Financial Data and Key Metrics Changes - Q4 revenues exceeded $1 billion for the first time, up 33% from the prior year period, driven by growth in both E&M and T&D segments [6][16] - Full-year revenues increased 32% to $3.75 billion, primarily from the E&M business, with EBITDA up 52% to $320 million compared to 2024 [7][8][17] - Q4 EBITDA margin was 8.4%, up 70 basis points from 7.7% in the prior year period [17] Business Line Data and Key Metrics Changes - E&M segment Q4 revenues increased 44% to $791.6 million, driven by growth in commercial and renewables markets, particularly data centers [18] - T&D segment Q4 revenues were $227.7 million, up 6.8% from Q4 2024, with EBITDA margin at 13.4%, down from 14.3% in the same period [19][20] Market Data and Key Metrics Changes - Backlog at the end of 2025 was $3.2 billion, up 16% from the same period last year, with T&D backlog up 41% and E&M backlog up 13% [8][18] - The company sees robust project pipeline across diverse markets including data centers, hospitality, semiconductor, transmission, and undergrounding [9] Company Strategy and Development Direction - The company focuses on attracting, retaining, and training employees, creating value for customers and shareholders, and maintaining strong customer relationships as part of its Forever Strategy [10][12] - Plans for geographic expansion through satellite projects and strategic acquisitions to enhance market presence and operational capabilities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth due to favorable market trends and strong backlog entering 2026, with initial guidance forecasting revenues of $4.1 billion to $4.2 billion [22][23] - The company remains optimistic about its ability to execute projects safely and efficiently, which is critical for long-term growth [7][9] Other Important Information - The company increased capital spending in 2025 to support growth initiatives, with CapEx rising to $66.8 million from $43.8 million in 2024 [21] - Free cash flow for 2025 was $100 million, down from $128.8 million in 2024, reflecting increased investments in working capital and CapEx [21] Q&A Session Summary Question: Guidance and Margins - Inquiry about exceptional execution in 2025 and expectations for 2026 margins [26] - Management noted exceptional margin contributions from diverse projects and expressed confidence in achieving 7.9%-8% margins in 2026 [27][28] Question: Leverage and Free Cash Flow - Questions regarding low leverage and M&A strategy [29] - Management confirmed a target leverage of 1.5-2 times and emphasized the importance of a strong balance sheet for organic growth and M&A opportunities [30][31] Question: Capacity Constraints and Backlog - Inquiry about potential capacity constraints with record backlog [36] - Management assured that they have sufficient skilled labor to meet project demands and that 80% of backlog typically burns off within 12 months [38][39] Question: Satellite Operations and Expansion - Questions about opportunities for satellite expansions in 2026 [45] - Management confirmed ongoing assessments for new geographic opportunities and the importance of contract negotiations and local market evaluations [46][47] Question: Labor Costs and Pricing - Inquiry about labor cost management and pricing strategies [55] - Management indicated that they are successfully incorporating potential labor cost increases into job pricing and do not foresee risks from labor cost fluctuations [56] Question: M&A Strategy and Market Multiples - Questions regarding M&A opportunities and market multiples [57] - Management is open to both larger transactions and smaller tuck-ins, focusing on companies that align with their strategic priorities [58][60]

Financial Data and Key Metrics Changes - Fourth quarter revenues exceeded $1 billion for the first time, up 33% from the prior year period, driven by growth in both E&M and T&D segments [6][16] - Full-year revenues increased 32% to $3.75 billion, primarily from the E&M business, with EBITDA rising 52% to $320 million compared to 2024 [7][17] - Fourth quarter EBITDA margin was 8.4%, up 70 basis points from 7.7% in the prior year period [16][17] Business Line Data and Key Metrics Changes - E&M segment revenues increased 44% to $791.6 million in the fourth quarter, with EBITDA rising 57% to $67.1 million [18][19] - T&D segment revenues were $227.7 million, up 6.8% from the previous year, but EBITDA was flat at $30.5 million due to project mix and higher SG&A expenses [19][20] Market Data and Key Metrics Changes - The backlog at the end of 2025 was $3.2 billion, up 16% from the same period last year, with T&D backlog increasing