Great Lakes Dredge & Dock Corporation GLDD Cash Flow

Great lakes dredge & dock corporation (GLDD)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
OPERATING ACTIVITIES:
Net income
33,987	15,973	7,952	8,246	17,168	-7,700	11,702	-974	-9,321	-6,537	-3,228	-3,856	-17,639	-6,983	4,560	-1,719	-4,035	-835	312	2,724	-8,390	19,013	-2,086	-1,437	-5,195	-11,482	1,266	-25,210	433	-117	-5,356	1,180	953	7,026	5,659	2,168	2,398
Loss from discontinued operations, net of income taxes
-	1,161	-859	-3,251	-3,380	-12,662	-178	-2,155	-2,314	-3,195	0	368	-13,065	-	-	-	-	-	-	-	-	-1,305	-1,059	-5,320	-2,739	-16,232	-5,310	-28,989	-4,319	-	-	-	-	-	-	-	-
Income from continuing operations
33,987	14,812	8,811	11,497	20,548	4,962	11,880	1,181	-7,007	-3,342	-3,228	-4,224	-4,574	1,736	4,560	-1,719	-4,035	-	-	-	-	20,318	-1,027	3,883	-2,456	4,750	6,576	3,779	4,752	-	-	-	-	-	-	-	-
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization
9,451	10,373	8,771	9,096	8,905	12,289	11,262	12,276	14,562	17,255	11,206	14,023	13,478	9,134	16,872	14,892	13,928	16,838	14,722	19,872	13,153	17,385	10,823	11,036	10,885	12,845	11,297	11,029	11,451	10,793	10,514	8,359	7,764	7,283	11,195	9,238	9,566
Equity in loss of joint ventures
-	-	-	-	-	-	-	-	-	-7,210	2,639	20	3,067	-8,678	2,498	3,396	419	-4,173	8,341	-3,841	-1,098	11,958	-5,785	-1,435	-1,843	756	1,427	-384	-591	-29	177	-8	-16	-298	606	-123	-591
Loss on extinguishment of 7 3/8% senior subordinated notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-5,145
Cash distributions from joint ventures
-	-	-	-	-	-	-	-	-	-4,146	0	2,440	2,046	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
11,310	752	3,203	4,105	7,074	6,476	3,718	-694	-3,740	-25,489	-1,070	-3,452	-2,825	-646	2,809	-549	-2,108	342	628	2,386	-6,045	-3,470	-4,742	-3,167	-3,125	632	527	228	-1,691	3,085	1,864	-585	107	4,934	7,783	989	21
Loss on dispositions of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-16	-152	2,632	3,214	-71	-2	-34	108	93	31	8,834	131	2,504	267
(Gain) loss on sale of assets
145	-	27	-81	-279	-	-1,521	1,057	199	-	-175	-169	-11	-	2	-687	10	-	884	-5	8	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-cash restructuring items
-	-	-	-	-	322	0	0	2,015	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred financing fees
403	402	403	1,073	868	867	868	868	901	812	822	821	825	560	630	626	623	640	914	720	492	417	460	288	288	288	289	288	288	288	288	335	334	334	406	386	389
Unrealized foreign currency gain
-	-	-	-	-	16	14	57	144	142	-51	39	76	-687	-31	167	77	-22	287	53	736	-1,154	505	-132	188	278	-31	-27	-41	415	171	-511	133	-	-	-	-
Unrealized net loss from mark-to-market valuations of derivatives
-	-	-	-	-	-	-	-	-	0	-658	459	-1,548	850	-320	4,273	1,332	-2,838	-1,150	1,578	1,051	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share-based compensation expense
1,675	1,674	1,615	1,619	2,000	1,814	843	1,135	851	403	756	840	918	375	270	1,079	927	1,143	839	1,001	1,057	878	829	-9	996	799	1,000	701	751	692	675	699	1,015	614	381	323	520
Excess income tax benefit from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-44	0	-21	8	161	-19	60	4	21	40	78	15	50	21	91	27	-	-	-	-
Changes in assets and liabilities:
Accounts receivable
24,229	-11,258	-19,724	16,273	-30,285	-8,131	5,152	-17,982	29,325	3,440	17,332	-29,360	3,234	-966	5,390	10,195	-29,748	-11,629	37,463	32,102	-37,746	-14,803	24,843	9,338	-30,390	-32,669	-10,026	7,356	-921	8,420	15,342	-7,809	1,842	8,801	254	-5,340	18,365
Contract revenues in excess of billings
14,520	-2,823	-5,777	14,745	-1,538	-9,006	-21,892	2,094	-26,077	1,470	-8,197	15,150	-19,362	19,895	892	144	-6,748	14,280	-48,953	14,465	20,160	-12,615	-3,095	-4,070	25,457	-5,059	12,280	3,475	6,446	-2,584	12,197	14,229	5,819	2,068	-1,385	-1,667	3,945
Inventories
2,215	761	-122	1,580	-280	719	1,285	-418	-665	-1,280	1,907	927	609	-592	2,520	1,708	2,603	2,851	3,470	1,863	-1,572	384	-1,692	770	418	1,189	3,788	3,283	-3,116	-8,013	1,963	6,784	1,869	144	4,162	366	-4
Prepaid expenses and other current assets
