Earnings call transcript Q4 2022

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Operator

Good day, and welcome to Orion Group Holdings Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast. [Operator Instructions] On today's call, management will provide prepared remarks and then we will open up the call for your questions. [Operator Instructions] Please note this event is being recorded.

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

Margaret Boyce

thank Group for full Holdings financial and to us year operator, results. Orion discuss fourth you, you joining all today XXXX Thank quarter and market our night. release issued after We earnings last the Investor It is available Relations of at our section oriongroupholdingsinc.com. website on

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

comments today's include like to remind under Before federal forward-looking we begin, the that statements I would you will securities laws.

negotiations words financial are are identified and and facility as statements statements concern not believe, status forward-looking audited statements Forward-looking regarding regarding intend, expectations that current going our our expect, Statements or by historical filing tomorrow, a words such comparable replacement the of will, as statements. a our such expected regarding other credit be, with the facts, are anticipate and phrases. of

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

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

Travis Boone

And year-end Margaret. you XXXX you, thank our and joining Thank conference all fourth quarter for call.

Here with me Financial today our Thanisch, is Scott Officer. Chief

ground today, let's so cover get of to a lot We have started.

the and and to our have on and energy be for I of our and the about dividing and six impressed enormous I'll performance are course partnership ahead we the since excited the to conquering great and then Orion team Orion, formed opportunity workload. right discuss months begin with joined operations of Scott In We financials. a strategic busy put our both plan and continue talent improved us. will by Scott been

in surface of recent deeper of and results barely our have company's believe the our our scratched business we and confident will we financial improvement. are for understanding to We a our strengths XXXX. Orion's improve much potential Today, opportunities continue

XXXX a is start. In off great fact, to

the part project. building $XXX of as We a secured Friday venture. United We've contract services our history, $XXX is are concrete Dallas the Harbor won contract billion. beginning we diving largest overall a to our States the awarded with million Pearl and and lands in joint announced contract of totaling Navy great the dry dock momentum. of market the for year, over including contract were on million Since afternoon The wins when Houston $XXX in we at $XX million $X.X million our a around JV build

Our of year-end work comprises combined in the wins few billion our $X with almost next years. complete recent to backlog

on largest in recall both projects. of were concrete with marine. may ever our win And the I that and November projects on those mentioned we earnings You our Friday, bidding call, on both we won

We past proud secure of are our months. the wins few margin teams very of higher focus over the to

services to potential Orion. first of areas. critical projects marine fastest nation's a Since able mission of the and CEO, growing building validate been assuming to vital some I've the stream of sectors to infrastructure within to We're in the our provider role

Dallas in U. Marine the blue private clients Corps government the largest both Caribbean, the across long in the general of the Navy sectors segments chip Army We with and owners our Houston S. have concrete Engineers, the ports and division our contractors Metro including of Petrochem and in relationships tenured and and markets. significant Concrete in U.S. and many

people and to to adapt to strategy. our professionally The And Orion is achieve talent of is for we pool me. growth both learn essential impressive greater especially the willingness to and have executing Scott success and and our

and backgrounds supported and engaged with diverse guide us. expertise complementary Lastly, we highly a have of to Board Directors Independent

We won't Orion happen done right financial It That our we all to know turn what to of and unlock but for value big of said, maximize around. the be needs shift performance. and deliver elements the overnight, assets are to the to confident and this that team the profitability business. improved we has success have a potential

sustainable As release, of three yesterday's the Orion's press in a for strategic we plan, long benefit we unlock stakeholders. potential our believe of all announced have which point will to term growth

a to few break minutes Now, down I'll you. it for take

of is concrete to plan business. first step The improve profitability the of our the

appointed segment one delivering of of successfully have profitably years for business complex our many and projects. leadership new We chopping Concrete experience with leadership senior our marine

have on profitability. and a improve And efficiency experienced of our We records finally, additional track and are in core robust Dallas drive the of to and markets project investing improve managers are runway and we training teams our to we refocusing markets and Houston outcomes. and giving where project tools success business

