Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island”
or the “Company”), a leading steel fabricator and service
provider to the industrial and energy sectors, today announced
results for the third quarter 2023.
THIRD QUARTER 2023 SUMMARY
- Resolves
Shipyard Division’s MPSV Litigation
- Revenue of $5.0
million; Adjusted revenue of $37.7 million (excluding Shipyard
Division negative revenue of $32.7 million)
- Consolidated net
loss of $33.2 million; Adjusted EBITDA of $2.6 million (excluding a
loss for the Shipyard Division of $35.1 million and a net gain from
insurance recoveries of $0.3 million)
- Services
Division operating income of $2.6 million; EBITDA of $3.1
million
- Fabrication
Division operating income of $0.9 million; Adjusted EBITDA of $1.4
million (excluding a net gain from insurance recoveries of $0.3
million)
- Cash and
short-term investment balance of $41.8 million at September 30,
2023
Consolidated revenue for the third quarter 2023
was $5.0 million, compared to consolidated revenue of $39.6 million
for the prior year period. Adjusted consolidated revenue for the
third quarter 2023 was $37.7 million, compared to adjusted
consolidated revenue of $37.7 million for the prior year period.
Adjusted revenue for the third quarter 2023 excludes negative
revenue of $32.7 million for the Shipyard Division (including a
revenue reversal of $32.5 million resulting from the resolution of
the Company’s MPSV Litigation) and adjusted revenue for the third
quarter 2022 excludes revenue of $1.9 million for the Shipyard
Division.
Consolidated net loss for the third quarter 2023
was $33.2 million, compared to net income of $0.6 million for the
prior year period. Adjusted consolidated EBITDA for the third
quarter 2023 was $2.6 million, compared to adjusted consolidated
EBITDA of $2.4 million for the prior year period. Adjusted
consolidated EBITDA for the third quarter 2023 excludes a loss of
$35.1 million for the Shipyard Division and a gain of $0.3 million
from the net impact of insurance recoveries and costs associated
with damage previously caused by Hurricane Ida. Adjusted
consolidated EBITDA for the third quarter 2022 excludes a loss of
$1.4 million for the Shipyard Division, a non-cash charge of $0.5
million associated with the partial impairment of a lease asset and
a gain of $1.3 million from the net impact of insurance recoveries
and costs associated with damage previously caused by Hurricane
Ida.
See “Non-GAAP Measures” below for the Company’s
definition of adjusted revenue, EBITDA and adjusted EBITDA and
reconciliations of the relevant amounts to the most comparable GAAP
measures.
MANAGEMENT COMMENTARY
“We made critical headway in our strategic
transformation in recent months with the settlement of the MPSV
litigation and progress towards the completion of the shipyard wind
down,” said Richard Heo, Gulf Island’s President and Chief
Executive Officer. “The resolution of the MPSV litigation is a
positive outcome for all of our stakeholders as it eliminates
ongoing legal and vessel holding costs, removes the risk of a
potential adverse outcome and avoids a potential appeals process
which could have been long and costly. We have significantly
improved the risk profile of Gulf Island, which was a key
initiative of the first phase of our strategic transformation, and
we are excited to focus all of our efforts on pursuing profitable
growth for our remaining business going forward.”
“Our third quarter results once again highlight
the stable and profitable baseline business we have established
through the expansion of our Services Division and growth in our
small-scale fabrication business,” continued Heo. “Our Services
Division continued its strong momentum, with operating income
growing almost 8% year-over-year, and our small-scale fabrication
business generated another steady quarter of results. The bidding
environment for large projects continues to be favorable and we are
pursuing several attractive opportunities, which we hope will
result in a large fabrication project award in the near-term.”
“We generated strong operating results during
the third quarter and improved our working capital position,
resulting in a quarter-end cash balance of almost $42 million,”
stated Westley Stockton, Gulf Island’s Chief Financial Officer.
“While the resolution of our MPSV litigation will result in a $20
million obligation, our annual payments extend over 15 years at a
fixed interest rate of 3.0%, providing for a long-term obligation
with an estimated present value of less than $13 million.
Accordingly, we maintain a strong financial position following the
settlement that enables us to pursue our growth objectives, which
include attractive organic and inorganic growth opportunities.
Based on our expectations of strong operating results for the
fourth quarter 2023 and additional improvements in working capital,
we expect to end 2023 with a cash balance of approximately $45
million.”
“This is a pivotal time in the history of Gulf
Island, and we are extremely excited by our strategic positioning
and the opportunities that lie ahead for the Company,” noted Heo.
“We have removed the significant overhangs and distractions from
our business, our execution and operations are strong, our end
markets are favorable and we are in a solid financial position. We
look forward to finishing the year on a strong note and anticipate
fourth quarter operating results for both Fabrication and Services
to improve relative to the third quarter 2023. We are optimistic
that 2024 will be an even stronger year for Gulf Island,” concluded
Heo.
