Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.20.2
REVENUE
6 Months Ended
Jun. 30, 2020
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)

 

2020

 

2019

 

2020

 

2019

Cost-plus reimbursement contracts

 

$

65,270

 

$

64,796

 

$

125,566

 

$

108,299

Fixed-price contracts

 

 

7,279

 

 

6,670

 

 

13,130

 

 

13,819

Total

 

$

72,549

 

$

71,466

 

$

138,696

 

$

122,118

 

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)

 

2020

 

2019

 

2020

 

2019

United States

 

$

62,815

 

$

66,898

 

$

120,463

 

$

116,102

Canada

 

 

9,734

 

 

4,568

 

 

18,233

 

 

6,016

Total

 

$

72,549

 

$

71,466

 

$

138,696

 

$

122,118

 

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 June 30,

 

Six Months Ended June 30,

(in thousands)

 

2020

  

2019

 

2020

  

2019

Costs incurred on uncompleted contracts

 

$

63,194

 

$

62,902

 

$

122,432

 

$

106,305

Earnings recognized on uncompleted contracts

 

 

9,355

 

 

8,530

 

 

16,264

 

 

15,795

Total

 

 

72,549

 

 

71,432

 

 

138,696

 

 

122,100

Less—billings to date

 

 

(65,009)

 

 

(62,637)

 

 

(131,156)

 

 

(113,305)

Net

 

$

7,540

 

$

8,795

 

$

7,540

 

$

8,795

Contract assets

 

$

10,730

 

$

12,092

 

$

10,730

 

$

12,092

Contract liabilities

 

 

(3,190)

 

 

(3,297)

 

 

(3,190)

 

 

(3,297)

Net

 

$

7,540

 

$

8,795

 

$

7,540

 

$

8,795

 

For the three and six months ended June 30, 2020, the Company recognized revenue of approximately $0.3 million and approximately $1.6 million, respectively, on approximately $2.8 million in the corresponding contract liability balance at December 31, 2019.

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, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Remainder of 2020

 

2021

 

2022

 

Thereafter

 

Total

Remaining performance obligations

 

$

121,213

 

$

154,445

 

$

84,548

 

$

178,654

 

$

538,860