Orion Group Holdings, Inc.

Good day, and welcome to the Orion Group Holdings fourth quarter and full year 2024 conference call. All participants will be in a listen-only mode. Should 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 one on a touchtone phone. To withdraw your question, please press star, then two. Please note 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' fourth quarter and full year 2024 financial results. We issued our earnings release after market last night. It's available in the Investor Relations section of our website, at oriangrupeholdingsinc.com. I'm here today with Travis Boone, Chief Executive Officer of Orion, and Scott Banish, 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 these forward looking statements are contained in our SEC filings, including our reports on Form 10Q and 10K. With that, I'd now like to turn the call over to Travis. Travis, please go ahead.

Thank you, Margaret, and good morning, everyone, and thank you for joining our fourth quarter and four-year 2024 conference call. I'll start with an overview of our fourth quarter results and market update, and then I'll turn it over to Scott to cover our financial results. It has been an incredible two years since we put our strategic plan into action. I am proud to say we did what we said we would do, and our focus on business development and discipline execution by our team is now delivering strong results. From the outset, our goal was to drive sustainable growth and profitability, enhance operational efficiency, and create long-term value for all our stakeholders. Today, we have not only met but exceeded those objectives in many areas. To summarize our four-year performance, revenue was up 12 percent to $796 million year-over-year. Gross profit improved 48 percent to $91 million. Adjusted EBITDA increased 76 percent, and adjusted EBITDA margin was up 200 basis points to 5.3 percent. While we have made great progress, we are far from finished. we still have work ahead to reach the profitability and growth that Orion is capable of achieving. Throughout 2025, we will continue to emphasize executing with predictable excellence, and we will be focused on growing our backlog to realize our planned growth in 2026. Most importantly, we have set ourselves up to address the huge market opportunity in front of us. Over the past two years, we have assembled an outstanding team whose expertise, hard work, and commitment to safety have been the driving force behind our success We appreciate all their efforts to make us a safer, stronger, and more profitable company. I've always said that winning high-value, long-term projects with the right pricing is critical to driving profitability. And now we have better organization-wide discipline than it takes to successfully bid on large projects with the appropriate evaluation of risks and built-in contingencies. The contracts we were awarded throughout 2024 and the wins we announced in February reflect the quality, complexity, and diversity of the projects we can win. This gives us confidence that our backlog of quality projects will continue to grow. Our year-end backlog stood at $729 million. And over the past two years, our pipeline increased from $3 billion to $16 billion. The depth and breadth of these projects lets us be very selective and disciplined in the projects we choose to pursue. Orion has greatly improved its reputation in our markets, and we are attracting new partners as well as strengthening our position with longstanding relationships. I can't emphasize enough how important it is to have the right partners with mutual trust to deliver complex projects. I credit a lot of the momentum to our focus on business development, which was a key initiative that we started two years ago. We now have experienced leaders who are driving our growth. The marine market has some very favorable tailwinds. We continue to see great developments for 2025 and beyond. Infrastructure projects, port expansion and maintenance, coastal rehabilitation and downstream energy projects. We see a strong pipeline of opportunities in the Atlantic and Gulf regions. In the Pacific, we see opportunities for large Navy projects toward the end of the year into next year. There are very few marine contractors that have the skill, experience and the logistical capacity to work in the Pacific as we do. Based on Orion Concrete's strong reputation, we have the name recognition that creates real currency in the marketplace. Concrete is no longer just a Texas concrete company. There are really no geographic limitations to where our concrete team can operate effectively with our reputation for quality work and our trusted relationships with Tier 1 contractors. Our reputation and partnerships are why we are building or have completed 35 data center projects to date for top hyperscalers and are building Costco's largest ever distribution center in Florida. We're winning work in multiple states with our best partners. These partnerships with world-class construction companies and our ability to deliver are important factors in most of our recent project wins. We just completed a 43-story high-rise project for Hanover Company, who gave us very positive reviews and have already awarded us their next project. Another example is Laredo, Texas, which is the largest inland port on the border. Last year, we were awarded a large project, and based on our strong performance, we recently won two more projects in Laredo. We have established great partnerships, and this has led to significant repeat business, which is always our goal. We remain confident that we can continue to grow our concrete business. We see a lot of untapped market opportunity as well as projects that had been dormant and are now moving forward. Concrete is a great turnaround story. The business has found its footing and it's really starting to move. This is what I envisioned when I took this job. I knew the issues were fixable. Now it's not just healthier, it's thriving. Finally, we have fielded a lot of questions related to the new administration in D.C. Mostly questions about tariffs and government spending pauses. We're not anticipating negative impacts to any projects or pursuits. Since the middle of last year, we were planning for potential steel tariffs during the bidding process and have mitigated our minimal exposure. We haven't had any projects impacted by government spending changes and don't anticipate changes to our pipeline or our opportunities. Additionally, the appetite for increased energy projection in oil and gas will likely drive additional capital project opportunities in the Gulf. The political landscape is quite favorable for us to continue our plans for growth in the years ahead. Looking forward, our team is focused on making investments that will help us capture and deliver the large volume of projects in our pipeline of opportunities. The key metric to watch this year is the increase in backlog. This will give an indication of future revenue. We expect to make continued progress improving our financial performance and are focused on growing our backlog through the year. As we enter 2025, I am confident in our strong foundation, the exceptional capabilities of our people, and their total commitment to both quality and safe execution. As I've said before, we're planning to have a big year in 2026. I'll now turn it over to Scott to discuss our financial results. Scott?