The is to development second our business point of growth. to plan drive strengthen

efforts and expansion the trillion industry and on dynamics of sector the Navy $X.X the private expansions sales Texas such build, of U.S. successful the as our Pacific, the in investments Canal public construction and the strong maintenance both infrastructure on in build in resulting capitalize rapidly will Panama port growing market. We and demand

pursuing those continuing We our and us. where putting expertise our are efforts business sharpen opportunities development to differentiate our focus, capabilities into

margins. is aim quality projects win improved with to Our

and funded infrastructure in private has Concrete elsewhere more well. both segment predictably experience sector public working our leveraging we'll in as penetrate this business market, projects. to Our construction able marine the be our the By been business with on very successful public

investing business are our relationships pursuits resources. additional into building insight deepening actionable and We to client development by gain future their in

the third and resources fund growth. Orion's realize plans, the future strengthening to and balance step improving We're potential. sheet And to investment liquidity our strategic in

of our our facility working We're assets. provide capital optimizing our credit to and of to market our extend with the on advantage improve refinancing are maturities take complete to We debt to return the us opportunities.

year. non-core we equipment efforts continue With the monetize underutilized dispose concrete of in can this our we and completion will jobs to Texas our assets estate some Central XXXX, of real

to engines carbon lower to our our also investing service emissions. supporting commitment will fleet growth, our environment, achieve better in We're the fleet to Orion's dredging more upgrade investing include in efficient

concrete fostering and between We're our operations. collaboration marine

drive have opportunity We sell synergies, work. cross leverage best the and practices to

we target and to zero continue and practices our safety culture systems. Finally, will build enhance

While of it's Houston, we wins project a concrete clients measure progress, number wins ways believe to new and there's provide public including concrete guidance, sector annual business. Dallas our to premature in our additional project in with

is sized see improvement our deliver example. our see strategy we marine, begin projects. good business incremental recent in we a larger in In win both execute And Hawaii segments, to and to we'll very as This margin projects successfully. expect

seen due Capital environment. slowing expensive, is project where to the lead we've delays sector to working market, cancellations which the are bit for of to clients. macroeconomic private we more Turning can a and

the agencies rather securing have of passing than With term projects near pipeline. bill, been on the these development focusing advancing in infrastructure funds their

lower time in bill begin IIJA in projects flowing. the funds number finished year strong with backlog, take a expect infrastructure the wins projects with some related see XXXX. few expect as we and a volumes we see to performance We year have to and continues. funded of of XXXX improved to higher year may the XXXX to will The but see started While the from the

facilities, local In the coastal projects, to BD opportunities at our including and new reputation and navy environmental segment, resources leverage resiliency identify highly levels, state additional in port sector the Marine projects. Orion's expansion we and and public respected will federal,

JOBS infrastructure multiyear transportation provide infrastructure The public funding, bridges things. a in investment projects ports, sector water Act among such for will other catalyst waterways, as and

few start a we the in While projects of these expect half to it see to will take flowing, some XXXX. time for back

and and advantage. We our teams a fleet are steep expect in making the systems efficiencies, XXXX competitive volume a investments will us our we XXXX to see ramp to in give improve up and

and business, growing such of in bid are Projects one fastest market. to in the of volume continue increased seeing end In variety to trends project an tech, opportunities in will our our as come large Texas retail markets we Demographic our states. provide Houston distribution. market, of opportunities from a continue e-commerce Concrete

airports, a driving cannot in long tailwinds quota whose public outstanding bidding enter strong see the we're pace our on focus bid long-term our infrastructure XXXX as aviation backlog, outdated pipeline and and a markets. ahead demand. we'll keep We growing solid increased sector runway projects be with and and with We such work accelerating

financial I'll Now Scott discuss operational and to initiatives return our to I'll Then with call results. over this turn remarks. close some

