Great Lakes Dredge & Dock Corp (GLDD) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q1 2025 Great Lakes Dredge & Dock Corp earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 2025 年第一季 Great Lakes Dredge & Dock Corp 收益電話會議。（操作員指示）

I would now like to hand the conference over to your first speaker today, Eric Birge, Vice President of Investor Relations. The floor is yours.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁 Eric Birge。現在輪到你了。

Thank you, Gerald. Good morning, and welcome to Great Lakes Dredge & Dock's first quarter 2025 result conference call. Joining me on the call this morning is our President and Chief Executive Officer, Lasse Petterson; and Chief Financial Officer, Scott Kornblau.

謝謝你，傑拉爾德。早安，歡迎參加 Great Lakes Dredge & Dock 2025 年第一季業績電話會議。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 Petterson；以及財務長 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. Lasse will conclude with an update on the outlook for the business and market. Following their comments, there will be an opportunity for questions.

Lasse 將提供本季事件的最新消息，然後 Scott 將繼續介紹本季的財務表現。最後，拉塞將介紹業務和市場的前景。在他們發表評論之後，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。我們向美國證券交易委員會提交的文件中列出了我們業務中固有的某些風險因素。

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附帶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, Eric. Following strong financial results in 2024, Great Lakes started 2025 with a great first quarter driven by high asset dualization and strong project performance, executing complex port deepening, and coastal restoration projects, leveraging the capabilities of our extensive fleet.

謝謝你，埃里克。繼 2024 年取得強勁的財務業績後，大湖集團在 2025 年第一季取得了出色的成績，這得益於高資產二元化和強勁的項目表現，利用我們龐大船隊的能力，執行了複雜的港口深化和沿海修復項目。

We ended the quarter with the revenues of $242.9 million and adjusted EBITDA of $60.1 million. Good results also come from safe operations. In the first quarter of the year, we had zero recordable injuries, a testament to the strong safety culture we have in Great Lakes. Safe work is a core value in our company, and we firmly believe also good safety is also good business.

本季結束時，我們的營收為 2.429 億美元，調整後 EBITDA 為 6,010 萬美元。良好的業績也源自於安全的操作。今年第一季度，我們沒有發生任何可記錄的傷害事件，證明了五大湖地區強大的安全文化。安全工作是我們公司的核心價值，我們堅信良好的安全也是良好的業務。

A dredging backlog remains strong at $1 billion, with capital and coastal protection projects accounting for 95% of the backlog, plus an additional $265 million in low bids and options pending award.

疏浚積壓訂單仍然強勁，價值 10 億美元，其中資本和海岸保護項目佔積壓訂單的 95%，另外還有 2.65 億美元的低價投標和待授予的選擇權。

A successful bid strategy from last year resulted in a number of large product wins and a quality backlog which will support high asset utilization and a solid revenue year for the remainder of 2025 as well as providing a good base and revenue visibility for 2026.

去年成功的競標策略帶來了大量大型產品中標和優質訂單積壓，這將支持 2025 年剩餘時間的高資產利用率和穩健的收入，並為 2026 年提供良好的基礎和收入可見性。

After the quarter ended, we received notice to proceed on the Woodside Louisiana LNG project. The awarded work will be added to our backlog in the second quarter, along with two options that will be added to our options pending award. Dredging operations are expected to commence early 2026.

本季結束後，我們收到了繼續推進伍德賽德路易斯安那液化天然氣計畫的通知。獲獎作品將添加到我們第二季度的積壓工作中，同時還有兩個選項將添加到我們的待定獎項選項中。疏浚作業預計將於 2026 年初開始。

This, along with our two current LNG projects that started dredging activities in the third quarter in 2024, are capital projects which fit well with our core strength to perform large and complex projects.

該項目以及我們目前的兩個液化天然氣項目（將於 2024 年第三季開始疏浚活動）都是資本項目，與我們執行大型複雜項目的核心優勢非常契合。

A strong 2024 and first quarter of 2025 results contributed to our Board of Directors approving in March a $50 million share repurchase program as we believed our share price did not reflect the company's financial performance and long-term outlook.

2024 年和 2025 年第一季的強勁業績促使我們的董事會在 3 月份批准了一項 5000 萬美元的股票回購計劃，因為我們認為我們的股價並未反映公司的財務業績和長期前景。

As of April 30, we have repurchased 1.2 million shares with a total spend of $10.4 million under this program. And post-quarter end, we upsized our revolving credit facility to $330 million, which Scott will provide more details on later.

截至 4 月 30 日，我們已根據該計劃回購了 120 萬股，總支出為 1,040 萬美元。季度結束後，我們將循環信貸額度提高到 3.3 億美元，而史考特稍後將提供更多詳細資訊。

Moving on to our new build program, our newest hopper dredge, the Amelia Island, is expected to be delivered in the third quarter of this year, and we'll go straight to work on projects already in backlog.

