Fiscal period ending 2025-12-31 versus 2024-12-31
— view filing on EDGAR →
Leverage has deteriorated materially, with long-term debt up 27% to $5.23B while liquidity headroom contracted, compounding a 34% surge in unapproved change orders and claims to $983.6M that signals mounting contract recovery and working capital stress. Union coverage expanded 4 points to 36% of the workforce, adding a structural labor cost pressure on top of the balance sheet and litigation risks. Taken together, the risk profile has worsened across three distinct dimensions with no offsetting easing.
3 company-specific
Company-specific changes
Revised
Unapproved change orders and claims increased 34% year-over-year from $733.6M to $983.6M, indicating escalating contract recovery risk and working capital exposure.
We may fail to adequately recover on contract change orders or claims brought by us against customers. We have in the past brought, and may in the future bring, claims against our customers. For…
Revised
Long-term debt increased 27% ($4.10B to $5.23B) while undrawn capacity decreased 7% ($2.61B to $2.42B), materially worsening leverage and liquidity position.
We have a significant amount of debt, and our significant indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment…
Revised
Union coverage increased from 32% to 36% of workforce—a 4-point increase signaling escalating unionization risk and higher labor cost exposure.
Our unionized workforce and related obligations may adversely affect our operations. As of December 31, 2025, approximately 36% of our employees were covered by collective bargaining agreements and…