Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading
specialty construction company, today reported its financial
results for the first quarter ended March 31, 2024.
Highlights for the quarter ended March
31, 2024:
- Contract revenues of $160.7
million
- GAAP net loss was $6.1 million or
$0.19 per diluted share
- Adjusted net loss was $4.0 million
or $0.12 per diluted share
- Adjusted EBITDA was $4.1
million
- Backlog and contracts awarded
subsequent to quarter end totaled $857 million
See definitions and reconciliation of non-GAAP measures
elsewhere in this release.
Management Commentary
“We generated first quarter revenue of $161 million and Adjusted
EBITDA of $4.1 million. We expect revenue to continue to build
throughout the year with our current backlog and strong pipeline of
opportunities. We remain focused on increasing our margins as a top
priority. In addition to first quarter being our seasonally slowest
period, revenue was affected by reduced activity on two major
projects related to scheduling delays outside of our control. At
this point, we have no concerns that these scheduling delays will
have any material impact on total anticipated revenues and margins
generated from these contracts. We expect to recover this work in
upcoming quarters, with strong momentum in the back half of the
year,” said Travis Boone, Chief Executive Officer of Orion Group
Holdings, Inc. “Based on the activity level we are seeing for our
services, especially in marine construction, we are reconfirming
our full year 2024 guidance for revenue in the range of $860
million to $950 million and anticipated Adjusted EBITDA in the
range of $45 million to $50 million.”
“In a little over a year, our opportunity pipeline has almost
quadrupled from $3 billion to over $11 billion. The critical need
to rebuild large parts of the U.S. infrastructure is driving a boom
in demand for heavy civil and marine construction. This is
especially true for the specialized services that Orion
offers.”
“We are actively bidding on a wide array of marine construction
projects that have multiple sources of funding at federal, state,
and municipal levels as well as privately funded projects. These
projects range from US Navy investment in the Pacific, coastal
restoration, LNG terminals, and port infrastructure. In Concrete,
we are capitalizing on the booming data center market being fueled
by artificial intelligence (AI) build outs. Orion Concrete has the
reputation and specialized skills to handle complex data center
projects and the Dallas region has been a recent hotbed of new
construction activity for data centers. Based on our backlog and
pipeline, we expect momentum to increase throughout 2024 and
believe that 2025 will be the year that Orion will harvest the full
potential of our transformation,” concluded Boone.
First Quarter 2024 Results
Contract revenues of $160.7 million increased
0.9% from $159.2 million in the first quarter last year, primarily
due to an increase in Marine segment revenue related to the Pearl
Harbor, Hawaii drydock project, partially offset by lower Concrete
segment revenue due to our disciplined bidding standards to win
quality work at attractive margins.
Gross profit increased to $15.5 million or 9.7% of revenue, up
from $5.8 million or 3.7% of revenue in the first quarter of 2023.
The increase in gross profit dollars and margin was primarily
driven by improved pricing of projects in both segments stemming
from higher quality projects and improved execution, partially
offset by lower margin dredging work and an increase in the mix of
dredging revenue.
Selling, general and administrative (“SG&A”) expenses were
$19.0 million, up from $17.0 million in the first quarter of 2023.
As a percentage of total contract revenues, SG&A
expenses increased to 11.8% from 10.7%. The increase in
SG&A dollars and percentage reflected an increase in IT and
business development spending, and higher legal costs related to
pursuing project-related claims.
Net loss for the first quarter was $6.1 million or $0.19 per
diluted share compared to net loss of $12.6 million or $0.39 per
diluted share in the first quarter of 2023.
First quarter 2024 net loss included $2.1 million ($0.07 diluted
income per share) of non-recurring items. First quarter 2024
adjusted net loss was $4.0 million ($0.12 diluted loss per
share).
EBITDA for the first quarter of 2024 was $3.0 million,
representing a 1.8% EBITDA margin, as compared to EBITDA of $(4.9
million), or a (3.1%) EBITDA margin in the first quarter last year.
