Financial Data and Key Metrics Changes - The company reported revenues of $242.9 million for Q1 2025, an increase of $44.2 million compared to Q1 2024, marking the second highest revenue quarter in company history [11] - Adjusted EBITDA for the quarter was $60.1 million, with an adjusted EBITDA margin of 24.7% [11] - Net income for Q1 2025 was $33.4 million, up from $21 million in the same quarter of the previous year [12] - Gross profit increased to $69.5 million with a gross profit margin of 28.6%, compared to $45.6 million and 22.9% in Q1 2024 [11][12] Business Line Data and Key Metrics Changes - The dredging backlog remains strong at $1 billion, with capital and coastal protection projects accounting for 95% of this backlog [7] - Over 87% of revenue in Q1 2025 came from capital and coastal protection projects, which typically yield higher margins [12] Market Data and Key Metrics Changes - The U.S. Army Corps of Engineers is operating under a continued resolution for fiscal year 2025, sustaining record funding levels established in the prior fiscal year's budget [15] - The bid market for 2025 is expected to normalize at approximately $2 billion, focusing on coastal protection projects funded by the 2023 Disaster Relief Supplemental Appropriation Act [16] Company Strategy and Development Direction - The company is focusing on large and complex projects, particularly in the beach renourishment and port deepening markets, which are expected to continue delivering strong performance [15][17] - The company is expanding its offshore wind business into international markets, including the UK, EU, and Asia, to mitigate potential delays in the U.S. offshore wind market [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance and backlog, indicating that 2025 results are expected to exceed those of 2024 [14][17] - The company anticipates being cash flow positive starting in 2026, with a robust liquidity position to support ongoing strategic initiatives [13][18] Other Important Information - The company has initiated a $50 million share repurchase program, citing that the share price does not reflect the company's financial performance and long-term outlook [8] - The company has upsized its revolving credit facility to $330 million, enhancing liquidity [13] Q&A Session Summary Question: Update on the Equinor project, Empire Wind One - Management stated that the project was fully funded and permitted, and the temporary pause was unexpected. They are in contact with Equinor to clarify the situation [22][23] Question: How quickly can the Acadia's time slots be refilled if the project is canceled? - Management indicated that it would be difficult to fill the time slots quickly, but there are cancellation arrangements in the contract that would mitigate some costs [25][26] Question: Update on the Woodside job and ongoing LNG projects - The base work for the Woodside project is in low bid pending and will be added to the backlog in Q2. The ongoing LNG projects are performing well and are expected to wrap up as scheduled [42][43] Question: Competitive environment and bid market pace - Management noted that the competitive environment remains similar to historical levels, with some dredges taken out of operation and new builds entering the market [35] Question: Impact of dry docks on Q1 performance - Management confirmed that the dry dock in Q1 was a hopper dredge and that Q2 will be most impacted by dry docks, but they expect a normalization in the second half of the year [49][51]

Financial Performance - The company reported first quarter revenue of $242.9 million, an increase of $44.2 million compared to the same period in 2024 [9][16] - Net income for the first quarter was $33.4 million, up $12.4 million from $21.0 million in the prior year [9][16] - Adjusted EBITDA for the quarter was $60.1 million, reflecting a significant increase from $42.9 million in the first quarter of 2024 [9][16][27] Dredging Backlog - As of March 31, 2025, the dredging backlog stood at approximately $1 billion, with an additional $265.3 million in low bids and options pending award [3][9] - Capital and coastal protection projects accounted for 95% of the backlog, which typically yield higher margins [3][9] Project Updates - The company is gaining momentum in dredging for private companies in the LNG market, with new projects including the Woodside Louisiana LNG project expected to commence in early 2026 [4] - The backlog includes significant projects such as the Port Arthur LNG Phase 1 Project and the Brownsville Ship Channel Project, the latter being the largest in the company's history [4] Shareholder Actions - The board approved a $50 million share repurchase program, with $10.4 million spent to repurchase 1.2 million shares as of April 30, 2025 [5] - The company amended its Revolving Credit Facility, increasing its size from $300 million to $330 million to enhance liquidity [6] Operational Developments - The company is progressing on its new build program, with the delivery of the hopper dredge Amelia Island expected in the third quarter of 2025 [7] - The Acadia, a Jones Act compliant subsea rock installation vessel, is under construction, targeting markets including offshore wind projects and subsea infrastructure protection [8] Market Environment - The U.S. Army Corps of Engineers is operating under a continuing resolution that sustains funding levels through September 30, 2025, supporting a busy project schedule for the company [11] - The reauthorization of the Water Resources Development Act (WRDA) provides funding for various dredging and flood protection projects, enhancing the company's project pipeline [12]

Company Overview - Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and has a significant history of international projects [3] - The company is expanding its core business into the offshore energy industry [3] - Great Lakes operates the largest and most diverse fleet in the U.S. dredging industry, consisting of approximately 200 specialized vessels [3] - The company has a disciplined training program for engineers to ensure performance based on experience [3] - Great Lakes has a strong commitment to safety through its Incident-and Injury-Free® (IIF®) safety management program, which is integrated into its culture [3] Upcoming Financial Results - Great Lakes Dredge & Dock Corporation will release its financial results for the three months ended March 31, 2025, on May 6, 2025, at 7:00 a.m. C.D.T. [1] - A conference call will be held on the same day at 9:00 a.m. C.D.T. for investors and analysts [1] Conference Call Registration - Investors and analysts are encouraged to pre-register for the conference call to gain immediate access [2] - Pre-registration can be completed at any time up to the call start time [2] - The live call and replay will be available on the company's website under the Investor Relations page [2]

Company Overview - Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and has a long history of executing significant international projects [3] - The company is actively expanding its core business into the offshore energy industry [3] - Great Lakes operates the largest and most diverse fleet in the U.S. dredging industry, consisting of approximately 200 specialized vessels [3] - The company has a disciplined training program for engineers to ensure performance based on experience [3] - Great Lakes has an Incident-and Injury-Free® (IIF®) safety management program integrated into its culture, emphasizing employee safety [3] Upcoming Events - The Senior Vice President and Chief Financial Officer, Scott Kornblau, will present and host one-on-one meetings with investors at the Sidoti Small Cap Virtual Conference on March 19, 2025 [1] - The presentation will begin at 10:00 AM ET and will be accessible live [2]