Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 28, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Entity File Number | 1-33891 | |
Entity Registrant Name | ORION GROUP HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-0097459 | |
Entity Address, Address Line One | 12000 Aerospace Avenue | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77034 | |
City Area Code | 713 | |
Local Phone Number | 852-6500 | |
Title of 12(b) Security | Common stock, $0.01 par value per share | |
Trading Symbol | ORN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 31,255,584 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001402829 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 8,089 | $ 12,293 |
Accounts receivable: | ||
Trade, net of allowance for credit losses of $380 and $323, respectively | 102,767 | 88,173 |
Retainage | 49,907 | 41,379 |
Income taxes receivable | 478 | 405 |
Other current | 3,321 | 17,585 |
Inventory | 1,801 | 1,428 |
Contract assets | 27,018 | 28,529 |
Prepaid expenses and other | 4,012 | 8,142 |
Total current assets | 197,393 | 197,934 |
Property and equipment, net | 104,307 | 106,654 |
Operating lease right-of-use assets, net of amortization | 16,039 | 14,686 |
Financing lease right-of-use assets, net of amortization | 17,096 | 14,561 |
Inventory, non-current | 5,709 | 5,418 |
Intangible assets, net of amortization | 7,936 | 8,556 |
Deferred income tax asset | 22 | 41 |
Other non-current | 2,980 | 3,900 |
Total assets | 351,482 | 351,750 |
Current liabilities: | ||
Current debt, net of debt issuance costs | 32,184 | 39,141 |
Accounts payable: | ||
Trade | 72,979 | 48,217 |
Retainage | 1,327 | 923 |
Accrued liabilities | 23,059 | 38,594 |
Income taxes payable | 793 | 601 |
Contract liabilities | 27,877 | 26,998 |
Current portion of operating lease liabilities | 4,589 | 3,857 |
Current portion of financing lease liabilities | 3,876 | 3,406 |
Total current liabilities | 166,684 | 161,737 |
Long-term debt, net of debt issuance costs | 859 | 259 |
Operating lease liabilities | 12,308 | 11,637 |
Financing lease liabilities | 12,472 | 10,908 |
Other long-term liabilities | 17,713 | 18,942 |
Deferred income tax liability | 191 | 169 |
Total liabilities | 210,227 | 203,652 |
Stockholders' equity: | ||
Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued | ||
Common stock -- $0.01 par value, 50,000,000 authorized, 31,966,815 and 31,712,457 issued; 31,255,584 and 31,001,226 outstanding at June 30, 2022 and December 31, 2021, respectively | 320 | 317 |
Treasury stock, 711,231 shares, at cost, as of June 30, 2022 and December 31, 2021, respectively | (6,540) | (6,540) |
Additional paid-in capital | 186,945 | 185,881 |
Retained loss | (39,470) | (31,560) |
Total stockholders' equity | 141,255 | 148,098 |
Total liabilities and stockholders' equity | $ 351,482 | $ 351,750 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Allowance for credit losses | $ 380 | $ 323 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,966,815 | 31,712,457 |
Common stock, shares outstanding | 31,255,584 | 31,001,226 |
Treasury stock, shares (in shares) | 711,231 | 711,231 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement | ||||
Contract revenues | $ 194,575 | $ 145,875 | $ 369,506 | $ 299,184 |
Costs of contract revenues | 180,244 | 133,574 | 342,359 | 271,428 |
Gross profit | 14,331 | 12,301 | 27,147 | 27,756 |
Selling, general and administrative expenses | 17,233 | 13,715 | 33,403 | 28,345 |
Amortization of intangible assets | 310 | 381 | 620 | 761 |
Gain on disposal of assets, net | (364) | (7,361) | (1,173) | (8,971) |
Operating (loss) income | (2,848) | 5,566 | (5,703) | 7,621 |
Other (expense) income: | ||||
Other income | 55 | 72 | 99 | 109 |
Interest income | 16 | 25 | 35 | 51 |
Interest expense | (958) | (2,943) | (1,698) | (3,983) |
Other expense, net | (887) | (2,846) | (1,564) | (3,823) |
(Loss) income before income taxes | (3,735) | 2,720 | (7,267) | 3,798 |
Income tax (benefit) expense | (681) | (810) | 643 | (660) |
Net (loss) income | $ (3,054) | $ 3,530 | $ (7,910) | $ 4,458 |
Basic (loss) earnings per share (in dollars per share) | $ (0.10) | $ 0.12 | $ (0.26) | $ 0.15 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.10) | $ 0.11 | $ (0.26) | $ 0.15 |
Shares used to compute (loss) income per share: | ||||
Basic (in shares) | 30,949,298 | 30,671,952 | 30,960,277 | 30,569,284 |
Diluted (in shares) | 30,949,298 | 30,702,151 | 30,960,277 | 30,601,669 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (3,054) | $ 3,530 | $ (7,910) | $ 4,458 |
Change in fair value of cash flow hedge, net of tax expense of $315 and $368 for the three and six months ended June 30, 2021 | 1,057 | 1,234 | ||
Total comprehensive (loss) income | $ (3,054) | $ 4,587 | $ (7,910) | $ 5,692 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Change in fair value of cash flow hedge, tax expense (benefit) | $ 315 | $ 368 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Treasury Stock | Other Comprehensive Income (Loss) | Additional Paid-In Capital | Retained Earnings | Total |
Beginning balance, shares at Dec. 31, 2020 | 31,171,804 | |||||
Beginning treasury stock, shares at Dec. 31, 2020 | (711,231) | |||||
Beginning balance at Dec. 31, 2020 | $ 312 | $ (6,540) | $ (1,602) | $ 184,324 | $ (17,000) | $ 159,494 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 383 | 383 | ||||
Exercise of stock options, shares | 23,755 | |||||
Exercise of stock options | 86 | 86 | ||||
Payments related to tax withholding for stock-based compensation, shares | (6,673) | |||||
Payments related to tax withholding for stock-based compensation | (36) | (36) | ||||
Cash flow hedge | 230 | 230 | ||||
Net income (loss) | 928 | 928 | ||||
Ending balance, shares at Mar. 31, 2021 | 31,188,886 | |||||
Ending treasury stock, shares at Mar. 31, 2021 | (711,231) | |||||
Ending balance at Mar. 31, 2021 | $ 312 | $ (6,540) | (1,372) | 184,757 | (16,072) | 161,085 |
Beginning balance, shares at Dec. 31, 2020 | 31,171,804 | |||||
Beginning treasury stock, shares at Dec. 31, 2020 | (711,231) | |||||
Beginning balance at Dec. 31, 2020 | $ 312 | $ (6,540) | (1,602) | 184,324 | (17,000) | 159,494 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 4,458 | |||||
Ending balance, shares at Jun. 30, 2021 | 31,617,998 | |||||
Ending treasury stock, shares at Jun. 30, 2021 | (711,231) | |||||
Ending balance at Jun. 30, 2021 | $ 316 | $ (6,540) | 185,793 | (12,542) | 167,027 | |
Beginning balance, shares at Mar. 31, 2021 | 31,188,886 | |||||
Beginning treasury stock, shares at Mar. 31, 2021 | (711,231) | |||||
Beginning balance at Mar. 31, 2021 | $ 312 | $ (6,540) | (1,372) | 184,757 | (16,072) | 161,085 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 1,245 | 1,245 | ||||
Payments related to tax withholding for stock-based compensation, shares | (32,755) | |||||
Payments related to tax withholding for stock-based compensation | $ (1) | (204) | (205) | |||
Issuance of restricted stock, shares | 489,850 | |||||
Issuance of restricted stock | $ 5 | (5) | ||||
Forfeiture of restricted stock, shares | (27,983) | |||||
Cash flow hedge | $ 1,372 | 1,372 | ||||
Net income (loss) | 3,530 | 3,530 | ||||
Ending balance, shares at Jun. 30, 2021 | 31,617,998 | |||||
Ending treasury stock, shares at Jun. 30, 2021 | (711,231) | |||||
Ending balance at Jun. 30, 2021 | $ 316 | $ (6,540) | 185,793 | (12,542) | $ 167,027 | |
Beginning balance, shares at Dec. 31, 2021 | 31,712,457 | 31,712,457 | ||||
Beginning treasury stock, shares at Dec. 31, 2021 | (711,231) | (711,231) | ||||
Beginning balance at Dec. 31, 2021 | $ 317 | $ (6,540) | 185,881 | (31,560) | $ 148,098 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 370 | 370 | ||||
Payments related to tax withholding for stock-based compensation, shares | (4,739) | |||||
Payments related to tax withholding for stock-based compensation | (15) | (15) | ||||
Issuance of restricted stock, shares | 8,929 | |||||
Forfeiture of restricted stock, shares | (39,922) | |||||
Net income (loss) | (4,856) | (4,856) | ||||
Ending balance, shares at Mar. 31, 2022 | 31,676,725 | |||||
Ending treasury stock, shares at Mar. 31, 2022 | (711,231) | |||||
Ending balance at Mar. 31, 2022 | $ 317 | $ (6,540) | 186,236 | (36,416) | $ 143,597 | |
Beginning balance, shares at Dec. 31, 2021 | 31,712,457 | 31,712,457 | ||||
Beginning treasury stock, shares at Dec. 31, 2021 | (711,231) | (711,231) | ||||
Beginning balance at Dec. 31, 2021 | $ 317 | $ (6,540) | 185,881 | (31,560) | $ 148,098 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | $ (7,910) | |||||
Ending balance, shares at Jun. 30, 2022 | 31,966,815 | 31,966,815 | ||||
Ending treasury stock, shares at Jun. 30, 2022 | (711,231) | (711,231) | ||||
Ending balance at Jun. 30, 2022 | $ 320 | $ (6,540) | 186,945 | (39,470) | $ 141,255 | |
Beginning balance, shares at Mar. 31, 2022 | 31,676,725 | |||||
Beginning treasury stock, shares at Mar. 31, 2022 | (711,231) | |||||
Beginning balance at Mar. 31, 2022 | $ 317 | $ (6,540) | 186,236 | (36,416) | 143,597 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 794 | 794 | ||||
Payments related to tax withholding for stock-based compensation, shares | (31,004) | |||||
Payments related to tax withholding for stock-based compensation | (82) | (82) | ||||
Issuance of restricted stock, shares | 623,655 | |||||
Issuance of restricted stock | $ 6 | (6) | ||||
Forfeiture of restricted stock, shares | (302,561) | |||||
Forfeiture of restricted stock | $ (3) | 3 | ||||
Net income (loss) | (3,054) | $ (3,054) | ||||
Ending balance, shares at Jun. 30, 2022 | 31,966,815 | 31,966,815 | ||||
Ending treasury stock, shares at Jun. 30, 2022 | (711,231) | (711,231) | ||||
Ending balance at Jun. 30, 2022 | $ 320 | $ (6,540) | $ 186,945 | $ (39,470) | $ 141,255 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net (loss) income | $ (7,910) | $ 4,458 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Depreciation and amortization | 10,815 | 11,313 |
Amortization of ROU operating leases | 2,459 | 2,794 |
Amortization of ROU finance leases | 1,546 | 1,602 |
Write-off of debt issuance costs upon debt modification | 790 | |
Amortization of deferred debt issuance costs | 161 | 429 |
Deferred income taxes | 41 | (81) |
Stock-based compensation | 1,164 | 1,628 |
Gain on disposal of assets, net | (1,173) | (8,971) |
Allowance for credit losses | 56 | |
Change in operating assets and liabilities: | ||
Accounts receivable | (23,158) | 5,147 |
Income tax receivable | (73) | (682) |
Inventory | (664) | 277 |
Prepaid expenses and other | 5,050 | 337 |
Contract assets | 1,511 | 9,159 |
Accounts payable | 25,363 | (3,754) |
Accrued liabilities | (2,266) | (5,290) |
Operating lease liabilities | (2,317) | (2,571) |
Income tax payable | 192 | (538) |
Contract liabilities | 879 | (4,772) |
Net cash provided by operating activities | 11,676 | 11,275 |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 1,043 | 24,737 |
Purchase of property and equipment | (8,001) | (4,715) |
Insurance claim proceeds related to property and equipment | 440 | |
Net cash (used in) provided by investing activities | (6,958) | 20,462 |
Cash flows from financing activities: | ||
Borrowings on credit | 5,000 | 20,000 |
Payments made on borrowings of credit | (11,742) | (49,086) |
Loan costs from Credit Facility | (611) | |
Payments of finance lease liabilities | (1,472) | (1,675) |
Payments related to tax withholding for stock-based compensation | (97) | (241) |
Exercise of stock options | 86 | |
Net cash used in by financing activities | (8,922) | (30,916) |
Net change in cash and cash equivalents | (4,204) | 821 |
Cash and cash equivalents at beginning of period | 12,293 | 1,589 |
Cash and cash equivalents at end of period | 8,089 | 2,410 |
Supplemental disclosures of cash flow information, cash paid during the period for: | ||
Interest | 1,071 | 2,064 |
Taxes, net of refunds | $ 481 | $ 640 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business Orion Group Holdings, Inc., its subsidiaries and affiliates (hereafter collectively referred to as the "Company"), provide a broad range of specialty construction services in the infrastructure, industrial, and building sectors of the continental United States, Alaska, Canada and the Caribbean Basin. The Company’s marine segment services the infrastructure sector through 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 services the building sector by providing 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 offices throughout its operating areas. The tools used by the chief operating decision maker ("CODM") to allocate resources and assess performance are based on two reportable and operating segments: marine, which operates under the Orion brand and logo, and concrete, which operates under the TAS Commercial Concrete brand and logo. Although we describe the business in this report in terms of the services the Company provides, its base of customers and the areas in which it operates, the Company has determined that its operations currently comprise two reportable segments pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting In making this determination, the Company considered the similar economic characteristics of its operations that comprise its marine segment. For the marine segment, the methods used, and the internal processes employed, to deliver marine construction services are similar throughout the segment, including standardized estimating, project controls and project management. This segment has the same customers with similar funding drivers and are subject to similar regulatory regimes driven through Federal agencies such as the U.S. Army Corps of Engineers, U.S. Fish and Wildlife Service, U.S. Environmental Protection Agency and U.S. Occupational Safety and Health Administration ("OSHA"), among others. Additionally, the segment is driven by macro-economic considerations including the level of import/export seaborne transportation, development of energy-related infrastructure, cruise line expansion and operations, marine bridge infrastructure development, waterway pipeline crossings and the maintenance of waterways. These considerations, and others, are key catalysts for future prospects and are similar across the segment. For the concrete segment, the Company also considered the similar economic characteristics of these operations. The