Financial Performance - Achieved record quarterly revenue of $850.0 million, an 18.1% increase from $720.1 million in Q3 2024[4] - Base Revenue and Base Gross Profit were $848.6 million and $77.6 million, representing increases of 25% and 28% year-over-year, respectively[6] - Adjusted EBITDA for Q3 2025 was $75.2 million, compared to $78.8 million in Q3 2024[4] - Net income attributable to common stock was $2.1 million, compared to a net loss of $(3.7) million in Q3 2024[4] - Total revenue for the fiscal three months ended September 28, 2025, was $850,044,000, a 18.1% increase from $720,053,000 for the same period in 2024[35] - Adjusted Net Income for the fiscal nine months ended September 28, 2025, was $23,066, compared to $7,859 for the same period in 2024[29] - Adjusted Diluted Earnings per Share for the fiscal three months ended September 28, 2025, was $0.19, compared to $0.06 in the same period last year[31] - Net income for the fiscal three months ended September 28, 2025, was $2,114, compared to a loss of $3,617 for the same period in 2024[29] Bookings and Backlog - Secured bookings of $815 million in Q3 2025, resulting in a book-to-bill ratio of 1.8x for the first three quarters of 2025[7] - Reached a record high backlog of $5.9 billion, a 59% increase from year-end 2024[4] Guidance and Projections - Updated 2025 revenue guidance to $2.8 to $2.9 billion, up from previous guidance of $2.70 to $2.85 billion[11] Segment Performance - Canadian Gas segment revenue grew by 38.7%, leading all segments in growth for Q3 2025[12] Debt and Liabilities - Net Debt to Adjusted EBITDA Ratio was 3.8x as of September 28, 2025, slightly up from 3.7x as of June 29, 2025[8] - Total debt as of September 28, 2025, was $944,612, with net debt amounting to $928,479 after accounting for cash and cash equivalents[32] - The Net Debt to Adjusted EBITDA Ratio as of September 28, 2025, was 3.8, slightly up from 3.7 in the previous quarter[32] - Total liabilities rose to $1,587,273,000 as of September 28, 2025, from $1,514,169,000 at December 29, 2024[39] Cash Flow and Expenditures - Cash and cash equivalents decreased to $16,133,000 as of September 28, 2025, from $49,019,000 at the beginning of the period[39] - Net cash used in operating activities for the fiscal nine months ended September 28, 2025, was $(5,769,000), a significant decrease from $97,232,000 in the prior year[41] - Capital expenditures for the fiscal nine months ended September 28, 2025, were $(68,738,000), compared to $(66,093,000) in the same period of 2024[41] Company Developments - The company completed its separation from Southwest Gas Holdings, becoming a fully independent public company[9] - Separation-related costs for the fiscal three months ended September 28, 2025, were $2,343, reflecting expenses incurred post-IPO[29] Profitability Metrics - Adjusted EBITDA for the fiscal three months ended September 28, 2025, was $75,213, with an Adjusted EBITDA Margin of 8.8%, down from 10.9% in the prior year[29] - Base gross profit for the fiscal nine months ended September 28, 2025, was $154,744,000, up 29.0% from $119,936,000 in the prior year[35] - Base gross profit margin improved to 9.1% for the fiscal three months ended September 28, 2025, compared to 8.9% in the same period last year[35] - Operating income for the fiscal nine months ended September 28, 2025, was $55,761,000, an increase from $53,124,000 in the prior year[37] Non-Cash Items - Non-cash stock-based compensation for the fiscal three months ended September 28, 2025, was $2,143, compared to $1,318 in the same period in 2024[29] - The company incurred $8,240 in loss on debt modification and extinguishment during the fiscal three months ended September 28, 2025[31] Revenue Adjustments - Revenue derived from storm restoration services is excluded from Base Revenue, which is adjusted to provide a clearer view of ongoing operations[24]
Centuri Holdings, Inc.(CTRI) - 2025 Q3 - Quarterly Results