Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.21.1
REVENUE
3 Months Ended
Mar. 31, 2021
REVENUE.  
REVENUE

NOTE 5—REVENUE

Disaggregation of Revenue

Disaggregated revenue by type of contract was as follows:  

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(in thousands)

 

2021

 

2020

Cost-plus reimbursement contracts

 

$

55,593

 

$

60,296

Fixed-price contracts

 

 

5,258

 

 

5,851

Total

 

$

60,851

 

$

66,147

 

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

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(in thousands)

 

2021

 

2020

United States

 

$

51,190

 

$

57,647

Canada

 

 

9,661

 

 

8,500

Total

 

$

60,851

 

$

66,147

 

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:

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(in thousands)

 

2021

  

2020

Costs incurred on uncompleted contracts

 

$

54,753

 

$

59,238

Earnings recognized on uncompleted contracts

 

 

6,098

 

 

6,909

Total

 

 

60,851

 

 

66,147

Less—billings to date

 

 

(50,301)

 

 

(53,146)

Net

 

$

10,550

 

$

13,001

Contract assets

 

$

12,528

 

$

16,401

Contract liabilities

 

 

(1,978)

 

 

(3,400)

Net

 

$

10,550

 

$

13,001

 

For the three months ended March 31, 2021, the Company recognized revenue of approximately $1.0 million on approximately $2.5 million that was included in the corresponding contract liability balance at December 31, 2020.

Remaining Performance Obligations

The following table includes estimated revenue expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of March 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Remainder of 2021

 

2022

 

2023

 

Thereafter

 

Total

Remaining performance obligations

 

$

151,856

 

$

99,215

 

$

75,616

 

$

133,863

 

$

460,550