Great Lakes Dredge & Dock Corp (GLDD) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2025 Great Lakes Dredge & Dock Corp's earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Great Lakes Dredge & Dock Corp 2025 年第三季業績電話會議。（操作說明）

I would now like to hand the conference over to your first speaker today, Eric Birge, Vice President of Investor Relations. Please go ahead.

現在我謹將會議交給今天的第一位發言人，投資者關係副總裁埃里克·伯奇。請繼續。

Thank you, Ari. Good day, and thank you, everyone, for joining us. Welcome to Great lakes Dredge & Dock's third 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.

謝謝你，阿里。大家好，感謝各位的參與。歡迎參加大湖疏浚與碼頭公司2025年第三季財務業績電話會議。在開始之前，請注意，本次電話會議中某些陳述具有前瞻性，並受到各種風險、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。

For a detailed discussion of these risks, please refer to our filings with the Securities and Exchange Commission. We will also be discussing certain non-GAAP financial measures, including adjusted EBITDA. A Reconciliations of these measures to the most direct comparable GAAP measure can be found on our earnings release or on our Investor Relations section of our website at investors.gldd.com. Along with other supplemental operating information.

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。我們也將討論一些非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指標的調節表可在我們的獲利報告中或我們網站投資者關係部分（investors.gldd.com）找到，以及其他補充營運資訊。

Joining me on today's call are Lasse Petterson, our President and Chief Executive Officer; and Scott Kornblau, our Senior Vice President and Chief Financial Officer. Lasse will begin with a review of our quarterly key developments, followed by Scott, who will provide a detailed overview of our financial performance. Lasse will then conclude with commentary on the business outlook and market trends.

今天與我一起參加電話會議的還有我們的總裁兼執行長 Lasse Petterson，以及我們的高級副總裁兼財務長 Scott Kornblau。Lasse 將首先回顧我們季度的主要進展，隨後 Scott 將詳細介紹我們的財務表現。最後，Lasse 將對商業前景和市場趨勢進行評論。

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

接下來，我將把電話交給拉塞。

Thanks, Eric. Following strong financial results in the first half of the year, the momentum continued into third quarter with high utilization and strong project performance through the execution of complex port deepening and coastal restoration projects, leveraging the capabilities of our team and our fleet.

謝謝你，埃里克。繼上半年強勁的財務業績之後，這一勢頭延續到了第三季度，透過執行複雜的港口疏浚和海岸修復項目，充分發揮了我們團隊和船隊的能力，實現了高利用率和強勁的項目績效。

We ended the quarter with revenues of $195.2 million and adjusted EBITDA of $39.3 million. Our dredging backlog remains strong at $935 million, with 84% in capital and coastal protection projects, plus an additional $194 million in awards and options pending. During the third quarter, we were awarded new projects totaling $136 million.

本季末，公司營收為 1.952 億美元，調整後 EBITDA 為 3,930 萬美元。我們的疏浚工程積壓項目仍然十分強勁，達到 9.35 億美元，其中 84% 為資本和海岸防護項目，另有 1.94 億美元的合約和選擇權正在等待審批。第三季度，我們獲得了總額達 1.36 億美元的新項目。

Our successful bid strategy from last year resulted in a large number of projects wins, which resulted in a high-quality backlog, which will support full utilization and revenues for the remainder of 2025 as well as providing a good base and revenue visibility for 2026.

我們去年成功的投標策略贏得了大量項目，從而積累了高品質的積壓訂單，這將支持我們在 2025 年剩餘時間內充分利用產能並獲得收入，同時也為 2026 年提供了良好的基礎和收入可見性。

Our current backlog includes three major port deepening LNG projects, the Port Arthur LNG Phase 1 project, the Braswell ship channel project, part of next decade Corporation Rio Grande LNG initiative; and Woodside Louisiana LNG, which is expected to commence dredging early 2026.

我們目前的積壓項目包括三個主要的港口疏浚液化天然氣項目、亞瑟港液化天然氣第一期項目、布拉斯韋爾航道項目（裡奧格蘭德公司下一個十年液化天然氣計劃的一部分）以及伍德賽德路易斯安那液化天然氣項目（預計將於 2026 年初開始疏浚）。

We have seen no interruption to our business during the current government shutdown. Our operations remain unaffected, and we continue to conduct the business as usual, maintaining full schedules, both in bidding, awards and we received payments on time. Our support to the core would proceed without disruption, and our backlog of projects are fully funded.

在目前政府停擺期間，我們的業務並未受到影響。我們的營運不受影響，我們繼續照常開展業務，保持了完整的進度安排，包括投標、授標，並且我們按時收到了款項。我們對核心業務的支持將不會中斷，我們積壓的專案也已獲得全額資金。

During the third quarter, our offshore energy team commenced rock placement operations on Equinor's South Brooklyn Marine Terminal. And during the fourth quarter, installation of [Anoro] commenced on Empire in one, utilizing a chartered vessel until delivery of the Acadia in Q1 of next year. At the end of October, we completed the refinancing and upsizing of our revolver credit facility, increasing capacity to $430 million and extending the maturity to 2030.

