Orion Group Holdings Inc (ORN) 2023 Q2 法說會逐字稿

Good day and welcome to the Orion Group Holdings second-quarter 2023 earnings conference call and webcast. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎來到 Orion Group Holdings 2023 年第二季度收益電話會議和網絡廣播。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Margaret Boyce, Investor Relations for Orion. Please go ahead.

我現在想將會議交給 Orion 投資者關係部門的瑪格麗特·博伊斯 (Margaret Boyce)。請繼續。

Thank you, Dustin, and thank you all for joining us today to discuss Orion Group Holdings second-quarter 2023 financial results. We issued our earnings release after market last night. It is available in the Investor Relations section of our website at oriongroupholdingsinc.com.

謝謝達斯汀，也感謝大家今天加入我們討論 Orion Group Holdings 2023 年第二季度財務業績。我們昨晚在盤後發布了收益報告。您可以在我們網站 oriongroupholdingsinc.com 的投資者關係部分獲取該信息。

I'm here today with Travis Boone, Chief Executive Officer of Orion; and Scott Thanisch, Chief Financial Officer. On today's call, management will provide prepared remarks and then we'll open up the call for your questions.

今天我和 Orion 首席執行官特拉維斯·布恩 (Travis Boone) 一起來到這裡。和首席財務官 Scott Thanisch。在今天的電話會議上，管理層將提供準備好的發言，然後我們將開始電話會議詢問您的問題。

Before we begin, I would like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements that are identified by words such as will, be, intend, believe, expect, anticipate, or other comparable words and phrases. Statements that are not historical facts are forward-looking statements.

在開始之前，我想提醒您，今天的評論將包括聯邦證券法規定的前瞻性陳述。前瞻性陳述由“將”、“是”、“打算”、“相信”、“期望”、“預期”或其他類似詞語和短語等詞語識別。非歷史事實的陳述均為前瞻性陳述。

Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q and 10-K.

我們的實際財務狀況和經營業績可能與此類前瞻性聲明中預期的存在重大差異。我們向 SEC 提交的文件（包括我們的 10-Q 和 10-K 表格報告）中包含了對可能導致我們的結果與這些前瞻性陳述存在重大差異的因素的討論。

With that, I would now like to turn the call over to Travis. Travis, please go ahead.

至此，我現在想將電話轉給特拉維斯。特拉維斯，請繼續。

Thank you, Margaret, and welcome to everyone joining our call today. In the second quarter, we made substantial progress against our strategic plan, and Scott and I will cover the details in our prepared remarks.

謝謝你，瑪格麗特，歡迎大家今天加入我們的電話會議。在第二季度，我們在戰略計劃方面取得了實質性進展，斯科特和我將在我們準備好的發言中介紹詳細信息。

Before that, I wanted to give you more context around our second-quarter performance. As you saw in our press release, revenue came in at $182.5 million. Our loss per share was $0.01 and adjusted EBITDA was $3.7 million.

在此之前，我想向您提供有關我們第二季度業績的更多背景信息。正如您在我們的新聞稿中看到的，收入為 1.825 億美元。我們的每股虧損為 0.01 美元，調整後的 EBITDA 為 370 萬美元。

Last quarter, we told you that we expected second-quarter results to be better than the first quarter. And they are at a significant improvement over the last quarter, reflecting the progress we are making to improve our long-term performance. We expect continued improvement through the back half of the year.

上個季度，我們告訴您，我們預計第二季度的業績將好於第一季度。與上個季度相比，它們有了顯著改善，反映了我們在改善長期績效方面所取得的進展。我們預計今年下半年將繼續改善。

I'll start with our concrete business. As you've heard me say before, our immediate priority was to improve concrete's profitability. When Scott and I came onboard, the concrete business had been losing money for too long. Since we started the transformation of our company in September, we implemented disciplined bidding processes, made leadership changes, added more rigor in our project delivery, exited the unprofitable central Texas market, and focused our resources on our Dallas and Houston markets.

我將從我們的具體業務開始。正如您之前聽我說過的，我們的當務之急是提高混凝土的盈利能力。當斯科特和我加入時，混凝土業務已經虧損太久了。自九月份開始公司轉型以來，我們實施了嚴格的招標流程，進行了領導層變動，提高了項目交付的嚴格性，退出了不盈利的德克薩斯州中部市場，並將資源集中在達拉斯和休斯頓市場。

As a result of these actions, our concrete business returned to profitability in March. That profitability continued in April, May, and June, and we expect that trend to be sustainable. Right now, we have a large volume of work that has been bid, which reflects very strong demand in our core markets. We won't win all that work, especially if it doesn't meet our bid margin thresholds, and some customers are delaying decisions until the cost of capital stabilizes.

由於這些行動，我們的混凝土業務在三月份恢復了盈利。這種盈利能力在 4 月、5 月和 6 月持續存在，我們預計這種趨勢將持續下去。目前，我們有大量工作已招標，這反映出我們核心市場的需求非常強勁。我們不會贏得所有這些工作，特別是如果它沒有達到我們的出價保證金閾值，並且一些客戶正在推遲決策，直到資本成本穩定下來。

Even so, we feel concrete is in a strong position for the rest of 2023 and beyond. While concrete was a bright spot this quarter, our volume challenges in the marine business continued, primarily in our dredging operation. For context, our dredging business has historically been roughly 20% of our revenue and 30% of our profit. When that business is slow and we don't have work to bid, it has a big impact on us.

