Financial News

Orion Group Holdings Reports Fourth Quarter and Full Year 2023 Results

HOUSTON, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported its financial results for the fourth quarter and full year ended December 31, 2023.

Highlights for the quarter ended December 31, 2023:

  • Contract revenues of $201.6 million
  • GAAP net loss was $4.4 million or $0.13 per diluted share
  • Adjusted net income was $2.6 million or $0.08 per diluted share
  • Adjusted EBITDA was $14.8 million
  • Backlog and contracts awarded subsequent to quarter end totaled $883 million

Highlights for the year ended December 31, 2023:

  • Contract revenues of $711.8 million
  • GAAP net loss was $17.9 million or $0.55 per diluted share
  • Adjusted net loss was $11.4 million or $0.35 per diluted share
  • Adjusted EBITDA was $23.8 million

See definitions and reconciliation of non-GAAP measures elsewhere in this release.

Management Commentary

“We are pleased that our fourth-quarter results demonstrated progress against our strategic plan to deliver profitable growth. Fourth-quarter 2023 adjusted EBITDA was $14.8 million or a 7.3% adjusted EBITDA margin--a significant year-over-year improvement from fourth quarter 2022 adjusted EBITDA of $3.2 million or an adjusted EBITDA margin of 1.6%,” said Travis Boone, CEO of Orion Group Holdings.

“While our 2023 financial performance improved over the prior year, I think we are in the early stages of what our team can deliver going forward. What we accomplished in 2023 has transformed Orion into a more focused, more competitive and more driven company. In a short time, we implemented a disciplined project bidding and delivery strategy; attracted high-caliber business development executives; invested in systems, training and tools; secured a three-year, $103 million credit facility; and closed over $25 million in equipment and real estate sale-leaseback transactions. With these critical building blocks in place, we are prepared to take advantage of our industry tailwinds.”

“In 2024, we expect our financial performance to continue to improve relative to 2023. Given the positive changes we have implemented, the improving market outlook, the quality of our current backlog and the volume of opportunities in our pipeline, we are confident that 2025 will be even stronger than 2024,” concluded Boone.

Fourth Quarter 2023 Results

Contract revenues of $201.6 million increased 2.8% from $196.2 million in the fourth quarter last year, primarily due to an increase in marine segment revenue related to the Pearl Harbor, Hawaii drydock project, partially offset by a decrease in concrete segment revenue reflecting the planned wind-down of the Company’s Central Texas concrete operations.

Gross profit increased to $23.0 million or 11.4% of revenue, up from $10.2 million or 5.2% of revenue in the fourth quarter of 2022. The increase in gross profit dollars and margin was primarily driven by margin improvements in both segments stemming from higher quality projects and improved execution, partially offset by lower margin and mix of dredging revenue.

Selling, general and administrative (“SG&A”) expenses were $17.2 million, up from $13.7 million in the fourth quarter of 2022. As a percentage of total contract revenues, SG&A expenses increased to 8.5% from 7.0%. The increase in SG&A dollars and percentage reflected an increase in IT and business development spending and higher legal costs related to pursuing project-related claims.

Net loss for the fourth quarter was $4.4 million or $0.13 per diluted share compared to net loss of $4.9 million or $0.15 per diluted share in the fourth quarter of 2022.

Fourth quarter 2023 net income included $7.0 million ($0.21 diluted income per share) of non-recurring items. Fourth quarter 2023 adjusted net income was $2.6 million ($0.08 diluted income per share).

EBITDA for the fourth quarter of 2023 was $6.5 million, representing a 3.2% EBITDA margin, as compared to EBITDA of $2.2 million, or a 1.1% EBITDA margin in the fourth quarter last year. Adjusted for non-recurring items, EBITDA for the fourth quarter of 2023 increased to $14.8 million, representing a 7.3% adjusted EBITDA margin, as compared to adjusted EBITDA for the fourth quarter of 2022 of $3.2 million, representing a 1.6% adjusted EBITDA margin.