This represents an increase of $7.9 million or 493 basis points of
improvement. Adjusted EBITDA increased to $4.1 million, or a 2.5%
Adjusted EBITDA margin, which was on the high end of the Company’s
Adjusted EBITDA guidance range of $0 to $4.0 million for the
quarter. This compares to Adjusted EBITDA of ($4.1 million), or
(2.6%) Adjusted EBITDA margin in the prior-year period.
Backlog
Total backlog at March 31, 2024 was $756.6 million,
compared to $762.2 million at December 31, 2023 and $467.4 million
at March 31, 2023. Backlog for the Marine segment was $569.9
million at March 31, 2024, compared to $602.5 million at December
31, 2023 and $187.0 million at March 31, 2023. Backlog for the
Concrete segment was $186.7 million at March 31, 2024, compared to
$159.7 million at December 31, 2023 and $280.4 million at March 31,
2023. In addition, the Company has been awarded $101 million in new
project work thus far in April 2024.
Balance Sheet Update
As of March 31, 2024, current assets were $217.5 million,
including unrestricted cash and cash equivalents of $4.6 million.
Total debt outstanding as of March 31, 2024 was $37.5 million. At
the end of the quarter, the Company had less than $2,000 in
outstanding borrowings under its revolving credit facility.
Debt Amendment
On April 24, 2024, the Company executed Amendment
No. 3 to the Loan Agreement with White Oak Commercial Finance, LLC.
This amendment, among other things, (i) replaces the Consolidated
EBITDA covenant with a Consolidated Fixed Charge Coverage Ratio
(“FCCR”) for the quarter ended March 31, 2024, (ii) lowers the FCCR
covenant threshold from 1.10:1.00 to 1.00:1.00 through the quarter
ended December 31, 2024, (iii) lowers the $15 million prepayment
due June 30, 2024 to $10 million, (iv) extends the maturity of the
Loan Agreement by one year to May 15, 2027, and (v) resets the
make-whole provision to align with the extension. The Company was
in compliance with all financial covenants under the amended
agreement as of March 31, 2024.
Conference Call Details
Orion Group Holdings will host a conference call to
discuss results for the first quarter 2024 at 9:00 a.m. Eastern
Time/8:00 a.m. Central Time on Thursday, April 25, 2024. To
participate, please call (844) 481-2994 and ask for the Orion Group
Holdings Conference Call. A live audio webcast of the call will
also be available on the Investor Relations section of Orion’s
website at https://www.oriongroupholdingsinc.com/investor/ and will
be archived for replay.
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction
company serving the infrastructure, industrial and building
sectors, provides services both on and off the water in the
continental United States, Alaska, Hawaii, Canada and the Caribbean
Basin through its marine segment and its concrete segment. The
Company’s marine segment provides construction and dredging
services relating to marine transportation facility construction,
marine pipeline construction, marine environmental structures,
dredging of waterways, channels and ports, environmental dredging,
design and specialty services. Its concrete segment provides
turnkey concrete construction services including place and finish,
site prep, layout, forming, and rebar placement for large
commercial, structural and other associated business areas. The
Company is headquartered in Houston, Texas with regional offices
throughout its operating areas. The Company’s website is located
at: https://www.oriongroupholdingsinc.com.
Backlog Definition
Backlog consists of projects under contract that have either (a)
not been started, or (b) are in progress but are not yet complete.
The Company cannot guarantee that the revenue implied by its
backlog will be realized, or, if realized, will result in earnings.
Backlog can fluctuate from period to period due to the timing and
execution of contracts. The typical duration of the Company’s
projects ranges from three to nine months on shorter projects to
multiple years on larger projects. The Company's backlog at any
point in time includes both revenue it expects to realize during
the next twelve-month period as well as revenue it expects to
realize in future years.
