Great Lakes Dredge & Dock Corporation (“Great Lakes” or the
“Company”) (Nasdaq:GLDD), the largest provider of dredging services
in the United States, today reported financial results for the
quarter and year ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Revenue was $210.0 million for the fourth quarter 2021, a $37.9
million increase over the prior year fourth quarter.
- Gross margin percentage was 25.2% for the fourth quarter 2021
as compared to 19.4% in the prior year fourth quarter.
- Total operating income was $36.5 million, an increase of $19.2
million or 111.0% increase over the prior year fourth quarter.
- Net income for the quarter was $24.7 million, as compared to
$10.6 million in the prior year quarter, a $14.1 million or 133.0%
increase over the prior year fourth quarter.
- Adjusted EBITDA was $48.2 million for the fourth quarter 2021,
as compared to $29.4 million in the prior year quarter, a $18.8
million or 63.9% increase over the prior year fourth quarter.
Lasse Petterson, President and Chief Executive
Officer commented, “We ended the year with strong fourth quarter
results, which reflects solid project performance resulting in this
year’s highest quarterly net income and adjusted EBITDA. As our
organization was 100% fully vaccinated against COVID-19, with few
accommodations at the start of the quarter, we were able to return
to normal operations even with the emergence of a new strain of the
virus in late November. The fourth quarter saw reduced COVID-19
related costs of $0.5 million, a significant decrease over the
prior quarter and vessels returned to normal operations. With the
ability to increase direct oversight and supervision on projects
and on the vessels, we saw overall operational improvements on the
majority of our projects.”
Full Year 2021 Highlights
- Revenue was $726.1 million for the full year 2021, a $7.5
million or 1.0% decrease over the prior year.
- Gross profit percentage decreased to 20.0% in 2021 as compared
to 23.3% in 2020.
- Total operating income was $83.4 million, a $28.4 million or
25.4% decrease over the prior year.
- Net income was $49.4 million, as compared to $66.1 million in
2020, a $16.7 million or 25.3% decrease over the prior year.
- Adjusted EBITDA was $127.4 million as compared to $151.1
million in 2020, a $23.7 million or 15.6% decrease over the prior
year.
Lasse Petterson continued, “Despite the
challenges and impact the COVID-19 pandemic had on all of us this
past year, we continued to safely perform essential and critical
infrastructure work, generating the third highest annual adjusted
EBITDA in Company history. Although our results did not meet our
full year expectations after our record year in 2020, we ended the
year with a strong backlog and balance sheet, and we continued our
growth strategy with our venture into the new U.S. offshore wind
generation market by issuing a contract for the construction of the
first Jones Act-compliant rock installation vessel with expected
delivery in 2024.
During this unprecedented pandemic, the health
and safety of our employees was and continues to be our top
priority. Great Lakes’ Incident & Injury Free® (IIF®) safety
management program enabled us to adapt and respond quickly to
operational challenges caused by COVID-19. During 2021 we incurred
$9.9 million of costs related to COVID-19 for items such as
testing, vessel cleaning, crew quarantining and replacement
staffing. In addition, we also had production impacts due to
COVID-19 which, although not as easily quantified, we estimate were
close to, if not higher than the costs. In spite of our efforts to
keep operations continuing as normal, we had some severe impacts to
project performance due to crew shortages, vessel dry dock delays,
and re-scheduling of vessels on projects. We are confident that our
continued efforts, and an organization that is fully vaccinated
against COVID-19 with few accommodations, will help to minimize the
impacts to our operations in 2022.
The domestic dredging market for new projects
remained relatively strong in 2021 despite the pandemic. Throughout
2021 we performed a significant amount of work in the ports of
Portsmouth, Boston, Charleston, Jacksonville, Mobile, Sabine,
Freeport, and Corpus Christi. We also saw increased demand for
coastal protection projects, renourishment of coastal beaches that
have been damaged after the major hurricane events of the past few
years and wetland restoration projects. We ended the year with a
solid backlog of $551.6 million and a full year bid market share of
40.4%.
