Gulf Island Reports First Quarter 2024 Results
Gulf Island Fabrication, Inc. reported strong first quarter 2024 results with consolidated revenue of $42.9 million, net income of $6.2 million, and adjusted EBITDA of $3.7 million. The Services Division saw operating income of $2.9 million and EBITDA of $3.3 million, while the Fabrication Division reported operating income of $4.7 million and adjusted EBITDA of $2.5 million. The company ended the quarter with a cash balance of $61.3 million and reiterated its full-year 2024 financial guidance.
Consolidated revenue of $42.9 million for the first quarter 2024.
Consolidated net income of $6.2 million and adjusted EBITDA of $3.7 million.
Services Division operating income of $2.9 million and EBITDA of $3.3 million.
Fabrication Division operating income of $4.7 million and adjusted EBITDA of $2.5 million.
Cash and short-term investments balance of $61.3 million at the end of March 2024.
Reiterated full-year 2024 financial guidance.
Consolidated revenue decreased from $62.2 million in the prior year period.
Decrease in Fabrication Segment revenue by 56.8% compared to the first quarter 2023.
Adjusted EBITDA for the Fabrication Segment decreased by 14.0% from the prior year period.
A loss of $2.1 million in the Corporate Segment for the first quarter 2024.
Corporate Segment EBITDA is expected to be a loss of approximately $8.0 million for full year 2024.
Insights
THE WOODLANDS, Texas, May 07, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island” or the “Company”), a leading steel fabricator and service provider to the industrial and energy sectors, today announced results for the first quarter 2024.
FIRST QUARTER 2024 SUMMARY
- Consolidated revenue of
$42.9 million - Consolidated net income of
$6.2 million ; Adjusted EBITDA of$3.7 million - Services Division operating income of
$2.9 million ; EBITDA of$3.3 million - Fabrication Division operating income of
$4.7 million ; Adjusted EBITDA of$2.5 million - Cash and short-term investments balance of
$61.3 million at March 31, 2024 - Reiterated full-year 2024 financial guidance
Consolidated revenue for the first quarter 2024 was
See “Non-GAAP Measures” below for the Company’s definition of EBITDA and adjusted EBITDA and reconciliations of the relevant amounts to the most comparable GAAP measures.
MANAGEMENT COMMENTARY
“Our momentum has carried into the new year, as we posted another quarter of profitable growth in our services and small-scale fabrication businesses with strong operational execution to kick off 2024,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “Our Services segment benefited from growth in our offshore services, including Spark Safety, with the segment delivering
“Our recent results reflect the continued execution of our strategic plan, and we made further progress on our key priorities during the first quarter,” continued Heo. “We concluded our operational shipyard obligations during the first quarter, with the warranty period for our ferry projects being the final remaining items associated with the wind down of the Shipyard business. Our Services segment continued to benefit from strong demand in the Gulf of Mexico, which contributed to first quarter Services operating margins expanding 40 basis points to
“We finished the first quarter in a strong financial position with an ending cash and investments balance of over
“We are extremely excited by our strong start to the year and remain confident we are well-positioned to pursue our growth objectives,” noted Heo. “While we remain committed to investing in organic growth initiatives, we are increasingly looking for opportunities to deploy capital for strategic acquisitions to further grow the business. With our stable fabrication and services platform, combined with our strong financial position, we are ideally situated to pursue acquisition opportunities that will enable us to grow our existing platform, expand our current capabilities and further penetrate new growth end markets. As we have done throughout our strategic transformation process, we will remain disciplined in our pursuit of both organic and strategic growth, and we look forward to updating the investment community on our continued progress in the coming quarters,” concluded Heo.
SEGMENT RESULTS FOR FIRST QUARTER 2024
Services Segment – Revenue for the first quarter 2024 was
New project awards were
Operating income was
Fabrication Segment – Revenue for the first quarter 2024 was
New project awards were
Operating income was
Shipyard Segment – Revenue for the first quarter 2024 was
Corporate Segment – Operating loss was
Segment Descriptions – The Company’s divisions represent its reportable segments which are “Services”, “Fabrication”, “Shipyard” and “Corporate”. The Services Segment includes offshore and onshore services work performed at customer facilities, including offshore platforms. The Fabrication Segment includes all fabrication work performed on-site at the Company’s facilities, including pull-through fabrication work for the Services Segment. The Shipyard Segment includes revenue and gross profit and loss associated with the construction of three ferries that were substantially complete as of March 31, 2024, and legal fees associated with previous litigation (“MPSV Litigation”) that was settled in the fourth quarter 2023. The wind down of the Company’s Shipyard Segment operations was substantially complete as of March 31, 2024. Final completion of the wind down will occur upon completion of the warranty periods for the ferries. The Corporate Segment includes costs that are not directly related to the Company’s operating segments, including the costs of being a publicly traded company.
