Strategic Actions - The company has initiated a new $120,000,000 credit facility and acquired a Jones Act derrick barge to enhance marine execution capacity [1] - The acquisition of J.E. McAmus expands the marine platform into complex jetty and breakwater construction, strengthening the company's presence in the Pacific region [1] Market Performance - The current backlog dip is viewed as a timing issue rather than a loss of demand, with a total opportunity pipeline of $23,000,000,000 [2] - The backlog has a 0.9x book-to-bill ratio, influenced by private sector tariff uncertainty and a U.S. government shutdown, which have delayed customer decisions [2] - The marine segment's performance has improved due to a favorable revenue mix, high equipment utilization, and successful project closeouts, achieving a 10% adjusted EBITDA margin [2] Future Outlook - The company achieved growth in both top and bottom lines in 2025, driven by operational excellence and improved project execution in Marine and Concrete segments [3] - Guidance for 2026 anticipates a 9% revenue increase and a 24% adjusted EBITDA increase at the midpoint, supported by the integration of J.E. McAmus [3] - The Marine pipeline includes $8,500,000,000 in opportunities expected to be awarded in 2026, with a projected 40/60 split between the first and second halves of the year [3] - Data center work is expected to significantly contribute to the Concrete business, with a shift towards larger campus-style developments requiring site civil and earthwork services [3] - The newly acquired derrick barge is undergoing refurbishments and is scheduled for deployment later in 2026 to pursue broader marine and defense-related work [3]