In 2021, we continued our fleet renewal program
to meet increased demand. Our new 6,500 cubic yard mid-size hopper
dredge remains on schedule and on budget with expected delivery in
the first quarter of 2023. We also began the builds of two new
multicat support vessels and three new scows which also remain on
budget and on schedule for delivery in 2022. In addition, we are
upgrading the cutter suction dredge the Carolina and the Company’s
largest booster station, the Buster, to improve nitrogen oxide and
particulate emissions. These vessels will both commence work on the
first phase of the Houston Shipping Channel Widening project in
2022. Our fleet is well equipped to meet current market demand and
with our fleet renewal program we expect to be well positioned to
meet future market demands.
In addition to remaining focused on our core
business, we solidified our plans to enter the U.S. offshore wind
market by signing a $197 million contract with Philly Shipyard to
build the first U.S.-flagged Jones Act-compliant, inclined fallpipe
vessel for subsea rock installation with an expected delivery in
the second half of 2024. This new vessel, which has been designed
to meet the highest environmental classification, will be equipped
with battery power, shore-power connection system and be capable of
burning biofuel which will reduce the ship’s CO2 footprint.
Designing our new vessels to the highest environmental standards
and retrofitting our existing vessels with emissions reducing
equipment, where practicable, demonstrates our commitment to
improving our overall environmental impact. The unique,
technologically advanced vessel is an essential step towards
building the marine infrastructure required for this new offshore
wind industry, which we believe holds so much promise for our
nation both economically and environmentally. We expect the
offshore wind power generation market will provide Great Lakes with
a strong opportunity for growth.”
Full Year 2021 Operational Update
- Revenue for the full year 2021 was
$726.1 million, a decrease of $7.5 million from 2020. This decrease
was primarily due to lower maintenance, coastal protection and
foreign revenue, offset partially by higher domestic capital
revenue.
- Gross profit for the full year 2021 was $145.3 million, a
decrease of $26.0 million from 2020. Gross profit margin percentage
decreased to 20.0% for the full year 2021 as compared to 23.3% for
the full year 2020. The decrease was mostly attributed to increased
costs and production impacts from COVID-19.
- Operating income was $83.4 million,
a decrease of $28.4 million over the prior year. The decrease is a
result of lower gross profit and lower gain on sale of assets in
2021, and a $1.7 million loss of use claim in 2020. The decrease
was partially offset by a slightly lower general and administrative
expenses in 2021.
- Net income for the full year was
$49.4 million compared to $66.1 million in 2020, a decrease of
$16.7 million from prior year. This decrease is a result of a
decrease in operating income, offset partially by a decrease in net
interest expense and income taxes.
Balance Sheet, Backlog & Capital
Expenditures
- At December 31, 2021, the Company
had $145.5 million in cash and cash equivalents and total debt of
$321.0 million, and availability under its revolving credit
facility of $174.5 million.
- At December 31, 2021, the Company
had $551.6 million in backlog as compared to $559.4 million at
December 31, 2020. Low bids and options pending award totaled
$567.3 million as of December 31, 2021.
- Total capital expenditures for
2021, excluding lease buyouts, were $99.9 million compared to $47.8
million in 2020. The 2021 capital expenditures included $30.3
million for the construction of our new hopper dredge, $17.5
million for the design and build of the subsea rock installation
vessel, $11.7 million for the construction of new scows, and $11.0
million for the construction of the new
multicats.
Market Update
At the end of 2021 the domestic dredging bid
market reached $1.8 billion in projects bid. We expect the 2022 bid
market to be as strong as 2021 as the market continues to be driven
by the large-scale port deepening projects along the east and gulf
coasts. In 2022, we expect to see the continuation of port
deepening bids in the ports of Norfolk, Freeport, Mobile, Sabine
and additional phases in the Houston Ship Channel. In addition, our
nation’s coasts are subject to climate change, increasing severe
weather events like Hurricane Ida, and sea level rise, which can
cause an increase in beach erosion and other damage that adds to
the recurring nature of our business and the need for more frequent
coastal protection and port maintenance projects.
