Great Lakes Dredge & Dock Corp. Files 2023 Annual Report (10-K)

TL;DR

<b>Great Lakes Dredge & Dock Corp. filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

Great Lakes Dredge & Dock CORP (GLDD) filed a Annual Report (10-K) with the SEC on February 16, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company is Great Lakes Dredge & Dock CORP, SIC code 1600 (Heavy Construction). Incorporated in Delaware, with principal business address in Houston, TX. Previous company name was Great Lakes Dredge & Dock Holdings Corp. The filing includes data related to various financial instruments and operational segments.

Why It Matters

For investors and stakeholders tracking Great Lakes Dredge & Dock CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational segments, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, understand its strategic direction, and evaluate potential investment opportunities or risks.

Risk Assessment

Risk Level: medium — Great Lakes Dredge & Dock CORP shows moderate risk based on this filing. The filing contains extensive financial data and risk factor disclosures, typical for a 10-K, indicating a standard level of risk associated with public company reporting.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand GLDD's performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal year end date)
• 20240216 — Filing Date (Date the 10-K was filed)
• 1600 — SIC Code (Standard Industrial Classification code)
• 001-33225 — SEC File Number (SEC file number for the company)

Key Players & Entities

• Great Lakes Dredge & Dock CORP (company) — Filer name
• 0000950170-24-016412 (other) — Accession number
• 20231231 (date) — Conformed period of report
• 20240216 (date) — Filed as of date
• 0001372020 (company) — Central Index Key
• DE (jurisdiction) — State of incorporation
• 77024 (other) — Business address ZIP code
• Great Lakes Dredge & Dock Holdings Corp. (company) — Former company name

FAQ

Industry Context

Great Lakes Dredge & Dock Corp. operates in the heavy construction sector, specifically focusing on dredging services.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of annual reports (10-K).

What Investors Should Do

1. Analyze the company's revenue segments and growth trends.
2. Evaluate the identified risk factors and their potential impact on future operations.
3. Review executive compensation details if available in the full filing.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-16: 10-K Filing Date — Date the annual report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the latest annual financial and operational data for Great Lakes Dredge & Dock Corp.

Key Financial Figures

• $0.0001 — h registered Common Stock, (Par Value $0.0001) GLDD Nasdaq Stock Market, LLC Se
• $8.66 billion — assed which included a record budget of $8.66 billion for the U.S. Army Corps of Engineers (t
• $6 billion — which are estimated to be approximately $6 billion. The Company views this legislation as
• $715 million — ng and Gulf Coast restoration, averaged $715 million over the three year period ended Decemb
• $17.4 billion — ster relief and recovery which includes $17.4 billion for the Corps to fund projects that wil
• $1.8 billion — , and it is expected that approximately $1.8 billion will be allocated to dredging-related w
• $1.48 billion — l year 2023 was approved which included $1.48 billion for the Corps to make necessary repairs
• $367 million — period ended December 31, 2023 averaged $367 million. Required maintenance of U.S. ports.
• $2.32 billion — r fiscal year 2023 includes a budget of $2.32 billion for the Harbor Maintenance Trust Fund t
• $269 million — our nation's waterways, an increase of $269 million above the fiscal year 2022 level. Throu
• $797 million — period ended December 31, 2023 averaged $797 million. Gulf coast restoration. There has be
• $50 billion — update to its master plan calling for a $50 billion investment in its coastal infrastructur
• $20 billion — ted to spending a portion of the nearly $20 billion in fines received from the 2015 BP sett
• $1 — r's bid, with a range generally between $1 and $10 million. After a contract is si
• $10 million — , with a range generally between $1 and $10 million. After a contract is signed, the bid bo

Filing Documents

• gldd-20231231.htm (10-K) — 2669KB
• gldd-ex10_4.htm (EX-10.4) — 158KB
• gldd-ex21_1.htm (EX-21.1) — 18KB
• gldd-ex23_1.htm (EX-23.1) — 4KB
• gldd-ex31_1.htm (EX-31.1) — 13KB
• gldd-ex31_2.htm (EX-31.2) — 13KB
• gldd-ex32_1.htm (EX-32.1) — 8KB
• gldd-ex32_2.htm (EX-32.2) — 8KB
• gldd-ex97.htm (EX-97) — 25KB
• img131803436_0.jpg (GRAPHIC) — 16KB
• img152358502_0.jpg (GRAPHIC) — 27KB
• img152358502_1.jpg (GRAPHIC) — 486KB
• 0000950170-24-016412.txt (&nbsp;) — 12415KB
• gldd-20231231.xsd (EX-101.SCH) — 1452KB
• gldd-20231231_htm.xml (XML) — 2085KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 44 Item 9A.

Controls and Procedures

Controls and Procedures 44 Item 9B. Other Information 48 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III Item 10. Directors, Executive Officers and Corporate Governance 49 Item 11.

Executive Compensation

Executive Compensation 49 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49 Item 13. Certain Relationships and Related Transactions, and Director Independence 49 Item 14. Principal Accounting Fees and Services 49 PART IV Item 15. Exhibits, Financial Statement Schedules 50 Item 16. Form 10-K Summary 50

SIGNATURES

SIGNATURES 83 i Cautionary Note Regarding Forward-Looking Statements Certain statements in this Annual Report on Form 10-K may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933 (the "Securities Act"), 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 ("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 Dredge & Dock Corporation and its subsidiaries ("Great Lakes"), 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," 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 Securities Act, 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, risks and uncertainties that are described in Item 1

B usiness

Item 1. B usiness. The terms "we," "our," "ours," "us," "Great Lakes", "GLDD" and "Company" refer to Great Lakes Dredge & Dock Corporation and its subsidiaries. Organization Great Lakes is the largest provider of dredging services in the United States which is complemented with a long history of performing significant international projects. The Company is also fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company was founded in 1890 as Lydon & Drews Partnership and performed its first project in Chicago, Illinois. The Company changed its name to Great Lakes Dredge & Dock Company in 1905 and was involved in a number of marine construction and landfill projects along the Chicago lakefront and in the surrounding Great Lakes region. The Company now operates on the East and Gulf coastlines and throughout many inland U.S. waterways. Since its founding, Great Lakes has been a leader in the building and maintenance of the nation's navigation system, the protection of shore lines, the restoration of sensitive habitats and the creation of critical aquatic infrastructure. The Company operates in one operating segment, which is also the Company's one reportable segment and reporting unit. Operations Dredging generally involves the enhancement or preservation of the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Domestically, our work generally is performed in coastal waterways and deep water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers & lakes. The Company's "bid market" is defined as the aggregate dollar value of domestic dredging projects on which the Company bid or could have bid if not for capacity constraints or other considerations. The Company experienced an average combined bid market share in the U.S. of 33% over the three year period ended Decem

View Full Filing

View this 10-K filing on SEC EDGAR