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Orion Group Holdings, Inc. Reports Third Quarter 2022 Results

26 Oct 2022 / 04:34 PM EST

HOUSTON, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported net income of $0.2 million ($0.01 diluted earnings per share) for the third quarter ended September 30, 2022. Excluding non-recurring items, adjusted net income was $0.8 million ($0.02 diluted earnings per share).

Third Quarter 2022 Highlights

  • The Company has enhanced the capabilities of its management team with the addition of two experienced and operationally-focused executives, Chief Executive Officer Travis Boone and Chief Financial Officer Scott Thanisch.

  • Continued efforts focusing on more attractive markets and targeting higher bid margins is yielding improved project margins on new contract awards of $128 million in the quarter.

  • The Company has signed an agreement for the $10.5 million sale-leaseback of its Port Lavaca property expected to close in December and continues to explore options to monetize additional real estate assets.

  • Operating income was $1.1 million for the third quarter of 2022 compared to an operating loss of $8.7 million for the third quarter of 2021.

  • Net income was $0.2 million ($0.01 diluted earnings per share) for the third quarter of 2022 compared to a net loss of $10.2 million ($0.33 diluted loss per share) for the third quarter of 2021.

  • The third quarter 2022 net income included $0.5 million ($0.01 diluted earnings per share) of non-recurring items. Third quarter 2022 adjusted net income was $0.8 million ($0.02 diluted earnings per share). (Please see page 7 of this release for an explanation of adjusted net income, adjusted earnings per share and a reconciliation to the nearest GAAP measure). 

“We are excited to see bid margins of recent wins increasing in the third quarter due to more disciplined bidding practices established over the past few months,” stated Travis Boone, Orion’s Chief Executive Officer. “These higher margin projects will establish a solid base of work for 2023. We will continue to focus on disciplined bidding, along with strong project delivery, as we pursue profitable growth.”

Consolidated Results for Third Quarter 2022 Compared to Third Quarter 2021

  • Contract revenues were $182.6 million, an increase of $42.7 million or 30.5% as compared to $139.9 million. The increase was primarily driven by the start of large jobs awarded in the fourth quarter of 2021 in the marine segment, higher volume in the concrete segment and the impact from claims and unapproved change orders recognized related to work primarily incurred in previous periods.

  • Gross profit was $13.4 million, as compared to $6.6 million. Gross profit margin was 7.4%, as compared to 4.7%. The increase in gross profit dollars and margin was primarily driven by the impact from claims and unapproved change orders recognized related to work primarily incurred in previous periods, the release of discretionary project bonuses and increased dredging activity as compared to the prior year period.

  • Selling, General, and Administrative (“SG&A”) expenses were $15.4 million, as compared to $15.7 million. As a percentage of total contract revenues, SG&A expenses decreased from 11.2% to 8.5%, primarily due to higher revenues in the current period. The decrease in SG&A dollars was driven primarily by a decrease in Enterprise Resource Planning implementation expense as compared to the prior year period, partially offset by consulting fees related to the management transition.

  • EBITDA was $7.2 million, representing a 4.0% EBITDA margin, as compared to EBITDA of $(2.5) million, or an (1.8)% EBITDA margin. When adjusted for non-recurring items, adjusted EBITDA for the third quarter of 2022 was $8.8 million, representing a 4.8% adjusted EBITDA margin, as compared to adjusted EBITDA for the third quarter of 2021 of $(0.5) million, representing a (0.3)% adjusted EBITDA margin. (Please see page 8 of this release for an explanation of EBITDA, Adjusted EBITDA and a reconciliation to the nearest GAAP measure).

Backlog

Backlog of work under contract as of September 30, 2022 was $548.6 million, which compares with backlog of work under contract as of September 30, 2021 of $572.8 million. The third quarter 2022 ending backlog was composed of $280.2 million in the marine segment, and $268.4 million in the concrete segment. At the end of the third quarter 2022, the Company had approximately $1.8 billion worth of bids outstanding, including successful bids on approximately $39 million of projects, subsequent to the end of the third quarter of 2022, of which approximately $36 million pertains to the marine segment and approximately $3 million to the concrete segment. 

“During the third quarter, we converted to backlog $128 million of the $1.2 billion of work on which we bid,” stated Scott Thanisch, Orion’s Chief Financial Officer. “This resulted in a 0.70 times book-to-bill ratio and a win rate of 10.5%. In the marine segment, we bid on $377 million during the third quarter 2022 and were successful on $75 million, representing a win rate of 20.0% and a book-to-bill ratio of 0.99 times. In the concrete segment we bid on $849 million of work and were awarded $53 million, representing a win rate of 6.2% and a book-to-bill ratio of 0.50 times.”