BALANCE SHEET AND LIQUIDITY
The Company’s cash and short-term investments balance at March 31, 2024 was
2024 FINANCIAL OUTLOOK
Gulf Island is reiterating its full year 2024 indicative segment and consolidated guidance. Services Segment EBITDA is expected to be approximately
FIRST QUARTER 2024 CONFERENCE CALL
Gulf Island will hold a conference call on Tuesday, May 7, 2024 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results. The call will be available by webcast and can be accessed on Gulf Island’s website at www.gulfisland.com. Participants may also join the call by dialing 1.877.704.4453 and requesting the “Gulf Island” conference call. A replay of the webcast will be available on the Company’s website for seven days after the call.
ABOUT GULF ISLAND
Gulf Island is a leading fabricator of complex steel structures and modules and provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and staffing services to the industrial and energy sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; and EPC companies. The Company is headquartered in The Woodlands, Texas and its primary operating facilities are located in Houma, Louisiana.
NON-GAAP MEASURES
This release includes certain non-GAAP measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted revenue, adjusted gross profit, new project awards and backlog. The Company believes EBITDA is a useful supplemental measure as it reflects the Company’s operating results and expectations of future performance excluding the non-cash impacts of depreciation and amortization. The Company believes adjusted EBITDA is a useful supplemental measure as it reflects the Company’s EBITDA adjusted to remove certain nonrecurring items (including a gain from the sale of assets held for sale and gains from the impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida) and the operating results for the Company’s Shipyard Division, which was substantially wound down in the fourth quarter 2023. The Company believes adjusted revenue and adjusted gross profit are useful supplemental measures as they reflect the Company’s revenue and gross profit or loss, adjusted to remove revenue and gross profit or loss, for the Company’s Shipyard Division, which was substantially wound down in the fourth quarter 2023. Reconciliations of EBITDA, adjusted EBITDA, adjusted revenue and adjusted gross profit to the most comparable GAAP measures are presented under “Consolidated Results of Operations,” “Results of Operations by Segment” and “2024 Financial Outlook – Segment and Consolidated EBITDA and Adjusted EBITDA Reconciliations” below.
The Company believes new project awards and backlog are useful supplemental measures as they represent work that the Company is obligated to perform under its current contracts. New project awards represent the expected revenue value of new contract commitments received during a given period, including scope growth on existing contract commitments. Backlog represents the unrecognized revenue value of new project awards, and at March 31, 2024, was consistent with the value of remaining performance obligations for contracts as determined under GAAP.
Non-GAAP measures are not intended to be replacements or alternatives to GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. The Company may present or calculate non-GAAP measures differently from other companies.
CAUTIONARY STATEMENT
This release contains forward-looking statements in which the Company discusses its potential future performance, operations and projects. Forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, are all statements other than statements of historical facts, such as projections or expectations relating to operating results; diversification and entry into new end markets; improvement of risk profile; industry outlook; oil and gas prices; timing of investment decisions and new project awards; cash flows and cash balance; capital expenditures; implementation of the Company’s share repurchase program; liquidity; and execution of strategic initiatives. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements. The timing and amount of any share repurchases will be at the discretion of management and will depend on a variety of factors including, but not limited to, the Company’s operating performance, cash flow and financial position, the market price of its common stock and general economic and market conditions. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.
