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, 2022.
Full Year 2022 Results
- Revenue was $648.8 million for the full year 2022.
- Total operating loss was $27.7 million for the full year
2022.
- Net loss was $34.1 million for the full year 2022.
- Adjusted EBITDA was $17.0 million for the full year 2022.
Management Commentary
Lasse Petterson, President and Chief Executive
Officer commented, “The fourth quarter continued to be impacted by
a significantly delayed bid market combined with high inflation,
significant weather delays on projects in the Northeast, fewer high
margin capital projects, dredging project production issues, higher
than anticipated drydock costs, and the retirement of the Terrapin
Island.
We are adjusting to the current situation by
taking swift and proactive action on cost reductions and fleet
adjustments. We have retired the 42-year-old hopper dredge, the
Terrapin Island, and we have cold stacked two major dredges as we
wait for the bid market to gain momentum in 2023. Correspondingly,
we are adjusting our general and administrative, and overhead cost
structures to reflect the changed market conditions and dredging
fleet.
Great Lakes ended the year with $377.1 million of
dredging backlog, which does not include approximately $50.0
million dollars of performance obligations related to offshore wind
contracts. In addition, we ended the quarter with $584.7 million in
open dredging options pending award. The Company’s awarded work
represents 33.1% of the fourth quarter bid market.
Our fleet renewal program remains on budget with
our mid-size hopper dredge, the Galveston Island, expected to be
operational mid-year 2023 and her sistership, which will be named
the Amelia Island, is expected to be delivered in 2025. The two
multicats, the Cape Hatteras and the Cape Canaveral, will be
operational in 2023, and we have already taken delivery of three
new scows. We are executing on our strategy to enter the
fast-growing U.S. offshore wind market. Construction of our U.S.
flagged Jones Act-compliant inclined fallpipe vessel for subsea
rock installation is on budget and expected to be delivered and
operational in the first half of 2025. In 2022, Great Lakes was
awarded rock installation contracts for the Empire Wind I and II
projects by Equinor and BP, with installation windows in 2025 and
2026. We are currently bidding several other offshore wind farm
projects with rock installations planned for 2025 and beyond.
To support our new build program, we successfully
extended our revolving credit facility until July 2027 and
increased its capacity to $300 million to complement our Unsecured
Notes of $325 million which do not mature until 2029. We believe
our balance sheet is well equipped to complete our new build and
fleet renewal strategy.
As we begin 2023, we expect to see the dredging
bid market pick up in the first half of the year. The port
deepening and widening projects that were delayed in 2022 are
expected to bid in the first and second quarters of 2023, with
dredging anticipated to start in the second half of the year. We
are also optimistic that one or two Liquified Natural Gas ("LNG")
projects could achieve final investment decision in 2023 with
dredging to potentially start in second half of the year and
continuing into 2024. We expect that the improved market
conditions, combined with the fleet adjustment and cost reduction
initiatives we have in place, will provide improved results in 2023
and beyond.”
Operational Update
Fourth quarter 2022
- Revenue was $146.7 million, a decrease of $63.3 million from
the fourth quarter of 2021. The lower revenue in the fourth quarter
of 2022 was due primarily to lower capital project dredging driven
by substantially less U.S. Army Corps of Engineers (the “Corps”)
capital projects bid in 2022, lower coastal protection dredging
revenue, offset partially by higher maintenance project
revenue.
- Gross loss was $16.2 million, a decrease of $69.2 million
compared to the gross profit from the fourth quarter of 2021. Gross
margin percentage declined to (11.0)% in the fourth quarter of 2022
from 25.2% in the fourth quarter of 2021. As mentioned in an
earlier press release, the gross margin is impacted by the earlier
than expected retirement of the Terrapin Island hopper dredge,
significant weather delays on several projects in the Northeast,
fewer high margin capital projects, and some project production
issues. Additionally, unexpected drydocking scope increases
resulted in additional costs and delays for the hopper dredges the
Ellis Island and the Padre Island.
- Operating loss was $36.7 million, which is a $73.2 million
decrease compared with the operating income from the prior year
quarter. The decrease is a result of $69.2 million lower gross
margin and a one-time non-cash $8.1 million loss from the
write-down for the retirement of the Terrapin Island, offset
slightly by lower general and administrative expenses compared to
the prior year fourth quarter.
