Great Lakes Dredge & Dock Corp (GLDD) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2025 Great Lakes Dredge & Dock Corp. Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Eric Birge, Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 2025 年第二季 Great Lakes Dredge & Dock Corp. 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。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。請繼續。

Good day, and thank you, everyone, for joining us. Welcome to Great Lakes Dredge & Dock Corp.'s Second Quarter 2025 Financial Results Conference Call. Before we begin, please note that certain statements made during this call are forward-looking in nature and are subject to various risks, uncertainties and assumptions. These factors may cause actual results to differ materially from those anticipated. For a detailed discussion of these risks, please refer to our filings with the Securities and Exchange Commission.

大家好，謝謝大家加入我們。歡迎參加 Great Lakes Dredge & Dock Corp. 2025 年第二季財務業績電話會議。在我們開始之前，請注意，本次電話會議中所做的某些陳述具有前瞻性，並受各種風險、不確定性和假設的影響。這些因素可能導致實際結果與預期結果有重大差異。有關這些風險的詳細討論，請參閱我們向美國證券交易委員會提交的文件。

We will also discuss certain non-GAAP financial measures, including adjusted EBITDA. Reconciliation of these measures to the most direct comparable GAAP measure can be found on our earnings release and on our Investor section of our website at investor.gldd.com, along with other supplemental operating information. Joining me on today's call is Lasse Petterson, our President and Chief Executive Officer; and Scott Kornblau, our Senior Vice President and Chief Financial Officer.

我們也將討論某些非 GAAP 財務指標，包括調整後的 EBITDA。這些指標與最直接可比較的 GAAP 指標的對帳可以在我們的收益報告和我們網站 investor.gldd.com 的投資者部分找到，以及其他補充營運資訊。參加今天電話會議的還有我們的總裁兼執行長 Lasse Petterson 和我們的高級副總裁兼財務長 Scott Kornblau。

Lasse will begin with a review of the quarter's key developments, followed by Scott, who will provide a detailed overview of our financial performance. Lasse will then conclude the call with commentary on the business outlook and market trends. With that, I will now turn the call over to Lasse.

Lasse 將首先回顧本季的主要發展情況，然後 Scott 將詳細概述我們的財務表現。拉塞隨後將在電話會議結束時對業務前景和市場趨勢發表評論。說完這些，我現在將發言權交給拉塞。

Thank you, Eric. Following strong financial results in the first quarter of this year, the momentum continued into the second quarter with solid results, driven by high equipment utilization and strong project performance, executing complex port deepenings and coastal restoration projects, leveraging the capability of our extensive fleet. We ended the quarter with revenues of $193.8 million and adjusted EBITDA of $28 million.

謝謝你，埃里克。繼今年第一季取得強勁的財務業績後，這一勢頭延續到了第二季度，業績穩健，這得益於高設備利用率和強勁的項目表現，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。本季末我們的營收為 1.938 億美元，調整後 EBITDA 為 2,800 萬美元。

By dredging backlog remained strong at $1 billion, with 93% coming from capital and coastal protection projects, plus an additional $215.4 million in awards and options pending. Our successful bid strategy from last year resulted in a large number of project wins and a quality backlog, which will support high asset utilization and a solid revenue generation for the remainder of 2025 as well as providing a good base and revenue visibility for 2026.

疏浚積壓訂單仍保持強勁，達到 10 億美元，其中 93% 來自資本和海岸保護項目，另外還有 2.154 億美元的獎勵和待定選擇權。我們去年成功的投標策略贏得了大量項目並積累了高品質的訂單，這將支持 2025 年剩餘時間的高資產利用率和穩健的收入創造，並為 2026 年提供良好的基礎和收入可見性。

During the quarter, we received notice to proceed on the Woodside Louisiana LNG project. The water work is included in our second quarter backlog and along with two options that are included in our options pending award. Dredging operation on the project are expected to commence early 2026. A strong performance in Q1 and good outlook for the remainder of the year, contributed to our decision to initiate a $50 million share repurchase program in March as we believe our share price did not reflect the company's financial performance and long-term outlook.

本季度，我們收到了繼續推進路易斯安那州伍德賽德液化天然氣計畫的通知。水利工程包含在我們第二季的積壓工作中，另外還有兩個選項包含在我們待定獎項的選項中。該計畫的疏浚作業預計將於 2026 年初開始。第一季的強勁表現和今年剩餘時間的良好前景促使我們決定在 3 月份啟動一項 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 June 30, we have repurchased 1.3 million shares with a total spend of $11.6 million under this program. During the quarter, we upsized our revolving credit facility to further enhance liquidity which Scott will provide more details on. Moving to our new build program, which is nearing completion. Our newest hopper dredge, the Amelia Island is expected to be delivered in the next few weeks, and we'll go straight to work on projects already in backlog.