The Company cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause its actual results to differ materially from those anticipated in the forward-looking statements include: supply chain disruptions, inflationary pressures, economic slowdowns and recessions, natural disasters, public health crises, labor costs and geopolitical conflicts, and the related volatility in oil and gas prices and other factors impacting the global economy; cyclical nature of the oil and gas industry; competition; reliance on significant customers; competitive pricing and cost overruns on its projects; performance of subcontractors and dependence on suppliers; timing and its ability to secure and commence execution of new project awards, including fabrication projects for refining, petrochemical, LNG, industrial and sustainable energy end markets; its ability to maintain and further improve project execution; nature of its contract terms and customer adherence to such terms; suspension or termination of projects; changes in contract estimates; customer or subcontractor disputes; operating dangers, weather events and availability and limits on insurance coverage; operability and adequacy of its major equipment; its ability to raise additional capital; its ability to amend or obtain new debt financing or credit facilities on favorable terms; its ability to generate sufficient cash flow; its ability to resolve any material legal proceedings; its ability to execute its share repurchase program and enhance shareholder value; its ability to obtain letters of credit or surety bonds and ability to meet any indemnification obligations thereunder; consolidation of its customers; financial ability and credit worthiness of its customers; adjustments to previously reported profits or losses under the percentage-of-completion method; its ability to employ a skilled workforce; loss of key personnel; utilization of facilities or closure or consolidation of facilities; failure of its safety assurance program; barriers to entry into new lines of business; weather impacts to operations; any future asset impairments; changes in trade policies of the U.S. and other countries; compliance with regulatory and environmental laws; lack of navigability of canals and rivers; systems and information technology interruption or failure and data security breaches; performance of partners in any future joint ventures and other strategic alliances; shareholder activism; and other factors described under “Risk Factors” in Part I, Item 1A of the Company’s annual report on Form 10-K for the year ended December 31, 2023, as updated by subsequent filings with the SEC.
Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company or that arise in the future could also cause the Company’s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which the Company’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, which it cannot control. Further, the Company may make changes to its business plans that could affect its results. The Company cautions investors that it undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as of the date made, for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, and notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.
COMPANY INFORMATION
| Richard W. Heo | Westley S. Stockton |
| Chief Executive Officer | Chief Financial Officer |
| 713.714.6100 | 713.714.6100 |
Consolidated Results of Operations(1) (in thousands, except per share data)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2024 | 2023 | 2023 | ||||||||||
| New project awards(2) | $ | 43,818 | $ | 44,400 | $ | 37,628 | ||||||
| Revenue | $ | 42,881 | $ | 44,550 | $ | 62,168 | ||||||
| Cost of revenue | 36,757 | 36,087 | 57,134 | |||||||||
| Gross profit(3) | 6,124 | 8,463 | 5,034 | |||||||||
| General and administrative expense(4) | 3,484 | 3,395 | 5,067 | |||||||||
| Other (income) expense, net(5) | (3,068 | ) | (1,607 | ) | (361 | ) | ||||||
| Operating income | 5,708 | 6,675 | 328 | |||||||||
| Interest (expense) income, net | 542 | 383 | 320 | |||||||||
| Income before income taxes | 6,250 | 7,058 | 648 | |||||||||