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

Conference Call Details

Orion Group Holdings will host a conference call to discuss results for the third quarter 2022 at 10:00 a.m. Eastern Time/9:00 a.m. Central Time on Thursday, October 27, 2022. To listen to the call live, dial 800-715-9871 in the US and Canada or 646-307-1963 in the US and ask for the Orion Group Holdings Conference Call. To listen to the call via the Internet, please visit https://edge.media-server.com/mmc/p/a7xmvgsg. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, a replay of the conference call may be accessed for approximately 30 days after the call at Orion Group Holdings' website.

About Orion Group Holdings

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

Non-GAAP Financial Measures

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

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

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

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'approximately', 'intends', 'plans', 'estimates', or 'anticipates', or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company's fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, the effects of the ongoing COVID-19 pandemic, and any potential contract options which may or may not be awarded in the future, and are at the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise, except as required by law.

Please refer to the Company's Annual Report on Form 10-K, filed on March 7, 2022, which is available on its website at www.oriongroupholdingsinc.com or at the SEC's website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

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

Orion Group Holdings, Inc. and Subsidiaries
Condensed Statements of Operations
(In Thousands, Except Share and Per Share Information)
(Unaudited)

                         
    Three months ended   Nine months ended
    September 30,   September 30,
    2022     2021     2022     2021  
Contract revenues     182,621       139,907       552,127       439,091  
Costs of contract revenues     169,189       133,329       511,548       404,757  
Gross profit     13,432       6,578       40,579       34,334  
Selling, general and administrative expenses     15,380       15,733       48,783       44,078  
Amortization of intangible assets     309       380       929       1,141  
Gain on disposal of assets, net     (3,388 )     (792 )     (4,561 )     (9,763 )
Operating income (loss)     1,131       (8,743 )     (4,572 )     (1,122 )
Other (expense) income:                        
Other income     48       50       147       159  
Interest income     36       22       71       73  
Interest expense     (1,215 )     (523 )     (2,913 )     (4,506 )
Other expense, net     (1,131 )     (451 )     (2,695 )     (4,274 )
Income (loss) before income taxes           (9,194 )     (7,267 )     (5,396 )
Income tax (benefit) expense     (247 )     1,001       396       341  
Net income (loss)   $ 247     $ (10,195 )   $ (7,663 )   $ (5,737 )
                         
Basic income (loss) per share   $ 0.01     $ (0.33 )   $ (0.25 )   $ (0.19 )
Diluted income (loss) per share   $ 0.01     $ (0.33 )   $ (0.25 )   $ (0.19 )
Shares used to compute income (loss) per share:                        
Basic     31,613,519       30,979,207       31,180,417       30,707,426  
Diluted     31,613,519       30,979,207       31,180,417       30,707,426  



Orion Group Holdings, Inc. and Subsidiaries

Selected Results of Operations
(In Thousands, Except Share and Per Share Information)
(Unaudited)

                       
    Three months ended September 30,  
    2022     2021    
    Amount   Percent   Amount   Percent  
    (dollar amounts in thousands)  
Contract revenues                      
Marine segment                      
Public sector   $ 54,769     72.0   % $ 35,580     65.0   %
Private sector     21,329     28.0   %   19,159     35.0   %
Marine segment total   $ 76,098     100.0   % $ 54,739     100.0   %
Concrete segment                      
Public sector   $ 10,070     9.5   % $ 2,301     2.7   %
Private sector     96,453     90.5   %   82,867     97.3   %
Concrete segment total   $ 106,523     100.0   % $ 85,168     100.0   %
Total   $ 182,621         $ 139,907        
                       
Operating income (loss)                      
Marine segment   $ 5,197     6.8   % $ (4,965 )   (9.1 ) %
Concrete segment     (4,066 )   (3.8 ) %   (3,778 )   (4.4 ) %
Total   $ 1,131         $ (8,743 )      
                       
    Nine months ended September 30,  
    2022     2021    
    Amount   Percent   Amount   Percent  
    (dollar amounts in thousands)  
Contract revenues                      
Marine segment                      
Public sector   $ 164,357     67.7   % $ 121,916     63.9   %
Private sector     78,540     32.3   %   68,911     36.1   %
Marine segment total   $ 242,897     100.0   % $ 190,827     100.0   %
Concrete segment                      
Public sector   $ 23,068     7.5   % $ 13,580     5.5   %
Private sector     286,162     92.5   %   234,684     94.5   %
Concrete segment total   $ 309,230     100.0   % $ 248,264     100.0   %
Total   $ 552,127         $ 439,091        
                       