截至 6 月 30 日，我們已根據該計劃回購了 130 萬股，總支出為 1,160 萬美元。在本季度，我們增加了循環信貸額度，以進一步增強流動性，斯科特將提供更多詳細資訊。轉向我們的新建置程序，該程序已接近完成。我們最新的挖泥船「阿米莉亞島號」預計將在未來幾週內交付，我們將直接著手處理已經積壓的項目。

The Amelia Island and our sister ship the Galveston Ireland have been specially designed for the shallow and narrow waters in our US coast lines and our efficient tools for us to work on coastal protection projects such as beach restorations, wetland improvements and barrier island construction. The final vessel in our newbuild program, the Acadia, the first US flag Jong-compliant subsea rock installation vessel is also currently under construction and hit a key milestone with her launch from dry dock in July.

阿米莉亞島號和我們的姊妹船加爾維斯頓愛爾蘭號是專門為美國海岸線的淺而窄的水域設計的，是我們開展海灘修復、濕地改善和屏障島建設等沿海保護項目的有效工具。我們新建專案的最後一艘船是第一艘懸掛美國國旗、符合 Jong 標準的海底岩石安裝船 Acadia，目前也在建造中，並於 7 月從乾船塢下水，達到了重要的里程碑。

Delivery is expected in the first quarter 2026 at which time she went straight to work on Equinor's and porin 1 project. The target markets for Acadia include domestic and international projects for protection of critical subsea infrastructure, such as oil and gas pipelines and power and telecommunication cables and offshore wind installations. 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.

預計交付時間為 2026 年第一季，屆時她將直接投入 Equinor 和 porin 1 專案。Acadia 的目標市場包括國內和國際關鍵海底基礎設施保護項目，例如石油和天然氣管道、電力和電信電纜以及離岸風電裝置。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, and good morning, everyone. I'll start by walking through the second quarter, which resulted in revenues of $193.8 million, net income of $9.7 million and adjusted EBITDA and adjusted EBITDA margin of $28 million and 14.4%, respectively. Despite having 4 dredges performing the regulatory dry dockings at various times during the second quarter of 2025, revenues of $193.8 million increased $23.7 million from the prior year second quarter as every active dredge was working for the majority of the quarter. Current quarter gross profit and gross profit margin increased to $36.6 million and 18.9%, respectively, compared to $29.8 million and 17.5%, respectively, in the second quarter of 2024.

謝謝你，拉塞，大家早安。我先介紹第二季度，該季度營收為 1.938 億美元，淨收入為 970 萬美元，調整後 EBITDA 和調整後 EBITDA 利潤率分別為 2800 萬美元和 14.4%。儘管 2025 年第二季有 4 艘疏浚船在不同時間進行監管乾船塢作業，但由於每艘活躍疏浚船在該季度的大部分時間都在工作，因此 1.938 億美元的收入比去年同期第二季度增加了 2,370 萬美元。本季毛利和毛利率分別增加至 3,660 萬美元和 18.9%，而 2024 年第二季分別為 2,980 萬美元和 17.5%。

The increase in gross margin is primarily due to improved utilization and project performance and a large number of capital and coastal protection projects, which typically yield higher margins. These projects accounted for over 88% of our second quarter revenue. The quarter-over-quarter gross profit increase was partially offset by higher drydocking costs.

毛利率的提高主要得益於利用率和項目績效的提高以及大量資本和海岸保護項目，這些項目通常會產生更高的利潤率。這些項目占我們第二季營收的88%以上。毛利的環比成長被乾船塢成本的增加部分抵銷。

Current quarter's operating income of $17.1 million increased $2.5 million compared to the prior year's quarter operating income of $14.6 million. The year-over-year increase is driven by higher gross profit, partially offset by higher general and administrative expenses, mostly due to increased incentive compensation resulting from the strong first half of the year.

本季的營業收入為 1,710 萬美元，與去年同期的 1,460 萬美元相比增加了 250 萬美元。年成長主要得益於毛利的增加，但被一般及行政開支的增加部分抵消，後者主要由於上半年業績強勁導致的激勵薪酬增加。

Net interest expense of $4.2 million for the second quarter 2025 was flat compared to the second quarter of 2024, and second quarter 2025 net income tax expense of $3.4 million increased from $2.8 million in the same quarter of 2024 due to the stronger results. Rounding out the P&L, net income for the second quarter 2025 was $9.7 million, up from $7.7 million in the prior year quarter. Total capital expenditures, including capitalized interest for the second quarter were $64.6 million, made up of $19.8 million for the Hopper dredge Amelia Island, $28.7 million for the construction of the Acadia, $8.8 million related to the addition of support equipment, with the remaining $7.3 million coming from maintenance and growth.