第三季度，我們的海上能源團隊開始在 Equinor 的南布魯克林海運碼頭進行岩石鋪設作業。在第四季度，[Anoro] 開始在帝國號上安裝，利用一艘租用的船隻，直到明年第一季阿卡迪亞號交付為止。10 月底，我們完成了循環信貸額度的再融資和擴容，將額度提高到 4.3 億美元，並將到期日延長至 2030 年。

With the increased capacity, we elected to repay our $100 million second-lien term loan. Scott will provide more details later on. Moving on to our new build program in the third quarter with the delivery of our sixth hopper dredge, the Amelia Island, marking a significant milestone in our dredging newbuild program, which is now complete. Leaving us with the largest and most advanced upper dredge fleets in the United States.

隨著產能的提升，我們決定償還1億美元的第二筆定期貸款。斯科特稍後會提供更多細節。第三季度，我們的新船建造計劃進入下一階段，第六艘耙吸式挖泥船“阿米莉亞島”號交付使用，標誌著我們的疏浚新船建造計劃取得了重大進展，該計劃現已完成。這使我們擁有了美國規模最大、技術最先進的上層挖泥船隊。

Upon delivery of the shipyard, the Amelia Island was straight to work and is performing extremely well. the Amelia Island and a sister ship to Galveston Island have been specially designed for shallow and narrow waters in the United States Coast lines and our effective 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」從船廠交付後立即投入使用，表現非常出色。 「阿米莉亞島號及其姊妹船「加爾維斯頓島號」皆專為美國海岸線的淺水和狹窄水域而設計，是我們開展海岸保護計畫（例如海灘修復、濕地改善和屏障島建設）的有效工具。

The final vessels in our newbuild program, the Acadia, the first US Flag Jones SEC-compliant subsea rock installation vessel is also currently under construction and hit a key milestone with a launch from the dry dock in July. Delivery is expected in the first quarter of 2026, at which times he will go straight to work on Empire Wind 1.

我們新造船計畫的最後一艘船「阿卡迪亞號」，是第一艘符合美國證券交易委員會（SEC）標準的瓊斯（Jones）美國船級社海底岩石安裝船，目前也正在建造中，並於7月從乾船塢下水，達到了一個重要的里程碑。預計將於 2026 年第一季交付，屆時他將直接投入《帝國之風 1》的開發工作。

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

Acadia 的目標市場包括國內和國際海上作業，旨在保護關鍵的海底基礎設施，例如石油和天然氣管道、電力和通訊電纜以及離岸風電裝置。

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

現在我將把電話交給史考特，讓他進一步討論本季的業績，然後我將對市場和我們的業務發表一些評論。

Thank you, Lasse, and good morning, everyone. I'll start by walking through the third quarter, which resulted in revenues of $195.2 million, net income of $17.7 million and adjusted EBITDA -- and adjusted EBITDA margin of $39.3 million and 20.1%, respectively.

謝謝你，拉塞，大家早安。我將首先回顧第三季度，該季度營收為 1.952 億美元，淨利潤為 1,770 萬美元，調整後 EBITDA 為 3,930 萬美元，調整後 EBITDA 利潤率為 20.1%。

Despite having three dredges at the dock at various times during the quarter, undergoing regulatory dry docking and repairs revenues of $195.2 million increased $4 million from the prior year's third quarter as every active dredge was working for the majority of the quarter in addition to the newly delivered Amelia Island, which commenced work in August.

儘管本季度期間碼頭曾有三艘挖泥船進行監管乾船塢維修，但其收入仍達到 1.952 億美元，比上年第三季度增加了 400 萬美元，因為除了新交付的阿米莉亞島號（於 8 月開始工作）之外，所有在役的挖泥船在本季度的大部分時間裡都在工作。

Current quarter gross profit and gross profit margin increased to $43.8 million and 22.4%, respectively, compared to $36.2 million and 19%, respectively, in the third quarter of 2024. 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.

本季毛利和毛利率分別增至 4,380 萬美元和 22.4%，而 2024 年第三季分別為 3,620 萬美元和 19%。毛利率的成長主要歸功於利用率和項目績效的提高，以及大量資本和海岸防護項目，這些項目通常能帶來更高的利潤率。

These projects accounted for over 85% of our third quarter revenue. Current quarter's operating income of $28.1 million increased $11.4 million compared to the prior year's quarter's operating income of $16.7 million.

這些項目占我們第三季營收的 85% 以上。本季營業收入為 2,810 萬美元，比上年同期營業收入 1,670 萬美元增加了 1,140 萬美元。

The year-over-year increase is driven by higher gross profit and lower general and administrative expenses. Net interest expense of $4.6 million for the third quarter 2025 was down slightly compared to $4.9 million in the third quarter of 2024, and net income tax expense of $6.1 million increased from $3.2 million in the same quarter of 2024 due to the stronger results.

年成長主要得益於毛利增加及一般及行政費用降低。2025 年第三季淨利息支出為 460 萬美元，略低於 2024 年第三季的 490 萬美元；由於業績強勁，淨所得稅支出為 610 萬美元，高於 2024 年同期的 320 萬美元。

Rounding out the P&L, net income for the third quarter of 2025 was $17.7 million, up from $8.9 million in the prior year quarter. Total capital expenditures, including capitalized interest for the third quarter were $32.8 million made up of $8.3 million for the completion of the Amelia Island, $18.6 million for the construction of the Acadia with the remaining $5.9 million for maintenance and growth CapEx. Full year CapEx guidance of between $140 million and $150 million, including capitalized interest remains relatively unchanged from the prior quarter.