We saw continued support for the dredging
industry in the U.S. Army Corps of Engineer’s (“Corps”) 2022 budget
that was approved by the House of Representatives at a record $8.66
billion, an 11% increase over prior year levels. In this bill the
Harbor Maintenance Trust Fund would receive $2.05 billion, which is
$370 million over 2021 budget appropriations. The U.S. government
including the Corps are presently operating under a continuing
resolution with budget approval anticipated before the end of the
first quarter of 2022. In September of 2021, a supplemental bill
was passed that included approximately $5.7 billion dollars for
emergency funding as a result of Hurricane Ida impacts. In
addition, the U.S. Congress passed the $1.2 trillion infrastructure
bill in November 2021, where the Corps will be granted $11.6
billion in funding to improve the nation’s resilience to the
effects of climate change, including flood control and waterway
dredging.
This past year we have seen strong support for
offshore wind from the Biden administration. In March 2021, the
White House announced new initiatives that will advance the
administration’s goals to expand the nation’s offshore wind energy
capacity in the coming decade by opening new areas of development,
improving environmental permitting, and increasing public financing
for projects. As part of that initiative the Departments of the
Interior, Energy and Commerce committed to a shared goal of
installing 30 gigawatts (“GW”) of offshore wind power generation
capacity in U.S. waters by 2030. In December 2021, Massachusetts
and Maryland selected a total of four offshore wind projects to
bring an additional 3.2 GW of new offshore wind capacity to the
states. In addition, in January 2022 the Biden administration
announced plans to auction more than 480,000 acres in the New York
Bight for six new offshore wind energy leases, the administration’s
first wind sale and the largest lease area ever offered, with
potential build-out capacity up to 7 GW.
Conference Call Information
The Company will conduct a quarterly conference
call, which will be held on Wednesday, February 16, 2022 at 9:00
a.m. C.S.T (10:00 a.m. E.S.T.). The call in number is (877)
377-7553 and Conference ID is 5544504. The conference call will be
available by replay until Friday, February 18, 2021 by calling
(855) 859-2056 and providing Conference ID 5544504. The live
call and replay can also be heard on the Company’s website,
www.gldd.com, under Events & Presentations on the investor
relations page. Information related to the conference call will
also be available on the investor relations page of the Company’s
website.
Use of Non-GAAP measures
Adjusted EBITDA, as provided herein, represents
net income (loss) from continued operations, adjusted for net
interest expense, income taxes, depreciation and amortization
expense, debt extinguishment, accelerated maintenance expense for
new international deployments, goodwill or asset impairments and
gains on bargain purchase acquisitions. Adjusted EBITDA is not a
measure derived in accordance with GAAP. The Company presents
Adjusted EBITDA as an additional measure by which to evaluate the
Company's operating trends. The Company believes that Adjusted
EBITDA is a measure frequently used to evaluate performance of
companies with substantial leverage and that the Company's primary
stakeholders (i.e., its stockholders, bondholders and banks) use
Adjusted EBITDA to evaluate the Company's period to period
performance. Additionally, management believes that Adjusted EBITDA
provides a transparent measure of the Company’s recurring operating
performance and allows management and investors to readily view
operating trends, perform analytical comparisons and identify
strategies to improve operating performance. For this reason, the
Company uses a measure based upon Adjusted EBITDA to assess
performance for purposes of determining compensation under the
Company's incentive plan. Adjusted EBITDA should not be considered
an alternative to, or more meaningful than, amounts determined in
accordance with GAAP including: (a) operating income as an
indicator of operating performance; or (b) cash flows from
operations as a measure of liquidity. As such, the Company's use of
Adjusted EBITDA, instead of a GAAP measure, has limitations as an
analytical tool, including the inability to determine profitability
or liquidity due to the exclusion of accelerated maintenance
expense for new international deployments, goodwill or asset
impairments, gains on bargain purchase acquisitions, interest and
income tax expense and the associated significant cash requirements
and the exclusion of depreciation and amortization, which represent
significant and unavoidable operating costs given the level of
indebtedness and capital expenditures needed to maintain the
Company's business. For these reasons, the Company uses operating
income to measure the Company's operating performance and uses
Adjusted EBITDA only as a supplement. Adjusted EBITDA is reconciled
to net income attributable to common stockholders of Great Lakes
Dredge & Dock Corporation in the table of financial results.
