Yesterday, GLDD announced the successful launch of the Acadia, the first and only Jones Act compliant subsea rock installation (SRI) vessel, marking a key milestone in its construction and commissioning. Delivery of the Acadia remains on track for early 2026, at which point the Acadia will begin contracted work in end markets that diversify the sales mix, given GLDD's leading market share position (34%) in U.S. dredging. Delivery of the Acadia will also mark the end of GLDD's newbuild vessel spending program, at which point we think GLDD returns to free cash flow generation in 2026. Net debt stood at $403 million at quarter-end 1Q:25. The aforementioned free cash flow expected in 2026, along with a recent credit rating upgrade and improving fundamentals in the base business, support our moderate risk rating. We maintain our $14 price target, based on 16x our 2026 EPS estimate of $0.88.