損益表顯示，2025 年第三季淨收入為 1,770 萬美元，高於去年同期的 890 萬美元。第三季資本支出總額（包括資本化利息）為 3,280 萬美元，其中 830 萬美元用於完成阿米莉亞島項目，1,860 萬美元用於阿卡迪亞項目的建設，剩餘的 590 萬美元用於維護和成長資本支出。全年資本支出預期在 1.4 億美元至 1.5 億美元之間（包括資本化利息），與上一季相比基本保持不變。

Turning to our balance sheet. We ended the quarter with $12.7 million in cash and nothing drawn on our revolver. And as Lasse mentioned earlier, on October 24, we upsized our revolving credit facility to $430 million and extended the maturity out to October 2030 at lower borrowing rates than the previous facility. With the increased capacity, we elected to immediately repay our $100 million second-lien notes in full reducing interest expense by almost $6 million per year.

接下來來看看我們的資產負債表。本季末，我們擁有1,270萬美元現金，且沒有動用循環信貸額度。正如拉塞先前所提到的，10 月 24 日，我們將循環信貸額度增加到 4.3 億美元，並將到期日延長至 2030 年 10 月，借款利率低於先前的額度。隨著產能的提高，我們選擇立即全額償還 1 億美元的第二留置權票據，每年可減少近 600 萬美元的利息支出。

Our balance sheet is in great shape with a trailing 12-month net leverage ratio of 2.5 times liquidity of nearly $300 million, no debt maturities until 2029 and a weighted average interest rate on our total debt now under 6%.

我們的資產負債表狀況良好，過去 12 個月的淨槓桿率為 2.5 倍，流動資金接近 3 億美元，2029 年之前沒有債務到期，目前總債務的加權平均利率低於 6%。

For the first nine months of this year, we've had positive free cash flow of $52 million despite the newbuild payments.And as our new build program will be substantially complete at the end of this year, we expect to be significantly free cash flow positive starting in 2026.

今年前九個月，儘管有新建項目付款，我們仍然實現了5,200萬美元的正自由現金流。隨著我們的新建項目將於今年年底基本完工，我們預計從2026年開始將實現顯著的正自由現金流。

Looking forward to the fourth quarter, we expect to end the year on a high note, even with two hopper dredges in the shipyard undergoing the regulatory dry dockings as every other active dredge will be working the majority of the quarter, including a full quarter of utilization for the Amelia Island. With the strong fourth quarter, we're on pace to achieve, our expectation is that 2025 will be the highest EBITDA year in company history by a large margin.

展望第四季度，我們預計今年將以優異的成績結束，即使船廠中有兩艘耙吸式挖泥船正在進行監管乾船塢維修，因為其他所有活躍的挖泥船都將在本季度的大部分時間里工作，包括阿米莉亞島的整個季度的利用。憑藉強勁的第四季度業績，我們預計將實現預期目標，2025 年將成為公司歷史上 EBITDA 最高的一年，且差距將大幅擴大。

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

接下來，我將把電話轉回給拉塞，請他對未來的前景發表看法。

Thank you, Scott. Our business operations continue without disruption during the current government shutdown. We remain fully operational, maintaining regular project schedules. We're responding to ongoing bid activities, receiving the contract awards, and we receive timely payments.

謝謝你，斯科特。在目前政府停擺期間，我們的業務運作將照常進行，不受任何影響。我們保持全面運營，並維持正常的專案進度。我們正在積極響應正在進行的投標活動，獲得合同，並及時收到款項。

All current and upcoming projects in our backlog are fully funded. Our $935 million backlog includes a robust mix of large and complex projects in the beach restorations and portioning markets, enabling us to continue operations on a very busy 2025 and provides clear revenue visibility extending well into 2026.

我們所有正在建造和即將開展的項目都已獲得全額資金。我們9.35億美元的積壓訂單包括海灘修復和分割市場中一系列大型複雜項目，使我們能夠在非常繁忙的2025年繼續運營，並提供清晰的收入可見性，直至2026年。

As we predicted at the beginning of the year, the 2025 dredging bid market has been normalized after coming off a very strong port-deepening bid market in 2023 and 2024. We expect the 2025 bid market to come in about [$1.8 billion] more focused on coastal protection projects, which are funded by the 2023 disaster relief supplemental preparation or tact and dredging maintenance projects funded by the US Army Corps of Engineers.

正如我們在年初預測的那樣，在經歷了 2023 年和 2024 年非常強勁的港口疏浚投標市場之後，2025 年的疏浚投標市場已經趨於正常化。我們預計 2025 年的投標市場將達到約 18 億美元，更加側重於海岸防護項目，這些項目由 2023 年災害救濟補充準備或策略以及由美國陸軍工程兵團資助的疏浚維護項目提供資金。

As we look ahead, we're beginning to see meaningful progress on the next phase of port deepening projects, including New York, New Jersey, Tampa and New Haven and Baltimore, amongst others, with work most likely to commence in 2027. Turning to the US offshore wind markets.

