Great Lakes Dredge & Dock Corporation GLDD Cash Flow

Great lakes dredge & dock corporation (GLDD)

CashFlow / TTM

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
66,158	49,339	25,666	29,416	20,196	-6,293	-5,130	-20,060	-22,942	-31,260	-31,706	-23,918	-21,781	-8,177	-2,029	-6,277	-1,834	-6,189	13,659	11,261	7,100	10,295	-20,200	-16,848	-40,621	-34,993	-23,628	-30,250	-3,860	-3,340	3,803	14,818	15,806	17,251	0	0	0
Loss from discontinued operations, net of income taxes
-	-6,329	-20,152	-19,471	-18,375	-17,309	-7,842	-7,664	-5,141	-15,892	0	0	0	-	-	-	-	-	-	-	-	-10,423	-25,350	-29,601	-53,270	-54,850	0	0	0	-	-	-	-	-	-	-	-
Income from continuing operations
69,107	55,668	45,818	48,887	38,571	11,016	2,712	-12,396	-17,801	-15,368	-10,290	-2,502	3	542	0	0	0	-	-	-	-	20,718	5,150	12,753	12,649	19,857	0	0	0	-	-	-	-	-	-	-	-
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization
37,691	37,145	39,061	41,552	44,732	50,389	55,355	55,299	57,046	55,962	47,841	53,507	54,376	54,826	62,530	60,380	65,360	64,585	65,132	61,233	52,397	50,129	45,589	46,063	46,056	46,622	44,570	43,787	41,117	37,430	33,920	34,601	35,480	37,282	0	0	0
Equity in loss of joint ventures
-	-	-	-	-	-	-	-	-	-1,484	-2,952	-3,093	283	-2,365	2,140	7,983	746	-771	15,360	1,234	3,640	2,895	-8,307	-1,095	-44	1,208	423	-827	-451	124	-145	284	169	-406	0	0	0
Loss on extinguishment of 7 3/8% senior subordinated notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,145	0	0	0
Cash distributions from joint ventures
-	-	-	-	-	-	-	-	-	340	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
19,370	15,134	20,858	21,373	16,574	5,760	-26,205	-30,993	-33,751	-32,836	-7,993	-4,114	-1,211	-494	494	-1,687	1,248	-2,689	-6,501	-11,871	-17,424	-14,504	-10,402	-5,133	-1,738	-304	2,149	3,486	2,673	4,471	6,320	12,239	13,813	13,727	0	0	0
Loss on dispositions of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,678	5,623	5,773	3,107	1	165	198	9,066	9,089	11,500	11,736	0	0	0
(Gain) loss on sale of assets
0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-cash restructuring items
-	-	-	-	-	2,337	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred financing fees
2,281	2,746	3,211	3,676	3,471	3,504	3,449	3,403	3,356	3,280	3,028	2,836	2,641	2,439	2,519	2,803	2,897	2,766	2,543	2,089	1,657	1,453	1,324	1,153	1,153	1,153	1,153	1,152	1,199	1,245	1,291	1,409	1,460	1,515	0	0	0
Unrealized foreign currency gain
-	-	-	-	-	231	357	292	274	206	-623	-603	-475	-474	191	509	395	1,054	-78	140	-45	-593	839	303	408	179	316	518	34	208	0	0	0	-	-	-	-
Unrealized net loss from mark-to-market valuations of derivatives
-	-	-	-	-	-	-	-	-	-1,747	-897	-559	3,255	6,135	2,447	1,617	-1,078	-1,359	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share-based compensation expense
6,583	6,908	7,048	6,276	5,792	4,643	3,232	3,145	2,850	2,917	2,889	2,403	2,642	2,651	3,419	3,988	3,910	4,040	3,775	3,765	2,755	2,694	2,615	2,786	3,496	3,251	3,144	2,819	2,817	3,081	3,003	2,709	2,333	1,838	0	0	0
Excess income tax benefit from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-57	148	129	210	206	66	125	143	154	183	164	177	189	0	0	0	-	-	-	-
Changes in assets and liabilities:
Accounts receivable
9,520	-44,994	-41,867	-16,991	-51,246	8,364	19,935	32,115	20,737	-5,354	-9,760	-21,702	17,853	-15,129	-25,792	6,281	28,188	20,190	17,016	4,396	-18,368	-11,012	-28,878	-63,747	-65,729	-36,260	4,829	30,197	15,032	17,795	18,176	3,088	5,557	22,080	0	0	0
Contract revenues in excess of billings
20,665	4,607	-1,576	-17,691	-30,342	-54,881	-44,405	-30,710	-17,654	-10,939	7,486	16,575	1,569	14,183	8,568	-41,277	-26,956	-48	-26,943	18,915	380	5,677	13,233	28,608	36,153	17,142	19,617	19,534	30,288	29,661	34,313	20,731	4,835	2,961	0	0	0
Inventories
4,434	1,939	1,897	3,304	1,306	921	-1,078	-456	889	2,163	2,851	3,464	4,245	6,239	9,682	10,632	10,787	6,612	4,145	-1,017	-2,110	-120	685	6,165	8,678	5,144	-4,058	-5,883	-2,382	2,603	10,760	12,959	6,541	4,668	0	0	0
