Quarterly report [Sections 13 or 15(d)]

Construction Contract and Other Service Revenues

v3.25.1
Construction Contract and Other Service Revenues
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Construction Contract and Other Service Revenues Construction Contract and Other Service Revenues
We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing and uncertainty of our revenue (in thousands):
For the Three Months Ended March 31,
2025 2024
Construction contract revenue
Firm fixed price $ 6,277  $ 10,900 
Guaranteed maximum price 2,630  13,640 
Cost-plus fee 1,071  1,486 
Other 281  577 
$ 10,259  $ 26,603 

We recognized an insignificant amount of revenue in the three months ended March 31, 2025 and 2024 from performance obligations satisfied (or partially satisfied) in previous periods.

Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands):
For the Three Months Ended March 31,
2025 2024
Beginning balance $ 8,828  $ 10,500 
Ending balance $ 4,328  $ 12,734 

Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands):
For the Three Months Ended March 31,
2025 2024
Beginning balance $ 17,050  $ 15,086 
Ending balance $ 10,239  $ 25,857 
Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
For the Three Months Ended March 31,
2025 2024
Beginning balance $ 2,016  $ 4,176 
Ending balance $ 2,401  $ 2,783 
Portion of beginning balance recognized in revenue during period $ 100  $ 1,487 

Revenue allocated to the remaining performance obligations under existing contracts as of March 31, 2025 that will be recognized as revenue in future periods was $32.0 million, all of which we expect to recognize in the nine months ending December 31, 2025.
We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of March 31, 2025 and December 31, 2024. Credit loss expense or recoveries on construction contracts receivable and unbilled construction revenue were insignificant for the three months ended March 31, 2025 and 2024.