Construction Partners, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Contract Assets and Liabilities

Contract Assets and Liabilities

12 Months Ended

Sep. 30, 2019

Costs and estimated earnings compared to billings on uncompleted contracts at September 30, 2019 and 2018 consisted of the following (in thousands):


	September 30,
	2019		2018

Costs on uncompleted contracts	$	900,880	$	743,322
Estimated earnings to date on uncompleted contracts	123,256		95,155
	1,024,136		838,477
Billings to date on uncompleted contracts	(1,043,221)		(867,881)
Net billings in excess of costs and estimated earnings on uncompleted contracts	$	(19,085)	$	(29,404)

Significant changes to balances of costs and estimated earnings in excess of billings (contract asset) and billings in excess of costs and estimated earnings (contract liability) on uncompleted contracts from September 30, 2018 to September 30, 2019 are presented below (in thousands):


	Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts		Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts		Net Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts
September 30, 2018	$	9,334	$	(38,738)	$	(29,404)
Changes in revenue billed, contract price or cost estimates	2,696		7,623		10,319
September 30, 2019	$	12,030	$	(31,115)	$	(19,085)

At September 30, 2019, the Company had unsatisfied or partially unsatisfied performance obligations under construction project contracts representing approximately $481.1 million in aggregate transaction price. The Company expects to earn revenue as it satisfies its performance obligations under those contracts in the amount of approximately $386.2 million during the fiscal year ending September 30, 2020 and approximately $94.9 million thereafter.