methods used, and the internal processes employed, to deliver concrete construction services are similar throughout the segment, including standardized estimating, project controls and project management. The projects of this segment are subject to similar regulatory regimes such as OSHA. Additionally, this segment is driven by macro-economic considerations, including movements in population, commercial real estate development, institutional funding and expansion, and recreational development, specifically in metropolitan areas of Texas. These considerations, and others, are key catalysts for current operations and future prospects and are similar across the segment. Basis of Presentation The accompanying condensed consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. Readers of this report should also read the Company’s consolidated financial statements and the notes thereto included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (“2021 Form 10-K”) as well as Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented. Such adjustments are of a normal recurring nature. Interim results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. In connection with preparing consolidated financial statements for each annual and interim reporting period, the Company is required to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Substantial doubt exists when conditions and events, considered in aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans and actions that have not been fully implemented as of the date that the financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both: (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued; and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued. The assessment of the liquidity and going concern requires the Company to make estimates of future activity and judgments about whether the Company is compliant with financial covenant calculations under its debt and other agreements and has adequate liquidity to operate. Significant assumptions used in the Company's forecasted model of liquidity include forecasted sales, costs, our ability to manage spending on capital expenditures, our ability to repay amounts borrowed on our Credit Facility, limit spending on the ERP system implementation and improve working capital. Based on an assessment of these factors, management believes that the Company will have adequate liquidity for its operations for at least the next 12 months. Therefore, management’s conclusion is that substantial doubt is not raised as to the Company’s ability to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | 2. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates, judgments and assumptions are continually evaluated based on available information and experience; however, actual amounts could differ from those estimates. On an ongoing basis, the Company evaluates the significant accounting policies used to prepare its condensed consolidated financial statements, including, but not limited to, those related to: ● Revenue recognition from construction contracts; ● The recording of accounts receivable and allowance for credit losses; ● The carrying value of property, plant and equipment; ● Leases; ● Finite and infinite-lived intangible assets, testing for indicators of impairment; ● Stock-based compensation; ● Income taxes; and ● Self-insurance Revenue Recognition The Company’s revenue is derived from contracts to provide marine construction, dredging, turnkey concrete services, and other specialty services. The Company’s projects are typically brief in duration, but occasionally, span a period of over one year. The Company determines the appropriate accounting treatment for each contract before work begins and, subject to qualifications discussed in the next paragraph, generally records contract revenue over time. Performance obligations are promises in a contract to transfer distinct goods or services to the customer and are the unit of account under Topic 606. Each of the Company’s contracts and related change orders typically represent a single performance obligation because the Company provides an integrated service and individual goods and services are not separately identifiable. Revenue is recognized over time because control of the promised goods and services are continuously transferred to the customer over the life of the contract. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the stand-alone selling price of each distinct good or service. Progress is measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. This method is used because management considers contract costs incurred to be the best available measure of progress on these contracts. Contract costs include all direct costs, such as material and labor, and those indirect costs incurred that are related to contract performance such as payroll taxes and insurance. General and administrative costs are charged to expense as incurred. Upfront costs, such as costs to mobilize personnel and equipment prior to satisfying a performance obligation are capitalized and amortized over the contract performance period. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and reported revenue and are recognized in the period in which the revisions are determined. The effect of changes in estimates of contract revenue or contract costs is recognized as an adjustment to recognized revenue on a cumulative catch-up basis. When the Company anticipates a loss on a contract that is not yet complete, it recognizes the entire loss in the period in which such losses are determined. Revenue is recorded net of any sales taxes collected and paid on behalf of the customer, if applicable. Contract revenue is derived from the original contract price as modified by agreed-upon change orders and estimates of variable consideration related to incentive fees and change orders or claims for which price has not yet been agreed by the customer. The Company estimates variable consideration based on its assessment of the most likely amount to which it expects to be entitled. Variable consideration is included in the estimated recognition of revenue to the extent it is probable that a significant reversal of cumulative recognized revenue will not occur. A determination that the collection of a claim is probable is based upon compliance with the terms of the contract and the extent to which the Company performed in accordance therewith but does not guarantee collection in full. Assets and liabilities derived from contracts with customers include the following: ● Accounts Receivable: Trade, net of allowance - Represent amounts billed and currently due from customers and are stated at their estimated net realizable value. ● Accounts Receivable: Retainage - Represent amounts which have not been billed to or paid by customers due to retainage provisions in construction contracts, which amounts generally become payable upon contract completion and acceptance by the customer. ● Contract Assets - Represent revenues recognized in excess of amounts billed, which management believes will be billed and collected within one year of the completion of the contract and are recorded as a current asset, until such amounts are either received or written off. ● Contract Liabilities - Represent billings in excess of revenues recognized and are recorded as a current liability, until the underlying obligation has been performed or discharged. Classification of Current Assets and Liabilities The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on its cash balances in excess of federally insured limits. Cash equivalents at June 30, 2022 and December 31, 2021 consisted primarily of overnight bank deposits. Risk Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable. The Company depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly, on the amount of funding available to these agencies for new and current governmental projects. Therefore, a portion of the Company’s operations is dependent upon the level and timing of government funding. Statutory mechanics liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers. Accounts Receivable Accounts receivable are stated at the historical carrying value, net of allowances for credit losses. The Company has significant investments in billed and unbilled receivables as of June 30, 2022 and December 31, 2021. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestone achievements. Unbilled receivables on contracts represent recoverable costs and accrued profits that are not yet capable of being billed under the terms of the applicable contracts. Revenue associated with these billings is recorded net of any sales tax, if applicable. Past due balances over 90 days and other higher risk receivables identified by management are reviewed individually for collectability. In establishing an allowance for credit losses, the Company evaluates its contract receivables and contract assets and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off potentially uncollectible accounts receivable against the allowance for credit losses if it is determined that the amounts will not be collected or if a settlement with respect to a disputed receivable is reached for an amount that is less than the carrying value. As of June 30, 2022 and December 31, 2021, the Company has recorded an allowance for credit losses of $0.4 million and $0.3 million, respectively. Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retainage at June 30, 2022 totaled $49.9 million, of which $5.7 million is expected to be collected beyond June 30, 2023. Retainage at December 31, 2021 totaled $41.4 million. From time to time, the Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than amounts previously recorded, which could result in the recording of a loss in the amount of the shortfall. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity. Advertising Costs The Company primarily obtains contracts through the open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred. Environmental Costs Costs related to environmental remediation are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property and/or provide future economic benefits, in which event the costs are capitalized. Environmental liabilities, if any, are recognized when the liability is considered probable and the amount can be reasonably estimated. The Company did not recognize any environmental liabilities as of June 30, 2022 or December 31, 2021. Fair Value Measurements The Company evaluates and presents certain amounts included in the accompanying condensed consolidated financial statements at “fair value” in accordance with U.S. GAAP, which requires the Company to base its estimates on assumptions that market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. Refer to Note 8 The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to goodwill and indefinite-lived intangible assets. Inventory Current inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost (using historical average cost) or net realizable value. Where shipping and handling costs are incurred by the Company, these charges are included in inventory and charged to cost of contract revenue upon use. Non-current inventory consists of spare parts (including engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication, but must be kept on hand to reduce downtime and is valued at the lower of cost (using historical average cost) or net realizable value. Property and Equipment Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: Automobiles and trucks 3 to 10 years Buildings and improvements 10 to 30 years Construction equipment 3 to 10 years Vessels and other equipment 3 to 40 years Office equipment 3 to 5 years The Company generally uses accelerated depreciation methods for tax purposes where beneficial. Dry-docking costs are capitalized and amortized using the straight-line method over a period ranging from three Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. There were no assets classified as held for sale as of June 30, 2022 or December 31, 2021. Leases Management determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company’s lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. See Note 18 Intangible Assets Intangible assets that have finite lives are amortized. In addition, the Company evaluates the remaining useful life of intangible assets in each reporting period to determine whether events and circumstances warrant a revision of the remaining period of amortization. If the estimate of an intangible asset’s remaining life is changed, the remaining carrying value of such asset is amortized prospectively over that revised remaining useful life. Intangible assets that have infinite lives are not amortized, but are subject to impairment testing at least annually or more frequently if events or circumstances indicate that the asset may be impaired. The Company has one infinite-lived intangible asset, a trade name, which it tests for impairment annually on October 31, or whenever events or circumstances indicate that the carrying amount of the trade name may not be recoverable. Impairment is calculated as the excess of the trade name’s carrying value over its fair value. The fair value of the trade name is determined using the relief from royalty method, a variation of the income approach. This method assumes that if a company owns intellectual property, it does not have to “rent” the asset and is, therefore, “relieved” from paying a royalty. Once a supportable royalty rate is determined, the rate is then applied to the projected revenues over the expected remaining life of the intangible assets to estimate the royalty savings. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates, discount rates and other variables. See Note 9 Stock-Based Compensation The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the use of subjective assumptions in the computation. Changes in these assumptions can cause significant fluctuations in the fair value of the option award. The fair value of restricted stock grants and restricted stock units is equivalent to the fair value of the stock issued on the date of grant and is measured as the closing price of the stock on the date of grant. Compensation expense is recognized only for stock-based payments expected to vest. The Company estimates forfeitures at the date of grant based on historical experience and future expectations. This assessment is updated on a periodic basis. See Note 15 Income Taxes The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, Income Taxes See Note 13 Insurance Coverage The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers’ compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company’s workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. The marine segment maintains five levels of excess loss insurance coverage, totaling $200 million in excess of primary coverage. The marine segment’s excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted; provided that the primary limit for Contingent Maritime Employer’s Liability is $10 million and the Watercraft Pollution Policy primary limit is $5 million. The concrete segment maintains five levels of excess loss insurance coverage, totaling $200 million in excess of primary coverage. The concrete segment’s excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted. If a claim arises and a potential insurance recovery is probable, the impending gain is recognized separately from the related loss. The recovery will only be recognized up to the amount of the loss once the recovery of the claim is deemed probable and any excess gain will fall under contingency accounting and will only be recognized once it is realized. The Company does not net insurance recoveries against the related claim liability as the amount of the claim liability is determined without consideration of the anticipated insurance recoveries from third parties. Separately, the Company’s marine segment employee health care is paid for by general assets of the Company and currently administered by a third party. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from estimates. Any adjustments to such reserves are included in the Condensed Consolidated Statements of Operations in the period in which they become known. The Company’s concrete segment employee health care is provided through two policies. A fully funded policy is offered primarily to salaried employees and their dependents while a partially self-funded plan with an appropriate stop-loss is offered primarily to hourly employees and their dependents. The self-funded plan is funded to the maximum exposure and, as a result, is expected to receive a partial refund after the policy expiration. The total accrual for insurance claims liabilities was $4.6 million and $19.8 million at June 30, 2022 and December 31, 2021, respectively, reflected as a component of accrued liabilities in the condensed consolidated balance sheet. The total accrual for insurance claims receivable was $0.5 million and $13.3 million at June 30, 2022 and December 31, 2021, respectively, reflected as a component of other current accounts receivable in the condensed consolidated balance sheet. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Contract revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table represents a disaggregation of the Company’s contract revenues by service line for the marine and concrete segments: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Marine Segment Construction $ 53,210 $ 38,859 $ 112,362 $ 82,795 Dredging 24,320 20,672 46,486 45,354 Specialty Services 4,789 4,411 7,951 7,939 Marine segment contract revenues $ 82,319 $ 63,942 $ 166,799 $ 136,088 Concrete Segment Structural $ 17,864 $ 17,545 $ 31,540 $ 34,206 Light Commercial 94,392 64,388 171,167 128,883 Other — — — 7 Concrete segment contract revenues $ 112,256 $ 81,933 $ 202,707 $ 163,096 Total contract revenues $ 194,575 $ 145,875 $ 369,506 $ 299,184 The Company has determined that it has two reportable segments pursuant to FASB ASC Topic 280, Segment Reporting Note 1 Marine Segment Construction services include construction, restoration, maintenance, dredging and repair of marine transportation facilities, marine pipelines, bridges and causeways and marine environmental structures. Dredging services generally enhance or preserve the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Specialty services include design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation and repair. Concrete Segment Structural services include elevated concrete pouring for products such as columns, elevated beams and structural walls. Light commercial services include horizontally poured concrete for products such as sidewalks, ramps, tilt walls and trenches. Other services comprise labor related to concrete pouring such as rebar installation and pumping services and typically support the Company’s structural and light commercial services. |
Concentration of Risk and Enter
Concentration of Risk and Enterprise-Wide Disclosures | 6 Months Ended |
Jun. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk and Enterprise Wide Disclosures | 4. In both reportable segments accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner. The table below presents the concentrations of current receivables (trade and retainage) at June 30, 2022 and December 31, 2021, respectively: June 30, 2022 December 31, 2021 Federal Government $ 3,832 3 % $ 6,563 5 % State Governments 555 - % 61 - % Local Governments 19,564 13 % 11,923 9 % Private Companies 129,103 84 % 111,328 86 % Gross receivables 153,054 100 % 129,875 100 % Allowance for credit losses (380) (323) Net receivables $ 152,674 $ 129,552 At both June 30, 2022 and December 31, 2021, no single customer accounted for more than 10.0% of total current receivables. Additionally, the table below represents concentrations of contract revenue by type of customer for the three and six months ended June 30, 2022 and 2021, respectively: Three months ended June 30, Six months ended June 30, 2022 % 2021 % 2022 % 2021 % Federal Government $ 19,834 10 % $ 12,345 9 % $ 42,529 12 % $ 25,109 9 % State Governments 13,753 7 % 246 - % 21,457 5 % 414 - % Local Governments 26,198 13 % 38,576 26 % 58,600 16 % 72,092 24 % Private Companies 134,790 69 % 94,708 65 % 246,920 67 % 201,569 67 % Total contract revenues $ 194,575 99 % $ 145,875 100 % $ 369,506 100 % $ 299,184 100 % In the three and six months ended June 30, 2022 and 2021, no single customer exceeded 10.0% of total contract revenues. The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time. The concrete segment primarily purchases concrete from select suppliers. The loss of any one of these suppliers could adversely impact short-term operations. Contract revenues generated outside the United States totaled 1.0% and 0.2% of total revenues for the three months ended June 30, 2022 and 2021, respectively, and 0.7% and 0.9% for the six months ended June 30, 2022 and 2021, respectively, and were primarily located in the Caribbean Basin and Mexico. |
Contracts in Progress
Contracts in Progress | 6 Months Ended |
Jun. 30, 2022 | |
Contractors [Abstract] | |
Contracts in Progress | 5. Contracts in progress are as follows at June 30, 2022 and December 31, 2021: June 30, December 31, 2022 2021 Costs incurred on uncompleted contracts $ 1,096,568 $ 1,138,298 Estimated earnings 159,043 168,861 1,255,611 1,307,159 Less: Billings to date (1,256,470) (1,305,628) $ (859) $ 1,531 Included in the accompanying Condensed Consolidated Balance Sheets under the following captions: Contract assets $ 27,018 $ 28,529 Contract liabilities (27,877) (26,998) $ (859) $ 1,531 Included in contract assets is approximately $9.3 million and $3.8 million at June 30, 2022 and December 31, 2021, respectively, related to claims and unapproved change orders. See Note 2 Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of June 30, 2022, the aggregate amount of the remaining performance obligations was approximately $603.2 million. Of this amount, the current expectation of the Company is that it will recognize $487.1 million, or 81%, in the next 12 months and the remaining balance thereafter. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. The following is a summary of property and equipment at June 30, 2022 and December 31, 2021: June 30, December 31, 2022 2021 Automobiles and trucks $ 2,306 $ 2,337 Building and improvements 35,108 34,796 Construction equipment 136,913 137,786 Vessels and other equipment 85,021 82,455 Office equipment 6,660 6,430 266,008 263,804 Less: Accumulated depreciation (198,524) (191,542) Net book value of depreciable assets 67,484 72,262 Construction in progress 8,938 6,507 Land 27,885 27,885 $ 104,307 $ 106,654 For the three months ended June 30, 2022 and 2021, depreciation expense was $5.0 million and $5.2 million, respectively. For the six months ended June 30, 2022 and 2021, depreciation expense was $10.2 million and $10.6 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Operations. Substantially all of the assets of the Company are pledged as collateral under the Company’s Credit Agreement (as defined in Note 11 During the quarter ended June 30, 2021, the Company sold its land, building and improvements located in Tampa, Florida. The book value of the assets and related accumulation were removed from the balance sheet and the Company recognized a net gain on the sale of $6.8 million. Substantially all of the Company’s long-lived assets are located in the United States. See Note 2 |
Other Current Accounts Receivab
Other Current Accounts Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Other Current Accounts Receivable | |
Other Current Accounts Receivable | 7. Other current accounts receivable at June 30, 2022 and December 31, 2021 consisted of the following: June 30, 2022 December 31, 2021 Insurance claims receivable $ 527 $ 13,273 Accident loss receivables 1,303 3,760 Other current receivables 1,491 552 Total other current accounts receivable $ 3,321 $ 17,585 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 8. Recurring Fair Value Measurements The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. Due to their short-term nature, the Company believes that the carrying value of its accounts receivable, other current assets, accounts payable and other current liabilities approximate their fair values. The Company classifies financial assets and liabilities into the following three levels based on the inputs used to measure fair value in the order of priority indicated: ● Level 1- fair values are based on observable inputs such as quoted prices in active markets for identical assets or liabilities; ● Level 2 - fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and ● Level 3- fair values are based on unobservable inputs in which little or no market data exists. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy the Company’s recurring financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: Fair Value Measurements Carrying Value Level 1 Level 2 Level 3 June 30, 2022 Assets: Cash surrender value of life insurance policy $ 2,254 — 2,254 — December 31, 2021 Assets: Cash surrender value of life insurance policy $ 2,813 — 2,813 — Our concrete segment has life insurance policies with a combined face value of $11.1 million as of June 30, 2022. The policies are invested in mutual funds and the fair value measurement of the cash surrender balance associated with these policies is determined using Level 2 inputs within the fair value hierarchy and will vary with investment performance. These assets are included in the "Other noncurrent" asset section in the Company’s Condensed Consolidated Balance Sheets. Non-Recurring Fair Value Measurements The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to the infinite-lived intangible asset. Other Fair Value Measurements The fair value of the Company’s debt at June 30, 2022 and December 31, 2021 approximated its carrying value of $33.5 million and $39.4 million, respectively, as interest is based on current market interest rates for debt with similar risk and maturity. If the Company’s debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 9. The tables below present the activity and amortization of finite-lived intangible assets: June 30, December 31, 2022 2021 Finite-lived intangible assets, beginning of period $ 35,240 $ 35,240 Additions — — Total finite-lived intangible assets, end of period $ 35,240 $ 35,240 Accumulated amortization, beginning of period $ (33,576) $ (32,055) Current year amortization (620) (1,521) Total accumulated amortization (34,196) (33,576) Net finite-lived intangible assets, end of period $ 1,044 1,664 Infinite-lived intangible assets 6,892 6,892 Total net intangible assets $ 7,936 $ 8,556 Remaining net finite-lived intangible assets were acquired as part of the purchase of TAS during 2015 and TBC during 2017 and included customer relationships. Customer relationships were valued at approximately $18.8 million and are being amortized over eight years using an accelerated method based on the pattern in which the economic benefits of the assets are consumed. For the six months ended June 30, 2022, $0.6 million of amortization expense was recognized for these assets. Future expense remaining of approximately $1.0 million will be amortized as follows: 2022 $ 618 2023 389 2024 37 $ 1,044 The most recent annual impairment test of the Company’s indefinite-lived intangible asset concluded that the fair value of the trade name was in excess of the carrying value, therefore no impairment was recorded. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 10. Accrued liabilities at June 30, 2022 and December 31, 2021 consisted of the following: June 30, 2022 December 31, 2021 Accrued salaries, wages and benefits $ 12,796 $ 9,879 Accrued liabilities expected to be covered by insurance 4,564 19,818 Sales taxes 1,977 5,113 Property taxes 1,190 1,047 Sale-leaseback arrangement 779 743 Accounting and audit fees 246 413 Interest 241 23 Other accrued expenses 1,266 1,558 Total accrued liabilities $ 23,059 $ 38,594 CARES Act On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which among other things includes an optional payment deferral of the employer's portion of the Social Security taxes that were otherwise due through December 31, 2020. The Company elected to defer payments of approximately $7.6 million with $3.8 million paid in December 2021 and the remaining $3.8 million due December 2022, reflected in accrued liabilities in the Company’s Condensed Consolidated Balance Sheets. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 11. The Company entered into an amended syndicated credit agreement (the “Credit Agreement” also known as the “Fourth Amendment”) on July 31, 2018 with Regions Bank, as administrative agent and collateral agent, and the following co-syndication agents: Bank of America, N.A., BOKF, NA dba Bank of Texas, KeyBank National Association, NBH Bank, IBERIABANK, Trustmark National Bank, First Tennessee Bank NA, and Branch Banking and Trust Company. The Credit Agreement was subsequently amended in March 2019 (the “Fifth Amendment”), May 2019 (the “Sixth Amendment”), June 2020 (the “Seventh Amendment”), October 2020 (the “Eighth Amendment”), and March 2022 (the “Ninth Amendment”). The Company incurred debt issuance costs related to the initial Credit Agreement and several of the subsequent amendments. The Credit Facility matures on July 31, 2023. The Credit Agreement, which may be amended from time to time, provides for borrowings under a revolving line of credit and a term loan (together, the “Credit Facility”). The Credit Facility is guaranteed by the subsidiaries of the Company, secured by the assets of the Company, including stock held in its subsidiaries, and may be used to finance general corporate and working capital purposes, to finance capital expenditures, to refinance existing indebtedness, to finance permitted acquisitions and associated fees, and to pay for all related expenses to the Credit Facility. Interest is due and is computed based on the designation of the loan, with the option of a Base Rate Loan (the base rate plus the Applicable Margin), or an Adjusted LIBOR Rate Loan (the adjusted LIBOR rate plus the Applicable Margin). Interest is due on the last day of each quarter end for Base Rate Loans and at the end of the LIBOR rate period for Adjusted LIBOR Rate Loans. Principal balances drawn under the Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. Amounts repaid under the revolving line of credit may be re-borrowed. Effective, March 1, 2022, the Company entered into the Ninth Amendment to the Credit Agreement to, among other things, waive certain covenant defaults, reset the revolver limit, implement an anti-cash hoarding provision and institute temporary covenant requirements. The amendment reduced the commitment on the revolving line of credit to $42.5 million. With the execution of the Ninth Amendment, the existing Credit Facility was treated as a modification of debt and accounted for under the guidelines of ASC 470-50, Debt, Modifications and Extinguishments. The new debt issuance costs of approximately $1.0 million, inclusive of appraisal and bank consulting fees, related to the execution of the Ninth Amendment will be amortized through the maturity date. The quarterly weighted average interest rate for the Credit Facility as of June 30, 2022 was 5.19%. The Company’s obligations under debt arrangements consisted of the following: June 30, 2022 December 31, 2021 Debt Issuance Debt Issuance Principal Costs (1) Total Principal Costs (1) Total Revolving line of credit $ 32,400 $ (491) $ 31,909 $ 39,000 $ — $ 39,000 Other debt 275 — 275 141 — 141 Total current debt 32,675 (491) 32,184 39,141 — 39,141 Other debt 859 — 859 259 — 259 Total long-term debt 859 — 859 259 — 259 Total debt $ 33,534 $ (491) $ 33,043 $ 39,400 $ — $ 39,400 (1) Total debt issuance costs include underwriter fees, legal fees and syndication fees and fees related to the execution of the Ninth Amendment to the Credit Agreement. Provisions of the revolving line of credit The Company has a maximum borrowing availability under the revolving line of credit and swingline loans (as defined in the Credit Agreement) of $42.5 million. There is a letter of credit sublimit that is equal to the lesser of $20.0 million and the aggregate unused amount of the revolving commitments then in effect. There is also a swingline sublimit equal to the lesser of $5.0 million and the aggregate unused amount of the revolving commitments then in effect. Revolving loans may be designated as Base Rate Loan or Adjusted LIBOR Rate Loans, at the Company’s request, and must be drawn in an aggregate minimum amount of $1.0 million and integral multiples of $250,000 in excess of that amount. Swingline loans must be drawn in an aggregate minimum amount of $250,000 and integral multiples of $50,000 in excess of that amount. The Company may convert, change, or modify such designations from time to time. The Company is subject to a commitment fee for the unused portion of the maximum borrowing availability under the revolving line of credit. The commitment fee, which is due quarterly in arrears, is equal to the Applicable Margin of the actual daily amount by which the Aggregate Revolving Commitments exceeds the Total Revolving Outstanding. The revolving line of credit termination date is the earlier of the Credit Facility termination date, July 31, 2023, or the date the outstanding balance is permanently reduced to zero, in accordance with the terms of the amended Credit Facility. As of June 30, 2022, the Company had $32.4 million of borrowings under the revolving line of credit. There were $1.7 million in outstanding letters of credit as of June 30, 2022, which reduced the maximum borrowing availability on the revolving line of credit to $8.4 million. During the six months ended June 30, 2022, the Company drew down $5.0 million for general corporate purposes and made payments of $11.6 million on the revolving line of credit which resulted in a net decrease of $6.6 million. Other debt The Company has entered into debt agreements with De Lage Landen Financial Services, Inc. and Mobilease for the purpose of financing equipment purchased. As of June 30, 2022, the carrying value of this debt is $1.1 million. The agreements are secured by the financed equipment assets and the debt is included as a component of current debt and long-term debt on the Condensed Consolidated Balance Sheets. Financial covenants Restrictive financial covenants under the Credit Facility include: • Consolidated EBITDA minimum of: - Fiscal Quarter Ending June 30, 2022 - $7.7 million on a year-to-date basis • Consolidated Leverage Ratio - Fiscal Quarter Ending September 30, 2022 and each Fiscal Quarter thereafter, maximum of 3.00 to 1.00 • Consolidated Fixed Charge Coverage Ratio - Fiscal Quarter Ending December 31, 2022 and each Fiscal Quarter thereafter, minimum of 1.25 to 1.00. In addition, the Credit Facility contains events of default that are usual and customary for similar arrangements, including non-payment of principal, interest or fees; breaches of representations and warranties that are not timely cured; violation of covenants; bankruptcy and insolvency events; and events constituting a change of control. The Company was in compliance with all financial covenants as of June 30, 2022. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | |
Other Long-Term Liabilities | 12. Other long-term liabilities at June 30, 2022 and December 31, 2021 consisted of the following: June 30, 2022 December 31, 2021 Sale-leaseback arrangement $ 15,573 $ 15,969 Deferred compensation 1,863 2,759 Accrued liabilities expected to be covered by insurance 277 214 Total other long-term liabilities $ 17,713 $ 18,942 Sale-Leaseback Arrangement On September 27, 2019, the Company entered into a purchase and sale agreement (the “Purchase and Sale Agreement”). Pursuant to the terms of the Purchase and Sale Agreement, the Company sold its 17300 & 17140 Market Street location in Channelview, Texas (the “Property”) for a purchase price of $19.1 million. Concurrent with the sale of the Property, the Company entered into a fifteen-year lease agreement (the “Lease Agreement”), whereby the Company will lease back the Property at an annual rental rate of approximately $1.5 million, subject to annual rent increases of 2.0%. Under the Lease Agreement, the Company has two consecutive options to extend the term of the Lease by ten years for each such option. This transaction was recorded as a failed sale-leaseback. The Company recorded a liability for the amounts received, will continue to depreciate the non-land portion of the asset, and has imputed an interest rate so that the net carrying amount of the financial liability and remaining assets will be zero at the end of the initial lease term. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. The Company’s effective tax rate is based on expected income, statutory rates and tax planning opportunities available to it. For interim financial reporting, the Company estimates its annual tax rate based on projected taxable income for the full year and records a quarterly tax provision in accordance with the anticipated annual rate. Income tax (benefit) expense included in the Company’s accompanying Condensed Consolidated Statements of Operations was as follows (in thousands, except percentages): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Income tax (benefit) expense $ (681) $ (810) $ 643 $ (660) Effective tax rate 18.2 % (29.8) % (8.8) % (17.4) % The effective rate for the three and six months ended June 30, 2022 differed from the Company’s statutory federal rate of 21% primarily due to the tax impact from the valuation allowance for current year activity, state income taxes and the non-deductibility of other permanent items. The Company assessed the realizability of its deferred tax assets and determined that it was more likely than not that some portion or all the deferred tax assets would not be realized and therefore recorded a valuation allowance on the net deferred tax assets. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The Company considers the scheduled reversal of deferred tax liabilities, available carryback periods, and tax-planning strategies in making this assessment. For the period ended June 30, 2022 the Company evaluated all positive and negative evidence in determining the amount of deferred tax assets more likely than not to be realized. Based on the review of available evidence, Management believes that a valuation allowance on the net deferred tax assets at June 30, 2022 remains appropriate. The Company does not expect that unrecognized tax benefits as of June 30, 2022 for certain federal income tax matters will significantly change due to any settlement and/or expiration of statutes of limitations over the next 12 months. The final outcome of these tax positions is not yet determinable. The Company’s uncertain tax benefits, if recognized, would affect the Company’s effective tax rate. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is based on the weighted average number of common shares outstanding as well as the effect of all dilutive common stock equivalents during each period net income is generated. For the three months ended June 30, 2022 and 2021, the Company had 662,289 and 893,604 securities, respectively, that were potentially dilutive in earnings per share calculations. For the six months ended June 30, 2022 and 2021, the Company had 671,318 and 904,486 securities, respectively, that were potentially dilutive in earnings per share calculations. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method. The exercise price for certain stock options awarded by the Company exceeded the average market price of the Company’s common stock for the three and six months ended June 30, 2022 and 2021. Such stock options are antidilutive and are not included in the computation of earnings per share for those periods. The following table reconciles the denominators used in the computations of both basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic: Weighted average shares outstanding 30,949,298 30,671,952 30,960,277 30,569,284 Diluted: Total basic weighted average shares outstanding 30,949,298 30,671,952 30,960,277 30,569,284 Effect of potentially dilutive securities: Common stock options — 30,199 — 32,385 Total weighted average shares outstanding assuming dilution 30,949,298 30,702,151 30,960,277 30,601,669 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 15. The Compensation Committee of the Company’s Board of Directors is responsible for the administration of the Company’s stock incentive plans, which include the balance of shares remaining under the 2022 Long Term Incentive Plan (the "2022 LTIP"), which was approved by shareholders in May 2022 and authorized the maximum aggregate number of shares to be issued of 2,175,000 plus any shares available for grant under prior long term incentive plans as of the date the 2022 LTIP was approved, and any shares subject to awards granted under the prior plans that expire or are cancelled, forfeited, exchanged, settled in cash or otherwise terminated. In general three The Company applies a 3.2% and a 5.5% forfeiture rate, which is compounded over the vesting terms of the individual award, to its restricted stock and option grants, respectively, based on historical analysis. In the three months ended June 30, 2022 and 2021, compensation expense related to stock-based awards outstanding was $0.8 million and $1.2 million, respectively. In the six months ended June 30, 2022 and 2021, compensation expense related to stock-based awards outstanding was $1.2 million and $1.6 million, respectively. In the three and six months ended June 30, 2022 and 2021, payments related to tax withholding for stock-based compensation for certain officers of the Company was $0.1 million and $0.2 million, respectively. In January 2022, the Company granted an independent director 8,929 shares of restricted common stock, which vested immediately on the date of grant and had a fair value on the date of grant of $3.36 per share. In May 2022, independent directors as well as Mr. Austin J. Shanfelter, the Company’s Executive Chairman, Interim Chief Executive Officer and Interim Chief Financial Officer, were awarded an aggregate of 623,655 shares of restricted common stock. The total number included 193,548 shares, which were awarded to the six independent directors and vested immediately on the date of the grant, as well as 430,107 shares of time-vested restricted stock units awarded to Mr. Shanfelter. The time-vested restricted stock units will vest as follows: (1) 179,211 will cliff vest and will be settled in stock, unless the Company's Compensation Committee exercises its discretion to settle all or a portion in cash (on a one-for-one basis), provided Mr. Shanfelter fulfills his term as Interim Chief Executive Officer, which the Company