Non-GAAP Financial Measures
This press release includes the financial measures “adjusted net
income/loss,” “adjusted earnings/loss per share,” “EBITDA,”
"Adjusted EBITDA" and “Adjusted EBITDA margin." These
measurements are “non-GAAP financial measures” under rules of
the Securities and Exchange Commission, including Regulation
G. The non-GAAP financial information may be determined or
calculated differently by other companies. By reporting such
non-GAAP financial information, the Company does not intend to give
such information greater prominence than comparable GAAP financial
information. Investors are urged to consider these non-GAAP
measures in addition to and not in substitute for measures prepared
in accordance with GAAP.
Adjusted net income/loss and adjusted earnings/loss per share
should not be viewed as an equivalent financial measure to net
income/loss or earnings/loss per share. Adjusted net income/loss
and adjusted earnings/loss per share exclude certain items that
management believes impairs a meaningful evaluation of the
Company’s financial performance. The Company believes these
adjusted financial measures are a useful supplement to
earnings/loss calculated in accordance with GAAP because they
better inform our common stockholders as to the Company's
operational trends and performance relative to other companies.
Generally, items excluded are one-time items or items whose timing
or amount cannot be reasonably estimated. Accordingly, any guidance
provided by the Company generally excludes information regarding
these types of items.
Orion Group Holdings defines EBITDA as net income/loss
before net interest expense, income taxes, depreciation and
amortization. Adjusted EBITDA is calculated by adjusting EBITDA for
certain items that management believes impairs a meaningful
comparison of operating results. Adjusted EBITDA margin is
calculated by dividing Adjusted EBITDA for the period by contract
revenues for the period. The GAAP financial measure that is most
directly comparable to EBITDA and Adjusted EBITDA is net income,
while the GAAP financial measure that is most directly comparable
to Adjusted EBITDA margin is operating margin, which represents
operating income divided by contract revenues. EBITDA, Adjusted
EBITDA and Adjusted EBITDA margin are used internally to evaluate
current operating expense, operating efficiency, and operating
profitability on a variable cost basis, by excluding the
depreciation and amortization expenses, primarily related to
capital expenditures and acquisitions, and net interest and tax
expenses. Additionally, EBITDA, Adjusted EBITDA and Adjusted EBITDA
margin provide useful information regarding the Company's ability
to meet future debt service and working capital requirements while
providing an overall evaluation of the Company's financial
condition. In addition, EBITDA is used internally for incentive
compensation purposes. The Company includes EBITDA, Adjusted EBITDA
and Adjusted EBITDA margin to provide transparency to investors as
they are commonly used by investors and others in assessing
performance. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
have certain limitations as analytical tools and should not be used
as a substitute for operating margin, net income, cash flows, or
other data prepared in accordance with GAAP, or as a measure of the
Company's profitability or liquidity.
Forward-Looking Statements
The matters discussed in this press release may constitute or
include projections or other forward-looking statements within the
meaning of the “safe harbor” provisions of Section 27A of the
Securities Exchange Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, of which provisions
the Company is availing itself. Certain forward-looking statements
can be identified by the use of forward-looking terminology, such
as 'believes', 'expects', 'may', 'will', 'could', 'should',
'seeks', 'approximately', 'intends', 'plans', 'estimates', or
'anticipates', or the negative thereof or other comparable
terminology, or by discussions of strategy, plans, objectives,
intentions, estimates, forecasts, outlook, assumptions, or goals.