展望未來，我們開始看到下一階段港口疏浚工程取得實質進展，包括紐約、新澤西、坦帕、紐黑文和巴爾的摩等港口，工程很可能在 2027 年開工。接下來關注美國離岸風電市場。

In May, we saw the reversal of the temporary pause from the pure Ocean Management and Empire Wind or Equinox Empire Wind project has resumed in accordance with its original schedule, which is part of our offshore energy backlog.

5 月，我們看到了純粹海洋管理項目暫時中止的局面得到扭轉，帝國風電或 Equinox 帝國風電項目已按照原計劃恢復，這是我們海上能源儲備項目的一部分。

Between Empire Wind 1 [hearted] Sunrise Wind and the additional scope for Sunrise Wind we were awarded last week. We have secured full utilization for the Acadia in 2026. In response to early signs of potential delays in the US offshore wind market, we proactively adjusted our strategic outlook for the Acadia.

上週，我們獲得了《帝國之風 1》[心形]《日出之風》和《日出之風》的額外範圍。我們已確保阿卡迪亞在 2026 年得到充分利用。針對美國離岸風電市場可能延誤的早期跡象，我們主動調整了阿卡迪亞專案的策略展望。

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

在過去的幾年裡，我們關注並納入了對關鍵海底資產（包括石油和天然氣管道、輸電線路、通訊電纜和國際離岸風電場）的安全保障，從而拓展了我們的服務範圍，我們現在稱之為海上能源。

The Acadia is engineered to precisely deposit rock for the protection of subsea infrastructure against environmental forces, such as weather and potential acts of sabotage or hostile entities. We are actively pursuing engagement across these sectors and are making good progress in securing full utilization of the Acadia in 2027.

阿卡迪亞號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、潛在的破壞行為或敵對實體等環境因素的影響。我們正在積極尋求與這些領域的合作，並在確保阿卡迪亞在 2027 年得到充分利用方面取得了良好進展。

In conclusion, building on strong performance in the first nine months of 2025, the company continues with great momentum and expects to achieve outstanding results for the remainder of 2025 and continuing into 2026. This success is a result of excellent project execution, the strength of our modernized fleet and our competent and excellent teams.

總之，憑藉 2025 年前九個月的強勁業績，該公司繼續保持強勁勢頭，並有望在 2025 年剩餘時間以及 2026 年取得優異成績。這項成功歸功於出色的專案執行、我們現代化船隊的強大實力以及我們能力卓越、素質極高的團隊。

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

然後，我把電話交給提問者。

(Operator Instructions) Julio Romero, Sidoti & Company.

（操作說明）Julio Romero，Sidoti & Company。

I wanted to start on just thinking about bidding trends and the trajectory of orders for dredging expected for the remainder of '25 and '26. And given the end of that capital project cycle, just talk about your expectations about bidding and winning coastal protection orders through '26 to help you bridge you to the next East Coast deepening cycle expected in '27?

我想先思考一下投標趨勢以及預計在 2025 年和 2026 年剩餘時間內疏浚訂單的軌跡。鑑於該資本項目週期已結束，請談談您對在 2026 年之前投標和贏得海岸保護令的預期，以幫助您過渡到預計在 2027 年開始的下一個東海岸疏浚週期？

Yes. As I said, we are [under SCR] that is now extended to November 21. And see what happens when Congress get together. Probably we get an extension of the [CR] to the end of the year and into -- maybe into 2026.

是的。正如我所說，我們目前處於[SCR]監管之下，該監管措施現已延長至11月21日。看看國會開會會發生什麼事。或許我們會將[CR]延期至今年底，甚至可能延期至2026年。

And under the CR, the core can bid out the same amount as they had for the previous years. The only change is that new stock projects cannot start up, and there hasn't been that many new start projects.

根據該項規定，核心企業可以招標與前幾年相同的數量。唯一的變化是新的股票項目不能啟動，而且新啟動的項目本來就不多。

So we expect bidding to continue as normal for maintenance dredging projects and for coastal protection and restoration projects. As I said, we're -- the bid market for 2025 is a reduction from '23 and '24. That was very active with port deepening projects, but it's getting back to more normal mid-market size.

因此，我們預計維護性疏浚工程和海岸防護與修復工程的招標工作將照常進行。正如我所說，2025 年的投標市場規模比 2023 年和 2024 年有所下降。該行業曾非常活躍於港口疏浚項目，但現在正逐漸恢復到較正常的中型市場規模。

Understood. And congratulations on upsizing and expanding your revolver a few weeks ago. Going forward, does cash interest expense and GAAP interest expense converge? And if so, what's your estimation of a good quarterly run rate to use going forward?

明白了。恭喜你幾週前升級並擴容了你的左輪手槍。展望未來，現金利息支出和GAAP利息支出是否會趨於一致？如果是這樣，您認為未來合適的季度運行率應該是多少？

Yes. So as I mentioned, just taking the two out, putting on the revolver, that by itself, say $6 million of cash interest a year. as you know, Julio, and I'll walk through the next few quarters, we're still capitalizing interest, while the Acadia is being finished up.

是的。正如我剛才提到的，光是取出這兩筆貸款，加上循環信貸，每年就能產生約600萬美元的現金利息。你也知道，胡里奧，接下來的幾個季度我還會繼續分析，我們仍然在進行利息資本化，同時阿卡迪亞專案也在進行最後的收尾工作。

So when I look forward to fourth quarter, we will have a onetime noncash expense to interest, and that's for the extinguishment of the financing costs on the two. We ended up paying it off 3.5 years early. So you see about a $7.5 million charge.

