Financial Data and Key Metrics Changes - Core net income increased by 52% to $111 million, achieving a record pre-tax ROE of 26% [5][7] - Book value grew by 21% and net interest margin (NIM) remained stable at 3.6% [6][7] - Total loan production for 2025 reached $2.7 billion, a 47.5% year-over-year increase [11][12] Business Line Data and Key Metrics Changes - Originations volume increased by 49% to a record $2.7 billion, with productivity from account executives driving this growth [5][11] - The portfolio grew by 28% year-over-year, reaching $6.5 billion [11][12] - Non-performing loans (NPLs) decreased to 8.5% from 10.7% at the end of 2024, aided by the sale of $129 million in NPLs [14][15] Market Data and Key Metrics Changes - The fixed income markets are healthy, with oversubscribed deals and tight spreads [4] - The securitization market remains robust, contributing to the company's strong capital raising efforts [22][19] Company Strategy and Development Direction - The company aims to grow book value and maximize shareholder returns, supported by a strong liquidity position [6][19] - A transformative partnership was established by selling NPLs while retaining servicing rights, which is expected to drive future earnings [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing healthy real estate markets and a growing pipeline [4][22] - The company remains disciplined in its lending practices and does not foresee significant impacts from potential changes in interest rates [27][46] Other Important Information - The company issued its first rated unsecured debt offering for $500 million, enhancing its liquidity and reducing reliance on short-term financing [6][19] - Total liquidity at year-end was just under $117 million, with $92 million in cash and cash equivalents [18] Q&A Session Summary Question: Update on the competitive dynamic of lending markets - Management noted no significant changes in competition and indicated a slight positive impact from disruptions in private credit markets [37][38] Question: Impact of potential interest rate cuts on loan demand - Management stated that a rate drop would be marginally helpful, lowering costs but not significantly driving growth as clients are more transaction-sensitive [27][28] Question: Deployment of proceeds from the debt raise - Management confirmed full deployment of the $500 million proceeds, paying down warehouse balances and maintaining a minimum cash reserve of $30 million to $50 million [44][45] Question: Comparison of spreads and returns in single-family versus commercial segments - Management indicated wider spreads on commercial assets, approximately 125 basis points wider than single-family loans, reflecting appropriate risk adjustments [48]

Financial Data and Key Metrics Changes - IDT achieved record levels in several key consolidated financial metrics including gross profit, gross profit margin, Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP EPS in Q2 of fiscal year 2026 [8] - The company raised its consolidated Adjusted EBITDA guidance for fiscal 2026 from the range of $141-$145 million to $147-$149 million, reflecting a $5 million increase and a 12% increase compared to fiscal 2025 actuals [10] Business Line Data and Key Metrics Changes - NRS recurring revenue grew year-over-year, driven by significant increases in merchant services and SaaS fee revenues [4] - BOSS Money's digital channel transactions increased by 17% year-over-year, benefiting from the new federal remittance tax that accelerated customer migration from lower margin retail to higher margin digital channels [4][5] - Net2Phone's Adjusted EBITDA increased by 37% year-over-year to $3.9 million, exceeding initial expectations [11] Market Data and Key Metrics Changes - The implementation of the federal remittance tax has led to a shift in customer behavior, with a notable increase in digital transactions as customers adapt to minimize costs [26] - The overall market for remittances has been impacted by federal immigration policies, but the digital segment has shown resilience and growth [12][39] Company Strategy and Development Direction - The company is focusing on expanding its higher margin growth segments, specifically NRS, Fintech, and Net2Phone, while reducing reliance on the lower margin Traditional Communications segment [8] - IDT is developing new AI offerings, such as Agentic AI, targeting small and medium businesses, which are expected to enhance customer engagement and revenue [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's financial performance and outlook, highlighting strong cash flow contributions from growth segments [9] - The company is committed to increasing shareholder returns through stock repurchases and dividend increases, with a 17% increase in the annual dividend to $0.28 per share [7][9] Other Important Information - The company has repurchased $15 million in stock in the first six months of fiscal 2026, indicating a proactive approach to capital allocation [9] - The management noted that the advertising and data results were lower than expected due to decreases in CPM rates, which pressured revenues [4] Q&A Session Summary Question: Will NRS release its