Prepaid expenses and other current assets
-1,175	8,539	84	-1,242	2,406	-11,976	-4,498	-3,567	-15,765	1,868	-6,404	-3,748	8,094	6,583	9,842	15,310	12,034	9,730	2,204	2,019	-13,350	-1,780	2,074	1,546	25,541	10,124	-4,807	-853	-8,688	1,444	17,659	5,482	15,120	12,256	0	0	0
Accounts payable and accrued expenses
12,958	12,546	7,397	19,510	2,679	-1,480	15,383	7,373	6,337	-16,179	-9,551	-19,855	-3,101	-8,813	-16,115	-24,276	-8,553	306	-34,936	-376	-24,506	-14,113	28,271	31,061	32,054	22,622	27,264	11,574	18,014	20,253	14,109	-33	-10,288	6,815	0	0	0
Billings in excess of contract revenues
7,473	37,473	59,725	43,432	46,300	7,524	-858	-3,709	-7,212	-567	-3,639	1,429	4,111	-730	3,261	967	3,660	2,325	809	-8,640	-3,076	-2,624	1,954	4,900	-2,353	-2,900	-14,996	-10,082	-13,643	-1,177	4,016	6,091	6,094	-2,445	0	0	0
Other noncurrent assets and liabilities
-3,333	-3,120	-2,611	-3,054	-1,979	3,093	5,324	7,780	5,909	1,658	2,767	1,602	3,226	3,751	1,933	1,066	1,811	2,506	1,429	2,863	2,152	1,759	1,156	881	760	490	-658	12	452	-184	2,466	-2,020	-1,059	1,155	0	0	0
Net cash flows provided by operating activities from continuing operations
126,066	201,787	231,296	226,019	242,418	141,672	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	67,154	90,413	112,922	105,152	86,347	0	0	0	-	-	-	-	-	-	-	-
Net cash flows provided by operating activities of discontinued operations
-	-9,238	-9,297	-7,671	-935	-4,019	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-18,352	-8,057	-8,185	-11,087	-11,524	0	0	0	-	-	-	-	-	-	-	-
Cash provided by operating activities
114,160	192,549	221,999	218,348	241,483	137,653	107,854	45,078	31,208	21,518	28,290	33,126	30,650	38,670	0	0	0	-	-	30,895	32,215	48,802	82,356	104,737	94,065	74,823	39,286	-5,918	3,152	-1,860	-27,475	20,178	11,870	24,563	0	0	0
INVESTING ACTIVITIES:
Purchases of property and equipment
50,441	49,412	57,394	61,984	49,613	49,422	46,255	43,484	56,057	65,996	73,384	84,965	85,384	82,849	79,903	69,775	68,595	74,455	78,871	80,215	91,056	91,910	95,119	87,486	72,921	66,654	67,671	65,426	67,779	60,516	34,619	37,907	32,388	28,707	0	0	0
Proceeds from dispositions of property and equipment
5,892	5,592	7,378	9,466	9,012	13,880	11,447	16,304	13,336	8,586	8,792	1,943	10,289	10,049	10,610	11,525	1,307	1,322	-379	-158	44	68	4,373	7,086	6,959	6,953	4,228	579	587	597	9,790	9,630	16,489	16,679	0	0	0
Payments on vendor performance obligations (Note 9)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash flows used in investing activities of continuing operations
-44,549	-43,820	-50,016	-52,518	-40,601	-35,542	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-121,990	-95,894	-85,548	-55,462	-46,101	0	0	0	-	-	-	-	-	-	-	-
Net cash flows used in investing activities of discontinued operations
-	18,056	18,330	17,610	401	425	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	5,275	5,271	5,368	-29	-153	0	0	0	-	-	-	-	-	-	-	-
Repayments of long term note payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	13,047	0	0	0	-	-	-	-	-	-	-	-
Repayments of term loan facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	5,000	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from equipment debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of equipment debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,354	-	0	0	0	-	-	-	-	-	-	-	-	-	237	218	109	9	0	0	0
Dividends paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18,560	4,964	4,957	4,952	4,711	0	0	0
Cash used in investing activities
-26,433	-25,764	-31,686	-34,908	-40,200	-35,117	-35,399	-27,909	-43,499	-58,152	-57,333	-75,763	-67,836	-65,541	0	0	0	-	-	-105,373	-112,759	-116,715	-90,623	-80,180	-55,491	-46,254	-53,516	-55,017	-70,866	-63,443	-29,517	-32,965	-20,587	-16,716	0	0	0
FINANCING ACTIVITIES:
Repayments of debt
-	-	-	-	-	298	-581	59	275,786	276,148	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of 8% senior notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	250,000	0	0	0
