Construction Partners, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Liabilities

Contract Assets and Liabilities

6 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Costs and estimated earnings compared to billings on uncompleted contracts at March 31, 2020 and September 30, 2019 consisted of the following (in thousands):


	March 31, 2020		September 30, 2019
	(unaudited)
Costs on uncompleted contracts	$	905,840	$	900,880
Estimated earnings to date on uncompleted contracts	114,593		123,256
	1,020,433		1,024,136
Billings to date on uncompleted contracts	(1,033,872)		(1,043,221)
Net billings in excess of costs and estimated earnings on uncompleted contracts	$	(13,439)	$	(19,085)

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, 2019 to March 31, 2020 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, 2019	$	12,030	$	(31,115)	$	(19,085)
Changes in revenue billed, contract price or cost estimates	4,071		1,575		5,646
March 31, 2020 (unaudited)	$	16,101	$	(29,540)	$	(13,439)

At March 31, 2020, the Company had unsatisfied or partially unsatisfied performance obligations under construction project contracts representing approximately $515.4 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 $322.7 million during the remainder of the fiscal year ending September 30, 2020 and $192.7 million thereafter.