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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

13. SEGMENT INFORMATION

The Company reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, for making decisions and assessing performance as the source of the Company’s reportable segments. The Company has determined it has one reportable segment: dredging.

As the Company operates in one reportable segment, the CODM is provided financial reports which include (i) a consolidated statement of operations, (ii) plant expenses (as defined below), (iii) a summary of contract revenues by work type and backlog by customer type, (iv) a consolidated balance sheet and (v) a contract analysis of revenues and margins by project. These financial reports assist the CODM in assessing the Company’s financial performance and in allocating resources appropriately.

The dredging segment provides dredging services, which generally involves the enhancement or preservation of the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. The Company derives its revenue primarily in the United States and manages its business activities on a consolidated basis. The accounting policies of the dredging segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The CODM uses net income and Adjusted EBITDA to evaluate income generated from segment assets in deciding whether to reinvest profits into the operating segment or into other parts of the entity. Net income and Adjusted EBITDA are used to monitor budgeted versus actual results and to assess performance of the segment.

Net income from the Company’s reportable segment is as follows:

 

 

2024

 

 

2023

 

 

2022

 

Contract revenues

 

$

762,693

 

 

$

589,625

 

 

$

648,781

 

Less:

 

 

 

 

 

 

 

 

 

Direct contract cost

 

 

449,748

 

 

 

379,062

 

 

 

418,274

 

Plant expenses excluding depreciation expense *

 

 

109,670

 

 

 

90,306

 

 

 

153,061

 

Depreciation expense

 

 

42,699

 

 

 

42,525

 

 

 

46,273

 

General and administrative expenses

 

 

70,769

 

 

 

57,056

 

 

 

51,117

 

Other (gains) losses

 

 

(2,998

)

 

 

(7,543

)

 

 

7,792

 

Interest expense

 

 

18,556

 

 

 

12,577

 

 

 

14,507

 

Interest income

 

 

(676

)

 

 

(437

)

 

 

(399

)

Other (income) expense

 

 

(460

)

 

 

(2,233

)

 

 

1,571

 

Income tax provision (benefit)

 

 

18,120

 

 

 

4,406

 

 

 

(9,360

)

Net income (loss)

 

$

57,265

 

 

$

13,906

 

 

$

(34,055

)


* Consists of indirect expenses that are allocated to contracts, including, but not limited to: maintenance, supplies, wear and insurance.