Scott Thanisch

Thank good everyone. morning, you, Travis, and

to continuously that a concrete improving development significant is opportunity all time, create good projects there To at value profitable what's stakeholders. the working same strategy on are. margins. that, business generate growth employing for designed not optimizing of believe win to are we attractive things achieve We and operations, fixing the and we're our Orion At focused our

us. of assets our for investing in our ready And front opportunities finally, and are the in we to growth be people

opportunities Travis a and be project strategy. quality we're strong to As And margins. where better mentioned, capabilities projects will on win implementing and we focusing expertise us. we're By at differentiate bidding our positioned our disciplined delivery strengths, pursuing

In enable the in in. performance decisions strategic better we necessary outcomes. improved making one We and consistently. recognize like our in is these project to critical management are investments business good will training and making We're enhancements that financial to us practices, in to the the operate making we projects environment with tools deliver timely a systems, information achieve dynamic

training segments consistent in investing and visibility and across projects. to controls project that implementing will and individuals PM level management promote projects run and hiring includes to more experienced provide systems upgraded This our performance We're our project effective effectively.

in development we repository financial every our identify step final business business issues to intelligence trends, to the teams operational delivery. our spot data leverage And lifecycle, project from to will provide and vast at and

positive to are to we in As and right of place. initiatives underway swiftly see Travis our structure indicated, beginning Many results. are we're and acting the processes put new

that I'm business that He Concrete of instilling are the rigor both senior Marine and business the head Concrete. of in One the leaders business discipline been changes will to do and of same about one forward. our and from in confident team that Marine the I he and the excited lead instrumental operational is for up has Travis particularly promotion our

primarily year of to quarter higher the the in Moving results, on Marine commercial volume awarded progression to our driven financial on segment light Concrete jobs fourth $XXX.X last large in segment. increased by and the revenue XX% jobs million

to XXX million million Marine the better the lower related higher due $X.X gross revenue X.X% profit prior point project equipment of quarter by compared indirect improvement X.X% to to utilization, offset $XX.X or and or expenses segment. cost This partially increased Fourth was year period. basis labor in in

margin an revenue, in project of XXXX. was fourth our million with project. costs had our of to quarter Marine Adjusted of X.X% EBITDA a to This adjusted margin. million was $XX.X decrease Turning solid compares in X.X% adjusted to quarter EBITDA adjusted with million and EBITDA or segments, higher a XX% fourth adjusted marine of $X.X increasing EBITDA revenues EBITDA segment million. $X.X the $XX.X on construction related This

In made increased fourth the to last million for $X.X performance we or in XX% segment. of negative was revenues EBITDA $XX.X quarter, the year. X.X% Adjusted financial to Concrete our negative progress compared negative million negative million. of X.X% revenue $X.X or Revenues Concrete improving

the $XX.X expenses for Reflecting fourth revenues lower or X% to in period. X.X% year compared management expenses and were lower of the prior SG&A ERP quarter million $XX.X or related million to the transition. of revenues costs implementation

valuation was million from $X.X adjustment share a diluted of of or related QX per million or This year. on improvement the $X.XX loss $X.XX the non-recurring an share, a loss items, loss to Net diluted per loss for primarily included $X.X taxes. $X.X of last an in allowance million of net

quarter $X.X prior EBITDA year period. to an Adjusted was net to share. $X.X $XXX,XXX EBITDA compared $X.XX of Fourth loss adjusted loss or in per diluted million increased million the adjusted

on a $XXX bidding Turning and in approximately X.XX bid opportunities for resulted and ratio XX.X% of This book-to-bill in to times of quarter. rate worth the $XXX the quarter, of metrics, million million. we a fourth win

with down in our with $XXX at year-end into our Approximately extend XXXX, the of As million XX $XXX our will which our million during Marine XX, burn associated of the year segment. segment XXXX. end $XXX.X was $XXX.X projects out $XXX.X from remainder million million Concrete XX. December backlog backlog term XXXX Breaking longer year-end was in million backlog, and was

