Fine tuning 2022 EBITDA estimate to $33.0 million, in line with current guidance. Incorporating the EBITDA guidance in the mid-$30 million range and details from the 10-K, we are moving our 2022 EBITDA estimate to $33.0 million and shifting the quarterly numbers to reflect the combo of a softer 1H2022 and a 2H2022 recovery.Estimate is based on Marine EBITDA of $32.5 million and Concrete EBITDA of $0.5 million. While the recovery in Marine appears underway based on better 4Q2021 results, the outlook for Concrete is less clear and we scaled back our expectations. Please see our March 3rd research note for a more detailed discussion about 4Q2021 operating results and backlog changes.Revolver waiver/amendments preserve financial flexibility and CFO search ongoing. Due to weak operating results, a waiver was necessary on certain coverage covenants in 4Q2021. The leverage and fixed coverage ratios have been suspended through 2Q2022, which preserves some financial flexibility. Minimum EBITDA requirements remain in place, albeit at low levels of $2.6 million in 1Q2022 and $5.1 million in 2Q2022, but the leverage ratio will revert back to 3.0x and the fixed charge ratio will revert back to 1.25x in 3Q2021. The revolver capacity was cut to $42.5 million and cash was $12.2 million at yearend 2021. Availability was $12.5 million, up from $9.3 million at yearend 2021, but current cash was not disclosed. Any cash above $10 million will be allocated to the revolver balance, with pay downs creating capacity on the revolver. The amendments also have not had a negative impact on bonding capacity and bidding activity.No change in Outperform rating and price target of $6.00/share. While we were surprised by the revolver amendment and the stock was under extreme pressure yesterday, 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 ~3.0x 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 >>