繼續我們的新建項目，我們最新的挖泥船「阿米莉亞島」預計將於今年第三季交付，我們將直接著手處理已經積壓的項目。

The Amelia Island and her sister ship, the Galveston Island, have been carefully designed for shallow and narrow waters along the US coastlines and are efficient tools for us to work on coastal protection projects such as beach restoration, wetlands improvements, and barrier island construction.

「阿米莉亞島號及其姊妹船「加爾維斯頓島號」皆針對美國海岸線淺水和狹窄水域精心設計，是我們開展海灘修復、濕地改善、屏障島建設等沿海保護項目的有效工具。

The Acadia, the first US-flagged Jones compliant subsea rock installation vessel, is also currently under construction with a scheduled delivery in the first quarter of next year.

「阿卡迪亞號」是第一艘懸掛美國國旗、符合瓊斯標準的海底岩石安裝船，目前也在建造中，計劃於明年第一季交付。

The target markets for the Acadia include domestic and international offshore wind projects as well as projects protecting critical subsea infrastructure such as oil and gas pipelines and power and telecommunication cables.

Acadia 的目標市場包括國內外離岸風電項目以及保護關鍵海底基礎設施（如石油和天然氣管道、電力和電信電纜）的項目。

I now turn the call over to Scott to further discuss the results of the quarter and then I'll provide further commentary around the market and our business.

現在我將電話轉給史考特，進一步討論本季的業績，然後我將對市場和我們的業務提供進一步的評論。

Thank you, Lasse. Good morning, everyone. I'll start by walking through the first quarter which resulted in revenues of $242.9 million, net income of $33.4 million, and adjusted EBITDA and adjusted EBITDA margin of $60.1 million and 24.7% respectively.

謝謝你，拉塞。大家早安。我先介紹第一季的情況，第一季的營收為 2.429 億美元，淨收入為 3,340 萬美元，調整後 EBITDA 和調整後 EBITDA 利潤率分別為 6,010 萬美元和 24.7%。

Revenues of $242.9 million in the first quarter of 2025 increased $44.2 million from the prior year's first quarter, as every active dredge was working for the majority of the quarter. Despite having one dredge in the shipyard for half the quarter performing her regulatory dry dock and two others beginning the regulatory dry dock later in the first quarter. The first quarter of 2025 was the second highest revenue quarter in company history.

2025 年第一季的營收為 2.429 億美元，比去年同期增加了 4,420 萬美元，因為每艘活躍的疏浚船在該季度的大部分時間都在工作。儘管有一艘挖泥船在本季度的一半時間在船廠進行監管乾船塢作業，另外兩艘挖泥船在第一季後期開始進行監管乾船塢作業。2025年第一季是公司史上收入第二高的季度。

Current quarter growth profit and growth profit margin increased to $69.5 million and 28.6% respectively compared to $45.6 million and 22.9% respectively in the first quarter of 2024. 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 first quarter of 2025, over 87% of our revenue came from these types of projects.

本季成長利潤和成長利潤率分別增至 6,950 萬美元和 28.6%，而 2024 年第一季分別為 4,560 萬美元和 22.9%。毛利率的提高主要歸因於利用率和專案績效的提高，以及通常能產生更高利潤率的資本和海岸保護專案數量的增加。2025 年第一季度，我們超過 87% 的收入來自此類項目。

Current quarter's operating income of $49.9 million increased over 58% compared to the prior year quarter's operating income of $31.5 million. The year over year increase is driven by higher gross profit partially offset by higher general administrative expenses, mostly due to increased incentive compensation resulting from the strong current year first quarter.

本季的營業收入為 4,990 萬美元，較去年同期的 3,150 萬美元成長了 58% 以上。年比成長是由於毛利增加，但被一般管理費用增加部分抵消，這主要是由於今年第一季業績強勁導致激勵薪酬增加。

Net interest expense of $4.5 million for the first quarter of 2025 was up from $3.9 million in the first quarter of 2024, primarily due to interest on the second lien credit agreement entered into during the second quarter of 2024, partially offset by decreased borrowings under our revolver.

2025 年第一季的淨利息支出為 450 萬美元，高於 2024 年第一季的 390 萬美元，主要原因是 2024 年第二季簽訂的第二留置權信貸協議的利息，部分被我們循環信貸額度下的借款減少所抵銷。

First quarter of 2025, net income tax expense of $11.7 million increased from $7 million in the same quarter of 2024 due to the improved results, and net income for the first quarter of 2025 was $33.4 million compared to $21 million in the prior year's quarter.

2025 年第一季，由於業績改善，淨所得稅支出為 1,170 萬美元，高於 2024 年同期的 700 萬美元，2025 年第一季淨收入為 3,340 萬美元，而去年同期為 2,100 萬美元。

Total capital expenditures for the first quarter were $11.4 million made up of $2 million for the hopper dredge, Amelia Island, $3.9 million, for the subsea rock installation vessel, the Acadia, with the remaining $5.5 million coming from maintenance and growth. Our previous full-year CapEx guidance of between $140 million and $160 million remains unchanged.

