Orion Group Holdings, Inc.

Good morning and welcome to the Orion Group Holdings Third Quarter 2024 Financial Results Conference Call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then when you have a telephone keypad. To withdraw your question, please press star then two. This event is being recorded. I would now like to turn the conference over to Margaret Boyce, Investor Relations. Please go ahead.

Thank you, Operator, and thank you all for joining us today to discuss Orion Group Holdings' third quarter 2024 financial results. We issued our earnings release after market last night. It's available on the investor relations section of our website at oriongrupholdingsinc.com. I'm here today with Travis Boone, Chief Executive Officer, and Scott Sannis, Chief Financial Officer. On today's call, management will provide prepared remarks and then we'll open up the call for your questions. Before we begin, I'd like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate, or other comparable words and phrases. Statements that are not historical facts are forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from those forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q and 10-K. With that, I'll now like to turn the call over to Travis. Travis, please go ahead.

Thank you, Margaret. Good morning, everyone, and thank you for joining our third quarter 2024 conference call. I'll start with an overview of our third quarter results and market update, and then I'll turn it over to Scott to cover our financial results. For the last few quarters, we said that we expected momentum to pick up strongly in the back half of this year, and that did play out in the third quarter. Total revenue came in at $226.7 million, and adjusted EBITDA was $15.2 million, a 62% improvement year over year. The $15.2 million in adjusted EBITDA is higher than the $9.6 million we reported in the entire first half of this year, in fact, 59% higher. Our top line growth was largely driven by the ramp up of our Pearl Harbor and Grand Bahama projects now that the project delays have been resolved. Also, a number of projects that began during the summer contributed to the strong quarter. Our third quarter results demonstrate the level of profitability our business can generate as we scale and grow. For the full year, we're on target to deliver adjusted EBITDA in the range of $40 to $45 million for 2024, which would greatly exceed the $24 million reported in 2023. We won $116 million in new contract awards in October that will start in the fourth quarter. Here's a few examples of our recent wins. First, Marine was awarded a $30.6 million subcontract to Skanska USA, to construct a temporary trestle for the Portage Bay Bridge project for the Washington State Department of Transportation. This work is expected to begin in the fourth quarter of 2024 with a construction duration of approximately six months for the first phase. We were also awarded an $8.5 million contract for the Port of Houston's Turning Basin North Wharf 16 bulkhead repairs. The start is slated for the fourth quarter of 2024 and will run through the middle of 2025. In our concrete business, we won an $18.2 million subcontract to Harvey Builders for the Ritz-Carlton residences in the Woodlands, Texas. The project is expected to begin in the fourth quarter of 2024 and will extend approximately two years. Our concrete business continues to win and deliver data center projects. We now have completed or are working on 29 separate data center projects. We have placed over 300,000 cubic yards of concrete for a total of $176 million in revenue on these projects. We are currently working 14 active pursuits. Our strong relationships with key general contractors, our strong performance, and our industry-leading safety record are all contributing factors to our success on data center projects. We have recently received several industry safety awards, including the Florida Transportation Builders Association Safety Excellence Award for the NASA Causeway Bridge Project, three awards from the American Society of Concrete Contractors, the Liberty Mutual Insurance Company Gold Safety Award for outstanding safety performance, and two awards from the Associated General Contractors of Houston. These awards exemplify our commitment to safety across our business. Our teams have completed over 9,200 site observations so far this year to provide leading indicators and prevent incidents from occurring. Currently, our total recordable incident rate, or TRIR, is around 0.70 through October. The average TRIR in the construction industry is 2.40. We are proud of our performance on safety and we are committed to our people going home safely at the end of every day. We're actively pursuing several significant projects and are excited about the opportunities ahead. With our pipeline quadrupling from $3 billion last year, we're confident that our diverse markets will accelerate revenue growth. We see this project flow beginning to ramp up in 2025, but we expect 2026 will be the year when we see transformational growth. In preparation for the growth we see coming, we're focused on making investments in people and equipment that will help us capture and deliver the large volume of projects in our pipeline of opportunities. The recent hurricanes that hit the Southeast have been devastating to large numbers of people and businesses. Our condolences to all those impacted by these storms. We're fortunate to have had only a very minor impact to our people, equipment, and projects. We were able to resume work on our projects quickly, and we have picked up several emergency repair projects in Florida. In closing, we are very healthy across our business. We are delivering at higher margins. We have dramatically improved our cash and liquidity position. We are profitable, and we have a strong growth trajectory over the coming years. Our extraordinarily talented people are all united in their excitement and commitment to continuing to build our company and capturing the market opportunities ahead. Now I'll turn it over to Scott for a review of our financials. Scott.