Financial News

Orion Group Holdings, Inc. Reports Second Quarter 2022 Results

HOUSTON, July 27, 2022 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported a net loss of $3.1 million ($0.10 diluted loss per share) for the second quarter ended June 30, 2022. Excluding non-recurring items, adjusted net loss was $0.9 million ($0.03 diluted loss per share).

Second Quarter 2022 Highlights

  • Operating loss was $2.8 million for the second quarter of 2022 compared to operating income of $5.6 million for the second quarter of 2021.

  • Net loss was $3.1 million ($0.10 diluted loss per share) for the second quarter of 2022 compared to net income of $3.5 million ($0.11 diluted earnings per share) for the second quarter of 2021.

  • The second quarter 2022 net loss included $0.8 million ($0.03 loss per diluted share) of non-recurring items and $1.4 million ($0.04 per diluted share) of tax impact from valuation allowances. Second quarter 2022 adjusted net loss was $0.9 million ($0.03 diluted loss per share).  (Please see page 7 of this release for an explanation of adjusted net loss, adjusted loss per share and a reconciliation to the nearest GAAP measure). 

  • EBITDA, adjusted to exclude the impact of the aforementioned non-recurring items, was $5.7 million in the second quarter of 2022, which compares to adjusted EBITDA of $7.4 million for the second quarter of 2021. (Please see page 8 of this release for an explanation of EBITDA, adjusted EBITDA and a reconciliation to the nearest GAAP measure).

  • Backlog at the end of the second quarter was $603.2 million on a second quarter book-to-bill of 1.00x.

“I want to thank the entire team for embracing the changes and new expectations that are being set”, stated Austin Shanfelter, Orion’s Interim Chief Executive Officer. “I appreciate the actions that are underway and needed to provide a successful path forward.”

Mr. Shanfelter continued, “As we endeavor to conclude the onboarding of leadership, the steps we are taking now enhances the foundation for success of the new leadership team. These steps include:

  • Company-wide focus to obtain margin improvements on all projects
  • Ensuring the ability to capture all cost escalations
  • Downsizing unproductive markets
  • Monetizing real estate
  • Improving liquidity
  • Increasing project wins from negotiations, not just low bidding
  • Onboarding new management

Consolidated Results for Second Quarter 2022 Compared to Second Quarter 2021

  • Contract revenues were $194.6 million, an increase of $48.7 million or 33.4% as compared to $145.9 million. The increase was primarily driven by higher volume in the concrete segment and the start up on large jobs awarded in the second half of 2021 in the marine segment.

  • Gross profit was $14.3 million, as compared to $12.3 million. Gross profit margin was 7.4%, as compared to 8.4%. The increase in gross profit dollars was primarily driven by efficiencies in equipment and labor utilization and a change in the mix of work in the marine segment in the current period, partially offset by unabsorbed indirect expenses in the concrete segment. The decrease in gross profit percentage was primarily driven by additional costs in the concrete segment as a result of project performance and conditions and a change in the mix of work in the current period partially offset by the impact from change orders recognized related to work primarily recognized in previous periods.

  • Selling, General, and Administrative expenses were $17.2 million, as compared to $13.7 million. As a percentage of total contract revenues, SG&A expenses decreased from 9.3% to 8.9%, primarily due to higher revenues in the current period. The increase in SG&A dollars was driven primarily by severance, consulting fees related to the management transition, property tax true-ups in the current year period and as a result of a true-up reducing bonus expense in the prior year period.

  • Operating loss was $2.8 million as compared to operating income of $5.6 million in the prior year period.

  • EBITDA was $3.3 million, representing a 1.7% EBITDA margin, as compared to EBITDA of $12.1 million, or an 8.3% EBITDA margin. When adjusted for non-recurring items, adjusted EBITDA for the second quarter of 2022 was $5.7 million, representing a 2.9% adjusted EBITDA margin, as compared to adjusted EBITDA for the second quarter of 2021 of $7.4 million, representing a 5.1% 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 June 30, 2022 was $603.2 million, which compares with backlog of work under contract as of June 30, 2021, of $394.4 million. The second quarter 2022 ending backlog was composed of $281.0 million in the marine segment, and $322.2 million in the concrete segment. At the end of the second quarter 2022, the Company had approximately $2.5 billion worth of bids outstanding, including successful bids on approximately $153 million of projects,  subsequent to the end of the second quarter of 2022, of which approximately $149 million pertains to the marine segment and approximately $4 million to the concrete segment.   