For further explanation, please refer to the Company's SEC
filings.
The Company
Great Lakes Dredge & Dock Corporation is the
largest provider of dredging services in the United States. In
addition, the Company has a long history of performing significant
international projects. The Company employs experienced civil,
ocean and mechanical engineering staff in its estimating,
production and project management functions. In its over 131-year
history, the Company has never failed to complete a marine project.
Great Lakes owns and operates the largest and most diverse fleet in
the U.S. dredging industry, comprised of over 200 specialized
vessels. Great Lakes has a disciplined training program for
engineers that ensures experienced-based performance as they
advance through Company operations. The Company’s Incident-and
Injury-Free® (IIF®) safety management program is integrated into
all aspects of the Company’s culture. The Company’s commitment to
the IIF® culture promotes a work environment where employee safety
is paramount.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may
constitute “forward-looking” statements as defined in Section 21E
of the Securities Exchange Act of 1934 (the "Exchange Act"), the
Private Securities Litigation Reform Act of 1995 (the "PSLRA") or
in releases made by the Securities and Exchange Commission (the
"SEC"), all as may be amended from time to time. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements of Great Lakes and its
subsidiaries, or industry results, to differ materially from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Statements that are not historical
fact are forward-looking statements. Forward-looking statements can
be identified by, among other things, the use of forward-looking
language, such as the words “plan,” “believe,” “expect,”
“anticipate,” “intend,” “estimate,” “project,” “may,” “would,”
“could,” “should,” “seeks,” “are optimistic,” or “scheduled to,” or
other similar words, or the negative of these terms or other
variations of these terms or comparable language, or by discussion
of strategy or intentions. These cautionary statements are being
made pursuant to the Exchange Act and the PSLRA with the intention
of obtaining the benefits of the “safe harbor” provisions of such
laws. Great Lakes cautions investors that any forward-looking
statements made by Great Lakes are not guarantees or indicative of
future performance. Important assumptions and other important
factors that could cause actual results to differ materially from
those forward-looking statements with respect to Great Lakes
include, but are not limited to: the impact of the COVID-19
pandemic and related responsive measures, including productivity
impacts and increased expenditures; our ability to obtain and
retain federal government dredging and other contracts, which is
impacted by the amount of government funding for dredging and other
projects and the degree to which government funding is directed to
the Corps and certain other customers, which in turn could be
impacted by extended federal government shutdowns or declarations
of additional national emergencies; our ability to qualify as an
eligible bidder under government contract criteria and to compete
successfully against other qualified bidders in order to obtain
government dredging and other contracts; cost over-runs, operating
cost inflation and potential claims for liquidated damages,
particularly with respect to our fixed cost contracts; the timing
of our performance on contracts and new contracts being awarded to
us; significant liabilities that could be imposed were we to fail
to comply with government contracting regulations; increasing costs
to operate and maintain aging vessels and comply with applicable
regulations or standards; increasing costs of fleet improvements to
remain competitive; equipment or mechanical failures; impacts to
our facilities and suppliers from pandemics, epidemics or outbreaks
of infectious disease affecting our markets; impacts to our supply
chain for procurement of new vessel build materials: our
international dredging operations; instability and declining
relationships amongst certain governments in the Middle East and
the impact this may have on infrastructure investment, asset value
of such operations, and local licensing, permitting and royalty
issues; capital and operational costs due to environmental
regulations; market and regulatory responses to climate change;
contract penalties for any projects that are completed late; force
majeure events, including natural disasters, pandemics and
terrorists’ actions; changes in the amount of our estimated