第一季的總資本支出為 1,140 萬美元，其中 200 萬美元用於挖泥船 Amelia Island，390 萬美元用於海底岩石安裝船 Acadia，其餘 550 萬美元來自維護和成長。我們先前對全年資本支出的預期為 1.4 億美元至 1.6 億美元，保持不變。

Turning to the balance sheet, we ended the quarter with $11.3 million in cash, and nothing drawn on our revolver, which doesn't mature until the third quarter of 2027. And as Lassa mentioned earlier on May 2, we executed an amendment to our credit facility upsizing our revolver by $30 million to $330 million further enhancing our liquidity, which now stands above $300 million.

談到資產負債表，本季末我們擁有 1,130 萬美元的現金，並且沒有提取任何循環信貸，該循環信貸要到 2027 年第三季才會到期。正如拉薩在 5 月 2 日早些時候提到的那樣，我們對信貸安排進行了修訂，將循環信貸額度增加了 3000 萬美元，達到 3.3 億美元，進一步增強了我們的流動性，目前已超過 3 億美元。

Our balance sheet is in great shape, with a trailing 12-month net leverage ratio of 2.7 times, a weighted average interest rate on our total debt under 7%, and no debt maturities until 2029. As our new build program will be substantially complete at the end of this year, we expect to be cash flow positive starting in 2026.

我們的資產負債表狀況良好，過去 12 個月的淨槓桿率為 2.7 倍，總債務的加權平均利率低於 7%，並且直到 2029 年都沒有債務到期。由於我們的新建項目將於今年年底基本完成，我們預計從 2026 年開始現金流將為正值。

As I discussed on the year-end earnings call, 2025 is a heavier than normal regulatory dry dock year for us, and the second quarter will be most impacted as we will have four vessels at the dock at various times, which will result in lower revenues than the first quarter.

正如我在年終收益電話會議上所討論的那樣，2025 年對我們來說是比正常監管幹船塢更繁重的一年，第二季度將受到最大影響，因為我們將在不同時間在碼頭上停放四艘船，這將導致收入低於第一季度。

Utilization will remain strong on the other vessels, and we should see another solid quarter. Our expectation is that full year 2025 results will exceed 2024, which was the second highest in company history.

其他船舶的利用率仍將保持強勁，我們應該會看到另一個穩健的季度。我們預計 2025 年全年業績將超過 2024 年，創下公司史上第二高的業績。

With that, I'll turn the call back 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. The Trump administration and Congress continue to demonstrate strong and consistent support for the dredging industry.

謝謝你，斯科特。川普政府和國會繼續對疏浚行業表現出強大且持續的支持。

The US Army Corps of Engineers is operating in fiscal year 2025 under a continued resolution through September 30, which sustains the record funding levels established in the prior fiscal year's budget.

美國陸軍工程兵團的 2025 財年將按照一項持續至 9 月 30 日的決議進行運作，該決議維持了上一財年預算中設定的創紀錄資金水準。

This support along with our $1 billion backlog, which includes a robust mix of large and complex projects in the beach renourishment and port deepening markets, enable us to continue to deliver on a very busy 2025 with sustained execution capacity and product visibility extending well into 2026.

這項支援加上我們 10 億美元的積壓訂單（包括海灘補給和港口深化市場中的大量大型複雜項目），使我們能夠在非常繁忙的 2025 年繼續交付，並持續執行能力和產品可見性，並延續到 2026 年。

We expect the 2025 bid market to be a normalized volume of approximately $2 billion, more focused on coastal protection projects funded by the 2023 Disaster Relief Supplemental Appropriation Act and regular maintenance dredging coming off a very strong port deepening bid market in 2023 and 2024.

我們預計 2025 年投標市場的正常規模將達到約 20 億美元，更專注於由 2023 年《救災補充撥款法案》資助的海岸保護項目，以及 2023 年和 2024 年非常強勁的港口深化投標市場帶來的定期維護疏浚。

Turning to the offshore wind market, in April, we saw a temporary pause on Equinorls Empire Wind One project, which currently is included in our offshore energy backlog. While the duration and impact of the temporary pause for the project are not known at this time, we remain in regular contact with our client, Equinor, who is evaluating further steps.

談到離岸風電市場，4 月份，我們看到 Equinorls Empire Wind One 專案暫時暫停，該專案目前已包含在我們的離岸能源積壓訂單中。雖然目前尚不清楚該專案暫停的持續時間和影響，但我們仍與客戶 Equinor 保持定期聯繫，他們正在評估進一步的措施。

Last year, recognizing early signs of potential delays in the US offshore wind market, we proactively adjusted our strategic outlook for the Acadia to include international markets in the UK, in the EU, and in Asia. The offshore wind projects as well as for rock protection for critical subsea infrastructure such as oil and gas pipelines and power and telecommunication cables, paving the way for the expansion of our offshore wind business into the broader range of service offerings that we now refer to as offshore energy.