In particular, statements regarding future operations or results,
including those set forth in this press release, and any other
statement, express or implied, concerning future operating results
or the future generation of or ability to generate revenues,
income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted
EBITDA margin, or cash flow, including to service debt or maintain
compliance with debt covenants, and including any estimates,
forecasts or assumptions regarding future revenues or revenue
growth, are forward-looking statements. Forward-looking statements
also include project award announcements, estimated project start
dates, anticipated revenues, and contract options which may or may
not be awarded in the future. Forward-looking statements involve
risks, including those associated with the Company's fixed price
contracts that impacts profits, unforeseen productivity delays that
may alter the final profitability of the contract, cancellation of
the contract by the customer for unforeseen reasons, delays or
decreases in funding by the customer, levels and predictability of
government funding or other governmental budgetary constraints, and
any potential contract options which may or may not be awarded in
the future, and are at the sole discretion of award by the
customer. Past performance is not necessarily an indicator of
future results. Considering these and other uncertainties, the
inclusion of forward-looking statements in this press release
should not be regarded as a representation by the Company that the
Company's plans, estimates, forecasts, goals, intentions, or
objectives will be achieved or realized. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. The Company assumes no obligation
to update information contained in this press release whether as a
result of new developments or otherwise, except as required by
law.
Please refer to the Company's 2023 Annual Report on Form 10-K,
filed on March 1, 2024 which is available on its website at
www.oriongroupholdingsinc.com or at the SEC's website
at www.sec.gov, for additional and more detailed discussion of
risk factors that could cause actual results to differ materially
from our current expectations, estimates or forecasts.
Contacts:
Financial Profiles, Inc.Margaret Boyce
310-622-8247orn@finprofiles.com
Orion Group Holdings, Inc. and
SubsidiariesCondensed Statements
of Operations(In Thousands,
Except Share and Per Share
Information)(Unaudited) |
|
|
Three months
ended |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
Contract
revenues |
|
160,672 |
|
|
|
159,174 |
|
Costs of
contract revenues |
|
145,134 |
|
|
|
153,334 |
|
Gross profit |
|
15,538 |
|
|
|
5,840 |
|
Selling,
general and administrative expenses |
|
18,999 |
|
|
|
17,017 |
|
Amortization
of intangible assets |
|
— |
|
|
|
162 |
|
Gain on
disposal of assets, net |
|
(337 |
) |
|
|
(696 |
) |
Operating loss |
|
(3,124 |
) |
|
|
(10,643 |
) |
Other
(expense) income: |
|
|
|
|
|
Other income |
|
72 |
|
|
|
293 |
|
Interest income |
|
17 |
|
|
|
28 |
|
Interest expense |
|
(3,374 |
) |
|
|
(1,633 |
) |
Other expense, net |
|
(3,285 |
) |
|
|
(1,312 |
) |
Loss before income taxes |
|
(6,409 |
) |
|
|
(11,955 |
) |
Income tax
(benefit) expense |
|
(352 |
) |
|
|
640 |
|
Net
loss |
$ |
(6,057 |
) |
|
$ |
(12,595 |
) |
|
|
|
|
|
|
Basic loss
per share |
$ |
(0.19 |
) |
|
$ |
(0.39 |
) |
Diluted loss
per share |
$ |
(0.19 |
) |
|
$ |
(0.39 |
) |
Shares used
to compute loss per share: |
|
|
|
|
|
Basic |
|
32,553,750 |
|
|
|
32,180,274 |
|
