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3/25122, 9:42 AM road -20210930
<br />Table of Contents
<br />Note 5 - Contracts Receivable Including Retainage, net
<br />Contracts receivable including retainage, net consisted of the following at September 30, 2021 and 2020 (in thousands):
<br />Contracts receivable
<br />Retainage
<br />Allowance for doubtful accounts
<br />Contracts receivable including retainage, net
<br />September 30,
<br />2021 2020
<br />$ 132,456 $ 112,197
<br />27,640 21,013
<br />160,096 133,210
<br />(1,926) (1,440)
<br />$ 158,170 $ 131,770
<br />The following is a summary of changes in the allowance for doubtful accounts balance during the fiscal years ended September 30,
<br />2021 and 2020 (in thousands):
<br />Balance at beginning of period
<br />Charged to bad debt expense
<br />Write-off of contracts receivable including retainage
<br />Balance at end of period
<br />For the Fiscal Year Ended
<br />September 30,
<br />2021 2020
<br />$ 1,440 $ 1,003
<br />784 705
<br />(298) (268)
<br />$ 1,926 $ 1,440
<br />Retainage receivables have been billed, but are not due, until contract completion and acceptance by the customer.
<br />Note 6 - Contract Assets and Liabilities
<br />Costs and estimated earnings compared to billings on uncompleted contracts at September 30, 2021 and 2020 consisted of the
<br />following (in thousands):
<br />Costs on uncompleted contracts
<br />Estimated earnings to date on uncompleted contracts
<br />Billings to date on uncompleted contracts
<br />Net billings in excess of costs and estimated earnings on uncompleted contracts
<br />September 30,
<br />7,873 $
<br />2021
<br />2020
<br />$ 1,058,434 $
<br />876,229-
<br />110,430
<br />101,055
<br />1,168,864
<br />977,284
<br />(1,179,561)
<br />(1,003,115)
<br />$ (10,697) $
<br />(25,831)
<br />Significant changes to balances of costs and estimated earnings in excess of billings (contract asset) and billings in excess of costs and
<br />estimated earnings (contract liability) on uncompleted contracts from September 30, 2020 to September 30, 2021 are presented below
<br />(in thousands):
<br />Costs and Estimated
<br />Earnings in Excess of
<br />Billings on
<br />Uncompleted
<br />Contracts
<br />Billings in Excess of
<br />Costs and Estimated
<br />Earnings on
<br />Uncompleted
<br />Contracts
<br />Net Billings in Excess
<br />of Costs and
<br />Estimated Earnings
<br />on Uncompleted
<br />Contracts
<br />September 30, 2020 $
<br />7,873 $
<br />(33,704) $
<br />(25,831)
<br />Changes in revenue billed, contract price or cost estimates
<br />15,150
<br />(15)
<br />15,134
<br />September 30, 2021 $
<br />23,023 $
<br />(33,719) $
<br />(10,697)
<br />At September 30, 2021, the Company had unsatisfied or partially unsatisfied performance obligations under construction project
<br />contracts representing approximately $725.5 million in aggregate transaction price. The Company expects to earn revenue as it satisfies
<br />httpsl/www.sec.gov/Archives/edgar/data/0001718227/000171822721000107/road-20210930.htm 103/144
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