即便如此，我們認為混凝土在 2023 年剩餘時間及以後仍處於強勢地位。雖然混凝土是本季度的一個亮點，但我們在海洋業務中的數量挑戰仍在繼續，主要是在我們的疏浚作業中。就背景而言，我們的疏浚業務歷來約占我們收入的 20% 和利潤的 30%。當業務進展緩慢且我們沒有工作可投標時，就會對我們產生很大影響。

The Army Corps of Engineers has the responsibility, the mandate, and the funding to maintain US waterways along the Gulf Coast. They are very aware of the pressing need to dredge major shipping channels to keep commerce moving efficiently along the coast and to the ports. Delay of this maintenance activity has far-reaching consequences on the Gulf economy in the US supply chain, potentially disrupting shipping, goods handling, warehousing, and ground transportation. While we are excited about the potential to see significant opportunities in this space in the long run, our near-term bidding opportunities continue to be limited relative to historical levels.

陸軍工程兵團有責任、授權和資金來維護美國墨西哥灣沿岸的水道。他們非常清楚疏通主要航運通道的迫切需要，以保持沿海和港口的商業高效流動。這項維護活動的延誤對美國供應鏈中的海灣經濟產生了深遠的影響，可能會擾亂航運、貨物裝卸、倉儲和地面運輸。雖然從長遠來看，我們對在這一領域看到重大機會的潛力感到興奮，但我們的近期競標機會相對於歷史水平仍然有限。

In this environment, our focus is on carefully managing our costs and maintaining bidding discipline. In the second quarter, we were successful in winning a $27 million dredging contract from the Corps. And just last week, we won another $18 million contract with the Corps for dredging in Louisiana. These wins will help to get our dredges busier in the latter half of the year. We have several large outstanding bids for marine construction, and we remain confident that our opportunities to grow will continue.

在這種環境下，我們的重點是仔細管理成本並維持投標紀律。第二季度，我們成功贏得了軍團價值2700萬美元的疏浚合同。就在上週，我們又贏得了美國海軍陸戰隊價值 1800 萬美元的路易斯安那州疏浚合同。這些勝利將有助於我們的挖泥機在下半年更加繁忙。我們有幾個大型的海洋建設投標，我們仍然相信我們的增長機會將持續下去。

The $1.2 trillion Infrastructure Act was passed two years ago, and while only a very small portion of the work has started, it is coming. Our project to build a drydock at Pearl Harbor is underway, and we are mobilizing the equipment and resources to Hawaii. We expect our portion of the work on this $435 million contract to continue over the next 2.5 years. Orion is now fundamentally stronger and better positioned for accelerated profitable growth.

耗資 1.2 萬億美元的基礎設施法案已於兩年前通過，雖然只有很小一部分工作已經開始，但它即將到來。我們在珍珠港建造幹船塢的項目正在進行中，我們正在將設備和資源調往夏威夷。我們預計這份價值 4.35 億美元的合同的部分工作將在未來 2.5 年內繼續進行。 Orion 現在從根本上變得更加強大，並且處於加速利潤增長的更有利位置。

We laid out our three-point strategic plan earlier this year, and we have made substantial progress in a short time. We are committed to doing what we say we will do and delivering on our plan to transform our business. We began with a long checklist and have ticked off many of the boxes, all focused on de-risking the business to clear the path for long-term and sustainable growth. We shored up our balance sheet and liquidity. In many ways, this was one of the most critical objectives we faced.

今年早些時候，我們制定了三點戰略部署，並在短時間內取得了實質性進展。我們致力於言出必行，並兌現我們的業務轉型計劃。我們從一份很長的清單開始，並勾選了許多方框，所有這些都專注於降低業務風險，為長期和可持續增長掃清道路。我們支撐了資產負債表和流動性。從很多方面來說，這是我們面臨的最關鍵的目標之一。

We secured a new $103 million ABL credit facility and have thus far monetized $25 million of assets with substantially more under contract. We have attracted great talent to focus on business development and growth. Building stronger customer relationships is a critical element in driving future growth. Casey Stavinoha joined us to lead business development for our efforts in Louisiana, which is an important state for us, considering that $50 billion is earmarked for Louisiana coastal restoration.

我們獲得了 1.03 億美元的新 ABL 信貸額度，迄今為止已將 2500 萬美元的資產貨幣化，其中合同中的資產大幅增加。我們吸引了優秀人才專注於業務發展和增長。建立更牢固的客戶關係是推動未來增長的關鍵因素。 Casey Stavinoha 加入我們，領導我們在路易斯安那州的業務開發，路易斯安那州對我們來說是一個重要的州，考慮到路易斯安那州海岸恢復專項撥款 500 億美元。

Alan Eckman joined us in July to lead corporate growth and strategy reporting directly to me. These individuals bring years of experience and proven results to Orion. We will continue to invest in key resources focused on growing our business. We're also investing in training and tools that will allow our people to reach their full potential.

