Great Lakes Dredge & Dock Corp (GLDD) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the fourth quarter 2024 Great Lakes Dredge & Dock Corporation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Great Lakes Dredge & Dock Corporation 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Tina Baginskis, Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係總監蒂娜·巴金斯基斯（Tina Baginskis）。請繼續。

Good morning, and welcome to our fourth quarter and full year 2024 conference call. Joining me on the call this morning is our President and Chief Executive Officer, Lasse Pettersen; and our Chief Financial Officer, Scott Kornblau.

早上好，歡迎參加我們的 2024 年第四季和全年電話會議。今天早上與我一起參加電話會議的還有我們的總裁兼執行長 Lasse Pettersen；以及我們的財務長 Scott Kornblau。

Lasse will provide an update on the events of the quarter, then Scott will continue with an update on our financial results for the quarter and year. Lasse will conclude with an update on the outlook for the business and market. Following their comments, there will be an opportunity for questions.

拉塞將介紹本季的事件進展，然後史考特將繼續介紹本季和年度的財務表現。最後，拉塞將對業務和市場的前景進行更新。他們發表評論後，將有機會提問。

During this call, we will make certain forward looking statements to help you understand our business. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in our filings with the Securities and Exchange Commission.

在本次電話會議中，我們將做出一些前瞻性的陳述，以幫助您了解我們的業務。這些聲明涉及許多風險、不確定性和其他因素，可能導致實際結果與我們的預期有重大差異。我們業務中固有的某些風險因素已在我們提交給美國證券交易委員會的文件中列出。

During this call, we also refer to certain non GAAP financial measures, including adjusted EBITDA, which are explained in the net income to adjusted EBITDA reconciliation attached to our earnings release and posted on our Investor Relations website along with certain other operating data.

在本次電話會議中，我們也參考了某些非 GAAP 財務指標，包括調整後的 EBITDA，這些指標在我們的收益報告隨附的淨收入與調整後的 EBITDA 對帳表中進行了解釋，並與某些其他營運數據一起發佈在我們的投資者關係網站上。

With that, I will turn the call over to Lasse.

說完這些，我會把電話轉給拉塞。

Thank you, Tina, and good morning. Great Lakes had a strong 2024 with fourth quarter revenues of $202.8 million and EBITDA of $40.2 million. The full year financial results were revenues of $762.7 million and adjusted EBITDA of $136 million securing the second highest results in Great Lakes 135 year history.

謝謝你，蒂娜，早安。大湖集團 2024 年業績表現強勁，第四季營收為 2.028 億美元，EBITDA 為 4,020 萬美元。全年財務表現為：營收 7.627 億美元，調整後 EBITDA 1.36 億美元，創下五大湖 135 年歷史第二高業績。

The strong performance throughout the year was driven by executing complex port deepening and coastal restoration projects, leveraging our capabilities of our extensive fleet. In addition, our products were efficiently executed with strong margin performance and our new hopper dredge, the Galveston Island worked the majority of the year contributing to our 2024 results.

全年強勁的表現得益於我們實施複雜的港口深化和海岸修復項目，並充分利用了我們龐大的船隊的能力。此外，我們的產品執行高效，利潤率表現強勁，我們的新型挖泥船加爾維斯頓島號在全年大部分時間都在運行，為我們 2024 年的業績做出了貢獻。

The bid markets hit a historic level of $2.9 billion which included a significant number of port deepening and coastal protection projects.

投標市場達到了29億美元的歷史最高水平，其中包括大量港口深化和海岸保護項目。

Great Lakes won 33% of the overall bid market, which resulted in a substantial dredging backlog at year end of $1.2 billion with an additional $282.1 million in low bids and options pending award.

大湖區贏得了整個投標市場的 33%，這導致年底疏浚積壓訂單價值高達 12 億美元，另有 2.821 億美元的低價投標和待授予選擇權。

We focused our bidding on large and complex port deepening and coastal protection projects, which now accounts for 94% of our backlog. And these projects are where our fleet and experienced people excel, creating opportunities to achieve higher project margins.

我們將投標重點放在大型複雜的港口深化和海岸保護項目上，目前這類項目占我們積壓訂單的 94%。這些專案正是我們的車隊和經驗豐富的人員擅長的領域，創造了實現更高專案利潤的機會。

The largest capital projects bid in the year was Sabine Nashe's Contract six deepening project, which we won with an awarded base and open options totaling $235 million. Our successful bid strategy in 2024 resulted in a large number of project wins and quality backlog at year end, which will support high asset utilization and a solid revenue year end 2025, as well as providing a good base and revenue visibility to 2026.

今年最大的資本項目投標是 Sabine Nashe 的第六合約深化項目，我們贏得了該項目，授予的基礎和開放選擇權總額為 2.35 億美元。我們在 2024 年的成功競標策略使我們在年底獲得了大量專案中標和優質積壓訂單，這將支持高資產利用率和 2025 年底的穩健收入，並為 2026 年提供良好的基礎和收入可見性。

As mentioned, we took delivery of our newest hop address to Galveston Island early last year. She went through commissioning and see trials in record time and has been contributing strongly to our improved results in 2024.

如上所述，我們在去年年初將最新的跳躍地址交付給了加爾維斯頓島。她以創紀錄的時間完成了調試和試驗，為我們在 2024 年取得的成績做出了巨大貢獻。

Her sister ship, the Amelia Island is expected to be delivered in the second half of this year and will go straight to work on projects already in backlog. These two dredges has been specially designed for shallow and narrow waterways in the United States and are efficient tools for us to work on coastal protection projects such as beach restoration, wetlands improvements and barrier island construction.