Backlog

Total backlog at December 31, 2023 was $762.2 million, compared to $877.5 million at September 30, 2023 and $448.8 million at December 31, 2022. Backlog for the Marine segment was $602.5 million, compared to $699.9 million at September 30, 2023 and $216.7 million at December 31, 2022. Backlog for the Concrete segment was $159.7 million, compared to $177.6 million at September 30, 2023 and $232.1 million at December 31, 2022. In addition, the Company has been awarded $121 million in new project work subsequent to the fourth quarter that is not included in backlog at the end of the quarter.

Balance Sheet Update

As of December 31, 2023, current assets were $271.8 million, including unrestricted cash and cash equivalents of $30.9 million. Total debt outstanding as of December 31, 2023 was $37.2 million. At the end of the quarter, the Company had no outstanding borrowings under its revolving credit facility. On December 1, 2023, the Company and White Oak amended the Company’s credit facility to extend the maturity date for the $15.0 million pre-payment. On February 27, 2024, the Company and White Oak further amended the Company’s credit facility to lower the interest rate on its $65 million revolver by 50 basis points and its $38 million term loan by 100 basis points.

Asset Sales

The Company entered into a contract for the sale of its East West Jones properties in Harris County, Texas. The purchase price is $34 million and the transaction is expected to close in the second quarter of 2024. The Company expects to use the proceeds to reduce debt and for general corporate purposes.

Conference Call Details

Orion Group Holdings will host a conference call to discuss results for the fourth quarter and full year 2023 at 9:00 a.m. Eastern Time/8:00 a.m. Central Time on Thursday, February 29, 2024. To participate, please call (844) 481-2994 and ask for the Orion Group Holdings Conference Call. A live audio webcast of the call will also be available on the Investor Relations section of Orion’s website at https://www.oriongroupholdingsinc.com/investor/ and will be archived for replay.

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, Hawaii, 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 place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. The Company’s website is located at: https://www.oriongroupholdingsinc.com.

Backlog Definition

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. The typical duration of the Company’s projects ranges from three to nine months on shorter projects to multiple years on larger projects. The Company's backlog at any point in time includes both revenue it expects to realize during the next twelve-month period as well as revenue it expects to realize in future years.

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 should not be viewed as an equivalent financial measure 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 evaluation of the Company’s financial performance. The Company believes these adjusted financial measures are a useful supplement to earnings/loss calculated in accordance with GAAP because they better inform our common stockholders as to 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.

Forward-Looking Statements

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 project award announcements, estimated project start dates, 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, 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 2022 Annual Report on Form 10-K, filed on March 16, 2023, 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.

Contacts:

Financial Profiles, Inc.
Margaret Boyce 310-622-8247
orn@finprofiles.com 


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

             
  Three months ended  Twelve months ended
  December 31,  December 31, 
     2023     2022     2023     2022 
Contract revenues  201,594   196,195   711,778   748,322 
Costs of contract revenues  178,627   186,032   650,115   697,580 
Gross profit  22,967   10,163   61,663   50,742 
Selling, general and administrative expenses  17,160   13,720   69,431   62,503 
Amortization of intangible assets  44   310   427   1,239 
Gain on disposal of assets, net  (540)  (409)  (8,455)  (4,970)
Intangible asset impairment loss  6,890      6,890    
Operating loss  (587)  (3,458)  (6,630)  (8,030)
Other (expense) income:                
Other income  49   52   641   199 
Interest income  13   33   103   104 
Interest expense  (3,985)  (1,543)  (11,659)  (4,456)
Other expense, net  (3,923)  (1,458)  (10,915)  (4,153)
Loss before income taxes  (4,510)  (4,916)  (17,545)  (12,183)
Income tax expense  (145)  33   330   429 
Net loss $(4,365) $(4,949) $(17,875) $(12,612)
             
