Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q2 2023 Results Conference Call August 1, 2023 10:00 AM ET

Company Participants

Tina Baginskis - Director of Investor Relations

Lasse Petterson - President and Chief Executive Officer

Scott Kornblau - Senior Vice President and Chief Financial Officer

Conference Call Participants

Adam Thalhimer - Thompson, Davis

Joe Gomes - NOBLE Capital

Pete Lukas - CJS Securities

Operator

Good day, and thank you for standing by. Welcome to the Second Quarter 2023 Great Lakes Dredge & Dock Corporation Earnings Conference Call. At this time, all participants are in listen-only mode. [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, Tina Baginskis. Please go ahead.

Tina Baginskis

Good morning, and welcome to our second quarter 2023 conference call. Joining me on this call this morning is President and Chief Executive Officer, Lasse Petterson; and our Chief Financial Officer, Scott Kornblau, Lasse will provide an update on the events of the quarter, then Scott will continue with an update on our financial results for the quarter. Lasse will conclude with an update on the outlook for the business and the market. Following their comments, there will be an opportunity for questions.

During this call, we will make certain forward-looking statements to help you understand our business. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in our earnings release and in filings with the SEC, including our 2022 Form 10-K and subsequent filings. During this call, we also refer to certain non-GAAP financial measures, including adjusted EBITDA, which are explained in the net income to adjusted EBITDA reconciliation attached to our earnings release and posted on our Investor Relations website, along with certain other operating data. With that, I will turn the call over to Lasse.

Lasse Petterson

Thank you, Tina. As we indicated in our last earnings call, the difficulties we faced in 2022 as a result of the severely delayed bid market for capital and beach restoration projects is now slowly coming to an end. The second quarter EBITDA is a result of an improved bid market and our cost-saving initiatives which resulted in improved project margins. All combined, this resulted in an adjusted EBITDA of $16.6 million, our highest EBITDA since the first quarter of 2022. Although not all of the challenges from 2022 are behind us, we continue to see positive developments in both a large number and a better mix of projects coming to bid which provides us with confidence that we are on a path to return to normal operations and results towards the later part of 2023 and into 2024.