$GLDD
Great Lakes Dredge & Dock CORP

2020 Q2 Form 10-Q Financial Statement

#000156459020036109 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $167.9M $184.8M $192.6M
YoY Change -9.15% 36.62% 31.38%
Cost Of Revenue $134.9M $147.3M $142.8M
YoY Change -8.43% 30.22% 19.47%
Gross Profit $33.00M $37.49M $49.90M
YoY Change -11.97% 69.37% 239.34%
Gross Profit Margin 19.65% 20.28% 25.91%
Selling, General & Admin $14.80M $14.60M $14.80M
YoY Change 1.37% 19.67% 12.98%
% of Gross Profit 44.85% 38.95% 29.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.200M $9.100M $8.905M
YoY Change 1.1% -25.41% -38.85%
% of Gross Profit 27.88% 24.28% 17.85%
Operating Expenses $14.80M $14.60M $14.80M
YoY Change 1.37% 18.7% 12.98%
Operating Profit $18.20M $22.79M $34.77M
YoY Change -20.15% 108.01% -3443.56%
Interest Expense -$6.200M -$7.188M -$7.551M
YoY Change -13.75% -20.05% -12.74%
% of Operating Profit -34.07% -31.54% -21.72%
Other Income/Expense, Net $600.0K $123.0K $200.0K
YoY Change 387.8% 272.73% -106.86%
Pretax Income $12.10M $15.73M $27.40M
YoY Change -23.06% 686.74% -317.18%
Income Tax $3.100M $4.230M $6.846M
% Of Pretax Income 25.62% 26.9% 24.99%
Net Earnings $8.960M $8.246M $17.17M
YoY Change 8.66% -924.6% -284.19%
Net Earnings / Revenue 5.34% 4.46% 8.91%
Basic Earnings Per Share $0.14 $0.28
Diluted Earnings Per Share $0.14 $0.13 $0.27
COMMON SHARES
Basic Shares Outstanding 64.86M 63.61M 62.88M
Diluted Shares Outstanding 65.76M 64.99M 64.57M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.5M $125.6M $123.0M
YoY Change 85.91% 830.37% 868.5%
Cash & Equivalents $233.5M $125.6M $123.0M
Short-Term Investments
Other Short-Term Assets $29.60M $31.70M $50.20M
YoY Change -6.62% -22.49% 22.74%
Inventory $30.38M $27.48M $26.60M
Prepaid Expenses
Receivables $54.30M $50.77M $50.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $347.8M $266.7M $250.7M
YoY Change 30.42% 19.01% 4.75%
LONG-TERM ASSETS
Property, Plant & Equipment $374.3M $376.6M $368.6M
YoY Change -0.61% 1.3% -3.46%
Goodwill $76.58M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $78.00M $11.33M $79.40M
YoY Change 588.74% -84.82% -1.85%
Total Long-Term Assets $600.3M $602.4M $601.2M
YoY Change -0.36% 12.79% 9.51%
TOTAL ASSETS
Total Short-Term Assets $347.8M $266.7M $250.7M
Total Long-Term Assets $600.3M $602.4M $601.2M
Total Assets $948.1M $869.1M $851.9M
YoY Change 9.09% 14.63% 8.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.40M $87.92M $73.10M
YoY Change -13.11% 27.8% 1.39%
Accrued Expenses $44.94M $43.84M $61.50M
YoY Change 2.51% 0.54% 23.74%
Deferred Revenue $55.09M $50.61M $53.86M
YoY Change 8.85%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $196.5M $203.2M $198.1M
YoY Change -3.29% 62.67% 47.29%
LONG-TERM LIABILITIES
Long-Term Debt $323.3M $322.4M $322.2M
YoY Change 0.28% -17.84% 0.29%
Other Long-Term Liabilities $58.40M $58.40M $61.70M
YoY Change 0.0% 678.67% 661.73%
Total Long-Term Liabilities $381.7M $322.4M $383.9M
YoY Change 18.39% -19.38% 19.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $196.5M $203.2M $198.1M
Total Long-Term Liabilities $381.7M $322.4M $383.9M
Total Liabilities $627.1M $525.6M $612.6M
YoY Change 19.32% -3.86% 6.21%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $321.0M $251.5M $239.3M
YoY Change
Total Liabilities & Shareholders Equity $948.1M $869.1M $851.9M
YoY Change 9.09% 14.63% 8.07%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $8.960M $8.246M $17.17M
YoY Change 8.66% -924.6% -284.19%
Depreciation, Depletion And Amortization $9.200M $9.100M $8.905M
YoY Change 1.1% -25.41% -38.85%
Cash From Operating Activities $37.40M -$2.500M $108.5M
YoY Change -1596.0% -112.08% 2242.55%
INVESTING ACTIVITIES
Capital Expenditures -$12.40M -$16.60M $7.704M
YoY Change -25.3% 286.05% 2.54%
Acquisitions
YoY Change
Other Investing Activities $500.0K $22.60M $100.0K
YoY Change -97.79% 361.22% -98.0%
Cash From Investing Activities -$11.80M $6.000M -$7.617M
YoY Change -296.67% 757.14% 200.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 500.0K -1.000M -12.32M
YoY Change -150.0% -95.15% 135.11%
NET CHANGE
Cash From Operating Activities 37.40M -2.500M 108.5M
Cash From Investing Activities -11.80M 6.000M -7.617M
Cash From Financing Activities 500.0K -1.000M -12.32M
Net Change In Cash 26.10M 2.500M 88.53M
YoY Change 944.0% 212.5% -2941.08%
FREE CASH FLOW
Cash From Operating Activities $37.40M -$2.500M $108.5M
Capital Expenditures -$12.40M -$16.60M $7.704M
Free Cash Flow $49.80M $14.10M $100.8M
YoY Change 253.19% -43.6% -3594.83%