Diluted |
|
32,553,750 |
|
|
|
32,180,274 |
|
|
|
|
|
|
|
Orion Group Holdings, Inc. and
SubsidiariesSelected Results of
Operations(In Thousands, Except
Share and Per Share
Information)(Unaudited) |
|
|
Three months
ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
(dollar amounts in thousands) |
Contract revenues |
|
|
|
|
|
|
|
|
|
Marine
segment |
|
|
|
|
|
|
|
|
|
Public sector |
$ |
92,935 |
|
|
|
87.4 |
% |
|
$ |
57,926 |
|
|
|
73.0 |
% |
Private sector |
|
13,390 |
|
|
|
12.6 |
% |
|
|
21,372 |
|
|
|
27.0 |
% |
Marine segment total |
$ |
106,325 |
|
|
|
100.0 |
% |
|
$ |
79,298 |
|
|
|
100.0 |
% |
Concrete
segment |
|
|
|
|
|
|
|
|
|
Public sector |
$ |
3,404 |
|
|
|
6.3 |
% |
|
$ |
4,146 |
|
|
|
5.2 |
% |
Private sector |
|
50,943 |
|
|
|
93.7 |
% |
|
|
75,730 |
|
|
|
94.8 |
% |
Concrete segment total |
$ |
54,347 |
|
|
|
100.0 |
% |
|
$ |
79,876 |
|
|
|
100.0 |
% |
Total |
$ |
160,672 |
|
|
|
|
$ |
159,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
|
|
|
|
|
|
|
Marine
segment |
$ |
(4,867 |
) |
|
|
(4.6 |
)% |
|
$ |
(6,080 |
) |
|
|
(7.7 |
)% |
Concrete
segment |
|
1,742 |
|
|
|
3.2 |
% |
|
|
(4,563 |
) |
|
|
(5.7 |
)% |
Total |
$ |
(3,125 |
) |
|
|
|
$ |
(10,643 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Orion Group Holdings, Inc. and
SubsidiariesReconciliation of
Adjusted Net Income (Loss)(In
thousands except per share
information)(Unaudited) |
|
|
Three months
ended |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
Net
loss |
$ |
(6,057 |
) |
|
$ |
(12,595 |
) |
One-time charges and the tax effects: |
|
|
|
|
|
ERP implementation |
|
686 |
|
|
|
186 |
|
Severance |
|
62 |
|
|
|
102 |
|
Tax rate applied to one-time charges (1) |
|
(226 |
) |
|
|
(34 |
) |
Total
one-time charges and the tax effects |
|
522 |
|
|
|
254 |
|
Federal and state tax valuation allowances |
|
1,585 |
|
|
|
2,057 |
|
Adjusted net
loss |
$ |
(3,950 |
) |
|
$ |
(10,284 |
) |
Adjusted
EPS |
$ |
(0.12 |
) |
|
$ |
(0.32 |
) |
(1) Items are taxed discretely using the Company's
effective tax rate which differs from the Company’s statutory
federal rate primarily due to state income taxes and the
non-deductibility of other permanent items.
Orion Group Holdings, Inc. and
SubsidiariesAdjusted EBITDA and
Adjusted EBITDA Margin
Reconciliations(In Thousands,
Except Margin
Data)(Unaudited) |
|
|
Three months
ended |
|
March 31, |
|
|
2024 |
|
|
2023 |
|
Net loss |
$ |
(6,057 |
) |
|
$ |
(12,595 |
) |
Income tax
(benefit) expense |
|
(352 |
) |
|
|
640 |
|
Interest
expense, net |
|
3,357 |
|
|
|
1,605 |
|
Depreciation
and amortization |
|
6,020 |
|
|
|
5,446 |
|
EBITDA
(1) |
|
2,968 |
|
|
|
(4,904 |
) |
Share-based
compensation |
|
358 |
|
|
|
524 |
|
ERP
implementation |
|
686 |
|
|
|
186 |
|
Severance |
|
62 |
|
|
|
102 |
|
Adjusted
EBITDA(2) |
$ |
4,074 |
|
|
$ |
(4,092 |
) |
Operating
income margin |
|
(1.9 |
)% |
|
|
(6.5 |
)% |
Impact of
depreciation and amortization |
|
3.7 |
% |
|
|
3.4 |
% |
Impact of
share-based compensation |
|
0.2 |
% |
|
|
0.3 |
% |
Impact of
ERP implementation |
|
0.4 |
% |
|
|
0.1 |
% |
Impact of
severance |
|
0.1 |
% |
|
|
0.1 |
% |
Adjusted
EBITDA margin(2) |
|
2.5 |
% |
|
|
(2.6 |
)% |
|
|
|
|
|
|
(1) EBITDA is a non-GAAP measure that represents earnings
before interest, taxes, depreciation and
amortization.(2) Adjusted EBITDA is a non-GAAP measure that
represents EBITDA adjusted for stock-based compensation, ERP
implementation, and severance. Adjusted EBITDA margin is a non-GAAP
measure calculated by dividing Adjusted EBITDA by contract
revenues.