她的姊妹船阿米莉亞島號預計將於今年下半年交付，並將直接投入已積壓的專案。這兩艘挖泥船專為美國淺窄水道設計，是我們進行海灘修復、濕地改善和屏障島建設等沿海保護計畫的有效工具。

Shortly after his inauguration, President Trump signed an executive order pausing for issuance of new offshore wind leases and permits and ordered a review of The US wind generation permitting and leasing process.

川普總統就職後不久簽署行政命令，暫停發放新的離岸風電租賃和許可證，並下令審查美國風電許可和租賃流程。

The executive order has not directly impacted fully permitted and ongoing construction projects such as Equinor's Empire Wind one and Ersted Sunrise Wind projects, for which we have secured contracts for placing rock on the seabed to protect foundations and cables with our subsea rock installation vessel, the Acadia, which is currently under construction.

該行政命令並未直接影響已獲得全面許可且正在進行的建設項目，例如 Equinor 的 Empire Wind one 和 Ersted Sunrise Wind 項目，我們已與這些項目簽訂了合同，將使用目前正在建造的海底岩石安裝船 Acadia 在海床上放置岩石以保護地基和電纜。

The Acadia is also well suited for work outside of The US Offshore wind, where it will be capable of accurately depositing rock for protection of subsea infrastructure from waves and currents, damage from fishing activities and some sabotage from hostile nations.

Acadia 也非常適合在美國離岸風電以外的地區工作，它能夠準確地沉積岩石，以保護海底基礎設施免受海浪和洋流、漁業活動的破壞以及敵對國家的破壞。

In anticipation of a slowdown in the US Market in 2027 and 2028, we have over the last two years been broadening our target market for the Arcadia to include international offshore wind projects as well as protecting critical subsea infrastructure such as oil and gas pipelines and telecommunication and power cables.

由於預計 2027 年和 2028 年美國市場將放緩，過去兩年來，我們一直在擴大 Arcadia 的目標市場，包括國際離岸風電項目以及保護關鍵的海底基礎設施，如石油和天然氣管道、電信和電力電纜。

We have already tendered bids on several projects in these international markets, starting rock installation in the second half of 2026 and beyond. With the addition of these new target markets for Acadia, we have decided to rename our offshore wind initiative, Offshore Energy, which better describes the new business.

我們已經在這些國際市場上對多個項目進行了投標，並將於 2026 年下半年及以後開始岩石安裝。隨著阿卡迪亞增加這些新的目標市場，我們決定將我們的離岸風電計劃更名為“海上能源”，以便更好地描述新業務。

During 2024, we enhanced our financial position by generating a strong operational cash flow and we entered into a $150 million second lien credit agreement, providing additional liquidity to support our new newbuild program.

2024 年，我們透過產生強勁的營運現金流增強了我們的財務狀況，並簽訂了 1.5 億美元的第二留置權信貸協議，為支持我們的新建計畫提供了額外的流動性。

And in the second quarter, S and P Global rating upgraded Great Lakes credit rating to B minus which demonstrates the improvements that we have made this year to our balance sheet, cash flows and overall performance.

而在第二季度，標準普爾全球評級將五大湖信用評級上調至 B-，這表明我們今年在資產負債表、現金流和整體業績方面取得了進展。

I'll now turn the call over to Scott to further discuss the results for the quarter and our full year results more than I'll provide further commentary around the market and business.

現在，我將把電話轉給斯科特，進一步討論本季的業績和全年業績，並將提供有關市場和業務的進一步評論。

Great. Thank you, Lasse, and good morning, everyone. I'll start by walking through the fourth quarter, which resulted in revenues of $202.8 million net income of $19.7 million and adjusted EBITDA and adjusted EBITDA margin of $40.2 million and 20% respectively.

偉大的。謝謝你，拉塞，大家早安。我先介紹一下第四季的情況，該季度營收為 2.028 億美元，淨收入為 1,970 萬美元，調整後 EBITDA 和調整後 EBITDA 利潤率分別為 4,020 萬美元和 20%。

Revenues of $202.8 million in the fourth quarter of twenty twenty four increased $21.1 million from the prior year's fourth quarter, primarily due to the addition of the Galveston Island and higher capital and coastal protection revenue offset partially by a decrease in maintenance and rivers and lakes revenue.

2024年第四季的收入為2.028億美元，比去年同期增加了2,110萬美元，主要原因是增加了加爾維斯頓島以及更高的資本和海岸保護收入，但維護和河流湖泊收入的減少部分抵消了這一影響。

Current quarter gross profit and gross profit margin increased to $48.9 million and 24.1% respectively compared to $38.7 million and 21.3% respectively in the fourth quarter of 2023.

本季毛利和毛利率分別增加至 4,890 萬美元和 24.1%，而 2023 年第四季分別為 3,870 萬美元和 21.3%。

The increase in gross margin is primarily due to improved utilization and project performance and a larger number of capital and coastal protection projects, which typically yield higher margins. During the fourth quarter of 2024, over 85% of our revenue came from these types of projects.

毛利率的增加主要歸因於利用率和專案績效的提高以及資本和海岸保護專案數量的增加，這些專案通常會產生更高的利潤率。2024 年第四季度，我們 85% 以上的營收來自此類項目。

Fourth quarter 2024 G and A of $18.7 million is $3.3 million higher than the same quarter last year, primarily due to higher incentive pay from our improved results. Current quarter's operating income of $30 million remains relatively flat compared to the prior year quarter's operating income of $30.5 million.