| Income tax (expense) benefit | (10 | ) | 32 | (7 | ) | |||||||
| Net income | $ | 6,240 | $ | 7,090 | $ | 641 | ||||||
| Per share data: | ||||||||||||
| Basic income per share | $ | 0.38 | $ | 0.44 | $ | 0.04 | ||||||
| Diluted income per share | $ | 0.37 | $ | 0.43 | $ | 0.04 | ||||||
Consolidated Adjusted Revenue(2) Reconciliation (in thousands)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2024 | 2023 | 2023 | ||||||||||
| Revenue | $ | 42,881 | $ | 44,550 | $ | 62,168 | ||||||
| Less: Shipyard revenue | (409 | ) | (556 | ) | (1,347 | ) | ||||||
| Adjusted revenue | $ | 42,472 | $ | 43,994 | $ | 60,821 | ||||||
Consolidated Adjusted Gross Profit(2) Reconciliation (in thousands)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2024 | 2023 | 2023 | ||||||||||
| Gross profit | $ | 6,124 | $ | 8,463 | $ | 5,034 | ||||||
| Add (less): Shipyard gross loss (profit) | (319 | ) | (93 | ) | 415 | |||||||
| Adjusted gross profit | $ | 5,805 | $ | 8,370 | $ | 5,449 | ||||||
Consolidated EBITDA and Adjusted EBITDA(2) Reconciliations (in thousands)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2024 | 2023 | 2023 | ||||||||||
| Net income | $ | 6,240 | $ | 7,090 | $ | 641 | ||||||
| Less: Income tax (expense) benefit | (10 | ) | 32 | (7 | ) | |||||||
| Less: Interest (expense) income, net | 542 | 383 | 320 | |||||||||
| Operating income | 5,708 | 6,675 | 328 | |||||||||
| Add: Depreciation and amortization | 1,193 | 1,351 | 1,333 | |||||||||
| EBITDA | 6,901 | 8,026 | 1,661 | |||||||||
| Less: Gain on property sale(5) | (2,880 | ) | - | - | ||||||||
| Less: Hurricane insurance gains(5) | - | (1,526 | ) | (188 | ) | |||||||
| Add (less): Shipyard operating loss (income) | (342 | ) | 106 | 2,203 | ||||||||
| Adjusted EBITDA | $ | 3,679 | $ | 6,606 | $ | 3,676 | ||||||
_________________
| (1) | See “Results of Operations by Segment” below for results by segment. |
| (2) | New projects awards, adjusted revenue, adjusted gross profit, EBITDA and adjusted EBITDA are non-GAAP measures. See “Non-GAAP Measures” above for the Company’s definition of new project awards, adjusted revenue, adjusted gross profit, EBITDA and adjusted EBITDA. |
| (3) | Gross profit for the Fabrication Division for the three months ended December 31, 2023, includes project improvements of |
| (4) | General and administrative expense for the Shipyard Division for the three months ended December 31, 2023 and March 31, 2023, includes legal and advisory fees of |
| (5) | Other (income) expense for the Fabrication Division for the three months ended March 31, 2024, includes a gain of |
Results of Operations by Segment (including Reconciliations of EBITDA and Adjusted EBITDA) (in thousands)
| Three Months Ended | ||||||||||||
| Services Division | March 31, | December 31, | March 31, | |||||||||
| 2024 | 2023 | 2023 | ||||||||||
| New project awards(1) | $ | 25,468 | $ | 24,150 | $ | 21,472 | ||||||
| Revenue | $ | 25,534 | $ | 24,515 | $ | 21,587 | ||||||
| Cost of revenue | 21,921 | 21,080 | 18,600 | |||||||||
| Gross profit | 3,613 | 3,435 | 2,987 | |||||||||
| General and administrative expense | 743 | 699 | 710 | |||||||||
| Other (income) expense, net | 3 | (6 | ) | (64 | ) | |||||||
| Operating income | $ | 2,867 | $ | 2,742 | $ | 2,341 | ||||||
| EBITDA(1) | ||||||||||||
| Operating income | $ | 2,867 | $ | 2,742 | $ | 2,341 | ||||||
| Add: Depreciation and amortization | 480 | 486 | 442 | |||||||||
| EBITDA | $ | 3,347 | $ | 3,228 | $ | 2,783 | ||||||
| Three Months Ended | ||||||||||||
| Fabrication Division | March 31, | December 31, | March 31, | |||||||||
| 2024 | 2023 | 2023 | ||||||||||
| New project awards(1) | $ | 18,272 | $ | 19,896 | $ | 16,706 | ||||||
| Revenue | $ | 17,138 | $ | 19,664 | $ | 39,662 | ||||||
| Cost of revenue | 14,946 | 14,729 | 37,200 | |||||||||
| Gross profit(2) | 2,192 | 4,935 | 2,462 | |||||||||
| General and administrative expense | 441 | 447 | 520 | |||||||||
| Other (income) expense, net(3) | (2,970 | ) | (1,627 | ) | (302 | ) | ||||||
| Operating income | $ | 4,721 | $ | 6,115 | $ | 2,244 | ||||||
| EBITDA and Adjusted EBITDA(1) | ||||||||||||
| Operating income | $ | 4,721 | $ | 6,115 | $ | 2,244 | ||||||