monthly report again? - Management indicated that the report would likely be released soon [18][19] Question: What caused the increase in SG&A and advertising costs? - Management attributed the increase to new product sales, hiring in advance of product launches, and a higher percentage of sales through resellers [20] Question: How is BOSS Money adapting to the new remittance tax? - Management noted a significant increase in digital transactions since the tax implementation, with ongoing efforts to understand its long-term impact [26][28] Question: What is the competitive landscape for BOSS Money? - Management acknowledged strong competition but emphasized the quality of their app and customer experience as key differentiators [42][43] Question: What are the plans for capital allocation and potential M&A? - Management expressed a preference for maintaining cash reserves for various purposes, including potential acquisitions, while continuing share buybacks opportunistically [47]

Financial Data and Key Metrics Changes - IDT achieved record levels in several key consolidated financial metrics including gross profit, gross profit margin, adjusted EBITDA, adjusted EBITDA margin, and non-GAAP EPS in Q2 of fiscal year 2026 [8] - The consolidated adjusted EBITDA guidance for fiscal 2026 was raised from the range of $141-$145 million to $147-$149 million, reflecting a $5 million increase and a 12% rise compared to fiscal 2025 actuals [10][11] - The three higher margin growth segments (NRS, Fintech, and Net2Phone) contributed 53% of IDT's consolidated adjusted EBITDA less CapEx, up from 45% in the year-ago quarter [9] Business Line Data and Key Metrics Changes - NRS recurring revenue grew year-over-year, driven by significant increases in merchant services and SaaS fee revenues [4] - BOSS Money's digital channel transactions increased by 17% year-over-year, benefiting from the new federal remittance tax that accelerated customer migration to the higher margin digital channel [4][12] - Net2Phone's adjusted EBITDA grew by 37% year-over-year to $3.9 million, exceeding initial expectations [11] Market Data and Key Metrics Changes - The implementation of the federal remittance tax on January 1 led to a shift from lower margin retail transactions to higher margin digital transactions, positively impacting revenue dynamics [5][12] - The advertising and data segment experienced lower-than-expected results due to decreases in CPM rates, which pressured revenues [4] Company Strategy and Development Direction - The company is focusing on expanding its merchant services and SaaS growth while developing offerings for differentiated retailer verticals [4] - IDT is investing in AI product development, with positive customer reviews and increased spending on new offerings like Agentic AI [5] - The company plans to continue increasing shareholder returns through stock repurchases and dividend increases, with a 17% increase in the annual dividend to $0.28 per share [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing rotation towards higher margin segments and the positive outlook for the remainder of the fiscal year [9][10] - The company noted that the remittance tax has had a significant impact on the remittance industry, particularly benefiting digital channels [12] - Management acknowledged the competitive landscape but emphasized the strength of their app and customer experience as key differentiators [41][42] Other Important Information - The company repurchased $15 million in stock during the first six months of fiscal 2026, indicating a commitment to returning capital to shareholders [10] - Traditional Communications segment remains a strong cash generator, contributing $19 million in adjusted EBITDA, although it saw a decrease compared to the previous year [7][14] Q&A Session Summary Question: Will NRS monthly reports be released again? - Management indicated that the report would likely be released soon [20] Question: What caused the increase in SG&A and advertising? - Management attributed the increase to new product sales, hiring in advance of product launches, and a higher percentage of sales through resellers [21] Question: How is BOSS Money adapting to the new remittance tax? - Management noted a significant increase in digital transactions since the tax implementation and observed a migration of retail customers to digital [28][29] Question: What is the outlook for MarketSpark? - Management refrained from commenting on MarketSpark's future plans due to confidentiality [30] Question: Any updates on M&A plans? - Management stated there are no updates on M&A discussions at this time [33] Question: What are the trends in the single store operator market? - Management indicated that economic factors are more impactful than immigration policies on retailer performance [38] Question: How does BOSS Money view competition in the digital space? - Management acknowledged strong competition but emphasized their app's quality and customer experience as competitive advantages [41][42]

