Great Lakes Dredge & Dock Files Q2 2024 10-Q

TL;DR

GLDD Q2 10-Q filed. Financials and ops details out.

AI Summary

Great Lakes Dredge & Dock Corp. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and operational details. Key financial figures and segment information were disclosed, providing insight into the company's activities during the second quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Great Lakes Dredge & Dock, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the specific financial performance and operational risks are not detailed enough in this summary to warrant a high risk level.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting quarter.)
• 2023-06-30 — Prior Year Period End Date (For comparative analysis with the current reporting period.)
• 2023-01-01 — Prior Year Period Start Date (For comparative analysis with the current reporting period.)

Key Players & Entities

• Great Lakes Dredge & Dock CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filed as of Date
• 0001372020 (company) — Central Index Key
• DE (location) — State of Incorporation
• 1231 (date) — Fiscal Year End
• 001-33225 (company) — SEC File Number
• 20240101 (date) — Start of current reporting period
• 20240630 (date) — End of current reporting period

FAQ

Key Financial Figures

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

Filing Documents

• gldd-20240630.htm (10-Q) — 1587KB
• gldd-ex3_1.htm (EX-3.1) — 191KB
• gldd-ex31_1.htm (EX-31.1) — 13KB
• gldd-ex31_2.htm (EX-31.2) — 13KB
• gldd-ex32_1.htm (EX-32.1) — 7KB
• gldd-ex32_2.htm (EX-32.2) — 7KB
• img153256075_0.jpg (GRAPHIC) — 20KB
• 0000950170-24-091731.txt ( ) — 6566KB
• gldd-20240630.xsd (EX-101.SCH) — 843KB
• gldd-20240630_htm.xml (XML) — 1115KB

Financial Information (Unaudited)

Part I Financial Information (Unaudited) 3 Item 1

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 18 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4

Controls and Procedures

Controls and Procedures 26

Other Information

Part II Other Information 27 Item 1

Legal Proceedings

Legal Proceedings 27 Item 1A

Risk Factors

Risk Factors 27 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3 Defaults Upon Senior Securities 27 Item 4 Mine Safety Disclosures 27 Item 5 Other Information 27 Item 6 Exhibits 28 Signature 29 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) June 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 23,134 $ 22,841 Accounts receivable—net 56,279 54,810 Contract revenues in excess of billings 70,509 68,735 Inventories 31,952 33,912 Prepaid expenses 2,258 1,486 Other current assets 35,134 44,544 Total current assets 219,266 226,328 PROPERTY AND EQUIPMENT—Net 653,283 614,608 OPERATING LEASE ASSETS 74,670 88,398 GOODWILL 76,576 76,576 INVENTORIES—Noncurrent 86,905 86,325 OTHER 16,967 18,605 TOTAL $ 1,127,667 $ 1,110,840 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 90,447 $ 83,835 Accrued expenses 27,892 37,361 Operating lease liabilities 26,851 28,687 Billings in excess of contract revenues 20,574 29,560 Total current liabilities 165,764 179,443 LONG-TERM DEBT 411,475 412,070 OPERATING LEASE LIABILITIES—Noncurrent 49,169 61,444 DEFERRED INCOME TAXES 72,338 62,232 OTHER 10,898 10,103 Total liabilities 709,644 725,292 COMMITMENTS AND CONTINGENCIES (Note 8) EQUITY: Common stock—$. 0001 par value; 90,000 authorized, 67,189 and 66,623 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively. 7 6 Additional paid-in capital 319,776 317,337 Retained earnings 98,917 70,220 Accumulated other comprehensive loss ( 677 ) ( 2,015 ) Total equity 418,023 385,548 TOTAL $ 1,127,667 $ 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 Six Months Ende

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View this 10-Q filing on SEC EDGAR