Revenue Receivables and Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 29, 2024

Revenue from Contract with Customer [Abstract]

Summary of Company's Revenue Disaggregated by Contract Types

The following table presents the Company’s revenue disaggregated by contract types:

	Three Months Ended
	March 29,		March 31,
(In thousands)	2024		2023
Fixed-price	$	113,065	$	151,528
Cost reimbursable		6,505		10,843
Equipment and labor revenue		473		1,737
Total revenue	$	120,043	$	164,108

Projects started after the AECOM Sale Transactions ("Shimmick Projects") have focused on water infrastructure and other critical infrastructure. Projects that focus on foundation drilling are referred to as "Foundations Projects". Projects that started prior to consummation of the AECOM Sale Transactions are referred to as "Legacy Projects".

The following table presents the Company’s revenue disaggregated by Shimmick Projects, Foundations Projects and Legacy Projects:

	Three Months Ended
	March 29,		March 31,
(In thousands)	2024		2023
Shimmick Projects	$	90,292	$	88,099
Foundations Projects		6,640		20,104
Legacy Projects		23,111		55,905
Total revenue	$	120,043	$	164,108

Summary of Information About Contract Assets and Contract Liabilities

The following table provides information about contract assets (also referred to as costs and estimated earnings in excess of billings on uncompleted contracts and retainage receivable) and contract liabilities (also referred to as billings on uncompleted contracts in excess of costs and estimated earnings and forward loss reserve), which include assets and liabilities that are dependent upon future activity:

	March 29,			December 29,
	2024			2023			Change
(In thousands)
Contract assets, current and non-current:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	136,031		$	125,943		$	10,088
Retainage receivable		46,703			48,316			(1,613	)
Total contract assets		182,734			174,259			8,475
Contract liabilities, current and non-current:
Billings on uncompleted contracts in excess of costs and estimated earnings		(43,548	)		(48,841	)		5,293
Forward loss reserve		(69,360	)		(70,159	)		799
Total contract liabilities		(112,908	)		(119,000	)		6,092
Net	$	69,826		$	55,259		$	14,567

Summary of Unconditional Right to Cash from Clients

The Company’s accounts receivable represents amounts billed to clients that have yet to be collected and represent an unconditional right to cash from its clients as presented below.

	March 29,			December 29,
	2024			2023
(In thousands)
Total accounts receivable, gross	$	50,630		$	55,202
Allowance for credit losses		(930	)		(1,024	)
Accounts receivable, net	$	49,700		$	54,178

Summary of Information About Significant Customers

Information about significant customers

Significant Customers as a Percentage of Accounts Receivable, Net
As of March 29, 2024
Customer one	29.6%
Customer two	17.2%
As of December 29, 2023
Customer one	32.5%
Customer two	21.7%

Significant Customers as a Percentage of Revenue
Three Months Ended March 29, 2024
Customer one	21.2%
Customer two	14.8%
Three Months Ended March 31, 2023
Customer one	19.1%
Customer two	18.4%
Customer three	16.5%