Great Lakes Dredge & Dock Corporation (“Great Lakes” or the
“Company”) (Nasdaq: GLDD), the largest provider of dredging
services in the United States, today reported financial results for
the quarter and year ended December 31, 2023.
Fourth Quarter 2023 Results
- Revenue was $181.7 million
- Total operating profit was $30.5
million
- Net income was $21.6 million (includes $5.6 million gain
related to the termination of an offshore wind contract)
- Adjusted EBITDA was $40.8 million (includes $7.4 million gain
related to the termination of an offshore wind contract)
Full Year 2023 Results
- Revenue was $589.6 million
- Total operating profit was $28.2
million
- Net income was $13.9 million
(includes $5.6 million gain related to the termination of an
offshore wind contract)
- Adjusted EBITDA was $73.0 million (includes $7.4 million gain
related to the termination of an offshore wind contract)
Management CommentaryLasse
Petterson, President and Chief Executive Officer commented, “We
ended the year strong with solid fourth quarter results. As
expected, 2023 was a year of positive transition from a difficult
2022 and we ended the year with a record backlog of $1.04 billion,
improved performance and stronger financial results.
With a record 2023 U.S. Army Corps of Engineer’s budget of $8.66
billion, the bid market gained momentum over the course of the year
resulting in 2023 returning to a more robust and diverse bid
market, particularly in our capital and coastal protection target
markets. The dredging market saw seven bids for major port
improvement projects. Great Lakes ended the year with 71% of our
backlog in capital projects with four major awards in 2023 which
included the Freeport Deepening Project and the Sabine-Neches
Waterway Channel Improvement Project. Also in 2023, Great Lakes was
awarded two large Liquified Natural Gas (“LNG”) projects, the Port
Arthur LNG Phase 1 project for Marine Dredging and Disposal and the
Brownsville Ship Channel project for Next Decade Corporation’s Rio
Grande LNG project, which is the largest project undertaken in
Great Lakes' history. We continue to tender bids on several LNG
projects to diversify and expand our client base.
As we have navigated challenging market conditions and have seen
the ramp up in bidding in 2023, we have remained focused on cost
reductions and fleet adjustments, which included scrapping the
Terrapin Island in 2022 and retiring the Dredge 53 in 2023. In
addition, we have adjusted our general and administrative and
overhead cost structures accordingly to support our strategic
initiatives.
During 2023 we made significant progress on our new build
program, and we remained resolute in our long-term growth strategy
with offshore wind. As part of our new build program, we have
taken delivery on our newest 6,500-cubic-yard-capacity hopper
dredge, the Galveston Island. Her sistership, the Amelia
Island, is expected to be delivered in 2025. These dredges will
work on projects that redevelop and improve our shorelines, which
are subject to continual damage due to storms, rising waters and
the effects of climate change. Also in 2023, we took delivery of
our two Multi Cats, the Cape Hatteras and the Cape Canaveral, which
support our strong safety culture and provide Great Lakes the
ability to dredge with enhanced operating efficiencies needed to
maintain our shorelines and waterways.
We continued to execute our strategy to enter the U.S. offshore
wind market. On July 20, 2023, we were honored to have President
Biden attend the steel cutting ceremony for Great Lakes’ offshore
wind rock installation vessel, the Acadia, the first and only
U.S.-flagged Jones Act compliant, inclined fallpipe vessel for
subsea rock installation, which marks another step forward as
construction begins with expected delivery in 2025. In addition,
Great Lakes signed the first ever subcontract for procurement of
rock with Carver Sand & Gravel LLC, a U.S. quarry in the state
of New York. Both milestones solidify our entry into the offshore
wind market and will support Great Lakes' awarded rock installation
contract for Empire Wind I with an estimated installation window in
2025. In December 2023, Great Lakes was awarded another rock
installation contract to perform subsea rock cable protection, a
new utilization for our new vessel, the Acadia, on an offshore wind
project off the East Coast of the United States.