Financial Data and Key Metrics Changes - In Q4 2025, Expedia Group reported an 11% increase in bookings and revenue, with EBITDA margin expansion of nearly 4 points [14][20] - Gross bookings reached $27 billion, while revenue was $3.5 billion, with foreign exchange contributing slightly over 1 point to bookings growth and about 2 points to revenue [16][20] - Adjusted EBITDA for Q4 was $848 million, with a margin of 24%, reflecting revenue growth and expense leverage [19] Business Line Data and Key Metrics Changes - B2C gross bookings grew 5% to $18.3 billion, while B2C revenue increased 4% [16] - B2B gross bookings surged 24% to $8.7 billion, with revenue also growing 24% to $1.3 billion [17] - B2C EBITDA margins improved to 31.5%, up approximately 6 points from the previous year, driven by marketing leverage [16] Market Data and Key Metrics Changes - Booked room nights increased by 9%, with high single-digit growth in the U.S. and low double-digit growth in EMEA and the rest of the world [4][15] - Consumer spending remained robust, with longer booking windows and lengths of stay compared to 2024 [4] - The B2B segment experienced double-digit growth across all regions, indicating strong market demand [8] Company Strategy and Development Direction - The company aims to enhance traveler value through improved product offerings, faster site performance, and personalized experiences using AI [5][10] - Investments are being made in new lines of business, including the acquisition of Tiqets to broaden offerings for partners and travelers [9] - The strategy includes driving operational efficiencies and margin expansion, with a focus on optimizing marketing spend and leveraging AI for better targeting [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and ability to execute, anticipating continued growth and margin expansion in 2026 [13][24] - The company is cautious about macroeconomic uncertainties but expects strong bookings momentum entering Q1 2026 [20][21] - Management highlighted the importance of maintaining a competitive edge through enhanced customer service and loyalty programs [84] Other Important Information - The company ended Q4 with $5.7 billion in unrestricted cash and short-term investments, maintaining a commitment to return capital to shareholders [20] - A quarterly dividend increase of 20% to $0.48 per share was announced [20] Q&A Session Summary Question: Enhancements in Travel Planning Process - Management emphasized the importance of personalized marketing and product features to capture travelers earlier in the planning process [26][27] Question: B2C Marketing Leverage - Management discussed achieving about 50 basis points of leverage in B2C marketing through improved efficiency and targeting [30][31] Question: Competitive Positioning of Consumer Brands - Management expressed confidence in the positioning of their brands, highlighting improvements in supply and marketing effectiveness [36][38] Question: Margin Trajectory Outlook - Management indicated confidence in future margin expansion driven by effective execution and growth in B2C and B2B segments [42][44] Question: Supply Growth Dynamics - Management confirmed that supply growth benefits both B2C and B2B segments, with ongoing efforts to onboard properties more efficiently [49][51] Question: Traffic Changes from Google AI Features - Management noted no material changes in traffic from Google but sees opportunities in AI search to better target travelers [55][56] Question: B2B Growth Drivers - Management highlighted strong double-digit growth in B2B, driven by deeper partner relationships and innovative product offerings [62][65] Question: Alternative Lodging Uptake - Management reported growth in alternative lodging on Brand Expedia, indicating ongoing efforts to enhance the user experience [78] Question: CapEx for 2026 - Management expects CapEx to remain roughly in line with previous years, indicating no significant changes [79]

Company Overview - MainStreet Bancshares, Inc. and MainStreet Bank are led by CEO Jeff Dick, who emphasizes the importance of the D.C. metropolitan area as a strong market for community banking [1][2] - The company is well-positioned in a vibrant market characterized by high median household income and significant economic activity [3] Market Conditions - The D.C. metropolitan area boasts a median household income of $125,000 and an average home listing price of $810,000, with homes averaging 38 days on the market [3] - The presence of major universities, tourism, cutting-edge technologies, data centers, world-class medical facilities, and Fortune 500 companies contributes to a robust economic environment [3] Business Strategy - The federal government has historically been a significant strength for the company, and it remains vigilant in addressing any potential impacts on its business strategy [3]