- Net loss for the quarter was $31.2 million, which is a $55.9
million decrease compared to net income of $24.7 million in the
prior year quarter.
Full year 2022
- Revenue was $648.8 million, a decrease of $77.3 million from
2021. The lower revenue in 2022 was due primarily to lower capital
project dredging and maintenance dredging revenue, offset partially
by higher coastal protection project revenue.
- Gross profit for the full year 2022 was $31.2 million, a
decrease of $114.1 million from 2021. Gross profit margin
percentage decreased to 4.8% for the full year 2022 as compared to
20.0% for the full year 2021. The 2022 result was greatly hindered
by high inflation, supply chain delays, fewer high margin capital
projects, more than the usual number of weather delays and
substantially differing site conditions on projects. The slow bid
market in 2022 left us with some idle space on our utilization
during the year and we proactively used the down time to perform
preventive maintenance on our dredges. During 2022, we also had
regulatory drydocking on five dredges, including the Liberty Island
and the Ellis Island. In addition, we performed emission upgrades
to the dredge Carolina.
- Operating loss for the full year was $27.7 million, a decrease
of $111.1 million compared to the operating income from 2021. The
decrease was directly attributed from the decrease in gross margin,
offset slightly by the lower general and administrative expenses
compared to 2021. Also included in the operating loss was the $8.1
million loss on the retirement of the Terrapin Island.
- Net loss for the full year was $34.1 million, a $83.5 million
decrease compared to the $49.4 million of net income in 2021. This
decrease is a result of a lower operating income, offset slightly
by a decrease in net interest expense and income taxes.
Balance Sheet, Dredging Backlog &
Capital Expenditures
- At December 31, 2022, the Company had $6.5 million in cash and
cash equivalents and total debt of $321.5 million, and availability
under its revolving credit facility of $245.7 million with no cash
draws outstanding at the end of the year. Currently, the Company
has drawn $65.0 million on its credit facility to support the
newbuild payments.
- At December 31, 2022, the Company had $377.1 million in
dredging backlog as compared to $551.6 million at December 31,
2021. Low bids and options pending award totaled $584.7 million as
of December 31, 2022.
- Total capital expenditures for 2022 were $144.7 million
compared to $99.9 million in 2021. The 2022 capital expenditures
included $42.9 million for the Galveston Island, $27.2 million for
the construction of new scows and new multicats, $16.8 million for
the design and build of the subsea rock installation vessel, and
$15.4 million for our second new hopper dredge the Amelia
Island.
Market Update
We continue to see strong support from the Biden
Administration and Congress for the dredging industry. In December
2022, the Omnibus Appropriations Bill for fiscal year 2023 was
passed which included another record budget of $8.66 billion for
the U.S. Army Corps of Engineers civil works program of which $2.32
billion is provided for the Harbor Maintenance Trust Fund to
maintain and modernize our nation’s waterways. We expect these
budgeted appropriations and the 2022 Corps budget to support the
funding of several delayed capital port improvement projects
including Sabine, Freeport, Mobile, San Juan, Houston, Corpus
Christi and additional phases of Norfolk. In addition, the Disaster
Relief Supplemental Appropriations Act for fiscal year 2023 was
approved which included $1.48 billion for the Corps to make
necessary repairs to infrastructure impacted by hurricanes and
other natural disasters and to initiate beach renourishment
projects that will increase coastal resiliency. This increased
budget and additional funding support our expectation for a
stronger bid market in 2023.
At the end of the year, the Water Resources
Development Act 2022, or WRDA 2022, was approved by Congress and
signed into law by the President. WRDA 2022 is on a two-year
renewal cycle and includes legislation that authorizes the
financing of Corps’ projects for flood and hurricane protection,
dredging, ecosystem restoration and other construction projects.
WRDA 2022 featured among many other things authorization for New
York and New Jersey shipping channels to be deepened to 55 feet,
estimated at $6 billion, as well as the Coastal Texas Program,
estimated at $30 billion. In addition, this legislation includes
policy changes that will allow future port, waterways, and coastal
projects to be more readily approved and funded.
Included in our low bids pending are two LNG
projects that have been awaiting Notice to Proceed from our
clients. Several North American LNG export projects have been
delayed in the past couple of years during the pandemic but with
the increase in LNG prices, some of these LNG projects are
currently gaining momentum and are targeting final investment
decisions in 2023.