Towards the end of 2023 we saw several cancellations of Power
Purchase Agreements (“PPA’s”) that were entered into in 2018 and
2019, as inflation and interest rate hikes eroded the profitability
of these PPA’s. This led our clients, Equinor and bp, to terminate
our Empire Wind II contract with them and reset their plan for the
related wind farm. Our fourth quarter net income includes an
approximately $5.6 million gain related to the terminated contract.
Great Lakes may have the opportunity to re-tender this project, if
Equinor re-bids their PPA for this development.
We continue to pursue and bid on a number of other offshore wind
farm projects, both domestically and internationally, with rock
installations planned for 2026 and beyond. We expect that offshore
wind will play a crucial role in helping the U.S. meet its
decarbonization and clean energy goals and we believe the offshore
wind power generation market offers Great Lakes long-term
diversification with a strong opportunity for growth.
As we enter the new year, we anticipate that the dredging bid
market will remain robust and with our record backlog, improved
fleet and strategic initiatives we believe the Company is well
positioned for the future.”
Operational Update
Fourth Quarter 2023
- Revenue was $181.7 million, an increase
of $35.1 million from the fourth quarter of 2022. The higher
revenue in the fourth quarter of 2023 was due primarily to higher
coastal protection and maintenance project revenues, offset
partially by a decrease in rivers and lakes project revenue.
- Gross profit was $38.7 million, an
improvement of $54.8 million compared to the gross loss from the
fourth quarter of 2022. Gross margin percentage increased to 21.3%
in the fourth quarter of 2023 from -11.0% in the fourth quarter of
2022 partially due to improved project performance. In addition,
operating costs were significantly lower due to our continued focus
on cost reduction, as well as improved utilization and fewer
drydockings in the current year quarter.
- Operating profit was $30.5 million,
which is a $67.2 million improvement compared with the operating
loss from the prior year quarter. The quarter over quarter increase
is a result of $54.8 million higher gross margin, a $7.4 million
gain from the recently terminated offshore wind contract in the
fourth quarter of 2023, and the write-down of the Terrapin Island,
which was retired during the fourth quarter of 2022, offset
partially by higher general and administrative expenses. The higher
general and administrative expense is primarily due to higher
incentive and severance pay compared to the prior year quarter,
offset partially by lower costs from our cost cutting initiatives
in the fourth quarter of 2023.
- Net income for the quarter was $21.6
million, which is a $52.8 million improvement compared to net loss
of $31.2 million in the prior year fourth quarter. The increase is
a result of improved operating results and a decrease in net
interest expense primarily due to an increase in capitalized
interest related to our new build program, partially offset by
higher revolver credit facility interest expense.
Full Year 2023
- Revenue was $589.6 million, a decrease
of $59.2 million from 2022. The lower revenue in 2023 was due
primarily to a decrease in domestic capital project revenue offset
by higher domestic maintenance and coastal protection project
revenues.
- Gross profit for the full year 2023 was
$77.7 million, an improvement of $46.6 million compared to the
gross profit from 2022. Gross margin percentage increased to 13.2%
for the full year 2023 from 4.8% for the full year 2022 partially
due to improved project performance. In addition, operating costs
were significantly lower due to our continued focus on cost
reduction, as well as fewer drydockings in 2023.
- Operating income for the full year 2023
was $28.2 million, which is a $56.0 million improvement compared
with the operating loss from the prior year. The year-over-year
increase is a result of $46.6 million higher gross profit, a $7.4
million gain from the recently terminated offshore wind contract in
the fourth quarter of 2023, and the write-down of the Terrapin
Island, which was retired during the fourth quarter of 2022, offset
partially by higher general and administrative expenses. The higher
general and administrative expense is primarily due to higher
incentive, severance pay and profit sharing compared to the prior
year, offset partially by lower costs from cost cutting initiatives
in 2023.
- Net income for the full year 2023 was
$13.9 million, which is a $48.0 million improvement compared to net
loss of $34.1 million for the full year 2022. This increase is a
result of improved operating results,a decrease in net interest
expense, offset by an increase on income tax provision.
Balance Sheet, Dredging Backlog & Capital
Expenditures
- At December 31, 2023, the Company had
$22.8 million in cash and cash equivalents and total long term debt
of $412.1 million, which includes $90.0 million of draws
outstanding against our $300 million revolver.