2024 年第四季的 G 和 A 為 1,870 萬美元，比去年同期高出 330 萬美元，這主要是由於我們業績改善帶來的獎勵性薪酬增加。本季的營業收入為 3,000 萬美元，與去年同期的 3,050 萬美元相比基本持平。

The fourth quarter of 2023 had a one time gain of $7.4 million from a terminated offshore energy contract, which was mostly offset by the improved operational performance in the fourth quarter of 2024. Net interest expense of $4.9 million for the fourth quarter 2024 was up from $2.8 million in the fourth quarter of 2023 , primarily due to interest on the second lien credit agreement entered into earlier in 2024, partially offset by decreased borrowings on our revolver during the current year's quarter.

2023 年第四季因終止的海上能源合約而獲得 740 萬美元的一次性收益，但這大部分被 2024 年第四季營運表現的改善所抵銷。2024 年第四季的淨利息支出為 490 萬美元，高於 2023 年第四季的 280 萬美元，主要原因是 2024 年初簽訂的第二留置權信貸協議的利息，部分被本季循環信貸借款減少所抵銷。

Fourth quarter 2024 net income tax of $5.1 million was down slightly compared to income tax expense of $6.2 million in the same quarter of 2023, and net income for the fourth quarter 2024 was $19.7 million compared to $21.6 million from the prior year's quarter.

2024 年第四季的淨所得稅費用相比略有下降，2024 年第四季的淨收入為 1,970 萬美元，而去年同期為 2,160 萬美元。

Turning now to our full year 2024 results. Revenues increased $173.1 million to $762.7 million driven mostly by significant increases in capital and coastal protection revenue. We saw gross profits more than double from the prior year to $160.6 million and net income increased over 4 times to $57.3 million.

現在來談談我們 2024 年全年業績。收入增加了 1.731 億美元，達到 7.627 億美元，主要原因是資本和海岸保護收入的大幅增加。我們的毛利比前一年增長了一倍多，達到 1.606 億美元，淨收入增長了四倍多，達到 5,730 萬美元。

Finally, adjusted EBITDA increased $63 million year-over-year to $136 million. By all metrics, 2024 was a very successful year. Turning to our balance sheet, we ended the year with $10.2 million in cash and $35 million drawn on our $300 million revolver, which doesn't mature until the third quarter of 2027.

最後，調整後的 EBITDA 年增 6,300 萬美元，達到 1.36 億美元。從各方面來看，2024 年都是非常成功的一年。回顧我們的資產負債表，截至年底，我們的現金餘額為 1,020 萬美元，3 億美元循環信貸中提取的金額為 3,500 萬美元，這些貸款要到 2027 年第三季才到期。

After year end, we fully paid off the revolver and it is currently undrawn. And as Lasse mentioned, in the second quarter, we closed on a five year $150 million second lien term loan that has very favorable call provisions.

年底之後，我們已全部還清了循環信貸，目前尚未提取。正如拉塞所提到的，在第二季度，我們完成了一筆為期五年、金額為 1.5 億美元的第二留置權定期貸款，該貸款具有非常優惠的贖回條款。

With liquidity currently over $300 million a weighted average interest rate on our total debt under 7% and no maturities until 2029, we are well positioned to complete our newbuild program with plenty of additional liquidity.

我們目前的流動資金超過 3 億美元，總債務的加權平均利率低於 7%，並且直到 2029 年都沒有到期債務，因此我們完全有能力以充足的額外流動資金完成我們的新建計劃。

Total capital expenditures for 2024 were $135.7 million made up of $72.7 million for the construction of the subsea rock installation vessel, the Acadia, $41 million for the Amelia Island, $5.4 million for the completion of the Galveston Island with the remaining $16.6 million coming from maintenance and growth.

2024 年的總資本支出為 1.357 億美元，其中 7,270 萬美元用於建造海底岩石安裝船 Acadia，4,100 萬美元用於建造 Amelia Island，540 萬美元用於完成 Galveston Island，其餘 1,660 萬美元來自維護和成長。

Looking forward to 2025, we expect approximately 60% of our $1.2 billion backlog to be converted into revenue during the year with most of it coming from capital and coastal protection projects.

展望 2025 年，我們預計 12 億美元積壓訂單中的約 60% 將在當年轉化為收入，其中大部分來自資本和海岸保護項目。

We currently have seven regulatory drydockings planned during 2025, including four hopper dredges. The majority of the drydockings are planned for the second and third quarters, but as always the number and timing of dry dockings is subject to change.

目前，我們計劃在 2025 年進行七次監管乾船塢工程，其中包括四艘挖泥船。大部分乾船塢維修計畫在第二季和第三季進行，但與往常一樣，乾船塢維修的次數和時間可能會有所變動。

We expect full year 2025 capital expenditures to be between $140 million and $160 million including capitalized interest for the Amelia Island, Acadia and maintenance and growth CapEx. We are also currently evaluating moderate upgrades to certain dredges and support equipment over the next three years and will update current CapEx guidance accordingly as these decisions are made.

我們預計 2025 年全年資本支出將在 1.4 億美元至 1.6 億美元之間，其中包括阿米莉亞島、阿卡迪亞的資本化利息以及維護和成長資本支出。我們目前也正在評估未來三年對某些疏浚船和支援設備的適度升級，並將在做出這些決定後相應地更新當前的資本支出指導。

Looking towards the first quarter of 2025, we expect utilization to remain strong as the majority of our dredges are working. We will start and complete one of the scheduled regulatory dry dockings during the quarter and are scheduled to begin two others towards the end of the first quarter.

展望 2025 年第一季度，我們預計利用率將保持強勁，因為我們大多數的疏浚船都在運行。我們將在本季開始並完成其中一次預定的監管幹船塢，並計劃在第一季末開始另外兩次。

With that, I will turn the call back over to Lasse for his remarks on the outlook moving forward.