Of Additionally, to is have we quarter. awarded Concrete while over fourth $XXX to is approximately of related the million this, are to of $XXX work new subsequent related $XXX pleased Marine been to the segment. segment million the million end the

several Moving strengthen balance future on taking our sheet are key we to growth. steps balance the for to sheet,

confident new in existing progressing a new discussions for of credit in are very XXXX. are are to general used secure We complete productive purposes, These proceeds discussions which our arrangement. be successfully and we matures the credit to which on corporate a and retire facility, ability facility, XX, July financing will our to

terms facility unable a we annual report of by That However, upon XX-K. March a on in XXXX, XX, will report credit the deadline are annual the concern to for XXXX filing new that Form comment. our agree event include going the

obtained in of compliance for our We from the our of with remain and existing already delivery we consent financial this have a agreement. covenants credit lenders report the

both from level for been support refinancing interest We've debt pleased of from the we our we the received with with our and lenders existing have have process capital providers. seen

financing you know, As of close Port leaseback for yard sell The to are signed assets. Lavaca in our or buyer's did transactions South estate agreement leaseback some through. sell the sale the non-core discussions we real of complete sale on as our not

interested cash transaction, our we for the additional parties. encouraged seeing we are While and East by the and Jones is well sale of property in interested are and with to West progressing are interest working Discussions from all buyer market. an the the discussions we concurrently together remains are put

As estate real is our important an monetizing of strategic Travis mentioned, plan. assets non-core our element

nice reallocate proceeds those view even will into Our that operational that better is generate to real returns. is but we cash to when own, sell can assets estate

XXXX As We our availability had of $X.X facility. which is year debt, of we approximately cash our credit to revolver. of outstanding and revolving million related of the million $XX.X million with of XX, December million $XX ended $X under

our process, flow capital up and our returns from business are we with margin that and improved cash sale free in controls our see over will we confident increase returns lines. capital the bidding As realize on strict increased assets of investments with we

With that, to Travis. the I'll back turn call

Travis Boone

Thanks, Scott.

that on tell what probably can is in about You we excited are going business. our

underway strategic progress are We are is building strong and our of momentum. initiatives well every Many happening day. real

business. Our is people the are share a in embracing whole There change. my new excitement enthusiasm and they

your execute fully all our profitability to work thank shareholders Our we leadership our creation our generating value team as stakeholders. are and of their and Board committed for our for levels to our to efforts transformation. and greater many employees dedicated want operational of for I together support

Operator

[Operator Company. proceed. the Sidoti & Julio Instructions] from Romero Our first comes Please of line from question

Julio Romero

for start to three or think margin you Thanks point either plan you the the progress encouraging for dollar the guess from about that questions. plan, good taking to Hi, morning. then strategic secondly, on so hard Can timeline quantifiable I on strategic a perspective? or maybe hear. to guys for any investors relating measuring much do elaborate very targets plan? And how

Travis Boone

an where so I'd far As as process, some get ongoing timeline few take a time to lot It's this a said as is going turned to we to ago, do. of be -- the going ship around, to there's minutes to say work speak.

how work we the and toward the will continual but in on changes that we as we're set. how say, these us be months on things It specific it's in do we've to let's on goals it. long working So being a here -- working going for or make too several take process, continue and right for sure now going to it next not we're we're

Scott Thanisch

guess I'll progress, terms would Yes, I metrics that for And in that. of track improve I of really the metrics with we're all say to how associated to our trying business. add to

So is this to come. a an display some which sign that certainly good great quarter, had increasing wins will of things we've backlog,

we worked improve results. we've margin as our higher our recently concrete execute our And the as won be business. the margins You see increases to that in through should gross plans begins to business

also the jobs our without as that optimization our And original and and cost in to not of see from cash we scale cash some of on taking with improve improve will and our execute then business work and cost included benefit our we'll were we as precision the see grow plans really increasing our we flow additional efficiency operation.