by 41% and E&M backlog by 13% [8][18] - The company sees robust project pipelines across diverse markets, including data centers, hospitality, and semiconductor sectors [9][18] Company Strategy and Development Direction - The company focuses on its "Forever Strategy," which emphasizes employee retention, customer value creation, and operational excellence [10][12] - Plans for geographic expansion through satellite projects are in place, with a recent entry into a new market supporting a large semiconductor company [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth due to favorable market trends and a strong backlog entering 2026 [24] - The company anticipates revenue guidance for 2026 in the range of $4.1 billion to $4.2 billion, reflecting strong demand drivers [23][24] Other Important Information - The company ended 2025 with approximately 9,400 employees, up from 8,700 at the end of 2024, indicating a focus on workforce expansion [11] - Capital expenditures increased to $66.8 million in 2025, up from $43.8 million in 2024, to support growth initiatives [22] Q&A Session Summary Question: Guidance and Margins - Inquiry about whether exceptional execution in 2025 would be repeatable in 2026 and if management is being conservative in their guidance [27] - Management confirmed that exceptional margin upside was due to diversified contributions from various markets and expressed confidence in achieving forecasted margins for 2026 [28][29] Question: Leverage and Free Cash Flow - Questions regarding the company's low leverage and thoughts on optimal leverage levels, as well as free cash flow conversion going forward [30] - Management emphasized the importance of a strong balance sheet for organic growth and M&A opportunities, indicating a target leverage of 1.5-2 times [32] Question: Capacity Constraints and Backlog - Inquiry about potential capacity constraints given the record backlog and lead times for projects [37] - Management reassured that they have sufficient skilled labor to complete projects and that 80% of the backlog typically burns off within 12 months [39][41] Question: Satellite Operations and Expansion - Questions about opportunities for satellite expansions in 2026 and specific geographies of interest [47] - Management indicated a selective approach to satellite operations and mentioned potential opportunities in the South and Southeast [49] Question: Labor Costs and M&A Strategy - Inquiry about labor cost management and the company's approach to M&A in the current market [58][60] - Management stated that they are successfully incorporating labor cost increases into pricing and are open to both larger and smaller M&A transactions [61][63]

Financial Data and Key Metrics Changes - Fourth quarter revenues exceeded $1 billion for the first time, up 33% year-over-year, driven by growth in both E&M and T&D segments [6][18] - Full-year revenues increased 31.5% to $3.75 billion, primarily due to a 44% growth in E&M revenues [19] - Full-year EBITDA increased 37.7% to $319.8 million, reflecting strong project execution and revenue growth [19] - Fourth quarter EBITDA margin was 8.4%, up 70 basis points from the prior year [19] Business Line Data and Key Metrics Changes - E&M segment revenues increased 44% to $791.6 million in the fourth quarter, driven by growth in commercial and renewables markets [20] - T&D segment revenues were $227.7 million, up 6.8% from the previous year, with growth in transportation and utility segments [21] - E&M segment EBITDA margin was 8.5%, up 70 basis points compared to the previous year [21] - T&D segment EBITDA margin decreased to 13.4% from 14.3% in the prior year [21] Market Data and Key Metrics Changes - Backlog at the end of 2025 was $3.23 billion, up 16% from the previous year, with T&D backlog up 41% and E&M backlog up 13% [19][20] - The company sees robust project pipeline across diverse markets, including data centers, hospitality, and semiconductor sectors [10] Company Strategy and Development Direction - The company focuses on its "Forever Strategy," which emphasizes employee retention, customer value creation, and operational excellence [11][12] - Plans to expand geographically through satellite projects and strategic acquisitions to enhance market presence [12][13] - The company aims to maintain disciplined capital allocation, investing 2%-2.5% of revenues in growth initiatives [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth due to favorable market trends and a strong backlog entering 2026 [25] - The company anticipates revenue growth of 11% and EBITDA growth of 2% for 2026, reflecting a strong backlog position [25][26] - Management