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What were the key takeaways from Great Lakes Dredge & Dock's earnings call?

- **Record Q3 Performance**: $195.2 million revenue and $39.3 million EBITDA, with 22.4% gross margin.
- **Backlog Visibility**: $935 million backlog, 84% in high-margin projects, $136 million new awards.
- **Strategic Fleet Expansion**: Amelia Island and Acadia vessels enhance capabilities for coastal and offshore energy work.
- **Financial Strength**: $17.7 million net income, 2.5x leverage, and $52 million free cash flow year-to-date.
- **2026 Outlook**: Fully booked Acadia, strong cash flow, and expectations for another record year.

### CEO Summary Section
- **Revenue and EBITDA**: Q3 2025 revenue of $195.2 million and adjusted EBITDA of $39.3 million, driven by high utilization and project performance.
- **Backlog Strength**: $935 million backlog, 84% in capital and coastal protection projects, with $136 million in new awards.
- **Newbuild Program**: Delivery of Amelia Island dredge and Acadia rock installation vessel (expected Q1 2026), enhancing fleet capabilities.
- **Offshore Energy**: Active in Empire Wind 1 and Sunrise Wind projects, with Acadia fully booked for 2026.
- **Financial Moves**: Refinanced $430 million credit facility, repaid $100 million second-lien notes, reducing interest expense by $6 million annually.

### CFO Financial Commentary
- **Net Income and Margins**: Q3 net income of $17.7 million (vs. $8.9 million YoY), gross profit margin at 22.4% (up from 19% YoY) due to higher-margin projects.
- **Cost Management**: Operating expenses down, free cash flow positive for 2025, with expectations for significant growth in 2026.
- **Balance Sheet**: $12.7 million cash, 2.5x leverage ratio, and no debt maturities until 2029.
- **Capital Expenditures**: Q3 CapEx of $32.8 million, full-year guidance of $140-150 million for newbuild completion.

### Q&A Highlights
- **Bidding Trends**: 2025 bid market normalized at $1.8 billion, focused on coastal protection and maintenance dredging.
- **Government Shutdown Impact**: Minimal disruption; projects fully funded and ongoing.
- **Acadia Strategy**: 2026 utilization secured, exploring international and non-wind subsea protection markets.
- **Q4 Outlook**: Strong revenue and margins despite 2 dredges in dry dock, with environmental projects driving higher margins.
- **Cash Flow Priorities**: Deleveraging and paying down revolver, targeting 2026 free cash flow positivity.

Great Lakes Dredge & Dock Corporation (GLDD) Q3 2025 Earnings Call Transcript

- **Record Q2 Results**: $193.8M revenue (+13.5% YoY), $28M EBITDA (14.4% margin), driven by high-margin coastal projects.
- **Strong Backlog**: $1B backlog (93% capital/coastal) + $215M awards pending, ensuring 2025/2026 visibility.
- **Newbuild Completion**: Amelia Island dredge Q3 2025, Acadia subsea vessel Q1 2026, enabling 2026+ cash flow growth.
- **International Expansion**: Shifting Acadia focus to Europe/Asia for subsea infrastructure protection and offshore wind projects.
- **Share Repurchase**: $50M program underway, $11.6M spent Q2, with potential for further buybacks at depressed valuations.
- **Balance Sheet Strength**: $272M liquidity, 2.7x leverage, no debt maturities until 2029.

**【CEO Summary Section】**
- Q2 2025 revenue of $193.8 million, up 13.5% YoY, driven by high equipment utilization and strong project execution.
- Adjusted EBITDA of $28 million (14.4% margin), reflecting improved project margins from capital and coastal protection projects (88% of Q2 revenue).
- Backlog remains strong at $1 billion (93% from capital/coastal projects) + $215.4 million in awards/options pending.
- Newbuild program nearing completion: Amelia Island dredge expected Q3 2025 delivery, Galveston Island in service, and Acadia subsea vessel set for Q1 2026 delivery.
- $50 million share repurchase program initiated in March; $11.6 million spent through Q2.

