Accounting Standards (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Effects of Adoption of ASC 606 and ASC 842 on Consolidated Financial Statements

The effect of the changes made to the Company's condensed consolidated March 31, 2019 balance sheet and condensed consolidated statement of operations for the adoption of ASC Topic 606 and ASC Topic 842 were as follows:

CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands)	Previously Reported Balance as of March 31, 2019(a)		Adjustments due to ASC Topic 606		Adjustments due to ASC Topic 842		Balance as of March 31, 2019 (As Recast)
Assets
Accounts receivable, net (b)	132,102		(30,318	)	—		101,784
Contract assets	—		65,884		—		65,884
Costs and estimated earnings in excess of billings on uncompleted contracts	34,170		(34,170	)	—		—
Other current assets	4,618		12		—		4,630
Operating lease right-of-use assets (c)	—		—		20,459		20,459
Deferred tax asset	3,701		(141	)	—		3,560
Liabilities
Contract liabilities	—		42,296		—		42,296
Billings in excess of costs and estimated earnings on uncompleted contracts	44,197		(44,197	)	—		—
Accrued expenses and other current liabilities	22,337		2,828		—		25,165
Current portion of long-term debt	2,076		—		62		2,138
Current operating lease liabilities (c)	—		—		3,431		3,431
Long-term debt	34,339		—		65		34,404
Long-term operating lease liabilities (c)	—		—		17,823		17,823
Other long-term liabilities	1,374		—		(794	)	580
Stockholders' Equity
Accumulated deficit	(6,278	)	340		(128	)	(6,066	)

(a) Balances as previously reported on the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.

(b) Prior to the adoption of ASC Topic 606, retainage receivable was included within accounts receivable, net.

(c) Prior to the adoption of ASC Topic 842, operating lease right-of-use assets and current and long-term operating lease liabilities were not recorded on the Company's condensed consolidated balance sheets.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
	Three months ended March 31, 2019
(in thousands)	Previously Reported(a)			Adjustments due to ASC Topic 606				Adjustments due to ASC Topic 842		As Recast
Revenue
Construction	$	104,674		$	(215	)		$	—	$	104,459
Service	29,277			10				—		29,287
Total revenue	133,951			(205		)		—		133,746
Cost of revenue
Construction	91,361			183				—		91,544
Service	22,557			22			—	—		22,579
Total cost of revenue	113,918			205				—		114,123
Gross profit	20,033			(410		)		—		19,623
Operating expenses:
Selling, general and administrative expenses	16,045			—				—		16,045
Amortization of intangibles	175			—				—		175
Total operating expenses	16,220			—				—		16,220
Operating income	3,813			(410		)		—		3,403
Other income (expenses):
Interest expense, net	(833		)	—				—		(833		)
Gain on disposition of property and equipment	12			—				—		12
Total other expenses	(821		)	—				—		(821		)
Income before income taxes	2,992			(410		)		—		2,582
Income tax provision	846			(111		)		—		735
Net income	$	2,146		$	(299	)		$	—	$	1,847

(a) Balances as previously reported on the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.