expects to occur prior to April 6, 2023 and (2) 250,896 will cliff vest and will be settled in stock, unless the Company's Compensation Committee exercises its discretion to settle all or a portion in cash (on a one-for-one basis), provided Mr. Shanfelter fulfills his term as Executive Chairman, which the Company expects to occur prior to April 6, 2023. The fair value on the date of the grant of all shares awarded in May 2022 was $2.79 per share. In the three and six months ended June 30, 2022, there were no options exercised. In the three months ended June 30, 2021, there were no options exercised. In the six months ended June 30, 2021 there were 23,755 options exercised generating proceeds to the Company of approximately $0.1 million. At June 30, 2022, total unrecognized compensation expense related to unvested stock was approximately $2.1 million, which is expected to be recognized over a period of approximately 1.4 years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. On August 21, 2020, a Company dredge, the Waymon L. Boyd, was consumed by a fire while working on a project in the Port of Corpus Christi. Five In addition, the Company is involved in various other legal and other proceedings which are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or cash flows. Management believes that it has recorded adequate accrued liabilities and believes that it has adequate insurance coverage or has meritorious defenses for these other claims and contingencies. A legal matter was settled in the Company’s favor for $5.5 million during the first quarter of 2018. Settlement amounts were recorded in Other gain from continuing operations in the Condensed Consolidated Statement of Operations, Prepaid expenses and other (current portion of the notes receivable) and Other non-current assets (non-current portion of the notes receivable) in the Condensed Consolidated Balance Sheets. As of June 30, 2022, the current portion of the notes receivable was $0.8 million and the non-current portion was $0.7 million, net of $0.1 million of unamortized discount. Legal fees related to this matter were expensed as incurred during the respective reporting period. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 17. The Company currently operates in two reportable segments: marine and concrete. The Company’s financial reporting systems present various data for management to run the business, including profit and loss statements prepared according to the segments presented. Management uses operating income to evaluate performance between the two segments. Segment information for the periods presented is provided as follows: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Marine Contract revenues $ 82,319 $ 63,942 $ 166,799 $ 136,088 Operating income $ 2,516 $ 8,606 $ 4,356 $ 11,454 Depreciation and amortization expense $ (4,236) $ (4,322) $ (8,559) $ (8,680) Total assets $ 219,138 $ 253,658 $ 219,138 $ 253,658 Property and equipment, net $ 92,813 $ 90,961 $ 92,813 $ 90,961 Concrete Contract revenues $ 112,256 $ 81,933 $ 202,707 $ 163,096 Operating loss $ (5,364) $ (3,040) $ (10,059) $ (3,833) Depreciation and amortization expense $ (1,862) $ (2,107) $ (3,802) $ (4,235) Total assets $ 132,344 $ 129,547 $ 132,344 $ 129,547 Property and equipment, net $ 11,494 $ 13,956 $ 11,494 $ 13,956 There were $0.1 million and less than $0.1 million in intersegment revenues between the Company’s two reportable segments for the three months ended June 30, 2022 and 2021, respectively. There were $0.1 million and less than $0.1 million in intersegment revenues between the Company’s two reportable segments for the six months ended June 30, 2022 and 2021, respectively. The marine segment had foreign revenues of $1.9 million and $0.4 million for the three months ended June 30, 2022 and 2021, respectively. The marine segment had foreign revenues of $2.6 million and $2.8 million for the six months ended June 30, 2022 and 2021, respectively. These revenues are derived from projects in the Caribbean Basin and Mexico and are paid primarily in U.S. dollars. There was no foreign revenue for the concrete segment. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 18. The Company has operating and finance leases for office space, equipment and vehicles. Leases recorded on the balance sheet consists of the following: June 30, December 31, Leases 2022 2021 Assets Operating lease right-of-use assets, net (1) $ 16,039 $ 14,686 Financing lease right-of-use assets, net (2) 17,096 14,561 Total assets $ 33,135 $ 29,247 Liabilities Current Operating $ 4,589 $ 3,857 Financing 3,876 3,406 Total current 8,465 7,263 Noncurrent Operating 12,308 11,637 Financing 12,472 10,908 Total noncurrent 24,780 22,545 Total liabilities $ 33,245 $ 29,808 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $8.8 million and $9.5 million as of June 30, 2022 and December 31, 2021, respectively. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $3.5 million and $2.7 million as of June 30, 2022 and December 31, 2021, respectively. Other information related to lease term and discount rate is as follows: June 30, December 31, 2022 2021 Weighted Average Remaining Lease Term (in years) Operating leases 4.32 4.90 Financing leases 4.51 4.70 Weighted Average Discount Rate Operating leases 4.80 % 4.75 % Financing leases 5.47 % 4.28 % The components of lease expense are as follows: Three Months Ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease costs: Operating lease cost $ 1,087 $ 1,518 $ 2,404 $ 3,172 Short-term lease cost (1) 302 317 618 1,007 Financing lease costs: Interest on lease liabilities 183 118 350 244 Amortization of right-of-use assets 786 821 1,546 1,602 Total lease cost $ 2,358 $ 2,774 $ 4,918 $ 6,025 (1) Includes expenses related to leases with a lease term of more than one month but less than one year. Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,281 $ 2,949 Operating cash flows for finance leases $ 350 $ 244 Financing cash flows for finance leases $ 1,472 $ 1,675 Non-cash activity: ROU assets obtained in exchange for new operating lease liabilities $ 5,340 $ 358 ROU assets obtained in exchange for new financing lease liabilities $ 8,790 $ 3,147 Maturities of lease liabilities are summarized as follows: Operating Leases Finance Leases Year ending December 31, 2022 (excluding the six months ended June 30, 2022) $ 2,734 $ 2,899 2023 4,946 3,695 2024 4,141 3,898 2025 2,805 3,217 2026 1,770 1,770 Thereafter 2,360 3,113 Total future minimum lease payments 18,756 18,592 Less - amount representing interest 1,859 2,244 Present value of future minimum lease payments 16,897 16,348 Less - current lease obligations 4,589 3,876 Long-term lease obligations $ 12,308 $ 12,472 |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. Readers of this report should also read the Company’s consolidated financial statements and the notes thereto included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (“2021 Form 10-K”) as well as Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented. Such adjustments are of a normal recurring nature. Interim results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. |
Revenue Recognition | Revenue Recognition The Company’s revenue is derived from contracts to provide marine construction, dredging, turnkey concrete services, and other specialty services. The Company’s projects are typically brief in duration, but occasionally, span a period of over one year. The Company determines the appropriate accounting treatment for each contract before work begins and, subject to qualifications discussed in the next paragraph, generally records contract revenue over time. Performance obligations are promises in a contract to transfer distinct goods or services to the customer and are the unit of account under Topic 606. Each of the Company’s contracts and related change orders typically represent a single performance obligation because the Company provides an integrated service and individual goods and services are not separately identifiable. Revenue is recognized over time because control of the promised goods and services are continuously transferred to the customer over the life of the contract. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the stand-alone selling price of each distinct good or service. Progress is measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. This method is used because management considers contract costs incurred to be the best available measure of progress on these contracts. Contract costs include all direct costs, such as material and labor, and those indirect costs incurred that are related to contract performance such as payroll taxes and insurance. General and administrative costs are charged to expense as incurred. Upfront costs, such as costs to mobilize personnel and equipment prior to satisfying a performance obligation are capitalized and amortized over the contract performance period. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and reported revenue and are recognized in the period in which the revisions are determined. The effect of changes in estimates of contract revenue or contract costs is recognized as an adjustment to recognized revenue on a cumulative catch-up basis. When the Company anticipates a loss on a contract that is not yet complete, it recognizes the entire loss in the period in which such losses are determined. Revenue is recorded net of any sales taxes collected and paid on behalf of the customer, if applicable. Contract revenue is derived from the original contract price as modified by agreed-upon change orders and estimates of variable consideration related to incentive fees and change orders or claims for which price has not yet been agreed by the customer. The Company estimates variable consideration based on its assessment of the most likely amount to which it expects to be entitled. Variable consideration is included in the estimated recognition of revenue to the extent it is probable that a significant reversal of cumulative recognized revenue will not occur. A determination that the collection of a claim is probable is based upon compliance with the terms of the contract and the extent to which the Company performed in accordance therewith but does not guarantee collection in full. Assets and liabilities derived from contracts with customers include the following: ● Accounts Receivable: Trade, net of allowance - Represent amounts billed and currently due from customers and are stated at their estimated net realizable value. ● Accounts Receivable: Retainage - Represent amounts which have not been billed to or paid by customers due to retainage provisions in construction contracts, which amounts generally become payable upon contract completion and acceptance by the customer. ● Contract Assets - Represent revenues recognized in excess of amounts billed, which management believes will be billed and collected within one year of the completion of the contract and are recorded as a current asset, until such amounts are either received or written off. ● Contract Liabilities - Represent billings in excess of revenues recognized and are recorded as a current liability, until the underlying obligation has been performed or discharged. |
Classification of Current Assets and Liabilities | Classification of Current Assets and Liabilities The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on its cash balances in excess of federally insured limits. Cash equivalents at June 30, 2022 and December 31, 2021 consisted primarily of overnight bank deposits. |
Risk Concentrations | Risk Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable. The Company depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly, on the amount of funding available to these agencies for new and current governmental projects. Therefore, a portion of the Company’s operations is dependent upon the level and timing of government funding. Statutory mechanics liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the historical carrying value, net of allowances for credit losses. The Company has significant investments in billed and unbilled receivables as of June 30, 2022 and December 31, 2021. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestone achievements. Unbilled receivables on contracts represent recoverable costs and accrued profits that are not yet capable of being billed under the terms of the applicable contracts. Revenue associated with these billings is recorded net of any sales tax, if applicable. Past due balances over 90 days and other higher risk receivables identified by management are reviewed individually for collectability. In establishing an allowance for credit losses, the Company evaluates its contract receivables and contract assets and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off potentially uncollectible accounts receivable against the allowance for credit losses if it is determined that the amounts will not be collected or if a settlement with respect to a disputed receivable is reached for an amount that is less than the carrying value. As of June 30, 2022 and December 31, 2021, the Company has recorded an allowance for credit losses of $0.4 million and $0.3 million, respectively. Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retainage at June 30, 2022 totaled $49.9 million, of which $5.7 million is expected to be collected beyond June 30, 2023. Retainage at December 31, 2021 totaled $41.4 million. From time to time, the Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than amounts previously recorded, which could result in the recording of a loss in the amount of the shortfall. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity. |
Advertising Costs | Advertising Costs The Company primarily obtains contracts through the open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred. |
Environmental Costs | Environmental Costs Costs related to environmental remediation are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property and/or provide future economic benefits, in which event the costs are capitalized. Environmental liabilities, if any, are recognized when the liability is considered probable and the amount can be reasonably estimated. The Company did not recognize any environmental liabilities as of June 30, 2022 or December 31, 2021. |