去年，我們意識到美國離岸風電市場可能出現延遲的早期跡象，因此主動調整了阿卡迪亞的戰略展望，將英國、歐盟和亞洲的國際市場納入其中。離岸風電專案以及石油和天然氣管道、電力和電信電纜等關鍵海底基礎設施的岩石保護，為我們的離岸風電業務擴展到我們現在稱為海上能源的更廣泛的服務範圍鋪平了道路。

In conclusion, building a strong performance in 2024, the company entered 2025 with significant momentum, achieving outstanding results in the first quarter. This success is a result of excellent, safe project execution, the strength of our modernized fleet, and a robust backlog.

總而言之，該公司在2024年取得了強勁的業績，並以強勁的勢頭邁入2025年，並在第一季度取得了出色的業績。這項成功得益於出色、安全的專案執行、我們現代化船隊的實力以及大量的積壓訂單。

And with a strong first quarter, solid liquidity to support the remainder of our new build program and ongoing strategic initiatives, we are well positioned for the future.

憑藉第一季的強勁表現、雄厚的流動性來支持我們剩餘的新建計劃和正在進行的戰略舉措，我們為未來做好了準備。

And with that, I'll turn the call over for questions.

現在，我將把電話轉交給大家提問。

(Operator Instructions) Joe Gomez, Noble Capital.

（操作員指示）Noble Capital 的 Joe Gomez。

Good morning. Congrats on the quarter.

早安.恭喜本季取得佳績。

Hey, thank you, Joe. Good morning.

嘿，謝謝你，喬。早安.

So I just wanted to touch base on the Equinor project, the Empire One, kind of just spitballing worst-case scenario here, the project falls by the wayside. Just wondering, when did Equinor have a contracted out time for the Acadia and how quickly can you refill though that time that would have gone to Equinor again in a worst-case scenario type of situation.

所以我只是想談談 Equinor 專案、Empire One，只是在這裡預測最壞的情況，即該專案半途而廢。只是想知道，Equinor 什麼時候與 Acadia 簽訂了合同，以及在最壞的情況下，您能多快補充這段時間，而這段時間又會歸 Equinor 所有。

Well, first of all, the Equinor is in contact with the Trump administration, and to clarify the situation on the project, the project was fully funded, fully permitted, and in just starting the offshore construction activities with the vessels being on its way with the monopiles also on its way and also with the rock installation already started.

首先，Equinor 已經與川普政府取得聯繫，並澄清了專案情況，該專案資金充足，已獲得全面許可，海上施工活動剛剛開始，船隻正在途中，單樁基礎也在途中，岩石安裝也已開始。

So the stop on the project or the temporary stop on the project was a very large surprise for everybody. So Equinor is now -- I have reached out to the Trump administration to try to see what is the issue and get that clarified. And that is what we know at this point in time.

因此，該專案的停止或暫時停止對每個人來說都是一個巨大的驚喜。所以 Equinor 現在——我已經聯繫了川普政府，試圖了解問題所在並澄清問題。這就是我們目前所知道的。

Right. I guess, I'm more kind of -- again, if it was a worst-case scenario and the project got canceled for whatever reason, not anticipating that, but if it did, how quickly do you think you can repurpose that time slot that the Acadia is currently under contract to work for Equinor?

正確的。我想，我更傾向於——再說一次，如果這是最壞的情況，並且專案因某種原因被取消，我沒有預料到這一點，但如果確實如此，您認為您可以多快重新利用 Acadia 目前與 Equinor 簽訂的合約時間段？

Yeah, the vessel will come out of the yard in Q1 next year, and the plan was then to go straight to work on the Empire Wind One project. It will be difficult to fill that time slot with the other projects, but there is also our plans during '26 to work on the projects for [Erstad].

是的，該船將於明年第一季出廠，然後計劃直接投入 Empire Wind One 專案。用其他項目填補這個時段會很困難，但我們也計劃在 26 年期間進行以下項目[埃爾斯塔德]。

There are cancellation arrangements in the contract, so the worst scenario if the project gets canceled, we will let Scott do the details, but we have cancellation fees in that contract that will take care of some of the costs that we incur on the project.

合約中規定了取消安排，所以在最壞的情況下，如果項目被取消，我們會讓斯科特處理細節，但合約中規定了取消費用，用於支付我們在項目中產生的部分費用。

And Joe, I'm not going to get into the details of the termination. Obviously, we can't with this contract. But I will remind you when the other contract we had last year was terminated, we did get roughly, $9 million to $10 million out of that. So termination provisions within these contracts are not unusual.