因此，展望第四季度，我們將有一筆一次性非現金利息支出，這筆支出用於償還這兩筆貸款的融資成本。我們最終提前3.5年還清了貸款。所以你會看到大約750萬美元的支出。

Again, I reiterate noncash -- in addition to that, we will start seeing interest coming down. We'll probably have, in addition to that $3.5 million of interest expense down from about $4.5 million as we'll still be able to capitalize, but we have the reduced rate.

我再次重申非現金支付——除此之外，我們將開始看到利率下降。除了利息支出外，我們可能還會有 350 萬美元的利息支出，比之前的 450 萬美元左右有所減少，因為我們仍然可以獲得資本，而且利率也降低了。

So looking at probably about $11 million of interest expense in Q4 at about $3 million to $3.5 million being the noncash -- excluding the noncash charge. Looking forward to Q1, we're probably in about the $3 million interest expense then the Acadia gets delivered.

因此，預計第四季度利息支出約為 1,100 萬美元，其中非現金支出約為 300 萬至 350 萬美元——不包括非現金費用。展望第一季度，我們可能要支付約 300 萬美元的利息支出，然後 Acadia 才能交付。

So going forward, that is when cash interest and interest expense will be the same. But as we've talked about on prior calls, our priority next year is to start paying down the revolver. So the $6 million savings that we're seeing, I expect to increase quarter-over-quarter as we pay down and eventually pay off that revolver balance.

因此，未來現金利息和利息支出將趨於一致。但正如我們在之前的電話會議中討論過的，我們明年的首要任務是開始償還循環貸款。因此，我們目前節省的 600 萬美元，我預計隨著我們償還並最終還清循環貸款餘額，將逐季增加。

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

Congrats on the quarter. Maybe you can just walk me through this just because it's different from a number of other companies that I cover that are in the government space, understand the whole continuing resolution stuff.

恭喜你本季取得佳績。或許您可以告訴我一下，因為它與我報道的其他一些政府領域的公司有所不同，我需要了解持續決議之類的東西。

But with the shutdown, many the other government services companies are saying they aren't getting paid that because so many of those people in those offices have been laid off or not coming to work. So maybe just clarify how you guys are getting paid?

但隨著政府停擺，許多其他政府服務公司表示，他們沒有收到應得的報酬，因為這些辦公室裡的許多人都被解僱或沒有來上班。所以，你們能不能先說明一下你們的薪酬結構呢？

Yes. You have to realize that the core of engineers has about more than 30,000 employees and only 1,000 of those are furloughed. And that is a consequence of that only 3% of the US Army Corps of Engineers workforce is funded through annual appropriations. Most of the core staff is funded through project-based accounts.

是的。你必須意識到，工程師的核心團隊有超過 30,000 名員工，而其中只有 1,000 人被暫時解僱。這是因為美國陸軍工程兵團只有 3% 的員工是透過年度撥款獲得資金的。核心員工的經費大部分來自專案帳戶。

And you can see that the -- this works out. We have not had any issues. We're getting paid. We -- ongoing projects are are being executed as normal. And we also see the bidding going on at a reduced rate because of the reduction in the overall bid market.

你可以看到，這樣做是行得通的。我們沒有遇到任何問題。我們拿到工資了。我們——正在進行的專案都在正常執行。我們也看到，由於整體競價市場規模縮小，競價頻率也隨之降低。

But yes, we have not been affected by the shutdown, and we don't expect to be up either going forward.

是的，我們沒有受到停工的影響，我們預計未來也不會受到影響。

Great. Much appreciate it. Lasse, what -- early days, but what are you seeing as the bid market. I know you said 25% is coming back to a more normalized rate, but what do you think your '26 outlook is looking for?

偉大的。非常感謝。拉塞，現在還早，但你認為競價市場的情況如何？我知道你說過 25% 的成長率正在回歸正常水平，但你認為 2026 年的前景如何？

That's a good question, and it depends on a lot of things. We have a CR that is ongoing Congress is discussing whether to extend that to the end of the year, someone's extended into 2026, some are predicting extensions all through 2026. Anyway, under a CR, the budgets are remaining the same as it was in 2024, which was at a high level.

這是個好問題，這取決於很多因素。我們有一項持續性撥款法案，國會正在討論是否將其延長至年底，有人提議延長至 2026 年，有人預測該法案將一直延期至 2026 年。總之，根據一項持續撥款法案，預算將與 2024 年的預算保持一致，而 2024 年的預算水準已經很高了。

So the core is funded and can bid out work. There is more maintenance related. But the only thing we don't -- we cannot see is new starts going forward. So what I expect to happen is that we continue the CR into 2026.

因此，核心部門獲得了資金，可以對外招標工作。還有更多維修方面的問題。但我們唯一看不到的，就是未來的新開始。所以我預計，我們將把CR（持續撥款法案）延續到2026年。

And then towards the end of 2026, these new port deepening projects that have been in -- in study phase up to now, will probably be bid out and then with operations starting in 2027. We will see a lot of coastal protection projects being bid out that is not affected by the CR as along with more maintenance strategy.