Fair Value Measurements | Fair Value Measurements The Company evaluates and presents certain amounts included in the accompanying condensed consolidated financial statements at “fair value” in accordance with U.S. GAAP, which requires the Company to base its estimates on assumptions that market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. Refer to Note 8 The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to goodwill and indefinite-lived intangible assets. |
Inventory | Inventory Current inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost (using historical average cost) or net realizable value. Where shipping and handling costs are incurred by the Company, these charges are included in inventory and charged to cost of contract revenue upon use. Non-current inventory consists of spare parts (including engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication, but must be kept on hand to reduce downtime and is valued at the lower of cost (using historical average cost) or net realizable value. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: Automobiles and trucks 3 to 10 years Buildings and improvements 10 to 30 years Construction equipment 3 to 10 years Vessels and other equipment 3 to 40 years Office equipment 3 to 5 years The Company generally uses accelerated depreciation methods for tax purposes where beneficial. Dry-docking costs are capitalized and amortized using the straight-line method over a period ranging from three Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. There were no assets classified as held for sale as of June 30, 2022 or December 31, 2021. |
Leases | Leases Management determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company’s lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. See Note 18 |
Intangible Assets | Intangible Assets Intangible assets that have finite lives are amortized. In addition, the Company evaluates the remaining useful life of intangible assets in each reporting period to determine whether events and circumstances warrant a revision of the remaining period of amortization. If the estimate of an intangible asset’s remaining life is changed, the remaining carrying value of such asset is amortized prospectively over that revised remaining useful life. Intangible assets that have infinite lives are not amortized, but are subject to impairment testing at least annually or more frequently if events or circumstances indicate that the asset may be impaired. The Company has one infinite-lived intangible asset, a trade name, which it tests for impairment annually on October 31, or whenever events or circumstances indicate that the carrying amount of the trade name may not be recoverable. Impairment is calculated as the excess of the trade name’s carrying value over its fair value. The fair value of the trade name is determined using the relief from royalty method, a variation of the income approach. This method assumes that if a company owns intellectual property, it does not have to “rent” the asset and is, therefore, “relieved” from paying a royalty. Once a supportable royalty rate is determined, the rate is then applied to the projected revenues over the expected remaining life of the intangible assets to estimate the royalty savings. This approach is dependent on a number of factors, including estimates of future growth and trends, royalty rates, discount rates and other variables. See Note 9 |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the use of subjective assumptions in the computation. Changes in these assumptions can cause significant fluctuations in the fair value of the option award. The fair value of restricted stock grants and restricted stock units is equivalent to the fair value of the stock issued on the date of grant and is measured as the closing price of the stock on the date of grant. Compensation expense is recognized only for stock-based payments expected to vest. The Company estimates forfeitures at the date of grant based on historical experience and future expectations. This assessment is updated on a periodic basis. See Note 15 |
Income Taxes | Income Taxes The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, Income Taxes See Note 13 |
Insurance Coverage | Insurance Coverage The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers’ compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company’s workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. The marine segment maintains five levels of excess loss insurance coverage, totaling $200 million in excess of primary coverage. The marine segment’s excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted; provided that the primary limit for Contingent Maritime Employer’s Liability is $10 million and the Watercraft Pollution Policy primary limit is $5 million. The concrete segment maintains five levels of excess loss insurance coverage, totaling $200 million in excess of primary coverage. The concrete segment’s excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted. If a claim arises and a potential insurance recovery is probable, the impending gain is recognized separately from the related loss. The recovery will only be recognized up to the amount of the loss once the recovery of the claim is deemed probable and any excess gain will fall under contingency accounting and will only be recognized once it is realized. The Company does not net insurance recoveries against the related claim liability as the amount of the claim liability is determined without consideration of the anticipated insurance recoveries from third parties. Separately, the Company’s marine segment employee health care is paid for by general assets of the Company and currently administered by a third party. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from estimates. Any adjustments to such reserves are included in the Condensed Consolidated Statements of Operations in the period in which they become known. The Company’s concrete segment employee health care is provided through two policies. A fully funded policy is offered primarily to salaried employees and their dependents while a partially self-funded plan with an appropriate stop-loss is offered primarily to hourly employees and their dependents. The self-funded plan is funded to the maximum exposure and, as a result, is expected to receive a partial refund after the policy expiration. The total accrual for insurance claims liabilities was $4.6 million and $19.8 million at June 30, 2022 and December 31, 2021, respectively, reflected as a component of accrued liabilities in the condensed consolidated balance sheet. The total accrual for insurance claims receivable was $0.5 million and $13.3 million at June 30, 2022 and December 31, 2021, respectively, reflected as a component of other current accounts receivable in the condensed consolidated balance sheet. |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of depreciable lives of property, plant and equipment | Automobiles and trucks 3 to 10 years Buildings and improvements 10 to 30 years Construction equipment 3 to 10 years Vessels and other equipment 3 to 40 years Office equipment 3 to 5 years |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Marine Segment Construction $ 53,210 $ 38,859 $ 112,362 $ 82,795 Dredging 24,320 20,672 46,486 45,354 Specialty Services 4,789 4,411 7,951 7,939 Marine segment contract revenues $ 82,319 $ 63,942 $ 166,799 $ 136,088 Concrete Segment Structural $ 17,864 $ 17,545 $ 31,540 $ 34,206 Light Commercial 94,392 64,388 171,167 128,883 Other — — — 7 Concrete segment contract revenues $ 112,256 $ 81,933 $ 202,707 $ 163,096 Total contract revenues $ 194,575 $ 145,875 $ 369,506 $ 299,184 |
Concentration of Risk and Ent_2
Concentration of Risk and Enterprise-Wide Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Trade and contract retainage receivables | |
Concentration Risk [Line Items] | |
Schedules of concentration of risk, by risk factor | June 30, 2022 December 31, 2021 Federal Government $ 3,832 3 % $ 6,563 5 % State Governments 555 - % 61 - % Local Governments 19,564 13 % 11,923 9 % Private Companies 129,103 84 % 111,328 86 % Gross receivables 153,054 100 % 129,875 100 % Allowance for credit losses (380) (323) Net receivables $ 152,674 $ 129,552 |
Contract revenues | |
Concentration Risk [Line Items] | |
Schedules of concentration of risk, by risk factor | Three months ended June 30, Six months ended June 30, 2022 % 2021 % 2022 % 2021 % Federal Government $ 19,834 10 % $ 12,345 9 % $ 42,529 12 % $ 25,109 9 % State Governments 13,753 7 % 246 - % 21,457 5 % 414 - % Local Governments 26,198 13 % 38,576 26 % 58,600 16 % 72,092 24 % Private Companies 134,790 69 % 94,708 65 % 246,920 67 % 201,569 67 % Total contract revenues $ 194,575 99 % $ 145,875 100 % $ 369,506 100 % $ 299,184 100 % |
Contracts in Progress (Tables)
Contracts in Progress (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Contractors [Abstract] | |
Schedule of contracts in progress | June 30, December 31, 2022 2021 Costs incurred on uncompleted contracts $ 1,096,568 $ 1,138,298 Estimated earnings 159,043 168,861 1,255,611 1,307,159 Less: Billings to date (1,256,470) (1,305,628) $ (859) $ 1,531 Included in the accompanying Condensed Consolidated Balance Sheets under the following captions: Contract assets $ 27,018 $ 28,529 Contract liabilities (27,877) (26,998) $ (859) $ 1,531 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of property and equipment | June 30, December 31, 2022 2021 Automobiles and trucks $ 2,306 $ 2,337 Building and improvements 35,108 34,796 Construction equipment 136,913 137,786 Vessels and other equipment 85,021 82,455 Office equipment 6,660 6,430 266,008 263,804 Less: Accumulated depreciation (198,524) (191,542) Net book value of depreciable assets 67,484 72,262 Construction in progress 8,938 6,507 Land 27,885 27,885 $ 104,307 $ 106,654 |
Other Current Accounts Receiv_2
Other Current Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Current Accounts Receivable | |
Schedule of other current accounts receivable | June 30, 2022 December 31, 2021 Insurance claims receivable $ 527 $ 13,273 Accident loss receivables 1,303 3,760 Other current receivables 1,491 552 Total other current accounts receivable $ 3,321 $ 17,585 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value, assets and liabilities measured on recurring basis | Fair Value Measurements Carrying Value Level 1 Level 2 Level 3 June 30, 2022 Assets: Cash surrender value of life insurance policy $ 2,254 — 2,254 — December 31, 2021 Assets: Cash surrender value of life insurance policy $ 2,813 — 2,813 — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes and amortization of finite-lived intangible assets | June 30, December 31, 2022 2021 Finite-lived intangible assets, beginning of period $ 35,240 $ 35,240 Additions — — Total finite-lived intangible assets, end of period $ 35,240 $ 35,240 Accumulated amortization, beginning of period $ (33,576) $ (32,055) Current year amortization (620) (1,521) Total accumulated amortization (34,196) (33,576) Net finite-lived intangible assets, end of period $ 1,044 1,664 Infinite-lived intangible assets 6,892 6,892 Total net intangible assets $ 7,936 $ 8,556 |
Summary of finite-lived intangible assets amortization expense | 2022 $ 618 2023 389 2024 37 $ 1,044 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | June 30, 2022 December 31, 2021 Accrued salaries, wages and benefits $ 12,796 $ 9,879 Accrued liabilities expected to be covered by insurance 4,564 19,818 Sales taxes 1,977 5,113 Property taxes 1,190 1,047 Sale-leaseback arrangement 779 743 Accounting and audit fees 246 413 Interest 241 23 Other accrued expenses 1,266 1,558 Total accrued liabilities $ 23,059 $ 38,594 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of debt | June 30, 2022 December 31, 2021 Debt Issuance Debt Issuance Principal Costs (1) Total Principal Costs (1) Total Revolving line of credit $ 32,400 $ (491) $ 31,909 $ 39,000 $ — $ 39,000 Other debt 275 — 275 141 — 141 Total current debt 32,675 (491) 32,184 39,141 — 39,141 Other debt 859 — 859 259 — 259 Total long-term debt 859 — 859 259 — 259 Total debt $ 33,534 $ (491) $ 33,043 $ 39,400 $ — $ 39,400 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | |
Schedule of other long-term liabilities | June 30, 2022 December 31, 2021 Sale-leaseback arrangement $ 15,573 $ 15,969 Deferred compensation 1,863 2,759 Accrued liabilities expected to be covered by insurance 277 214 Total other long-term liabilities $ 17,713 $ 18,942 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax reconciliation | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Income tax (benefit) expense $ (681) $ (810) $ 643 $ (660) Effective tax rate 18.2 % (29.8) % (8.8) % (17.4) % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic: Weighted average shares outstanding 30,949,298 30,671,952 30,960,277 30,569,284 Diluted: Total basic weighted average shares outstanding 30,949,298 30,671,952 30,960,277 30,569,284 Effect of potentially dilutive securities: Common stock options — 30,199 — 32,385 Total weighted average shares outstanding assuming dilution 30,949,298 30,702,151 30,960,277 30,601,669 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Marine Contract revenues $ 82,319 $ 63,942 $ 166,799 $ 136,088 Operating income $ 2,516 $ 8,606 $ 4,356 $ 11,454 Depreciation and amortization expense $ (4,236) $ (4,322) $ (8,559) $ (8,680) Total assets $ 219,138 $ 253,658 $ 219,138 $ 253,658 Property and equipment, net $ 92,813 $ 90,961 $ 92,813 $ 90,961 Concrete Contract revenues $ 112,256 $ 81,933 $ 202,707 $ 163,096 Operating loss $ (5,364) $ (3,040) $ (10,059) $ (3,833) Depreciation and amortization expense $ (1,862) $ (2,107) $ (3,802) $ (4,235) Total assets $ 132,344 $ 129,547 $ 132,344 $ 129,547 Property and equipment, net $ 11,494 $ 13,956 $ 11,494 $ 13,956 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of leases recorded on the balance sheet | June 30, December 31, Leases 2022 2021 Assets Operating lease right-of-use assets, net (1) $ 16,039 $ 14,686 Financing lease right-of-use assets, net (2) 17,096 14,561 Total assets $ 33,135 $ 29,247 Liabilities Current Operating $ 4,589 $ 3,857 Financing 3,876 3,406 Total current 8,465 7,263 Noncurrent Operating 12,308 11,637 Financing 12,472 10,908 Total noncurrent 24,780 22,545 Total liabilities $ 33,245 $ 29,808 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $8.8 million and $9.5 million as of June 30, 2022 and December 31, 2021, respectively. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $3.5 million and $2.7 million as of June 30, 2022 and December 31, 2021, respectively. |