- At December 31, 2023, the Company had
$1.04 billion in dredging backlog as compared to $377.1 million at
December 31, 2022. Dredging backlog does not include approximately
$179.4 million of low bids and options pending award or
approximately $44.6 million of performance obligations related to
offshore wind contracts.
- Total capital expenditures for 2023
were $144.8 million compared to $144.7 million for 2022. The 2023
capital expenditures included $64.5 million for the construction of
the subsea rock installation vessel, the Acadia, $36.3 million for
the Amelia Island, $24.8 million for the Galveston Island, $9.2
million for our Multi Cats, the Cape Hatteras and the Cape
Canaveral, and $10 million for maintenance and growth.
Market Update
We continue to see strong support from the Biden Administration
and Congress for the dredging industry. In December 2022, the
Omnibus Appropriations Bill for fiscal year 2023 was signed into
law which included another record budget of $8.66 billion for the
U.S. Army Corps of Engineers (the “Corps”) civil works program of
which $2.32 billion is provided for the Harbor Maintenance Trust
Fund (“HMTF”) to maintain and modernize our nation’s waterways. In
addition, the Disaster Relief Supplemental Appropriations Act for
fiscal year 2023 was approved which included $1.48 billion for the
Corps to make necessary repairs to infrastructure impacted by
hurricanes and other natural disasters, and to initiate beach
renourishment projects that will increase coastal resiliency. This
increased budget and additional funding resulted in a strong bid
market for 2023.
For the twelve months ended December 31, 2023, the bid market,
not including LNG or offshore wind projects, was $2.2 billion, up
from $2.0 billion in 2022. Great Lakes won 33.7% of the 2023 bid
market. The increase in the bid market was driven by a strong
market for capital projects, which has already seen seven bids for
port improvement projects including Freeport, San Juan, and
Norfolk. The total capital bid market for port improvement projects
through year end totaled $671.4 million, of which 36% was won by
Great Lakes. We expect budgeted appropriations to support the
funding of several previously delayed capital port improvement
projects that are expected to bid in the first half of 2024,
including Sabine, Houston, and Mobile. In addition, Great Lakes won
two LNG projects totaling over $500 million.
In March 2023, President Biden released the President’s Fiscal
Year 2024 executive budget. The proposed amount for the Corps
targets $7.4 billion, which is a record amount for a President's
budget. In June 2023, the House proposed an increased 2024 budget
of $9.6 billion for the Corps, which is $910 million above fiscal
year 2023 and includes $2.8 billion for the HMTF and $1.5 billion
for flood and storm damage reduction. In July 2023, the Senate
Committee on Appropriations passed the budget which targets $8.9
billion for the Corps. This will move to the Senate floor for
further deliberation and consideration. This proposed budget is
expected to provide for a strong 2024 bid market. Currently, the
government is operating under a continuing resolution until the
budget is approved.
At the end of 2022, the Water Resources Development Act of 2022,
or WRDA 2022, was approved by Congress and signed into law by the
President. WRDA 2022 is on a two-year renewal cycle and includes
legislation that authorizes the financing of Corps’ projects for
flood and hurricane protection, dredging, ecosystem restoration and
other construction projects. Among many other things, WRDA 2022
featured authorization for New York and New Jersey shipping
channels to be deepened to 55 feet, estimated at $6 billion, as
well as the Coastal Texas Protection and Restoration Program,
estimated at $34.4 billion. The Coastal Texas program includes dune
and marsh restoration to safeguard the Texas Gulf Coast from
hurricane surges. In addition, this legislation includes policy
changes that will allow future port, waterways and coastal projects
to be more readily approved and funded.