RESOLUTION OF MPSV
LITIGATION
As previously disclosed, on October 4, 2023, the
Company’s lawsuit relating to the construction of two multi-purpose
supply vessels (“MPSV Litigation”) was dismissed in full with
prejudice at the request of the parties to the litigation. In
addition, the Company entered into an agreement (the “Agreement”)
with the issuer (the “Surety”) of the performance bonds for the
MPSV construction contracts, pursuant to which the Surety released
the Company from all of its obligations under the performance bonds
and the associated general indemnity agreements related to the
performance bonds, and the Company agreed to release possession of
the MPSVs to the Surety. Further, the Company entered into a
promissory note (“Note Agreement”) payable to the Surety in the
principal amount of $20.0 million. The Note Agreement bears
interest at a fixed rate of 3.0% per annum commencing on January 1,
2024, with principal and interest payable in 15 equal annual
installments of approximately $1.7 million, beginning on December
31, 2024 and ending on December 31, 2038. The Company and the
Surety have agreed to the form of all documents necessary to
effectuate the terms of the Agreement and the Note Agreement, which
are in the process of being executed. As a result of the resolution
of the MPSV Litigation, during the third quarter 2023, the
Company’s Shipyard Division recorded a charge of $32.5 million,
consisting of a non-cash charge of $12.5 million associated with
the write-off of a noncurrent net contract asset related to the
MPSV construction contracts, and a charge of $20.0 million
associated with recording a liability resulting from the Note
Agreement. Because the Note Agreement was entered into subsequent
to September 30, 2023, the liability has been reflected as a
noncurrent contract liability at September 30, 2023, and will be
reclassified as long-term debt in the fourth quarter 2023. The
estimated present value of the Note Agreement amount is $12.6
million based on an estimated market rate of interest. The charge
was reflected as a reduction to previously recognized revenue on
the MPSV construction contracts, resulting in a negative revenue
amount for the Shipyard Division for the third quarter 2023.
STRATEGIC UPDATE
During the third quarter, Gulf Island continued
to execute on the second phase of its strategic transformation,
which is focused on generating stable, profitable growth based on
pursuing new growth end markets, growing and diversifying its
services business, further strengthening project execution, and
expanding its skilled workforce, while continuing to pursue
opportunities in its traditional offshore markets. Some of the key
highlights during the third quarter 2023 are as follows:
Pursue traditional offshore
markets – Bidding activity for both services and
fabrication projects remains active in the Gulf of Mexico, driven
by stable and relatively higher oil prices and healthy customer
balance sheets.
Pursue new growth end markets –
Gulf Island has a strong foundation to pursue new growth
opportunities in its core Gulf Coast region, primarily in the LNG,
petrochemical, and energy transition markets, and bidding activity
on large fabrication project opportunities remains active, driven
by strong industry fundamentals combined with limited industry
capacity.
Grow and diversify services
business – Gulf Island continues to expand its Services
business with third quarter revenues growing compared to the prior
year, driven by the contribution of Spark Safety, the Services
Division’s welding enclosures business line.
Further strengthen project execution and
maintain bidding discipline – Project execution and
bidding discipline remain a key priority given inflationary
pressures and challenges with the availability of skilled labor.
The recent margin improvement in Services and Fabrication
demonstrates the Company’s strong project execution and focus on
maintaining discipline in pursuing projects that provide adequate
risk-adjusted returns.
Expand skilled workforce – A
strong skilled workforce is critical to success in the services and
fabrication markets, particularly given the current competitive
industry-wide labor environment. Gulf Island has successfully
maintained its skilled labor headcount in Services and has proven
its ability to ramp up headcount in Fabrication to support new
project awards, which places the Company in a strong position to
continue to grow the business. The Company continues to evaluate
opportunities to expand its skilled labor headcount given the
favorable demand trends, including strategic acquisitions to
increase craft labor headcount.
SEGMENT RESULTS FOR THIRD QUARTER
2023
Services Segment – Revenue for
the third quarter 2023 was $23.0 million, an increase of 1.8%
compared to the third quarter 2022, due primarily to incremental
revenue associated with the division’s new Spark Safety business
line. Revenues for the third quarter 2023 were lower than the
second quarter 2023 due to the timing of project activity.
New project awards were $22.8 million for the
third quarter 2023, representing a 3.0% year-over-year increase,
and backlog totaled $0.9 million at September 30, 2023. The
new award growth was driven primarily by the Spark Safety business
line. See “Non-GAAP Measures” below for the Company’s definition of
new project awards and backlog.
Operating income was $2.6 million for the third
quarter 2023, compared to $2.4 million for the third quarter 2022.
EBITDA for the third quarter 2023 was $3.1 million (or 13.4% of
revenue), versus $2.8 million (or 12.3% of revenue) for the prior
year period. The improved operating results for 2023 compared to
2022 were the result of higher revenue and a more favorable project
margin mix, including the benefit of the division’s Spark Safety
business line. See “Non-GAAP Measures” below for the Company’s
definition of EBITDA and a reconciliation of the Services Division
operating income to EBITDA.
Fabrication Segment – Revenue
for the third quarter 2023 was $15.0 million, a decrease of $0.5
million compared to the third quarter 2022, due primarily to lower
revenue for the division’s large fabrication contract (that was
cancelled in July 2023), offset partially by higher small-scale
fabrication activity.
New project awards were $16.6 million for the
third quarter 2023, representing an 85.8% year-over-year decrease,
and backlog totaled $11.5 million at September 30, 2023. New
awards for the third quarter 2023 were related to small-scale
fabrication work. The prior year period included a new award
associated with a large fabrication contract for an offshore
project (that was cancelled in July 2023). See “Non-GAAP Measures”
below for the Company’s definition of new project awards and
backlog.
Operating income was $0.9 million for the third
quarter 2023, compared to $2.1 million for the third quarter 2022.
Adjusted EBITDA for the third quarter 2023 was $1.4 million, versus
$1.6 million for the prior year period. Adjusted EBITDA for the
third quarter 2023 and 2022 exclude gains of $0.3 million and $1.3
million, respectively, from the net impact of insurance recoveries
and costs associated with damage previously caused by Hurricane
Ida. The decrease in operating results for 2023 compared to 2022
(excluding the Hurricane Ida impacts) was due to an increase in the
under-recovery of overhead costs associated with lower utilization
of facilities and resources resulting from the cancellation of the
division’s large fabrication contract in July 2023, offset
partially by a more favorable project margin mix. See “Non-GAAP
Measures” below for the Company’s definition of adjusted EBITDA and
a reconciliation of the Fabrication Division operating income to
adjusted EBITDA.
