Orion Group Holdings, Inc. Reports Second Quarter 2021 Results

Posted on July 29, 2021

HOUSTON–(BUSINESS WIRE)–Jul. 28, 2021– Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported net income of $3.5 million ($0.11 diluted earnings per share) for the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

  • Operating income was $5.6 million for the second quarter of 2021 compared to operating income of $4.1 million for the second quarter of 2020.
  • Net income was $3.5 million ($0.11 diluted earnings per share) for the second quarter of 2021 compared to net income of $2.0 million ($0.07 diluted earnings per share) for the second quarter of 2020.
  • The second quarter 2021 net income included $3.0 million ($0.10 earnings per diluted share) of non-recurring items and $1.1 million ($0.04 loss per diluted share) of tax expense associated with the movement of certain valuation allowances. Second quarter 2021 adjusted net income was $1.7 million ($0.05 diluted earnings per share). (Please see page 9 of this release for a reconciliation of adjusted net income).
  • EBITDA, adjusted to exclude the impact of the aforementioned non-recurring items, was $7.4 million in the second quarter of 2021, which compares to adjusted EBITDA of $12.6 million for the second quarter of 2020. (Please see page 10 of this release for an explanation of EBITDA, adjusted EBITDA and a reconciliation to the nearest GAAP measure).
  • Backlog at the end of the second quarter was $394.4 million on a second quarter book-to-bill of 1.20x.

“During the second quarter we closed on the sale of our Tampa property further strengthening our balance sheet and enhancing our liquidity,” stated Mark Stauffer, Orion’s Chief Executive Officer. “The gain on the sale is included in our results for the second quarter, which were also impacted by inordinately wet weather in our key operating geographies, which affected both business segments, but predominantly our concrete business.”

“Our concrete segment’s production was hampered during the quarter by wet weather conditions across Texas, and as a result, our labor capacity was underutilized. Our concrete segment’s ability to catch up on work and execute effectively in normal weather conditions will allow us to efficiently complete any delayed projects in subsequent quarters. The wet weather unfortunately resulted in under recovery of indirect costs, including labor and equipment utilization, during the quarter.”

“We remain optimistic about our end markets and future project opportunities. During the second quarter we bid on a significant volume of bids, including several large projects, and we ended the quarter with a substantial amount of quoted work outstanding. We are confident that bidding opportunities will continue to materialize, especially in end-markets that have been adversely impacted by COVID, including the cruise and energy industries, which have begun generating project opportunities again. We also are continuing to track progress on the Federal infrastructure bill, which would provide an additional catalyst for our end markets and drive absorption of industry capacity. The diversity of our end markets and our unique capabilities across both of our business segments make us confident in our ability to capitalize on a wide range of attractive projects as they continue to materialize across our operating footprint.”

“We also continue to enhance our financial flexibility with the strengthening of our balance sheet. On a basis of net debt, this is the strongest balance sheet the Company has had in many years, which not only offers us flexibility to continue to execute on projects in backlog and pursue new awards, but also position us to consider accretive acquisition opportunities, as well as exploring other opportunities to achieve the best return for our shareholders.”

Mr. Stauffer concluded, “Given the reopening of the US economy, the project opportunities we see on the horizon as a result, and our extremely strong balance sheet and financial position, we are confident in our ability to continue to generate growth in our profitability and maximizing shareholder value over the long-term.”