Financial Data and Key Metrics Changes - Total revenues decreased approximately 5.1% for the quarter to $34 million and decreased approximately 0.5% compared to the all-time record fiscal year 2024 sales of $141.6 million [11] - Net loss to common shareholders for the quarter was $3,000 or 0 cents per share versus net income of $0.2 million, 2 cents per share in the fourth quarter last year [18] - Adjusted EBITDA for the quarter was negative $74,000 compared to $1.3 million for the fourth quarter of 2024 [19] Business Line Data and Key Metrics Changes - For Bad Daddy's, total restaurant sales decreased $1.7 million to $24 million for the quarter and decreased $2.2 million to $101.4 million for the full year [11] - Same-store sales for Bad Daddy's decreased 4.6% for the quarter with 38 locations in the comp base [11] - For Good Times, total restaurant sales decreased approximately $0.3 million to $9.7 million for the quarter and increased $1.2 million to $39.2 million for the year [15] - Same-store sales for Good Times decreased 6.6% for the quarter with 27 locations in the comp base [15] Market Data and Key Metrics Changes - Same-store sales at Good Times remained negative in the fourth quarter, but the 6.6% decline represented a 240 basis points sequential improvement from the fiscal third quarter [4] - Bad Daddy's same-store sales weakened during the fourth quarter but improved sequentially to date in the first quarter, down approximately 1.6% through the first 11 weeks compared to the same period last year [8] Company Strategy and Development Direction - The company is committed to immediate improvement in profitability and is focusing on realigning general manager schedules to enhance operational efficiency [5] - The company plans to address value concerns with targeted promotions and an expanded loyalty program [8] - The company remains averse to large-scale discounting due to its impacts on profitability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in the fourth quarter results but noted that the first quarter of fiscal 2026 is shaping up to show improvement in same-store sales and Adjusted EBITDA [22] - The company is optimistic about its product and promotional roadmap aimed at broad guest appeal and operational improvements [22] Other Important Information - Food and beverage costs for Bad Daddy's were 31.6% for the quarter, a 40 basis point increase from last year's quarter, primarily due to record high ground beef prices [12] - Labor costs increased by 140 basis points compared to the prior year quarter to 35.7% for Bad Daddy's [13] - Combined general and administrative expenses were $2.4 million during the quarter, or 7% of total revenues, a decrease of 70 basis points from the prior year quarter [18] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions from participants during the call [21]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $318 million, essentially flat year over year, while GMV increased low single digits [13] - Adjusted net income was $7 million, or $0.21 per share, with adjusted EBITDA of $26 million, representing a year-over-year increase of approximately 28% [17] - Gross margin improved to nearly 52%, an increase of approximately 120 basis points from Q3 2024 [16] Business Line Data and Key Metrics Changes - U.S. e-commerce business generated $180 million, a decrease of approximately 3% compared to Q3 2024, attributed to improved promotional productivity [13] - Third-party marketplace business grew approximately 34%, with significant contributions from Amazon and Macy's [13][14] - School uniform business grew over 20%, driven by a strong back-to-school season [14] Market Data and Key Metrics Changes - Sales in Europe decreased approximately 20% year-over-year due to increased promotional activity and macroeconomic pressures [16] - Revenue from the licensing business grew over 30% year-over-year, reflecting increased brand visibility [16] Company Strategy and Development Direction - The company is focused on connecting with customers through an asset-light, agile business model, emphasizing high-quality solutions [4] - A long-term partnership with Delta Air Lines was secured, positioning the company as the exclusive design and manufacturing partner for uniforms [6] - The company is expanding its marketing strategy to appeal to younger consumers, with a focus on customization and personalization [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth momentum in North America and noted strong performance in November, particularly during the holiday season [20] - The company is focused on managing promotional levels effectively to maintain gross margins while driving sales [29][30] - Future guidance includes expected net revenue between $1.33 billion and $1.36 billion for the full year, with GMV expected to grow low single digits [19] Other Important Information - The company achieved record gross margins despite tariff uncertainties and is refining its supply chain strategies [11] - Leadership appointments were announced to strengthen strategic focus and drive growth [21][22] - The board is exploring strategic alternatives, with no further comments at this time [23] Q&A Session Summary Question: What did you see in promotional levels during Black Friday? - Management noted that promotional levels were well-managed, with a successful back-to-school campaign and strong early sales leading into the holiday season [28][29] Question: Can you provide an update on the licensing business? - Management indicated that licensing is expected to continue growing, with new licenses set to take effect in the fourth quarter and into next year [37][39] Question: How should