然後到 2026 年底，這些目前仍處於研究階段的新港口疏浚計畫可能會進行招標，並於 2027 年開始運作。我們將看到許多不受 CR 影響的海岸防護項目進行招標，以及更多的維護策略。

Okay. And then one more. We've talked about this in the past certainly Acadia got '26 fully booked, '27, we're working on with some of the other markets that you talked about the cables for power of transmission, telecom, oil and gas pump. Have you had success, I mean, contracts signed with those other non-wind oriented customers for the Acadia or is this still more of a work in progress?

好的。然後又來了一個。我們過去也討論過這個問題，Acadia 的 2026 年檔期已經全部訂滿，2027 年的檔期也已經全部訂滿，我們正在與您提到的其他一些市場合作，為輸電、電信、石油和天然氣泵提供電纜。你們在與那些非風能客戶就 Acadia 專案簽訂合約方面取得進展了嗎？還是說這仍然是一項正在進行中的工作？

It's still work in progress, but we have, as I said, for the last two years, been very active in Europe because we saw a reduction in activity in the United States. And there is a market for cable protection in Europe, which is expanding as a consequence of the the political uncertainties surrounding us. And then the offshore wind market is continuing in Europe.

這項工作仍在進行中，但正如我所說，在過去的兩年裡，我們在歐洲非常活躍，因為我們看到在美國的活動減少。歐洲對電纜保護的需求正在增長，而這主要是由於我們周圍的政治不確定性所造成的。歐洲離岸風電市場仍在持續發展。

We have bid several projects for execution in '27 and '28 and onwards. But in Europe, this market is a more mature market. So contrary to what we saw here in the United States, where the developers wanted to secure capacity very early on and so, our contracts on Empire and on Sunrise. In Europe, it's a more mature market.

我們已經投標了多個項目，計劃在 2027 年、2028 年及以後執行。但在歐洲，這個市場已經相當成熟了。所以，與我們在美國看到的情況相反，美國的開發商希望很早就確保產能，因此，我們在 Empire 和 Sunrise 上的合約也是如此。歐洲的市場則較為成熟。

So the time between contract award and execution is shorter more like six to nine to eight months to a year. So we have not -- we have did a lot of work, and we are waiting for the outcome of those bids, but none awards as to now.

因此，從合約授予到執行的時間更短，大約為六到九個月，甚至八個月到一年。所以，我們已經做了很多工作，正在等待投標結果，但目前還沒有得標。

Adam Thalhimer, Thompson Davis.

亞當·塔爾海默，湯普森·戴維斯。

Congrats on a good quarter. Scott, I can't help myself. You sounded so good on Q4. I'm just curious, maybe you can compare your expectations for Q4 to the high watermark for the year of Q1?

恭喜你本季業績出色。史考特，我控制不住自己。你在第四季的表現太棒了。我只是好奇，您能否將您對第四季度的預期與第一季（今年的最高紀錄）進行比較？

Yes. I knew if somebody tried that, it would be you, Adam.

是的。我知道如果有人想這麼做，那個人一定是你，亞當。

I'm glad I didn't disappoint.

我很高興沒有讓你們失望。

You did. Again, as you know, I mean the Q1 we had was one of the best, if not the best in company history. Q4 is going to be extremely strong. Now again, I did say we do have two hopper dredges in dry dock during the quarter. And you know the impact of that, the additional cost and of course, the zero in the revenue line.

你做到了。如你所知，我的意思是，我們第一季的業績是公司歷史上最好的季度之一，甚至可以說是最好的。第四季將會非常強勁。我之前也說過，本季我們有兩艘耙吸式挖泥船在乾船塢進行維修。您也知道這會帶來什麼影響，額外的成本，當然還有收入為零。

We did not have the same cadence of drydockings in the first quarter on those type of vessels. That being said, just as we typically do the book in quarters are really, really strong Q1 and Q4, and we're going to see that again in the fourth quarter.

第一季度，這類船舶的塢修頻率並不高。也就是說，正如我們通常的做法，季度業績確實非常強勁，第一季和第四季度尤其如此，我們將在第四季度再次看到這種情況。

I'll take that. And then the next one, I'm a little -- so you started booking offshore energy revenue in Q3. And your backlog has grown -- grew in Q2, grew again in Q3. for the offshore. It seems like that work is starting earlier.

我接受。接下來，我有點——所以你們從第三季開始確認海上能源收入。你們的海外訂單積壓增加了——第二季增加了，第三季又增加了。看來這項工作開始得更早了。

You talked about leasing a vessel to get to work. Is it starting early or maybe you can just level set what's going on there?

你之前提到過租船上班。是現在就開始了，還是你可以先了解那裡的狀況？

Well, it's going on as scheduled. We were planning to use the Acadia for executing the work this year, but the delay at the shipyard resulting in -- to perform the scopes that is our scope on Empire Wind 1. We have chartered in a vessel, and that work is ongoing right now. Scott.

一切按計劃進行。我們原本計劃今年使用 Acadia 號來執行這項工作，但由於造船廠的延誤，導致我們無法在 Empire Wind 1 號上執行我們的工作範圍。我們已經租用了一艘船，目前這項工作正在進行中。斯科特。

Yes. And in addition to the work that's ongoing on Empire 1 that started in the fourth quarter, we did right at the beginning of the third quarter when an additional scope of work for Equinor and it's on the South Brooklyn marine terminal. So that -- we've been executing again with a chartered vessel. That was never contemplated to be the Acadia, but it is to support the Empire Wind project.