Operating income (loss)                      
Marine segment   $ 9,553     3.9   % $ 6,489     3.4   %
Concrete segment     (14,125 )   (4.6 ) %   (7,611 )   (3.1 ) %
Total   $ (4,572 )       $ (1,122 )      



Orion Group Holdings, Inc. and Subsidiaries

Reconciliation of Adjusted Net Income (Loss)
(In thousands except per share information)
(Unaudited)

                         
    Three months ended   Nine months ended
    September 30,   September 30,
    2022     2021     2022     2021  
Net income (loss)   $ 247     $ (10,195 )   $ (7,663 )   $ (5,737 )
One-time charges and the tax effects:                        
ERP implementation     330       1,383       1,559       2,822  
Professional fees related to management transition     310             1,118        
Severance     4             944        
Costs related to debt extinguishment                       2,062  
Net loss (gain) on Tampa property sale           98             (6,669 )
Tax rate applied to one-time charges (1)     (183 )     (341 )     (279 )     411  
Total one-time charges and the tax effects     461       1,140       3,342       (1,374 )
Federal and state tax valuation allowances     78       689       956       1,659  
Adjusted net income (loss)   $ 786     $ (8,366 )   $ (3,365 )   $ (5,452 )
Adjusted EPS   $ 0.02     $ (0.27 )   $ (0.11 )   $ (0.18 )

 

_________________________
(1) Items are taxed discretely using the Company's effective tax rate which differs from the Company’s statutory federal rate primarily due to state income taxes and the non-deductibility of other permanent items.


Orion Group Holdings, Inc. and Subsidiaries
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
(In Thousands, Except Margin Data)
(Unaudited)

                           
    Three months ended   Nine months ended  
    September 30,   September 30,  
    2022     2021     2022     2021    
Net income (loss)   $ 247     $ (10,195 )   $ (7,663 )   $ (5,737 )  
Income tax expense     (247 )     1,001       396       341    
Interest expense, net     1,179       501       2,842       4,433    
Depreciation and amortization     6,065       6,225       18,426       19,140    
EBITDA (1)     7,244       (2,468 )     14,001       18,177    
Stock-based compensation     951       526       2,115       2,154    
ERP implementation     330       1,383       1,559       2,822    
Professional fees related to management transition     310             1,118          
Severance     4             944          
Net loss (gain) on Tampa property sale           98             (6,669 )  
Adjusted EBITDA(2)   $ 8,839     $ (461 )   $ 19,737     $ 16,484    
Operating income margin     0.6   %   (6.2 ) %   (0.8 ) %   (0.2 ) %
Impact of depreciation and amortization     3.3   %   4.4   %   3.3   %   4.4   %
Impact of stock-based compensation     0.5   %   0.4   %   0.4   %   0.5   %
Impact of ERP implementation     0.2   %   1.0   %   0.3   %   0.6   %
Impact of professional fees related to management transition     0.2   %     %   0.2   %     %
Impact of severance       %     %   0.2   %     %
Impact of net loss (gain) on Tampa property sale       %   0.1   %     %   (1.5 ) %
Adjusted EBITDA margin(2)     4.8   %   (0.3 ) %   3.6   %   3.8   %

 

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

(2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for stock-based compensation, ERP implementation, professional fees related to management transition and severance. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.


Orion Group Holdings, Inc. and Subsidiaries
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment
(In Thousands, Except Margin Data)
(Unaudited)

                           
    Marine   Concrete  
    Three months ended   Three months ended  
    September 30,   September 30,  
    2022   2021     2022     2021    
Operating income (loss)     5,197     (4,965 )     (4,066 )     (3,778 )  
Other income     48     50                
Depreciation and amortization     4,192     4,232       1,873       1,993    
EBITDA (1)     9,437     (683 )     (2,193 )     (1,785 )  
Stock-based compensation     924     509       27       17    
ERP implementation     131     571       199       812    
Professional fees related to management transition     127           183          
Severance     4                    
Net loss on Tampa property sale         98                
Adjusted EBITDA(2)   $ 10,623   $ 495     $ (1,784 )   $ (956 )  
Operating income margin     6.8 %   (9.0 ) %   (3.9 ) %   (4.4 ) %
Impact of other income     0.1 %   0.1   %     %     %
Impact of depreciation and amortization     5.5 %   7.7   %   1.8   %   2.3   %
Impact of stock-based compensation     1.2 %   0.9   %     %     %
Impact of ERP implementation     0.2 %   1.0   %   0.2   %   1.0   %
Impact of net gain on Tampa property sale     %   0.2   %     %     %
Adjusted EBITDA margin (2)     14.0 %   0.9   %   (1.7 ) %   (1.1 ) %
                           