Consolidated Results for Second Quarter 2021 Compared to Second Quarter 2020

  • Contract revenues were $145.9 million, down 20.6% as compared to $183.7 million. The decrease was primarily driven by a reduction in project activity compared to the prior year in the marine segment and decreased production volumes in the concrete segment due to weather related impacts.
  • Gross profit was $12.3 million, as compared to $20.7 million. Gross profit margin was 8.4%, as compared to 11.3%. The decrease in gross profit dollars and percentage was primarily driven by the decreased activity and volumes, which negatively impacted revenue and contributed to an under recovery of indirect costs primarily related to decreased equipment utilization.
  • Selling, General, and Administrative expenses were $13.7 million, as compared to $16.5 million. As a percentage of total contract revenues, SG&A expenses increased 0.4%. The decrease in SG&A dollars was driven primarily by a decrease in bonus expense as compared to the prior year period.
  • Operating income was $5.6 million as compared to $4.1 million. The increase in operating income in the second quarter of 2021 reflects the $6.8 million net gain on the Tampa property sale.
  • EBITDA was $12.1 million, representing an 8.3% EBITDA margin, as compared to EBITDA of $11.1 million, or a 6.1% EBITDA margin. When adjusted for non-recurring items, adjusted EBITDA for the second quarter of 2021 was $7.4 million, representing a 5.1% EBITDA margin. (Please see page 10 of this release for an explanation of EBITDA, Adjusted EBITDA and a reconciliation to the nearest GAAP measure).

Backlog

Backlog of work under contract as of June 30, 2021, was $394.4 million, which compares with backlog under contract as of June 30, 2020, of $528.4 million. The second quarter 2021 ending backlog was comprised of $170.2 million for the marine segment, and $224.2 million for the concrete segment. At the end of the second quarter 2021, the Company had approximately $2.0 billion worth of bids outstanding, including approximately $30 million on which it is the apparent low bidder or has been awarded contracts subsequent to the end of the second quarter of 2021, of which approximately $12 million pertains to the marine segment and approximately $18 million to the concrete segment.

“During the second quarter, we bid on approximately $2.0 billion of work and were successful on approximately $175 million of these bids,” stated Robert Tabb, Orion Group Holding’s Executive Vice President and Chief Financial Officer. “This resulted in a 1.20 times book-to-bill ratio and a win rate of 8.8%. In the marine segment, we bid on approximately $1.0 billion during the second quarter 2021 and were successful on approximately $79 million, representing a win rate of 7.6% and a book-to-bill ratio of 1.24 times. In the concrete segment we bid on approximately $1.0 billion of work and were awarded approximately $96 million, representing a win rate of 10.1% and a book-to-bill ratio of 1.17 times.”

Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress and not yet complete. The Company cannot guarantee that the revenue implied by its backlog will be realized, or, if realized, will result in earnings. Backlog can fluctuate from period to period due to the timing and execution of contracts. Given the typical duration of the Company’s projects, which generally range from three to nine months, the Company’s backlog at any point in time usually represents only a portion of the revenue it expects to realize during a twelve-month period.

Conference Call Details

Orion Group Holdings will host a conference call to discuss results for the second quarter 2021 at 10:00 a.m. Eastern Time/9:00 a.m. Central Time on Thursday, July 29, 2021. To listen to a live webcast of the conference call, or access the replay, visit the Calendar of Events page of the Investor Relations section of the website at www.oriongroupholdingsinc.com. To participate in the call, please dial (201) 493-6739 and ask for the Orion Group Holdings Conference Call.

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.

Non-GAAP Financial Measures

This press release includes the financial measures “adjusted net income,” “adjusted earnings per share,” “EBITDA,” “Adjusted EBITDA” and “Adjusted EBITDA margin.” These measurements are “non-GAAP financial measures” under rules of the Securities and Exchange Commission, including Regulation G. The non-GAAP financial information may be determined or calculated differently by other companies. By reporting such non-GAAP financial information, the Company does not intend to give such information greater prominence than comparable GAAP financial information. Investors are urged to consider these non-GAAP measures in addition to and not in substitute for measures prepared in accordance with GAAP.

