Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)

v3.24.3
Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
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, 2024 and 2023 (in thousands):

 

 

 

Three Months Ended September 30, 2024

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

74

 

 

$

10,235

 

 

$

490

 

 

$

(3

)

 

$

10,796

 

T&M and cost-reimbursable

 

 

19,403

 

 

 

6,875

 

 

 

—

 

 

 

—

 

 

 

26,278

 

Other

 

 

768

 

 

 

—

 

 

 

—

 

 

 

(202

)

 

 

566

 

Total

 

$

20,245

 

 

$

17,110

 

 

$

490

 

 

$

(205

)

 

$

37,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

74

 

 

$

15,786

 

 

$

490

 

 

$

(3

)

 

$

16,347

 

Short-term

 

 

20,171

 

 

 

1,324

 

 

 

—

 

 

 

(202

)

 

 

21,293

 

Total

 

$

20,245

 

 

$

17,110

 

 

$

490

 

 

$

(205

)

 

$

37,640

 

 

 

 

Three Months Ended September 30, 2023

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

557

 

 

$

12,185

 

 

$

(32,702

)

 

$

(20

)

 

$

(19,980

)

T&M and cost-reimbursable

 

 

21,086

 

 

 

2,794

 

 

 

—

 

 

 

—

 

 

 

23,880

 

Other

 

 

1,333

 

 

 

—

 

 

 

—

 

 

 

(210

)

 

 

1,123

 

Total

 

$

22,976

 

 

$

14,979

 

 

$

(32,702

)

 

$

(230

)

 

$

5,023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

557

 

 

$

13,043

 

 

$

(32,702

)

 

$

(20

)

 

$

(19,122

)

Short-term

 

 

22,419

 

 

 

1,936

 

 

 

—

 

 

 

(210

)

 

 

24,145

 

Total

 

$

22,976

 

 

$

14,979

 

 

$

(32,702

)

 

$

(230

)

 

$

5,023

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

837

 

 

$

42,792

 

 

$

935

 

 

$

(6

)

 

$

44,558

 

T&M and cost-reimbursable

 

 

65,719

 

 

 

10,183

 

 

 

—

 

 

 

—

 

 

 

75,902

 

Other

 

 

1,990

 

 

 

—

 

 

 

—

 

 

 

(667

)

 

 

1,323

 

Total

 

$

68,546

 

 

$

52,975

 

 

$

935

 

 

$

(673

)

 

$

121,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

837

 

 

$

49,400

 

 

$

935

 

 

$

(6

)

 

$

51,166

 

Short-term

 

 

67,709

 

 

 

3,575

 

 

 

—

 

 

 

(667

)

 

 

70,617

 

Total

 

$

68,546

 

 

$

52,975

 

 

$

935

 

 

$

(673

)

 

$

121,783

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

1,356

 

 

$

37,773

 

 

$

(30,973

)

 

$

(30

)

 

$

8,126

 

T&M and cost-reimbursable

 

 

64,456

 

 

 

31,609

 

 

 

—

 

 

 

—

 

 

 

96,065

 

Other

 

 

3,221

 

 

 

—

 

 

 

—

 

 

 

(895

)

 

 

2,326

 

Total

 

$

69,033

 

 

$

69,382

 

 

$

(30,973

)

 

$

(925

)

 

$

106,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

1,356

 

 

$

65,259

 

 

$

(30,973

)

 

$

(30

)

 

$

35,612

 

Short-term

 

 

67,677

 

 

 

4,123

 

 

 

—

 

 

 

(895

)

 

 

70,905

 

Total

 

$

69,033

 

 

$

69,382

 

 

$

(30,973

)

 

$

(925

)

 

$

106,517

 
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, 2024 (in thousands):

 

 

 

September 30, 2024

 

 

 

Services

 

 

Fabrication

 

 

Shipyard(1)

 

 

Total

 

Fixed-price and unit-rate

 

$

22

 

 

$

6,233

 

 

$

126

 

 

$

6,381

 

T&M and cost-reimbursable

 

 

—

 

 

 

5,315

 

 

 

—

 

 

 

5,315

 

Total(2)

 

$

22

 

 

$

11,548

 

 

$

126

 

 

$

11,696

 

 

(1)
Future performance obligations for our Shipyard Division relate to potential repairs and rework during the warranty periods for our Ferry Projects. See “Changes in Project Estimates” below for further discussion of the warranty periods for our Ferry Projects.
(2)
We expect all of our performance obligations at September 30, 2024, to be recognized as revenue during 2024. Certain factors and circumstances could result in changes in the timing of recognition of our performance obligations as revenue and the amounts ultimately recognized.
Summary of Contract with Customer, Asset and Liability Information with respect to contracts that were incomplete at September 30, 2024 and December 31, 2023, is as follows (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Contract assets(1), (2)

 

$

5,815

 

 

$

2,739

 

Contract liabilities(3), (4), (5)

 

 

(1,479

)

 

 

(5,470

)

Contracts in progress, net

 

$

4,336

 

 

$

(2,731

)

 

(1)
The increase in contract assets from December 31, 2023 to September 30, 2024, was primarily due to higher unbilled positions on various projects for our Fabrication Division.
(2)
Contract assets at September 30, 2024 and December 31, 2023, excluded $3.3 million and $6.0 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 decrease from December 31, 2023 to September 30, 2024, was primarily due to lower unbilled positions on various projects for our Services Division.
(3)
The decrease in contract liabilities from December 31, 2023 to September 30, 2024, was primarily due to lower advance billings on various projects for our Fabrication Division.
(4)
Revenue recognized during the three months ended September 30, 2024 and 2023, from amounts included in our contract liabilities balance at June 30, 2024 and 2023, was $3.0 million and $1.1 million, respectively. Revenue recognized during the nine months ended September 30, 2024 and 2023, from amounts included in our contract liabilities balance at December 31, 2023 and 2022, was $4.8 million and $6.2 million, respectively.
(5)
Contract liabilities at September 30, 2024 and December 31, 2023, includes accrued contract losses of $0.2 million and $0.4 million, respectively, primarily related to our Ferry Projects for our Shipyard Division.