Alan Eckman 於 7 月加入我們，負責領導公司發展和戰略，直接向我報告。這些人為 Orion 帶來了多年的經驗和經過驗證的成果。我們將繼續投資於專注於發展業務的關鍵資源。我們還投資於培訓和工具，使我們的員工能夠充分發揮潛力。

Our goal is for our people to clearly understand our business objectives, embrace a growth mindset, and speak about the business in the same way. This is an important step in strengthening our culture, leveraging best practices, driving synergies, and cross-selling capabilities.

我們的目標是讓我們的員工清楚地了解我們的業務目標，擁抱成長心態，並以同樣的方式談論業務。這是加強我們的文化、利用最佳實踐、推動協同效應和交叉銷售能力的重要一步。

Looking ahead, we are extremely excited about the future. In the remaining months of 2023, we will continue to build momentum in the execution of our strategic plan and expect quarter-over-quarter improvements in performance. After establishing a foundation for the new Orion this year, 2024 will be a very different year for the company.

展望未來，我們對未來感到非常興奮。在2023年剩下的幾個月裡，我們將繼續為戰略計劃的執行積蓄動力，並期望業績實現季度環比改善。今年為新 Orion 奠定基礎後，2024 年對該公司來說將是非常不同的一年。

We are fortunate to have the most exceptional people in the industry and two businesses with different catalysts for growth; concrete, more driven by the private sector and marine, by the public sector. They can balance one another during challenging times. When both are performing well, as we expect in 2024, they can deliver dramatic growth.

我們很幸運擁有業內最傑出的人才以及兩家擁有不同增長催化劑的企業；具體而言，更多由私營部門和海洋部門推動，由公共部門推動。他們可以在充滿挑戰的時期相互平衡。當兩者都表現良好時（正如我們預計的 2024 年），它們可以實現顯著增長。

Now I will turn the call over to Scott for his review of the financials and operations.

現在我將把電話轉給斯科特，請他審查財務和運營情況。

Thanks, Travis. I'll cover some highlights and then review the second-quarter results. The main headline of the second quarter is the progress we've made strengthening our balance sheet and improving the company's liquidity. As we announced on May 15, we closed on a three-year $103 million ABL credit facility, which includes a term loan of $38 million and a revolving credit facility up to $65 million. By extending our debt maturities and increasing our access to capital, Orion will be in a position to make the most of our market opportunities.

謝謝，特拉維斯。我將介紹一些亮點，然後回顧第二季度的業績。第二季度的主要新聞是我們在加強資產負債表和改善公司流動性方面取得的進展。正如我們 5 月 15 日宣布的那樣，我們完成了一項為期三年、價值 1.03 億美元的 ABL 信貸安排，其中包括 3,800 萬美元的定期貸款和高達 6,500 萬美元的循環信貸安排。通過延長我們的債務期限和增加我們獲得資本的機會，Orion 將能夠充分利用我們的市場機會。

In addition, we closed $25 million in equipment and real estate sale leaseback transactions in the quarter. We're pleased to deliver progress on our asset monetization goals, and we remain focused on opportunities to unlock value on our balance sheet. In April, we signed a $36 million contract to sell our East West Jones property. And then in June, we signed a contract for the sale and partial leaseback of our Baytown Pipe Yard for $8.3 million. We expect these transactions to complete in the third and fourth quarter, respectively.

此外，我們在本季度完成了 2500 萬美元的設備和房地產售後回租交易。我們很高興在資產貨幣化目標上取得進展，並且我們仍然專注於釋放資產負債表價值的機會。 4 月份，我們簽署了一份價值 3600 萬美元的合同，出售我們的 East West Jones 房產。然後在 6 月，我們簽署了一份合同，以 830 萬美元的價格出售和部分回租我們的 Baytown Pipe Yard。我們預計這些交易將分別在第三季度和第四季度完成。

While our balance sheet is stronger and that is the headline for the quarter, I'm more excited about the transformation of our concrete segment performance, which, as Travis mentioned, hit positive adjusted EBITDA this quarter for the first time in two years. This was a $3 million improvement over both the prior year and the prior quarter. These margin improvements are sustainable and are supported by both operational process enhancements and more disciplined bidding leading to higher margin in our backlog.

雖然我們的資產負債表更加強勁，這是本季度的頭條新聞，但我對我們具體部門業績的轉變感到更興奮，正如特拉維斯提到的，本季度調整後的EBITDA 兩年來首次達到正數。這比去年和上季度都增加了 300 萬美元。這些利潤率的提高是可持續的，並得到運營流程改進和更嚴格的投標的支持，從而導致我們積壓的利潤率更高。

Moving on to our financial results, Orion produced $182.5 million of revenue in the second quarter, up 14.7% sequentially and down 6.2% from the prior year. The year-over-year decline was largely due to our exit of the central Texas construction market, partially offset by increased revenue in our marine segment, driven by our Hawaii drydock project.

接下來是我們的財務業績，Orion 第二季度的收入為 1.825 億美元，比上一季度增長 14.7%，比去年同期下降 6.2%。同比下降主要是由於我們退出德克薩斯州中部建築市場，部分被夏威夷幹船塢項目推動的海洋部門收入增加所抵消。

Second-quarter gross profit was $13.8 million or 7.6% of revenue compared to $14.3 million or 7.4% of revenue in the prior year period. Gross margin percentage increased due to our actions to improve concrete segment margins, partially offset by lower equipment and labor utilization in our marine business.