2025 年第二季的淨利息支出為 420 萬美元，與 2024 年第二季持平，由於業績強勁，2025 年第二季的淨所得稅支出為 340 萬美元，高於 2024 年同期的 280 萬美元。綜合損益表，2025 年第二季的淨收入為 970 萬美元，高於去年同期的 770 萬美元。第二季總資本支出（包括資本化利息）為 6,460 萬美元，其中 Hopper 疏浚船 Amelia Island 的支出為 1,980 萬美元，建造 Acadia 的支出為 2,870 萬美元，增加支援設備的費用為 880 萬美元，其餘 730 萬美元來自維護和成長。

Our previous full year CapEx guidance of between $140 million and $160 million, including capitalized interest, remains unchanged. Turning to our balance sheet. We ended the quarter with $2.9 million in cash and $5 million drawn on our revolver, which doesn't mature until the third quarter of 2027. And as Lasse mentioned earlier, in May, we executed an amendment to our credit facility, upsizing our revolver by $30 million to $330 million further enhancing our liquidity, which stood at $272 million at quarter end.

我們先前全年資本支出預期為 1.4 億美元至 1.6 億美元（包括資本化利息），維持不變。轉向我們的資產負債表。本季末，我們擁有 290 萬美元現金和 500 萬美元循環信貸，這些信貸將於 2027 年第三季到期。正如拉塞之前提到的，5 月份，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，季度末我們的流動性為 2.72 億美元。

Our balance sheet is in great shape with a trailing 12-month net leverage ratio of 2.7x, a weighted average interest rate on our total debt under 7% and no debt maturities until 2029. For the first half of 2025, we were $36 million free cash flow positive and as our new build program will be substantially complete at the end of the year, we expect this number to significantly grow starting in 2026. As I discussed on the Q1 earnings call, 2025 is a heavier than normal dry dock year for us. And during the third quarter, we will have 3 vessels at the dock at various times for regulatory surveys and repairs.

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。2025 年上半年，我們的自由現金流為 3,600 萬美元，由於我們的新建計畫將在年底基本完成，我們預計這一數字將從 2026 年開始大幅增長。正如我在第一季財報電話會議上所討論的那樣，2025 年對我們來說是一個比正常乾船塢作業更繁忙的年份。在第三季度，我們將在不同時間安排3艘船舶停靠碼頭進行監管檢驗和維修。

Utilization will remain strong on the other vessels and with the Amelia Island scheduled to come online, we expect to see third quarter EBITDA higher than the second quarter. Despite the large number of dry docks, our expectation is that full year 2025 results will be the highest in company history for both revenue and net income. With that, I will turn the call back over to Lasse for his remarks on the outlook moving forward.

其他船隻的利用率仍將保持強勁，隨著阿米莉亞島號計劃投入使用，我們預計第三季的 EBITDA 將高於第二季。儘管幹船塢數量眾多，但我們預計 2025 年全年業績將達到公司歷史上最高的收入和淨收入。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 administration continued to demonstrate strong and consistent support for the dredging industry. The US OmniCorp 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 budgets. 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 and provides clear revenue visibility extending well into 2026.

謝謝你，斯科特。政府繼續對疏浚產業表現出強大且持續的支持。美國 OmniCorp 工程師將在 2025 財年按照持續決議運作至 9 月 30 日，這將維持上一財年預算中設定的創紀錄資金水準。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一系列大型複雜項目），使我們能夠在非常繁忙的 2025 年繼續交付產品，並為 2026 年提供清晰的收入可視性。

We expect the 2025 dredging bid market to be at a normalized volume of approximately $2 billion, focused on coastal protection projects. after very strong port-deepening bid markets in 2023 and 2024. As we look further ahead, we are beginning to see meaningful progress on the next phase of deepening projects, including New York, New Jersey, Tampa, New Haven and Baltimore, among others, with dredging work likely to commence in 2027. In response to early signs of potential delays in the US offshore wind market, we proactively adjusted our strategic outlook for the Acadia.

