Great Lakes Dredge & Dock (GLDD) - 2025 Q1 - Quarterly Report

Financial Performance - Contract revenues for Q1 2025 increased to $242.865 million, up 22.2% from$ 198.660 million in Q1 2024[12] - Gross profit for Q1 2025 was $69.523 million, representing a 52.5% increase compared to$ 45.574 million in Q1 2024[12] - Net income for Q1 2025 rose to $33.416 million, a 58.8% increase from$ 21.024 million in Q1 2024[12] - Basic earnings per share for Q1 2025 were $0.50, up from$ 0.32 in Q1 2024, reflecting a 56.3% increase[12] - Total revenues for the three months ended March 31, 2025, were $242.9 million, an increase of 22.2% compared to$ 198.7 million for the same period in 2024[80] - Adjusted EBITDA for the three months ended March 31, 2025, was $60.1 million, compared to$ 42.9 million for the same period in 2024, representing an increase of 40.0%[109] - Consolidated gross profit for Q1 2025 was $69.5 million, an increase of$ 23.9 million or 52% compared to Q1 2024[114] - Operating income for Q1 2025 was $49.9 million, up$ 18.4 million from $31.5 million in Q1 2024[116] Assets and Liabilities - Total current assets decreased to$ 257.620 million as of March 31, 2025, down from $263.418 million at the end of 2024[10] - Total liabilities decreased to$ 753.504 million as of March 31, 2025, down from $806.193 million at the end of 2024[10] - The company’s total equity increased to$ 479.944 million as of March 31, 2025, up from $448.910 million at the end of 2024[10] - Total property and equipment as of March 31, 2025, was$ 1,227,555,000, an increase from $1,218,787,000 as of December 31, 2024[36] - Total accrued expenses decreased to$ 33,349,000 as of March 31, 2025, down from $41,640,000 as of December 31, 2024, indicating a reduction of approximately 19.9%[37] Cash Flow and Financing - Cash provided by operating activities for Q1 2025 was$ 60.854 million, compared to $38.441 million in Q1 2024, marking a 58.5% increase[21] - The company repurchased 352 shares of common stock for$ 3.171 million during Q1 2025[19] - The Company repurchased 352,240 shares of common stock for approximately $3.2 million during the three months ended March 31, 2025, as part of a$ 50.0 million share repurchase program approved on March 14, 2025[27] - The Company had $100.0 million in borrowings on the Second Lien Credit Agreement as of March 31, 2025, with a weighted average interest rate of 12.07% during the quarter[46] - As of March 31, 2025, the Company had zero borrowings on the revolver and$ 256.2 million of availability under the ABL Credit Agreement[55] - The weighted average interest rates on the Company's outstanding borrowings were 6.78% as of March 31, 2025[59] - The Company has a green loan option with a $35.0 million sublimit, allowing borrowing at rates 0.05% lower if proceeds are used for renewable energy projects[52] Revenue Breakdown - The company’s capital dredging revenue in the U.S. for the three months ended March 31, 2025, was$ 91.1 million, up from $69.9 million in 2024[80] - Domestic capital dredging revenue was$ 91.1 million, up $21.2 million, or 30.4%, compared to$ 69.9 million for the same period in 2024[110] - Coastal protection revenue for the quarter ended March 31, 2025, was $120.3 million, an increase of$ 56.4 million, or 88.2%, compared to $63.9 million in the prior year period[111] - Maintenance dredging revenue for the first quarter of 2025 was$ 31.4 million, down $33.4 million, or 51.5%, from$ 64.8 million in the same period of 2024[113] Backlog and Future Expectations - The company's dredging backlog at March 31, 2025, was $968.5 million, with approximately 60% expected to be completed during the remainder of 2025[79] - Total backlog as of March 31, 2025, was$ 1.013 billion, down from $1.239 billion at December 31, 2024[121] - Domestic capital dredging backlog decreased to$ 712.7 million, a decline of $86.8 million from December 31, 2024[128] - Coastal protection dredging backlog was$ 207.1 million, down $121.0 million from December 31, 2024[129] - The company expects to spend between$ 140 million and $160 million on capital expenditures in 2025[135] Shareholder and Governance - The company has authorized a new share repurchase program for up to$ 50 million of its common stock, effective until March 14, 2026[149] - The company cannot guarantee the full implementation of its share repurchase program or that it will enhance long-term stockholder value[149] - There have been no changes in internal control over financial reporting that materially affected the company during the fiscal quarter ended March 31, 2025[144] - The company's disclosure controls and procedures were evaluated as effective as of March 31, 2025, providing reasonable assurance[143] Risk Management - The market risk profile of the company has not materially changed since December 31, 2024[141] - No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024[148] - The company continues to review its accounting policies and financial information disclosures regularly[139]