第二季度毛利潤為 1,380 萬美元，佔收入的 7.6%，而去年同期毛利潤為 1,430 萬美元，佔收入的 7.4%。由於我們採取了提高具體部門利潤率的行動，毛利率有所增加，但部分被我們船舶業務的設備和勞動力利用率下降所抵消。

Turning to more detail on our segments. Our marine segment reported second-quarter revenue just over $100 million, up 22.1% over the prior year. Adjusted EBITDA was $3.5 million or 3.4% adjusted EBITDA margin. This compares to adjusted EBITDA of $8.7 million and an adjusted EBITDA margin of 10.6% in the second quarter of last year. This decrease in adjusted EBITDA was primarily related to lower labor and equipment utilization.

轉向我們細分市場的更多細節。我們的船舶部門報告第二季度收入略高於 1 億美元，比上年增長 22.1%。調整後 EBITDA 為 350 萬美元，調整後 EBITDA 利潤率為 3.4%。相比之下，去年第二季度調整後 EBITDA 為 870 萬美元，調整後 EBITDA 利潤率為 10.6%。調整後 EBITDA 的下降主要與勞動力和設備利用率下降有關。

Second-quarter concrete revenue was $82 million, down 27% from the prior year. Adjusted EBITDA was $264,000 or 0.3% of revenue compared to negative $3 million -- negative 2.7% margin last year. As I mentioned, we expect these margin improvements to be sustainable moving forward.

第二季度混凝土收入為 8200 萬美元，比去年同期下降 27%。調整後 EBITDA 為 264,000 美元，佔收入的 0.3%，而去年的利潤率為負 300 萬美元，即負 2.7%。正如我所提到的，我們預計這些利潤率的改善將持續向前發展。

SG&A expenses for the second quarter were $18.1 million or 9.9% of revenues compared to $17.2 million or 8.9% of revenues in the prior year. SG&A grew due to increased compensation expense, partially offset by lower consulting expense related to the management transition.

第二季度的銷售、管理及行政費用為 1,810 萬美元，佔收入的 9.9%，而去年同期為 1,720 萬美元，佔收入的 8.9%。銷售、管理及行政費用增長是由於薪酬費用增加，但部分被與管理層換屆相關的諮詢費用減少所抵消。

Net loss for the quarter was $0.3 million or a loss of $0.01 per diluted share compared to a net loss of $3.1 million or a loss of $0.10 per diluted share in the prior year. This result included $4.3 million or $0.13 diluted earnings per share of non-recurring items.

本季度淨虧損為 30 萬美元，即稀釋後每股虧損 0.01 美元，而上一年淨虧損為 310 萬美元，即稀釋後每股虧損 0.10 美元。這一結果包括 430 萬美元或 0.13 美元的非經常性項目攤薄每股收益。

Excluding these items, second-quarter 2023 adjusted net loss was $4.5 million or $0.14 loss per diluted share. EBITDA for the second quarter was $7.6 million and adjusted EBITDA was $3.7 million.

不包括這些項目，2023 年第二季度調整後淨虧損為 450 萬美元，即稀釋後每股虧損 0.14 美元。第二季度 EBITDA 為 760 萬美元，調整後 EBITDA 為 370 萬美元。

Turning to bidding metrics, in the second quarter, we bid on approximately $762 million worth of opportunities and won $534 million with our Hawaii drydock project added to backlog. This resulted in a contract value weighted win rate of 70% and a book-to-bill ratio 2.9 times for the quarter. As of the end of June, our backlog was $818.7 million, a 75% increase over backlog at the end of the first quarter.

談到投標指標，第二季度，我們競標了價值約 7.62 億美元的機會，並贏得了 5.34 億美元，其中我們的夏威夷幹船塢項目已列入積壓訂單。這使得該季度的合同價值加權獲勝率為 70%，訂單出貨比為 2.9 倍。截至 6 月底，我們的積壓訂單為 8.187 億美元，比第一季度末的積壓訂單增加了 75%。

Breaking out our second-quarter backlog, $614.9 million of this was in our marine segment with $203.8 million in our concrete segment. Furthermore, we have been awarded over $84 million for new project work, not included in our backlog at the end of the second quarter. Of this, approximately $39 million is related to marine, with $45 million related to concrete.

根據我們第二季度的積壓訂單，其中 6.149 億美元來自我們的海洋部門，2.038 億美元來自我們的混凝土部門。此外，我們還獲得了超過 8400 萬美元的新項目工作獎勵，但並未包含在第二季度末的積壓工作中。其中，約 3900 萬美元與海洋相關，4500 萬美元與混凝土相關。

Moving on to our balance sheet. As of June 30, we had approximately $8.9 million of cash and $36.9 million of outstanding debt. In relation to our new debt facility, we incurred $5.9 million of debt issuance cost that will be amortized over the life of the agreement. As of the end of the quarter, we had no outstanding borrowings under our revolver.