Adjusted net income and adjusted earnings per share are not an alternative to net income or earnings per share. Adjusted net income and adjusted earnings per share exclude certain items that management believes impairs a meaningful comparison of operating results. The company believes these adjusted financial measures are a useful adjunct to earnings calculated in accordance with GAAP because management uses adjusted net income available to common stockholders to evaluate the company’s operational trends and performance relative to other companies. Generally, items excluded, are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

Orion Group Holdings defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by adjusting EBITDA for certain items that management believes impairs a meaningful comparison of operating results. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for the period by contract revenues for the period. The GAAP financial measure that is most directly comparable to EBITDA and Adjusted EBITDA is net income, while the GAAP financial measure that is most directly comparable to Adjusted EBITDA margin is operating margin, which represents operating income divided by contract revenues. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are used internally to evaluate current operating expense, operating efficiency, and operating profitability on a variable cost basis, by excluding the depreciation and amortization expenses, primarily related to capital expenditures and acquisitions, and net interest and tax expenses. Additionally, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide useful information regarding the Company’s ability to meet future debt service and working capital requirements while providing an overall evaluation of the Company’s financial condition. In addition, EBITDA is used internally for incentive compensation purposes. The Company includes EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to provide transparency to investors as they are commonly used by investors and others in assessing performance. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have certain limitations as analytical tools and should not be used as a substitute for operating margin, net income, cash flows, or other data prepared in accordance with generally accepted accounting principles in the United States, or as a measure of the Company’s profitability or liquidity.

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, the effects of the ongoing COVID-19 pandemic, and any potential contract options which may or may not be awarded in the future, and are at the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

Contract revenues

145,875

183,713

299,184

350,333

Costs of contract revenues

133,574

162,969

271,428

309,831

Gross profit

12,301

20,744

27,756

40,502

Selling, general and administrative expenses

13,715

16,512

28,345

32,381

Amortization of intangible assets

381

517

761

1,033

Gain on disposal of assets, net

(7,361)

(369)

(8,971)

(1,361)

Operating income

5,566

4,084

7,621

8,449

Other (expense) income:

Other income

72

39

109

136

Interest income

25

54

51

94

Interest expense

(2,943)

(1,169)

(3,983)

(2,571)

Other expense, net

(2,846)

(1,076)

(3,823)

(2,341)

Income before income taxes

2,720

3,008

3,798

6,108

Income tax (benefit) expense

(810)

980

(660)

1,357

Net income

$

3,530

$

2,028

$

4,458

$

4,751

Basic earnings per share

$

0.12

$

0.07

$

0.15

$

0.16

Diluted earnings per share

$

0.11

$

0.07

$

0.15

$

0.16

Shares used to compute income per share:

Basic

30,671,952

30,031,188

30,569,284

29,842,298

Diluted

30,702,151

30,031,188

30,601,669

29,842,298

Orion Group Holdings, Inc. and Subsidiaries

Selected Results of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

Three months ended June 30,

2021

2020

Amount

Percent

Amount

Percent

(dollar amounts in thousands)

Contract revenues

Marine segment

Public sector

$

44,667

69.9

%

$

59,820

65.2

%

Private sector

19,275

30.1

%

31,899

34.8

%

Marine segment total

$

63,942

100.0

%

$

91,719

100.0

%

Concrete segment

Public sector

$

6,500

7.9

%

$

12,022

13.1

%

Private sector

75,433

92.1

%

79,972

86.9

%

Concrete segment total

$

81,933

100.0

%

$

91,994

100.0

%

Total

$

145,875

$

183,713

Operating income (loss)

Marine segment

$

8,606

13.5

%

$

3,810

4.2

%

Concrete segment

(3,040)

(3.7)

%

274

0.3

%

Total

$

5,566

$

4,084

Six months ended June 30,

2021

2020

Amount

Percent

Amount

Percent

(dollar amounts in thousands)