**【CFO Financial Commentary】**
- Gross profit up 22.8% YoY to $36.6 million (18.9% margin), driven by higher-margin projects and improved utilization.
- Operating income of $17.1 million (+17.2% YoY), offset by higher G&A expenses (incentive comp).
- Net income of $9.7 million (+26% YoY), with tax expense up 21% due to stronger results.
- Q2 CapEx of $64.6 million ($19.8M Amelia Island, $28.7M Acadia), with full-year guidance unchanged at $140-160 million.
- Balance sheet strong: $2.9 million cash, $272 million liquidity, 2.7x trailing 12-month leverage ratio.
- Expect 2025 to be record year for revenue and net income; 2026+ cash flow to improve with newbuild completion.

**【Q&A Key Highlights】**
- **Acadia Strategy**: Shifting focus to Europe/Asia for 2027+ due to slower U.S. offshore wind market; targeting subsea infrastructure protection (oil/gas pipelines, power cables) and international wind farms.
- **Dry Docking**: 3 vessels in Q3 dry dock, but others fully utilized; 2026 expected to have lighter dry docking schedule.
- **Capital Allocation**: Prioritize completing newbuild program before resuming share buybacks; revolver expanded to $330 million to support letter of credit needs for LNG/offshore energy projects.
- **Backlog Visibility**: 2025 dredging bid market normalized at ~$2 billion; early signs of next wave of port deepening projects (NY, NJ, Tampa) for 2027+.
- **Acadia Revenue**: Q1 2026 delivery to Empire Wind I project; expects >$100 million annualized revenue potential in U.S., with international opportunities to follow.


Great Lakes Dredge & Dock Corporation (GLDD) Q2 2025 Earnings Conference Call Transcript

- **Record Q1 Performance**: $242.9M revenue, $60.1M EBITDA, 0 safety incidents; 95% of $1B backlog in high-margin projects.
- **New Projects & Growth**: Woodside LNG project to start 2026; 2 LNG projects ongoing; Amelia Island and Acadia vessels set to boost capacity.
- **Financial Strength**: 58% YoY net income growth; 24.7% EBITDA margin; $330M revolver enhances liquidity.
- **Risks & Mitigation**: Empire Wind 1 pause offset by $9-10M termination fees; international expansion diversifies offshore energy revenue.
- **2025 Outlook**: Full-year results to exceed 2024; Q2 dry dock impact temporary, with 2026 cash flow positivity.

**【CEO Opening Remarks】**
- Q1 2025 revenue: $242.9M, adjusted EBITDA: $60.1M, with 0 recordable injuries, reflecting strong safety culture.
- Backlog remains robust at $1B, with 95% from capital/coastal protection projects; $265M in low bids/options pending award.
- New Woodside Louisiana LNG project to commence dredging in early 2026, adding to 2 ongoing LNG projects.
- $50M share repurchase program initiated, with $10.4M spent as of April 30.
- Newbuild program: Amelia Island hopper dredge (delivery Q3 2025) and Acadia subsea rock vessel (Q1 2026) set to enhance coastal protection and offshore energy capabilities.

**【CFO Financial Highlights】**
- Q1 2025: Net income $33.4M, up 58% YoY; adjusted EBITDA margin 24.7%, driven by 87% revenue from high-margin projects.
- Gross profit $69.5M (28.6% margin), up 52% YoY; operating expenses increased due to higher incentive compensation.
- Capital expenditures $11.4M (Amelia Island: $2M, Acadia: $3.9M); full-year CapEx guidance unchanged at $140-160M.
- Balance sheet: $11.3M cash, $330M revolver (up from $300M), net leverage 2.7x; expects cash flow positive from 2026 as newbuilds complete.

**【Market Outlook & Q&A Highlights】**
- 2025 bid market expected at $2B, focused on coastal protection and maintenance dredging; Q2/Q3 likely see project awards from 2023 disaster relief funding.
- Offshore wind: Empire Wind 1 project paused by Equinor; cancellation fees and international market diversification (UK, EU, Asia) mitigate risk.
- Competitive environment stable; selective bidding strategy leverages fleet strength for high-margin projects.
- Dry dock impact: Q2 most affected with 4 vessels at dock; Q1 saw 1 hopper dredge offline, limiting revenue but maintaining strong project execution.
- Tariff exposure minimal; U.S.-sourced supplies dominate, with international procurement focused on lower-tariff regions.