Shipyard Segment – Revenue for
the third quarter 2023 was negative $32.7 million due primarily to
the reversal of previously recognized revenue resulting from the
resolution of the Company’s MPSV Litigation (discussed above).
Excluding the impacts of the revenue reversal, revenue for the
third quarter 2023 and 2022 related entirely to the division’s
seventy-vehicle ferry and forty-vehicle ferry projects.
Operating loss was $35.1 million for the third
quarter 2023, compared to an operating loss of $1.4 million for the
third quarter 2022. Operating results for the third quarter 2023
included charges of $32.5 million associated with the
aforementioned revenue reversal associated with the Company’s
previous MPSV Litigation, $1.5 million associated with the
division’s seventy-vehicle ferry project and remaining
forty-vehicle ferry project, and $0.1 million associated with
damage previously caused by Hurricane Ida. Operating results for
the third quarter 2023 and 2022 also included vessel holding costs
and legal and advisory fees of $1.1 million and $1.4 million,
respectively, associated with the Company’s previous MPSV
Litigation.
Corporate Segment – Operating
loss was $2.0 million for the third quarter 2023, compared to an
operating loss of $2.5 million for the third quarter 2022. Adjusted
EBITDA for the third quarter 2023 was a loss of $1.9 million,
versus a loss of $1.9 million for the prior year period. Adjusted
EBITDA for the third quarter 2022 excludes a non-cash charge of
$0.5 million associated with the partial impairment of the
underlying lease asset for the Company’s corporate office,
resulting from a sublease arrangement with a third-party.
Segment Descriptions – The
Company’s divisions represent its reportable segments which are
“Services”, “Fabrication”, “Shipyard” and “Corporate”. The Services
Segment includes offshore and onshore services work performed at
customer facilities, including offshore platforms. The Fabrication
Segment includes all fabrication work performed on-site at the
Company’s facilities, including pull-through fabrication work for
the Services Segment. The Shipyard Segment includes two ferries
under construction that are nearing completion and charges, vessel
holding costs and legal fees associated with the Company’s previous
MPSV Litigation (discussed above). The Company intends to wind down
its Shipyard Segment operations by the fourth quarter 2023. The
Corporate Segment includes costs that are not directly related to
the Company’s operating segments, including the costs of being a
publicly traded company.
BALANCE SHEET AND LIQUIDITY
The Company’s cash and short-term investments
balance at September 30, 2023 was $41.8 million, including
$1.2 million of restricted cash associated with outstanding letters
of credit. At September 30, 2023, the Company had a noncurrent
contract liability of $20.0 million associated with the resolution
of its MPSV Litigation, which will be reclassified as long-term
debt in the fourth quarter 2023. See “Resolution of MPSV
Litigation” above for discussion of the noncurrent contract
liability and reclassification of such liability as long-term
debt.
THIRD QUARTER 2023 CONFERENCE CALL
Gulf Island will hold a conference call on
Tuesday, November 7, 2023 at 4:00 p.m. Central Time (5:00 p.m.
Eastern Time) to discuss the Company’s financial results. The call
will be available by webcast and can be accessed on Gulf Island’s
website at www.gulfisland.com. Participants may also join the call
by dialing 1.877.704.4453 and requesting the “Gulf Island”
conference call. A replay of the webcast will be available on the
Company's website for seven days after the call.
ABOUT GULF ISLAND
Gulf Island is a leading fabricator of complex
steel structures and modules and provider of specialty services,
including project management, hookup, commissioning, repair,
maintenance, scaffolding, coatings, welding enclosures, civil
construction and staffing services to the industrial and energy
sectors. The Company’s customers include U.S. and, to a lesser
extent, international energy producers; refining, petrochemical,
LNG, industrial and power operators; and EPC companies. The Company
is headquartered in The Woodlands, Texas and its primary operating
facilities are located in Houma, Louisiana.
NON-GAAP MEASURES
This release includes certain non-GAAP measures,
including earnings before interest, taxes, depreciation and
amortization (“EBITDA”), adjusted EBITDA, adjusted revenue, new
project awards and backlog. The Company believes EBITDA is a useful
supplemental measure as it reflects the Company's operating results
excluding the non-cash impacts of depreciation and amortization.
The Company believes adjusted EBITDA is a useful supplemental
measure as it reflects the Company’s EBITDA adjusted to remove
certain nonrecurring items (including the impact of insurance
recoveries and costs associated with damage previously caused by
Hurricane Ida and certain non-cash impairment charges) and the
operating results of the Company’s Shipyard Division (including the
impact of certain nonrecurring items related to the resolution of
the MPSV Litigation), which the Company intends to wind down by the
fourth quarter 2023. The Company believes adjusted revenue is a
useful supplemental measure as it reflects the Company’s revenue
adjusted to remove revenue for the Company’s Shipyard Division
(including the impact of certain nonrecurring items related to the
resolution of the MPSV Litigation), which the Company intends to
wind down by the fourth quarter 2023. Reconciliations of EBITDA,
adjusted EBITDA and adjusted revenue to the most comparable GAAP
measure are presented under “Consolidated Results of Operations”
and “Results of Operations by Segment” below.
The Company believes new project awards and
backlog are useful supplemental measures as they represent work
that the Company is obligated to perform under its current
contracts. New project awards represent the expected revenue value
of contract commitments received during a given period, including
scope growth on existing contract commitments. Backlog represents
the unrecognized revenue value of new project awards, and at
September 30, 2023, was consistent with the value of remaining
performance obligations for contracts as determined under GAAP.
Non-GAAP measures are not intended to be
replacements or alternatives to GAAP measures, and investors are
urged to consider these non-GAAP measures in addition to, and not
in substitution for, measures prepared in accordance with GAAP. The
Company may present or calculate non-GAAP measures differently from
other companies.
