Challenges prevailed...again in 4Q2021. While revenue of $163.2 million was higher than expected, EBITDA of $0.8 million was in line with our recent revisions. Profitability remained under pressure to COVID related and other issues and EBITDA margin was 20 bps light.Update after today's call, but recovery expected this year and no change to 2022 EBITDA. Our current EBITDA estimate of $37.0 million sets the bar lower and incorporates the startup of large multi-year projects. Given the 2H2021 increase in backlog, we forecast that total 2022 revenue should rebound into the $665 million range, or Marine revenue of $325 million and Concrete revenue of $340 million.Backlog rebound is positive and focus shifts to backlog margin profile. Our market outlook remains positive and higher backlog adds some visibility, but the margin profile is likely more back end weighted. Backlog continued to rebound and moved up to $590 million in 4Q2021, up $17 million versus 3Q2021 and up $150 million versus 4Q2020. Total 4Q2021 awards were $180 million, with Marine awards of $70 million and Concrete awards of $110 million. Low bids pending awards also improved to $138 million from $103 million so potential total backlog of $728 million was $52 million higher than 3Q2021 and $192 million higher than 4Q2020.Revolver amendments preserve financial flexibility and CFO search ongoing. Due to weak operating results, a waiver was necessary on certain coverage covenants. Given the move to amend the credit facility, it seems like the main reason for the hesitancy to buy back stock is clearer. The East West Jones asset sale with potential net proceeds in the $35 million range remains on the mid-2022 horizon.No change in Outperform rating and price target to $7.00/share. While we were surprised by the revolver amendment and the stock is likely to be under pressure today, we view the past several quarters as hiccups and believe that the current stock price doesn't appear to fairly reflect the prospects for better execution and solid market fundamentals. Recovering profitability, higher backlog, and attractive valuation of 3.6x 2022E EBITDA supports our view that the risk/reward profile remains compelling. Potential catalysts include added awards, improved execution and the closing of real estate sales. Read More >>