Great Lakes Dredge & Dock Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Great Lakes Dredge & Dock Corp. filed its Q1 2024 10-Q, detailing financial positions and operational segments.</b>

AI Summary

Great Lakes Dredge & Dock CORP (GLDD) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Great Lakes Dredge & Dock Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and segments, such as foreign currency exchange hedge contracts and dredging operations. Specific dates mentioned include 2024-03-31, 2023-12-31, and 2021-05-31, indicating financial reporting periods and debt maturities. The company's business address is 9811 Katy Freeway, Suite 1200, Houston, TX 77024. The filing references several debt instruments, including 'Eight Percent Senior Notes Due In Two Thousand Twenty-Two' and 'Second Lien Credit Agreement'.

Why It Matters

For investors and stakeholders tracking Great Lakes Dredge & Dock CORP, this filing contains several important signals. This 10-Q filing provides an updated view of Great Lakes Dredge & Dock Corp.'s financial health and operational performance for the first quarter of 2024, crucial for investors assessing current standing. The detailed information on financial instruments like hedge contracts and specific debt obligations offers insights into the company's risk management strategies and financial leverage.

Risk Assessment

Risk Level: medium — Great Lakes Dredge & Dock CORP shows moderate risk based on this filing. The company's financial disclosures, including various debt instruments and hedge contracts, suggest a medium level of financial complexity and potential risk exposure.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures within the 10-Q to understand the company's current financial position and future outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 2023-12-31 — Previous Year-End Date (Referenced financial reporting date)
• 2021-05-31 — Debt Maturity Reference (Date associated with debt instruments)

Key Players & Entities

• Great Lakes Dredge & Dock CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• 9811 KATY FREEWAY SUITE 1200 HOUSTON TX 77024 (address) — Business address
• Great Lakes Dredge & Dock Holdings Corp. (company) — Former company name
• Eight Percent Senior Notes Due In Two Thousand Twenty-Two (debt_instrument) — Mentioned debt instrument
• Second Lien Credit Agreement (debt_instrument) — Mentioned debt instrument
• 2023-12-31 (date) — Financial reporting period

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position during the quarter.)

Foreign Currency Exchange Hedge Contracts

Financial instruments used to mitigate risks associated with fluctuations in foreign currency exchange rates. (Indicates the company's efforts to manage financial risks related to international operations or transactions.)

Key Financial Figures

• $0.0001 — ch registered Common Stock (Par Value $0.0001) GLDD Nasdaq Stock Market, LLC In

Filing Documents

• gldd-20240331.htm (10-Q) — 1168KB
• gldd-ex31_1.htm (EX-31.1) — 12KB
• gldd-ex31_2.htm (EX-31.2) — 12KB
• gldd-ex32_1.htm (EX-32.1) — 7KB
• gldd-ex32_2.htm (EX-32.2) — 7KB
• img153253193_0.jpg (GRAPHIC) — 20KB
• 0000950170-24-054684.txt (&nbsp;) — 5309KB
• gldd-20240331.xsd (EX-101.SCH) — 819KB
• gldd-20240331_htm.xml (XML) — 800KB

Financial Information (Unaudited)

Part I Financial Information (Unaudited) 3 Item 1

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4

Controls and Procedures

Controls and Procedures 24

Other Information

Part II Other Information 25 Item 1

Legal Proceedings

Legal Proceedings 25 Item 1A

Risk Factors

Risk Factors 25 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3 Defaults Upon Senior Securities 25 Item 4 Mine Safety Disclosures 25 Item 5 Other Information 25 Item 6 Exhibits 26 Signature 27 2 P ART I — Financial Information

F inancial Statements

Item 1. F inancial Statements. GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES C ondensed Consolidated Balance Sheets (Unaudited) (in thousands, except per share amounts) March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 22,802 $ 22,841 Accounts receivable—net 40,482 54,810 Contract revenues in excess of billings 68,761 68,735 Inventories 32,038 33,912 Prepaid expenses 2,025 1,486 Other current assets 45,070 44,544 Total current assets 211,178 226,328 PROPERTY AND EQUIPMENT—Net 613,116 614,608 OPERATING LEASE ASSETS 81,633 88,398 GOODWILL 76,576 76,576 INVENTORIES—Noncurrent 89,746 86,325 OTHER 22,839 18,605 TOTAL $ 1,095,088 $ 1,110,840 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 89,601 $ 83,835 Accrued expenses 32,484 37,361 Operating lease liabilities 28,348 28,687 Billings in excess of contract revenues 18,066 29,560 Total current liabilities 168,499 179,443 LONG-TERM DEBT 382,207 412,070 OPERATING LEASE LIABILITIES—Noncurrent 54,835 61,444 DEFERRED INCOME TAXES 69,657 62,232 OTHER 10,850 10,103 Total liabilities 686,048 725,292 COMMITMENTS AND CONTINGENCIES (Note 8) EQUITY: Common stock—$. 0001 par value; 90,000 authorized, 66,941 and 66,623 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively. 6 6 Additional paid-in capital 318,517 317,337 Retained earnings 91,244 70,220 Accumulated other comprehensive loss ( 727 ) ( 2,015 ) Total equity 409,040 385,548 TOTAL $ 1,095,088 $ 1,110,840 See notes to unaudited condensed consolidated financial statements. 3 Great Lakes Dredge & Dock Corporation and Subsidiaries C ondensed Consolidated Statements of Operations (Unaudited) (in thousands, except per share amounts) Three Months Ended March 31, 2

View Full Filing

View this 10-Q filing on SEC EDGAR