| Summary of Disaggregation of Revenue |
The following tables summarize revenue for each of our operating segments, disaggregated by contract type and duration, for the three and nine months ended September 30, 2022 and 2021 (in thousands):
|
|
|
Three Months Ended September 30, 2022
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate
|
|
$
|
986
|
|
|
$
|
11,410
|
|
|
$
|
1,849
|
|
|
$
|
(1
|
)
|
|
$
|
14,244
|
|
|
T&M and cost-reimbursable
|
|
|
20,937
|
|
|
|
2,373
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23,310
|
|
|
Other
|
|
|
646
|
|
|
|
1,646
|
|
|
|
—
|
|
|
|
(253
|
)
|
|
|
2,039
|
|
|
Total
|
|
$
|
22,569
|
|
|
$
|
15,429
|
|
|
$
|
1,849
|
|
|
$
|
(254
|
)
|
|
$
|
39,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
|
|
$
|
986
|
|
|
$
|
14,078
|
|
|
$
|
1,849
|
|
|
$
|
(1
|
)
|
|
$
|
16,912
|
|
|
Short-term
|
|
|
21,583
|
|
|
|
1,351
|
|
|
|
—
|
|
|
|
(253
|
)
|
|
|
22,681
|
|
|
Total
|
|
$
|
22,569
|
|
|
$
|
15,429
|
|
|
$
|
1,849
|
|
|
$
|
(254
|
)
|
|
$
|
39,593
|
|
|
|
|
Three Months Ended September 30, 2021
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate
|
|
$
|
275
|
|
|
$
|
7,913
|
|
|
$
|
2,202
|
|
|
$
|
—
|
|
|
$
|
10,390
|
|
|
T&M and cost-reimbursable
|
|
|
8,221
|
|
|
|
207
|
|
|
|
100
|
|
|
|
(1
|
)
|
|
|
8,527
|
|
|
Other
|
|
|
809
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(139
|
)
|
|
|
670
|
|
|
Total
|
|
$
|
9,305
|
|
|
$
|
8,120
|
|
|
$
|
2,302
|
|
|
$
|
(140
|
)
|
|
$
|
19,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
|
|
$
|
275
|
|
|
$
|
7,913
|
|
|
$
|
2,202
|
|
|
$
|
—
|
|
|
$
|
10,390
|
|
|
Short-term
|
|
|
9,030
|
|
|
|
207
|
|
|
|
100
|
|
|
|
(140
|
)
|
|
|
9,197
|
|
|
Total
|
|
$
|
9,305
|
|
|
$
|
8,120
|
|
|
$
|
2,302
|
|
|
$
|
(140
|
)
|
|
$
|
19,587
|
|
|
|
|
Nine Months Ended September 30, 2022
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate
|
|
$
|
3,557
|
|
|
$
|
25,651
|
|
|
$
|
7,314
|
|
|
$
|
(7
|
)
|
|
$
|
36,515
|
|
|
T&M and cost-reimbursable
|
|
|
59,903
|
|
|
|
3,588
|
|
|
|
—
|
|
|
|
—
|
|
|
|
63,491
|
|
|
Other
|
|
|
1,953
|
|
|
|
2,646
|
|
|
|
—
|
|
|
|
(424
|
)
|
|
|
4,175
|
|
|
Total
|
|
$
|
65,413
|
|
|
$
|
31,885
|
|
|
$
|
7,314
|
|
|
$
|
(431
|
)
|
|
$
|
104,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
|
|
$
|
3,557
|
|
|
$
|
29,319
|
|
|
$
|
7,314
|
|
|
$
|
(7
|
)
|
|
$
|
40,183
|
|
|
Short-term
|
|
|
61,856
|
|
|
|
2,566
|
|
|
|
—
|
|
|
|
(424
|
)
|
|
|
63,998
|
|
|
Total
|
|
$
|
65,413
|
|
|
$
|
31,885
|
|
|
$
|
7,314
|
|
|
$
|
(431
|
)
|
|
$
|
104,181
|
|
|
|
|
Nine Months Ended September 30, 2021
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Eliminations
|
|
|
Total
|
|
|
Fixed-price and unit-rate
|
|
$
|
865
|
|
|
$
|
29,521
|
|
|
$
|
10,461
|
|
|
$
|
(8
|
)
|
|
$
|
40,839
|
|
|
T&M and cost-reimbursable
|
|
|
22,434
|
|
|
|
1,577
|
|
|
|
100
|
|
|
|
(61
|
)
|
|
|
24,050
|
|
|
Other
|
|
|
3,790
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,039
|
)
|
|
|
2,751
|
|
|
Total
|
|
$
|
27,089
|
|
|
$
|
31,098
|
|
|
$
|
10,561
|
|
|
$
|
(1,108
|
)
|
|
$
|
67,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