說完這些，我將把電話轉回給拉塞，請他對未來的前景發表評論。

Thank you, Scott. As stated previously, the year ended with a record bid market of $2.9 billion which included a robust market for large and complex projects in the beach renourishment and port deepening markets. The bid market was supported by a record $8.7 billion in budgeted appropriations in 2024 for the US Army Corps of Engineers.

謝謝你，斯科特。如前所述，今年的投標市場達到了創紀錄的 29 億美元，其中包括海灘補給和港口深化市場的大型複雜項目的強勁市場。該投標市場得到了美國陸軍工程兵團 2024 年創紀錄的 87 億美元預算撥款的支持。

Additionally, the 2023 Disaster Relief Supplemental Appropriations Act allocated $1.5 billion for infrastructure repairs and beach renourishment projects. The Amoco's budget for 2025 is expected to be yet another record appropriation nearing $10 billion. The bill includes for $5.7 billion for operations and maintenance projects, of which $3.1 billion is from the Harbor Maintenance Trust Fund.

此外，2023 年救災補充撥款法案撥款 15 億美元用於基礎設施修復和海灘補給計畫。預計阿莫科 2025 年的預算將再次創下接近 100 億美元的紀錄。該法案包括57億美元用於營運和維護項目，其中31億美元來自港口維護信託基金。

Currently, the federal government is operating under a continuing resolution throughout March 14, of this year, after which Congress and the administration can pass the funding of the bill. We expect the 2025 dredging bid market to be similar in volume to 2023 with a strong activity in the Coastal Protection segment and less activity in the port deepening segment after a very strong 2024 bid market.

目前，聯邦政府正在按照一項持續決議運作，直至今年3月14日，此後國會和政府可以通過該法案的資金。我們預計，2025 年疏浚投標市場的規模將與 2023 年相似，在 2024 年投標市場非常強勁之後，海岸保護領域的活動將十分活躍，而港口深化領域的活動將減少。

With our record backlog, we are well positioned for 2025 and 2026, even if the bid market is somewhat delayed due to the extended continuing resolution.

憑藉我們創紀錄的積壓訂單，我們為 2025 年和 2026 年做好了準備，即使投標市場因持續決議的延長而有所延遲。

We continue to be confident in our growth and diversification plan via our subsea rock installation initiative. As stated previously, we are broadening our targeted SRI market to include oil and gas pipelines and telecommunication cable protection and international offshore wind.

我們繼續對透過海底岩石安裝計劃實現的成長和多樣化計劃充滿信心。如前所述，我們正在擴大我們的目標 SRI 市場，包括石油和天然氣管道、電信電纜保護和國際離岸風電。

The latest Bloomberg offshore wind market outlook show global offshore wind expected to grow substantially towards 2040, with our forecast exceeding 700 gigawatts of installed power. Due to the global political uncertainty, this may be a high case. However, it does point to a strong growth opportunity in offshore wind later this decade and beyond.

彭博最新的離岸風電市場展望顯示，預計到 2040 年全球離岸風電將大幅成長，我們預測裝置容量將超過 700 吉瓦。由於全球政治的不確定性，這種可能性可能很高。然而，它確實預示著本世紀末及以後離岸風電將出現強勁的成長機會。

In addition, market expectations for telecommunication and oil and gas scour protection projects globally are estimated to require the capacity of approximately 10 rock placements vessels of Arcadia's class. The Arcadia was built to operate in US Waters for the majority over time, but she is also equally well suited for work outside of the US, including The UK, EU, Middle East and Asia, where the growth in Rock Placement Services is expected to grow strongly over the next decades.

此外，預計全球電信和石油天然氣防沖刷專案的市場預期將需要約 10 艘 Arcadia 等級的岩石放置船。Arcadia 號建造時主要在美國水域作業，但它也同樣適合美國以外的地區，包括英國、歐盟、中東和亞洲，預計未來幾十年這些地區的岩石安置服務將強勁增長。

In conclusion, 2024 was a very successful year for Great Lakes with strong revenue and product performance, resulting in the second highest EBITDA in the company's history. We entered 2025 with a $1.2 billion of backlog, providing us with a deep projects pipeline for 2025, and revenue visibility well into 2026, positioning us well for the future.

總而言之，2024 年對 Great Lakes 來說是非常成功的一年，營收和產品表現強勁，創造了公司歷史上第二高的 EBITDA。到 2025 年，我們的積壓訂單金額為 12 億美元，這為我們在 2025 年提供了豐富的項目儲備，並且具有良好的 2026 年收入可見性，為我們的未來做好了準備。

And with that, we turn the call over for questions.

現在，我們將電話轉交給大家提問。

Joe Gomez, Noble Capital.

喬·戈麥斯（Joe Gomez），Noble Capital。

Good morning and congrats on the quarter.

早安，恭喜本季取得佳績。

Thank you, Joe.

謝謝你，喬。

So I wanted to start off, obviously, 2024 was a really strong year, bid market year. I know you guys just mentioned you expect '25 to be more like '23 as opposed to '24, but there's all these Dredge efforts. And I'm wondering how that might possibly impact the core and work awards.

所以我想先說，顯然 2024 年是競標市場真正強勁的一年。我知道你們剛才提到，你們預計 25 年會更像 23 年而不是 24 年，但還有所有這些疏浚工作。我想知道這可能會對核心和工作獎勵產生什麼影響。

One of the things in the recent past that has been a challenge was so many other people still working from home. And just if you guys I know it's early days, but kind of what your thought process is on how that might impact the market, if you think it's going to impact the market at all?

最近面臨的一個挑戰是仍有許多人在家工作。我知道現在還為時過早，但您認為這會對市場產生怎樣的影響，您是否認為這會對市場產生影響？

Yeah. The situation with Dredge, I don't know, who knows where that goes. But as we understand, they are starting to look at the defense spending this week. We have this strong backlog, which is a water project, it is funded projects. So the Dredging backlog will be executed during 2025, that is we're very certain on that and also into 2026.