CAUTIONARY STATEMENT
This release contains forward-looking statements
in which the Company discusses its potential future performance,
operations and projects. Forward-looking statements, within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, are all statements other
than statements of historical facts, such as projections or
expectations relating to operating results; timing of delivery of
vessels related to the Active Retained Shipyard Contracts and
subsequent wind down of the Company’s Shipyard Division operations;
impacts of the resolution of the MPSV Litigation; diversification
and entry into new end markets; improvement of risk profile;
industry outlook; oil and gas prices; timing of investment
decisions and new project awards; cash flows and cash balance;
capital expenditures; liquidity; tax rates; and execution of
strategic initiatives. The words “anticipates,” “may,” “can,”
“plans,” “believes,” “estimates,” “expects,” “projects,” “targets,”
“intends,” “likely,” “will,” “should,” “to be,” “potential” and any
similar expressions are intended to identify those assertions as
forward-looking statements.
The Company cautions readers that
forward-looking statements are not guarantees of future performance
and actual results may differ materially from those anticipated,
projected or assumed in the forward-looking statements. Important
factors that can cause its actual results to differ materially from
those anticipated in the forward-looking statements include: supply
chain disruptions (including global shipping and logistics
challenges), inflationary pressures, economic slowdowns and
recessions, natural disasters, public health crises (such as
COVID-19), labor costs and geopolitical conflicts (such as the
conflict in Ukraine and the Israel-Hamas conflict), and the related
volatility in oil and gas prices and other factors impacting the
global economy; cyclical nature of the oil and gas industry; its
ability to resolve any material legal proceedings; competition;
reliance on significant customers; competitive pricing and cost
overruns on its projects; performance of subcontractors and
dependence on suppliers; timing and its ability to secure and
commence execution of new project awards, including fabrication
projects for refining, petrochemical, LNG, industrial and
sustainable energy end markets; its ability to maintain and further
improve project execution; nature of its contract terms and
customer adherence to such terms; suspension or termination of
projects; changes in contract estimates; customer or subcontractor
disputes; operating dangers, weather events and availability and
limits on insurance coverage; operability and adequacy of its major
equipment; recoveries of any insurance proceeds for previous damage
at its Houma Facilities; its ability to raise additional capital;
its ability to amend or obtain new debt financing or credit
facilities on favorable terms; its ability to generate sufficient
cash flow; its ability to obtain letters of credit or surety bonds
and ability to meet any indemnification obligations thereunder;
consolidation of its customers; financial ability and credit
worthiness of its customers; adjustments to previously reported
profits or losses under the percentage-of-completion method; its
ability to employ a skilled workforce; loss of key personnel;
utilization of facilities or closure or consolidation of
facilities; failure of its safety assurance program; barriers to
entry into new lines of business; weather impacts to operations;
any future asset impairments; changes in trade policies of the U.S.
and other countries; compliance with regulatory and environmental
laws; lack of navigability of canals and rivers; systems and
information technology interruption or failure and data security
breaches; performance of partners in any future joint ventures and
other strategic alliances; shareholder activism; focus on
environmental, social and governance factors by institutional
investors and regulators; and other factors described under “Risk
Factors” in Part I, Item 1A of the Company’s annual report on Form
10-K for the year ended December 31, 2022, as updated by subsequent
filings with the SEC.
Additional factors or risks that the Company
currently deems immaterial, that are not presently known to the
Company or that arise in the future could also cause the Company’s
actual results to differ materially from its expected results.
Given these uncertainties, investors are cautioned that many of the
assumptions upon which the Company’s forward-looking statements are
based are likely to change after the date the forward-looking
statements are made, which it cannot control. Further, the Company