喬，我不想談論解僱的細節。顯然，我們不能簽訂這份合約。但我要提醒你，當我們去年終止的另一份合約時，我們確實從中獲得了大約 900 萬至 1000 萬美元。因此，這些合約中的終止條款並不罕見。

Okay, again, I'm just spitballing worst case scenario, hopefully, we're able to -- Equinor is able to figure out whatever the Trump administration is doing and get forward and put the project back on pace. That would be the best outcome.

好的，我再說一遍，我只是在預測最壞的情況，希望我們能夠——Equinor 能夠弄清楚川普政府在做什麼，然後繼續前進，讓計畫重新步入正軌。那將是最好的結果。

Yeah, and Joe, sorry, I'll also add, yesterday, the Attorney General of New York, along with a number of other states have also put in a formal challenge to the current interpretation that these fully permitted projects should continue as planned. So we'll see how it all plays out.

是的，喬，抱歉，我還要補充一點，昨天，紐約州總檢察長和其他一些州也對目前的解釋提出了正式質疑，即這些完全許可的項目應該按計劃繼續進行。因此我們將拭目以待事情將如何發展。

Thanks for that. I appreciate it. And Lasse, you talked about a $2 billion market you think for this year, and I was just wondering, given that we had that continuing resolution for a while and I guess we're kind of operating under a full year continuing resolution, just wondering what the pace of awards that you've seen so far here year-to-date.

謝謝。我很感激。拉塞，您談到了今年 20 億美元的市場規模，我只是想知道，考慮到我們已經有一段時間持續的決議，我想我們是在全年持續的決議下運作的，我只是想知道今年到目前為止您看到的獎項頒發速度如何。

Yeah, the year has been slow when it comes to new port deepening projects. Fortunately for us, we had in our low bids and not yet awarded the Woodside LNG project, which is coming through, which is great news for us.

是的，今年新港口深化工程進度緩慢。對我們來說幸運的是，我們的投標很低，但尚未授予伍德賽德液化天然氣項目，但該項目即將獲得批准，這對我們來說是個好消息。

The bid market, as I said, the visibility of large projects due to the fact that we are in a continued resolution is not is not that good. There is a number of coastal restoration projects that are -- that we have visibility to because they were funded back in 2023.

正如我所說，投標市場由於我們處於持續的解決方案中，大型專案的可見性並不是那麼好。有許多海岸修復計畫我們之所以能夠看到，是因為它們早在 2023 年就獲得了資助。

So those projects, which are large and complex, will come out to bid now in Q2 and Q3. And then we expect the maintenance market to be strong this year as, you know, we prefer to do the port deepening projects and the coastal restoration projects because that's where we excel, but we also do a number of maintenance projects when those are coming out of it.

因此，那些大型而複雜的項目將在第二季和第三季進行招標。然後我們預計今年的維護市場將會強勁，因為我們更喜歡做港口深化項目和海岸修復項目，因為這是我們擅長的領域，但當這些項目完成後，我們也會做一些維護項目。

And Joe, the first quarter, Lasse said, that was a slower bid market, but that's not unusual, as it's the middle two quarters that have the most activity, so we did not see an impact from the continued resolution, everything that we expected to come out in the first quarter did, and our expectation is Q2 and Q3 will also play out like that.

喬，拉塞說，第一季的投標市場比較慢，但這並不罕見，因為中間兩個季度是活動最多的，所以我們沒有看到持續決議帶來的影響，我們預期第一季會出現的所有情況都出現了，我們預計第二季和第三季也會出現這樣的情況。

Okay, great. And then just one more for me, the competitive environment, given where we are, are you seeing any increase in the competitive environment? It's kind of stayed similar to what historically has been.

好的，太好了。然後我再問一個問題，競爭環境，考慮到我們現在的狀況，您是否看到競爭環境增加？它有點與歷史上的情況相似。

No, it's similar to what it has historically been. We have seen some dredges that have been taken out of operation, and then we have new bills that have come to the market from other competitors. And as I said on the call, we are getting the Amelia out now this year, but she goes straight to work, so we're in good shape and I could also say that given the fact that we are fully booked here this year, we are selected with the bid opportunities that we are targeting.

不，它與歷史上的情況類似。我們看到一些疏浚船已經停止運行，然後我們從其他競爭對手那裡獲得了新的疏浚船。正如我在電話中所說的那樣，我們今年將把阿米莉亞號運出，但她會直接投入工作，所以我們的狀況很好，而且我還可以說，鑑於我們今年的預訂已經滿，我們選擇了我們瞄準的競標機會。

Great, congrats again on the quarter. Thanks, I'll get back in queue.

太好了，再次恭喜本季取得的成績。謝謝，我會重新排隊。

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Hey, good morning, guys, great call. I didn't even know $243 million of revenue was possible, so congratulations. Quick question on the Woodside job, are the options already in low bid pending, or just the base work?