    Marine   Concrete  
    Nine months ended   Nine months ended  
    September 30,   September 30,  
    2022   2021     2022     2021    
Operating income (loss)     9,553     6,489       (14,125 )     (7,611 )  
Other income     147     159                
Depreciation and amortization     12,751     12,912       5,675       6,228    
EBITDA (1)     22,451     19,560       (8,450 )     (1,383 )  
Stock-based compensation     2,035     2,079       80       75    
ERP implementation     686     1,226       873       1,596    
Professional fees related to management transition     492           626          
Severance     944                    
Net gain on Tampa property sale         (6,669 )              
Adjusted EBITDA (2)   $ 26,608   $ 16,196     $ (6,871 )   $ 288    
Operating income margin     4.0 %   3.4   %   (4.5 ) %   (3.0 ) %
Impact of other income     0.1 %   0.1   %     %     %
Impact of depreciation and amortization     5.2 %   6.8   %   1.8   %   2.5   %
Impact of stock-based compensation     0.8 %   1.1   %     %     %
Impact of ERP implementation     0.3 %   0.6   %   0.3   %   0.6   %
Impact of ISG initiative     0.2 %     %   0.2   %     %
Impact of severance     0.4 %     %     %     %
Impact of net gain on Tampa property sale     %   (3.5 ) %     %     %
Adjusted EBITDA margin (2)     11.0 %   8.5   %   (2.2 ) %   0.1   %

 

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

(2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for stock-based compensation, ERP implementation, professional fees related to management transition and severance. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.


Orion Group Holdings, Inc. and Subsidiaries
Condensed Statements of Cash Flows Summarized
(In Thousands)
(Unaudited)

                         
    Three months ended   Nine months ended
    September 30,   September 30,
    2022     2021     2022     2021  
Net income (loss)   $ 247     $ (10,195 )   $ (7,663 )   $ (5,737 )
Adjustments to remove non-cash and non-operating items     5,095       7,234       20,164       16,738  
Cash flow from net income (loss) after adjusting for non-cash and non-operating items     5,342       (2,961 )     12,501       11,001  
                         
Change in operating assets and liabilities (working capital)     (7,917 )     (4,074 )     (3,400 )     (6,761 )
Cash flows (used in) provided by operating activities   $ (2,575 )   $ (7,035 )   $ 9,101     $ 4,240  
Cash flows provided by (used in) investing activities   $ 803     $ (5,973 )   $ (6,155 )   $ 14,489  
Cash flows (used in) provided by financing activities   $ (3,580 )   $ 11,491     $ (12,502 )   $ (19,425 )
                         
Capital expenditures (included in investing activities above)   $ (2,626 )   $ (6,879 )   $ (10,627 )   $ (11,594 )



Orion Group Holdings, Inc. and Subsidiaries

Condensed Statements of Cash Flows
(In Thousands)
(Unaudited)

             
    Nine months ended September 30,
    2022     2021  
Cash flows from operating activities            
Net loss   $ (7,663 )   $ (5,737 )
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation and amortization     16,035       16,881  
Amortization of ROU operating leases     3,612       3,967  
Amortization of ROU finance leases     2,391       2,259  
Write-off of debt issuance costs upon debt modification           790  
Amortization of deferred debt issuance costs     290       430  
Deferred income taxes     20       20  
Stock-based compensation     2,115       2,154  
Gain on disposal of assets, net     (4,561 )     (9,763 )
Allowance for credit losses     262        
Change in operating assets and liabilities, net of effects of acquisitions:            
Accounts receivable     (21,375 )     10,402  
Income tax receivable     (73 )     (64 )
Inventory     (893 )     279  
Prepaid expenses and other     6,239       2,006  
Contract assets     (7,845 )     14,601  
Accounts payable     27,339       (16,841 )
Accrued liabilities     (2,329 )     (5,530 )
Operating lease liabilities     (3,556 )     (3,803 )
Income tax payable     (84 )     (307 )
Contract liabilities     (823 )     (7,504 )
Net cash provided by operating activities     9,101       4,240  
Cash flows from investing activities:            
Proceeds from sale of property and equipment     4,472       25,643  
Purchase of property and equipment     (10,627 )     (11,594 )
Insurance claim proceeds related to property and equipment           440  
Net cash (used in) provided by investing activities     (6,155 )     14,489  
Cash flows from financing activities:            
Borrowings on credit     9,000       33,000  
Payments made on borrowings on credit     (18,219 )     (49,086 )
Loan costs from Credit Facility     (664 )      
Payments of finance lease liabilities     (2,235 )     (2,500 )
Purchase of vested stock-based awards     (384 )     (949 )
Exercise of stock options           110  
Net cash used in financing activities     (12,502 )     (19,425 )
Net change in cash and cash equivalents     (9,556 )     (696 )
Cash and cash equivalents at beginning of period     12,293       1,589  
Cash and cash equivalents at end of period   $ 2,737     $ 893  



