Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q3 2022 Earnings Conference Call November 1, 2022 10:00 AM ET

Company Representatives

Lasse Petterson - President, Chief Executive Officer

Scott Kornblau - Chief Financial Officer

Tina Baginskis - Director, Investor Relations

Conference Call Participants

Joe Gomes - Noble Capital

Adam Thalhimer - Thompson Davis

Jon Tanwanteng - CJS Securities

Andrew Casella - Deutsche Bank

Stephen Hansel - Eclectic Investment Partners

Operator

Good day, and thank you for standing by. Welcome to the Third 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 third 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. 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 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

Thank you, Tina. During the third quarter we continue to navigate a challenging operating environment, driven by the continued delayed bid market, inflationary pressures and continued impact from the second quarter site condition claims on certain projects.

Overall year-to-date bid volumes from the Army Corps sits at 90% of the 2021 year-to- date volumes as we have seen some good improvements in bid volumes during Q3. Unfortunately, the severe delay in the bid market that we have seen through Q1 and Q2 this year had a significant impact on our fleet utilization in Q2 and Q3. As a portion of our annual revenues comes from projects bid and executed within the year, which we call book-and-burn.