我們預計，2025 年疏浚投標市場的正常規模將達到約 20 億美元，重點用於海岸保護項目。在此之前，2023 年和 2024 年的港口深化投標市場表現非常強勁。展望未來，我們開始看到下一階段的深化計畫取得了有意義的進展，其中包括紐約、新澤西、坦帕、紐黑文和巴爾的摩等地的疏浚工程，疏浚工作可能在 2027 年開始。為了因應美國離岸風電市場可能出現的延遲早期跡象，我們主動調整了對阿卡迪亞的戰略展望。

Over the past couple of years, we have expanded our target markets for the Acadia to include the safeguarding of critical subsea assets, including oil and gas pipelines, power transmission lines, telecommunication cables and international offshore wind farms, increasing our opportunities into a broader range of services we now refer to as offshore energy.

在過去的幾年裡，我們擴大了阿卡迪亞的目標市場，包括保護關鍵的海底資產，包括石油和天然氣管道、輸電線路、電信電纜和國際離岸風電場，從而增加了我們在更廣泛的服務領域（我們現在稱為海上能源）的機會。

The Arcadia is engineered to precisely deposit rock for the protection of subsea infrastructure against environmental forces, such as weather and potential acts of sabotage by hostile entities. We are actively pursuing engagement across these sectors, bidding work for 2027 and onwards, as we have between Empire win 1 and Erste Sunrise Wind, Acadia fully booked work in the US for 2026.

Arcadia 的設計目的是精確地沉積岩石，以保護海底基礎設施免受天氣和敵對實體的潛在破壞行為等環境力量的影響。我們正在積極尋求與這些領域的合作，競標 2027 年及以後的工作，就像我們在 Empire win 1 和 Erste Sunrise Wind 之間所做的那樣，Acadia 在美國已經預訂了 2026 年的全部工作。

In conclusion, we are confident of strong project execution and results for the remainder of the year, and our strong backlog gives us good revenue visibility for 2026. Our newbuild program is coming to an end, and we are looking at generating solid positive cash flows for 2026. And with that, I'll turn the call over for questions.

總而言之，我們對今年剩餘時間的強勁項目執行和成果充滿信心，而我們強大的積壓訂單為我們 2026 年帶來了良好的收入前景。我們的新建計畫即將結束，我們期望在 2026 年產生穩健的正現金流。現在，我將把電話轉交給大家提問。

(Operator Instructions)

（操作員指示）

Joe Gomes of NOBLE Capital.

NOBLE Capital 的 Joe Gomes。

I wanted to start off with just kind of take a look at the pace of awards. Is it running to expectations? Are you seeing anything being kind of pushed out to the right? Is there anything there that leads you to have any concern about the award level for this year?

首先我想看一下獎項的頒發速度。其運作情況符合預期嗎？您是否看到有東西被推向了右邊？有什麼事情讓您對今年的獎勵水平感到擔憂嗎？

Yes, Joe. So as we have talked about it at year-end, one, we expected a more normalized bid market for this year. That's playing out. We also knew as the current deepening cycle was starting to come to an end, there would be very little capital projects. That also is playing out. As Lasse said, we do see early signs of the next wave of deepening projects coming out in the next 18 months or so, which is a good sign. And then the third thing with our utilization with our backlog, we were not going to be able to participate in a lot of the bids that came out just because we didn't have availability.

是的，喬。正如我們在年底討論的那樣，首先，我們預計今年的投標市場將會更加正常化。事情正在發生。我們也知道，隨著目前深化週期開始結束，資本項目將會非常少。這也正在發生。正如拉塞所說，我們確實看到了未來 18 個月左右下一波深化計畫出現的早期跡象，這是一個好兆頭。第三件事是，由於我們的積壓訂單的利用率，我們將無法參與許多投標，因為我們沒有空閒時間。

For the first half of the year, we did not bid on well over 50% of the projects that came out. One, we just didn't have the availability or two, it just didn't fit into the profile of the limited available that we have. So this market ebbs and flows. Our win rate is going to ebb and flow, and we have the backlog, like I have, it's just -- it's impossible for us to keep winning at the rate that we were winning over the last couple of years.

上半年，超過50%的項目我們沒有參與投標。一來，我們沒有足夠的庫存；二來，它不符合我們有限的庫存狀況。所以這個市場有起有落。我們的勝率會起伏不定，而且我們也有積壓的訂單，就像我一樣，我們不可能繼續以過去幾年的勝率獲勝。

Okay. And on the Acadia, obviously, I've mentioned you've guided fully booked in '26 and you're exploring other markets in '27, is there the possibility that, that you think that vessel could still be in the US in '27? Are most of your efforts looking overseas in the international markets for '27?