Julio Romero

Got it.

Operator

the from Noble Our comes proceed. next question Joe from Capital. of Gomes line Please

Joe Gomes

the $X.X down of new there IDIQ? for us I or portion some little of scope there Good there you to under for is And there? could the work award kind bit front of drill Is this wins give into loaded? the or Is it maybe at question. could talk back backlog potential my what is be the for morning. Thanks Pearl could guys? taking Harbor. wanted over we a of end billion total contract Maybe Orion's you more additional more,

Scott Thanisch

Yes.

of day-in amount portion we're of JV kind and all, specific. do the set up piece we're on really day. we temporary first pile normal that part our generally and day-out, are is large We're -- of it. for So working $XXX is good it a to early doing driving, million works we're work every scope the very that project as of doing the completed. I'm we is us It's roughly and be to pretty the It's, at speaking, something of that

that project. So lot we're it's of a doing the pile on driving

And be as absolutely work There'll to yes. far opportunities years. be other contract orders that looking makes will. for definitely in we'll sense as we other pursue, And if coming that task the this it under along expectation the come of this over contract,

Joe Gomes

Okay.

Sorry.

Travis Boone

Sorry, that. on Joe, add going to just

the thing some up compete Navy one plans And well executing Another us that's is that make Navy. to sets this Pacific overall project theater. a business to for investments, in investment, in well this the lot is that those the other of of off starting project program especially of

So aspect about. that that's another this we're of excited

Joe Gomes

you I Great. quarter? And -- then in completed may the one all fourth Texas the you Central mentioned contracts more, that if in

Travis Boone

No.

We first this year, being kind some yet. there's of about continue contracts to continue the of No, worked haven't that midyear. but do most them those quarter are completed yes, in

then will behind and completely Texas out course point. the we'll finishing that results first us quarters, couple at over of be that those the those be So of Central

Joe Gomes

thanks. great Okay,

Travis Boone

Thanks, Joe.

Operator

Securities. Please the comes Alex Riley from Rygiel from question proceed. of next B. line Our

Travis Boone

Hi, Alex.

Operator

Rygiel? sir. Mr. open, Alex is line Your

Alex Rygiel

guys. about Sorry that

Travis Boone

Alex. Hi,

Alex Rygiel

morning. Good

the construction on finished? project precise that relates can the more higher costs you due were to? on And to As a cost project, it what be marine is higher

Scott Thanisch

finished, it's what that quite terms a drove project not in very Yes, but is so of the higher near completion costs.

conditions bit on expectations a little different. were the Our site there

that the on that are some of what track an project make of be And designed But really so that's cost that drove we aspect in to we're know. also cost. to sure and controls catch we'll top investing

of that overall particular were those that bills don't that lagged we and there. work have on some there of pace project, systems we had And kind yet our

of had that those So some margins end we of the that job. on pulled there down the really kind concentrated

Alex Rygiel

And of that dry dock. about to follow-up going kind about related market a what then this or in you helpful. Can on Very sort there comment the kind and how you're to risks that? over a of there establishing for Navy contract of doing last is question this? new Understand workforce you. are talk And

Travis Boone

of actually back in when couple contracts as a Orion multiple first of Orion were first in we of started So XXXX that completed, Hawaii. things our lot

new not it's So us, necessarily years. market in new a but recent it's for

so say, - have worked now. before Let's we in Hawaii

far presence kind as there. our As reestablishing of say established let's

to sole a team week job. is over this Hawaii their going this have focus preparing We and

is we a Washington at that of resources already kind current over in our looking local work We're lot somewhere Hawaii team have to using there but right the resources for bolster because in the level working additional else. than company, the or in of different we're now

part team. So on our We're know also we need as there to dredging relying of to going Hawaiian we partners, our be be locally.