Basic loss per share $(0.13) $(0.15) $(0.55) $(0.40)
Diluted loss per share $(0.13) $(0.15) $(0.55) $(0.40)
Shares used to compute loss per share:                
Basic  32,528,213   32,060,822   32,346,992   31,402,328 
Diluted  32,528,213   32,060,822   32,346,992   31,402,328 
                 

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

           
  Three months ended December 31, 
  2023 2022
     Amount Percent Amount Percent
  (dollar amounts in thousands)
Contract revenues          
Marine segment          
Public sector $98,275  72.7 $73,006  75.8
Private sector  36,888  27.3  23,310  24.2
Marine segment total $135,163  100.0 $96,316  100.0
Concrete segment          
Public sector $2,635  4.0 $7,216  7.2
Private sector  63,796  96.0  92,663  92.8
Concrete segment total $66,431  100.0 $99,879  100.0
Total $201,594    $196,195   
           
Operating income (loss)              
Marine segment $4,257  3.1 $234  0.2
Concrete segment  (4,844) (7.3)%  (3,692) (3.7)%
Total $(587)   $(3,458)   
           
  Twelve months ended December 31, 
  2023 2022
     Amount Percent Amount Percent
  (dollar amounts in thousands)
Contract revenues          
Marine segment          
Public sector $292,088  73.8 $237,363  70.0
Private sector  103,829  26.2  101,850  30.0
Marine segment total $395,917  100.0 $339,213  100.0
Concrete segment          
Public sector $20,297  6.4 $30,284  7.4
Private sector  295,564  93.6  378,825  92.6
Concrete segment total $315,861  100.0 $409,109  100.0
Total $711,778    $748,322   
           
Operating income (loss)              
Marine segment $3,670  0.9 $9,787  2.9
Concrete segment  (10,300) (3.3)%  (17,817) (4.4)%
Total $(6,630)   $(8,030)   
             

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

             
  Three months ended  Twelve months ended
  December 31,  December 31, 
     2023    2022    2023    2022
Net loss $(4,365) $(4,949) $(17,875) $(12,612)
One-time charges and the tax effects:            
Net gain on Port Lavaca South Yard property sale        (5,202)   
ERP implementation  568   308   1,378   1,867 
Severance  683   4   809   948 
Intangible asset impairment loss  6,890      6,890    
Professional fees related to management transition           1,118 
Tax rate applied to one-time charges (1)  (1,456)  (265)  (642)  (544)
Total one-time charges and the tax effects  6,685   47   3,233   3,389 
Federal and state tax valuation allowances  277   1,158   3,238   2,114 
Adjusted net income (loss) $2,597  $(3,744) $(11,404) $(7,109)
Adjusted EPS $0.08  $(0.12) $(0.35) $(0.23)
                 
(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  Year ended
  December 31,  December 31, 
     2023 2022 2023 2022
Net loss $(4,365) $(4,949) $(17,875) $(12,612)
Income tax (benefit) expense  (145)  33   330   429 
Interest expense, net  3,972   1,510   11,556   4,352 
Depreciation and amortization  6,996   5,631   23,878   24,057 
EBITDA (1)  6,458   2,225   17,889   16,226 
Stock-based compensation  209   639   2,042   2,754 
Net gain on Port Lavaca South Yard property sale        (5,202)   
ERP implementation  568   308   1,378   1,867 
Professional fees related to management transition           1,118 
Severance  683   4   809   948 
Intangible asset impairment loss  6,890      6,890    
Adjusted EBITDA(2) $14,808  $3,176  $23,806  $22,913 
Operating income margin  (0.3)%  (1.8)%  (0.9)%  (1.1)%
Impact of depreciation and amortization  3.5  2.9  3.3  3.2
Impact of stock-based compensation  0.1  0.3  0.3  0.4
Impact of net gain on Port Lavaca South Yard property sale      (0.7)%  
Impact of ERP implementation  0.3  0.2  0.2  0.3
Impact of professional fees related to management transition        0.1
Impact of severance  0.3    0.1  0.2
Impact of intangible asset impairment loss  3.4    1.0  
Adjusted EBITDA margin(2)  7.3  1.6  3.3  3.1
                 