may make changes to its business plans that could affect its
results. The Company cautions investors that it undertakes no
obligation to publicly update or revise any forward-looking
statements, which speak only as of the date made, for any reason,
whether as a result of new information, future events or
developments, changed circumstances, or otherwise, and
notwithstanding any changes in its assumptions, changes in business
plans, actual experience or other changes.
COMPANY INFORMATION
Richard W. Heo |
Westley S. Stockton |
Chief Executive Officer |
Chief Financial Officer |
713.714.6100 |
713.714.6100 |
Consolidated Results of
Operations(1) (in thousands, except per
share data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
New project awards(2) |
|
$ |
38,417 |
|
|
$ |
37,274 |
|
|
$ |
139,162 |
|
|
$ |
113,319 |
|
|
$ |
202,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
5,023 |
|
|
$ |
39,326 |
|
|
$ |
39,593 |
|
|
$ |
106,517 |
|
|
$ |
104,181 |
|
Cost of revenue |
|
|
34,902 |
|
|
|
34,845 |
|
|
|
35,373 |
|
|
|
126,881 |
|
|
|
98,709 |
|
Gross profit (loss)(3) |
|
|
(29,879 |
) |
|
|
4,481 |
|
|
|
4,220 |
|
|
|
(20,364 |
) |
|
|
5,472 |
|
General and administrative
expense(4) |
|
|
4,080 |
|
|
|
3,736 |
|
|
|
4,510 |
|
|
|
12,883 |
|
|
|
12,965 |
|
Other (income) expense,
net(5) |
|
|
(324 |
) |
|
|
(4 |
) |
|
|
(944 |
) |
|
|
(689 |
) |
|
|
(3,698 |
) |
Operating income (loss) |
|
|
(33,635 |
) |
|
|
749 |
|
|
|
654 |
|
|
|
(32,558 |
) |
|
|
(3,795 |
) |
Interest (expense) income,
net |
|
|
397 |
|
|
|
340 |
|
|
|
(46 |
) |
|
|
1,057 |
|
|
|
(104 |
) |
Income (loss) before income taxes |
|
|
(33,238 |
) |
|
|
1,089 |
|
|
|
608 |
|
|
|
(31,501 |
) |
|
|
(3,899 |
) |
Income tax (expense)
benefit |
|
|
3 |
|
|
|
13 |
|
|
|
(10 |
) |
|
|
9 |
|
|
|
(2 |
) |
Net income (loss) |
|
$ |
(33,235 |
) |
|
$ |
1,102 |
|
|
$ |
598 |
|
|
$ |
(31,492 |
) |
|
$ |
(3,901 |
) |
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted income (loss) per common share |
|
$ |
(2.04 |
) |
|
$ |
0.07 |
|
|
$ |
0.04 |
|
|
$ |
(1.95 |
) |
|
$ |
(0.25 |
) |
Consolidated Adjusted
Revenue(2)
Reconciliation (in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
5,023 |
|
|
$ |
39,326 |
|
|
$ |
39,593 |
|
|
$ |
106,517 |
|
|
$ |
104,181 |
|
Add (less): Shipyard
revenue |
|
|
32,702 |
|
|
|
(382 |
) |
|
|
(1,849 |
) |
|
|
30,973 |
|
|
|
(7,314 |
) |
Adjusted revenue |
|
$ |
37,725 |
|
|
$ |
38,944 |
|
|
$ |
37,744 |
|
|
$ |
137,490 |
|
|
$ |
96,867 |
|
Consolidated EBITDA and Adjusted
EBITDA(2)
Reconciliations (in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income (loss) |
|
$ |
(33,235 |
) |
|
$ |
1,102 |
|
|
$ |
598 |
|
|
$ |
(31,492 |
) |
|
$ |
(3,901 |
) |
Less: Income tax (expense)
benefit |
|
|
3 |
|
|
|
13 |
|
|
|
(10 |
) |
|
|
9 |
|
|
|
(2 |
) |
Less: Interest (expense)
income, net |
|
|
397 |
|
|
|
340 |
|
|
|
(46 |
) |
|
|
1,057 |
|
|
|
(104 |
) |
Operating income (loss) |
|
|
(33,635 |
) |
|
|
749 |
|
|
|
654 |
|
|
|
(32,558 |
) |
|
|
(3,795 |
) |
Add: Depreciation and
amortization |
|
|
1,390 |
|
|
|
1,392 |
|
|
|
1,240 |
|
|
|
4,115 |
|
|
|
3,764 |
|
EBITDA |
|
|
(32,245 |
) |
|
|
2,141 |
|
|
|
1,894 |
|
|
|
(28,443 |
) |
|
|
(31 |
) |
Add (less): Hurricane charges
(gains) |
|
|
(291 |
) |
|
|
17 |
|
|
|
(1,341 |
) |
|
|
(462 |
) |
|
|
(4,446 |
) |
Add: Non-cash impairments |
|
|
- |
|
|
|
- |
|
|
|
484 |
|
|
|
- |
|
|
|
484 |
|
Add: Shipyard operating
loss |
|
|
35,117 |
|
|
|
1,948 |
|
|
|
1,393 |
|
|
|
39,268 |
|
|
|
3,965 |
|
Adjusted EBITDA |
|
$ |
2,581 |
|
|
$ |
4,106 |
|
|
$ |
2,430 |
|
|
$ |
10,363 |
|
|
$ |
(28 |
) |
_________________
(1) |
See “Results of Operations by Segment” below for results
by segment. |
(2) |
New projects awards, adjusted
revenue, EBITDA and adjusted EBITDA are non-GAAP measures.
See “Non-GAAP Measures” above for the Company’s
definition of new project awards, adjusted revenue, EBITDA and
adjusted EBITDA. |
(3) |
Gross profit for the Fabrication
Division for each of the three and nine months ended September 30,
2023, includes project improvements of $0.7 million. Gross loss for
the Shipyard Division for each of the three and nine months ended
September 30, 2023, includes charges of $32.5 million associated
with the resolution of the Company’s MPSV Litigation, for the three
and nine months ended September 30, 2023, includes project charges
of $1.5 million and $2.3 million respectively, and for the three
months ended September 30, 2023, June 30, 2023 and September 30,
2022, and nine months ended September 30, 2023 and 2022, includes
vessel holding costs of $0.2 million, $0.2 million, $0.2 million,
$0.7 million and $0.6 million, respectively, associated with the
Company’s previous MPSV Litigation. |