Contract revenues

Marine segment

Public sector

$

86,336

63.4

%

$

113,331

63.8

%

Private sector

49,752

36.6

%

64,337

36.2

%

Marine segment total

$

136,088

100.0

%

$

177,668

100.0

%

Concrete segment

Public sector

$

11,279

6.9

%

$

28,074

16.3

%

Private sector

151,817

93.1

%

144,591

83.7

%

Concrete segment total

$

163,096

100.0

%

$

172,665

100.0

%

Total

$

299,184

$

350,333

Operating income

Marine segment

$

11,454

8.4

%

$

9,559

5.4

%

Concrete segment

(3,833)

(2.4)

%

(1,110)

(0.6)

%

Total

$

7,621

$

8,449

Orion Group Holdings, Inc. and Subsidiaries

Reconciliation of Adjusted Net Income (Loss)

(In thousands except per share information)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

Net income

$

3,530

$

2,028

$

4,458

$

4,751

One-time charges and the tax effects:

ERP implementation

853

310

1,439

310

ISG initiative

369

Severance

38

72

Costs related to debt extinguishment

2,062

2,062

Net gain on Tampa property sale

(6,767)

(6,767)

Tax rate of 23% applied to one-time charges (1)

886

(80)

751

(173)

Total one-time charges and the tax effects

(2,966)

268

(2,515)

578

Federal and state tax valuation allowances

1,121

(968)

970

(1,631)

Adjusted net income

$

1,685

$

1,328

$

2,913

$

3,698

Adjusted EPS

$

0.05

$

0.04

$

0.10

$

0.12

______________________________

(1)

Items are taxed discretely using the Company’s blended tax rate.

Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations

(In Thousands, Except Margin Data)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

Net income

$

3,530

$

2,028

$

4,458

$

4,751

Income tax (benefit) expense

(810)

980

(660)

1,357

Interest expense, net

2,918

1,115

3,932

2,477

Depreciation and amortization

6,429

7,004

12,915

13,896

EBITDA (1)

12,067

11,127

20,645

22,481

Stock-based compensation

1,245

1,167

1,628

1,629

ERP implementation

853

310

1,439

310

ISG initiative

369

Severance

38

72

Net gain on Tampa property sale

(6,767)

(6,767)

Adjusted EBITDA(2)

$

7,398

$

12,642

$

16,945

$

24,861

Operating income margin

3.8

%

2.2

%

2.5

%

2.4

%

Impact of other income (expense), net

%

%

%

%

Impact of depreciation and amortization

4.4

%

3.9

%

4.5

%

4.0

%

Impact of stock-based compensation

0.9

%

0.6

%

0.5

%

0.5

%

Impact of ERP implementation

0.6

%

0.2

%

0.5

%

0.1

%

Impact of ISG initiative

%

%

%

0.1

%

Impact of severance

%

%

%

%

Impact of net gain on Tampa property sale

(4.6)

%

%

(2.3)

%

%

Adjusted EBITDA margin(2)

5.1

%

6.9

%

5.7

%

7.1

%

_____________________________

(1)

EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.

(2)

Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for stock-based compensation, ERP implementation, the ISG initiative, severance and the net gain on the Tampa property sale. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment

(In Thousands, Except Margin Data)

(Unaudited)

Marine

Concrete

Three months ended

Three months ended

June 30,

June 30,

2021

2020

2021

2020

Operating income (loss) (1)

8,606

3,810

(3,040)

274

Other income (expense), net

72

39

Depreciation and amortization

4,322

4,744

2,107

2,260

EBITDA (2)

13,000

8,593

(933)

2,534

Stock-based compensation

1,219

1,128

26

39

ERP implementation

379

155

474

155

ISG initiative

Severance

14

24

Net gain on Tampa property sale

(6,767)

Adjusted EBITDA(3)

$

7,831

$

9,890

$

(433)

$

2,752

Operating income margin

13.4

%

4.2

%

(3.7)

%

0.3

%

Impact of other income (expense), net

0.1

%

%

%

%

Impact of depreciation and amortization

6.8

%

5.2

%

2.6

%

2.5

%

Impact of stock-based compensation

1.9

%

1.2

%

%

%

Impact of ERP implementation

0.6

%

0.2

%

0.6

%

0.2

%

Impact of ISG initiative

%

%

%

%

Impact of severance

%

%

%

%

Impact of net gain on Tampa property sale

(10.6)