In 2021, the Biden Administration announced the
ambitious goal of 30 GW of offshore wind by 2030 and provided $3.0
billion in federal loan guarantees for offshore wind projects.
Equinor and BP have already awarded Great Lakes the rock
installation contracts for the Empire Wind I and II projects, with
installation windows in 2025 and 2026, which is expected to power
more than 1 million homes in the State of New York. Great Lakes
continues to tender bids on multiple offshore wind projects for our
subsea rock installation vessel and additional contract awards are
anticipated in 2023.
The Company will be holding a conference call at
9:00 a.m. C.D.T. today, February 15, 2023, where we will further
discuss these results. Information on this conference call can be
found below.
Conference Call Information
The Company will conduct a quarterly conference
call, which will be held on Wednesday, February 15, 2023 at 9:00
a.m. C.S.T (10:00 a.m. E.S.T.). Investors and analysts are
encouraged to pre-register for the conference call by using the
link below. Participants who pre-register will be given a unique
PIN to gain immediate access to the call. Pre-registration may be
completed at any time up to the call start time.
To pre-register, go
to https://register.vevent.com/register/BI785a7e65b4ac440e95e13e0b4109a8df
The live call and replay can also be heard at
https://edge.media-server.com/mmc/p/fzu8jqg4 and on the Company’s
website, www.gldd.com, under Events on the Investor Relations page.
A copy of this press release will be available on 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 (loss) to measure the Company's operating performance and
uses Adjusted EBITDA only as a supplement. Adjusted EBITDA is
reconciled to net income (loss) 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, Great Lakes is fully engaged in
expanding its core business into the rapidly developing offshore
wind energy industry. 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 132-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 approximately 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 are being made pursuant to the Exchange Act and the
PSLRA with the intention of obtaining of these terms or comparable
language, or by discussion of strategy or intentions. These
cautionary statements 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: project delays related
to the increasingly negative impacts of climate change or other
unusual, non-historical weather patterns; rising costs related to
inflation, particularly with the cost of materials needed for
general maintenance of our dredges and increasing costs to operate
and maintain aging vessels and comply with applicable regulations
or standards; the inability of our largest customer, the Corps, to
bring projects to market; impacts to our supply chain for
procurement of new vessel build materials or maintenance on our
existing vessels; the timing of our performance on contracts and
new contracts being awarded to us; equipment or mechanical
failures: 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; significant liabilities that could be
imposed were we to fail to comply with government contracting
regulations, including proposed regulations which may be
promulgated capital and operational costs due to environmental
regulations; market and regulatory responses to climate change
including proposed regulations concerning emissions reporting and
future emissions reduction goals; 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 maintenance of our existing vessels and the
construction of new vessels, including potential mechanical and
engineering issues, supply chain 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; adverse rulings by Customs and Border
Protection concerning the Jones Act or other matters impacting our
business; 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; 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; the impact of COVID-19 or
new worldwide infections and related responsive measures, including
negative supply chain impacts; 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, 2021.
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.