Orion Group Holdings, Inc. and
SubsidiariesAdjusted EBITDA and
Adjusted EBITDA Margin Reconciliations by
Segment(In Thousands, Except
Margin
Data)(Unaudited) |
|
|
Marine |
|
Concrete |
|
Three months
ended |
|
Three months
ended |
|
March 31, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating (loss) income |
|
(4,867 |
) |
|
|
(6,080 |
) |
|
|
1,742 |
|
|
|
(4,563 |
) |
Other
income |
|
49 |
|
|
|
293 |
|
|
|
24 |
|
|
|
— |
|
Depreciation
and amortization |
|
4,931 |
|
|
|
3,835 |
|
|
|
1,089 |
|
|
|
1,611 |
|
EBITDA
(1) |
|
113 |
|
|
|
(1,952 |
) |
|
|
2,855 |
|
|
|
(2,952 |
) |
Share-based
compensation |
|
326 |
|
|
|
519 |
|
|
|
32 |
|
|
|
5 |
|
ERP
implementation |
|
454 |
|
|
|
93 |
|
|
|
232 |
|
|
|
93 |
|
Severance |
|
62 |
|
|
|
36 |
|
|
|
— |
|
|
|
66 |
|
Adjusted
EBITDA(2) |
$ |
955 |
|
|
$ |
(1,304 |
) |
|
$ |
3,119 |
|
|
$ |
(2,788 |
) |
Operating
income margin |
|
(4.6 |
) |
% |
|
(7.7 |
)% |
|
|
3.2 |
% |
|
|
(5.7 |
)% |
Impact of
other income |
|
0.1 |
|
% |
|
0.5 |
% |
|
|
— |
% |
|
|
— |
% |
Impact of
depreciation and amortization |
|
4.6 |
|
% |
|
4.8 |
% |
|
|
2.0 |
% |
|
|
2.0 |
% |
Impact of
share-based compensation |
|
0.3 |
|
% |
|
0.7 |
% |
|
|
0.1 |
% |
|
|
— |
% |
Impact of
ERP implementation |
|
0.4 |
|
% |
|
0.1 |
% |
|
|
0.4 |
% |
|
|
0.1 |
% |
Impact of
severance |
|
0.1 |
|
% |
|
— |
% |
|
|
— |
% |
|
|
0.1 |
% |
Adjusted
EBITDA margin (2) |
|
0.9 |
|
% |
|
(1.6 |
)% |
|
|
5.7 |
% |
|
|
(3.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) EBITDA is a non-GAAP measure that represents earnings
before interest, taxes, depreciation and
amortization.(2) Adjusted EBITDA is a non-GAAP measure that
represents EBITDA adjusted for stock-based compensation, ERP
implementation, and severance. Adjusted EBITDA margin is a non-GAAP
measure calculated by dividing Adjusted EBITDA by contract
revenues.