嘿，大家早安，通話很棒。我什至不知道 2.43 億美元的收入是可能的，所以恭喜你。關於伍德賽德 (Woodside) 工作的一個快速問題，這些選項是否已經在等待低價投標，還是只是基礎工作？

Yeah, so the base was in low bid pending that will now go into backlog in Q2. The options were not in low bid pending, so that will get added in in the second quarter.

是的，基礎報價處於低價待定狀態，現在將在第二季度進入積壓狀態。這些選擇權尚未進入低價競標階段，因此將在第二季加入。

Got it. Okay. And then Scott, can you just give a quick update on the two LNG jobs that are ongoing? How those are going, and an update on when they're projected to wrap up?

知道了。好的。那麼斯科特，您能否簡要介紹一下正在進行的兩項液化天然氣工作的最新情況？進展如何？預計何時結束？

Yeah. I mean, as we've been saying all along, this is the kind of work we like to do, these very large complex projects. They have high margins, and we have historically outperformed even how we anticipated doing and these two projects are no exception.

是的。我的意思是，正如我們一直所說的那樣，這些非常龐大且複雜的專案是我們喜歡做的工作。它們的利潤率很高，而且我們的業績歷來都超乎預期，這兩個項目也不例外。

Our team is killing it on both projects. One of them should wrap up right at the end of the year. The larger one, Rio Grande, that goes well into next year.

我們的團隊在這兩個項目上都表現出色。其中一個應該會在年底結束。較大的一條河是格蘭德河，將流經明年。

Got it. And then, lastly for me, maybe just an update on the international conversations you're having for the rockfall vessel? How those are going?

知道了。最後，對我來說，也許您只是想更新一下有關落石船的國際對話的最新情況？進展如何？

Yeah, we have -- very good. We are very well received by the developers in Europe, and as I said, last year we saw a slowing down in the US, potentially coming in '27, '28, and so we started our business development activity in Europe and in Asia early, and we are having a number of bids outstanding in that market.

是的，我們有——非常好。我們深受歐洲開發商的歡迎，正如我所說，去年我們看到美國的發展放緩，可能在 27 年、28 年也會放緩，因此我們很早就開始了在歐洲和亞洲的業務開發活動，並且我們在該市場有許多未完成的投標。

The market is more mature than what we have here in the US, so the lead time between bidding and also the awards is shorter. So we are now bidding for work in '27 and '28 in Europe, and I'm very optimistic with that coming to a positive conclusion, but probably not prior or awards until the latter half of this year.

這裡的市場比美國市場更加成熟，因此投標和中標之間的時間間隔也更短。因此，我們現在正在競標 27 年和 28 年在歐洲的工作，我非常樂觀地認為將會有一個積極的結論，但可能要到今年下半年才能提前或最終確定獎項。

Got it. Okay, thank you both. Talk to you soon.

知道了。好的，謝謝你們兩位。很快再和你聊。

Julio Romero, Sidoti and Company.

胡里奧·羅梅羅，西多蒂公司。

Great, thanks. Hey, good morning, Lasse, Scott, and Eric. Thanks very much. Really strong performance this quarter across the board. Can you quantify the drydock effect, if any, in the first quarter, and then, before drydocks that are expected in the second quarter, how many are hopper dredges and was the first quarter drydock also a hopper dredge?

太好了，謝謝。嘿，早上好，拉塞、史考特和艾瑞克。非常感謝。本季各方面表現確實非常強勁。您能否量化第一季的乾船塢效應（如果有）？然後在預計第二季的乾船塢之前，有多少是挖泥船？第一季的乾船塢也是挖泥船嗎？

Yeah, so the one that was in and out during the quarter, so was down for a little more than half the quarter, that was a hopper. Moving forward to the second quarter, there is one hopper that will be down for most of the quarter performing her drydock and then the three others in the second quarter, they're not hoppers.

是的，所以這個季度期間進進出出的情況，所以下降了超過一半的季度，這是一個漏斗。進入第二季度，有一艘料斗船將在本季度的大部分時間處於停泊狀態，進行乾船塢作業，而第二季度的另外三艘則不是料斗船。

I'm not going to give an exact dollar impact of the drydocks, and Q1 was somewhat of a normal dry docking, having one down for most of the quarter and then another two starting, but you know the difference this year is we are pulling vessels off of jobs because of all the backlog we have. So it's not hypothetical revenue that's lost. It is real revenue and then and then the cost of the dry dockings.

我不會給出乾船塢對美元的具體影響，第一季的乾船塢情況比較正常，本季度大部分時間都有一艘船停工，然後又有兩艘開始停工，但你知道今年的不同之處在於，由於我們有大量積壓訂單，我們正在將船隻從工作崗位上撤下來。因此，這並不是假設性的收入損失。這是實際收入，然後是乾船塢的成本。

A typical dry dock is somewhere in that 60-day period. And the cost of the dry dock itself again depending on what you have to do. It could be in the [$3 million to $5 million, $6 million] and then you take the revenue off. So yeah, it is impactful and that's why I pointed out Q2 will be the most impacted and then, you know, hopefully the second half looks lighter on the drydocking schedule.

