and six months ended June 30, 2024 and 2023, respectively:

	Three months ended June 30,								Six months ended June 30,
	2024		%		2023		%		2024		%		2023		%
Federal Government	$	67,021	35	%	$	44,416	24	%	$	120,403	34	%	$	67,472	20	%
State Governments		15,453	8	%		14,176	8	%		29,437	8	%		32,504	10	%
Local Government		26,892	14	%		21,693	12	%		55,865	16	%		42,381	12	%
Private Companies		82,801	43	%		102,249	56	%		147,134	42	%		199,351	58	%
Total contract revenues	$	192,167	100	%	$	182,534	100	%	$	352,839	100	%	$	341,708	100	%

For the three months ended June 30, 2024, the United States Navy, which is included in the Federal Government category, accounted for 28.9% of total contract revenues. For the three months ended June 30, 2023, the United States Navy, which is included in the Federal Government category, accounted for 14.0% of total contract revenues. For the six months ended June 30, 2024, the United States Navy, which is included in the Federal Government category, accounted for 26.5% of total contract revenues. For the six months ended June 30, 2023, no single customer accounted for more than 10.0% of total contract revenues.

With the exception of the Unites States Navy, the Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer besides the United States Navy sustains such a large portion of receivables or contract revenue over time.  On March 10, 2023, the United States Navy awarded the Dragados/Hawaiian Dredging/Orion Joint Venture a $2.8 billion contract to complete the construction of a dry dock at Pearl Harbor Naval Shipyard.  The

Company’s portion of work as a dedicated subcontractor totals $435.4 million.  For the fiscal year ended December 31, 2023 and the three months and six months ended June 30, 2024, the Company’s revenue related to the joint venture subcontract was approximately $90.5 million, $55.5 million and $93.5 million, respectively.

The concrete segment primarily purchases concrete from select suppliers. The loss of any one of these suppliers could adversely impact short-term operations.

Contract revenues generated outside the United States totaled 8.6% and 4.0% of total revenues for the three months ended June 30, 2024 and 2023, respectively, and 7.4% and 2.9% for the six months ended June 30, 2024 and 2023, respectively, and were primarily located in the Caribbean Basin.