好的。關於阿卡迪亞號，顯然，我提到你們在 26 年的預訂已經滿了，而且你們正在 27 年探索其他市場，有沒有可能，你認為這艘船在 27 年仍然會停留在美國？你們在 2027 年的主要精力是否都放在了開拓海外國際市場？

Yes. Currently, we are bidding a lot of work in Europe, and we're also looking at Asia for the remainder of this decade. The market in Europe is continuing to be strong. And it is probable or most probable that the vessel will be in Europe when we get -- enter 2027.

是的。目前，我們正在歐洲競標大量工作，並且我們也在關注本世紀剩餘時間在亞洲的業務。歐洲市場持續強勁。當我們進入 2027 年時，這艘船很可能或極有可能停靠在歐洲。

Okay. And then 1 last 1 for me, kind of more 10,000-foot level also. You guys have mentioned the newbuild program should be coming to an end here. All the positives for that. Is there anything out there maybe far out in the horizon right now that would make you reconsider and say, maybe we need to build more vessels are. Is this -- hey, we are definitely done here for whatever the next phase of years is?

好的。然後對我來說，最後一個高度也差不多是 10,000 英尺。你們提到新建計畫應該在這裡結束。所有這些都是積極的。現在，在遙遠的地平線上是否存在什麼東西會讓你重新考慮並說，也許我們需要建造更多的船隻。這是——嘿，無論接下來幾年要做什麼，我們都已經完成了嗎？

Well, fairly, we'll be looking at our fleet. It's my opinion. We have invested heavily into our hopper fleet. So we have now 4 very young modern hoppers in the market, plus we have 2 older ones, small ones. So we have a fleet that is updated and very competitive. Arcata fleet is also large. We are continuously updating the equipment on board Arcatas. So -- we -- at this point in time, we don't see any need for building any new dredges, but that may change over time. But I would say for the coming couple of years, it's not on the agenda. Scott, do you have any comments?

好吧，公平地說，我們會審視我們的艦隊。這是我的看法。我們對我們的漏斗機隊投入了大量資金。因此，我們現在在市場上有 4 種非常年輕的現代料斗，另外還有 2 種較老的小型料斗。因此，我們擁有一支更新、極具競爭力的船隊。阿卡塔艦隊也規模龐大。我們正在不斷更新 Arcatas 上的裝置。所以——我們——目前，我們認為沒有必要建造任何新的疏浚船，但這種情況可能會隨著時間的推移而改變。但我想說，在未來幾年內，這還不在議程上。斯科特，你有什麼評論嗎？

No, I think that's right, Joe. We've said we may look to do some strategic upgrades on some of the non-hopper fleet, but we're comfortable with the number of dredges that we have right now. We strategically invested over the last few years. And I think we're already starting to see the dividends paying off and continue to expect the same sort of results.

不，我想是對的，喬。我們說過，我們可能會考慮對一些非挖泥船船隊進行戰略升級，但我們對目前擁有的挖泥船數量感到滿意。我們在過去幾年裡進行了戰略投資。我認為我們已經開始看到紅利回報，並繼續期待同樣的結果。

Okay, great, thanks for that.

好的，太好了，謝謝。

Julio Romero of Sidoti & Company.

Sidoti & Company 的 Julio Romero。

Great, thanks. Maybe staying on the Acadia for a bit. What's your confidence level in Acadia delivery to you in the first quarter of '26 versus potentially later in the year? And then what's -- what would be your best guess as to Acadia revenue dollars in '26, if we assume it does get delivered on time and goes straight to work on entire one?

太好了，謝謝。也許會在阿卡迪亞停留一段時間。您對 Acadia 在 26 年第一季或今年稍後交付產品的信心程度如何？那麼，如果我們假設它確實按時交付並直接投入整個項目，您對 26 年 Acadia 的收入的最佳猜測是什麼？

Yes. We have a high confidence in getting the vessel delivered in Q1. That is the date that the guard is giving us. The acquisition of the yard by the Koreans Hana has resulted in additional resources coming to the yard. -- and the progress is good. As I said, we are out of the dry dock, and it's now at the outfitting key at Philly Shipyard and they are looking at trying to improve the delivery date to an earlier delivery in Q1, but as we are speaking today, that is what the yard is telling us. Revenue expectations?