(4) |
General and administrative
expense for the Shipyard Division for the three months ended
September 30, 2023, June 30, 2023 and September 30, 2022, and nine
months ended September 30, 2023 and 2022, includes legal and
advisory fees of $0.9 million, $0.5 million, $1.2 million, $3.1
million and $2.9 million, respectively, associated with the
Company’s previous MPSV Litigation. |
(5) |
Other (income) expense for the
Fabrication Division for the three months ended September 30, 2023
and 2022, and nine months ended September 30, 2023 and 2022,
includes gains of $0.3 million, $1.3 million, $0.5 million and $4.4
million, respectively, from the net impact of insurance recoveries
and costs associated with damage previously caused by Hurricane
Ida. Other (income) expense for the Shipyard Division for the three
months ended September 30, 2023 and June 30, 2023, and nine months
ended September 30, 2023 and 2022, includes charges of $0.1
million, $0.3 million, $0.4 million and $0.2 million, respectively,
associated with damage previously caused by Hurricane Ida. Other
(income) expense for the Corporate Division for each of the three
and nine months ended September 30, 2022, includes a non-cash
impairment charge of $0.5 million associated with its corporate
office lease asset. |
Results of Operations by Segment
(including Reconciliations of EBITDA and adjusted EBITDA)
(in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
Services
Division |
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
New project awards(1) |
|
$ |
22,776 |
|
|
$ |
24,330 |
|
|
$ |
22,110 |
|
|
$ |
68,578 |
|
|
$ |
64,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
22,976 |
|
|
$ |
24,470 |
|
|
$ |
22,569 |
|
|
$ |
69,033 |
|
|
$ |
65,413 |
|
Cost of revenue |
|
|
19,716 |
|
|
|
20,369 |
|
|
|
19,406 |
|
|
|
58,685 |
|
|
|
57,118 |
|
Gross profit |
|
|
3,260 |
|
|
|
4,101 |
|
|
|
3,163 |
|
|
|
10,348 |
|
|
|
8,295 |
|
General and administrative
expense |
|
|
701 |
|
|
|
792 |
|
|
|
791 |
|
|
|
2,203 |
|
|
|
2,280 |
|
Other (income) expense,
net |
|
|
(18 |
) |
|
|
40 |
|
|
|
(18 |
) |
|
|
(42 |
) |
|
|
103 |
|
Operating income |
|
$ |
2,577 |
|
|
$ |
3,269 |
|
|
$ |
2,390 |
|
|
$ |
8,187 |
|
|
$ |
5,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
2,577 |
|
|
$ |
3,269 |
|
|
$ |
2,390 |
|
|
$ |
8,187 |
|
|
$ |
5,912 |
|
Add: Depreciation and
amortization |
|
|
502 |
|
|
|
496 |
|
|
|
382 |
|
|
|
1,440 |
|
|
|
1,128 |
|
EBITDA |
|
$ |
3,079 |
|
|
$ |
3,765 |
|
|
$ |
2,772 |
|
|
$ |
9,627 |
|
|
$ |
7,040 |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
Fabrication
Division |
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
New project awards(1) |
|
$ |
16,589 |
|
|
$ |
13,438 |
|
|
$ |
116,926 |
|
|
$ |
46,733 |
|
|
$ |
136,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
14,979 |
|
|
$ |
14,741 |
|
|
$ |
15,429 |
|
|
$ |
69,382 |
|
|
$ |
31,885 |
|
Cost of revenue |
|
|
13,762 |
|
|
|
13,177 |
|
|
|
14,103 |
|
|
|
64,139 |
|
|
|
33,949 |
|
Gross profit (loss)(2) |
|
|
1,217 |
|
|
|
1,564 |
|
|
|
1,326 |
|
|
|
5,243 |
|
|
|
(2,064 |
) |
General and administrative
expense |
|
|
448 |
|
|
|
470 |
|
|
|
507 |
|
|
|
1,438 |
|
|
|
1,699 |
|
Other (income) expense,
net(3) |
|
|
(135 |
) |
|
|
(201 |
) |
|
|
(1,301 |
) |
|
|
(638 |
) |
|
|
(4,550 |
) |
Operating income |
|
$ |
904 |
|
|
$ |
1,295 |
|
|
$ |
2,120 |
|
|
$ |
4,443 |
|
|
$ |
787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted
EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
904 |
|
|
$ |
1,295 |
|
|
$ |
2,120 |
|
|
$ |
4,443 |
|
|
$ |
787 |
|
Add: Depreciation and
amortization |
|
|
813 |
|
|
|
825 |
|
|
|
807 |
|
|
|
2,460 |
|
|
|
2,436 |
|
EBITDA |
|
|
1,717 |
|
|
|
2,120 |
|
|
|
2,927 |
|
|
|
6,903 |
|
|
|
3,223 |
|
Add (less): Hurricane charges
(gains) |
|
|
(291 |
) |
|
|
17 |
|
|
|
(1,341 |
) |
|
|
(462 |
) |
|
|
(4,446 |
) |
Adjusted EBITDA |
|
$ |
1,426 |
|
|
$ |
2,137 |
|
|
$ |
1,586 |
|
|
$ |
6,441 |
|
|
$ |
(1,223 |
) |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
Shipyard
Division |
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
New project awards(1) |
|
$ |
(718 |
) |
|
$ |
(227 |
) |
|
$ |
380 |
|
|
$ |
(1,067 |
) |
|
$ |
1,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
(32,702 |
) |
|
$ |
382 |
|
|
$ |
1,849 |
|
|
$ |
(30,973 |
) |
|
$ |
7,314 |
|
Cost of revenue |
|
|
1,654 |
|
|
|
1,566 |
|
|
|
2,118 |
|
|
|
4,982 |
|
|
|
8,073 |
|
Gross loss(4) |
|
|
(34,356 |
) |
|
|
(1,184 |
) |
|
|
(269 |
) |
|
|
(35,955 |
) |
|
|
(759 |
) |
General and administrative
expense(5) |
|
|
857 |
|
|
|
537 |
|
|
|
1,193 |
|
|
|
3,107 |
|
|
|
2,939 |
|
Other (income) expense,
net(6) |
|
|
(96 |
) |
|
|
227 |
|
|
|
(69 |
) |
|
|
206 |
|
|
|
267 |
|