we think about inventories going forward? - Management expressed pride in keeping inventory increases to only 3% despite tariff headwinds, indicating a focus on efficiency [46][47]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 4% to $323 million, driven by growth in the three segments: NRS, fintech, and net2phone, which together grew by 16% [9][10] - Consolidated gross profit rose by 10% to a record $118 million, resulting in a gross margin of 37% [9][10] - Adjusted EBITDA reached a record $37.9 million, with an adjusted EBITDA margin of 11.7%, reflecting a 26% year-over-year growth [10][17] - Earnings per share (EPS) increased by 31% to $0.89, while non-GAAP diluted EPS climbed by 32% to $0.94 [10] Business Line Data and Key Metrics Changes - NRS reported a 22% increase in recurring revenue, reaching $35 million, with income from operations up 35% to $9 million [12] - The fintech segment's income from operations nearly doubled, increasing by 97% to $6 million, and adjusted EBITDA rose by 87% to $7.5 million [13] - Net2phone's revenue increased by 10% on a net reported basis, with income from operations rising 94% to $2 million [15] Market Data and Key Metrics Changes - Boss Money's digital channel generated 84% of transactions, with revenue growth of 20% [12] - NRS's merchant services revenue grew by 38%, while sales fees increased by 30%, offsetting a 15% decline in advertising and data revenue [12] Company Strategy and Development Direction - The company is focusing on holistic solutions that combine multiple offerings tailored to customer needs, particularly in the net2phone segment [6][14] - There are plans to explore adjacent markets, including food service and international markets, with potential acquisitions to accelerate growth [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth opportunities through innovation in both current and adjacent markets [4][12] - The company is monitoring the impact of new federal excise taxes on cash remittances and its effects on retail businesses [18] Other Important Information - The Delaware Supreme Court dismissed all claims against IDT in the Straight Path Class Action suit, positively impacting the company [6] - The company held $220 million in cash and equivalents as of October 31, 2025, a decrease from the previous quarter [16] Q&A Session Summary Question: Expectations for special dividends or accelerated buybacks - Management indicated they are not looking at large M&A opportunities currently but may consider small acquisitions for NRS [18] Question: Additions of net payment processing accounts - The additions are primarily from businesses that require a POS [19] Question: Adjacent markets for growth - Management mentioned several adjacent markets, including food service and various verticals within the U.S. [20] Question: Potential for expanding into other countries - There is interest in expanding internationally, with potential acquisitions being considered [21] Question: Comments on IDT Global's top-line revenue - Management highlighted the resilience of the IDT Global business, focusing on maximizing gross profit despite fluctuations in revenue [23]

Financial Data and Key Metrics Changes - Kimbell Royalty Partners reported total revenues of $76.8 million for Q3 2025, with adjusted EBITDA of $62.3 million [8][9] - Production averaged 25,574 BOE per day, reflecting a 1% organic increase over Q2 2025 [4][5] - Cash G&A expenses were $5.9 million, equating to $2.51 per BOE, which was below the midpoint of guidance [8][9] Business Line Data and Key Metrics Changes - The company’s production base is diversified and low-decline, with a strong performance despite a general slowdown in the U.S. oil and natural gas sector [4][5] - The active rig count remains strong at 86 rigs, representing a 16% market share of U.S. land rigs [5] Market Data and Key Metrics Changes - The company noted a favorable environment for natural gas, with prices above $4, which is expected to contribute positively to production growth [16][42] - The Mid-Continent and Haynesville areas have shown acceleration in activity, benefiting from a higher gas cut [16][42] Company Strategy and Development Direction - Kimbell aims to be a leading consolidator in the oil and natural gas royalty sector, focusing on long-term unit holder value [6] - The company maintains a conservative balance sheet with a net debt to trailing 12 months consolidated adjusted EBITDA of approximately 1.6 times [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining flat or slightly increasing production despite industry challenges, citing strong rig activity and a diversified portfolio [10][32] - The company is optimistic about the long-term demand for U.S. energy and its position to benefit from this trend [10] Other Important Information - A cash distribution of $0.35 per common unit was declared for Q3 2025, with approximately 100% expected to be a return of capital [8][9] - The company reaffirmed its financial and operational guidance ranges for 2025 [9] Q&A Session Summary Question: Insights on macro conditions and production stability - Management highlighted steady production from their portfolio and noted that rig