v3.25.2
Contracts with Customers (Tables)
6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Disaggregation of Revenue

The Company’s contracts contain both fixed-price and cost reimbursable components. Contract types are based on the component that represents the majority of the contract. The following table presents revenue disaggregated by contract type (in thousands):

 

 

 

Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Fixed-Price

 

$

532,135

 

 

$

707,235

 

 

$

1,106,708

 

 

$

1,338,454

 

Time-and-Materials

 

 

372,945

 

 

 

347,275

 

 

 

720,035

 

 

 

697,926

 

Cost-Plus

 

 

679,243

 

 

 

615,957

 

 

 

1,311,940

 

 

 

1,169,763

 

Total

 

$

1,584,323

 

 

$

1,670,467

 

 

$

3,138,683

 

 

$

3,206,143

 

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at June 30, 2025 and December 31, 2024 were as follows (in thousands):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

$ change

 

 

% change

 

Contract assets

 

$

836,366

 

 

$

741,504

 

 

$

94,862

 

 

 

12.8

%

Contract liabilities

 

 

320,295

 

 

 

289,799

 

 

 

30,496

 

 

 

10.5

%

Net contract assets (liabilities) (1)

 

$

516,071

 

 

$

451,705

 

 

$

64,366

 

 

 

14.2

%

(1)
Total contract retentions included in net contract assets (liabilities) were $103.6 million as of June 30, 2025, of which $48.1 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $89.8 million as of December 31, 2024. Contract assets at June 30, 2025 and December 31, 2024 include $70.3 million and $70.7 million, respectively, related to net claim recoveries. For the three and six months ended June 30, 2025 and June 30, 2024, there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.
Summary Of Finanial Statement Impact From Revisions In Estimates

The following table presents certain financial statement impacts from revisions in estimates, such as changes in estimated claims or incentives, related to performance obligations partially satisfied in previous periods that individually had an impact of $5 million or more on revenue. In certain instances, revisions in estimates on a contract do not exceed the threshold in any particular quarter but exceed the threshold on a year-to-date basis (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Revenue impact, net

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(8,939

)

Operating income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,939

)

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,677

)

Diluted income (loss) per share

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(0.06

)

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):

 

 

2025

 

 

2024

 

Billed

 

$

717,761

 

 

$

712,046

 

Unbilled

 

 

453,966

 

 

 

392,236

 

   Total accounts receivable, gross

 

 

1,171,727

 

 

 

1,104,282

 

Allowance for doubtful accounts

 

 

(3,886

)

 

 

(3,886

)

   Total accounts receivable, net

 

$

1,167,841

 

 

$

1,100,396

 

 

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of June 30, 2025 over the following periods (in thousands):

 

 Period RUPO Will Be Satisfied

 

Within One Year

 

 

Within One to
Two Years

 

 

Thereafter

 

 Federal Solutions

 

$

1,949,998

 

 

$

291,682

 

 

$

147,114

 

 Critical Infrastructure

 

 

2,344,370

 

 

 

1,311,150

 

 

 

930,779

 

    Total

 

$

4,294,368

 

 

$

1,602,832

 

 

$

1,077,893