典型的乾船塢週期約為 60 天。幹船塢本身的成本又取決於您要做的事情。它可能在 [300 萬美元到 500 萬美元、600 萬美元] 之間，然後你就把收入扣除了。是的，它會產生影響，這就是為什麼我指出第二季度將受到最大影響，然後，你知道，希望下半年的乾船塢計劃看起來會輕鬆一些。

Really helpful. I appreciate that there. I'm just trying to think about the second quarter because we're coming off such a strong first quarter base, right? And I'm just looking at how do we think about the gross margin? Should that be the low point of the year for '25?

真的很有幫助。我對此表示感謝。我只是在考慮第二季的情況，因為我們的第一季表現非常強勁，對嗎？我只是在看我們如何看待毛利率？這應該是 25 年的最低點嗎？

Yeah, second quarter should be the lowest on revenue and on margins, and then it'll look a lot more normalized in the second half of the year.

是的，第二季的營收和利潤率應該是最低的，然後到下半年就會更正常化。

Okay, great, and, you know, I was hoping you could just talk a little bit high level about your tariff exposure, and, you know, while you have a large percentage of your revenues come from publicly funded contracts, we've heard some other companies talk about index pricing in publicly funded contracts that sometimes can help. I was wondering if you have any index pricing within your contracts.

好的，太好了，你知道，我希望你能從高層次上談談你的關稅風險，你知道，雖然你的很大一部分收入來自公共資助合同，但我們聽到其他一些公司談論公共資助合同中的指數定價，有時會有所幫助。我想知道您的合約中是否有任何指數定價。

Yeah, well, and let me hit the tariff question first, and I'll probably answer the second. So yeah, as a US Jones Act Company, we purchase most of our supplies and equipment here in the US, so very little is purchased overseas. The impact so far in this first quarter was immaterial. We don't expect it to change moving forward.

是的，好吧，讓我先回答關稅問題，然後再回答第二個問題。是的，作為一家美國瓊斯法案公司，我們大部分的物資和設備都是在美國購買的，很少是在海外購買的。第一季迄今的影響並不大。我們並不期望它在未來會改變。

That being said, we have identified some of the larger items that we do procure. Internationally and we're actively looking to see if we can source it here in the US or from countries that have lower tariffs but really don't anticipate a material impact to us at all. And on our new builds, the vast majority of the equipment that was coming from overseas is already sitting here in the US and paid for, so very little exposure there as well.

話雖如此，我們已經確定了我們採購的一些較大物品。在國際上，我們正​​在積極尋找是否可以在美國或關稅較低的國家採購，但實際上我們並不認為這會對我們產生任​​何實質影響。在我們的新建築中，絕大多數來自海外的設備已經在美國境內並已付款，因此在那裡的曝光率也很低。

Okay, great. I'll pass it on. Thanks very much. Thanks.

好的，太好了。我會傳達的。非常感謝。謝謝。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi, guys. Thank you for taking my questions and congrats on a strong quarter. I was wondering, Scott, if you could break down maybe what part of the outperformance was overperformance on projects versus what you budgeted and if there are any pull-ins of projects or pushouts of expenses, if any?

嗨，大家好。感謝您回答我的問題，並祝賀您本季業績表現強勁。史考特，我想知道，你是否可以細分一下，相對於你的預算，哪些部分錶現優異是項目的超額完成，以及是否有任何項目的拉入或費用的推出，如果有的話？

Yeah. I mean, the big number was driven by the project performance on these high capital jobs. We did have a couple of the two drydocks that started at the end of the quarter. They maybe went in about a week each later than we expected, but really the biggest driver here was just killing it on these big projects that we have in our backlog.

是的。我的意思是，這個龐大的數字是由這些高資本工作的專案績效所驅動的。我們確實有兩個乾船塢在本季末開始動工。他們可能比我們預期晚了大約一周，但實際上最大的驅動力就是完成我們積壓的這些大項目。

Okay, great. Thank you. And then what's actually scheduled to liquidate in Q2 with the four drydockings you have?

好的，太好了。謝謝。那麼，對於你們擁有的四個乾船塢，第二季度實際上計劃清算什麼呢？

What do you mean? Which -- I didn't understand.

你是什​​麼意思？我不明白這一點。

The backlog that's scheduled to liquidate in Q2.

預計第二季將清理積壓訂單。

Oh, yeah. I mean we don't give a quarter by quarter, you know, of how much is going to burn off each quarter. I will tell you when our cue comes out later today, we do say that 60% of our backlog right now is estimated to be burned off for the remainder of the year.

