Orion Group Holdings Q2 2024 Update

TL;DR

Orion Group Holdings' contract assets down to $134.8M as of Q2 2024.

AI Summary

Orion Group Holdings Inc. reported its financial results for the period ending June 30, 2024. The company's contract assets stood at $134.8 million as of June 30, 2024, a decrease from $149.6 million at the end of 2023. The filing also references employee stock options and treasury stock transactions during the first half of 2024.

Why It Matters

This filing provides insight into Orion Group Holdings' financial health and operational status, particularly concerning its contract assets, which are crucial for understanding its revenue recognition and project execution.

Risk Assessment

Risk Level: medium — The filing indicates a decrease in contract assets, which could signal potential challenges in project billing or revenue realization.

Key Numbers

• $134.8M — Contract Assets (As of June 30, 2024, indicating a decrease from the prior year-end.)
• $149.6M — Contract Assets (As of December 31, 2023, showing the previous balance.)

Key Players & Entities

• Orion Group Holdings Inc. (company) — Filer of the 10-Q report
• 134.8 million (dollar_amount) — Contract assets as of June 30, 2024
• 149.6 million (dollar_amount) — Contract assets as of December 31, 2023
• 2024-06-30 (date) — End of the reporting period
• 2023-12-31 (date) — Previous year-end reporting date

FAQ

Key Financial Figures

• $0.01 — ange on Which Registered Common stock, $0.01 par value per share ORN The New Yor

Filing Documents

• orn-20240614x10q.htm (10-Q) — 2178KB
• orn-20240614xex10d5.htm (EX-10.5) — 116KB
• orn-20240614xex31d1.htm (EX-31.1) — 9KB
• orn-20240614xex31d2.htm (EX-31.2) — 9KB
• orn-20240614xex32d1.htm (EX-32.1) — 7KB
• 0001402829-24-000056.txt ( ) — 9952KB
• orn-20240614.xsd (EX-101.SCH) — 69KB
• orn-20240614_cal.xml (EX-101.CAL) — 89KB
• orn-20240614_def.xml (EX-101.DEF) — 223KB
• orn-20240614_lab.xml (EX-101.LAB) — 563KB
• orn-20240614_pre.xml (EX-101.PRE) — 413KB
• orn-20240614x10q_htm.xml (XML) — 1921KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 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 Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 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 32 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 46 2 Table of Contents Part

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Orion Group Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In Thousands, Except Share and Per Share Information) June 30, December 31, 2024 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 4,837 $ 30,938 Accounts receivable: Trade, net of allowance for credit losses of $ 523 and $ 361 , as of June 30, 2024 and December 31, 2023, respectively 135,167 101,229 Retainage 36,428 42,044 Income taxes receivable 696 626 Other current 3,515 3,864 Inventory 2,007 2,699 Contract assets 70,612 81,522 Prepaid expenses and other 8,207 8,894 Total current assets 261,469 271,816 Property and equipment, net of depreciation 85,975 87,834 Operating lease right-of-use assets, net of amortization 33,685 25,696 Financing lease right-of-use assets, net of amortization 24,029 23,602 Inventory, non-current 7,314 6,361 Deferred income tax asset 25 26 Other non-current 1,522 1,558 Total assets $ 414,019 $ 416,893 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current debt, net of debt issuance costs $ 14,320 $ 13,453 Accounts payable: Trade 87,452 80,294 Retainage 2,579 2,527 Accrued liabilities 25,569 37,074 Income taxes payable 736 570 Contract liabilities 47,098 64,079 Current portion of operating lease liabilities 9,133 9,254 Current portion of financing lease liabilities 10,363 8,665 Total current liabilities 197,250 215,916 Long-term debt, net of debt issuance costs 45,932 23,740 Operating lease liabilities 24,948 16,632 Financing lease liabilities 11,315 13,746 Other long-term liabilities 23,486 25,320 Deferred income tax liability 25 64 Total liabilities 302,956 295,418 Stockholders' equity: Preferred stock -- $ 0.01 par value, 10,000,000 authorized, none issued — — Common stock -- $ 0.01 par value, 50,000,000 aut

View Full Filing

View this 10-Q filing on SEC EDGAR