繼續我們的資產負債表。截至 6 月 30 日，我們擁有約 890 萬美元的現金和 3690 萬美元的未償債務。關於我們的新債務融資，我們產生了 590 萬美元的債務發行成本，該成本將在協議期限內攤銷。截至本季度末，我們的左輪手槍沒有未償還的借款。

As we look ahead to the second half of the year, we're optimistic. As Travis said, we expect to see quarter-over-quarter improvements throughout the year as we realize the benefits of our strategic initiatives. While the low bidding volume in the dredging market continues to impact our industry, our recent wins will enable us to get more of our fleet to work in the coming months, and we are excited as Hawaii ramps up and contributes significantly to our second half.

展望下半年，我們感到樂觀。正如特拉維斯所說，隨著我們意識到戰略舉措的好處，我們預計全年都會出現季度環比的改善。雖然疏浚市場的低投標量繼續影響我們的行業，但我們最近的勝利將使我們能夠在未來幾個月讓更多的船隊投入工作，我們對夏威夷的崛起感到興奮，並為我們的下半年做出了重大貢獻。

With that, we'll open the call to your questions. Dustin?

這樣，我們將開始回答您的問題。達斯汀？

(Operator Instructions) Joe Gomes, NOBLE Capital.

（操作員指令）Joe Gomes，NOBLE Capital。

So I just wanted to just clarify some stuff here on the concrete segment. You talked about it being profitable basically since March. But if I'm looking at the tables in your release, it says concrete segment had an operating loss of about $1.5 million in the quarter. So when you say profitability, you're just talking about on the adjusted EBITDA basis. And when do you forecast that on an operating income basis, the concrete segment will turn profitable?

所以我只是想澄清一些關於具體部分的內容。你說從3月份開始基本上就盈利了。但如果我查看你們發布的表格，就會發現混凝土部門本季度的運營虧損約為 150 萬美元。因此，當你說盈利能力時，你只是在談論調整後的 EBITDA 基礎。您預測，在營業收入的基礎上，具體業務何時會實現盈利？

Yeah, Joe, that's right. We're thinking about it on an adjusted EBITDA basis. In terms of when it might turn profitable on an operating income basis, I don't know that. I'm going to call a month there, but I do think that we can see continued improvement in that business. We think that the opportunities in front of it are pretty significant. And the strides that we've taken to improve the margins there, as we've said, we think are going to stick. So we expect continued improvement in that business, and we'll close that gap on the op inc as well over time.

是的，喬，沒錯。我們正在調整後的 EBITDA 基礎上考慮這個問題。至於什麼時候可以在營業收入的基礎上實現盈利，我不知道。我打算在那里呆一個月，但我確實認為我們可以看到該業務的持續改善。我們認為擺在它面前的機會是相當重大的。正如我們所說，我們為提高利潤率所採取的措施將會持續下去。因此，我們預計該業務將持續改善，並且隨著時間的推移，我們也將縮小與 op 公司的差距。

Okay. Thank you for that. And are you completely out of central Texas or is there still a few more things that you need to finish up there?

好的。謝謝你。您是否完全離開了德克薩斯州中部，或者您還需要完成一些事情嗎？

We're wrapping up. I think we have two, maybe two or three projects in the final throes of completion here. They should be wrapped up, I believe, in the next month or so. We're almost out.

我們即將結束。我認為我們有兩個，也許是兩三個項目正處於最後的完成階段。我相信，他們應該在下個月左右完成。我們快出去了。

Yeah, as punch list work, there's not really any significant backlog associated with central Texas remaining.

是的，隨著遺留問題清單的工作，德克薩斯州中部確實沒有任何重大的積壓工作。

Okay, great. And one more, if I may. You talked about some of the monetizations, East West Jones, Baytown, Port Lavaca South. When all of those are said and done, how much cash do you think they're going to bring in on the balance sheet?

好的，太好了。如果可以的話，再來一張。你談到了一些貨幣化，東西瓊斯、貝敦、拉瓦卡港南。當所有這些都說完並完成後，您認為他們會在資產負債表上帶來多少現金？

Yeah, so I think we've talked about the $25 million already that we did this quarter between the outstanding contracts that we have and other things that we see as potential opportunities on the balance sheet. I think there's probably another $40 million to $50 million that we anticipate as realizable in the near term. So that's what we're working towards in our goals right now.

是的，所以我認為我們已經討論了本季度我們在未完成的合同和我們認為資產負債表上潛在機會的其他事情之間所做的 2500 萬美元。我認為我們預計短期內可能還會實現另外 4000 萬至 5000 萬美元的資金。這就是我們現在正在努力實現的目標。

Okay, great. Thanks. I'll get back in queue.

好的，太好了。謝謝。我會回到隊列中。

Julio Romero, Sidoti.

胡里奧·羅梅羅，西多蒂。

Hey, I wanted to start on the marine segment. How much revenue in the second quarter did you see from the Pearl Harbor drydock project and how much revenue do you expect to realize from that project in the third quarter?

嘿，我想從海洋領域開始。您在第二季度從珍珠港幹船塢項目中看到了多少收入？您預計在第三季度從該項目中實現多少收入？

Yeah, we don't talk on specific contracts really, but it was a pretty significant contributor to revenue in the second quarter and it should be more in the third quarter. I think that in the second quarter, it was several tens of millions, but it's going to be more going forward. We'll have a more significant ramp in the beginning of next year as we really start driving pile.