Great Lakes Dredge & Dock (GLDD)-6 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: $762.7M revenue (+28% YoY), $136M EBITDA (second-highest in 135-year history). 
- **Backlog Strength**: $1.2B backlog (94% high-margin projects). Won 33% of $2.9B bid market. 
- **New Assets Driving Growth**: Galveston Island contributed $235M; Amelia Island to join fleet mid-2025. 
- **Offshore Expansion**: Acacia vessel targeting $10B+ global rock installation market (offshore wind + pipeline/cable protection). 
- **2025 Outlook**: $720M revenue conversion from backlog; 24.1% gross margin expected despite 7 dredge dry dockings.

**【CEO Opening Remarks】**
- Q4 2024 revenue: $202.8M; full-year revenue: $762.7M (up 28% YoY). Adjusted EBITDA: $136M (second-highest in company history). 
- 2024 backlog: $1.2B (94% from high-margin port deepening/coastal protection projects). Won 33% of $2.9B bid market. 
- New hopper dredge Galveston Island contributed $235M to Sabine-Neches project. Sister ship Amelia Island to deliver mid-2025. 
- Offshore wind strategy expanded to include oil/gas pipeline and telecom cable protection in Europe/Asia. 

**【CFO Financial Breakdown】**
- Q4 2024: 
  - Revenue: $202.8M (+11% YoY). 
  - Net income: $19.7M. 
  - Adjusted EBITDA: $40.2M (20% margin). 
  - Gross margin: 24.1% (vs 21.3% YoY). 
- Full-year 2024: 
  - Revenue: $762.7M (+28% YoY). 
  - Net income: $57.3M (+347% YoY). 
  - Adjusted EBITDA: $136M (+87% YoY). 
- 2025 outlook: 60% of $1.2B backlog ($720M) to convert to revenue. 7 dredge dry dockings planned (4 hopper dredges). 

**【Market Outlook & Q&A Highlights】**
- 2025 bid market expected to resemble 2023: strong coastal protection activity, slower port deepening. 
- Acadia rock installation vessel delivery delayed to Q4 2025 (from Q3 2025). International tenders in Europe/Asia starting H2 2026. 
- Title XI funding paused under new admin; no impact on Acadia construction (fully funded). 
- 2025 capex: $140-160M (Amelia Island/Acadia completion + maintenance). 
- Q1 2025: Strongest quarter with minimal dry dock impact; 85%+ revenue from high-margin projects.

Great Lakes Dredge & Dock (GLDD)-18 Feb 25-2024 Q4 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-5 Nov 24-2024 Q3 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-6 Aug 24-2024 Q2 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-7 May 24-2024 Q1 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-14 Feb 24-2023 Q4 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-7 Nov 23-2023 Q3 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-1 Aug 23-2023 Q2 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-2 May 23-2023 Q1 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-15 Feb 23-2022 Q4 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-1 Nov 22-2022 Q3 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-3 Aug 22-2022 Q2 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-3 May 22-2022 Q1 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-16 Feb 22-2021 Q4 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-2 Nov 21-2021 Q3 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-3 Aug 21-2021 Q2 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-4 May 21-2021 Q1 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-18 Feb 21-2020 Q4 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-4 Nov 20-2020 Q3 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-4 Aug 20-2020 Q2 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-5 May 20-2020 Q1 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-19 Feb 20-2019 Q4 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-5 Nov 19-2019 Q3 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-2 Aug 19-2019 Q2 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-1 May 19-2019 Q1 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-20 Feb 19-2018 Q4 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-6 Nov 18-2018 Q3 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-1 Aug 18-2018 Q2 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-2 May 18-2018 Q1 Earnings call transcript

Great Lakes Dredge & Dock (GLDD)-20 Feb 18-2017 Q4 Earnings call transcript

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