v3.26.1
Revenue and Contracts in Process
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Contracts in Process
4. Revenue and Contracts in Process

Revenue from contracts with customers consisted of the following (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue
Infrastructure
$414.0 $233.1 $771.9 $498.0 
Life Sciences2.2 3.2 3.8 6.3 
Spectrum5.4 5.7 10.7 11.9 
Total revenue$421.6 $242.0 $786.4 $516.2 
Accounts receivable, net, from contracts with customers consisted of the following (in millions):

June 30,
2026		December 31, 2025
Infrastructure
$279.8 $237.0 
Life Sciences0.9 1.8 
Total accounts receivable with customers
$280.7 $238.8 

As of January 1, 2025, accounts receivable, net, from contracts with customers, as recast to exclude assets held for sale, totaled $186.3 million.

Infrastructure Segment

The following table disaggregates DBMG's revenue by market (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Industrial$168.5 $59.4 $294.8 $134.4 
Commercial119.5 75.9 227.4 129.2 
Healthcare38.2 24.1 79.7 76.2 
Government30.6 23.6 67.7 48.4 
Transportation41.2 41.2 75.4 85.9 
Energy
14.7 1.8 24.2 3.6 
Leisure— 4.5 0.2 11.2 
Convention0.6 2.3 1.4 8.2 
Total revenue from contracts with customers$413.3 $232.8 $770.8 $497.1 
Other revenue0.7 0.3 1.1 0.9 
Total Infrastructure segment revenue$414.0 $233.1 $771.9 $498.0 

Contract assets and contract liabilities consisted of the following (in millions):

June 30,
2026		December 31, 2025

Costs incurred on contracts in progress$1,769.4 $1,365.3 
Estimated earnings278.2 194.4
Contract revenue earned on uncompleted contracts2,047.6 1,559.7 
Less: progress billings2,177.7 1,667.5 
$(130.1)$(107.8)
The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets$52.6 $64.1 
Contract liabilities(182.7)(171.9)
$(130.1)$(107.8)

June 30,
2026		December 31, 2025
Cost in excess of billings and estimated earnings$25.8 $28.7 
Conditional retainage26.8 35.4 
Contract assets$52.6 $64.1 
Billings in excess of costs and estimated earnings$(247.8)$(218.1)
Conditional retainage65.1 46.2 
Contract liabilities$(182.7)$(171.9)

As of January 1, 2025, contract assets were $106.3 million and contract liabilities were $109.1 million.
The change in contract liabilities during the six months ended June 30, 2026 and 2025, is a result of the recording of periodic contract liabilities of $176.4 million and $154.1 million, respectively, driven primarily by large initial billings on new commercial projects, partially offset by revenue recognized that was included in the contract liability balance at the beginning of the year in the amount of $165.6 million and $90.4 million, respectively.

The change in contract assets during the six months ended June 30, 2026 and 2025, is a result of the recording of $24.1 million and $42.2 million, respectively, of contract assets driven by new commercial projects, partially offset by $35.6 million and $65.5 million, respectively, of contract assets transferred to receivables from contract assets recognized at the beginning of the year, including from certain large projects completed or nearing completion and the corresponding billing of amounts previously recorded as contract assets.

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of June 30, 2026, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):

Within One Year
Within Two to Five Years
Total
Industrial$442.0 $24.8 $466.8 
Transportation203.5 268.1 471.6 
Commercial528.0 47.0 575.0 
Healthcare279.7 16.4 296.1 
Government63.4 1.4 64.8 
Energy22.3 — 22.3 
Convention
4.3 — 4.3 
Leisure0.1 — 0.1 
Remaining unsatisfied performance obligations$1,543.3 $357.7 $1,901.0 

DBMG's remaining unsatisfied performance obligations increase with awards of new contracts and decrease as it performs work and recognizes revenue on existing contracts. DBMG includes a project within its remaining unsatisfied performance obligations at such time the project is awarded and agreement on contract terms has been reached. DBMG's remaining unsatisfied performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of total transaction price can be made. DBMG expects to recognize this revenue approximately within the next 2.0 years.

Remaining unsatisfied performance obligations include unrecognized revenues to be realized from uncompleted construction contracts. Although many of DBMG's contracts are subject to cancellation at the election of its customers, in accordance with industry practice, DBMG does not limit the amount of unrecognized revenue included within its remaining unsatisfied performance obligations due to the inherent substantial economic penalty that would be incurred by its customers upon cancellation.

Life Sciences Segment

The following table disaggregates the Life Sciences segment's revenue by type (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Systems and consumables revenue$2.2 $3.2 $3.8 $6.3 
Total Life Sciences segment revenue$2.2 $3.2 $3.8 $6.3 

Spectrum Segment

The following table disaggregates the Spectrum segment's revenue by type (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Broadcast station$5.4 $5.7 $10.7 $11.9 
Total Spectrum segment revenue$5.4 $5.7 $10.7 $11.9 

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations
As of June 30, 2026, the transaction price allocated to remaining unsatisfied performance obligations consisted of $8.0 million of broadcast station revenues of which $7.3 million is expected to be recognized within one year and $0.7 million is expected to be recognized within the next 2 years.