是的，我們實際上並沒有談論具體合同，但它對第二季度的收入做出了相當大的貢獻，並且在第三季度應該會更多。我認為第二季度是幾千萬，但未來會更多。明年初，當我們真正開始打樁時，我們將有一個更顯著的坡道。

Okay. No, I appreciate the color that you can give there. And it was nice to see the $45 million of dredging contracts that you won recently for Texas and Louisiana. But your commentary, Travis, on the prepared remarks sounded a little bit pessimistic on the pipeline of dredging bids. I don't know if you can just talk about that. Has it gotten maybe a little better, worse, or same as three months ago?

好的。不，我很欣賞你可以在那裡提供的顏色。很高興看到您最近贏得了德克薩斯州和路易斯安那州價值 4500 萬美元的疏浚合同。但特拉維斯，你對準備好的言論的評論聽起來對疏浚投標管道有點悲觀。我不知道你是否可以簡單談談這個問題。與三個月前相比，情況是好一點、更糟了還是一樣？

I mean, it's -- I don't know if it's better, worse, or roughly the same as it was three months ago. It's just been slow, quite frankly, slower than historic volumes, to be clear. And that, as you know, it really impacted us in the second quarter. We had dredges sitting around, waiting to go to work. Fortunately, we'll get most of our dredges busy with the contracts we've won recently. But we need to keep the bids going so that we can keep those things moving when they are certain that it costs us a lot of money.

我的意思是，我不知道情況與三個月前相比是好還是壞，或者大致相同。坦率地說，這只是速度很慢，比歷史銷量還要慢。正如您所知，這確實對我們第二季度產生了影響。我們有挖泥機停在附近，等待上班。幸運的是，我們的大部分挖泥船將忙於我們最近贏得的合同。但我們需要繼續投標，這樣當他們確定這會花費我們很多錢時，我們才能讓這些事情繼續進行。

We are in an active dialogue with the Army Corps of Engineers, and we will certainly continue that. They understand both the need and the value to their purchasing program of getting that bid flow up and getting the market in a more stable position.

我們正在與陸軍工程兵團進行積極對話，並且我們一定會繼續下去。他們了解採購計劃的必要性和價值，即提高出價流量並使市場處於更穩定的位置。

Got it. And just one clarification question. You talked about the dredging historically has been 20% of revenue and 30% of profit. I assume those metrics are for the marine segment standalone and not for Orion overall. Is that correct?

知道了。只是一個澄清問題。您談到疏浚歷史上佔收入的 20% 和利潤的 30%。我認為這些指標是針對海洋領域的獨立指標，而不是針對 Orion 整體。那是對的嗎？

It's actually overall.

其實是整體的。

Oh, really. Okay. Great to clarify that. Okay. Excellent. All right, well, thanks very much for taking my questions.

哦真的嗎。好的。很高興澄清這一點。好的。出色的。好的，非常感謝您回答我的問題。

Dave Storms, Stonegate Capital Markets.

戴夫·斯托姆斯 (Dave Storms)，Stonegate 資本市場。

I'm just hoping we could touch on the burn rate for the backlog. I know last quarter, you had mentioned that's in the high $300 millions. Is that expected to remain constant, maybe another $300 million or so the rest of the year, or is there any comment you can give on that?

我只是希望我們能談談積壓的燃燒率。我知道上個季度，您曾提到高達 3 億美元。預計這一數字將保持不變，可能在今年剩餘時間裡再增加 3 億美元左右，或者您對此有何評論？

Generally speaking and looking at our backlog, it's for the next 12 months, probably two-thirds. And I think that over the next six months, that two-thirds -- it's probably the majority of that two-thirds. But I think that we typically are looking at backlog out longer than just the next few months. So where we see it right now in the similar place and having a similar profile in terms of how it's going to schedule out is what we have typically seen in our business.

一般來說，看看我們的積壓訂單，這是未來 12 個月的時間，可能是三分之二。我認為在接下來的六個月裡，這三分之二——可能是這三分之二中的大多數。但我認為，我們通常會考慮積壓的時間，而不僅僅是未來幾個月。因此，我們現在在類似的地方看到它，並且在如何安排方面具有類似的配置文件，這就是我們在業務中通常看到的情況。

That's very helpful. Thank you. And then just sticking with the backlog, is there any sense that you could give us on what the margin expansion may look like specifically on the concrete segment in that backlog or -- or you want to comment on that?

這非常有幫助。謝謝。然後，只關注積壓訂單，您是否可以向我們介紹一下積壓訂單中具體部分的利潤擴張情況，或者您想對此發表評論？

Well, in terms of how we're bidding jobs, we've not given a whole lot of details around that. But our historical approach to bidding jobs, we are several points higher than that in terms of how we're approaching our value in the marketplace right now. And we are being successful at those higher bid rates. So we'll see in our backlog over time, the rates coming up from our historical over the last 12 months up another two to three points over those historical rates, I think is what we'll see is that bears out.

嗯，就我們如何競標工作而言，我們還沒有提供很多細節。但就我們目前在市場上實現價值的方式而言，我們過去投標工作的方法比以前高出幾個百分點。我們以更高的出價取得了成功。因此，隨著時間的推移，我們將在我們的積壓訂單中看到，過去12 個月的歷史利率比歷史利率又​​高出兩到三個百分點，我認為我們將看到這一點得到證實。

Yeah, as we burn off the backlog with some of those lower bid margins.

