Orion Group Holdings Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Orion Group Holdings Inc. has filed its 2023 10-K report, detailing financial performance and key balance sheet items across multiple fiscal years.</b>

AI Summary

Orion Group Holdings Inc (ORN) filed a Annual Report (10-K) with the SEC on March 1, 2024. Orion Group Holdings Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data for the years 2023, 2022, 2021, and 2020. Key financial statement items such as retained earnings, additional paid-in capital, and treasury stock are detailed for multiple fiscal years. The report references specific reserves including 'ReserveForLossesOnUncompletedContracts' and 'AllowanceForCreditLoss'. Information on share-based compensation, specifically Restricted Stock Units (RSUs), is provided for executive officers.

Why It Matters

For investors and stakeholders tracking Orion Group Holdings Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Orion Group Holdings Inc.'s financial position and performance for the fiscal year ended December 31, 2023, allowing investors to assess the company's stability and growth trajectory. The detailed breakdown of reserves, capital accounts, and share-based compensation offers insights into the company's risk management, equity structure, and executive compensation strategies.

Risk Assessment

Risk Level: medium — Orion Group Holdings Inc shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the specific financial details and risk factors within the report would determine the precise risk level for investors.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Orion Group Holdings Inc.'s financial health and operational risks for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-01 — Filing Date (The date the 10-K was filed with the SEC.)
• 001-33891 — SEC File Number (The SEC file number associated with the company.)
• 260097459 — IRS Number (The company's IRS identification number.)

Key Players & Entities

• Orion Group Holdings Inc. (company) — Filer of the 10-K report.
• Orion Marine Group Inc. (company) — Former name of Orion Group Holdings Inc.
• 2023-12-31 (date) — Fiscal year end date.
• 2024-03-01 (date) — Filing date of the 10-K.
• 12000 AEROSPACE SUITE 300 (address) — Business and mailing address of the company.
• Houston, TX (location) — City and State of the company's address.

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-01: 10-K Filing Date — Date Orion Group Holdings Inc. submitted its annual report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for Orion Group Holdings Inc.)

ReserveForLossesOnUncompletedContracts

An accounting reserve set aside to cover potential losses on contracts that are still in progress. (Indicates the company's provision for potential cost overruns or revenue shortfalls on ongoing projects.)

AllowanceForCreditLoss

An estimate of the amount of accounts receivable that will not be collected. (Reflects the company's assessment of the risk of non-payment by its customers.)

Key Financial Figures

• $0.01 — ange on Which Registered Common stock, $0.01 par value per share ORN The New Yor
• $750 m — urrent bonding arrangement was at least $750 million, with approximately $575 million
• $575 million — least $750 million, with approximately $575 million of projects being bonded. We believe ou

Filing Documents

• orn-20231231x10k.htm (10-K) — 2706KB
• orn-20231231xex10d22.htm (EX-10.22) — 90KB
• orn-20231231xex10d23.htm (EX-10.23) — 129KB
• orn-20231231xex10d29.htm (EX-10.29) — 88KB
• orn-20231231xex21d1.htm (EX-21.1) — 8KB
• orn-20231231xex23d1.htm (EX-23.1) — 3KB
• orn-20231231xex31d1.htm (EX-31.1) — 8KB
• orn-20231231xex31d2.htm (EX-31.2) — 9KB
• orn-20231231xex32d1.htm (EX-32.1) — 7KB
• orn-20231231xex97d1.htm (EX-97.1) — 41KB
• orn-20231231x10k001.jpg (GRAPHIC) — 53KB
• orn-20231231xex10d22002.jpg (GRAPHIC) — 1KB
• orn-20231231xex10d29001.jpg (GRAPHIC) — 3KB
• orn-20231231xex10d29002.jpg (GRAPHIC) — 6KB
• orn-20231231xex10d29003.jpg (GRAPHIC) — 11KB
• orn-20231231xex10d29004.jpg (GRAPHIC) — 8KB
• orn-20231231xex10d29005.jpg (GRAPHIC) — 10KB
• orn-20231231xex10d29006.jpg (GRAPHIC) — 5KB
• orn-20231231xex21d1001.jpg (GRAPHIC) — 7KB
• 0001402829-24-000015.txt (&nbsp;) — 12864KB
• orn-20231231.xsd (EX-101.SCH) — 81KB
• orn-20231231_cal.xml (EX-101.CAL) — 114KB
• orn-20231231_def.xml (EX-101.DEF) — 258KB
• orn-20231231_lab.xml (EX-101.LAB) — 728KB
• orn-20231231_pre.xml (EX-101.PRE) — 525KB
• orn-20231231x10k_htm.xml (XML) — 2472KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosure (not applicable) 25 PART II 26 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 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 27 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 38 Item 9A.

Controls and Procedures

Controls and Procedures 38 Item 9B. Other Information 39 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 39 PART III 40 Item 10. Directors, Executive Officers and Corporate Governance 40 Item 11.

Executive Compensation

Executive Compensation 40 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 40 Item 13. Certain Relationships and Related Transactions, and Director Independence 40 Item 14. Principal Accounting Fees and Services 40 PART IV 41 Item 15. Exhibits and Financial Statement Schedules 41 Item 16. Form 10-K Summary 43

SIGNATURES

SIGNATURES 44 2 Table of Contents PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K and the documents incorporated by reference herein may contain forward-looking statements that are not based on historical fact. When used in this report, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends" and similar words identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Although such statements are based on management's current estimates and expectations and currently available competitive, financial and economic data, forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause our actual results to differ materially from what may be inferred from the forward-looking statements. Some of the factors that could cause or contribute to such differences are listed and discussed in Item 1A "Risk Factors" below and elsewhere in this Annual Report on Form 10-K. We undertake no obligation to release publicly any revisions or updates to any forward-looking statements that are contained in this document. We encourage you to read carefully the risk factors described in other documents we file from time to time with the United States Securities and Exchange Commission (the "SEC").

BUSINESS

Item 1. BUSINESS General background Orion Group Holdings, Inc. and subsidiaries, is a leading specialty construction company serving the infrastructure, industrial, and building sectors, providing services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. Our marine segment provides construction and dredging services including marine transportation facility construction, marine pipeline construction, marine environmental structures construction, dredging of waterways, channels and ports, environmental dredging, design, and specialty services related to marine construction, fabrication, and dredging. Our concrete segment provides turnkey concrete construction services including concrete surface place and finish, site preparation, layout, forming, and rebar placement for large commercial, structural and other associated business areas. We are headquartered in Houston, Texas with regional offices throughout our operating areas. Orion Group Holdings, Inc. is a Delaware corporation. The common stock of Orion Group Holdings, Inc. is listed on the New York Stock Exchange under the symbol ORN. Unless the context otherwise requires, all references herein to "Orion," the "Company," the "Registrant," "we," "us," or "our" refer to Orion Group Holdings, Inc. and its consolidated subsidiaries and affiliates. History and growth Orion Group Holdings, Inc. was founded in 1994 as a marine construction project management business. Since then, we have expanded our reach both through organic growth and acquisitions. Strategic acquisitions have enhanced our operational capabilities, provided us with a larger geographic base, and added to our equipment fleet. Today we are focused on becoming the leading specialty construction and engineering company in the infrastructure, industrial, and building sectors and will continue to seek growth opportunities through greenfield expans

View Full Filing

View this 10-K filing on SEC EDGAR