backlog; significant negative changes to large, single customer
contracts; our ability to obtain financing for the construction of
new vessels, including our new offshore wind vessel; potential
inability to secure contracts to utilize new offshore wind vessel;
unforeseen delays and cost overruns related to the construction of
new vessels, including potential mechanical and engineering issues
and unforeseen changes in environmental regulations; any failure to
comply with Section 27 of the Jones Act provisions on coastwise
trade, or if those provisions were modified or repealed;
fluctuations in fuel prices, particularly given our dependence on
petroleum-based products; impacts of nationwide inflation on
procurement of new build materials; our ability to obtain bonding
or letters of credit and risks associated with draws by the surety
on outstanding bonds or calls by the beneficiary on outstanding
letters of credit; acquisition integration and consolidation,
including transaction expenses, unexpected liabilities and
operational challenges and risks; divestitures and discontinued
operations, including retained liabilities from businesses that we
sell or discontinue; potential penalties and reputational damage as
a result of legal and regulatory proceedings, including a pending
criminal proceeding in Louisiana; any liabilities imposed on us for
the obligations of joint ventures, partners and subcontractors;
increased costs of certain material used in our operations due to
newly imposed tariffs; unionized labor force work stoppages; any
liabilities for job-related claims under federal law, which does
not provide for the liability limitations typically present under
state law; operational hazards, including any liabilities or losses
relating to personal or property damage resulting from our
operations; our ability to identify and contract with qualified MBE
or DBE contractors to perform as subcontractors; our substantial
amount of indebtedness, which makes us more vulnerable to adverse
economic and competitive conditions; restrictions on the operation
of our business imposed by financing covenants; impacts of adverse
capital and credit market conditions on our ability to meet
liquidity needs and access capital; our ability to maintain or
expand our credit capacity; limitations on our hedging strategy
imposed by statutory and regulatory requirements for derivative
transactions; foreign exchange risks, in particular, as it relates
to the new offshore wind vessel build; losses attributable to our
investments in privately financed projects; restrictions on foreign
ownership of our common stock; restrictions imposed by Delaware law
and our charter on takeover transactions that stockholders may
consider to be favorable; restrictions on our ability to declare
dividends imposed by our financing agreements and Delaware law;
significant fluctuations in the market price of our common stock,
which may make it difficult for holders to resell our common stock
when they want or at prices that they find attractive; changes in
previous recorded net revenue and profit as a result of the
significant estimates made in connection with our methods of
accounting for recognized revenue; maintaining an adequate level of
insurance coverage; our ability to find, attract and retain key
personnel and skilled labor; disruptions, failures, data
corruptions, cyber-based attacks or security breaches of the
information technology systems on which we rely to conduct our
business; and impairments of our goodwill or other intangible
assets. For additional information on these and other risks and
uncertainties, please see Item 1A. “Risk Factors” of Great Lakes'
Annual Report on Form 10-K for the year ended December 31, 2020,
Item 1A. “Risk Factors” of Great Lakes’ Quarterly Report on Form
10-Q for the quarter ended September 30, 2021, and in other
securities filings by Great Lakes with the SEC.
Although Great Lakes believes that its plans,
intentions and expectations reflected in or suggested by such
forward-looking statements are reasonable, actual results could
differ materially from a projection or assumption in any
forward-looking statements. Great Lakes' future financial condition
and results of operations, as well as any forward-looking
statements, are subject to change and inherent risks and
uncertainties. The forward-looking statements contained in this
press release are made only as of the date hereof and Great Lakes
does not have or undertake any obligation to update or revise any
forward-looking statements whether as a result of new information,
subsequent events or otherwise, unless otherwise required by
law.
