Orion Group Holdings, Inc.

Good day and welcome to today's second quarter 2022 Orion Group Holdings, Inc. earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. As a reminder, today's call is being recorded. I would now like to turn today's call over to Fran Okoneski, Vice President, Investor Relations. Please go ahead, sir.

Thank you, Lisa. Good morning, everyone, and welcome to Orion Group Holdings second quarter 2022 earnings conference call and webcast. Joining me today are Austin Schanfelter, Orion Group Holdings Interim CEO, and Craig Owen, currently serving in the capacity of Chief Financial Officer Advisor. Regarding the format of the call, we've allocated about 10 minutes for prepared remarks in which Austin and Craig will highlight our results and update our outlook. We will then open the call for questions. During the course of this conference call, we will make projections and other 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 uncertainty, 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 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 reconciliations and definitions inclusive of the most comparable GAAP measures and reconciliation tables accompanying this earnings conference call within the press release issued last evening. 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 would like to turn the call over to Austin Chanfelter, interim CEO, Austin.

Good morning. Thank you, Fran. First, I'd like to thank the entire team for embracing the changes and the new expectations that have been set in the past 60 days. I appreciate the actions that are underway and that needed to be provided clear, successful path forward. As we work to conclude the onboarding of a new leadership team, The steps we are taking now will enhance and set up the foundation for the success of that new team. These steps include company-wide focus on obtaining margins, margin improvement on all projects, ensuring the ability to capture all cost escalations, continuously downsizing unproductive markets, monetizing real estate, improving liquidity, increasing project wins from negotiation processes, not just low bid.