Schedule of information related to lease terms and discount rates | June 30, December 31, 2022 2021 Weighted Average Remaining Lease Term (in years) Operating leases 4.32 4.90 Financing leases 4.51 4.70 Weighted Average Discount Rate Operating leases 4.80 % 4.75 % Financing leases 5.47 % 4.28 % |
Schedule of components of lease expense | Three Months Ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease costs: Operating lease cost $ 1,087 $ 1,518 $ 2,404 $ 3,172 Short-term lease cost (1) 302 317 618 1,007 Financing lease costs: Interest on lease liabilities 183 118 350 244 Amortization of right-of-use assets 786 821 1,546 1,602 Total lease cost $ 2,358 $ 2,774 $ 4,918 $ 6,025 (1) Includes expenses related to leases with a lease term of more than one month but less than one year. |
Schedule of supplemental cash flow information | Six Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,281 $ 2,949 Operating cash flows for finance leases $ 350 $ 244 Financing cash flows for finance leases $ 1,472 $ 1,675 Non-cash activity: ROU assets obtained in exchange for new operating lease liabilities $ 5,340 $ 358 ROU assets obtained in exchange for new financing lease liabilities $ 8,790 $ 3,147 |
Schedule of operating lease maturities | Operating Leases Finance Leases Year ending December 31, 2022 (excluding the six months ended June 30, 2022) $ 2,734 $ 2,899 2023 4,946 3,695 2024 4,141 3,898 2025 2,805 3,217 2026 1,770 1,770 Thereafter 2,360 3,113 Total future minimum lease payments 18,756 18,592 Less - amount representing interest 1,859 2,244 Present value of future minimum lease payments 16,897 16,348 Less - current lease obligations 4,589 3,876 Long-term lease obligations $ 12,308 $ 12,472 |
Schedule of finance lease maturities | Operating Leases Finance Leases Year ending December 31, 2022 (excluding the six months ended June 30, 2022) $ 2,734 $ 2,899 2023 4,946 3,695 2024 4,141 3,898 2025 2,805 3,217 2026 1,770 1,770 Thereafter 2,360 3,113 Total future minimum lease payments 18,756 18,592 Less - amount representing interest 1,859 2,244 Present value of future minimum lease payments 16,897 16,348 Less - current lease obligations 4,589 3,876 Long-term lease obligations $ 12,308 $ 12,472 |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) - segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of operating segments | 2 | 2 | 2 | 2 |
Number of reportable segments | 2 | 2 | 2 | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Restricted Cash and Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable [Abstract] | ||
Allowance for credit losses | $ 400 | $ 300 |
Retainage | 49,907 | $ 41,379 |
Retainage, long-term | $ 5,700 |
Summary of Significant Accoun_5
Summary of Significant Accounting Principles - Property and Equipment (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) Asset | Dec. 31, 2021 USD ($) | |
Property, Plant and Equipment | ||
Assets classified as held-for-sale | $ | $ 0 | $ 0 |
Infinite-lived intangible assets | ||
Number of infinite-lived intangible assets | Asset | 1 | |
Equipment improvement | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Equipment improvement | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 10 years | |
Automobiles and trucks | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Automobiles and trucks | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 10 years | |
Building and improvements | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 10 years | |
Building and improvements | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 30 years | |
Construction equipment | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Construction equipment | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 10 years | |
Vessels and other equipment | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Vessels and other equipment | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 40 years | |
Office equipment | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Office equipment | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 5 years | |
Dry-docking capitalized costs | Minimum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 3 years | |
Dry-docking capitalized costs | Maximum | ||
Property, Plant and Equipment | ||
Property and equipment useful life | 7 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Insurance Coverage (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) item policy | Dec. 31, 2021 USD ($) | |
Insurance Coverage | ||
Number of employee health care insurance policies | policy | 2 | |
Accrued insurance claims liability | $ 4,600 | $ 19,800 |
Accrued insurance claims receivables | $ 527 | $ 13,273 |
Marine Segment | ||
Insurance Coverage | ||
Levels of insurance coverage maintained by the Company | item | 5 | |
Amount in excess of primary insurance coverage | $ 200,000 | |
Marine Segment | Other liability policies | ||
Insurance Coverage | ||
Primary limit of insurance coverage | 1,000 | |
Marine Segment | Maritime employer's liability | ||
Insurance Coverage | ||
Primary limit of insurance coverage | 10,000 | |
Marine Segment | Watercraft pollution policy | ||
Insurance Coverage | ||
Primary limit of insurance coverage | $ 5,000 | |
Concrete Segment | ||
Insurance Coverage | ||
Levels of insurance coverage maintained by the Company | item | 5 | |
Amount in excess of primary insurance coverage | $ 200,000 | |
Concrete Segment | Other liability policies | ||
Insurance Coverage | ||
Primary limit of insurance coverage | $ 1,000 |
Revenue (Details)
Revenue (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) segment | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) segment | |
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | $ 194,575 | $ 145,875 | $ 369,506 | $ 299,184 |
Number of reportable segments | segment | 2 | 2 | 2 | 2 |
Marine Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | $ 82,319 | $ 63,942 | $ 166,799 | $ 136,088 |
Marine Segment | Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 53,210 | 38,859 | 112,362 | 82,795 |
Marine Segment | Dredging | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 24,320 | 20,672 | 46,486 | 45,354 |
Marine Segment | Specialty Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 4,789 | 4,411 | 7,951 | 7,939 |
Concrete Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 112,256 | 81,933 | 202,707 | 163,096 |
Concrete Segment | Structural | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | 17,864 | 17,545 | 31,540 | 34,206 |
Concrete Segment | Light Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | $ 94,392 | $ 64,388 | $ 171,167 | 128,883 |
Concrete Segment | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract revenues | $ 7 |
Concentration of Risk and Ent_3
Concentration of Risk and Enterprise-Wide Disclosures (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) customer | Jun. 30, 2021 USD ($) customer | Jun. 30, 2022 USD ($) customer | Jun. 30, 2021 USD ($) customer | Dec. 31, 2021 USD ($) customer | |
Concentration Risk [Line Items] | |||||
Allowance for credit losses | $ (380) | $ (380) | $ (323) | ||
Contract revenues | $ 194,575 | $ 145,875 | $ 369,506 | $ 299,184 | |
Foreign | |||||
Concentration Risk [Line Items] | |||||
Contract revenues, percent | 1% | 0.20% | 0.70% | 0.90% | |
Customer concentration risk | Trade and contract retainage receivables | |||||
Concentration Risk [Line Items] | |||||
Gross receivables | $ 153,054 | $ 153,054 | 129,875 | ||
Allowance for credit losses | (380) | (380) | (323) | ||
Net receivables | $ 152,674 | $ 152,674 | $ 129,552 | ||
Number of customers exceeding the 10% benchmark percentage | customer | 0 | 0 | |||
Concentration risk, percentage | 100% | 100% | |||
Customer concentration risk | Contract revenues | |||||
Concentration Risk [Line Items] | |||||
Number of customers exceeding the 10% benchmark percentage | customer | 0 | 0 | 0 | 0 | |
Contract revenues | $ 194,575 | $ 145,875 | $ 369,506 | $ 299,184 | |
Contract revenues, percent | 99% | 100% | 100% | 100% | |
Customer concentration risk | Federal Government | Trade and contract retainage receivables | |||||
Concentration Risk [Line Items] | |||||
Gross receivables | $ 3,832 | $ 3,832 | $ 6,563 | ||
Concentration risk, percentage | 3% | 5% | |||
Customer concentration risk | Federal Government | Contract revenues | |||||
Concentration Risk [Line Items] | |||||
Contract revenues | $ 19,834 | $ 12,345 | $ 42,529 | $ 25,109 | |
Contract revenues, percent | 10% | 9% | 12% | 9% | |
Customer concentration risk | State Governments | Trade and contract retainage receivables | |||||
Concentration Risk [Line Items] | |||||
Gross receivables | $ 555 | $ 555 | $ 61 | ||
Customer concentration risk | State Governments | Contract revenues | |||||
Concentration Risk [Line Items] | |||||
Contract revenues | $ 13,753 | $ 246 | $ 21,457 | $ 414 | |
Contract revenues, percent | 7% | 5% | |||
Customer concentration risk | Local Governments | Trade and contract retainage receivables | |||||
Concentration Risk [Line Items] | |||||
Gross receivables | $ 19,564 | $ 19,564 | $ 11,923 | ||
Concentration risk, percentage | 13% | 9% | |||
Customer concentration risk | Local Governments | Contract revenues | |||||
Concentration Risk [Line Items] | |||||
Contract revenues | $ 26,198 | $ 38,576 | $ 58,600 | $ 72,092 | |
Contract revenues, percent | 13% | 26% | 16% | 24% | |
Customer concentration risk | Private Companies | Trade and contract retainage receivables | |||||
Concentration Risk [Line Items] | |||||
Gross receivables | $ 129,103 | $ 129,103 | $ 111,328 | ||
Concentration risk, percentage | 84% | 86% | |||
Customer concentration risk | Private Companies | Contract revenues | |||||
Concentration Risk [Line Items] | |||||
Contract revenues | $ 134,790 | $ 94,708 | $ 246,920 | $ 201,569 | |
Contract revenues, percent | 69% | 65% | 67% | 67% |
Contracts in Progress (Details)
Contracts in Progress (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 1,096,568 | $ 1,138,298 |
Estimated earnings | 159,043 | 168,861 |
Costs incurred and estimated earnings on uncompleted contracts | 1,255,611 | 1,307,159 |
Less: Billings to date | (1,256,470) | (1,305,628) |
Billings in excess of costs and estimated earnings on uncompleted contracts, net | (859) | |
Costs and estimated earnings in excess of billings on uncompleted contracts, net | 1,531 | |
Contract assets | 27,018 | 28,529 |
Contract liabilities | $ (27,877) | $ (26,998) |
Contracts in Progress - Additio
Contracts in Progress - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 27,018 | $ 28,529 |
Costs And Estimated Earnings In Excess Of Billings On Uncompleted Contracts | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 9,300 | $ 3,800 |
Contracts in Progress - Remaini
Contracts in Progress - Remaining Performance Obligation (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Performance obligations expected to be satisfied | $ 603.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | |
Performance obligations expected to be satisfied | $ 487.1 |
Performance obligations expected to be satisfied, percentage | 81% |
Performance obligations expected to be satisfied, expected timing | 12 months |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment | ||
Property, plant and equipment, gross | $ 266,008 | $ 263,804 |
Less: accumulated depreciation | (198,524) | (191,542) |
Property, plant and equipment net book value of depreciable assets | 67,484 | 72,262 |
Property and equipment, net | 104,307 | 106,654 |
Automobiles and trucks | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 2,306 | 2,337 |
Building and improvements | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 35,108 | 34,796 |
Construction equipment | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 136,913 | 137,786 |
Vessels and other equipment | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 85,021 | 82,455 |
Office equipment | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 6,660 | 6,430 |
Construction in progress | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 8,938 | 6,507 |
Land | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | $ 27,885 | $ 27,885 |
Property and Equipment Narrativ
Property and Equipment Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property and Equipment | ||||
Depreciation expense | $ 5,000 | $ 5,200 | $ 10,200 | $ 10,600 |
Gain on disposal of assets | $ 364 | 7,361 | $ 1,173 | $ 8,971 |
Property, Tampa Bay FL | ||||
Property and Equipment | ||||
Gain on disposal of assets | $ 6,800 |
Other Current Accounts Receiv_3
Other Current Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Current Accounts Receivable | ||
Insurance claims receivable | $ 527 | $ 13,273 |
Accident loss receivables | 1,303 | 3,760 |
Other current receivables | 1,491 | 552 |
Total other current accounts receivable | $ 3,321 | $ 17,585 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance | $ 2,254 | $ 2,813 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash surrender value of life insurance | $ 2,254 | $ 2,813 |
Fair Value - Other Fair Value M
Fair Value - Other Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Concrete Segment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life Insurance, face amount | $ 11.1 | |
Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 33.5 | $ 39.4 |
Intangible Assets - Finite-live
Intangible Assets - Finite-lived Intangible Assets Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Finite-lived Intangible Assets, Gross [Roll Forward] | |||||
Intangible assets, beginning of period | $ 35,240 | $ 35,240 | $ 35,240 | ||
Additions | 0 | ||||
Total intangible assets, end of period | $ 35,240 | 35,240 | 35,240 | ||
Accumulated Amortization [Roll Forward] | |||||
Accumulated amortization, January 1 | (33,576) | (32,055) | (32,055) | ||
Current year amortization | (310) | $ (381) | (620) | $ (761) | (1,521) |
Total accumulated amortization | (34,196) | (34,196) | (33,576) | ||
Net intangible assets | |||||
Net intangible assets, end of year | 1,044 | 1,044 | 1,664 | ||
Infinite-lived intangible assets | 6,892 | 6,892 | 6,892 | ||