(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, net gain on Port Lavaca South Yard property sale, ERP implementation, professional fees related to management transition, severance and intangible asset impairment loss. 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
  December 31,  December 31, 
     2023 2022 2023 2022
Operating income (loss)  4,257   234   (4,844)  (3,692)
Other income  49   52       
Depreciation and amortization  5,801   3,841   1,195   1,790 
EBITDA (1)  10,107   4,127   (3,649)  (1,902)
Stock-based compensation  175   636   34   3 
ERP implementation  352   160   216   148 
Severance  683   4       
Intangible asset impairment loss        6,890    
Adjusted EBITDA(2) $11,317  $4,927  $3,491  $(1,751)
Operating income margin  3.1  0.2%  (7.3)%  (3.7)%
Impact of other income    %    
Impact of depreciation and amortization  4.3  4.0%  1.8  1.8
Impact of stock-based compensation  0.1  0.7%  0.1  
Impact of ERP implementation  0.3  0.2%  0.3  0.1
Impact of severance  0.5  %    
Impact of intangible asset impairment loss  0.1  %  10.4  
Adjusted EBITDA margin (2)  8.4  5.1%  5.3  (1.8)%
              
  Marine Concrete
  Year ended  Year ended
  December 31,  December 31, 
     2023 2022 2023 2022
Operating income (loss)  3,670   9,787   (10,300)  (17,817)
Other income  641   199       
Depreciation and amortization  18,219   16,592   5,659   7,465 
EBITDA (1)  22,530   26,578   (4,641)  (10,352)
Stock-based compensation  1,958   2,671   84   83 
Net gain on Port Lavaca South Yard property sale  (5,202)         
ERP implementation  766   846   612   1,021 
Professional fees related to management transition     494      624 
Severance  721   948   88    
Intangible asset impairment loss        6,890    
Adjusted EBITDA(2) $20,773  $31,537  $3,033  $(8,624)
Operating income margin  0.8  2.9%  (3.3)%  (4.4)%
Impact of other income  0.2  %    
Impact of depreciation and amortization  4.6  5.0%  1.9  1.9
Impact of stock-based compensation  0.5  0.8%    
Impact of net gain on Tampa property sale  (1.3)%  %    
Impact of ERP implementation  0.2  0.2%  0.2  0.2
Impact of professional fees related to management transition    0.1%    0.2
Impact of severance  0.2  0.3%    
Impact of intangible asset impairment loss    %  2.2  
Adjusted EBITDA margin (2)  5.2  9.3%  1.0  (2.1)%
                 
(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, net gain on Port Lavaca South Yard property sale, ERP implementation, professional fees related to management transition, severance and intangible asset impairment loss. 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  Year ended
  December 31,  December 31, 
     2023    2022    2023    2022
Net loss $(4,365) $(4,949) $(17,875) $(12,612)
Adjustments to remove non-cash and non-operating items  16,248   7,249   32,641   27,413 
Cash flow from net loss after adjusting for non-cash and non-operating items  11,883   2,300   14,766   14,801 
Change in operating assets and liabilities (working capital)  33,796   (1,836)  2,412   (5,236)
Cash flows provided by operating activities $45,679  $464  $17,178  $9,565 
Cash flows (used in) provided by investing activities $(3,221) $(3,549) $2,170  $(9,704)
Cash flows (used in) provided by financing activities $(15,401) $4,132  $7,806  $(8,370)
             
Capital expenditures (included in investing activities above) $(2,231) $(3,957) $(8,909) $(14,584)
                 