是的。我們對第一季交付該船充滿信心。這是警衛告訴我們的日期。韓國 Hana 公司對該船廠的收購為船廠帶來了更多資源——而且進展良好。正如我所說的，我們已經離開了乾船塢，現在它正在費城造船廠的舾裝車間，他們正在嘗試將交貨日期提前到第一季度，但正如我們今天所說，這就是船廠告訴我們的。收入預期？

Yes. And so we are -- there are some options that will get exercised. We're still finalizing pricing on that. So I'm going to keep numbers a little closer there. But with the end of Q1 delivery and call it another month, 1.5 months of commissioning, we should see a little more than six months, give or take, of revenue. I think we have said that in the US, this vessel is definitely capable of getting well north of $100 million revenue for full year and again, call it, seven months, give or take, with this year, just normal ebbs and flows and moves between jobs. I think you can get directionally correct on how we're thinking about it. .

是的。因此，我們將會採取一些選擇。我們仍在最終確定價格。因此我將使數字更接近一些。但隨著第一季交貨的結束，再過一個月，也就是 1.5 個月的調試，我們應該會看到大約六個月多一點的收入。我想我們已經說過，在美國，這艘船絕對有能力在全年和七個月內獲得超過 1 億美元的收入，今年，這只是正常的起伏和工作之間的流動。我認為您可以正確理解我們對此的看法。。

Yes. Fair enough. And any update on potential wins for the offshore energy awards for the Acadia and a quick refresher on what the lead time is between bidding and award for offshore energy in Europe and in Asia?

是的。很公平。關於阿卡迪亞海上能源獎的潛在獲獎情況有什麼最新消息嗎？能否簡單回顧一下歐洲和亞洲海上能源投標和獲獎之間的準備時間？

Yes. And the -- that lead time is much shorter in those markets. It's mature markets. Here in the US, we were fortunate to be able to book projects very early for the Acadia due to the newness and the novelty in the market and lack of vessels or US vessel -- flag vessels. In the international markets, it's more looking at maybe a year, maybe less in lead time between award and you actually execute the project.

是的。而且 — — 這些市場的交貨時間要短得多。這是一個成熟的市場。在美國，我們很幸運能夠很早就預訂 Acadia 的項目，因為市場上還很新奇，而且缺乏船隻或懸掛美國國旗的船隻。在國際市場上，從授予合約到實際執行專案之間的準備時間可能長達一年甚至更短。

Yes. Julio, there has not been one project in Europe or Asia that we have bid on for '27 or beyond that's been awarded to anybody yet. .

是的。胡里奧，我們在歐洲或亞洲投標的 27 年或以後的項目尚未有被授予任何人。。

Okay. I appreciate the finer point on the lead time there in a year or less. That's very helpful. Just maybe on the base business, are you -- I think you touched on it earlier, but are you seeing any change in customer hesitation at all or any delays in decision-making on the base dredging business?

好的。我很欣賞在一年或更短時間內完成交貨的精細點。這非常有幫助。也許只是在基礎業務上，我想您之前已經提到過，但是您是否看到客戶猶豫有任何變化，或者基礎疏浚業務的決策有任何延遲？

Well, as you know, we are in a continued resolution, which is good and bad news. The core cannot did new projects in this situation. But they have the revenue or the guarantee for the revenues similar to prior years. So that means that there's a lot of projects, which are being executed in this situation. We have to wait until the government or the Congress get together and make a new budget for next year. And then there's a number of new projects that should be included in that new budget. That is the, let's say, clarity that we have around it. There's a number of beach renourishment and reconstruction projects that are being bid at this point in time, and that market is very strong. And as you know, we perform extremely well on those projects on the East Coast.

嗯，正如你所知，我們正在繼續解決這個問題，這既是好消息也是壞消息。在這種情況下，核心無法開展新專案。但他們的收入或收入保證與前幾年相似。這意味著有很多項目正在這種情況下執行。我們必須等到政府或國會聚在一起制定明年的新預算。新預算中也應包括一些新項目。可以說，這就是我們對它的清晰認知。目前有許多海灘補給和重建項目正在招標，市場非常強勁。如您所知，我們在東海岸的項目上表現非常出色。

And I guess for LNG, I guess, is also what I was getting at in the order cadence of LNG, any change from customer decision-making on that front?

我想對於液化天然氣來說，我想，這也是我在液化天然氣訂單節奏中所了解的，客戶決策在這方面有什麼變化嗎？

Well, we are currently engaged in three projects in the LNG space. There is a couple of other projects where -- it's either being done by other dredgers. There's probably 2 LNG projects other than the 3 that we are working on, that is going forward. And where our competition will be fully engaged. So beyond that, it's probably more a discussion on the general LNG market. Is there room for more capacity to be built in the US and how can the export markets really absorb these volumes of LNG going forward. .