是的。我不知道 Dredge 的情況，誰知道會發生什麼事。但據我們了解，他們本週開始關注國防開支。我們有大量積壓項目，包括水利項目和資助項目。因此，疏浚積壓工作將在 2025 年完成，我們對此非常確定，也將持續到 2026 年。

So if there is some efforts to delay the bid market for that is now coming out typically in Q2 and Q3 of 2025, the impact on us will be minimal, if any, for 2025. It may impact backlog generation for 2026, but it remains to be seen. With the backlog we have, we are very confident in our outlooks for the next two years.

因此，如果我們努力推遲目前通常在 2025 年第二季和第三季出現的競標市場，那麼對我們的影響將是微乎其微的，如果有的話，對於 2025 年來說。它可能會影響2026年的積壓訂單生成，但仍有待觀察。憑藉現有的積壓訂單，我們對未來兩年的前景非常有信心。

And Lasse, if I can just -- Joe, if I can just add, Lasse mentioned, we do think that the bid market for 2025 will be much more heavily weighted on the coastal protection projects. When we saw a slowdown in the market because of the work from home, it was the inability to get the large capital projects out.

拉塞，如果可以的話——喬，如果可以的話，我可以補充一下，拉塞提到，我們確實認為 2025 年的投標市場將更加側重於沿海保護項目。當我們看到因在家工作而導致的市場放緩時，這是因為無法開展大型資本項目。

We think that these coastal protection projects will move forward. I mean, this is important work that needs to get done to rebuild these beaches. So we don't have a ton of white space to fill for this year, but those projects that come out will really start filling in the second half of twenty twenty six for us.

我們認為這些海岸保護項目將會向前推進。我的意思是，重建這些海灘需要完成這項重要的工作。因此，今年我們沒有大量的空白需要填補，但那些推出的項目將真正開始為我們填補 2026 年下半年的空缺。

And then I saw recently here there was adverse court ruling on non Jones Act vessels being able to do rock installation in the US. And I was wondering if you might be able to talk a little bit about that and how that may or may not impact Acadia? I know you already mentioned you're looking at other markets for that vessel, but I just wanted to give us a little color on that court ruling.

然後我最近看到這裡，法院對非瓊斯法案船隻在美國進行岩石安裝做出了不利的裁決。我想知道您是否可以稍微談論一下這個問題以及這對阿卡迪亞可能會產生什麼影響？我知道您已經提到您正在為該船尋找其他市場，但我只是想稍微介紹一下該法庭的裁決​​。

Yeah. Can you take that as Scott?

是的。你能把那當作史考特嗎？

Yeah, sure. So the punchline Joe is we are in no different position today than we were two weeks ago when the ruling came out. This was a lawsuit that we put out there challenging the interpretation of a certain aspect of the work related to the Jones Act. So some wind farms have two layers of rock that's around the mono piles. A first layer is laid down, then the monopile is driven in and then the second layer is of rock is laid down.

是的，當然。所以，喬的妙處在於，我們今天所處的位置與兩週前裁決出來時沒有什麼不同。這是我們針對《瓊斯法案》相關工作的某些方面的解釋所提出的訴訟。因此，一些風電場在單樁周圍設置了兩層岩石。鋪設第一層，然後打入單樁，然後鋪設第二層岩石。

The current interpretation of the Jones Act is that first layer only is not Jones Act protected. We were challenging that interpretation saying that both of them should be. It was rejected on a technicality. It does not change position that second layer, which is typically the larger scope of work that is absolutely JOSEAC protected. And there's also a large number of wind farms that don't even do a first layer of rock.

目前瓊斯法案的解釋是，只有第一層不受瓊斯法案保護。我們對這種解釋提出質疑，認為兩者都應該是這樣的。由於技術原因，該提案被拒絕。它不會改變第二層的位置，這通常是絕對受 JOSEAC 保護的更大工作範圍。而且還有大量的風電場甚至沒有鋪設第一層岩石。

A monopile is laid once the monopile is put in that does set a US Seaport point and then all the rock that gets laid is Jones Act protected. So we were trying to enhance our already strong position. Again, a technicality, we are still evaluating what our next legal step may be.

一旦單樁被放置，就會鋪設一個單樁，從而設定一個美國海港點，然後所有鋪設的岩石都會受到瓊斯法案的保護。因此，我們正努力鞏固我們已經很強大的地位。再次強調，從技術角度來說，我們仍在評估下一步的法律措施。

But again, just want to make it clear, we are in no different position than we were prior to this ruling.

但我再次明確表示，我們現在的處境與裁決前沒有什麼不同。

Okay. Thank you for that. And then one more for me and I'll get back in queue. Any update on Title XI funding?

好的。謝謝你。然後我再做一次，然後我就回到隊列。關於第十一章資金有什麼更新嗎？

Yeah. I mean, post the change administration, I mean, all government loan programs were put on pause and that includes Title XI. So we're just going to have to see how it shakes out. And then even once the pause is lifted, I'm not sure if vessels like the Acadia will get the same sort of priority that they were getting under the prior administration. But as you know, last year we planned for this.

是的。我的意思是，在政府變革之後，所有政府貸款計劃都被暫停，其中包括第十一條條款。所以我們只需要看看結果會如何。即使暫停解除，我也不確定像阿卡迪亞號這樣的船隻是否能獲得與前政府時期相同的優先權。但如你所知，去年我們就計劃這麼做。

We did see other financing. Obviously, we've seen a much different cash flow profile from operations. So now Murad, I'd like it, but it really becomes a nice to have at this point and definitely not a need to have.