Orion Group Holdings, Inc. and
SubsidiariesCondensed Statements
of Cash Flows Summarized(In
Thousands)(Unaudited) |
|
|
Three months
ended |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
Net
loss |
$ |
(6,057 |
) |
|
$ |
(12,595 |
) |
Adjustments
to remove non-cash and non-operating items |
|
9,006 |
|
|
|
6,668 |
|
Cash flow
from net income (loss) after adjusting for non-cash and
non-operating items |
|
2,949 |
|
|
|
(5,927 |
) |
Change in
operating assets and liabilities (working capital) |
|
(25,774 |
) |
|
|
2,894 |
|
Cash flows
used in operating activities |
$ |
(22,825 |
) |
|
$ |
(3,033 |
) |
Cash flows
used in investing activities |
$ |
(1,573 |
) |
|
$ |
(1,300 |
) |
Cash flows
(used in) provided by financing activities |
$ |
(1,902 |
) |
|
$ |
3,394 |
|
|
|
|
|
|
|
Capital
expenditures (included in investing activities above) |
$ |
(1,853 |
) |
|
$ |
(1,876 |
) |
|
|
|
|
|
|
Orion Group Holdings, Inc. and
SubsidiariesCondensed Statements
of Cash Flows(In
Thousands)(Unaudited) |
|
|
Three months ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Cash flows
from operating activities |
|
|
|
|
|
Net
loss |
$ |
(6,057 |
) |
|
$ |
(12,595 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
4,208 |
|
|
|
4,721 |
|
Amortization of ROU operating leases |
|
2,419 |
|
|
|
1,211 |
|
Amortization of ROU finance leases |
|
1,811 |
|
|
|
725 |
|
Amortization of deferred debt issuance costs |
|
553 |
|
|
|
163 |
|
Deferred income taxes |
|
(9 |
) |
|
|
54 |
|
Share-based compensation |
|
358 |
|
|
|
524 |
|
Gain on disposal of assets, net |
|
(338 |
) |
|
|
(695 |
) |
Allowance for credit losses |
|
4 |
|
|
|
(35 |
) |
Change in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
15,202 |
|
|
|
5,011 |
|
Income tax receivable |
|
— |
|
|
|
3 |
|
Inventory |
|
(387 |
) |
|
|
76 |
|
Prepaid expenses and other |
|
2,169 |
|
|
|
(1,457 |
) |
Contract assets |
|
10,548 |
|
|
|
13,883 |
|
Accounts payable |
|
(29,399 |
) |
|
|
(14,757 |
) |
Accrued liabilities |
|
(16,013 |
) |
|
|
1,802 |
|
Operating lease liabilities |
|
(2,238 |
) |
|
|
(1,208 |
) |
Income tax payable |
|
(196 |
) |
|
|
688 |
|
Contract liabilities |
|
(5,460 |
) |
|
|
(1,147 |
) |
Net cash used in operating activities |
|
(22,825 |
) |
|
|
(3,033 |
) |
Cash flows
from investing activities: |
|
|
|
|
|
Proceeds from sale of property and equipment |
|
280 |
|
|
|
576 |
|
Purchase of property and equipment |
|
(1,853 |
) |
|
|
(1,876 |
) |
Net cash used in investing activities |
|
(1,573 |
) |
|
|
(1,300 |
) |
Cash flows
from financing activities: |
|
|
|
|
|
Borrowings on credit |
|
1,554 |
|
|
|
5,000 |
|
Payments made on borrowings on credit |
|
(1,679 |
) |
|
|
(69 |
) |
Loan costs from Credit Facility |
|
(100 |
) |
|
|
(586 |
) |
Payments of finance lease liabilities |
|
(1,971 |
) |
|
|
(779 |
) |
Payments related to tax withholding for share-based
compensation |
|
— |
|
|
|
(172 |
) |
Exercise of stock options |
|
294 |
|
|
|
— |
|
Net cash (used in) provided by financing activities |
|
(1,902 |
) |
|
|
3,394 |
|
Net change
in cash, cash equivalents and restricted cash |
|
(26,300 |
) |
|
|
(939 |
) |
Cash, cash
