Summary of Great Lakes Dredge & Dock Conference Call Company Overview - **Company Name**: Great Lakes Dredge & Dock Corporation (Ticker: GLDD) - **Industry**: Dredging and Marine Construction - **Market Position**: Largest dredger in the United States with over 135 years of experience [3][4] Key Highlights - **Strong Performance**: The company has maintained a backlog of $1 billion and has experienced strong project execution over the past two years [3][4] - **Investment in Fleet**: Recently completed a $550 million new build program, with the final vessel, Acadia, expected to be delivered in early 2026 [12][13][14] - **Diverse Project Types**: Engages in capital projects (port deepening), coastal protection, and maintenance dredging, with a strong focus on federal government contracts [5][6][9] Financial Performance - **Record Backlog**: The current backlog is significantly higher than the historical average of $550 million, indicating strong future revenue visibility [16] - **EBITDA Growth**: 2024 was the second-best year in company history for EBITDA, with the first half of 2025 showing even higher revenue and margins despite a heavy dry docking year [17][19] - **Liquidity Position**: Liquidity exceeded $300 million, with a leverage ratio well under three times and no debt maturities until 2029 [19][20] Market Dynamics - **Government Funding**: The U.S. Army Corps of Engineers has a record budget for 2024 and 2025, ensuring continued funding for dredging projects [10][24][25] - **LNG Projects**: The company is currently executing three large LNG projects, with potential for additional work in the future [8][26][27] Future Outlook - **Upcoming Projects**: Anticipation of new deepening projects, particularly in New York Harbor, which is expected to be a multi-billion dollar project [11][12] - **Offshore Energy Expansion**: The Acadia vessel will enable the company to enter the offshore wind market, with contracts already secured for projects in the U.S. [14][15][37] - **Capital Expenditure Strategy**: Future CapEx is expected to normalize, focusing on maintenance rather than new builds, with an average maintenance CapEx projected at $25 million annually [18][28][29] Additional Insights - **Technological Advancements**: The company is implementing automation and remote operation systems to enhance efficiency and productivity [35][36] - **Market Positioning**: The company has a strong market share of over 30% in the U.S. dredging market, with a win rate approaching 40% for recent projects [9][10] Conclusion - **Positive Cash Flow Outlook**: With the completion of the new build program, the company is positioned for strong cash flow generation and has plans to prioritize debt reduction [39][41]