|
|
|
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Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Condensed Consolidated Statements of
Operations |
|
(Unaudited and in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Contract revenues |
$ |
209,964 |
|
|
$ |
172,145 |
|
|
$ |
726,149 |
|
|
$ |
733,601 |
|
Gross profit |
|
52,991 |
|
|
|
33,387 |
|
|
|
145,270 |
|
|
|
171,228 |
|
General and administrative expenses |
|
16,421 |
|
|
|
17,494 |
|
|
|
62,134 |
|
|
|
62,757 |
|
Proceeds from loss of use claim |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,723 |
) |
(Gain) loss on sale of assets—net |
|
29 |
|
|
|
(1,387 |
) |
|
|
(294 |
) |
|
|
(1,571 |
) |
Total operating income |
|
36,541 |
|
|
|
17,280 |
|
|
|
83,430 |
|
|
|
111,765 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net |
|
(4,144 |
) |
|
|
(6,511 |
) |
|
|
(21,601 |
) |
|
|
(26,585 |
) |
Other income |
|
302 |
|
|
|
1,510 |
|
|
|
994 |
|
|
|
1,110 |
|
Income before income taxes |
|
32,699 |
|
|
|
12,279 |
|
|
|
62,823 |
|
|
|
86,290 |
|
Income tax provision |
|
(7,992 |
) |
|
|
(1,670 |
) |
|
|
(13,391 |
) |
|
|
(20,187 |
) |
Net income |
$ |
24,707 |
|
|
$ |
10,609 |
|
|
$ |
49,432 |
|
|
$ |
66,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.38 |
|
|
$ |
0.16 |
|
|
$ |
0.75 |
|
|
$ |
1.02 |
|
Basic weighted average shares |
|
65,740 |
|
|
|
64,793 |
|
|
|
65,587 |
|
|
|
64,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
0.37 |
|
|
$ |
0.16 |
|
|
$ |
0.75 |
|
|
$ |
1.00 |
|
Diluted weighted average shares |
|
66,449 |
|
|
|
66,000 |
|
|
|
66,301 |
|
|
|
65,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net income |
|
24,707 |
|
|
|
10,609 |
|
|
|
49,432 |
|
|
|
66,103 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net |
|
4,144 |
|
|
|
6,511 |
|
|
|
21,601 |
|
|
|
26,585 |
|
Income tax provision |
|
7,992 |
|
|
|
1,670 |
|
|
|
13,391 |
|
|
|
20,187 |
|
Depreciation expense |
|
11,342 |
|
|
|
10,599 |
|
|
|
43,016 |
|
|
|
38,183 |
|
Adjusted EBITDA |
$ |
48,185 |
|
|
$ |
29,389 |
|
|
$ |
127,440 |
|
|
$ |
151,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Selected Balance Sheet Information |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
As of |
|
|
December 31, |
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
145,459 |
|
|
$ |
216,510 |
|
Total current assets |
|
327,432 |
|
|
|
362,693 |
|
Total assets |
|
997,670 |
|
|
|
958,024 |
|
Total current liabilities |
|
154,735 |
|
|
|
176,287 |
|
Total long-term debt |
|
320,971 |
|
|
|
323,735 |
|
Total equity |
|
398,997 |
|
|
|
346,668 |
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Revenue and Backlog Data |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
Revenues |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital - U.S. |
$ |
128,548 |
|
|
$ |
90,980 |
|
|
$ |
397,034 |
|
|
|
|
$ |
336,163 |
|
Capital - foreign |
|
— |
|
|
|
5,262 |
|
|
|
6,596 |
|
|
|
|
|
25,892 |
|
Coastal protection |
|
60,471 |
|
|
|
35,693 |
|
|
|
169,678 |
|
|
|
|
|
201,361 |
|
Maintenance |
|
14,920 |
|
|
|
30,961 |
|
|
|
132,551 |
|
|
|
|
|
148,767 |
|
Rivers & lakes |
|
6,025 |
|
|
|
9,249 |
|
|
|
20,290 |
|
|
|
|
|
21,418 |
|
Total revenues |
$ |
209,964 |
|
|
$ |
172,145 |
|
|
$ |
726,149 |
|
|
|
|
$ |
733,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
December 31, |
|
|
December 31, |
|
Backlog |
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Capital - U.S. |
$ |
398,748 |
|
|
$ |
320,920 |
|
Capital - foreign |
|
— |
|
|
|
6,865 |
|
Coastal protection |
|
99,048 |
|
|
|
97,986 |
|
Maintenance |
|
50,966 |
|
|
|
125,090 |
|
Rivers & lakes |
|
2,826 |
|
|
|
8,515 |
|
Total backlog |
$ |
551,588 |
|
|
$ |
559,376 |
|
|
|
|
|
|
|
|
|
For further information contact: Tina
BaginskisDirector, Investor
Relations630-574-3024
Great Lakes Dredge and D... (NASDAQ:GLDD)
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