For
further information contact: Tina
Baginskis Director, Investor Relations
630-574-3024 |
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, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Contract
revenues |
$ |
146,658 |
|
|
$ |
209,964 |
|
|
$ |
648,781 |
|
|
$ |
726,149 |
|
Gross profit
(loss) |
|
(16,162 |
) |
|
|
52,991 |
|
|
|
31,173 |
|
|
|
145,270 |
|
General and administrative expenses |
|
12,401 |
|
|
|
16,421 |
|
|
|
51,117 |
|
|
|
62,134 |
|
(Gain) loss on sale of assets—net |
|
8,150 |
|
|
|
29 |
|
|
|
7,792 |
|
|
|
(294 |
) |
Total
operating income (loss) |
|
(36,713 |
) |
|
|
36,541 |
|
|
|
(27,736 |
) |
|
|
83,430 |
|
Interest expense—net |
|
(3,108 |
) |
|
|
(4,144 |
) |
|
|
(14,108 |
) |
|
|
(21,601 |
) |
Other income (expense) |
|
207 |
|
|
|
302 |
|
|
|
(1,571 |
) |
|
|
994 |
|
Income (loss) before income taxes |
|
(39,614 |
) |
|
|
32,699 |
|
|
|
(43,415 |
) |
|
|
62,823 |
|
Income tax
benefit (provision) |
|
8,445 |
|
|
|
(7,992 |
) |
|
|
9,360 |
|
|
|
(13,391 |
) |
Net Income (loss) |
$ |
(31,169 |
) |
|
$ |
24,707 |
|
|
$ |
(34,055 |
) |
|
$ |
49,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings (loss) per share |
$ |
(0.47 |
) |
|
$ |
0.38 |
|
|
$ |
(0.52 |
) |
|
$ |
0.75 |
|
Basic weighted average shares |
|
66,175 |
|
|
|
65,740 |
|
|
|
66,051 |
|
|
|
65,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share |
$ |
(0.47 |
) |
|
$ |
0.37 |
|
|
$ |
(0.52 |
) |
|
$ |
0.75 |
|
Diluted weighted average shares |
|
66,175 |
|
|
|
66,449 |
|
|
|
66,051 |
|
|
|
66,301 |
|
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, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net Income
(loss) |
$ |
(31,169 |
) |
|
|
24,707 |
|
|
$ |
(34,055 |
) |
|
|
49,432 |
|
Adjusted
for: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net |
|
3,108 |
|
|
|
4,144 |
|
|
|
14,108 |
|
|
|
21,601 |
|
Income tax provision (benefit) |
|
(8,445 |
) |
|
|
7,992 |
|
|
|
(9,360 |
) |
|
|
13,391 |
|
Depreciation expense |
|
12,296 |
|
|
|
11,342 |
|
|
|
46,273 |
|
|
|
43,016 |
|
Adjusted
EBITDA |
$ |
(24,210 |
) |
|
$ |
48,185 |
|
|
$ |
16,966 |
|
|
$ |
127,440 |
|
Great Lakes
Dredge & Dock Corporation and Subsidiaries |
|
Selected
Balance Sheet Information |
|
(Unaudited
and in thousands) |
|
|
|
|
|
|
|
|
As of |
|
|
December 31, |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
6,546 |
|
|
$ |
145,459 |
|
Total
current assets |
|
182,841 |
|
|
|
327,432 |
|
Total
assets |
|
981,780 |
|
|
|
997,670 |
|
Total
current liabilities |
|
160,333 |
|
|
|
154,735 |
|
Total
long-term debt |
|
321,521 |
|
|
|
320,971 |
|
Total
equity |
|
368,220 |
|
|
|
398,997 |
|
Great Lakes
Dredge & Dock Corporation and Subsidiaries |
|
Revenue and
Dredging Backlog Data |
|
(Unaudited
and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Twelve
Months Ended |
|
|
December 31, |
|
|
December 31, |
|
Revenues |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital -
U.S. |
$ |
61,183 |
|
|
$ |
128,548 |
|
|
$ |
342,461 |
|
|
$ |
397,034 |
|
Capital -
foreign |
|
149 |
|
|
|
- |
|
|
|
149 |
|
|
|
6,596 |
|
Coastal
protection |
|
38,597 |
|
|
|
60,471 |
|
|
|
192,567 |
|
|
|
169,678 |
|
Maintenance |
|
39,415 |
|
|
|
14,920 |
|
|
|
98,077 |
|
|
|
132,551 |
|
Rivers &
lakes |
|
7,314 |
|
|
|
6,025 |
|
|
|
15,527 |
|
|
|
20,290 |
|
Total revenues |
$ |
146,658 |
|
|
$ |
209,965 |
|
|
$ |
648,781 |
|
|
$ |
726,149 |
|
|
As of |
|
|
December 31, |
|
|
December 31, |
|
Dredging Backlog |
2022 |
|
|
2021 |
|
|
|
|
|
|
|
Capital - U.S. |
$ |
148,429 |
|
|
$ |
398,748 |
|
Capital -
foreign |
|
— |
|
|
|
— |
|
Coastal
protection |
|
97,819 |
|
|
|
99,048 |
|
Maintenance |
|
125,671 |
|
|
|
50,966 |
|
Rivers &
lakes |
|
5,221 |
|
|
|
2,826 |
|
Total dredging backlog |
$ |
377,140 |
|
|
$ |
551,588 |
|
Great Lakes Dredge and D... (NASDAQ:GLDD)
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