哦，是的。我的意思是，我們不會逐季公佈每季要消耗多少錢。我會告訴你，當我們今天晚些時候發布消息時，我們確實表示，目前我們積壓的 60% 預計會在今年剩餘時間內被處理掉。

Okay, great. Thank you. And then, just -- I was wondering if you could talk about, you've had this strong mix of capital and coastal work, when do you think that mix starts to normalize, number one? And number two, just given the volume of trade declines today with the tariff impacts, do you think that port budgets may fall in the out years and quarters if there's continued disruption there for deepening specifically?

好的，太好了。謝謝。然後，只是——我想知道您是否可以談談，您擁有這種強大的資本和沿海工作組合，您認為這種組合何時開始正常化，第一？第二，考慮到目前貿易量因關稅影響而下降，如果深化進程持續受到干擾，您是否認為未來幾年和幾季港口預算可能會下降？

Well, if I knew all that would be great. Just a comment on large projects. The reason why we are targeting the larger project is because we have this extensive fleet, and once we get into swing on a large project that is going over a year or a year and a half, we can then utilize the equipment that is specifically designed for the various phases of those projects, and that gives -- and when we get those projects we perform very well, and that gives the rise to the higher margins that we are able to realize on those projects.

好吧，如果我知道這一切就太好了。只是對大型專案的評論。我們之所以瞄準更大的項目，是因為我們擁有龐大的車隊，一旦我們開始著手一個為期一年或一年半的大型項目，我們就可以利用專門為這些項目的各個階段設計的設備，當我們獲得這些項目時，我們的表現會非常好，這使得我們能夠在這些項目上實現更高的利潤率。

The coastal protection market was very slow, if you remember back in 2022 and beginning of '23, particularly in Florida, and that market came back now in '24 and '25 and we see that also continuing going forward. Port deepenings was really a rush from the extension of the Panama Canal which then triggered Savannah to start first and then it's just been continuing along the coast of port deepenings.

如果您還記得 2022 年和 23 年初的情況，那麼海岸防護市場發展非常緩慢，尤其是在佛羅裡達州，而該市場在 24 年和 25 年已經回暖，而且我們認為這種情況還會持續下去。港口深化工程實際上是由巴拿馬運河的延伸引起的熱潮，它首先引發了薩凡納的開工，然後它就一直沿著港口深化工程的海岸線繼續進行。

That will continue probably with the New York starting up in '27 and to deepen the New York port, that is a mega project, which would go over many years, and we are also looking at new large projects in Florida and also here in the Gulf. But the visibility for those projects will probably come as we go through the latter part of this year and beginning of next year.

這種情況可能會持續下去，紐約將在 1927 年啟動，並深化紐約港，這是一個大型項目，將持續多年，我們也在考慮在佛羅裡達州和墨西哥灣地區開展新的大型項目。但這些項目的可見度可能會在今年下半年和明年年初才會顯現。

The general funding for the corps to do dredging comes from the Harbor Maintenance Trust Fund to a large extent, and those fees that are collected goes to maintenance dredging and make sure that we maintain our waterways and our ports. And that funding has been very strong as you know. We are using 100% of the annual revenues that goes into that fund is then being used for dredging, and we do see that continuing.

工程兵團進行疏浚的一般資金很大程度來自港口維護信託基金，所收取的費用用於維護疏浚，確保我們維護我們的水道和港口。如您所知，資金非常充足。我們將把進入該基金的全部年度收入用於疏浚，而我們確實看到這種情況繼續下去。

There was a comment in the President's suggested budget for a reduction in the use of the Harbor Maintenance Trust fund. But if you read it carefully, it says that the Trump administration is very focused on prioritizing the dredging portions and the funds that were being reduced was for other uses of the Harbor Maintenance Trust Fund.

總統建議的預算中提到減少港口維護信託基金的使用。但如果你仔細閱讀，你會發現川普政府非常注重優先考慮疏浚部分，而減少的資金則用於港口維護信託基金的其他用途。

So as I see it, it will be a good budget for next year with the support that we both have from the administration and also in Congress.

因此，我認為，在政府和國會的支持下，這將是明年的一個不錯的預算。

Thank you for your question. This concludes the question-and -answer session. I would now like to turn it back over to Eric Burge, Vice President of Investor Relations, for closing remarks. The floor is yours.

感謝您的提問。問答環節到此結束。現在，我想將發言權交還給投資者關係副總裁 Eric Burge，請他作最後發言。現在輪到你了。

Thank you, everybody. We appreciate the support of our shareholders, employees, and business partners, and we thank you for joining us in the discussion about the important developments and initiatives of our business. We look forward to speaking to you during our next earnings call. If you have any questions, please feel free to reach out.

謝謝大家。我們感謝股東、員工和業務夥伴的支持，並感謝您與我們一起討論我們業務的重要發展和舉措。我們期待在下次收益電話會議期間與您交談。如果您有任何疑問，請隨時與我們聯繫。

Thank you for your 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。該計劃確實就此結束。您現在可以斷開連線。