嗯，我們目前正在從事液化天然氣領域的三個專案。還有其他幾個項目——由其他疏浚公司完成。除了我們正在進行的 3 個 LNG 專案外，可能還有 2 個 LNG 專案正在進行中。我們的競爭將會全面展開。除此之外，這可能更多的是關於整個液化天然氣市場的討論。美國是否還有建造更多產能的空間，以及未來出口市場如何真正吸收這些數量的液化天然氣。。

Kevin Gainey of Thompson Davis & Co.

湯普森戴維斯公司的凱文蓋尼

Nice quarter on a heavy dry dock.

重型乾船塢上的漂亮區域。

Great. Thanks, Kevin.

偉大的。謝謝，凱文。

I was hoping that maybe we could kind of touch on the Acadia conversations that you guys are having? And maybe at this point, what what is more likely to happen? Is it going to be more international win work or asset protection jobs and kind of how those conversations are unfolding?

我希望我們能談談你們正在進行的阿卡迪亞對話？那麼，在這一點上，更有可能發生什麼事？這是否會涉及更多的國際工作或資產保護工作，以及這些對話如何展開？

Yes. It's a very interesting market for us. And I think I've been saying on these calls that we always knew that the offshore energy business would be both US and international work. The fact that we now have a slowdown in the US as we are seeing means that the international work had to be addressed earlier. We saw that almost two years ago to talk to clients that we have here in the US about their European operations, and we have been bidding very actively for that work starting in '27 and onwards. It's offshore wind farms as large volumes or rough needed for the offshore wind farms. But also the power cable transmission cables that are being installed in Europe requires a lot of rock protection.

是的。對我們來說這是一個非常有趣的市場。我想我在這些電話會議上一直說過，我們一直都知道海上能源業務既是美國的業務，也是國際的業務。我們現在看到美國經濟放緩的事實意味著必須更早解決國際工作問題。大約兩年前，我們就與美國客戶談論他們的歐洲業務，從 27 年開始我們就一直積極競標這項工作。它是海上風電場，因為離岸風電場需要大量或粗糙的材料。但歐洲正在安裝的電力電纜傳輸電纜也需要大量的岩石保護。

It is -- it's a large market, and we are actively engaged in bidding for that work. There's also been discussions around communication cables, the sabotage that's been happening in the Baltics and the, let's say, unprotected infrastructure that you see in the North Sea of oil and gas pipelines and there is discussions ongoing on how to protect those from sabotage. So there is several markets here, which are interesting for Acadia.

這是一個很大的市場，我們正在積極參與這項工作的競標。人們也正在討論通訊電纜、波羅的海地區發生的破壞行為以及北海石油和天然氣管道等未受保護的基礎設施，並且正在討論如何保護這些設施免遭破壞。這裡有幾個市場，對阿卡迪亞來說很有趣。

As far as -- I think you mentioned, Scott drydocks are in Q3 going to be 3. Is there any setup for Q4 as well currently?

就我所知——我認為您提到過，斯科特幹船塢將在第三季度投入使用。目前是否也有針對 Q4 的設定？

Yes. Right now, and again, the caveat these can still ebb and flow left or right. we have 2 planned at various times, not necessarily full quarter during Q4. And then again, I'll answer the next question you didn't ask because it was such a heavy drydock year this year, we expect to see a lower-than-average drydocking schedule for 2026.

是的。現在，需要再次強調的是，這些警告仍然可能左右波動。我們計劃在不同時間推出 2 個產品，不一定是第四季的整個季度。然後，我再回答一下您沒有問到的下一個問題，因為今年是乾船塢作業非常繁重的一年，我們預計 2026 年的乾船塢計劃將低於平均水平。

And just to clear up on cash flow. What was the operating cash flow in Q2? And do you have any thoughts about second half cash flow?

只是為了理清現金流。第二季的經營現金流是多少？您對下半年的現金流有什麼想法嗎？

Yes. Q2 operating cash flow was right around 30 -- I'm sorry, about 60-ish for operating cash flow. And as I mentioned on the call, free cash flow for the first half of the year, well above $30 million. We expect to see -- I'm not going to say the numbers will be the same, but this year is going to look like a normal year. The book end quarters, Q1 and Q4 will be the strongest, and then the middle ones something less. So we saw that in the first half of the year.

