Concentration of Risk and Enterprise-Wide Disclosures

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024, respectively:

	March 31, 2025				December 31, 2024
Federal Government	$	43,336	24	%	$	19,874	14	%
State Governments		16,835	10	%		9,553	7	%
Local Governments		28,977	16	%		24,641	17	%
Private Companies		89,005	50	%		88,424	62	%
Gross receivables		178,153	100	%		142,492	100	%
Allowance for credit losses		(787)				(555)
Net receivables	$	177,366			$	141,937

At March 31, 2025, the United States Navy, which is included in the Federal Government category, accounted for 21.8% of total current receivables. At December 31, 2024, the United States Navy, accounted for 11.1% of total current receivables.

Additionally, the table below represents concentrations of contract revenue by type of customer for the three months ended March 31, 2025 and 2024, respectively:

	Three months ended March 31,
	2025		%		2024		%
Federal Government	$	41,884	22	%	$	53,382	33	%
State Governments		28,961	15	%		13,984	9	%
Local Government		37,037	20	%		28,973	18	%
Private Companies		80,771	43	%		64,333	40	%
Total contract revenues	$	188,653	100	%	$	160,672	100	%

For the three months ended March 31, 2025, the United States Navy, which is included in the Federal Government category, accounted for 17.7% of total contract revenues. For the three months ended March 31, 2024, the United States Navy, which is included in the Federal Government category, accounted for 23.7% 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 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 $454.5 million. For the three months ended March 31, 2025 and 2024, the Company’s revenue related to the joint venture subcontract was approximately $33.3 million and $38.0 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 6.3% and 6.0% of total revenues for the three months ended March 31, 2025 and 2024, respectively, and were primarily located in the Caribbean Basin.