| Add: Depreciation and amortization | 635 | 789 | 822 | |||||||||
| EBITDA | 5,356 | 6,904 | 3,066 | |||||||||
| Less: Gain on property sale(3) | (2,880 | ) | - | - | ||||||||
| Less: Hurricane insurance gains(3) | - | (1,526 | ) | (188 | ) | |||||||
| Adjusted EBITDA | $ | 2,476 | $ | 5,378 | $ | 2,878 | ||||||
| Three Months Ended | ||||||||||||
| Shipyard Division | March 31, | December 31, | March 31, | |||||||||
| 2024 | 2023 | 2023 | ||||||||||
| New project awards(1) | $ | 278 | $ | 539 | $ | (122 | ) | |||||
| Revenue | $ | 409 | $ | 556 | $ | 1,347 | ||||||
| Cost of revenue | 90 | 463 | 1,762 | |||||||||
| Gross profit (loss)(4) | 319 | 93 | (415 | ) | ||||||||
| General and administrative expense(5) | - | 98 | 1,713 | |||||||||
| Other (income) expense, net | (23 | ) | 101 | 75 | ||||||||
| Operating income (loss) | $ | 342 | $ | (106 | ) | $ | (2,203 | ) | ||||
| EBITDA(1) | ||||||||||||
| Operating income (loss) | $ | 342 | $ | (106 | ) | $ | (2,203 | ) | ||||
| Add: Depreciation and amortization | - | - | - | |||||||||
| EBITDA | $ | 342 | $ | (106 | ) | $ | (2,203 | ) | ||||
| Three Months Ended | ||||||||||||
| Corporate Division | March 31, | December 31, | March 31, | |||||||||
| 2024 | 2023 | 2023 | ||||||||||
| New project awards (eliminations)(1) | $ | (200 | ) | $ | (185 | ) | $ | (428 | ) | |||
| Revenue (eliminations) | $ | (200 | ) | $ | (185 | ) | $ | (428 | ) | |||
| Cost of revenue | (200 | ) | (185 | ) | (428 | ) | ||||||
| Gross profit | - | - | - | |||||||||
| General and administrative expense | 2,300 | 2,151 | 2,124 | |||||||||
| Other (income) expense, net | (78 | ) | (75 | ) | (70 | ) | ||||||
| Operating loss | $ | (2,222 | ) | $ | (2,076 | ) | $ | (2,054 | ) | |||
| EBITDA(1) | ||||||||||||
| Operating loss | $ | (2,222 | ) | $ | (2,076 | ) | $ | (2,054 | ) | |||
| Add: Depreciation and amortization | 78 | 76 | 69 | |||||||||
| EBITDA | $ | (2,144 | ) | $ | (2,000 | ) | $ | (1,985 | ) | |||
_________________
| (1) | New projects awards, EBITDA and adjusted EBITDA are non-GAAP measures. See “Non-GAAP Measures” above for the Company’s definition of new project awards, EBITDA and adjusted EBITDA. |
| (2) | Gross profit for the Fabrication Division for the three months ended December 31, 2023, includes project improvements of |
| (3) | Other (income) expense for the Fabrication Division for the three months ended March 31, 2024, includes a gain of |
| (4) | Gross profit (loss) for the Shipyard Division for the three months ended December 31, 2023, includes project charges of |
| (5) | General and administrative expense for the Shipyard Division for the three months ended December 31, 2023 and March 31, 2023, includes legal and advisory fees of |
Consolidated Balance Sheets (in thousands)
| March 31, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 32,469 | $ | 38,176 | ||||
| Restricted cash | 1,475 | 1,475 | ||||||
| Short-term investments | 27,352 | 8,233 | ||||||
| Contract receivables and retainage, net | 26,892 | 36,298 | ||||||
| Contract assets | 4,905 | 2,739 | ||||||
| Prepaid expenses and other assets | 4,634 | 6,994 | ||||||
| Inventory | 2,004 | 2,072 | ||||||
| Assets held for sale | — | 5,640 | ||||||
| Total current assets | 99,731 | 101,627 | ||||||
| Property, plant and equipment, net | 24,501 | 23,145 | ||||||
| Goodwill | 2,217 | 2,217 | ||||||
| Other intangibles, net | 664 | 700 | ||||||
| Other noncurrent assets | 645 | 739 | ||||||
| Total assets | $ | 127,758 | $ | 128,428 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,625 | $ | 8,466 | ||||
| Contract liabilities | 1,740 | 5,470 | ||||||
| Accrued expenses and other liabilities | 13,390 | 14,836 | ||||||
| Long-term debt, current | 1,075 | 1,075 | ||||||
| Total current liabilities | 22,830 | 29,847 | ||||||
| Long-term debt, noncurrent | 18,925 | 18,925 | ||||||
| Other noncurrent liabilities | 559 | 685 | ||||||
| Total liabilities | 42,314 | 49,457 | ||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, no par value, 5,000 shares authorized, no shares issued and outstanding | — | — | ||||||