-8,036	8,993	416	-2,548	1,678	538	-910	1,100	-12,704	8,016	21	-11,098	4,929	-256	2,677	744	3,418	3,003	8,145	-2,532	1,114	-4,523	7,960	-17,901	12,684	-669	7,432	6,094	-2,733	-15,600	11,386	-1,741	7,399	615	-791	7,897	4,535
Accounts payable and accrued expenses
-523	-838	3,340	10,979	-935	-5,987	15,453	-5,852	-5,094	10,876	7,443	-6,888	-27,610	17,504	-2,861	9,866	-33,322	10,202	-11,022	25,589	-24,463	-25,040	23,538	1,459	-14,070	17,344	26,328	2,452	-23,502	21,986	10,638	8,892	-21,263	15,842	-3,504	-1,363	-4,160
Billings in excess of contract revenues
6,062	-14,121	18,777	-3,245	36,062	8,131	2,484	-377	-2,714	-251	-367	-3,880	3,931	-3,323	4,701	-1,198	-910	668	2,407	1,495	-2,245	-848	-7,042	7,059	-1,793	3,730	-4,096	-194	-2,340	-8,366	818	-3,755	10,126	-3,173	2,893	-3,752	1,587
Other noncurrent assets and liabilities
-779	-1,564	-152	-838	-566	-1,055	-595	237	4,506	1,176	1,861	-1,634	255	2,285	696	-10	780	467	-171	735	1,475	-610	1,263	24	1,082	-1,213	988	-97	812	-2,361	1,658	343	176	289	-2,828	1,304	2,390
Net cash flows provided by operating activities from continuing operations
30,071	19,750	70,252	5,993	105,792	49,259	64,975	22,392	5,046	-	-	-	-	-	-	-	-	-	-	-	-	51,863	300	6,346	8,645	75,122	22,809	-1,424	-10,160	-	-	-	-	-	-	-	-
Net cash flows provided by operating activities of discontinued operations
-	-481	-2,943	-8,482	2,668	-540	-1,317	-1,746	-416	-	-	-	-	-	-	-	-	-	-	-	-	-13,328	-1,059	-1,330	-2,635	-3,033	-1,187	-4,232	-3,072	-	-	-	-	-	-	-	-
Cash provided by operating activities
30,071	19,269	67,309	-2,489	108,460	48,719	63,658	20,646	4,630	18,920	882	6,776	-5,060	25,692	5,718	4,300	2,960	-	-	3,696	-10,577	38,535	-759	5,016	6,010	72,089	21,622	-5,656	-13,232	36,552	-23,582	3,414	-18,244	10,937	24,071	-4,894	-5,551
INVESTING ACTIVITIES:
Purchases of property and equipment
8,733	11,804	13,292	16,612	7,704	19,786	17,882	4,241	7,513	16,619	15,111	16,814	17,452	24,007	26,692	17,233	14,917	21,061	16,564	16,053	20,777	25,477	17,908	26,894	21,631	28,686	10,275	12,329	15,364	29,703	8,030	14,682	8,101	3,806	11,318	9,163	4,420
Proceeds from dispositions of property and equipment
447	35	41	5,369	147	1,821	2,129	4,915	5,015	-612	6,986	1,947	265	-406	137	10,293	25	155	1,052	75	40	-1,546	1,273	277	64	2,759	3,986	150	58	34	337	158	68	9,227	177	7,017	258
Payments on vendor performance obligations (Note 9)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-3,100	-	-	-	-	-	-	-	-	-	-	-	-
Net cash flows used in investing activities of continuing operations
-8,286	-11,769	-13,251	-11,243	-7,557	-17,965	-15,753	674	-2,498	-	-	-	-	-	-	-	-	-	-	-	-	-52,023	-16,635	-28,665	-24,667	-25,927	-6,289	1,421	-15,306	-	-	-	-	-	-	-	-
Net cash flows used in investing activities of discontinued operations
-	0	858	17,258	-60	274	138	49	-36	-	-	-	-	-	-	-	-	-	-	-	-	0	0	5,301	-26	-4	97	-96	-150	-	-	-	-	-	-	-	-
Repayments of long term note payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	272	266	265	-	-	-	-	-	-	-	-	2,500	0	0	10,547	-	-	-	-	-	-	-	-
Repayments of term loan facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,250	1,250	1,250	-	1,250	1,250	1,250	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from equipment debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2	408	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of equipment debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	356	341	367	-	347	292	214	-	-	-	-	-	-	-	-	-	76	188	238	-265	57	79	138
Dividends paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,834	1,244	1,242	1,240	1,238	1,237	1,237	999
Cash used in investing activities
-8,286	-11,769	-12,393	6,015	-7,617	-17,691	-15,615	723	-2,534	-17,973	-8,125	-14,867	-17,187	-17,154	-26,555	-6,940	-14,892	-	-	-15,978	-20,737	-52,023	-16,635	-23,364	-24,693	-25,931	-6,192	1,325	-15,456	-33,193	-7,693	-14,524	-8,033	733	-11,141	-2,146	-4,162
FINANCING ACTIVITIES:
Repayments of debt
-	-	-	-	-	1	0	0	297	-878	640	275,727	659	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of 8% senior notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	250,000
