Orion Group Holdings, Inc.

Greetings, ladies and gentlemen, and welcome to the Orion third quarter 2020 earnings conference call. At this time, all participants will be in a listen-only mode. A question and answer session will follow the following presentation. Should anyone require operator assistance during the conference, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Mr. Fran Okoneski. Thank you. You may begin.

Good morning, everyone, and welcome to Orion Group Holdings third quarter 2020 earnings conference call webcast. My name is Fran Okoneski, Vice President of Investor Relations, and joining me today are Mark Stauffer, Orion Group Holdings President and Chief Executive Officer, and Robert Tabb, our Vice President and Chief Financial Officer. This is my first earnings call with the Orion Group after spending 28 years on the buy side, so I'm pretty excited to be here. Regarding the format of the call, we've allocated about 10 minutes for prepared remarks in which Mark and Robert will highlight our results and update our market outlook. We will then open the call for questions. For the course of this conference call, we'll make projections and forward-looking statements regarding, among other things, our end markets, revenues, gross profits, gross margin, EBITDA, EBITDA margin, backlog, projects, and negotiation and pending awards, as well as our estimates and assumptions regarding our future growth, administrative expenses, and capital expenditures. These statements are predictions that are subject to risks and uncertainties, including those described in our 10-K that may cause actual results to differ materially from those statements. Moreover, past performance is not necessarily an indicator of future results. By providing this information, we undertake no obligation to update or revise any new projections or forward-looking statements, whether as a result of new developments or otherwise. Also, please note that adjusted net income, adjusted earnings per share EBITDA and EBITDA margin are non-GAAP financial measures under the rules of the Securities and Exchange Commission, including Regulation G. Please refer to the reconciliations and definitions inclusive to the most comparable GAAP measures and reconciliation tables accompanying this earnings call within the press release issued yesterday. The press release can be found on our website at www.OrionGroupHoldingsInc.com. Also, for additional discussion of risk factors that could cause actual results to differ materially from our current expectations, please refer to our quarterly and annual filings with the SEC, which are also available in the Investors section of our website. And with that, I'd like to turn the call over to Mark Stauffer, President and Chief Executive Officer.

Mark? Thank you, and good morning, everyone. Thank you for joining our call. Today, we will discuss our third quarter 2020 results and provide you with an update on the current state of our business. I'll begin with a few comments on the quarter, then turn the call over to Robert to review our financial results in more detail, and then I'll make some concluding remarks before we turn to Q&A. Before getting to our third quarter results, I'd like to address the tragic accident that occurred during the quarter, taking the lives of five of our colleagues and injuring several others, some seriously. On August 21st, an explosion and fire sank our dredge, Wayman Boyd, in the port of Corpus Christi Ship Channel while it was performing work near a pipeline. Right now, our primary concern is the well-being of the crew members involved in this incident and their families. Safety is an essential part of our guiding beliefs and part of the fabric of our culture. We remain deeply committed to our Target Zero program to support our vision of an incident-free workplace. Our support, thoughts, and prayers remain with the crew of the Wayman-Boyd and their families. The cause of this incident remains under investigation, led by the National Transportation Safety Board in collaboration with other governmental agencies. We continue to fully cooperate with the NTSB investigation, and we are eager to understand the cause of this accident. With respect to the COVID-19 pandemic, we continue to be able to work on our projects with only minor disruptions. During this challenging environment, the health and safety of our team members is our top priority. And to that end, all the precautionary measures we've implemented in response to this public health crisis will remain in place for the foreseeable future. I'm proud of our entire team on all our project sites, vessels, construction yards, shops, and field support offices, and their continued resilience and commitment to improve our performance despite the challenges brought about by COVID-19. Turning to our financial results, in the third quarter, we once again delivered solid bottom line improvements with year-over-year expansion in gross margin and adjusted EBITDA margin, along with improved operational performance in both segments. We continue to see bid opportunities in both our segments, and we expect bid opportunities to accelerate when the headwinds from the COVID-19 pandemic abate. We have diversity in our end markets, which continue to drive project bid opportunities. We also believe in the resiliency of those end markets currently being impacted by the pandemic, and we are confident in the long-term strength of these markets to drive future bid opportunities. To that end, we are seeing signs of recovery in some of the end markets impacted by the pandemic. We will continue to focus on targeting the end markets and projects we expect to provide the most profitable opportunities moving forward. Additionally, our liquidity position remains strong and provides us with more than sufficient financial flexibility to continue to pursue new awards and execute existing backlog. I'm confident in our team's ability to navigate through the pandemic with the health and safety of our employees always as our foremost priority. Now I'll turn the call over to Robert to discuss our third quarter results in more detail. Robert?