Financial Data and Key Metrics Changes - Third quarter revenue reached $473.9 million, reflecting substantial year-over-year growth, primarily due to two months of NV5's contribution following the acquisition [17] - On a combined basis, year-to-date revenue growth was approximately 4.7% [17] - Adjusted gross profit was approximately $171 million, with an adjusted gross margin of 36.1%, up from the prior year [19] - Adjusted EBITDA for the third quarter was $77.3 million, representing an adjusted EBITDA margin of 16.3% [20] Business Line Data and Key Metrics Changes - The Inspection and Mitigation segment generated approximately $293 million in revenue, down about 3% year-over-year [18] - The Consulting Engineering segment contributed approximately $122 million during the two-month period, with potential revenue of approximately $189 million if NV5's results were included for the full quarter, reflecting an 11% increase [18] - The Geospatial segment contributed about $62 million during the same period, with potential revenue of about $90 million if MB5 results were included for the full quarter, approximately 4% higher than last year [19] Market Data and Key Metrics Changes - The company reported double-digit growth in the consulting engineering segment, driven by data center work for hyperscaler clients, which more than doubled over the trailing twelve months [9] - Infrastructure investments supporting grid modernization and energy transition are creating new opportunities across all segments [10] Company Strategy and Development Direction - The company aims to capture meaningful synergies as integration actions move into 2026, focusing on disciplined execution and long-term growth [6][14] - The strategic vision includes expanding markets served and services provided within the TIC and engineering space [6] - The company is positioned to benefit from secular tailwinds such as infrastructure renewal and energy transition [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in demand across core markets and reaffirmed full-year 2025 guidance, expecting revenue between $1.53 billion and $1.565 billion [23] - The company anticipates revenue growth of 35% relative to the 2025 combined company baseline for the following year [24] - Management highlighted the importance of maintaining operational excellence and customer service during the integration process [30] Other Important Information - The company increased its cost synergy target from $20 million to $25 million, expected to be fully realized by mid-2027 [25] - Total liquidity as of September 30, 2025, was $282.9 million, including cash and cash equivalents of $164.4 million [22] Q&A Session Summary Question: What is the reasonable range for annual free cash flow after integration? - Management indicated that the business continues to be a high free cash flow business with low CapEx and high margins, but did not provide specific guidance on free cash flow [36] Question: Is the $400 million revenue target for data centers still in place? - Management confirmed that the data center business is growing significantly, with revenue up over 100% year-to-date, and they are excited about future growth opportunities [38] Question: What is the impact of the government shutdown on geospatial services? - Management noted limited impact from the government shutdown, with optimism for a quick reopening and resumption of work orders [46][47] Question: How is the turnaround activity trending in Q4? - Management stated that turnaround activity has not materially changed and is primarily affected by the timing of LNG projects [51] Question: Can you provide more details on the increased synergy target? - Management clarified that the increased synergy target of $25 million is purely cost synergies, primarily from back office support and organizational efficiencies [56] Question: What are the growth opportunities in the business? - Management highlighted the potential for cross-selling opportunities and filling white space in the total value chain as significant growth areas [88]