Financial Data and Key Metrics Changes - For the full year 2025, revenue increased to $852 million, operating income rose to $15 million, Adjusted EBITDA reached $45 million, and Adjusted EPS was $0.25 per share, marking notable improvements over the previous year [12][17] - Operating cash flow for the year was $28 million, and free cash flow was $14 million, indicating strong cash generation [12] Business Line Data and Key Metrics Changes - Marine segment revenue was $545 million, reflecting a 4.5% annual growth, with Adjusted EBITDA more than doubling to $56 million, resulting in a 10% Adjusted EBITDA margin compared to about 5% in 2024 [12][13] - Concrete segment revenues increased by 12% annually to $307 million, but reported an $11 million loss in Adjusted EBITDA, primarily due to corporate allocations and the absence of favorable project closeout benefits from 2024 [14] Market Data and Key Metrics Changes - The company reported a backlog of just over $763 million in new contracts and change orders for 2025, with a book-to-bill ratio of 0.9 times, impacted by tariff-related uncertainties and a prolonged U.S. government shutdown [7][8] - The opportunity pipeline grew to $23 billion, including the J.E. McAmis pipeline of $1.4 billion, with the marine opportunity pipeline increasing by $3 billion, or 21% sequentially, to over $19.4 billion [8][9] Company Strategy and Development Direction - The company aims to improve execution, strengthen margins, and professionalize the organization while capturing significant opportunities in marine infrastructure, defense, and concrete construction [5] - Strategic actions included closing a $120 million senior credit facility to enhance liquidity and support growth, and acquiring a derrick barge to increase capacity [5][6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing geopolitical conflicts and their potential impacts on business, while expressing confidence in strong demand and a positive long-term growth outlook [4][8] - The company expects modest margin expansion across its business segments in 2026, driven by the integration of J.E. McAmis and favorable demand signals [30][31] Other Important Information - The company plans to update its reportable segments to enhance transparency by breaking out corporate expenses as a non-operating segment starting in Q1 2026 [15] - The UMB credit facility significantly improved liquidity and reduced borrowing costs, with net debt at approximately $6 million at year-end [16] Q&A Session Summary Question: Impact of revenue recognition delays in Q4 - Management indicated that Q4 results were generally in line with expectations, with some delays in project revenue recognition due to timing issues [24][25] Question: 2026 margin outlook by segment - Margins are expected to expand modestly, particularly in the marine segment due to the higher margins from J.E. McAmis, while concrete is anticipated to deliver mid-single-digit margins [29][30] Question: Data center project impact in 2026 - Data centers currently account for 40% of the concrete business, with expectations for this percentage to increase as more opportunities arise [32][33] Question: Pipeline conversion to orders - The pipeline has expanded, with several near-term opportunities expected to convert into orders, although some projects have shifted timelines [38][39] Question: Backlog and project timing - Management expressed confidence in the pipeline, indicating that while backlog may trend down in the near term, a strong rebound is expected in the latter half of the year [62][63]