$GLDD
Great Lakes Dredge & Dock CORP

2023 Q2 Form 10-Q Financial Statement

#000095017023016655 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $132.7M $158.0M $194.3M
YoY Change -11.22% -18.68% 9.43%
Cost Of Revenue $114.8M $145.9M $161.3M
YoY Change -17.4% -9.54% 11.54%
Gross Profit $17.90M $12.14M $33.06M
YoY Change 70.78% -63.29% -0.06%
Gross Profit Margin 13.49% 7.68% 17.01%
Selling, General & Admin $14.46M $13.02M $14.60M
YoY Change 33.66% -10.87% -10.4%
% of Gross Profit 80.8% 107.27% 44.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.94M $10.85M $11.32M
YoY Change -5.83% -4.12% 12.56%
% of Gross Profit 61.1% 89.41% 34.23%
Operating Expenses $14.46M $13.02M $14.60M
YoY Change 33.66% -10.87% -10.4%
Operating Profit $3.437M -$864.0K $18.45M
YoY Change -1104.97% -104.68% 9.98%
Interest Expense -$3.175M -$3.385M -$4.025M
YoY Change -7.27% -15.9% -39.02%
% of Operating Profit -92.38% -21.81%
Other Income/Expense, Net $2.024M $227.0K -$405.0K
YoY Change -280.71% -156.05% -387.23%
Pretax Income $2.529M -$4.022M $14.34M
YoY Change -151.76% -128.04% 40.57%
Income Tax $796.0K -$791.0K $3.285M
% Of Pretax Income 31.47% 22.9%
Net Earnings $1.733M -$3.231M $11.06M
YoY Change -142.97% -129.22% 25.45%
Net Earnings / Revenue 1.31% -2.04% 5.69%
Basic Earnings Per Share $0.03 -$0.05 $0.17
Diluted Earnings Per Share $0.03 -$0.05 $0.17
COMMON SHARES
Basic Shares Outstanding 66.42M 66.19M 65.85M
Diluted Shares Outstanding 66.81M 66.26M 66.44M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.07M $32.52M $142.6M
YoY Change -44.22% -77.19% -19.76%
Cash & Equivalents $42.07M $32.52M $142.6M
Short-Term Investments
Other Short-Term Assets $29.98M $33.44M $43.37M
YoY Change -32.82% -22.9% -0.53%
Inventory $32.07M $28.68M $30.39M
Prepaid Expenses
Receivables $86.24M $114.0M $111.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $190.4M $208.6M $328.0M
YoY Change -32.76% -36.41% -6.19%
LONG-TERM ASSETS
Property, Plant & Equipment $649.3M $561.8M $531.9M
YoY Change 31.11% 5.61% 16.03%
Goodwill $76.58M $76.58M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $91.37M $8.224M $82.32M
YoY Change 853.78% -90.01% 9.32%
Total Long-Term Assets $817.2M $816.4M $690.8M
YoY Change 11.64% 18.18% 13.19%
TOTAL ASSETS
Total Short-Term Assets $190.4M $208.6M $328.0M
Total Long-Term Assets $817.2M $816.4M $690.8M
Total Assets $1.008B $1.025B $1.019B
YoY Change -0.74% 0.6% 6.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.10M $88.12M $98.18M
YoY Change -33.09% -10.25% 38.68%
Accrued Expenses $51.50M $36.55M $33.95M
YoY Change 108.37% 7.66% -22.87%
Deferred Revenue $23.97M $12.44M $3.687M
YoY Change 816.83% 237.51% -90.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $141.3M $163.2M $151.9M
YoY Change -0.17% 7.44% -10.3%
LONG-TERM LIABILITIES
Long-Term Debt $376.8M $321.7M $321.1M
YoY Change 17.29% 0.17% -0.89%
Other Long-Term Liabilities $61.97M $7.501M $56.59M
YoY Change 716.74% -86.74% 9.66%
Total Long-Term Liabilities $438.8M $329.2M $377.7M
YoY Change 33.43% -12.85% 0.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.3M $163.2M $151.9M
Total Long-Term Liabilities $438.8M $329.2M $377.7M
Total Liabilities $639.1M $661.0M $603.4M
YoY Change 5.99% 9.54% 0.01%
SHAREHOLDERS EQUITY
Retained Earnings $54.82M $53.08M
YoY Change -43.72%
Common Stock $314.3M $312.5M
YoY Change 1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $368.5M $364.0M $415.4M
YoY Change
Total Liabilities & Shareholders Equity $1.008B $1.025B $1.019B
YoY Change -0.74% 0.6% 6.13%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $1.733M -$3.231M $11.06M
YoY Change -142.97% -129.22% 25.45%
Depreciation, Depletion And Amortization $10.94M $10.85M $11.32M
YoY Change -5.83% -4.12% 12.56%
Cash From Operating Activities $24.78M $9.320M $26.32M
YoY Change -197.28% -64.59% -384.82%
INVESTING ACTIVITIES
Capital Expenditures $21.15M $33.63M -$28.87M
YoY Change -149.37% -216.5% -206.76%
Acquisitions
YoY Change
Other Investing Activities $1.125M $55.00K $1.110M
YoY Change 18.42% -95.05%
Cash From Investing Activities -$20.02M -$33.57M -$27.76M
YoY Change -52.2% 20.96% 2.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.793M 50.23M -1.437M
YoY Change 2383.42% -3595.27% -43.07%
NET CHANGE
Cash From Operating Activities 24.78M 9.320M 26.32M
Cash From Investing Activities -20.02M -33.57M -27.76M
Cash From Financing Activities 4.793M 50.23M -1.437M
Net Change In Cash 9.547M 25.97M -2.876M
YoY Change -114.21% -1003.09% -92.59%
FREE CASH FLOW
Cash From Operating Activities $24.78M $9.320M $26.32M
Capital Expenditures $21.15M $33.63M -$28.87M
Free Cash Flow $3.629M -$24.31M $55.18M
YoY Change -79.1% -144.05% -252.11%

