Great lakes dredge & dock corporation (GLDD)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
OPERATING ACTIVITIES:
Net income

49,339

-6,293

-31,260

-8,177

-6,189

10,295

-34,993

-3,340

17,251

33,720

14,734

Loss from discontinued operations, net of income taxes

-6,329

-17,309

-15,892

-8,719

-

-10,423

-54,850

-9,635

922

-

-

Income from continuing operations

55,668

11,016

-15,368

542

-6,189

20,718

19,857

6,295

16,329

-

-

Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization

37,145

50,389

55,962

54,826

64,585

50,129

46,622

37,430

37,282

34,301

33,023

Equity in loss of joint ventures

-

-

-1,484

-2,365

-771

2,895

1,208

124

-406

-614

-384

Cash distributions from joint ventures

-

-

-

-

-

-

-

-

-

-

621

Loss on extinguishment of 7 3/8% senior subordinated notes

-

-

-2,330

-

-

-

-

-

-5,145

-

-

Cash distributions from joint ventures

-

-

340

-

8,384

19,955

-

-

-

-

-

Deferred income taxes

15,134

5,760

-32,836

-494

-2,689

-14,504

-304

4,471

13,727

7,405

1,401

Loss on dispositions of property and equipment

-1,138

-3,731

-4,789

-3,089

855

-732

5,773

198

11,736

505

651

Impairment of goodwill

-

-

-

-

2,750

-

-

-

-

-

-

Gain on adjustment of contingent consideration

-

-

-

-

8,444

1,086

-

-

-

-

-

Other non-cash restructuring items

-

2,337

15,678

-

-

-

-

-

-

-

-

Amortization of deferred financing fees

2,746

3,504

3,280

2,439

2,766

1,453

1,153

1,245

1,515

1,607

1,677

Gain on bargain purchase acquisition

-

-

-

-

-

2,197

-

-

-

-

-

Unrealized foreign currency gain

-

231

206

-474

1,054

-593

179

208

-513

-

-

Gain on adjustment of contingent earnout

-

-

-

-

-

-

-

240

1,400

-

-

Unrealized net loss from mark-to-market valuations of derivatives

-

-

-1,747

6,135

-1,359

-3,029

-

-

-

-

-

Share-based compensation expense

6,908

4,643

2,917

2,651

4,040

2,694

3,251

3,081

1,838

2,094

1,078

Excess income tax benefit from share-based compensation

-

-

-

-133

-57

206

154

189

55

-

-

Changes in assets and liabilities:
Accounts receivable

-44,994

8,364

-5,354

-15,129

20,190

-11,012

-36,260

17,795

22,080

-56,603

33,281

Contract revenues in excess of billings

4,607

-54,881

-10,939

14,183

-48

5,677

17,142

29,661

2,961

-3,510

2,925

Inventories

1,939

921

2,163

6,239

6,612

-120

5,144

2,603

4,668

-2,630

-9,836

Prepaid expenses and other current assets

8,539

-11,976

1,868

6,583

9,730

-1,780

10,124

1,444

12,256

847

-3,529

Accounts payable and accrued expenses

12,546

-1,480

-16,179

-8,813

306

-14,113

22,622

20,253

6,815

-5,053

12,591

Billings in excess of contract revenues

37,473

7,524

-567

-730

2,325

-2,624

-2,900

-1,177

-2,445

-11,078

5,119

Other noncurrent assets and liabilities

-3,120

3,093

1,658

3,751

2,506

1,759

490

-184

1,155

1,470

-1,012

Net cash flows provided by operating activities from continuing operations

201,787

141,672

33,975

34,720

29,122

67,154

86,347

19,736

24,814

-

-

Net cash flows provided by operating activities of discontinued operations

-9,238

-4,019

-12,457

3,950

-

-18,352

-11,524

-21,596

-251

-

-

Cash provided by operating activities

192,549

137,653

21,518

38,670

29,122

48,802

74,823

-1,860

24,563

123,531

53,998

INVESTING ACTIVITIES:
Purchases of property and equipment

49,412

49,422

65,996

82,849

74,455

91,910

66,654

60,516

28,707

25,258

24,666

Proceeds from dispositions of property and equipment

5,592

13,880

8,586

10,049

1,322

68

6,953

597

16,679

431

1,028

Payments on vendor performance obligations (Note 13)