Orion Group Holdings, Inc. and Subsidiaries

Condensed Balance Sheets
(In Thousands, Except Share and Per Share Information)

             
    September 30,   December 31,
    2022     2021  
    (Unaudited)      
ASSETS            
Current assets:            
Cash and cash equivalents   $ 2,737       12,293  
Accounts receivable:            
Trade, net of allowance for credit losses of $546 and $323, respectively     104,208       88,173  
Retainage     46,884       41,379  
Income taxes receivable     478       405  
Other current     2,912       17,585  
Inventory     2,314       1,428  
Contract assets     36,374       28,529  
Prepaid expenses and other     3,121       8,142  
Total current assets     199,028       197,934  
Property and equipment, net of depreciation     101,774       106,654  
Operating lease right-of-use assets, net of amortization     15,358       14,686  
Financing lease right-of-use assets, net of amortization     16,240       14,561  
Inventory, non-current     5,425       5,418  
Intangible assets, net of amortization     7,627       8,556  
Deferred income tax asset     22       41  
Other non-current     2,682       3,900  
Total assets   $ 348,156     $ 351,750  
LIABILITIES AND STOCKHOLDERS’ EQUITY            
Current liabilities:            
Current debt, net of issuance costs   $ 29,892     $ 39,141  
Accounts payable:            
Trade     74,740       48,217  
Retainage     1,318       923  
Accrued liabilities     23,257       38,594  
Income taxes payable     517       601  
Contract liabilities     26,175       26,998  
Current portion of operating lease liabilities     4,618       3,857  
Current portion of financing lease liabilities     3,821       3,406  
Total current liabilities     164,338       161,737  
Long-term debt, net of debt issuance costs     787       259  
Operating lease liabilities     11,515       11,637  
Financing lease liabilities     11,753       10,908  
Other long-term liabilities     17,427       18,942  
Deferred income tax liability     170       169  
Interest rate swap liability            
Total liabilities     205,990       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, 32,766,116 and 31,712,457 issued; 32,054,885 and 31,001,226 outstanding at September 30, 2022 and December 31, 2021, respectively     328       317  
Treasury stock, 711,231 shares, at cost, as of September 30, 2022 and December 31, 2021, respectively     (6,540 )     (6,540 )
Accumulated other comprehensive loss            
Additional paid-in capital     187,601       185,881  
Retained loss     (39,223 )     (31,560 )
Total stockholders’ equity     142,166       148,098  
Total liabilities and stockholders’ equity   $ 348,156     $ 351,750  

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Source: Orion Group Holdings, Inc.

Press releases

Orion Group Holdings Announces Contract Awards Valued at Approximately $111 Million

21 Nov 2024

HOUSTON, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” and “Company”), a leading specialty construction and engineering company today announced three contract awards, two in its...

Orion Group Holdings to Participate in Upcoming Investor Conferences

15 Nov 2024

HOUSTON, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today announced that its management team will participate in the following...

Orion Group Holdings Reports Third Quarter 2024 Results

30 Oct 2024

HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported its financial results for the third quarter ended September 30...

Orion Group Holdings to Report Third Quarter 2024 Financial Results on Wednesday, October 30

10 Oct 2024

HOUSTON, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (“Orion”, "Company"), a leading specialty construction company, today announced that it will issue its third quarter 2024 financial...

Orion Group Holdings to Participate in D.A. Davidson’s 23rd Annual Diversified Industrials & Services Conference

18 Sep 2024

HOUSTON, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today announced that Orion management will participate in D.A. Davidson’s...

Orion Group Holdings Prices $25.0 Million Public Offering of Common Stock

11 Sep 2024

HOUSTON, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” or the “Company”), a leading specialty construction company, today announced that it has priced its previously announced...