%

%

%

%

Adjusted EBITDA margin (3)

12.2

%

10.8

%

(0.5)

%

3.0

%

Marine

Concrete

Six months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

Operating income (loss) (1)

11,454

9,559

(3,833)

(1,110)

Other income (expense), net

109

134

2

Depreciation and amortization

8,680

9,520

4,235

4,376

EBITDA (2)

20,243

19,213

402

3,268

Stock-based compensation

1,570

1,540

58

89

ERP implementation

655

155

784

155

ISG initiative

190

179

Severance

26

46

Net gain on Tampa property sale

(6,767)

Adjusted EBITDA(3)

$

15,701

$

21,124

$

1,244

$

3,737

Operating income margin

8.3

%

5.4

%

(2.3)

%

(0.5)

%

Impact of other income (expense), net

0.1

%

0.1

%

%

%

Impact of depreciation and amortization

6.4

%

5.4

%

2.6

%

2.5

%

Impact of stock-based compensation

1.2

%

0.9

%

%

0.1

%

Impact of ERP implementation

0.5

%

%

0.5

%

%

Impact of ISG initiative

%

0.1

%

%

0.1

%

Impact of severance

%

%

%

%

Impact of net gain on Tampa property sale

(5.0)

%

%

%

%

Adjusted EBITDA margin (3)

11.5

%

11.9

%

0.8

%

2.2

%

_____________________________

(1)

In connection with the preparation of the financial statements for the quarter ended June 30, 2021, the Company has identified and corrected certain immaterial errors in segment reporting for all periods presented. Specifically, certain corporate overhead costs previously recorded to the marine segment as part of operating income (loss) and allocated from the marine segment to the concrete segment below operating income in the other income (expense) line have been allocated from the marine segment to the concrete segment as part of the determination of operating income for each segment.

(2)

EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.

(3)

Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for stock-based compensation, ERP implementation, the ISG initiative, severance and the net gain on the Tampa property sale. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Cash Flows Summarized

(In Thousands)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

2021

2020

2021

2020

Net income

$

3,530

$

2,028

$

4,458

$

4,751

Adjustments to remove non-cash and non-operating items

2,609

9,246

9,504

17,828

Cash flow from net income after adjusting for non-cash and non-operating items

6,139

11,274

13,962

22,579

Change in operating assets and liabilities (working capital)

(3,982)

6,347

(2,687)

10,495

Cash flows provided by operating activities

$

2,157

$

17,621

$

11,275

$

33,074

Cash flows provided by (used in) investing activities

$

19,690

$

(1,719)

$

20,462

$

(2,044)

Cash flows used in financing activities

$

(24,079)

$

(19,081)

$

(30,916)

$

(21,773)

Capital expenditures (included in investing activities above)

$

(3,097)

$

(2,283)

$

(4,715)

$

(5,036)

Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Cash Flows

(In Thousands)

(Unaudited)

Six months ended June 30,

2021

2020

Cash flows from operating activities

Net income

$

4,458

$

4,751

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization

11,313

12,311

Amortization of ROU operating leases

2,794

3,066

Amortization of ROU finance leases

1,602

1,585

Write-off of debt issuance costs upon debt extinguishment

790

Amortization of deferred debt issuance costs

429

286

Deferred income taxes

(81)

(99)

Stock-based compensation

1,628

1,629

Gain on disposal of assets, net

(8,971)

(1,361)

Allowance for credit losses

411

Change in operating assets and liabilities, net of effects of acquisitions:

Accounts receivable

5,147

23,645

Income tax receivable

(682)

(97)

Inventory

277

(172)

Prepaid expenses and other

337

900

Contract assets

9,159

5,050

Accounts payable

(3,754)