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CY2023Q1 us-gaap Debt Instrument Covenant Description
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CY2023Q1 us-gaap Lines Of Credit Current
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CY2022Q4 us-gaap Lines Of Credit Current
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CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
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CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
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CY2023Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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CY2022Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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CY2023Q1 gldd Line Of Credit Facility Suppressed Capacity
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CY2022Q4 gldd Line Of Credit Facility Suppressed Capacity
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CY2023Q1 us-gaap Derivative Nonmonetary Notional Amount Volume
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CY2023Q1 us-gaap Fair Value Hedge Liabilities At Fair Value
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2023Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
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CY2023Q1 gldd Performance Obligations Exclude From Dredging Backlog
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CY2023Q1 gldd Percentage Of Performance Obligation To Be Recognized As Revenue
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CY2023Q1 gldd Performance Obligation Expected To Be Recognized As Revenue Year
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Year1
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CY2023Q1 gldd Accounts Receivable Billed For Long Term Completed Contracts Or Programs
AccountsReceivableBilledForLongTermCompletedContractsOrPrograms
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CY2022Q4 gldd Accounts Receivable Billed For Long Term Completed Contracts Or Programs
AccountsReceivableBilledForLongTermCompletedContractsOrPrograms
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CY2023Q1 gldd Accounts Receivable Billed For Long Term Contracts Or Programs In Progress
AccountsReceivableBilledForLongTermContractsOrProgramsInProgress
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CY2022Q4 gldd Accounts Receivable Billed For Long Term Contracts Or Programs In Progress
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CY2023Q1 us-gaap Construction Contractor Receivable Retainage
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CY2022Q4 us-gaap Construction Contractor Receivable Retainage
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CY2023Q1 us-gaap Accounts Receivable Gross
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CY2022Q4 us-gaap Accounts Receivable Gross
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q1 us-gaap Accounts Receivable Net
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CY2022Q4 us-gaap Accounts Receivable Net
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CY2023Q1 gldd Costs And Earnings In Excess Of Billings For Contracts In Progress
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CY2022Q4 gldd Costs And Earnings In Excess Of Billings For Contracts In Progress
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CY2023Q1 gldd Costs And Earnings In Excess Of Billings For Completed Contracts
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CY2022Q4 gldd Costs And Earnings In Excess Of Billings For Completed Contracts
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CY2023Q1 us-gaap Accounts Receivable Billed For Long Term Contracts Or Programs
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CY2022Q4 us-gaap Accounts Receivable Billed For Long Term Contracts Or Programs
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CY2023Q1 us-gaap Contract Receivable Due One Year Or Less
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CY2022Q4 us-gaap Contract Receivable Due After One Year
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CY2023Q1 us-gaap Accounts Receivable Billed For Long Term Contracts Or Programs
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CY2022Q4 us-gaap Accounts Receivable Billed For Long Term Contracts Or Programs
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CY2023Q1 us-gaap Contract With Customer Liability Current
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CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2022Q1 gldd Increased Gross Profit
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CY2023Q1 us-gaap Capitalized Contract Cost Accumulated Amortization
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CY2022Q1 us-gaap Capitalized Contract Cost Accumulated Amortization
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CY2023Q1 gldd Outstanding Performance Bonds
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CY2023Q1 gldd Revenue Value Remaining From Outstanding Performance Bonds
RevenueValueRemainingFromOutstandingPerformanceBonds
253936000

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