是的，我們用一些較低的出價利潤來燒掉積壓的訂單。

That's very helpful. Thank you. One more, if I could. You mentioned that in your concrete segment, you're waiting for the cost of capital to stabilize before you think the bidding environment picks up again. Aside from the Army Corps of Engineers changing their stance, are there any catalysts that you're keeping an eye out for, for the marine segment to maybe pick up?

這非常有幫助。謝謝。如果可以的話，再來一張。您提到，在您的具體領域，您正在等待資本成本穩定下來，然後才認為投標環境再次回升。除了陸軍工程兵部隊改變立場之外，您是否正在密切關注任何推動海軍陸戰隊復甦的催化劑？

I'm not sure if you had a question on the concrete side there specifically, but I'll just clarify, we've seen quite a few bid opportunities on the concrete side. It's a matter of projects actually moving forward. We're bidding work. The projects tend to -- are lagging longer before we get notice to proceed and things like that as developers move forward with projects.

我不確定您是否有具體的具體問題，但我只是澄清一下，我們已經看到了很多具體方面的投標機會。這是項目實際推進的問題。我們正在招標工作。隨著開發人員推進項目，在我們收到繼續進行的通知之前，這些項目往往會滯後更長時間。

On the marine side, there's quite a few different catalysts active right now that we see with bidding opportunities picking up. All the ports are scrambling on the eastern part of the US to expand because of the expansion of the Panama Canal. So bigger ships are able to come to the Panama Canal. So all the ports that utilize ships coming through there are scrambling to increase whether it's increased shipping channel depths or the size of their ports to bring bigger and bigger ships. And then with that, the private sector does the same, right?

在海運方面，我們看到目前有很多不同的催化劑活躍，競標機會有所增加。由於巴拿馬運河的擴建，美國東部各港口都爭先恐後地擴張。因此更大的船隻能夠來到巴拿馬運河。因此，所有使用經過那裡的船舶的港口都在爭先恐後地增加航道深度或港口規模，以容納越來越大的船舶。然後，私營部門也會這樣做，對嗎？

All of the -- whether it's industrial, petrochem companies, all along the Gulf and East Coast that utilize ships that come through there, they're also scrambling to be able to bring in bigger ships. So they're all in the same boat with needing to expand the facilities. So you have that catalyst.

所有的——無論是工業公司、石化公司，還是墨西哥灣和東海岸沿線的所有船隻都使用經過那裡的船隻，他們也在爭先恐後地引進更大的船隻。因此，他們都有同樣的想法，都需要擴大設施。所以你就有了那個催化劑。

Defense spending is continuing pretty rapidly, especially in the Pacific, so that we expect that view to continue ramping up. And then we've got the Infrastructure Act, IIJA, that's -- money -- we expect money to start flowing to projects in the relatively near future. So there's several catalysts on the marine side that we're very optimistic about.

國防開支持續快速增長，尤其是在太平洋地區，因此我們預計這種觀點將繼續升溫。然後我們有了基礎設施法案 IIJA，那就是——資金——我們預計資金將在不久的將來開始流向項目。因此，我們對海洋方面的幾個催化劑非常樂觀。

That's incredibly helpful. Thank you for the clarification and thank you for taking my question.

這非常有幫助。感謝您的澄清並感謝您提出我的問題。

(Operator Instructions) Alex Rygiel.

（操作員說明）Alex Rygiel。

Can you -- first on the Hawaii project. Is the profit recognition along the same trajectory as the revenue?

你可以嗎——首先是夏威夷項目。利潤確認與收入的軌跡是否一致？

In terms of physical progress, it's a little bit different. The revenue recognition has a few different drivers. Physical progress is that 2.5 year fairly steady as we drive pile over that timeframe. And we can report on that as we go. But revenue recognition largely aligned, but there will be some differences early in the project as we have some mobilization-related revenues.

就身體進步而言，有點不同。收入確認有幾個不同的驅動因素。當我們在這段時間內打樁時，物理進展是 2.5 年相當穩定。我們可以隨時報告這一情況。但收入確認基本一致，但在項目早期會有一些差異，因為我們有一些與動員相關的收入。

Okay, and then can you talk a bit about the cash needed for working capital on the Hawaii project?

好的，那麼您能談談夏威夷項目營運資金所需的現金嗎？

Sure. Yeah. In terms of our expectations of the level of working capital investment needed, I think we've talked before about between $5 million to $10 million of working capital investment. When we were negotiating those contracts, we were very careful to include in that good cash dynamics and terms for us both with the JV partner and the JV with the Navy. So we have a fairly short period of time that we have to wait for some of our revenues, and that helps to ease a little bit of the depth necessary for working capital.

當然。是的。就我們對所需營運資本投資水平的預期而言，我認為我們之前已經討論過 500 萬至 1000 萬美元的營運資本投資。當我們談判這些合同時，我們非常小心地將我們與合資夥伴以及海軍合資企業的良好現金動態和條款納入其中。因此，我們必須等待部分收入的時間相當短，這有助於緩解營運資本所需的深度。

And then lastly, what's your CapEx budget for this year and next?