“During the second quarter, we converted to backlog approximately $194 million of the approximately $1.8 billion of work on which we bid,” continued Mr. Shanfelter. “This resulted in a 1.00 times book-to-bill ratio and a win rate of 10.8%. In the marine segment, we bid on approximately $671 million during the second quarter 2022 and were successful on approximately $46 million, representing a win rate of 6.8% and a book-to-bill ratio of 0.56 times. In the concrete segment we bid on approximately $1.1 billion of work and were awarded approximately $148 million, representing a win rate of 13.2% and a book-to-bill ratio of 1.32 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 second quarter 2022 at 10:00 a.m. Eastern Time/9:00 a.m. Central Time on Thursday, July 28, 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/eywdkzdf. 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  Six months ended
  June 30,  June 30, 
     2022     2021     2022     2021 
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 $(0.10) $0.12  $(0.26) $0.15 
Diluted (loss) earnings per share $(0.10) $0.11  $(0.26) $0.15 
Shares used to compute (loss) income per share:                
Basic  30,949,298   30,671,952   30,960,277   30,569,284 
Diluted  30,949,298   30,702,151   30,960,277   30,601,669 


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

           
  Three months ended March 31, 
  2022  2021 
     Amount    Percent    Amount    Percent
  (dollar amounts in thousands)
Contract revenues          
Marine segment          
Public sector $52,280  63.5% $44,667  69.9%
Private sector  30,039  36.5%  19,275  30.1%
Marine segment total $82,319  100.0% $63,942  100.0%
Concrete segment          
Public sector $7,505  6.7% $6,500  7.9%
Private sector  104,751  93.3%  75,433  92.1%
Concrete segment total $112,256  100.0% $81,933  100.0%
Total $194,575    $145,875   
           
Operating income (loss)          
Marine segment $2,516  3.1% $8,606  13.5%
Concrete segment  (5,364) (4.8)%  (3,040) (3.7)%
Total $(2,848)   $5,566   
           
  Six months ended June 30, 
  2022  2021 
     Amount Percent Amount Percent
  (dollar amounts in thousands)
Contract revenues          
Marine segment          
Public sector $109,588  65.7% $86,336  63.4%
Private sector  57,211  34.3%  49,752  36.6%
Marine segment total $166,799  100.0% $136,088  100.0%
Concrete segment          
Public sector $12,998  6.4% $11,279  6.9%
Private sector  189,709  93.6%  151,817  93.1%
Concrete segment total $202,707  100.0% $163,096  100.0%
Total $369,506    $299,184   
           
Operating income (loss)          
Marine segment $4,356  2.6% $11,454  8.4%
Concrete segment  (10,059) (5.0)%  (3,833) (2.4)%
Total $(5,703)   $7,621   


Orion Group Holdings, Inc. and Subsidiaries
Reconciliation of Adjusted Net Income (Loss)
(In thousands except per share information)
(Unaudited)

             
  Three months ended  Six months ended
  June 30,  June 30, 
     2022     2021     2022     2021 
Net (loss) income $(3,054) $3,530  $(7,910) $4,458 
One-time charges and the tax effects:            
ERP implementation  323   853   1,229   1,439 
Professional fees related to management transition  394      808    
Severance  867      940    
Costs related to debt extinguishment     2,062      2,062 
Net gain on Tampa property sale     (6,767)     (6,767)
Tax rate applied to one-time charges (1)  (809)  886   (96)  751 
Total one-time charges and the tax effects  775   (2,966)  2,881   (2,515)
Federal and state tax valuation allowances  1,362   1,121   878   970 
Adjusted net (loss) income $(917) $1,685  $(4,151) $2,913 
Adjusted EPS $(0.03) $0.05  $(0.13) $0.10 

(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   Six months ended
  June 30,   June 30, 
     2022      2021      2022      2021  
Net (loss) income $(3,054) $3,530   $(7,910) $4,458  
Income tax expense  (681)  (810)  643    (660) 
Interest expense, net  942    2,918    1,663    3,932  
Depreciation and amortization  6,098    6,429    12,361    12,915  
EBITDA (1)  3,305    12,067    6,757    20,645  
Stock-based compensation  794    1,245    1,164    1,628  
ERP implementation  323    853    1,229    1,439  
Professional fees related to management transition  394        808      
Severance  867        940      
Net gain on Tampa property sale      (6,767)      (6,767) 
Adjusted EBITDA(2) $5,683   $7,398   $10,898   $16,945  
Operating income margin  (1.4)%   3.8%   (1.6)%   2.5% 
Impact of depreciation and amortization  3.1%   4.4%   3.4%   4.5% 
Impact of stock-based compensation  0.4%   0.9%   0.3%   0.5% 
Impact of ERP implementation  0.2%   0.6%   0.3%   0.5% 
Impact of professional fees related to management transition  0.2%   % 0.2%   %
Impact of severance  0.4%   % 0.3%   %
Impact of net gain on Tampa property sale  %   (4.6)%   % (2.3)% 
Adjusted EBITDA margin(2)  2.9%   5.1%   2.9%   5.7% 