Offshore wind has been recognized around the world as a reliable
source of renewable energy. Globally installed offshore wind
capacity is targeted to reach about 260 GW by 2030, up from 40 GW
in 2020. In 2021, the Biden Administration announced the ambitious
goal of 30 GW of U.S. offshore wind by 2030 and provided $3.0
billion in federal loan guarantees for offshore wind projects. The
administration’s support for offshore wind culminated in the
Inflation Reduction Act, the largest climate mitigation act ever
passed by Congress. Though there have been several offshore
wind project PPA's cancelled and New York rejected requested
adjustments to existing PPA's, the State continues to take steps
forward in meeting their renewable energy goals with the
announcement on October 24, 2023, of three new project awards with
the anticipated capacity of approximately 4 GW of offshore wind
energy and a new accelerated fourth bid round for additional PPA's
was announced for early 2024. Vineyard Wind, the first
commercial scale offshore wind farm on the East Coast, recently
completed installation of the first offshore wind turbine, which on
January 2, 2024 began delivering power to the New England
grid. This project expects to have 5 turbines operating at
full capacity early in 2024. In addition. South Fork Wind, which
will be the first offshore wind farm to supply power to the state
of New York, has completed the installation of two of its twelve
planned turbines, with one currently operational. In January
2024, the New Jersey Board of Public Utilities selected two
projects to deliver 3.7 GW of offshore wind generation. New Jersey
now has approximately 5.2 GW contracted, which is significant
progress toward its 11 GW goal by 2040. Although the market is
facing some short-term challenges, the long-term outlook for
offshore wind in the U.S. is optimistic, based on strong
fundamentals and commitment by the U.S. to meet its energy
independence and de-carbonization targets. Great Lakes has
established a unique business position in the U.S. offshore wind
market, and we continue to pursue and tender bids, both
domestically and internationally, on multiple offshore wind
projects for the Acadia, which will be the first and only U.S.
flagged Jones Act compliant subsea rock installation vessel in the
United States.
Conference Call Information
The Company will conduct a quarterly conference call, which will
be held on Wednesday, February 14, 2024, at 9:00 a.m. C.S.T (10:00
a.m. E.S.T.). Investors and analysts are encouraged to pre-register
for the conference call by using the link below. Participants who
pre-register will be given a unique PIN to gain immediate access to
the call. Pre-registration may be completed at any time up to the
call start time.
To pre-register, go
to https://register.vevent.com/register/BIc85228ed2c3145ec8bfcb3f185c726f2
The live call and replay can also be heard at
https://edge.media-server.com/mmc/p/2z7j3yx5 or on the Company’s
website, www.gldd.com, under Events on the Investor Relations page.
A copy of the press release will be available on the Company’s
website.
Use of Non-GAAP measures
Adjusted EBITDA, as provided herein, represents net income
(loss) from continuing operations, adjusted for net interest
expense, income taxes, depreciation and amortization expense, debt
extinguishment, accelerated maintenance expense for new
international deployments, goodwill or asset impairments and gains
on bargain purchase acquisitions. Adjusted EBITDA is not a measure
derived in accordance with GAAP. The Company presents Adjusted
EBITDA as an additional measure by which to evaluate the Company's
operating trends. The Company believes that Adjusted EBITDA is a
measure frequently used to evaluate performance of companies with
substantial leverage and that the Company's primary stakeholders
(i.e., its stockholders, bondholders and banks) use Adjusted EBITDA
to evaluate the Company's period to period performance.
Additionally, management believes that Adjusted EBITDA provides a
transparent measure of the Company’s recurring operating
performance and allows management and investors to readily view
operating trends, perform analytical comparisons and identify
strategies to improve operating performance. For this reason, the
Company uses a measure based upon Adjusted EBITDA to assess
performance for purposes of determining compensation under the
Company's incentive plan. Adjusted EBITDA should not be considered
an alternative to, or more meaningful than, amounts determined in
accordance with GAAP including: (a) operating income as an
indicator of operating performance; or (b) cash flows from
operations as a measure of liquidity. As such, the Company's use of
Adjusted EBITDA, instead of a GAAP measure, has limitations as an
analytical tool, including the inability to determine profitability
or liquidity due to the exclusion of accelerated maintenance
expense for new international deployments, goodwill or asset
impairments, gains on bargain purchase acquisitions, net interest
and income tax expense and the associated significant cash
requirements and the exclusion of depreciation and amortization,
which represent significant and unavoidable operating costs given
the level of indebtedness and capital expenditures needed to
maintain the Company's business. For these reasons, the Company
uses operating income (loss) to measure the Company's operating
performance and uses Adjusted EBITDA only as a supplement. Adjusted
EBITDA is reconciled to net income (loss) in the table of financial
results. For further explanation, please refer to the Company's SEC
filings.