最後，您今年和明年的資本支出預算是多少？

Good question. This year, I would say that our year-to-date CapEx is relatively low, considering where we have historically been. I think, historically, you would typically see us around $15 million of annual CapEx. I think that that's probably a good number for us on a normal year. And I would expect that we'll get a little more spending in the back half of the year, although we won't quite approach that level for this year.

好問題。今年，我想說，考慮到我們的歷史狀況，我們今年迄今為止的資本支出相對較低。我認為，從歷史上看，我們的年度資本支出通常約為 1500 萬美元。我認為這對於正常年份的我們來說可能是一個不錯的數字。我預計我們將在今年下半年獲得更多的支出，儘管今年我們不會完全達到這個水平。

Next year, I expect we'll probably see a little bit more spending and we're working through the plans on that right now. Not quite ready to talk about it, but we'll get there closer to the end of the year.

明年，我預計我們可能會看到更多的支出，我們現在正在製定相關計劃。還沒準備好談論它，但我們會在接近年底的時候實現這一點。

Perfect. Thank you very much. Nice quarter.

完美的。非常感謝。不錯的季度。

(Operator Instructions) David Wright, Henry Investment Trust.

（操作員說明）大衛·賴特，亨利投資信託公司。

Good morning. There was a press release from the company not quite two years ago about a couple of contracts. One is State Road 405 Indian River Bridge and the other was Berth 6 Expansion. There were a couple of nice-sized contracts that were supposed to go on for two or three years. I was wondering, could you give us an update on the status of each of those and whether you've had any snags or not?

早上好。不到兩年前，該公司發布了一份關於幾份合同的新聞稿。一個是 405 國道印第安河大橋，另一個是 6 號泊位擴建。有幾份規模不錯的合同應該持續兩到三年。我想知道，您能否向我們介紹一下每個項目的最新狀態以及是否遇到任何障礙？

Quite frankly, I've only been here nine months. I'm not familiar with either one of those projects. Those press releases were before my time and they must be complete because I'm not familiar with them at all. So wish (multiple speakers) sorry, I had a better answer for you. They must be complete or something. Because I'm --

坦白說，我來這裡才九個月。我對這兩個項目都不熟悉。這些新聞稿是在我之前發布的，而且它們必須是完整的，因為我根本不熟悉它們。所以希望（多個發言者）抱歉，我有一個更好的答案給你。它們必須是完整的或者什麼的。因為我是 -

Or we might know by different names.

或者我們可能知道不同的名字。

Maybe we know them by different names, right. I'm not familiar with those two projects.

也許我們以不同的名字認識他們，對吧。我對這兩個項目不熟悉。

The first $125 million over the NASA Causeway near Cape Canaveral --

第一個 1.25 億美元飛越卡納維拉爾角附近的 NASA 堤道——

Oh, Cape Canaveral, yes. Thank you. That's helpful. I know that one. That's not the Causeway in our terminology. So that project is going really well. We reached a big milestone here a couple of months ago with getting -- there's two -- it's a side-by-side bridges, so we completed the first bridge here a couple of months ago ahead of schedule.

哦，卡納維拉爾角，是的。謝謝。這很有幫助。我知道那個。這不是我們術語中的堤道。所以這個項目進展得非常順利。幾個月前，我們在這里達到了一個重要的里程碑，有兩座並排的橋樑，所以我們提前幾個月前在這裡完成了第一座橋樑。

And there's actually quite a bit of press from Florida DOT about that one. They were really excited to get that one open. We're now in the demo phase of the existing bridge and expect to get the second bridge open ahead of schedule as well. So that project is going very well.

事實上，佛羅里達州交通部對此進行了大量報導。他們真的很興奮能打開那個。我們現在正處於現有橋樑的演示階段，預計第二座橋樑也能提前開放。所以那個項目進展得很順利。

Okay. The other one, maybe you'll notice Port Arthur? Port Arthur, Berth 6 Expansion project, $67 million?

好的。另一個，也許你會注意到亞瑟港？亞瑟港6號泊位擴建項目，6700萬美元？

Yeah, it's under construction right now. We're making good progress on it. And I'm not sure if I have more details on that other than we're making good progress on that project.

是的，現在正在建設中。我們正在這方面取得良好進展。除了我們在該項目上取得良好進展之外，我不確定是否有更多細節。

Well, great. Thanks for updating those two large contracts and good luck as you continue moving forward with your turnaround plans. Thanks for taking my questions.

嗯，太好了。感謝您更新這兩份大合同，祝您在繼續推進周轉計劃時好運。感謝您回答我的問題。

(Operator Instructions) And with that being said, there are no further questions at this time. Mr. Boone, I turn the call back over to you.

（操作員說明）話雖如此，目前沒有其他問題。布恩先生，我把電話轉給你。

Thank you. I just wanted to close with we are really proud of the progress we've made with transforming this business to be healthier, profitable, and set up for future success. We've been doing what we said we would do, and the results are starting to show. Our team has been working hard to make it all happen, and we appreciate all of their efforts to make us a stronger company.

謝謝。最後我想說的是，我們對我們在將這項業務轉變為更健康、盈利並為未來的成功做好準備方面所取得的進展感到非常自豪。我們一直在做我們說過要做的事情，結果已經開始顯現。我們的團隊一直在努力實現這一切，我們感謝他們為使我們成為一家更強大的公司所做的一切努力。

This now concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。