Orion Group Holdings, Inc.

Greetings and welcome to Orion Incorporated second quarter 2021 conference call-in webcast. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host today, Mr. Fran Okoneski, Vice President of Investor Relations. Thank you, sir. Please proceed.

Good morning, everyone, and welcome to Orion Group Holdings' second quarter 2021 earnings conference call and 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 Executive Vice President and Chief Financial Officer. 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. Through 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. 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 for the most comparable gap 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 investor 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. Thanks for joining us today. Today we'll discuss our second quarter results along with our markets and outlook. I'll begin with an overview of the quarter. Robert will then discuss our financial performance in more detail. Then I'll come back to discuss our market outlook before we turn to Q&A. As always, I'd like to begin by thanking all of our team members for their hard work and commitment to our success. We remain deeply committed to our Target Zero program to support our vision of zero damage, zero harm, and zero incidents. Safety of our employees is a key priority, and we want to ensure that our team members leave work the same way they came in, healthy and injury-free. During the second quarter, we closed on the sale of our Tampa property, further strengthening our balance sheet and enhancing our liquidity. The gain on this sale is included in our second quarter results, which also reflected the impact of inordinately wet weather in our key operating geographies, which affected both our business segments, but predominantly our concrete business. Our concrete segment's production was hampered by wet weather patterns across Texas, resulting in an under recovery of labor. With normal weather conditions, our concrete segment will be efficiently executing on any delayed projects. Despite the weather challenges, our marine segment delivered year-over-year improvement in adjusted EBITDA margins for the quarter. During the quarter, we bid on approximately $2 billion of project opportunities, a record level for the company. Included in this number were two long duration projects totaling approximately 500 million, where we saw one of our competitors severely undercut market pricing on both projects. Our focus will remain on being disciplined in our bidding and not filling up our backlog with cheap work. Despite these two losses, our backlog was up sequentially on a book to bill of 1.2 times. We remain optimistic about the trends we're seeing with respect to project opportunities across our end markets. especially in markets that are emerging from the impacts of the COVID-19 pandemic, particularly in the energy and cruise sectors. Our current level of quoted work stands at roughly 2 billion, up 50% from this time last year, and remaining at elevated levels sequentially. We view this continued trend as a positive leading indicator of sustainable improvement in project-leading activity. The current level of bids outstanding and improved macroeconomic environment and a potential infrastructure bill gives us confidence that as 2021 progresses, we will continue to see a robust project pipeline with bid opportunities available to grow our backlog, positioning us for a strong 2022. Now I'll turn the call over to Robert to discuss our financial results for Q2. Robert?