company. local a They're

sort project we'll working that as and thing. we're them off of pretty the So, with kicking be extensively

successfully. project and So of get this of the to at lot to do all a point. an kind on work working hands There's off kicked it's deck

Alex Rygiel

sort to just help the revenue Can follow-up us that from credence recognition then project? you to on of And that. understand of

Scott Thanisch

now, people guess we're mobilization and Travis all and Yes, for on about hands that looking and accounting a of little I list. mentioned, the And as deck completion ready right and percentage the so procurement on down at resources. further kind getting thinking project of

that a and our XXXX. early partners know to venture develop it's we're just of better contract But exactly have that, joint collaborating how with much of of better now as we start but soon will how certainly flow right timing. in dates as a on little the idea We'll the view a

Alex Rygiel

you Very helpful, thank good luck.

Scott Thanisch

Thanks, Alex.

Operator

line question the next Markets. Capital Storms comes Dave Our from from of proceed. Stonegate Please

Dave Storms

Good morning, taking my call. gentlemen, for and thank you

segments with take over you going you start And some more between see about you're hoping to forward? a we be you bringing bit leadership to any Just that of if talk able synergies marine the could could might other advantage little how concrete. two

Travis Boone

Sure, yes.

side was the was us team recently in lead he So and already over person the mention we heard business. of kind It number and going fairly marine it our of - And leaning moved kind business you our very well. was that naturally. of two over actually on - happened that concrete concrete with the the working to

discipline we've the over decided expertise rigor in leverage he the the And few with done so side business side last report had that into he's and of the kind and we're his the on team. to things years going concrete marine of and establishing of great

and with we great done great the a of working business. moved side of over off concrete job he's so, - to on he's done start, team has And the him the a a

bringing as said, the the rigor business marine discipline hoped the, that he the of And some establish on had the of into concrete of business. to side side and the I

going results we're think to there. great I So, see

concrete tweaks were doing him how I in our its were we some delivering Some being with the we're well think, in had on from things. results issues, to and seeing there here How we way we And of projects. concrete.

Scott Thanisch

where lot opportunities that, business terms one a is Yes other synergies, add is the of working projects exciting because concrete in really businesses as or together of marine most historically in business not pursued and synergies, been have of I'll revenue joint a certainly ones laid. does have And see we the those lot. projects probably just

concrete grow joint more and with those pursuits. so, to explorations opportunity business And our

attention systems opportunity start our us and there's lot And more the offices with our for businesses efficiently two processes equipment business, two we of marine is mix to a of between things better in a as we leverage side, do on focused just the to most of of the standardize use instead team same our segments. - where equipment corporate to cost their opportunities and which the today. is manage as There's

for us function really identify concrete up material through and input see driving better we additional to joining our plenty of and our marine business our savings savings and cost practices. procurement And within by procurement opportunity

a of large we'll after set all be them. going pretty opportunities it's think and of I So

Dave Storms

That's very or to One strictly just role kind helpful. savings, and more I more of follow-up, if cost that to enhancement? wins a could that where drive there bids is secure with just helps your is more be those competitive - by translating margin

Scott Thanisch

it cost contribute dynamics, think to just market a both. will on able our plus offering. services be bids pricing that view. really out the It's We're I not to there based and we're

savings delivery in So when a benefit margin cost realize achieve that that. from we there's we cost, can then our

flexibility us at certain price marketplace a there lower are situations. margin, that in to the also certainly in does it give customer same ability to leverage the the which the and we But give ways can

an see there's to and those us both, you'll quickly. to really opportunity of and cost with think for push I forward ideas execute. some really got plans savings So, We've

Dave Storms

very helpful. Thank That's you.

