Orion Group Holdings Q3 Update

TL;DR

Orion Group Holdings' contract assets remain stable at $39.3M through Q3 2024.

AI Summary

Orion Group Holdings Inc. reported its third-quarter results for the period ending September 30, 2024. The company's contract assets stood at $39.3 million as of September 30, 2024, compared to $39.3 million at the end of 2023. The filing also references employee stock options and common stock transactions during the reporting period.

Why It Matters

This filing provides insight into Orion Group Holdings' financial standing, specifically its contract assets, which can indicate the value of work performed but not yet billed.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $39.3M — Contract Assets (As of September 30, 2024, matching the value at the end of 2023.)

Key Players & Entities

• Orion Group Holdings Inc (company) — Filer
• 39300000 (dollar_amount) — Contract Assets as of 2024-09-30
• 2024-09-30 (date) — End of Q3 2024
• 2023-12-31 (date) — End of Fiscal Year 2023

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-20240930x10q.htm (10-Q) — 2265KB
• orn-20240930xex31d1.htm (EX-31.1) — 9KB
• orn-20240930xex31d2.htm (EX-31.2) — 9KB
• orn-20240930xex32d1.htm (EX-32.1) — 7KB
• 0001402829-24-000076.txt ( ) — 9940KB
• orn-20240930.xsd (EX-101.SCH) — 68KB
• orn-20240930_cal.xml (EX-101.CAL) — 89KB
• orn-20240930_def.xml (EX-101.DEF) — 222KB
• orn-20240930_lab.xml (EX-101.LAB) — 574KB
• orn-20240930_pre.xml (EX-101.PRE) — 410KB
• orn-20240930x10q_htm.xml (XML) — 1922KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 41 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 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) September 30, December 31, 2024 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 28,254 $ 30,938 Accounts receivable: Trade, net of allowance for credit losses of $ 716 and $ 361 , as of September 30, 2024 and December 31, 2023, respectively 147,446 101,229 Retainage 36,486 42,044 Income taxes receivable 695 626 Other current 3,153 3,864 Inventory 2,317 2,699 Contract assets 58,495 81,522 Prepaid expenses and other 4,141 8,894 Total current assets 280,987 271,816 Property and equipment, net of depreciation 86,254 87,834 Operating lease right-of-use assets, net of amortization 29,202 25,696 Financing lease right-of-use assets, net of amortization 25,179 23,602 Inventory, non-current 7,309 6,361 Deferred income tax asset 27 26 Other non-current 1,371 1,558 Total assets $ 430,329 $ 416,893 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current debt, net of debt issuance costs $ 4,694 $ 13,453 Accounts payable: Trade 114,231 80,294 Retainage 2,328 2,527 Accrued liabilities 23,581 37,074 Income taxes payable 516 570 Contract liabilities 44,392 64,079 Current portion of operating lease liabilities 8,215 9,254 Current portion of financing lease liabilities 10,852 8,665 Total current liabilities 208,809 215,916 Long-term debt, net of debt issuance costs 23,276 23,740 Operating lease liabilities 21,844 16,632 Financing lease liabilities 11,300 13,746 Other long-term liabilities 22,656 25,320 Deferred income tax liability 29 64 Total liabilities 287,914 295,418 Stockholders' equity: Preferred stock -- $ 0.01 par value, 10,000,000 authorized, none issued — — Common stock -- $ 0.01 par value, 50,

View Full Filing

View this 10-Q filing on SEC EDGAR