-

-

-

-

-

3,100

-13,600

-

-

-

-

Acquisition of Terra assets

-

-

-

-

-

-

-

-

-

37,869

-

Payments for acquisitions of businesses, net of cash acquired

-

-

-

-

-

27,048

-

-2,000

-

-

-

Net cash flows used in investing activities of continuing operations

-43,820

-35,542

-57,410

-72,800

-

-121,990

-46,101

-61,919

-12,028

-

-

Net cash flows used in investing activities of discontinued operations

18,056

425

-742

7,259

-

5,275

-153

-1,524

-4,688

-

-

Repayments of long term note payable

-

-

-

-

-

-

13,047

2,500

2,500

-

-

Proceeds from term loan facility

-

-

-

-

-

47,360

-

-

-

-

-

Repayments of term loan facility

-

-

-

-

-

417

-

-

-

-

-

Purchase of noncontrolling interest

-

-

-

-

-

205

3

133

-

-

-

Repayments of equipment debt

-

-

-

-

-

235

-

-

9

1,251

1,867

Distributions paid to minority interests

-

-

-

-

-

-

3

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

18,560

4,711

3,988

3,974

Acquisition of controlling interest in Yankee Environmental Services

-

-

-

-

-

-

-

-

-

-

1,229

Cash used in investing activities

-25,764

-35,117

-58,152

-65,541

-73,133

-116,715

-46,254

-63,443

-16,716

-62,696

-24,867

FINANCING ACTIVITIES:
Proceeds from issuance of debt

-

-

325,000

-

3,050

-

-

-

-

-

-

Repayments of debt

-

298

276,148

45,662

6,644

-

-

-

-

-

-

Proceeds from issuance of 8% senior notes

-

-

-

-

-

24,880

-

-

250,000

-

-

Redemption of 7 3/4% senior subordinated notes

-

-

-

-

-

-

-

-

175,000

-

-

Senior subordinated notes redemption premium

-

-

-

-

-

-

-

-

2,264

-

-

7 3/8% senior notes tender premium

-

-

744

-

-

-

-

-

-

-

-

Deferred financing fees

2,388

-

5,022

6,818

111

2,532

-

2,039

5,962

-

-

Dividend equivalents paid on restricted stock units

-

-

-

-

-

-

-

196

36

24

-18

Taxes paid on settlement of vested share awards

5,008

1,205

328

171

267

497

308

231

291

-

-

Exercise of options and purchases from employee stock plans

4,839

1,094

883

905

1,365

1,568

668

461

27

656

-

Excess income tax benefit from share-based compensation

-

-

-

-133

-57

206

154

189

55

-

-

Purchase of treasury stock

-

-

-

-

1,433

-

-

-

-

-

-

Borrowings under revolving loans

-

29,000

124,925

288,611

179,500

236,500

227,000

-

55

14,968

158,877

Repayments of revolving loans

11,500

112,500

134,036

204,500

159,500

271,500

192,000

-

-

25,968

189,377

Net cash flows used in financing activities of continuing operations

-14,057

-83,909

34,530

32,232

-

-

-

-23,009

59,309

-

-

Net cash flows used in financing activities of discontinued operations

-191

-1,547

-361

-1,422

-

-

-

-543

-1,902

-

-

Cash used in financing activities

-14,248

-85,456

34,169

30,810

15,903

35,128

22,464

-23,552

57,407

-15,607

-36,359

Effect of foreign currency exchange rates on cash and cash equivalents

-

26

115

79

-97

-164

-135

7

-444

-

-

Net increase in cash, cash equivalents and restricted cash

152,537

17,106

-2,350

4,018

-28,205

-32,949

50,898

-88,848

64,810

45,228

-7,228

Supplemental Cash Flow Information
Cash paid for interest

24,942

30,855

34,789

26,563

25,391

18,901

20,083

19,462

12,485

13,269

14,764

Cash paid (refunded) for income taxes

366

290

365

200

586

-10,544

1,793

-4,859

5,270

16,332

8,677

Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid

6,473

7,303

4,255

8,795

7,380

10,316

3,552

7,747

5,222

8,559

4,187

Repayments of debt with proceeds from sale-leaseback transactions

-

13,034

-

-

-

-

-

-

-

-

-

Property and equipment purchased on capital leases and equipment notes

-

-

-

-

2,190

3,665

-

-

2,127

109

615

Property & equipment purchased on notes payable

-

-

-

-

15,569

-

-

-

-

-

-