equivalents and restricted cash at beginning of period |
|
30,938 |
|
|
|
3,784 |
|
Cash, cash
equivalents and restricted cash at end of period |
$ |
4,638 |
|
|
$ |
2,845 |
|
|
|
|
|
|
|
Orion Group
Holdings, Inc. and SubsidiariesCondensed Balance
Sheets(In Thousands, Except Share and Per Share
Information) |
|
|
March 31, |
|
December 31, |
|
|
2024 |
|
|
|
2023 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
4,638 |
|
|
|
30,938 |
|
Accounts receivable: |
|
|
|
|
|
Trade, net of allowance for credit losses of $366 and $361,
respectively |
|
90,801 |
|
|
|
101,229 |
|
Retainage |
|
37,394 |
|
|
|
42,044 |
|
Income taxes receivable |
|
626 |
|
|
|
626 |
|
Other current |
|
3,736 |
|
|
|
3,864 |
|
Inventory |
|
2,662 |
|
|
|
2,699 |
|
Contract assets |
|
70,974 |
|
|
|
81,522 |
|
Prepaid expenses and other |
|
6,668 |
|
|
|
8,894 |
|
Total current assets |
|
217,499 |
|
|
|
271,816 |
|
Property and
equipment, net of depreciation |
|
85,473 |
|
|
|
87,834 |
|
Operating
lease right-of-use assets, net of amortization |
|
26,723 |
|
|
|
25,696 |
|
Financing
lease right-of-use assets, net of amortization |
|
25,463 |
|
|
|
23,602 |
|
Inventory,
non-current |
|
6,785 |
|
|
|
6,361 |
|
Intangible
assets, net of amortization |
|
— |
|
|
|
— |
|
Deferred
income tax asset |
|
26 |
|
|
|
26 |
|
Other
non-current |
|
1,615 |
|
|
|
1,558 |
|
Total assets |
$ |
363,584 |
|
|
$ |
416,893 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Current debt, net of issuance costs |
$ |
9,222 |
|
|
$ |
13,453 |
|
Accounts payable: |
|
|
|
|
|
Trade |
|
51,012 |
|
|
|
80,294 |
|
Retainage |
|
2,354 |
|
|
|
2,527 |
|
Accrued liabilities |
|
22,548 |
|
|
|
37,074 |
|
Income taxes payable |
|
374 |
|
|
|
570 |
|
Contract liabilities |
|
58,619 |
|
|
|
64,079 |
|
Current portion of operating lease liabilities |
|
9,416 |
|
|
|
9,254 |
|
Current portion of financing lease liabilities |
|
10,018 |
|
|
|
8,665 |
|
Total current liabilities |
|
162,948 |
|
|
|
215,916 |
|
Long-term
debt, net of debt issuance costs |
|
28,299 |
|
|
|
23,740 |
|
Operating
lease liabilities |
|
17,679 |
|
|
|
16,632 |
|
Financing
lease liabilities |
|
13,563 |
|
|
|
13,746 |
|
Other
long-term liabilities |
|
24,355 |
|
|
|
25,320 |
|
Deferred
income tax liability |
|
55 |
|
|
|
64 |
|
Total liabilities |
|
247,514 |
|
|
|
295,418 |
|
Stockholders’ equity: |
|
|
|
|
|
Preferred stock -- $0.01 par value, 10,000,000 authorized, none
issued |
|
— |
|
|
|
— |
|
Common stock -- $0.01 par value, 50,000,000 authorized,
33,575,345 and 33,260,011 issued; 32,864,114 and 32,548,780
outstanding at March 31, 2024 and December 31, 2023,
respectively |
|
336 |
|
|
|
333 |
|
Treasury stock, 711,231 shares, at cost, as of March 31, 2024 and
December 31, 2023, respectively |
|
(6,540 |
) |
|
|
(6,540 |
) |
Additional
paid-in capital |
|
190,378 |
|
|
|
189,729 |
|
Retained
loss |
|
(68,104 |
) |
|
|
(62,047 |
) |
Total stockholders’ equity |
|
116,070 |
|
|
|
121,475 |
|
Total liabilities and stockholders’ equity |
$ |
363,584 |
|
|
$ |
416,893 |
|
|
|
|
|
|
|
Orion (NYSE:ORN)
過去 株価チャート
から 5 2024 まで 6 2024
Orion (NYSE:ORN)
過去 株価チャート
から 6 2023 まで 6 2024