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

  Year ended December 31, 
     2023    2022
Cash flows from operating activities        
Net loss $(17,875) $(12,612)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization  18,844   20,915 
Amortization of ROU operating leases  6,763   4,813 
Amortization of ROU finance leases  5,034   3,142 
Write-off of debt issuance costs upon debt modification  119    
Amortization of deferred debt issuance costs  1,616   424 
Deferred income taxes  (103)  13 
Stock-based compensation  2,042   2,754 
Gain on disposal of assets, net  (8,455)  (4,970)
Intangible asset impairment loss  6,890    
Allowance for credit losses  (109)  322 
Change in operating assets and liabilities:      
Accounts receivable  14,129   (28,660)
Income tax receivable  (224)  3 
Inventory  (729)  (1,485)
Prepaid expenses and other  (55)  1,645 
Contract assets  (37,619)  (15,374)
Accounts payable  (4,507)  39,370 
Accrued liabilities  11,817   (6,630)
Operating lease liabilities  (6,807)  (4,748)
Income tax payable  48   (79)
Contract liabilities  26,359   10,722 
Net cash provided by operating activities  17,178   9,565 
Cash flows from investing activities:      
Proceeds from sale of property and equipment  11,079   4,880 
Purchase of property and equipment  (8,909)  (14,584)
Net cash provided by (used in) investing activities  2,170   (9,704)
Cash flows from financing activities:      
Borrowings on credit  106,958   24,000 
Payments made on borrowings on credit  (104,431)  (28,274)
Proceeds from failed sale-leaseback arrangement  14,702    
Proceeds from sale-leaseback financing  2,397    
Loan costs from Credit Facility  (6,537)  (664)
Payments of finance lease liabilities  (4,791)  (2,992)
Payments related to tax withholding for share-based compensation  (492)  (440)
Net cash provided by (used in) financing activities  7,806   (8,370)
Net change in cash, cash equivalents and restricted cash  27,154   (8,509)
Cash, cash equivalents and restricted cash at beginning of period  3,784   12,293 
Cash, cash equivalents and restricted cash at end of period $30,938  $3,784 
         

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

     December 31,     December 31, 
  2023 2022
  (Unaudited)   
ASSETS        
Current assets:        
Cash and cash equivalents $30,938   3,784 
Accounts receivable:      
Trade, net of allowance for credit losses of $361 and $606, respectively  101,229   106,758 
Retainage  42,044   50,873 
Income taxes receivable  626   402 
Other current  3,864   3,526 
Inventory  2,699   2,862 
Contract assets  81,522   43,903 
Prepaid expenses and other  8,894   8,229 
Total current assets  271,816   220,337 
Property and equipment, net of depreciation  87,834   100,977 
Operating lease right-of-use assets, net of amortization  25,696   14,978 
Financing lease right-of-use assets, net of amortization  23,602   15,839 
Inventory, non-current  6,361   5,469 
Intangible assets, net of amortization     7,317 
Deferred income tax asset  26   70 
Other non-current  1,558   2,168 
Total assets $416,893  $367,155 
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Current debt, net of issuance costs $13,453  $34,956 
Accounts payable:      
Trade  80,294   87,605 
Retainage  2,527   1,198 
Accrued liabilities  37,074   18,466 
Income taxes payable  570   522 
Contract liabilities  64,079   37,720 
Current portion of operating lease liabilities  9,254   4,738 
Current portion of financing lease liabilities  8,665   4,031 
Total current liabilities  215,916   189,236 
Long-term debt, net of debt issuance costs  23,740   716 
Operating lease liabilities  16,632   11,018 
Financing lease liabilities  13,746   11,102 
Other long-term liabilities  25,320   17,072 
Deferred income tax liability  64   211 
Total liabilities  295,418   229,355 
Stockholders’ equity:        
Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued      
Common stock -- $0.01 par value, 50,000,000 authorized, 33,260,011 and 32,770,550 issued; 32,548,780 and 32,059,319 outstanding at December 31, 2023 and December 31, 2022, respectively  333   328 
Treasury stock, 711,231 shares, at cost, as of December 31, 2023 and December 31, 2022, respectively  (6,540)  (6,540)
Additional paid-in capital  189,729   188,184 
Retained loss  (62,047)  (44,172)
Total stockholders’ equity  121,475   137,800 
Total liabilities and stockholders’ equity $416,893  $367,155 

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