Operator

final from McDermott] Please Instructions] ASI. We from have a [John do [Operator proceed. question

Unidentified Analyst

corporate way the of the and core bids government of it is getting push, Yes, bids of from me the dredging with in administration engineers? for presently our before? feedback the has could whole ESG, you ESG philosophy How on dredging the what out under gentlemen. that involved affected jobs and you and that's the backwater Thanks for some going large top was social Letting they're done push environmental on place. it the events push the our of looking see affecting at because macro do wash the how of our the give Generally, call.

Travis Boone

Sure. Thanks, great John. That's question. a

your of no a of lag kind here timing the of the getting contracts. in part out some core first a on contracts It's was dredging last the been in getting of bit months. the the out of There's few think I question secret.

been think competition that's some well documented sources. well of as I as other our and by

the of core slow as everyone engineers a things side think the contract of So have I things with been on knows. little

dredging just to near that. some we did working There's those come we're there's We to about win We the we in few should more little a and have forward seeing here hopefully going looking more more months. with weeks in of starting ago, the been regular -- the And of in contract excited core. a here forward. contracts next see get contract a so think couple the regularity hit contracts future

more And one far I things. of way of to it's think it's the of would as the of then the things affecting is core couple ESG that One, kind side instead as and use ways it, use dredge spoils of on beneficial helping it. with on things, dumping use more of spoils. try we're see dredged working the the dredging of finding the just them like to a of more way And find those to beneficial

other or using using I the it's of just, it creation or just dumping said, ways replenishment I marsh instead dredge that's beach kind for whether of of think spoils So like for it.

So it's on then our dredging affecting that's way the and is other equipment. one way

that up-to-date can. production sure as we're that got and something we the carbon keep have with that's -- we up earlier, our making more trying and as engines our sure mentioned to to we keep As engines of be we efficient making

business two ways the really that's the we're it seeing So now. as affecting dredging of

There's lots hindrance would on say focus -- use business with way. of ESG the parts side pieces to hindrance projects But the it's and this in of it. -- not is any not proceeding a to of dredging it's or beneficial I a

Unidentified Analyst

you. Yes. Thank

Scott Thanisch

to we as things a work can environment that Orion able all to point on that some it's investing resonates projects those restoration that anything, with build doing of of story we're are because be interested do if that where think we I maintenance people come coastal beaches, down. in our in that an the ESG to investments the friendly

us that we for the So of that can as start think it more work. down story a good to do we road be

Unidentified Analyst

And the Florida, a anticipate you then a process because been last you do up what in hurricane that opening of described? more, slow it's lot

Travis Boone

-- recovery as the work far as as or? far As

Unidentified Analyst

the of - storm it from in Florida work the one worst term. that yes, Recovery through the long went

Travis Boone

year seeing There the working and flowing Definitely. happening We're we'll down response there. the was to into of and the money with recovery it's this some state. starts more see now some there. anticipating work starts the emergency response immediate opportunities later recovery pursue opportunities on, goes as that as -- And

Unidentified Analyst

margins in could the be future area? they in like The the healthy look dredging

Travis Boone

so. believe We

Scott Thanisch

Yes.

I in our of seen but be that that of maintenance and slowdown delayed competitors work able the margins get that experience. that realize about of lot starts our opportunities those loose break coming to the we've talked those projects, think and back to as a we dredging to Army getting consistent we are out work we've Corps, past on expect back to as some to

Operator

now remarks. would like closing turn to to for the Travis over I Boone call

Travis Boone

for Thank here. appreciate We being you everyone joining. all

Just expect. be the closing, the -- our here we're winning banking projects we're our kind our and on side momentum got as about in to future. delivering excited of path well get And I'll getting the projects business. to out excited here arrangements near building we've of -- our on sorted say in We're the we about we're a

we're excited. So

XXXX to have momentum and and great the working year. We successful we're forward having through a looking

day great a have time. and everyone appreciate So your

Operator

today's Ladies call. and conclude this Thank your participation. for gentlemen, Thank you. does you

disconnect. now may You

Orion (ORN) 15 Mar 232022 Q4 Earnings call transcript