(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
  June 30,  June 30, 
     2022    2021     2022     2021 
Operating (loss) income  2,516  8,606   (5,364)  (3,040)
Other income (expense), net  55  72       
Depreciation and amortization  4,236  4,322   1,862   2,107 
EBITDA (1)  6,807  13,000   (3,502)  (933)
Stock-based compensation  768  1,219   26   26 
ERP implementation  117  379   206   474 
Professional fees related to management transition  165     229    
Severance  867         
Net gain on Tampa property sale    (6,767)      
Adjusted EBITDA(2) $8,724 $7,831  $(3,041) $(433)
Operating income margin  3.2%   13.5%  (4.8)%   (3.7)%
Impact of other income (expense), net  %   %   %   %
Impact of depreciation and amortization  5.1%   6.8%   1.7%   2.6%
Impact of stock-based compensation  0.9%   1.9%   %   %
Impact of ERP implementation  0.1%   0.6%   0.2%   0.6%
Impact of professional fees related to management transition  0.2%   %   0.2%   %
Impact of severance  1.1%   %   %   %
Impact of net gain on Tampa property sale  %   (10.6)%   %   %
Adjusted EBITDA margin (2)  10.6%   12.2%   (2.7)%   (0.5)%
             
  Marine Concrete
  Six months ended  Six months ended
  June 30,  June 30, 
     2022    2021     2022     2021 
Operating income (loss)  4,356  11,454   (10,059)  (3,833)
Other income (expense), net  99  109       
Depreciation and amortization  8,559  8,680   3,802   4,235 
EBITDA (1)  13,014  20,243   (6,257)  402 
Stock-based compensation  1,111  1,570   53   58 
ERP implementation  555  655   674   784 
Professional fees related to management transition  365     443    
Severance  940         
Net gain on Tampa property sale    (6,767)      
Adjusted EBITDA (2) $15,985 $15,701  $(5,087) $1,244 
Operating income margin  2.6%   8.4%   (5.0)%   (2.4)%
Impact of other income (expense), net  0.1%   %   %   %
Impact of depreciation and amortization  5.1%   6.4%   1.9%   2.6%
Impact of stock-based compensation  0.7%   1.2%   0.1%   0.1%
Impact of ERP implementation  0.3%   0.5%   0.3%   0.5%
Impact of ISG initiative  0.2%   %   0.2%   %
Impact of severance  0.6%   %   %   %
Impact of net gain on Tampa property sale  %   (5.0)%   %   %
Adjusted EBITDA margin (2)  9.6%   11.5%   (2.5)%   0.8%

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

             
  Three months ended  Six months ended
  June 30, June 30, 
     2022     2021     2022     2021 
Net (loss) income $(3,054) $3,530  $(7,910) $4,458 
Adjustments to remove non-cash and non-operating items  8,018   2,609   15,069   9,504 
Cash flow from net (loss) income after adjusting for non-cash and non-operating items  4,964   6,139   7,159   13,962 
             
Change in operating assets and liabilities (working capital)  (3,348)  (3,982)  4,517   (2,687)
Cash flows provided by operating activities $1,616  $2,157  $11,676  $11,275 
Cash flows (used in) provided by investing activities $(4,148) $19,690  $(6,958) $20,462 
Cash flows provided by (used in) financing activities $3,895  $(24,079) $(8,922) $(30,916)
             
Capital expenditures (included in investing activities above) $(4,478) $(3,097) $(8,001) $(4,715)


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

       
  Six months ended June 30, 
     2022     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, net of effects of acquisitions:      
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 on credit  (11,742)  (49,086)
Loan costs from Credit Facility  (611)   
Payments of finance lease liabilities  (1,472)  (1,675)
Purchase of vested stock-based awards  (97)  (241)
Exercise of stock options     86 
Net cash used in 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 


Orion Group Holdings, Inc. and Subsidiaries
Condensed Balance Sheets
(In Thousands, Except Share and Per Share Information)

       
     June 30,     December 31, 
  2022  2021 
  (Unaudited)   
ASSETS        
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 of depreciation  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 
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Current debt, net of 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 
Interest rate swap liability      
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)
Accumulated other comprehensive loss      
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 


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