highlighted the importance of operational excellence and strategic project selection in achieving financial targets [31] Other Important Information - The company ended 2025 with approximately 9,400 employees, up from 8,700 in 2024, reflecting a focus on workforce growth [12] - Capital expenditures increased to $66.8 million in 2025, supporting organic growth strategies [23] Q&A Session Summary Question: Guidance and Margins - Inquiry about exceptional execution in 2025 and expectations for 2026 margins [29] - Management noted diversified contributions from various markets and expressed confidence in achieving forecasted margins [30][31] Question: Leverage and Free Cash Flow - Questions regarding low leverage and M&A strategy [32] - Management confirmed a target leverage of 1.5-2 times and emphasized the importance of strategic M&A opportunities [35] Question: Capacity Constraints and Backlog - Inquiry about capacity constraints and lead times on backlog [40] - Management assured that they have sufficient skilled labor to meet project demands and that 80% of backlog typically burns off within 12 months [41][44] Question: Satellite Operations and Expansion - Questions about opportunities for satellite expansions in 2026 [50] - Management confirmed ongoing assessments of market opportunities and plans for contributions from new satellite operations [50][51] Question: Labor Costs and Pricing - Inquiry about labor cost management and pricing strategies [60] - Management indicated that they are successfully incorporating potential labor cost increases into job pricing [62] Question: M&A Strategy and Market Multiples - Questions regarding M&A strategy and market multiples for potential acquisitions [63] - Management expressed a preference for both larger transactions and smaller tuck-ins, focusing on geographic expansion and operational excellence [64][66]

Financial Data and Key Metrics Changes - The company's Q1 2025 revenue increased by 32% to $826.6 million compared to the same period last year, driven by a 47% increase in Electrical and Mechanical (E and M) revenue, partially offset by a 2% decline in Transmission and Distribution (T and D) revenue [20][21] - Total EBITDA for Q1 2025 was $61.8 million, also up 32% year-over-year, with an EBITDA margin of 7.5%, consistent with the prior year [20][21] - The total backlog at the end of Q1 2025 was $3.1 billion, up 10% from the end of 2024 and up 41% from the same period last year [21][10] Business Line Data and Key Metrics Changes - E and M segment revenue increased by 47% to $648.2 million, with EBITDA rising by 51% to $49.5 million, resulting in an EBITDA margin of 7.6%, up 20 basis points from last year [22][23] - T and D segment revenue was $185 million, down from $188.5 million, but T and D EBITDA increased by 5.8% to $20.1 million, with an EBITDA margin of 10.9%, up 80 basis points from last year [23][24] Market Data and Key Metrics Changes - The company reported strong demand trends in key markets, particularly in data centers, hospitality, and high-tech reshoring, with E and M backlog increasing by 46% year-over-year [10][11] - The company noted that while there are macroeconomic uncertainties, favorable trends in several key end markets position the company well for growth [11][12] Company Strategy and Development Direction - The company's "forever strategy" focuses on attracting and retaining talent, creating value for customers and shareholders, and maintaining strong customer relationships [14][16] - The company is increasing capital expenditures to support organic growth, including the purchase of a new prefabrication facility in Kansas City [17][25] - The company aims for organic revenue growth of 5% to 7% and EBITDA growth of 7% to 9% on a compound annual basis [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and highlighted the importance of maintaining strong customer relationships and effective project execution [9][11] - The company remains optimistic about backlog growth based on demand trends and its diverse end market exposure [14][48] Other Important Information - The company is actively monitoring tariff impacts and has implemented strategies to mitigate risks associated with price increases [58][59] - The company has a net leverage ratio of approximately one times, indicating a strong balance sheet position [24] Q&A Session Summary Question: Outlook on larger projects and revenue timing - Management indicated that backlog could be bumpy due to the nature of larger projects, which may have longer lead times [30][31] Question: Transmission and Distribution segment outlook - Management noted strong demand in the T and