Great Lakes Dredge & Dock Corporation

Good day, and thank you for standing by. Welcome to the Q1 2025 Great Lakes Dredge and Dock Corp Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Eric Burge, Vice President of Investor Relations. The floor is yours.

Thank you, Gerald. Good morning and welcome to Great Lakes Region Doc's first quarter 2025 results conference call. Joining me on the call this morning is our President and Chief Executive Officer, Lhasa Pedersen, and Chief Financial Officer, Scott Kornblatt. Lhasa will provide an update of the events of the quarter, then Scott will continue with an update on our financial results for the quarter. LASA will conclude with an update on the outlook for the business and market. Following their comments, there will be an opportunity for questions. During this call, we will make certain forward-looking statements to help you understand our business. These statements involve a number of risks and uncertainties and other factors that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in our filings with our Securities and Exchange Commission. During the call, we will refer to certain non-GAAP measures, including adjusted EBITDA, which are explained in the Net Income to Adjusted EBITDA Reconciliation attached to our earnings release and posted on the Investor Relations website, along with other certain operating data. With that, I will turn the call over to Lesley.

Thank you, Eric. Following strong financial results in 2024, Great Lakes started 2025 with a great first quarter driven by high asset utilization and strong project performance, executing complex port deepening and coastal restoration projects, leveraging the capabilities of our extensive fleet. We ended the quarter with revenues of $242.9 million and adjusted EBITDA of $60.1 million. Good results also come from safe operations. In the first quarter of the year, we had zero recordable injuries, a testament to the strong safety culture we have in Great Lakes. Safe work is a core value in our company, and we firmly believe also good safety is also good business. Our dredging backlog remains strong at 1 billion with capital and coastal protection projects accounting for 95% of the backlog, plus an additional $265 million in low bids and options pending award. A successful bid strategy from last year resulted in a number of large product wins and a quality backlog, which will support high asset utilization and a solid revenue year for the remainder of 2025. as well as providing a good base and revenue visibility for 2026. After the quarter ended, we received notice to proceed on the Woodside, Louisiana LNG project. The awarded work will be added to our backlog in the second quarter, along with two options that will be added to our options pending award. Dredging operations are expected to commence early 2026. This, along with our two current LNG projects that started dredging activities in the third quarter in 2024, are capital projects which fit well with our core strength to perform large and complex projects. Our strong 2024 and first quarter of 2025 results contributed to our Board of Directors approving in March a $50 million share repurchase program. As we believed, our share price did not reflect the company's financial performance and long-term outlook. As of April 30, we have repurchased 1.2 million shares with a total spend of $10.4 million under this program. And post-quarter end, we upsized our revolving credit facility to $330 million, which Scott will provide more details on later. Moving on to our new build program, our newest hopper dredge, the Amelia Island, is expected to be delivered in the third quarter of this year and will go straight to work on projects already in backlog. The Amelia Island and our sister ship, the Galveston Island, have been carefully designed for shallow and narrow waters along the U.S. coastlines. and are efficient tools for us to work on coastal protection projects such as beach restoration, wetlands improvements, and barrier island construction. The Acadia, the first U.S. flag Jonesac-compliant subsea rock installation vessel, is also currently under construction with a scheduled delivery in first quarter of next year. The target markets for the Acadia include domestic and international offshore wind projects as well as projects protecting critical subsea infrastructure such as oil and gas pipelines and power and telecommunication cables. I now turn the call over to Scott to further discuss the results of the quarter and then I'll provide further commentary around the market and our business.