Operating loss |
|
$ |
(35,117 |
) |
|
$ |
(1,948 |
) |
|
$ |
(1,393 |
) |
|
$ |
(39,268 |
) |
|
$ |
(3,965 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(35,117 |
) |
|
$ |
(1,948 |
) |
|
$ |
(1,393 |
) |
|
$ |
(39,268 |
) |
|
$ |
(3,965 |
) |
Add: Depreciation and
amortization |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
EBITDA |
|
$ |
(35,117 |
) |
|
$ |
(1,948 |
) |
|
$ |
(1,393 |
) |
|
$ |
(39,268 |
) |
|
$ |
(3,965 |
) |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
Corporate
Division |
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
New project awards (eliminations)(1) |
|
$ |
(230 |
) |
|
$ |
(267 |
) |
|
$ |
(254 |
) |
|
$ |
(925 |
) |
|
$ |
(431 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (eliminations) |
|
$ |
(230 |
) |
|
$ |
(267 |
) |
|
$ |
(254 |
) |
|
$ |
(925 |
) |
|
$ |
(431 |
) |
Cost of revenue |
|
|
(230 |
) |
|
|
(267 |
) |
|
|
(254 |
) |
|
|
(925 |
) |
|
|
(431 |
) |
Gross profit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
General and administrative
expense |
|
|
2,074 |
|
|
|
1,937 |
|
|
|
2,019 |
|
|
|
6,135 |
|
|
|
6,047 |
|
Other (income) expense,
net(7) |
|
|
(75 |
) |
|
|
(70 |
) |
|
|
444 |
|
|
|
(215 |
) |
|
|
482 |
|
Operating loss |
|
$ |
(1,999 |
) |
|
$ |
(1,867 |
) |
|
$ |
(2,463 |
) |
|
$ |
(5,920 |
) |
|
$ |
(6,529 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA and Adjusted
EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(1,999 |
) |
|
$ |
(1,867 |
) |
|
$ |
(2,463 |
) |
|
$ |
(5,920 |
) |
|
$ |
(6,529 |
) |
Add: Depreciation and
amortization |
|
|
75 |
|
|
|
71 |
|
|
|
51 |
|
|
|
215 |
|
|
|
200 |
|
EBITDA |
|
|
(1,924 |
) |
|
|
(1,796 |
) |
|
|
(2,412 |
) |
|
|
(5,705 |
) |
|
|
(6,329 |
) |
Add: Non-cash impairments |
|
|
- |
|
|
|
- |
|
|
|
484 |
|
|
|
- |
|
|
|
484 |
|
Adjusted EBITDA |
|
$ |
(1,924 |
) |
|
$ |
(1,796 |
) |
|
$ |
(1,928 |
) |
|
$ |
(5,705 |
) |
|
$ |
(5,845 |
) |
_________________
(1) |
New projects awards, EBITDA and adjusted EBITDA are non-GAAP
measures. See “Non-GAAP Measures” above for the Company’s
definition of new project awards, EBITDA and adjusted EBITDA. |
(2) |
Gross profit for the Fabrication
Division for each of the three and nine months ended September 30,
2023, includes project improvements of $0.7 million. |
(3) |
Other (income) expense for the
Fabrication Division for the three months ended September 30, 2023
and 2022, and nine months ended September 30, 2023 and 2022,
includes gains of $0.3 million, $1.3 million, $0.5 million and $4.4
million, respectively, from the net impact of insurance recoveries
and costs associated with damage previously caused by Hurricane
Ida. |
(4) |
Gross loss for the Shipyard
Division for each of the three and nine months ended September 30,
2023, includes charges of $32.5 million associated with the
resolution of the Company’s MPSV Litigation, for the three and nine
months ended September 30, 2023, includes project charges of $1.5
million and $2.3 million respectively, and for the three months
ended September 30, 2023, June 30, 2023 and September 30, 2022, and
nine months ended September 30, 2023 and 2022, includes vessel
holding costs of $0.2 million, $0.2 million, $0.2 million, $0.7
million and $0.6 million, respectively, associated with the
Company’s previous MPSV Litigation. |
(5) |
General and administrative
expense for the Shipyard Division for the three months ended
September 30, 2023, June 30, 2023 and September 30, 2022, and nine
months ended September 30, 2023 and 2022, includes legal and
advisory fees of $0.9 million, $0.5 million, $1.2 million, $3.1
million and $2.9 million, respectively, associated with the
Company’s previous MPSV Litigation. |
(6) |
Other (income) expense for the
Shipyard Division for the three months ended September 30, 2023 and
June 30, 2023, and nine months ended September 30, 2023 and 2022,
includes charges of $0.1 million, $0.3 million, $0.4 million and
$0.2 million, respectively, associated with damage previously
caused by Hurricane Ida. |
(7) |
Other (income) expense for the
Corporate Division for each of the three and nine months ended
September 30, 2022, includes a non-cash impairment charge of $0.5
million associated with its corporate office lease asset. |
Consolidated Balance Sheets (in
thousands)
|
|
September 30,2023 |
|
|
December 31,2022 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
25,125 |
|
|
$ |
33,221 |
|
Restricted cash |
|
|
1,197 |
|
|
|
1,603 |
|
Short-term investments |
|
|
15,437 |
|
|
|
9,905 |
|
Contract receivables and retainage, net |
|
|
35,684 |
|
|
|
29,427 |
|
Contract assets |
|
|
4,305 |
|
|
|
4,839 |
|
Prepaid expenses and other assets |
|
|
3,438 |
|
|
|
6,475 |
|
Inventory |
|
|
2,340 |
|
|
|