| Common stock, no par value, 30,000 shares authorized, 16,197 shares issued and outstanding at March 31, 2024 and 16,258 at December 31, 2023 | 11,752 | 11,729 | ||||||
| Additional paid-in capital | 108,825 | 108,615 | ||||||
| Accumulated deficit | (35,133 | ) | (41,373 | ) | ||||
| Total shareholders’ equity | 85,444 | 78,971 | ||||||
| Total liabilities and shareholders’ equity | $ | 127,758 | $ | 128,428 | ||||
Consolidated Cash Flows (in thousands)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2024 | 2023 | 2023 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 6,240 | $ | 7,090 | $ | 641 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 1,193 | 1,351 | 1,333 | |||||||||
| Change in allowance for doubtful accounts and credit losses | (28 | ) | — | — | ||||||||
| Gain on sale or disposal of assets held for sale and fixed assets, net | (3,241 | ) | 276 | (64 | ) | |||||||
| Gain on insurance recoveries | — | (326 | ) | (245 | ) | |||||||
| Stock-based compensation expense | 506 | 525 | 509 | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Contract receivables and retainage, net | 9,434 | (614 | ) | (14,540 | ) | |||||||
| Contract assets | (2,166 | ) | 1,566 | (699 | ) | |||||||
| Prepaid expenses, inventory and other current assets | 2,102 | (2,962 | ) | 147 | ||||||||
| Accounts payable | (1,712 | ) | (2,923 | ) | 18,135 | |||||||
| Contract liabilities | (3,730 | ) | 1,936 | (3,808 | ) | |||||||
| Accrued expenses and other current liabilities | (1,422 | ) | 1,579 | 62 | ||||||||
| Noncurrent assets and liabilities, net | (157 | ) | (129 | ) | (175 | ) | ||||||
| Net cash provided by operating activities | 7,019 | 7,369 | 1,296 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Capital expenditures | (2,553 | ) | (1,175 | ) | (487 | ) | ||||||
| Proceeds from sale of property and equipment | 8,894 | 60 | 106 | |||||||||
| Recoveries from insurance claims | 326 | — | 245 | |||||||||
| Purchases of short-term investments | (22,170 | ) | (8,297 | ) | (15,083 | ) | ||||||
| Maturities of short-term investments | 3,050 | 15,500 | 10,000 | |||||||||
| Net cash provided by (used in) investing activities | (12,453 | ) | 6,088 | (5,219 | ) | |||||||
| Cash flows from financing activities: | ||||||||||||
| Payments on Insurance Finance Arrangements | — | — | (1,003 | ) | ||||||||
| Tax payments for vested stock withholdings | — | — | (181 | ) | ||||||||
| Repurchases of common stock | (273 | ) | (128 | ) | — | |||||||
| Net cash used in financing activities | (273 | ) | (128 | ) | (1,184 | ) | ||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (5,707 | ) | 13,329 | (5,107 | ) | |||||||
| Cash, cash equivalents and restricted cash, beginning of period | 39,651 | 26,322 | 34,824 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 33,944 | $ | 39,651 | $ | 29,717 | ||||||
2024 Financial Outlook - Segment and Consolidated EBITDA and Adjusted EBITDA(1) Reconciliations (in thousands)
| Twelve Months Ending December 31, 2024 | ||||||||||||||||||||
| Services | Fabrication | Shipyard | Corporate | Consolidated | ||||||||||||||||
| Net income (loss) | $ | 12,000 | $ | 8,080 | $ | 342 | $ | (6,400 | ) | $ | 14,022 | |||||||||
| Less: Income tax (expense) benefit | - | - | - | - | - | |||||||||||||||
| Less: Interest (expense) income, net | - | - | - | 1,900 | 1,900 | |||||||||||||||
| Operating income (loss) | 12,000 | 8,080 | 342 | (8,300 | ) | 12,122 | ||||||||||||||
| Add: Depreciation and amortization | 2,000 | 2,800 | - | 300 | 5,100 | |||||||||||||||
| EBITDA | 14,000 | 10,880 | 342 | (8,000 | ) | 17,222 | ||||||||||||||
| Less: Gain on property sale(2) | - | (2,880 | ) | - | - | (2,880 | ) | |||||||||||||
| Less: Shipyard operating income | - | - | (342 | ) | - | (342 | ) | |||||||||||||
| Adjusted EBITDA | $ | 14,000 | $ | 8,000 | $ | - | $ | (8,000 | ) | $ | 14,000 | |||||||||
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| (1) | EBITDA and Adjusted EBITDA are non-GAAP measure. See “Non-GAAP Measures” above for the Company’s definition of EBITDA. |
| (2) | Reflects a gain on the sale of property that was held for sale at December 31, 2023. |
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