(23,680)

Accrued liabilities

(5,290)

2,818

Operating lease liabilities

(2,571)

(2,721)

Income tax payable

(538)

(296)

Contract liabilities

(4,772)

5,048

Net cash provided by operating activities

11,275

33,074

Cash flows from investing activities:

Proceeds from sale of property and equipment

24,737

1,749

Purchase of property and equipment

(4,715)

(5,036)

Contributions to CSV life insurance

(99)

Insurance claim proceeds related to property and equipment

440

1,342

Net cash provided by (used in) investing activities

20,462

(2,044)

Cash flows from financing activities:

Borrowings from Credit Facility

20,000

5,000

Payments made on borrowings from Credit Facility

(49,086)

(24,500)

Payments of finance lease liabilities

(1,675)

(1,858)

Payments related to tax withholding for stock-based compensation

(241)

(24)

Exercise of stock options

86

Net cash used in financing activities

(30,916)

(21,773)

Net change in cash, cash equivalents and restricted cash

821

9,257

Cash, cash equivalents and restricted cash at beginning of period

1,589

1,086

Cash, cash equivalents and restricted cash at end of period

$

2,410

$

10,343

Orion Group Holdings, Inc. and Subsidiaries

Condensed Balance Sheets

(In Thousands, Except Share and Per Share Information)

June 30,

December 31,

2021

2020

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

2,410

1,589

Accounts receivable:

Trade, net of allowance for credit losses of $323 and $411, respectively

89,671

96,369

Retainage

38,388

36,485

Income taxes receivable

1,101

419

Other current

66,967

59,492

Inventory

2,102

1,548

Contract assets

23,112

32,271

Prepaid expenses and other

6,973

7,229

Total current assets

230,724

235,402

Property and equipment, net of depreciation

104,917

125,497

Operating lease right-of-use assets, net of amortization

16,204

18,874

Financing lease right-of-use assets, net of amortization

12,289

12,858

Inventory, non-current

4,839

6,455

Intangible assets, net of amortization

9,316

10,077

Deferred income tax asset

41

70

Other non-current

4,875

4,956

Total assets

$

383,205

$

414,189

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current debt, net of issuance costs

$

6,139

$

4,344

Accounts payable:

Trade

44,189

48,252

Retainage

984

716

Accrued liabilities

83,638

84,637

Income taxes payable

101

639

Contract liabilities

28,363

33,135

Current portion of operating lease liabilities

4,395

4,989

Current portion of financing lease liabilities

2,085

3,901

Total current liabilities

169,894

180,613

Long-term debt, net of debt issuance costs

294

29,523

Operating lease liabilities

12,687

14,537

Financing lease liabilities

9,890

8,376

Other long-term liabilities

23,316

19,837

Deferred income tax liability

97

207

Interest rate swap liability

1,602

Total liabilities

216,178

254,695

Stockholders’ equity:

Preferred stock — $0.01 par value, 10,000,000 authorized, none issued

Common stock — $0.01 par value, 50,000,000 authorized, 31,617,998 and 31,171,804 issued;
30,906,767 and 30,460,573 outstanding at June 30, 2021 and December 31, 2020, respectively

316

312

Treasury stock, 711,231 shares, at cost, as of June 30, 2021 and December 31, 2020, respectively

(6,540)

(6,540)

Accumulated other comprehensive loss

(1,602)

Additional paid-in capital

185,793

184,324

Retained loss

(12,542)

(17,000)

Total stockholders’ equity

167,027

159,494

Total liabilities and stockholders’ equity

$

383,205

$

414,189

 

Orion Group Holdings Inc.
Francis Okoniewski, VP Investor Relations
(346) 616-4138
www.oriongroupholdingsinc.com

-OR-

INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Fred Buonocore, CFA (212) 836-9607
Mike Gaudreau (212) 836-9620

Source: Orion Group Holdings, Inc.

Source

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