Total net intangible assets | $ 7,936 | $ 7,936 | $ 8,556 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||||||
Amortization expense | $ 310 | $ 381 | $ 620 | $ 761 | $ 1,521 | |
Net intangible assets, end of year | $ 1,044 | 1,044 | $ 1,664 | |||
Trade Names | ||||||
Business Acquisition [Line Items] | ||||||
Impairment of infinite-lived assets | $ 0 | |||||
Customer Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangibles acquired | $ 18,800 | |||||
Acquired finite-lived intangible assets, useful life | 8 years | |||||
Amortization expense | $ 600 |
Intangible Assets - Future Amor
Intangible Assets - Future Amortization Expense of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 618 | |
2023 | 389 | |
2024 | 37 | |
Net intangible assets, end of year | $ 1,044 | $ 1,664 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued salaries, wages and benefits | $ 12,796 | $ 9,879 |
Accrued liabilities expected to be covered by insurance | 4,564 | 19,818 |
Sales taxes | 1,977 | 5,113 |
Property taxes | 1,190 | 1,047 |
Sale-leaseback arrangement | 779 | 743 |
Accounting and audit fees | 246 | 413 |
Interest | 241 | 23 |
Other accrued expenses | 1,266 | 1,558 |
Total accrued liabilities | $ 23,059 | $ 38,594 |
Accrued Liabilities - CARES Act
Accrued Liabilities - CARES Act (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Dec. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2020 | |
Accrued Liabilities, Current [Abstract] | |||
CARES Act deferred payroll taxes, total | $ 7.6 | ||
CARES Act deferred payroll taxes paid | $ 3.8 | ||
CARES Act deferred payroll taxes, current | $ 3.8 |
Debt - Obligations under Debt A
Debt - Obligations under Debt Arrangements (Details) - USD ($) $ in Thousands | Mar. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Net Value, current | $ 32,184 | $ 39,141 | |
Net Value, long-term | $ 859 | 259 | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 5.19% | ||
Principal current | $ 32,675 | 39,141 | |
Principal, long-term | 859 | 259 | |
Principal | 33,534 | 39,400 | |
Deferred Issuance Costs, current | (491) | ||
Debt Issuance Costs, Net, Total | (491) | ||
Net Value, current | 32,184 | 39,141 | |
Net Value, long-term | 859 | 259 | |
Total debt | 33,043 | 39,400 | |
Other Debt | |||
Debt Instrument [Line Items] | |||
Principal current | 275 | 141 | |
Principal, long-term | 859 | 259 | |
Principal | 1,100 | ||
Net Value, current | 275 | 141 | |
Net Value, long-term | 859 | 259 | |
Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 42,500 | ||
Principal current | 32,400 | 39,000 | |
Deferred Issuance Costs, current | (491) | ||
Net Value, current | $ 31,909 | $ 39,000 | |
Ninth Amendment to Credit Agreement | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 42,500 | ||
Debt issuance cost | $ 1,000 |
Debt - Provisions of Revolving
Debt - Provisions of Revolving Line of Credit (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||
Repayments of debt | $ 11,742,000 | $ 49,086,000 |
Proceeds from lines of credit | 5,000,000 | $ 20,000,000 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 42,500,000 | |
Minimum borrowing increment amount | 1,000,000 | |
Increment borrowing multiple for amounts borrowed in excess of minimum borrowing amount | 250,000 | |
Amount outstanding | 32,400,000 | |
Remaining borrowing capacity | 8,400,000 | |
Repayments of debt | 11,600,000 | |
Decrease in debt balance | 6,600,000 | |
Proceeds from lines of credit | 5,000,000 | |
Letter of Credit | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 20,000,000 | |
Letters of credit outstanding | 1,700,000 | |
Bridge Loan | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 5,000,000 | |
Minimum borrowing increment amount | 250,000 | |
Increment borrowing multiple for amounts borrowed in excess of minimum borrowing amount | $ 50,000 |
Debt - Financial covenants (Det
Debt - Financial covenants (Details) $ in Millions | 3 Months Ended | ||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 USD ($) | |
Debt Disclosure [Abstract] | |||
Covenant compliance, EBITDA, minimum | $ 7.7 | ||
Covenant compliance, Leverage Ratio, maximum | 3 | ||
Covenant compliance, Fixed Charge Coverage Ratio, minimum | 1.25 |
Other Long-Term Liabilities - C
Other Long-Term Liabilities - Components (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other long-term liabilities | ||
Sale-leaseback arrangement | $ 15,573 | $ 15,969 |
Deferred compensation | 1,863 | 2,759 |
Accrued liabilities expected to be covered by insurance | 277 | 214 |
Total other long-term liabilities | $ 17,713 | $ 18,942 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Sale-Leaseback (Details) - Failed Sale Leaseback $ in Millions | Sep. 27, 2019 USD ($) Options |
Failed Sale Leaseback | |
Sale price of properties sold | $ 19.1 |
Lease term | 15 years |
Annual rent | $ 1.5 |
Annual percentage rent increase | 2% |
Number of consecutive options to extend term | Options | 2 |
Term of available options | 10 years |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax (Benefit) Expense Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Income tax (benefit) expense | $ (681) | $ (810) | $ 643 | $ (660) |
Effective income tax rate | 18.20% | (29.80%) | (8.80%) | (17.40%) |
Federal statutory tax rate | 21% | 21% |
Earnings (Loss) Per Share - Ant
Earnings (Loss) Per Share - Anti-dilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Potential antidilutive securities excluded from computations of earnings per share | 662,289 | 893,604 | 671,318 | 904,486 |
Earnings (Loss) Per Share - Bas
Earnings (Loss) Per Share - Basic and Diluted (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic: | ||||
Weighted average shares outstanding, basic | 30,949,298 | 30,671,952 | 30,960,277 | 30,569,284 |
Effect of dilutive securities: | ||||
Common stock options | 0 | 30,199 | 0 | 32,385 |
Total weighted average shares outstanding assuming dilution | 30,949,298 | 30,702,151 | 30,960,277 | 30,601,669 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2022 director $ / shares shares | Jan. 31, 2022 $ / shares shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | |
Share-based Compensation | ||||||
Compensation expense related to stock based awards outstanding | $ | $ 800 | $ 1,200 | $ 1,200 | $ 1,600 | ||
Proceeds received upon exercise of stock options | $ | 86 | |||||
Total share-based compensation cost not yet recognized | $ | 2,100 | $ 2,100 | ||||
Share-based compensation cost not yet recognized, period for recognition | 1 year 4 months 24 days | |||||
Independent Directors | ||||||
Share-based Compensation | ||||||
Number of independent directors receiving awards | director | 6 | |||||
Certain Officers | ||||||
Share-based Compensation | ||||||
Payments related to tax withholding for stock-based compensation | $ | $ 100 | $ 100 | $ 200 | 200 | ||
Stock options | ||||||
Share-based Compensation | ||||||
Proceeds received upon exercise of stock options | $ | $ 100 | |||||
Exercise of stock options, shares | 0 | 0 | 0 | 23,755 | ||
Restricted stock | Independent Directors and Executive Chairman, Interim CEO and Interim CFO | ||||||
Share-based Compensation | ||||||
Awards granted in period (in shares) | 623,655 | |||||
Grant date fair value (in dollars per share) | $ / shares | $ 2.79 | |||||
Restricted stock | Independent Directors | ||||||
Share-based Compensation | ||||||
Awards granted in period (in shares) | 193,548 | 8,929 | ||||
Grant date fair value (in dollars per share) | $ / shares | $ 3.36 | |||||
Time-vested restricted stock units | Executive Chairman, Interim CEO and Interim CFO | ||||||
Share-based Compensation | ||||||
Awards granted in period (in shares) | 430,107 | |||||
Time-vested restricted stock units | Vesting when Interim CEO term is fulfilled | Executive Chairman, Interim CEO and Interim CFO | ||||||
Share-based Compensation | ||||||
Number of shares to vest | 179,211 | |||||
Time-vested restricted stock units | Vesting when Interim CFO term is fulfilled | Executive Chairman, Interim CEO and Interim CFO | ||||||
Share-based Compensation | ||||||
Number of shares to vest | 250,896 | |||||
2022 LTIP | Maximum | ||||||
Share-based Compensation | ||||||
Approved and authorized maximum number of shares to be issued | 2,175,000 | |||||
2022 LTIP | Stock options | ||||||
Share-based Compensation | ||||||
Expiration period | 10 years | |||||
Forfeiture rate applied to awards | 5.50% | |||||
2022 LTIP | Stock options | Minimum | ||||||
Share-based Compensation | ||||||
Vesting period | 3 years | |||||
2022 LTIP | Stock options | Maximum | ||||||
Share-based Compensation | ||||||
Vesting period | 5 years | |||||
2022 LTIP | Restricted stock | ||||||
Share-based Compensation | ||||||
Forfeiture rate applied to awards | 3.20% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Aug. 21, 2020 item gal | Mar. 31, 2018 USD ($) | Jun. 30, 2022 USD ($) lawsuit claim | |
Settled Litigation | |||
Other Commitments [Line Items] | |||
Legal settlement | $ 5.5 | ||
Notes receivable, current | $ 0.8 | ||
Notes receivables, noncurrent | 0.7 | ||
Receivable, unamortized discount | 0.1 | ||
Waymon L Boyd Dredge Fire | |||
Other Commitments [Line Items] | |||
Number of crew deaths | item | 5 | ||
Number of gallons of oil, diesel fuel, and contaminated water discharged | gal | 18,000 | ||
Waymon L Boyd Dredge Fire | Pending Litigation | |||
Other Commitments [Line Items] | |||
Accrued loss contingency | $ 0.3 | ||
Waymon L Boyd Dredge Fire | Settled Litigation | |||
Other Commitments [Line Items] | |||
Number of lawsuits filed | lawsuit | 8 | ||
Number of claimants | claim | 13 | ||
Estimated costs recognized | $ 206.4 | ||
Payments to claimants | 206 | ||
Costs reimbursed from insurance | $ 204.9 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) segment | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) segment | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 2 | 2 | 2 | 2 | |
Contract revenues | $ 194,575 | $ 145,875 | $ 369,506 | $ 299,184 | |
Operating (loss) income | (2,848) | 5,566 | (5,703) | 7,621 | |
Depreciation and amortization | (10,815) | (11,313) | |||
Assets | 351,482 | 351,482 | $ 351,750 | ||
Property and equipment, net | 104,307 | 104,307 | $ 106,654 | ||
Marine Segment | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 82,319 | 63,942 | 166,799 | 136,088 | |
Marine Segment | Mexico and the Caribbean | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 1,900 | 400 | 2,600 | 2,800 | |
Concrete Segment | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 112,256 | 81,933 | 202,707 | 163,096 | |
Concrete Segment | Foreign | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 0 | 0 | 0 | 0 | |
Operating Segments | Marine Segment | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 82,319 | 63,942 | 166,799 | 136,088 | |
Operating (loss) income | 2,516 | 8,606 | 4,356 | 11,454 | |
Depreciation and amortization | (4,236) | (4,322) | (8,559) | (8,680) | |
Assets | 219,138 | 253,658 | 219,138 | 253,658 | |
Property and equipment, net | 92,813 | 90,961 | 92,813 | 90,961 | |
Operating Segments | Concrete Segment | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | 112,256 | 81,933 | 202,707 | 163,096 | |
Operating (loss) income | (5,364) | (3,040) | (10,059) | (3,833) | |
Depreciation and amortization | (1,862) | (2,107) | (3,802) | (4,235) | |
Assets | 132,344 | 129,547 | 132,344 | 129,547 | |
Property and equipment, net | 11,494 | 13,956 | 11,494 | 13,956 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | $ 100 | $ 100 | |||
Intersegment Eliminations | Maximum | |||||
Segment Reporting Information [Line Items] | |||||
Contract revenues | $ 100 | $ 100 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net of amortization | $ 16,039 | $ 14,686 |
Financing lease right-of-use assets, net of amortization | 17,096 | 14,561 |
Total assets | 33,135 | 29,247 |
Current portion of operating lease liabilities | 4,589 | 3,857 |
Current portion of financing lease liabilities | 3,876 | 3,406 |
Total current | 8,465 | 7,263 |
Operating lease liabilities | 12,308 | 11,637 |
Financing lease liabilities | 12,472 | 10,908 |
Total noncurrent | 24,780 | 22,545 |
Total liabilities | 33,245 | 29,808 |
Operating lease, right-of-use asset, accumulated amortization | 8,800 | 9,500 |
Finance lease, right-of-use asset, accumulated amortization | $ 3,500 | $ 2,700 |
Leases - Term and Discount Rate
Leases - Term and Discount Rate (Details) | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted Average Remaining Lease Term, operating lease | 4 years 3 months 25 days | 4 years 10 months 24 days |
Weighted Average Remaining Lease Term, finance lease | 4 years 6 months 3 days | 4 years 8 months 12 days |
Weighted Average Discount Rate, operating lease | 4.80% | 4.75% |
Weighted Average Discount Rate, finance lease | 5.47% | 4.28% |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,087 | $ 1,518 | $ 2,404 | $ 3,172 |
Short-term lease cost | 302 | 317 | 618 | 1,007 |
Interest on lease liabilities | 183 | 118 | 350 | 244 |
Amortization of right-of-use assets | 786 | 821 | 1,546 | 1,602 |
Total lease cost | $ 2,358 | $ 2,774 | $ 4,918 | $ 6,025 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||
Operating cash flows for operating leases | $ 2,281 | $ 2,949 |
Operating cash flows for finance leases | 350 | 244 |
Financing cash flows for finance leases | 1,472 | 1,675 |
ROU assets obtained in exchange for new operating lease liabilities | 5,340 | 358 |
ROU assets obtained in exchange for new financing lease liabilities | $ 8,790 | $ 3,147 |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2022 (excluding the six months ended June 30, 2022) | $ 2,734 | |
2023 | 4,946 | |
2024 | 4,141 | |
2025 | 2,805 | |
2026 | 1,770 | |
Thereafter | 2,360 | |
Total future minimum lease payments | 18,756 | |
Less - amount representing interest | 1,859 | |
Operating Lease, Liability, Total | 16,897 | |
Less - current lease obligations | 4,589 | $ 3,857 |
Long-term lease obligations | 12,308 | 11,637 |
Finance Leases | ||
2022 (excluding the six months ended June 30, 2022) | 2,899 | |
2023 | 3,695 | |
2024 | 3,898 | |
2025 | 3,217 | |
2026 | 1,770 | |
Thereafter | 3,113 | |
Total future minimum lease payments | 18,592 | |
Less - amount representing interest | 2,244 | |
Present value of future minimum lease payments | 16,348 | |
Less - current lease obligations | 3,876 | 3,406 |
Long-term lease obligations | $ 12,472 | $ 10,908 |