是的。除了第四季開始的 Empire 1 專案正在進行的工作之外，我們在第三季初還為 Equinor 公司完成了額外的工作，該專案位於南布魯克林海運碼頭。所以——我們又開始租用船隻執行任務了。最初從未考慮過要建造阿卡迪亞，但為了支持帝國之風計畫。

So that's the revenue that you're seeing in the third quarter, that project will continue into the fourth quarter, along with the commencement of the armor layer of work on Empire 1. So you will see Q4 revenue on offshore energy increase from the third quarter. So the increase that you saw in backlog is related to that South Brooklyn marine terminal, which was not in Q2 backlog.

所以這就是你在第三季度看到的收入，該項目將持續到第四季度，同時帝國1的裝甲層工作也將開始。因此，你會看到第四季海上能源收入比第三季有所成長。所以，你看到的積壓訂單增加與南布魯克林海運碼頭有關，該碼頭不在第二季的積壓訂單中。

Okay. And does it -- so next year, does it stay at that Q4 rate, Scott? Or is there a further step up?

好的。那麼，明年，這個速度會維持第四季的速度嗎，史考特？或者有更進一步的辦法嗎？

Well, no, next year -- you say on a quarterly basis, yes, I mean it runs around that because we will then take delivery of the vessel. We will go straight on to Empire, do some work there. then we'll go straight on to Sunrise.

不，不是明年——你說按季度，是的，我的意思是差不多就是那個時候，因為我們那時會接收這艘船。我們會直接去帝國工作室，在那兒做點活兒，然後直接去日出工作室。

And then you may have heard Lassa mention post quarter end, so it's not in the backlog. We did win a little additional scope on Sunrise. So that is what fills out 2026.

然後你可能在季度末聽到 Lassa 提到過，所以它不在積壓的工作中。我們在《日出》這部電影中確實獲得了一些額外的拍攝範圍。這就是 2026 年的預測。

Okay. Last one for me, just high level. What are you seeing in the coastal protection market and potentially upcoming bidding opportunities?

好的。最後一個，水平很高。您如何看待海岸防護市場以及潛在的未來招標機會？

Yes. We see a number of beach restoration and coastal protection projects coming out to bid as we go into Q4 and into Q1 next year. It's different funding streams, as I mentioned in my brief remarks. So it's a funding stream that is different from the normal appropriations to the Army Corps of Engineers and that's why it continues during the CR.

是的。隨著第四季和明年第一季的到來，我們看到許多海灘修復和海岸保護項目即將開始招標。正如我在簡短發言中提到的，資金來源各不相同。所以，這是一筆與陸軍工程兵團正常撥款不同的資金來源，這也是為什麼在持續撥款期間它仍然繼續存在的原因。

As you know, we like to do these complex and difficult projects because we perform well under those circumstances. And then we see the maintenance dredging being bid up from the US Army Corps of Engineers.

如您所知，我們喜歡做這些複雜而困難的項目，因為我們在這種環境下能夠表現出色。然後我們看到美國陸軍工程兵團對維護性疏浚工程進行了招標。

I just want to say that also part of what we've been able to do is to diversify our client portfolio. So we are now 50% private and 50% federal government funded the work we do, and that gives us a good balance in our backlog.

我只想說，我們所做的另一件事就是實現了客戶組合的多元化。所以我們現在50%的工作是由私人資金資助，50%的工作是由聯邦政府資助，這讓我們的積壓工作達到了很好的平衡。

Alex Rigel, Texas Capital Securities.

Alex Rigel，德州資本證券。

Yes. Sorry about that. Very nice quarter. Can you talk a bit about your very strong cash flow as we look into 2026 and beyond? And maybe what some of the uses of the cash flow is going to be?

是的。抱歉。非常好的街區。展望2026年及以後，能否談談公司非常強勁的現金流狀況？那麼，這筆現金流的具體用途是什麼呢？

Yes. I mean, so as I mentioned, even this year despite writing some really big checks to finish the new build program, we are cash flow positive and that will grow even more so next year as the new build program is over.

是的。我的意思是，正如我所提到的，即使今年我們開出了一些非常大的支票來完成新建項目，我們的現金流仍然是正的，而且隨著新建項目的結束，明年現金流還會進一步增長。

Priority one right now look at it, is to delever that we just did one of the maneuvers, which was to take out the second lien and greatly reduced interest expense by putting it on the revolver, we have the flexibility to pay that off when we want as cash flow from operations come in.

眼下首要任務是降低槓桿率，我們剛採取的措施之一就是取消第二順位抵押權，並透過循環信貸大幅降低了利息支出。隨著經營現金流的流入，我們可以靈活地在需要時償還這筆款項。

So priority next year, finish the Acadia, used the excess cash to start paying that down and then would just be left with the $325 million notes. Those will mature until '29 and they've got a fixed interest rate at $5.25.

所以明年的首要任務是完成阿卡迪亞項目，用多餘的現金開始償還貸款，然後就只剩下 3.25 億美元的票據了。這些債券將於 2029 年到期，固定利率為 5.25 美元。

Jon Tanwanteng, CJS.