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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65802000
CY2020Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.14
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.18
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.66
CY2020Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.14
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.18
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.65
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33000
CY2020Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
14508000
CY2019Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
15702000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9055000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
16859000
CY2020Q2 gldd Accrued Contract Reserves Liabilities Current
AccruedContractReservesLiabilitiesCurrent
4161000
CY2019Q4 gldd Accrued Contract Reserves Liabilities Current
AccruedContractReservesLiabilitiesCurrent
6248000
CY2020Q2 us-gaap Hedging Liabilities Current
HedgingLiabilitiesCurrent
4093000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
3284000
CY2020Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
1674000
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
1597000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8162000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7535000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
44938000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
51225000
CY2020Q2 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0
CY2019Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0
CY2020Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
30767000
CY2019Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
35779000
CY2020Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
168870000
CY2019Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
163729000
CY2020Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
362000
CY2019Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
492000
us-gaap Derivative Nonmonetary Notional Amount Volume
DerivativeNonmonetaryNotionalAmountVolume
7400000
gldd Derivative Underlying Hedge Percent
DerivativeUnderlyingHedgePercent
1
CY2020Q2 us-gaap Fair Value Hedge Liabilities At Fair Value
FairValueHedgeLiabilitiesAtFairValue
4093000
CY2019Q4 us-gaap Fair Value Hedge Assets At Fair Value
FairValueHedgeAssetsAtFairValue
849000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-3828000
CY2020Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-2490000
CY2020Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
950000
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3440000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
790000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1455000
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
423403000
gldd Percentage Of Performance Obligation To Be Recognized As Revenue
PercentageOfPerformanceObligationToBeRecognizedAsRevenue
0.72
gldd Performance Obligation Expected To Be Recognized As Revenue Year
PerformanceObligationExpectedToBeRecognizedAsRevenueYear
2020
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Year1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionYear1
2021
CY2020Q2 gldd Accounts Receivable Billed For Long Term Completed Contracts Or Programs
AccountsReceivableBilledForLongTermCompletedContractsOrPrograms
10933000
CY2020Q2 gldd Accounts Receivable Billed For Long Term Contracts Or Programs In Progress
AccountsReceivableBilledForLongTermContractsOrProgramsInProgress
17616000
CY2020Q2 us-gaap Construction Contractor Receivable Retainage
ConstructionContractorReceivableRetainage
5909000
CY2020Q2 us-gaap Accounts Receivable Gross
AccountsReceivableGross
34458000
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
564000
CY2020Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
33894000
CY2020Q2 gldd Costs And Earnings In Excess Of Billings For Contracts In Progress
CostsAndEarningsInExcessOfBillingsForContractsInProgress
16583000
CY2020Q2 gldd Costs And Earnings In Excess Of Billings For Completed Contracts
CostsAndEarningsInExcessOfBillingsForCompletedContracts
5965000
CY2020Q2 us-gaap Accounts Receivable Billed For Long Term Contracts Or Programs
AccountsReceivableBilledForLongTermContractsOrPrograms
22548000
CY2020Q2 us-gaap Contract Receivable Due One Year Or Less
ContractReceivableDueOneYearOrLess
20436000
CY2020Q2 us-gaap Contract Receivable Due After One Year
ContractReceivableDueAfterOneYear
2112000
CY2020Q2 us-gaap Accounts Receivable Billed For Long Term Contracts Or Programs
AccountsReceivableBilledForLongTermContractsOrPrograms
22548000
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
55087000
CY2020Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3612000
CY2020Q2 gldd Outstanding Performance Bonds
OutstandingPerformanceBonds
1046175000
CY2020Q2 gldd Revenue Value Remaining From Outstanding Performance Bonds
RevenueValueRemainingFromOutstandingPerformanceBonds
345584000
CY2015Q1 us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
5309000
CY2019Q3 gldd Statutory Maximum Penalty For Violation
StatutoryMaximumPenaltyForViolation
75
CY2019Q2 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
18357000
CY2019Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
15856000
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
25040000
CY2019Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-2044000
CY2019Q2 us-gaap Discontinued Operation Provision For Loss Gain On Disposal Before Income Tax
DiscontinuedOperationProvisionForLossGainOnDisposalBeforeIncomeTax
2315000
CY2019Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-3251000

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