Gulf Island Fabrication, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

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

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

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

The following tables summarize revenue for each of our operating segments, disaggregated by contract type and duration, for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31, 2025
	Services		Fabrication		Shipyard(1)		Eliminations			Total
Fixed-price and unit-rate	$	218	$	11,035	$	—	$	(69	)	$	11,184
T&M and cost-reimbursable		18,189		9,659		—		—			27,848
Other		1,448		—		—		(207	)		1,241
Total	$	19,855	$	20,694	$	—	$	(276	)	$	40,273

Long-term	$	218	$	19,535	$	—	$	(69	)	$	19,684
Short-term		19,637		1,159		—		(207	)		20,589
Total	$	19,855	$	20,694	$	—	$	(276	)	$	40,273


	Three Months Ended March 31, 2024
	Services		Fabrication		Shipyard		Eliminations			Total
Fixed-price and unit-rate	$	249	$	15,875	$	409	$	—		$	16,533
T&M and cost-reimbursable		24,727		1,263		—		—			25,990
Other		558		—		—		(200	)		358
Total	$	25,534	$	17,138	$	409	$	(200	)	$	42,881

Long-term	$	249	$	15,958	$	409	$	—		$	16,616
Short-term		25,285		1,180		—		(200	)		26,265
Total	$	25,534	$	17,138	$	409	$	(200	)	$	42,881

(1)

Effective January 1, 2025, the Shipyard Division is no longer a reportable segment. Remaining operating results for our Shipyard Division are not material and are reflected within our Corporate Division. See Notes 1 and 7 for further discussion of our Shipyard Division and change in reportable segments.

Summary of Remaining Performance Obligations, Disaggregated by Operating Segment and Contract Type

The following table summarizes our remaining performance obligations for each of our operating segments, disaggregated by contract type, at March 31, 2025 (in thousands):


	March 31, 2025
	Services		Fabrication		Total
Fixed-price and unit-rate	$	68	$	6,199	$	6,267
T&M and cost-reimbursable		—		2,991		2,991
Total(1)	$	68	$	9,190	$	9,258

(1)

We expect all of our performance obligations at March 31, 2025, to be recognized as revenue during 2025. 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 March 31, 2025 and December 31, 2024, is as follows (in thousands):


	March 31,			December 31,
	2025			2024
Contract assets(1), (2)	$	10,073		$	8,611
Contract liabilities(3), (4)		(934	)		(1,278	)
Contracts in progress, net	$	9,139		$	7,333

(1)

The increase in contract assets from December 31, 2024 to March 31, 2025, was primarily due to higher unbilled positions on various projects for our Fabrication Division.

(2)

Contract assets at March 31, 2025 and December 31, 2024, excluded $4.5 million and $4.6 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, 2024 to March 31, 2025, was primarily due to lower unbilled positions on various projects for our Services Division.

(3)

The decrease in contract liabilities from December 31, 2024 to March 31, 2025, was primarily due to lower advance billings on various projects for our Fabrication Division.

(4)

Revenue recognized during the three months ended March 31, 2025 and 2024, from amounts included in our contract liabilities balance at December 31, 2024 and 2023, was $0.8 million and $4.2 million, respectively.