Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables, which are included in contract assets, represent the estimated value of unbilled work for projects with performance obligations recognized over time. Unbilled receivables include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject to the completion of any other specific task, other than the billing itself. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement. As of September 30, 2026, the increase in contract assets was driven primarily by ordinary course project activity within the Company’s Clean Energy and Infrastructure and Power Delivery segments, including increased project volume and the timing of billings, as well as the impact of the McKee acquisition in the first quarter within the Clean Energy and Infrastructure segment and the Superior acquisition in the third quarter within the Power Delivery segment.

Contract liabilities, which are generally classified within current liabilities on the Company’s consolidated balance sheets, consist primarily of deferred revenue and also include the amount of any accrued project losses. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Total contract liabilities, including accrued project losses, totaled approximately $1,101.5 million and $747.7 million as of September 30, 2026 and December 31, 2025, respectively, of which deferred revenue comprised approximately $1,087.1 million and $741.0 million, respectively. The increase in contract liabilities as of September 30, 2026 was driven primarily by ordinary course project activity, including increased project volume and the timing of billings within the Company’s Clean Energy and Infrastructure segment, as well as the impact of the Superior acquisition in the third quarter within the Power Delivery segment, partially offset by a decrease in connection with the timing of billings in the Power Delivery segment.

For the nine months ended September 30, 2026 and 2025, the Company recognized revenue of approximately $713.0 million and $695.4 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2025 and December 31, 2024, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective periods.

The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee. The Company has certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material. For the nine months ended September 30, 2026 and 2025, the Company sold approximately $483 million and $378 million, respectively, of receivables under financing arrangements for which it continues to manage collections for the transferred receivables, and, as of September 30, 2026 and December 31, 2025, outstanding sold receivables related thereto totaled approximately $148 million and $172 million, respectively, which amounts are excluded from accounts receivable, net of allowance, in the consolidated balance sheets. The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing. Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows. The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option. Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $3.9 million and $5.7 million for the three months ended September 30, 2026 and 2025, respectively, and totaled approximately $15.8 million and $17.6 million for the nine months ended September 30, 2026 and 2025, respectively.