我們確實看到了其他融資。顯然，我們看到的現金流狀況與營運情況有很大不同。所以現在 Murad，我喜歡它，但是現在它真的變成了一種好事，而絕對不是必需品。

Great. Thank you very much.

偉大的。非常感謝。

John Tawantang, CJS Securities.

約翰‧塔萬唐（John Tawantang），CJS 證券公司。

Hi, good morning guys. Thank you for taking my question. My first one is, could you give an update just on the Acadia construction and when you expect to take delivery of that vessel?

大家早安。感謝您回答我的問題。我的第一個問題是，您能否介紹一下阿卡迪亞號建造的最新情況以及預計何時交付該船？

Yeah, I can take that, Scott. Yeah, we are it's progressing well at the Philly Shipyard. As you know, there has been an ownership change at the shipyard. So now the Korean Hanwha company is the owner of the shipyard. And in this period, there has been some delays at the vessel or at the yard for the vessel.

是的，我可以接受，史考特。是的，費城造船廠的工程進展順利。如您所知，造船廠的所有權已經發生變更。所以現在韓國韓華公司是船廠的擁有者。在此期間，船隻或船隻船廠出現了一些延誤。

So we are looking at delivery towards the end of this year, maybe early in Q1.

因此，我們預計在今年年底或第一季初交付。

Okay, great. And then just in terms of the projects that you already have in backlog and you have contracts signed for it. I know you said that those permits are still existing, but there has been chatter that existing permits might be reviewed.

好的，太好了。然後就您已經積壓的項目以及已簽署的合約而言。我知道您說過這些許可證仍然存在，但有傳言稱現有許可證可能會受到審查。

What are the options for the Acadia if those contracts do get canceled, the permits do get full? Do you have protections built in the contracts number one and two? Is there any way to fill that or utilize the vessel if those things fall through?

如果這些合約被取消，許可證到期，阿卡迪亞有哪些選擇？你們在第一份和第二份合約內建了保護措施嗎？如果那些東西掉下去了，有什麼辦法可以填滿它或是利用這個容器嗎？

Yeah, there are protections in the contracts. If those projects are being canceled, which I we haven't seen any indications of yet, then the alternative is to take the Acadia and work internationally. And the market international for rock placement activities is strong.

是的，合約中有保護條款。如果這些項目被取消，而我還沒有看到任何跡象，那麼另一個選擇就是採取阿卡迪亞並進行國際工作。國際岩石放置活動市場強勁。

Okay. And there's enough lead time for the next, I guess, period that you're able to utilize that and after you take delivery of those contracts, they can?

好的。我想，下一期間還有足夠的準備時間，您可以利用這些時間，在您接收這些合約後，他們可以嗎？

Yeah. Clearly, it takes time for these contracts to be negotiated and awarded. So depending on when these potential negative news should come out, there could be lead time to do that. If it comes out very close to the execution time for the projects, then it's more difficult. But this is just pure speculations at this point in time.

是的。顯然，這些合約的談判和授予需要時間。因此，根據這些潛在負面新聞的發佈時間，可能會有提前量來做這件事。如果它與專案執行時間非常接近，那麼就會更加困難。但目前這只是純粹的猜測。

Okay. Got it. A quick one for you. Just what is your expected liquidation of backlog in Q1, just given the drydocking schedule? I think you mentioned you had one and maybe starting two others, but I didn't know if those are the big dredges, what projects you're working on?

好的。知道了。對你來說這是一個快速的方法。考慮到乾船塢時間表，您預計第一季積壓訂單的清算量是多少？我記得你提到你有一艘，也許正在啟動另外兩艘，但我不知道那些是不是大型疏浚機，你正在從事什麼專案？

Should we think of Q1 as probably maybe the biggest one of the year for you just given your schedule going forward?

考慮到您未來的日程安排，我們是否應該將第一季視為您今年最重要的季度？

Yeah, I think that's fair. I think we will see the highest revenue quarter in the first quarter. I mentioned we do have four hopper dredges scheduled for this year. One of those the one that goes in and out in Q1 is a hopper, but it's one of the smaller ones. The larger hoppers are more in the middle and towards the end of the year.

是的，我認為這很公平。我認為我們將在第一季看到最高的收入季度。我提到過，我們今年確實計劃使用四艘挖泥船。其中一個在 Q1 中進出的是料斗，但它是較小的料斗之一。較大的漏斗在年中和年末較多。

So, yes, utilization and revenue for Q1 is going to be extremely strong.

所以，是的，第一季的利用率和收入將非常強勁。

Okay, great. Thank you.

好的，太好了。謝謝。

Adam Thalhimer, Thompson Davis.

亞當塔希默、湯普森戴維斯。

Hey, good morning guys. Nice quarter. Not sure why the stock is down, but nice quarter.

嘿，大家早安。不錯的季度。不確定股票下跌的原因，但這個季度表現不錯。

Thanks, Adam.

謝謝，亞當。

Do you Scott, when you say 60% backlog conversion into revenue this year, should we read that as guidance on revenue or is there additional book and burn that comes in?

史考特，當您說今年 60% 的積壓訂單將轉化為收入時，我們應該將其理解為收入指導，還是還有額外的訂單和消耗？

There's additional book and burn. That's what I would call the floor. We have a little white space still to fill and that will top out what the revenue for 2025 is. But you do the math that $720 million already on the books right now with very little left to win to fill out the year.

還有附加書和刻縮。這就是我所說的地板。我們還有一點空白需要填補，這將達到 2025 年的收入上限。但你算一下，現在帳面上已經有 7.2 億美元了，剩下的錢已經所剩無幾了。

And then what are your thoughts high level on margins? Obviously, the number of dry docks is up, but so is your percentage of revenue from capital. So just curious how that shakes out if you can have revenue growth this year?