activity has remained relatively flat, providing confidence in maintaining production levels [12][13] Question: Activity in Mid-Continent and Haynesville - Management reported strong activity in the Mid-Continent, benefiting from higher gas prices, and emphasized the importance of a diversified portfolio [16] Question: Marketing and other deductions expense fluctuations - Management indicated that the recent increase in marketing costs was due to production growth in the Mid-Continent and suggested a return to historical averages in a normalized environment [17] Question: Maintenance level for production stability - Management confirmed that the maintenance level of 6.5 wells is due for an update and is expected to decrease, enhancing confidence in production maintenance [21][24] Question: M&A landscape and opportunities - Management noted that the removal of competitors from the market could create opportunities, but emphasized a disciplined approach to M&A, focusing on larger, more impactful acquisitions [25][26] Question: Growth potential in gas demand - Management expressed caution about making multi-year projections but acknowledged the potential for significant growth in natural gas production if favorable market conditions materialize [41][42] Question: Organic mineral acquisition opportunities - Management stated that they prefer larger, more mature acquisitions rather than small ground game acquisitions, focusing on building relationships for future opportunities [46][47]

Financial Data and Key Metrics Changes - Centuri Holdings reported record revenue of $850 million for Q3 2025, an 18% increase from Q3 2024 [12] - Adjusted net income for the quarter was $16.7 million, up from $5.3 million in the prior year [13] - Base revenue increased by 25% and base gross profit rose by 28% compared to the previous year [4][12] - The gross profit margin for the third quarter was 9.2%, down from 10.5% in the prior year [12] Business Line Data and Key Metrics Changes - US Gas revenue was $412.4 million, a 13% increase year-over-year, with a gross profit margin of 7.7% [13][14] - Canadian Gas revenue surged nearly 40% to $74.2 million, with a gross profit margin of 21.9% [14][15] - Union Electric revenue increased by 25% to $214.5 million, with base revenue reflecting a 29% year-over-year increase [15] - Non-union electric revenue rose 16% to $149 million, with a base revenue increase of 58% [16] Market Data and Key Metrics Changes - Total bookings for the year reached $3.7 billion, significantly ahead of the targeted book-to-bill ratio of 1.1 times [5][6] - The backlog reached a record high of approximately $5.9 billion, up from $5.3 billion last quarter [8] - The overall opportunity pipeline remains robust at about $13 billion, with over 600 strategic bid opportunities [8] Company Strategy and Development Direction - The company aims to build a premier standalone utility services company focused on sustainable and profitable growth [20] - A strategic fleet optimization initiative is underway to improve cash generation and fleet efficiency [9] - The company is focused on eliminating seasonality in the gas business and enhancing operational efficiency [41][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth in 2026, supported by strong backlog visibility and near-term booking expectations [9][20] - The company anticipates generating meaningful free cash flow in Q4 2025, despite a negative free cash flow of $16.3 million in Q3 [18][19] - Management highlighted the importance of storm work but emphasized that future planning will focus on base business performance [35] Other Important Information - The company completed its separation from Southwest Gas Holdings and appointed new leadership to drive operational excellence [10] - Adjusted EBITDA for Q3 2025 was $75.2 million, down from $78.8 million in the prior year [13] Q&A Session Summary Question: Impact of storm activity on EBITDA guidance - Management confirmed that the $15 million decline in guidance is entirely related to storm activities, with a split of approximately 60% for Q3 and 40% for Q4 [23][24] Question: Utilization of MSA contract work in non-union electric - Management indicated that there would be a lag in achieving full utilization, but expected improvements in Q4 as operations mature [25][26] Question: Difference in margins between data center opportunities and other bid work - Management noted that margins for data center-related work are generally higher than for MSAs, and they are now in a position to increase margins on new bids [28][30] Question: Strength of base revenue growth compared to expectations - Management stated that the base revenue growth exceeded internal expectations, driven by strong customer service and backlog management [37][39] Question: Focus on U.S. gas business and operational execution - Management highlighted improvements in the gas business and emphasized the need to address seasonality while maintaining strong margins [45][50] Question: Strategic bids and project mix - Management detailed that the $3 billion in strategic bids consists of 60% electrical work and 40% gas-related projects, with a focus on accretive bid work [52][53]