Jon Tanwanteng，CJS。

I was wondering if you could talk a little bit more about Q4. I think you guys mentioned ending the year on a high note. Maybe give us a little bit more color on what is currently scheduled to revenue from a backlog perspective and given the dry docking schedule and how margins are likely to compare to Q3?

我想請您再詳細談談第四季的情況。我想你們都提到要以一個好成績結束這一年。能否從積壓訂單的角度，結合乾船塢維修計劃，詳細說明一下目前計劃的收入情況，以及利潤率與第三季度相比可能的情況？

Yes. Again, I'm not going to give specific guidance, but I'll reiterate every vessel is working the majority of the quarter with the exception of the two hopper dredges that we'll spend part of the quarter within dry dock, but they work up until the dry dock and then when they come out, typically, and I don't see the fourth quarter being really any different.

是的。再次聲明，我不會給出具體指導，但我重申，除兩艘耙吸式挖泥船外，所有船隻在本季度的大部分時間都在作業。這兩艘挖泥船將在本季度的一部分時間待在乾船塢中，但它們會在進塢前繼續作業，出塢後通常也會繼續作業，我認為第四季的情況也不會有什麼不同。

We are starting to work on some environmental window work, and those usually do come with higher margins. So revenue will be extremely strong despite having the two vessels in dry dock and margins will be extremely strong based on the work that we plan to be executing during the quarter.

我們正在著手一些環保窗戶項目，這些項目的利潤通常比較高。因此，儘管有兩艘船在幹船塢維修，但收入仍將非常強勁；而且，根據我們計劃在本季度執行的工作，利潤率也將非常強勁。

Okay. Great. That was helpful. And then just in Q3, can you help break out the offshore margin contribution so that maybe we can back into the dredging margins?

好的。偉大的。那很有幫助。然後，在第三季度，您能否幫忙分析一下海上利潤貢獻，以便我們能夠反推疏浚利潤？

Yes. And again, we're not going to give or ever give project by project, and there was only one project being executed, $6 million of revenue. Again, we just commenced the project. And I'll just tell you, it's the expectations we had going into this market, which were really healthy margins that this project did not disappoint.

是的。再次強調，我們不會也永遠不會逐一公佈，而且當時只有一個項目正在執行，收入為 600 萬美元。我們才剛啟動這個專案。我可以告訴你，我們進入這個市場時就抱持著很高的預期，那就是獲得非常可觀的利潤，而這個計畫並沒有讓我們失望。

Got it. So we shouldn't expect a change in the margin profile as you bring the Acadia online, if that's the case, is that fair to say?

知道了。如果是這樣，那麼隨著 Acadia 的上線，我們不應該期待利潤率會變化，這種說法對嗎？

That's correct.

沒錯。

Okay. Great. And then last one for me, just given the outperformance this year at an EBITDA level and maybe the changes in mix as you head into next year, is it possible to meet or beat the EBITDA that you're generating this year in '27 with two new ships coming online? Or is that going to be hard to do with the mix coming off and the hard comp from Q1?

好的。偉大的。最後一個問題，鑑於今年 EBITDA 水準的優異表現，以及明年產品組合的變化，在兩艘新船投入營運的情況下，2027 年是否有可能達到或超過今年的 EBITDA 水準？或者說，由於混音效果不佳以及第一季的嚴格壓縮，這很難做到嗎？

Yes. I mean -- so yes, we're -- we definitely have entered this year with well over $1 billion of backlog. We're still going to enter next year with healthy backlog. And the mix of projects are still going to be strong.

是的。我的意思是——所以，是的，我們——我們今年的積壓訂單總額肯定已經超過10億美元了。我們明年仍將保持健康的訂單儲備。而且專案組合依然會很強勁。

What we have in backlog now, the $934 million post quarter end, we've had some additional awards. There's also about $190 million in low bids and options pending.

目前我們積壓的訂單總額為 9.34 億美元，截至季末，我們也獲得了一些額外的訂單。此外，還有約 1.9 億美元的低價競標和選擇權待定。

One of those options two of the options are on the LNG projects, which have very high margin. Our expectations are those do get exercised, sometimes next year, and we'll execute those. So I do think when we look at 2026, we will have a similar mix of revenue like we saw this year.

其中兩個選項之一是液化天然氣項目，這些項目的利潤率非常高。我們預計這些措施將會實施，有時可能在明年，我們會執行這些措施。所以我認為，展望 2026 年，我們的收入組成將與今年類似。

So again, I'm not going to give guidance as to how next year compared to this year, but we see no reason why next year won't be an extremely strong year as well.

所以，我不會對明年與今年相比的情況做出預測，但我們認為明年也很有可能成為非常強勁的一年。

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

我目前沒有其他問題要問。現在我謹將發言權交還給艾瑞克·伯奇，請他作總結發言。

We appreciate the support of all our shareholders, employees and business partners. I want to thank everybody for joining the discussion today about the developments and initiatives of our business. We look forward to speaking to everybody next quarter. Thank you.

我們感謝所有股東、員工和商業夥伴的支持。我要感謝今天所有參與討論我們公司發展和舉措的各位。我們期待下個季度與大家交流。謝謝。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。