Redemption of 7 3/4% senior subordinated notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	175,000	0	0	0
Senior subordinated notes redemption premium
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,264	0	0	0
Deferred financing fees
-	-	-	-	-	-	-	-	-	5,022	0	0	0	-	-	-	-	111	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	5,962	0	0	0
Dividend equivalents paid on restricted stock units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	196	55	47	54	36	0	0	0
Taxes paid on settlement of vested share awards
4,748	5,008	3,294	3,074	2,457	1,205	1,075	1,060	1,100	328	0	0	0	-	-	-	-	267	0	0	0	-	-	-	-	308	324	296	257	231	0	0	0	-	-	-	-
Purchase of noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Exercise of options and purchases from employee stock plans
3,835	4,839	4,587	4,407	2,316	1,094	878	892	853	883	867	924	924	905	914	934	1,044	1,365	1,382	1,794	1,889	1,568	0	0	0	-	-	-	-	461	0	0	0	-	-	-	-
Excess income tax benefit from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-57	148	129	210	206	66	125	143	154	183	164	177	189	0	0	0	-	-	-	-
Borrowings under revolving loans
-	-	-	-	-	29,000	53,500	90,879	113,813	124,925	245,036	249,157	278,723	288,611	166,500	192,000	164,500	179,500	277,500	246,000	249,500	236,500	137,500	152,500	187,500	227,000	0	0	0	-	-	-	-	-	-	-	-
Repayments of revolving loans
-	11,500	41,882	81,882	103,000	112,500	112,618	105,997	138,313	134,036	215,036	208,157	198,223	204,500	134,500	165,000	149,500	159,500	284,500	263,000	266,500	271,500	147,500	158,500	172,000	192,000	0	0	0	-	-	-	-	-	-	-	-
Net cash flows used in financing activities of continuing operations
-3,301	-14,057	-31,978	-71,938	-91,142	-83,909	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Net cash flows used in financing activities of discontinued operations
-	-191	-607	-965	-1,391	-1,547	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Cash used in financing activities
-3,239	-14,248	-32,585	-72,903	-92,533	-85,456	-61,967	-18,223	17,989	34,169	26,393	35,883	28,219	30,810	0	0	0	-	-	51,117	52,560	35,128	-12,438	-7,814	13,763	22,464	17,577	11,801	-11,212	-23,552	-11,696	-11,986	-9,782	57,407	0	0	0
Effect of foreign currency exchange rates on cash and cash equivalents
-	-	-	-	-	26	149	77	143	115	45	33	-32	79	34	53	114	-97	-529	-10	-92	-164	471	-299	-285	-135	-349	-34	-49	7	0	0	0	-	-	-	-
Net increase in cash, cash equivalents and restricted cash
84,488	152,537	157,728	110,537	108,750	17,106	10,637	-977	5,841	-2,350	-2,605	-6,721	-8,999	4,018	4,174	6,540	-14,725	-28,205	-11,667	-23,371	-28,076	-32,949	-20,234	16,444	52,052	50,898	2,998	-49,168	-78,975	-88,848	-68,726	-25,206	-18,911	64,810	0	0	0
Supplemental Cash Flow Information
Cash paid (received) for interest
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for interest
-	-	-	-	-	30,855	31,205	31,199	25,188	34,789	23,703	33,583	26,760	26,563	25,592	25,910	25,599	25,391	23,610	21,676	20,483	18,901	19,494	19,836	19,688	20,083	19,936	19,628	19,761	19,462	18,822	19,359	19,095	12,485	0	0	0
Cash paid (refunded) for income taxes
513	366	379	215	226	290	46	53	330	365	1,000	1,086	290	200	-627	-732	217	586	-193	1,476	2,273	-10,544	-8,002	-9,671	-10,897	1,793	412	1,943	-1,692	-4,859	-4,852	-6,256	1,260	5,270	0	0	0
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid
5,035	6,473	7,838	9,843	9,928	7,303	6,154	4,897	5,682	4,255	-3,695	9,084	979	8,795	16,910	8,979	10,082	7,380	-3,104	3,809	7,382	10,316	9,521	5,029	7,534	3,552	12,486	9,236	9,043	7,747	9,549	7,150	3,413	5,222	0	0	0
Repayments of debt with proceeds from sale-leaseback transactions
-	-	-	-	-	13,034	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property & equipment purchased on notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,569	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of noncontrolling interest in NASDI, LLC
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Purchase of noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-