The CompanyGreat Lakes Dredge
& Dock Corporation is the largest provider of dredging services
in the United States, which is complemented with a long history of
performing significant international projects. In addition, Great
Lakes is fully engaged in expanding its core business into the
rapidly developing offshore wind energy industry. The Company
employs experienced civil, ocean and mechanical engineering staff
in its estimating, production and project management functions. In
its over 133-year history, the Company has never failed to complete
a marine project. Great Lakes owns and operates the largest and
most diverse fleet in the U.S. dredging industry, comprised of
approximately 200 specialized vessels. Great Lakes has a
disciplined training program for engineers that ensures
experienced-based performance as they advance through Company
operations. The Company’s Incident-and Injury-Free® (IIF®) safety
management program is integrated into all aspects of the Company’s
culture. The Company’s commitment to the IIF® culture promotes a
work environment where employee safety is paramount.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking” statements, as defined in Section 21E of the
Securities Exchange Act of 1934 (the “Exchange Act”), the Private
Securities Litigation Reform Act of 1995 (the “PSLRA”) or in
releases made by the Securities and Exchange Commission (the
“SEC”), all as may be amended from time to time. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements of Great Lakes and its
subsidiaries, or industry results, to differ materially from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Statements that are not historical
fact are forward-looking statements. Forward-looking statements can
be identified by, among other things, the use of forward-looking
language, such as the words “plan,” “believe,” “expect,”
“anticipate,” “intend,” “estimate,” “project,” “may,” “would,”
“could,” “should,” “seeks,” “are optimistic,” or “scheduled to,” or
other similar words, or the negative of these terms or other
variations are being made pursuant to the Exchange Act and the
PSLRA with the intention of obtaining of these terms or comparable
language, or by discussion of strategy or intentions. These
cautionary statements have the benefit of the “safe harbor”
provisions of such laws. Great Lakes cautions investors that any
forward-looking statements made by Great Lakes are not guarantees
or indicative of future performance. Important assumptions and
other important factors that could cause actual results to differ
materially from those forward-looking statements with respect to
Great Lakes include, but are not limited to: a reduction in
government funding for dredging and other contracts, or government
cancellation of such contracts, or the inability of the Corps to
let bids to market; our ability to qualify as an eligible bidder
under government contract criteria and to compete successfully
against other qualified bidders in order to obtain government
dredging and other contracts; cost over-runs, operating cost
inflation and potential claims for liquidated damages, particularly
with respect to our fixed cost contracts; the timing of our
performance on contracts and new contracts being awarded to us;
significant liabilities that could be imposed were we to fail to
comply with government contracting regulations; project delays
related to the increasingly negative impacts of climate change or
other unusual, non-historical weather patterns; costs necessary to
operate and maintain our existing vessels and the construction of
new vessels; equipment or mechanical failures; pandemic, epidemic
or outbreak of an infectious disease; disruptions to our supply
chain for procurement of new vessel build materials or maintenance
on our existing vessels; capital and operational costs due to
environmental regulations; market and regulatory responses to
climate change, including proposed regulations concerning emissions
reporting and future emissions reduction goals; contract penalties
for any projects that are completed late; force majeure events,
including natural disasters, war and terrorists’ actions; changes
in the amount of our estimated backlog; significant negative