那麼，您對利潤的高層有何看法？顯然，幹船塢的數量增加了，但資本收入的百分比也增加了。所以我很好奇如果今年你的收入能夠成長的話會有什麼結果？

Even with the seven drydocks, my expectation is we will see revenue higher in 2025 than we did in 2024. If this would be a normal drydock year, that it would all be off the charts. But even with it, my expectation is that we see a growth in revenue in 2025 over the extremely strong 2024 revenue number.

即使有 7 個乾船塢，我預計 2025 年的收入也將比 2024 年更高。如果這是正常的乾船塢年，那麼這一切都將超出預期。但即便如此，我預計 2025 年的營收將超過 2024 年強勁的營收數字。

And then I was curious how that shakes out to on the margin line, Scott?

然後我很好奇這對邊際線有什麼影響，史考特？

Yeah. I mean, so it's obviously the projects are there and of that amount that we're going to be burning off, it's well over 90% of that is going to be on these higher margin projects. But then of course, I've got seven dredges that will be for a period of time, not only having a zero on the top line, there'll be costs incurred on there.

是的。我的意思是，顯然這些項目是存在的，而我們將要消耗的資金中，超過 90% 將用於這些利潤率更高的項目。但是，當然，我有七艘疏浚船，它們將在一段時間內不僅在頂線上為零，而且還會產生成本。

So it will bring down from where margins could be because of the cost. But that being said, expectations are because of the makeup of the revenue, we would still have very, very strong margins.

因此，成本會降低利潤率。但話雖如此，由於收入的組成，我們仍將擁有非常非常強勁的利潤率。

Again, I bring up again, if this was a normal year, I think we'd be talking about historic levels on a lot of fronts for 2025. That being said, it's still going to be an extremely strong year.

我再次提到，如果這是正常的一年，我認為我們會在 2025 年的許多方面談論歷史水準。話雖如此，今年仍將是極其強勁的一年。

Understood. And then last one for me, you talked about critical subsea protection outside of on the international front, not just in offshore wind, but also pipelines and telecom. Just curious on the pipelines and telecom piece, what you're seeing there and how big that opportunity could be?

明白了。最後一個問題，您談到了國際領域之外的關鍵海底保護，不僅是在離岸風電領域，還包括管道和電信領域。只是好奇管道和電信部分，您在那裡看到了什麼以及機會有多大？

Yeah. What we have seen in Europe has been sabotage, or you call accidents to this critical infrastructure. And there's a lot of discussion on how to protect the cables connecting Europe, both with power and for communication, and also going over to The US. And one way is to protect it with rock placement, so that they are then insulated for that damage.

是的。我們在歐洲看到的是針對這項關鍵基礎設施的破壞，或者說是意外。關於如何保護連接歐洲的電纜（包括電力和通訊電纜）以及通往美國的電纜，有許多討論。一種方法是用岩石來保護它，這樣它們就不會受到損害。

And in Asia, we see large pipeline projects, gas pipelines, where it's being considered to cover the pipelines completely with the rock. So that market is already a large market, but it is growing and growing on the back of the general geopolitical situation.

在亞洲，我們看到大型管道項目、天然氣管道，人們正在考慮用岩石完全覆蓋管道。所以這個市場已經是一個很大的市場，但是在整體地緣政治情勢的影響下，它正在不斷成長。

And as I said in my script, when we investigate that market and get a full overview of it, it looks like there is volume that is equal to 10 vessels of Acadia size to cover that market. So that is a substantial growth that we see there.

正如我在腳本中所說，當我們調查該市場並對其進行全面概述時，看起來有相當於 10 艘 Acadia 大小的船隻可以覆蓋該市場。因此，我們看到了大幅的成長。

Fantastic. Thank you.

極好的。謝謝。

Julio Romero, Sidoti and Company.

胡里奧·羅梅羅 (Julio Romero)、Sidoti 和公司。

Thanks. Hey, good morning, Lawson and Scott.

謝謝。嘿，早上好，勞森和史考特。

Good morning.

早安.

Hey, good morning. Wanted to stay on Adam's kind of question there a little bit. Thinking about these addressable markets for the targeted rock insulation broadening, can we maybe rank order these opportunities for Great Lakes in terms of rock insulation through, let's say, 2028? I know you talked about Europe, both power and communication, rock protection and then also Asia kind of the power protection.

嘿，早安。想稍微繼續討論一下亞當的問題。考慮到這些針對岩石絕緣擴大的潛在市場，我們能否對五大湖在岩石絕緣方面的機會進行排序，例如 2028 年？我知道您談到了歐洲，包括電力和通訊、岩石保護，以及亞洲的電力保護。

Just kind of give us a better sense of how you see the rank order of those opportunities over the next four years?

您能讓我們更了解一下您如何看待未來四年這些機會的排名順序嗎？

Yeah. I just want to (inaudible) Yeah. The markets as I see it for Acadia is clearly the rock volumes are large in offshore wind and offshore wind is continuing to be strong in Europe in particular, and also in Asia. So we have been tendering for these offshore wind projects for a while, and we see that starting in 2026 and onwards.

是的。我只是想（聽不清楚）是的。在我看來，阿卡迪亞的市場顯然是離岸風電的岩石體積很大，離岸風電在歐洲和亞洲持續保持強勁。因此，我們已經對這些離岸風電項目進行了招標一段時間，預計招標時間將從 2026 年開始。

Then we have cable protection with rock. And it's interesting to see because when you do these cable installation projects, it's difficult to estimate how much of the cable you are able to trench easily or where you hit hard rock.