1,599 |
|
Total current assets |
|
|
87,526 |
|
|
|
87,069 |
|
Property, plant and equipment,
net |
|
|
29,285 |
|
|
|
31,154 |
|
Goodwill |
|
|
2,217 |
|
|
|
2,217 |
|
Other intangibles, net |
|
|
735 |
|
|
|
842 |
|
Other noncurrent assets |
|
|
839 |
|
|
|
13,584 |
|
Total assets |
|
$ |
120,602 |
|
|
$ |
134,866 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
11,515 |
|
|
$ |
8,310 |
|
Contract liabilities |
|
|
3,534 |
|
|
|
8,196 |
|
Accrued expenses and other liabilities |
|
|
13,247 |
|
|
|
14,283 |
|
Total current liabilities |
|
|
28,296 |
|
|
|
30,789 |
|
Contract liabilities,
non-current |
|
|
20,000 |
|
|
|
— |
|
Other noncurrent liabilities |
|
|
822 |
|
|
|
1,453 |
|
Total liabilities |
|
|
49,118 |
|
|
|
32,242 |
|
Shareholders’ equity: |
|
|
|
|
|
|
Preferred stock, no par value, 5,000 shares authorized, no shares
issuedand outstanding |
|
|
— |
|
|
|
— |
|
Common stock, no par value, 30,000 shares authorized, 16,287 shares
issuedand outstanding at September 30, 2023 and 15,973 at December
31, 2022 |
|
|
11,690 |
|
|
|
11,591 |
|
Additional paid-in capital |
|
|
108,257 |
|
|
|
107,372 |
|
Accumulated deficit |
|
|
(48,463 |
) |
|
|
(16,339 |
) |
Total shareholders’ equity |
|
|
71,484 |
|
|
|
102,624 |
|
Total liabilities and shareholders’ equity |
|
$ |
120,602 |
|
|
$ |
134,866 |
|
Consolidated Cash Flows (in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(33,235 |
) |
|
$ |
1,102 |
|
|
$ |
598 |
|
|
$ |
(31,492 |
) |
|
$ |
(3,901 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,390 |
|
|
|
1,392 |
|
|
|
1,240 |
|
|
|
4,115 |
|
|
|
3,764 |
|
Asset impairments |
|
|
— |
|
|
|
— |
|
|
|
484 |
|
|
|
— |
|
|
|
484 |
|
Change in allowance for doubtful accounts and credit losses |
|
|
(210 |
) |
|
|
(200 |
) |
|
|
— |
|
|
|
(410 |
) |
|
|
— |
|
(Gain) loss on sale or disposal of fixed assets, net |
|
|
(216 |
) |
|
|
31 |
|
|
|
(37 |
) |
|
|
(249 |
) |
|
|
(79 |
) |
Gain on insurance recoveries |
|
|
— |
|
|
|
— |
|
|
|
(1,200 |
) |
|
|
(245 |
) |
|
|
(1,200 |
) |
Stock-based compensation expense |
|
|
513 |
|
|
|
444 |
|
|
|
404 |
|
|
|
1,466 |
|
|
|
1,464 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract receivables and retainage, net |
|
|
631 |
|
|
|
7,430 |
|
|
|
(6,196 |
) |
|
|
(6,479 |
) |
|
|
(17,026 |
) |
Contract assets |
|
|
2,357 |
|
|
|
(1,124 |
) |
|
|
(2,622 |
) |
|
|
534 |
|
|
|
(3,048 |
) |
Prepaid expenses, inventory and other current assets |
|
|
1,874 |
|
|
|
808 |
|
|
|
1,633 |
|
|
|
2,829 |
|
|
|
1,203 |
|
Accounts payable |
|
|
(5,828 |
) |
|
|
(9,393 |
) |
|
|
286 |
|
|
|
2,914 |
|
|
|
2,811 |
|
Contract liabilities |
|
|
469 |
|
|
|
(1,323 |
) |
|
|
984 |
|
|
|
(4,662 |
) |
|
|
(2,355 |
) |
Accrued expenses and other current liabilities |
|
|
2,020 |
|
|
|
(2,455 |
) |
|
|
(216 |
) |
|
|
(373 |
) |
|
|
(288 |
) |
Noncurrent assets and liabilities, net |
|
|
32,256 |
|
|
|
(201 |
) |
|
|
(308 |
) |
|
|
31,880 |
|
|
|
(654 |
) |
Net cash provided by (used in) operating activities |
|
|
2,021 |
|
|
|
(3,489 |
) |
|
|
(4,950 |
) |
|
|
(172 |
) |
|
|
(18,825 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(645 |
) |
|
|
(569 |
) |
|
|
(558 |
) |
|
|
(1,701 |
) |
|
|
(1,032 |
) |
Proceeds from Shipyard Transaction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
886 |
|
Proceeds from sale of property and equipment |
|
|
290 |
|
|
|
— |
|
|
|
1,972 |
|
|
|
396 |
|
|
|
2,035 |
|
Recoveries from insurance claims |
|
|
— |
|
|
|
— |
|
|
|
1,200 |
|
|
|
245 |
|
|
|
1,200 |
|
Purchases of short-term investments |
|
|
(15,471 |
) |
|
|
(177 |
) |
|
|
(9,809 |
) |
|
|
(30,731 |
) |
|
|
(9,809 |
) |
Maturities of short-term investments |
|
|
15,200 |
|
|
|
— |
|
|
|
— |
|
|
|
25,200 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(626 |
) |
|
|
(746 |
) |
|
|
(7,195 |
) |
|
|
(6,591 |
) |
|
|
(6,720 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on Insurance Finance Arrangements |
|
|
(128 |
) |
|
|
(126 |
) |
|
|
(715 |
) |
|
|
(1,257 |
) |
|
|
(963 |
) |
Tax payments for vested stock withholdings |
|
|
— |
|
|
|
(301 |
) |
|
|
— |
|
|
|
(482 |
) |
|
|
(121 |
) |
Net cash used in financing activities |
|
|
(128 |
) |
|
|
(427 |
) |
|
|
(715 |
) |
|
|
(1,739 |
) |
|
|
(1,084 |
) |
Net increase (decrease) in cash,
cash equivalents and restricted cash |
|
|
1,267 |
|
|
|
(4,662 |
) |
|
|
(12,860 |
) |
|
|
(8,502 |
) |
|
|
(26,629 |
) |
Cash, cash equivalents and
restricted cash, beginning of period |
|
|
25,055 |
|
|
|
29,717 |
|
|
|
40,820 |
|
|
|
34,824 |
|
|
|
54,589 |
|
Cash, cash equivalents and
restricted cash, end of period |
|
$ |
26,322 |
|
|
$ |
25,055 |
|
|
$ |
27,960 |
|
|
$ |
26,322 |
|
|
$ |
27,960 |
|
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