changes attributable to large, single customer contracts; our
ability to obtain financing for the construction of new vessels,
including our new offshore wind vessel; our ability to secure
contracts to utilize our new offshore wind vessel; unforeseen
delays and cost overruns related to the construction of our new
vessels; any failure to comply with the jones act provisions on
coastwise trade, or if those provisions were modified or repealed;
fluctuations in fuel prices, particularly given our dependence on
petroleum-based products; impacts of nationwide inflation on
procurement of new build and vessel maintenance materials; our
ability to obtain bonding or letters of credit and risks associated
with draws by the surety on outstanding bonds or calls by the
beneficiary on outstanding letters of credit; acquisition
integration and consolidation, including transaction expenses,
unexpected liabilities and operational challenges and risks;
divestitures and discontinued operations, including retained
liabilities from businesses that we sell or discontinue; potential
penalties and reputational damage as a result of legal and
regulatory proceedings; any liabilities imposed on us for the
obligations of joint ventures, partners and subcontractors;
increased costs of certain material used in our operations due to
newly imposed tariffs; unionized labor force work stoppages; any
liabilities for job-related claims under federal law, which does
not provide for the liability limitations typically present under
state law; operational hazards, including any liabilities or losses
relating to personal or property damage resulting from our
operations; our ability to identify and contract with qualified MBE
or DBE contractors to perform as subcontractors; our substantial
amount of indebtedness, which makes us more vulnerable to adverse
economic and competitive conditions; restrictions on the operation
of our business imposed by financing terms and covenants; impacts
of adverse capital and credit market conditions on our ability to
meet liquidity needs and access capital; limitations on our hedging
strategy imposed by statutory and regulatory requirements for
derivative transactions; foreign exchange risks, in particular, as
it relates to the new offshore wind vessel build; losses
attributable to our investments in privately financed projects;
restrictions on foreign ownership of our common stock; restrictions
imposed by Delaware law and our charter on takeover transactions
that stockholders may consider to be favorable; restrictions on our
ability to declare dividends imposed by our financing agreements or
Delaware law; significant fluctuations in the market price of our
common stock, which may make it difficult for holders to resell our
common stock when they want or at prices that they find attractive;
changes in previously recorded net revenue and profit as a result
of the significant estimates made in connection with our methods of
accounting for recognized revenue; maintaining an adequate level of
insurance coverage; our ability to find, attract and retain key
personnel and skilled labor; disruptions, failures, data
corruptions, cyber-based attacks or security breaches of the
information technology systems on which we rely to conduct our
business; and impairments of our goodwill or other intangible
assets. For additional information on these and other risks and
uncertainties, please see Item 1A. “Risk Factors” of Great Lakes'
Annual Report on Form 10-K for the year ended December 31,
2022.
Although Great Lakes believes that its plans,
intentions and expectations reflected in or suggested by such
forward looking statements are reasonable, actual results could
differ materially from a projection or assumption in any
forward-looking statements. Great Lakes' future financial condition
and results of operations, as well as any forward-looking
statements, are subject to change and inherent risks and
uncertainties. The forward-looking statements contained in this
press release are made only as of the date hereof and Great Lakes
does not have or undertake any obligation to update or revise any
forward-looking statements whether as a result of new
information, subsequent events or otherwise, unless otherwise
required by law.
