Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.19.1
REVENUE
3 Months Ended
Mar. 31, 2019
REVENUE  
REVENUE

NOTE 6—REVENUE

Disaggregation of Revenue

Disaggregated revenue by type of contract was as follows.  

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(in thousands)

 

2019

 

2018

Cost-plus reimbursement contracts

 

$

43,503

 

$

33,777

Fixed-price contracts

 

 

7,149

 

 

9,344

Total

 

$

50,652

 

$

43,121

 

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

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(in thousands)

 

2019

 

2018

United States

 

$

49,204

 

$

43,121

Canada

 

 

1,449

 

 

 —

Total

 

$

50,652

 

$

43,121

 

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 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 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)

 

2019

  

2018

Costs incurred on uncompleted contracts

 

$

43,403

 

$

36,675

Earnings recognized on uncompleted contracts

 

 

7,265

 

 

6,446

Total

 

 

50,668

 

 

43,121

Less—billings to date

 

 

(42,729)

 

 

(38,569)

Net

 

$

7,939

 

$

4,552

Contract assets

 

$

11,141

 

$

9,846

Contract liabilities

 

 

(3,202)

 

 

(5,294)

Net

 

$

7,939

 

$

4,552

 

For the three months ended March 31, 2019, the Company recognized revenue of approximately $0.9 million 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 March 31, 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Remainder of 2019

 

2020

 

2021

 

Thereafter

 

Total

Remaining performance obligations

 

$

138,044

 

$

136,482

 

$

95,662

 

$

108,487

 

$

478,675