Redemption of 7 3/4% senior subordinated notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	175,000
Senior subordinated notes redemption premium
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,264
Deferred financing fees
-	-	-	-	-	-	-	-	-	500	3	4,461	58	-	-	-	-	82	0	0	29	-	-	-	-	-	-	-	-	-	-	-	-	0	133	0	5,829
Dividend equivalents paid on restricted stock units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	157	17	10	12	16	9	17	-6
Taxes paid on settlement of vested share awards
1,928	1,844	235	741	2,188	130	15	124	936	0	0	164	164	-	-	-	-	2	0	252	13	-	-	-	-	3	28	249	28	19	0	210	2	-	-	-	-
Purchase of noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-410	205	-	-	-	-	-	-	-	-	-	-	-	-
Exercise of options and purchases from employee stock plans
622	484	599	2,130	1,626	232	419	39	404	16	433	0	434	0	490	0	415	9	510	110	736	26	922	205	415	-	-	-	-	261	125	35	40	-	-	-	-
Excess income tax benefit from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-44	0	-21	8	161	-19	60	4	21	40	78	15	50	21	91	27	-	-	-	-
Borrowings under revolving loans
-	-	-	-	-	11,000	0	1,000	17,000	35,500	37,379	23,934	28,112	155,611	41,500	53,500	38,000	33,500	67,000	26,000	53,000	131,500	35,500	29,500	40,000	32,500	50,500	64,500	79,500	-	-	-	-	-	-	-	-
Repayments of revolving loans
-	0	0	0	11,500	30,382	40,000	21,118	21,000	30,500	33,379	53,434	16,723	111,500	26,500	43,500	23,000	41,500	57,000	28,000	33,000	166,500	35,500	31,500	38,000	42,500	46,500	45,000	58,000	-	-	-	-	-	-	-	-
Net cash flows used in financing activities of continuing operations
-1,306	-1,360	364	-999	-12,062	-19,281	-39,596	-20,203	-4,829	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,585	19,331	10,940	-	-	-	-	-	-	-	-
Net cash flows used in financing activities of discontinued operations
-	0	0	62	-253	-416	-358	-364	-409	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-14	-25	-	-	-	-	-	-	-	-
Cash used in financing activities
-1,306	-1,360	364	-937	-12,315	-19,697	-39,954	-20,567	-5,238	3,792	3,790	15,645	10,942	-3,984	13,280	7,981	13,533	-	-	-3,703	19,646	35,213	-39	-2,260	2,214	-12,353	4,585	19,317	10,915	-17,240	-1,191	-3,696	-1,425	-5,384	-1,481	-1,492	65,764
Effect of foreign currency exchange rates on cash and cash equivalents
-	-	-	-	-	0	0	0	26	123	-72	66	-2	53	-84	1	109	8	-65	62	-102	-424	454	-20	-174	211	-316	-6	-24	-3	-1	-21	32	-	-	-	-
Net increase in cash, cash equivalents and restricted cash
20,479	6,140	55,280	2,589	88,528	11,331	8,089	802	-3,116	4,862	-3,525	7,620	-11,307	4,607	-7,641	5,342	1,710	4,763	-5,275	-15,923	-11,770	21,301	-16,979	-20,628	-16,643	34,016	19,699	14,980	-17,797	-13,884	-32,467	-14,827	-27,670	6,238	11,053	-8,532	56,051
Supplemental Cash Flow Information
Cash paid (received) for interest
-277	-	-	-	229	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for interest
-	-	-	-	-	13,453	1,157	14,373	1,872	13,803	1,151	8,362	11,473	2,717	11,031	1,539	11,276	1,746	11,349	1,228	11,068	-35	9,415	35	9,486	558	9,757	-113	9,881	411	9,449	20	9,582	-229	9,986	-244	2,972
Cash paid (refunded) for income taxes
137	22	176	178	-10	35	12	189	54	-209	19	466	89	426	105	-330	-1	-401	0	619	368	-1,180	1,669	1,416	-12,449	1,362	0	190	241	-19	1,531	-3,445	-2,926	-12	127	4,071	1,084
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid
4,801	2,018	-3,305	1,521	6,239	3,383	-1,300	1,606	3,614	2,234	-2,557	2,391	2,187	-5,716	10,222	-5,714	10,003	2,399	2,291	-4,611	7,301	-8,085	9,204	-1,038	10,235	-8,880	4,712	1,467	6,253	54	1,462	1,274	4,957	1,856	-937	-2,463	6,766
Repayments of debt with proceeds from sale-leaseback transactions
-	-	-	-	-	0	0	0	13,034	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property & equipment purchased on notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	15,569	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of noncontrolling interest in NASDI, LLC
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	40
Purchase of noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	988	-	-	-	-	-	-	-	-	-	-	-	-