Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.19.2
REVENUE
6 Months Ended
Jun. 30, 2019
REVENUE  
REVENUE

NOTE 6—REVENUE

Disaggregation of Revenue

Disaggregated revenue by type of contract was as follows:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands)

 

2019

 

2018

 

2019

 

2018

Cost-plus reimbursement contracts

 

$

64,796

 

$

39,332

 

$

108,299

 

$

73,109

Fixed-price contracts

 

 

6,670

 

 

8,643

 

 

13,819

 

 

17,987

Total

 

$

71,466

 

$

47,975

 

$

122,118

 

$

91,096

 

Disaggregated revenue by the geographic area where the work was performed was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands)

 

2019

 

2018

 

2019

 

2018

United States

 

$

66,898

 

$

47,975

 

$

116,102

 

$

91,096

Canada

 

 

4,568

 

 

 —

 

 

6,016

 

 

 —

Total

 

$

71,466

 

$

47,975

 

$

122,118

 

$

91,096

 

Contract Balances

The Company enters into contracts that allow for periodic billings over the contract term that are dependent upon specific advance billing terms, as services are provided, or as milestone billings based on completion of certain phases of work. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings are reported in the Company’s unaudited condensed consolidated balance sheets as contract assets. Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimated earnings recognized to date are reported in the Company’s unaudited condensed consolidated balance sheets as contract liabilities. At any point in time, each project in process could have either contract assets or contract liabilities.

The following table provides information about contract assets and contract liabilities from contracts with customers:

 

 

 

 

 

 

 

(in thousands)

 

June 30, 2019

  

December 31, 2018

Costs incurred on uncompleted contracts

 

$

106,305

 

$

160,368

Earnings recognized on uncompleted contracts

 

 

15,795

 

 

28,581

Total

 

 

122,100

 

 

188,949

Less—billings to date

 

 

(113,305)

 

 

(184,009)

Net

 

$

8,795

 

$

4,940

Contract assets

 

$

12,092

 

$

8,218

Contract liabilities

 

 

(3,297)

 

 

(3,278)

Net

 

$

8,795

 

$

4,940

 

For the three and six months ended June 30, 2019, the Company recognized revenue of less than $0.1 million and approximately $0.9 million, respectively, that was included in the corresponding contract liability balance at December 31, 2018.

Remaining Performance Obligations

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Remainder of 2019

 

2020

 

2021

 

Thereafter

 

Total

Remaining performance obligations

 

$

77,521

 

$

129,521

 

$

99,112

 

$

102,865

 

$

409,019