是的。Q2 經營現金流量約為 30 — — 抱歉，營運現金流量約為 60 左右。正如我在電話中提到的，今年上半年的自由現金流遠高於 3,000 萬美元。我們期望看到——我不會說數字會相同，但今年看起來將是正常的一年。本書的結尾季度，第一季和第四季將是最強勁的，然後中間季度的表現稍差一些。我們在上半年就看到了這一點。

My expectation is we'll see that in the second half of the year. I think we do still have to finish up the payments on the Amelia Island. We obviously have some more to do on the Acadia for this year. So we still have some CapEx this year. My guess is if you just kind of look at total cash flow second half of the year will be probably flattish, give or take. And then as we talked about next year as the new build program winds down at the beginning of the year, that's when we really start generating cash. .

我預計我們將在今年下半年看到這一點。我認為我們仍然需要完成阿米莉亞島的付款。顯然，今年我們在阿卡迪亞方面還有很多事情要做。因此我們今年仍有一些資本支出。我的猜測是，如果你只看總現金流，那麼下半年的現金流可能會持平，或多或少。然後，正如我們所說的，明年隨著新建計劃在年初結束，那時我們才真正開始產生現金。。

(Operator Instructions)

（操作員指示）

Jon Tanwanteng of CJS Securities.

CJS 證券的 Jon Tanwanteng。

It's Jeremy on for John. take questions. How should we think about capital allocation beyond CapEx, given the stronger performance, has your preference shifted more towards repurchases versus debt pay down?

傑里米代替約翰回答問題。鑑於更強勁的業績，我們應該如何考慮資本支出以外的資本配置，您的偏好是否更傾向於回購而不是償還債務？

No. I think with where we're at now, I think we kind of go back to the priorities we had been stating all along. Let's get through the new build program and then let's start delevering the new build -- I mean, the buyback program we put in place was more a reaction to the softball that the market gave us where -- we just saw this huge depression in the stock price.

不。我認為，就我們目前的狀況而言，我們應該回到我們一直以來所強調的優先事項。讓我們完成新建專案計劃，然後開始降低新建專案的槓桿率——我的意思是，我們實施的回購計劃更多的是對市場給予我們的軟球的反應——我們剛剛看到股價大幅下跌。

So put the program in place. We're able to take some swings at it at a very depressed price, now we'll -- as long as we see the price where it's at or higher, not that we think it's properly valued now but we'll just go back to the other priority. The program is still in place. If we see another huge disconnect, we can always start nibbling again. But right now, as I see it, let's get through the new build program and then let's start delevering.

因此，請將該計劃落實到位。我們能夠以非常低的價格對其進行一些調整，現在只要我們看到價格處於或高於當前水平，我們就不會認為它現在的估值是正確的，但我們會回到另一個優先事項。該計劃仍然有效。如果我們發現另一個巨大的脫節，我們隨時可以再次開始蠶食。但就目前而言，我認為，我們應該先完成新建項目，然後再開始去槓桿。

Makes sense. And then can you just discuss the expansion of the credit facility and kind of the rationale behind doing so?

有道理。然後您能否討論一下信貸額度的擴大以及這樣做背後的理由？

Yes. A couple of things drove that. We did have on our second lien paper the ability to upsize it by $50 million that expired during the second quarter. We weren't going to take it, but we did get -- have the opportunity to upsize the revolver at much more favorable pricing to the tune of $30 million, we did it Also, with the LNG work that we have and the progress we're making on the offshore energy, those projects typically require letter of credits as opposed to the the base dredging business, which are usually surety bonds. So the revolver for us is not just a mechanism to borrow cash, it's also the facility that we use to issue letter of credits, you'll see we're going to issue our 10-Q later today. We have roughly $60 million of letter of credits outstanding right now to support the LNG and offshore energy backlog.

是的。有幾件事導致了這個現象。我們確實有權將第二留置權文件上的金額增加 5,000 萬美元，該金額在第二季到期。我們本來不打算接受，但我們確實得到了——有機會以更優惠的價格將循環信貸額度提高到 3000 萬美元，我們做到了。此外，憑藉我們擁有的液化天然氣工作以及我們在海上能源方面取得的進展，這些項目通常需要信用證，而不是基礎疏浚業務，後者通常是保證金。因此，對我們來說，循環信貸不僅僅是一種借入現金的機制，它也是我們用來發行信用證的工具，您會看到我們將在今天晚些時候發行我們的 10-Q。我們目前有大約 6000 萬美元的未償還信用證，以支持液化天然氣和海上能源積壓。

I'm showing no further questions at this time. So I would now like to turn it back to Eric Berg for closing remarks.

我目前沒有其他問題。現在我想請艾瑞克·伯格作最後發言。

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

謝謝。我們感謝股東、員工和業務夥伴的支持，也感謝您今天加入我們討論我們業務中的重要發展和舉措。我們期待在下個季度的收益報告期間與您交談。謝謝。。

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。