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Condensed Consolidated Statements of
Operations |
|
(Unaudited and in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Contract revenues |
$ |
181,729 |
|
|
$ |
146,658 |
|
|
$ |
589,625 |
|
|
$ |
648,781 |
|
Gross profit (loss) |
|
38,668 |
|
|
|
(16,162 |
) |
|
|
77,732 |
|
|
|
31,173 |
|
General and administrative expenses |
|
15,389 |
|
|
|
12,401 |
|
|
|
57,056 |
|
|
|
51,117 |
|
Other (Gains) Losses |
|
(7,247 |
) |
|
|
8,150 |
|
|
|
(7,543 |
) |
|
|
7,792 |
|
Total operating income
(loss) |
|
30,526 |
|
|
|
(36,713 |
) |
|
|
28,219 |
|
|
|
(27,736 |
) |
Interest expense—net |
|
(2,818 |
) |
|
|
(3,108 |
) |
|
|
(12,140 |
) |
|
|
(14,108 |
) |
Other income (expense) |
|
60 |
|
|
|
207 |
|
|
|
2,233 |
|
|
|
(1,571 |
) |
Income (loss) before income taxes |
|
27,768 |
|
|
|
(39,614 |
) |
|
|
18,312 |
|
|
|
(43,415 |
) |
Income tax benefit
(provision) |
|
(6,210 |
) |
|
|
8,445 |
|
|
|
(4,406 |
) |
|
|
9,360 |
|
Net Income (loss) |
$ |
21,558 |
|
|
$ |
(31,169 |
) |
|
$ |
13,906 |
|
|
$ |
(34,055 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share |
$ |
0.32 |
|
|
$ |
(0.47 |
) |
|
$ |
0.21 |
|
|
$ |
(0.52 |
) |
Basic weighted average shares |
|
66,616 |
|
|
|
66,175 |
|
|
|
66,469 |
|
|
|
66,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share |
$ |
0.32 |
|
|
$ |
(0.47 |
) |
|
$ |
0.21 |
|
|
$ |
(0.52 |
) |
Diluted weighted average shares |
|
67,293 |
|
|
|
66,175 |
|
|
|
66,957 |
|
|
|
66,051 |
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net Income (loss) |
|
21,558 |
|
|
$ |
(31,169 |
) |
|
|
13,906 |
|
|
$ |
(34,055 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net |
|
2,818 |
|
|
|
3,108 |
|
|
|
12,140 |
|
|
|
14,108 |
|
Income tax provision (benefit) |
|
6,210 |
|
|
|
(8,445 |
) |
|
|
4,406 |
|
|
|
(9,360 |
) |
Depreciation expense |
|
10,205 |
|
|
|
12,296 |
|
|
|
42,525 |
|
|
|
46,273 |
|
Adjusted EBITDA |
$ |
40,791 |
|
|
$ |
(24,210 |
) |
|
$ |
72,977 |
|
|
$ |
16,966 |
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
Selected Balance Sheet Information |
(Unaudited and in thousands) |
|
|
As of |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
22,841 |
|
|
$ |
6,546 |
|
Total current assets |
|
226,328 |
|
|
|
182,841 |
|
Total assets |
|
1,110,840 |
|
|
|
981,780 |
|
Total current liabilities |
|
179,443 |
|
|
|
160,333 |
|
Total long-term debt |
|
412,070 |
|
|
|
321,521 |
|
Total equity |
|
385,548 |
|
|
|
368,220 |
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Revenue and Dredging Backlog Data |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
Revenues |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital - U.S. |
$ |
61,481 |
|
|
$ |
61,183 |
|
|
$ |
186,715 |
|
|
$ |
342,461 |
|
Capital - foreign |
|
— |
|
|
|
149 |
|
|
|
— |
|
|
|
149 |
|
Coastal protection |
|
64,981 |
|
|
|
38,597 |
|
|
|
196,343 |
|
|
|
192,567 |
|
Maintenance |
|
46,034 |
|
|
|
39,415 |
|
|
|
187,586 |
|
|
|
98,077 |
|
Rivers & lakes |
|
6,570 |
|
|
|
7,315 |
|
|
|
16,318 |
|
|
|
15,527 |
|
Total dredging
revenues |
|
179,066 |
|
|
|
146,659 |
|
|
|
586,962 |
|
|
|
648,781 |
|
Offshore wind |
|
2,663 |
|
|
|
— |
|
|
|
2,663 |
|
|
|
— |
|
Total
revenues |
$ |
181,729 |
|
|
$ |
146,659 |
|
|
$ |
589,625 |
|
|
$ |
648,781 |
|
|
As of |
|
December 31, |
|
December 31, |
Dredging
Backlog |
2023 |
|
2022 |
|
|
|
|
Capital - U.S. |
$ |
741,839 |
|
|
$ |
148,429 |
|
Coastal protection |
|
138,394 |
|
|
|
97,819 |
|
Maintenance |
|
152,104 |
|
|
|
125,671 |
|
Rivers & lakes |
|
6,765 |
|
|
|
5,221 |
|
Total
backlog |
$ |
1,039,102 |
|
|
$ |
377,140 |
|
|
For further information contact: Tina
BaginskisDirector, Investor
Relations630-574-3024
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