然後我們用岩石保護電纜。這很有趣，因為當你進行這些電纜安裝專案時，很難估計能夠輕鬆挖掘多少電纜，或者在何處會碰到堅硬的岩石。

And where you hit hard rock, underneath, you need to protect the cable in that area. And that market is large, but difficult to estimate when you start out the project. For us, cable protection for power cables will be the second largest market and then also telecommunication thereafter. And our priorities will be Europe First and then look at Asia as well.

當碰到下面的堅硬岩石時，您需要保護該區域的電纜。這個市場很大，但是在專案啟動時很難估計。對我們來說，電力電纜的電纜保護將是第二大市場，其次是電信市場。我們的重點首先是歐洲，然後再考慮亞洲。

Great. Would South America be an opportunity for you guys? I've heard a lot of chatter about offshore energy opportunities, particularly around Brazil.

偉大的。南美洲對你們來說是一個機會嗎？我聽到很多關於海上能源機會的討論，特別是在巴西週邊。

Yeah. We haven't looked at that in detail. I think the realistic scenario is that we take [CapRe] first take Arcadia to Europe and address that market. That's where we see the growth. That's where it's a mature market and we have good opportunities to perform there.

是的。我們還沒有詳細研究過這個問題。我認為現實的情況是，我們首先讓 [CapRe] 將 Arcadia 帶到歐洲並解決該市場的問題。這就是我們看到的成長。那裡是一個成熟的市場，我們有很好的機會在那裡表現。

Got you. Very helpful there. And then I know we talked a lot about the impact of the new administration on kind of your legacy business and the Offshore Energy segment. But can we also talk about kind of the impact on the outlook for LNG projects? I know there's a recent executive order to lift the freeze on export permitting applications. Just talk about the outlook for LNG for you guys?

明白了。非常有幫助。然後我知道我們談了很多關於新政府對你們的傳統業務和海上能源部門的影響。但我們也可以談談這對液化天然氣計畫前景的影響嗎？我知道最近有一項行政命令要求解除出口許可申請的凍結。請談談你們對 LNG 的前景？

Yeah. I think that market will be strong going forward. The lifting of the permitting, I think that will happen fairly soon. And that opens up for the opportunity to invest continue to invest in LNG in The United States for exports. I think a factor that needs to be taken into consideration is what's happening in Europe around Ukraine and whether Europe will start buying Russian gas again and impact the demand for imported LNG into Europe.

是的。我認為未來市場將會強勁發展。我認為，取消許可將很快發生。這為繼續投資美國液化天然氣出口創造了機會。我認為需要考慮的一個因素是歐洲烏克蘭週邊情況如何，以及歐洲是否會再次開始購買俄羅斯天然氣並影響歐洲對進口液化天然氣的需求。

But that is for other people to decide on. But I think it's a positive output for LNG projects in The US in the short term.

但這是其他人的決定。但我認為短期內這對美國的液化天然氣計畫來說是一個正面的結果。

Great. And then last one for me would just be, and I'm -- if you said this in the prepared, but how much is left on the newbuild program? And does it all end in 2025? And then just speak to your cash flow expectations for 2025? Thank you.

偉大的。對我來說最後一個問題是，如果您準備好了這麼說的話，那麼新建項目還剩下多少呢？這一切都會在 2025 年結束嗎？然後您能談談對 2025 年的現金流預期嗎？謝謝。

Yeah. Can you take that, Scott?

是的。你能接受嗎，斯科特？

Yeah. So we have roughly about $110 million to $120 million left between the Acadia and the Amelia Island. Lots of mentioned that delivery of the Acadia, if it's not the end of this year, it may creep into the first quarter of next year. So that'll just kind of depend on when that last payment is made. There is some delay after delivery when we actually make the last payment.

是的。因此，阿卡迪亞號和阿米莉亞島號之間還剩下約 1.1 億到 1.2 億美元。很多人提到，Acadia 的交付如果不是在今年年底的話，可能會拖到明年第一季。所以這取決於最後一筆付款的時間。當我們實際進行最後一筆付款時，交貨後會有一段時間延遲。

So my expectation is that payment the final payment is probably made sometime in the first quarter of next year, but we'll be substantially done paying for it this year for the entire newbuild program. And then again, cash flow, we still, as I mentioned with the CapEx guidance in that $140 million to $160 million I didn't mention that includes capitalized interest. That's about $20 million.

因此，我的預期是，最後的付款可能會在明年第一季的某個時候完成，但今年我們將基本完成整個新項目的付款。再說一次，現金流，正如我所提到的，資本支出指引中 1.4 億至 1.6 億美元中我沒有提到包括資本化利息。這約為2000萬美元。

So you can really kind of back that off when you're looking at the cash outlay related to the newbuild program and then pencil in what you think our cash flow from ops is going to be. But we should be, I would say, fairly give or take cash flow neutral for the year even with the big CapEx ticket remaining to spend this year.

因此，當您查看與新建計劃相關的現金支出時，您可以真正放棄這一點，然後用鉛筆寫下您認為我們的營運現金流是多少。但我想說，即使今年仍有大筆資本支出需要支出，我們的全年現金流應該相當中性。

Very helpful. Thanks very much.

非常有幫助。非常感謝。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Tina Baginskis for closing remarks.

謝謝。我目前沒有其他問題。現在我想請蒂娜·巴金斯基斯作最後發言。

Thank you. We appreciate the support of our shareholders, employees and business partners, and we thank you for joining us in this discussion about the important developments and initiatives in our business. We look forward to speaking with you during our next earnings discussion. Thank you.

謝謝。我們感謝股東、員工和業務夥伴的支持，也感謝您與我們一起討論我們業務中的重要發展和舉措。我們期待在下次收益討論期間與您交談。謝謝。

Thank you for participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。