|
|
$
|
865
|
|
|
$
|
29,521
|
|
|
$
|
10,461
|
|
|
$
|
(8
|
)
|
|
$
|
40,839
|
|
|
Short-term
|
|
|
26,224
|
|
|
|
1,577
|
|
|
|
100
|
|
|
|
(1,100
|
)
|
|
|
26,801
|
|
|
Total
|
|
$
|
27,089
|
|
|
$
|
31,098
|
|
|
$
|
10,561
|
|
|
$
|
(1,108
|
)
|
|
$
|
67,640
|
|
|
| Summary of Remaining Performance Obligations, Disaggregated by Operating Segment and Contract Type |
The following table summarizes our remaining performance obligations, disaggregated by operating segment and contract type, at September 30, 2022 (in thousands):
|
|
|
September 30, 2022
|
|
|
|
|
Services
|
|
|
Fabrication
|
|
|
Shipyard
|
|
|
Total
|
|
|
Fixed-price and unit-rate
|
|
$
|
1,657
|
|
|
$
|
7,196
|
|
|
$
|
4,007
|
|
|
$
|
12,860
|
|
|
T&M and cost-reimbursable
|
|
|
—
|
|
|
|
102,215
|
|
|
|
—
|
|
|
|
102,215
|
|
|
Total(1)
|
|
$
|
1,657
|
|
|
$
|
109,411
|
|
|
$
|
4,007
|
|
|
$
|
115,075
|
|
|
|
(1)
|
We expect to recognize revenue of approximately $15.4 million and $99.7 million for the remainder of 2022 and 2023, respectively, associated with our remaining performance obligations at September 30, 2022.
|
|
| Summary of Contract with Customer, Asset and Liability |
Information with respect to contracts that were incomplete at September 30, 2022 and December 31, 2021, is as follows (in thousands):
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Contract assets(1), (2)
|
|
$
|
7,807
|
|
|
$
|
4,759
|
|
|
Contract liabilities(3), (4), (5)
|
|
|
(4,293
|
)
|
|
|
(6,648
|
)
|
|
Contracts in progress, net
|
|
$
|
3,514
|
|
|
$
|
(1,889
|
)
|
|
|
(1)
|
The increase in contract assets compared to December 31, 2021, was primarily due to increased unbilled positions on our seventy-vehicle ferry and two forty-vehicle ferry projects within our Shipyard Division.
|
|
|
(2)
|
Contract assets at September 30, 2022 and December 31, 2021, excludes $5.4 million and $2.3 million, respectively, associated with revenue recognized in excess of amounts billed for which we have an unconditional right to the consideration. Such amounts are reflected within contract receivables. The increase compared to December 31, 2021, was primarily due to the DSS Acquisition and a customer within our Services Division.
|
|
|
(3)
|
The decrease in contract liabilities compared to December 31, 2021, was primarily due to a decrease in accrued contract losses and the unwind of advance payments on our two forty-vehicle ferry projects within our Shipyard Division.
|
|
|
(4)
|
Revenue recognized during the three months ended September 30, 2022 and 2021, related to amounts included in our contract liabilities balance at June 30, 2022 and 2021, was $0.6 million and $1.6 million, respectively. Revenue recognized during the nine months ended September 30, 2022 and 2021, related to amounts included in our contract liabilities balance at December 31, 2021 and 2020, was $2.7 million and $3.2 million, respectively.
|
|
|
(5)
|
Contract liabilities at September 30, 2022 and December 31, 2021, includes accrued contract losses of $1.6 million and $3.9 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
|
|