Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q4 2022 Earnings Conference Call February 15, 2023 10:00 AM ET

Company Participants

Tina Baginskis - Director, IR

Lasse Petterson - President and CEO

Scott Kornblau - CFO

Conference Call Participants

Adam Thalhimer - Thompson Davis

Jon Tanwanteng - CJS Securities

Joe Gomez - Noble Capital

Operator

Good day, and thank you for standing by. Welcome to the Fourth Quarter 2022 Great Lakes Dregde & Dock Corporation Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.

I will now like to hand the conference over to your speaker today, Tina Baginskis, Director, Investor Relations. Please go ahead.

Tina Baginskis

Thank you. Good morning, and welcome to our fourth quarter conference call. Joining me on the call this morning is our 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 and the year. Then Scott will continue with an update on our financial results for the quarter and the year. Lasse will conclude with an update on the outlook for the business and 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 2021 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

Thanks, Tina. As seen in our financial results 2022 turned out to be challenging. We enter the year with a good backlog, solid cash position and a record U.S. Army Corps of Engineers budget of $8.3 billion. We had high expectations to return to normal operations after overcoming the challenges from COVID-19 in 2020 and 2021.

Unfortunately, as the year progressed, we saw significant delays in the overall dredging bid market, and specifically large capital and 40 bidding projects were delayed, with bid days now moved into 2023.