D segment, particularly in undergrounding projects, and expressed confidence in building upon existing customer relationships [33][35] Question: Status of high-tech manufacturing market - Management confirmed ongoing strong relationships with semiconductor manufacturers and expressed confidence in continued support for these customers despite some cyclicality in capital allocation [37][38] Question: Non-backlog business outlook - Management emphasized the importance of non-backlog work and resource allocation to maintain a healthy balance between backlog and non-backlog projects [41][42] Question: Hospitality market status - Management reported an increase in backlog in Las Vegas and expressed confidence in capturing future opportunities in the hospitality sector [46][47] Question: Impact of weather delays on T and D business - Management believes that weather-related delays will not significantly impact the overall business for the year, as demand remains strong [48] Question: Guidance for 2025 in light of strong Q1 - Management acknowledged some revenue pull-forward in Q1 and emphasized the need to monitor macroeconomic uncertainties moving forward [55][56] Question: Tariff impacts on business - Management discussed proactive measures to mitigate tariff risks and secure pricing with suppliers [58][59] Question: Corporate costs outlook - Management indicated that corporate costs may increase slightly for the remainder of the year as the company stands up its departments [60][61]

Financial Data and Key Metrics Changes - The company's Q1 2025 revenue increased by 32% to $826.6 million compared to the same period last year, driven by a 47% increase in Electrical and Mechanical (E and M) revenue, partially offset by a 2% decline in Transmission and Distribution (T and D) revenue [20][21] - Total EBITDA for Q1 2025 was $61.8 million, also reflecting a 32% increase year-over-year, with an EBITDA margin of 7.5%, consistent with the prior year [20][21] - The total backlog at the end of Q1 2025 was $3.1 billion, up 10% from the end of 2024 and up 41% from the same period last year [21][24] Business Line Data and Key Metrics Changes - E and M segment revenue rose to $648.2 million, a 47% increase from $441 million in the prior year, with EBITDA for this segment increasing by 51% to $49.5 million [22][23] - T and D segment revenue was $185 million, down from $188.5 million last year, but T and D EBITDA increased by 5.8% to $20.1 million, resulting in an EBITDA margin of 10.9%, up 80 basis points from last year [23][24] Market Data and Key Metrics Changes - The company reported strong demand trends in key markets, particularly in data centers, hospitality, and high-tech reshoring, with E and M backlog increasing by 46% year-over-year [10][11][12] - The T and D segment is expected to benefit from increased workloads, particularly in undergrounding projects, despite some weather-related delays impacting revenue [35][48] Company Strategy and Development Direction - The company is focused on its "forever strategy," which emphasizes attracting and retaining talent, delivering high-quality execution, and maintaining customer relationships [14][16] - A significant portion of the increased capital expenditure in Q1 was allocated to purchasing a new prefabrication facility in Kansas City, which is critical for supporting organic growth [17][25] - The company aims for organic revenue growth of 5% to 7% and EBITDA growth of 7% to 9% on a compound annual basis [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and highlighted the importance of maintaining strong customer relationships and project execution [9][11] - The company remains optimistic about backlog growth and demand trends in key markets, despite acknowledging potential fluctuations in project timing [10][14] Other Important Information - The company has appointed Tim Steves as vice president of corporate development and strategy to enhance its M&A capabilities [18] - The company affirmed its 2025 guidance, projecting revenues between $3 billion and $3.1 billion and EBITDA between $210 million and $225 million [26] Q&A Session Summary Question: Outlook on larger mix of longer lead time projects - Management indicated that while backlog may be bumpy, their expertise in winning large complex projects allows them to add value early in the project lifecycle [30][32] Question: T and D segment outlook and weather-related impacts - Management noted strong demand for T and D services and emphasized their long-standing customer relationships, which position them well for future work [35][48] Question: Status of high-tech manufacturing market - Management confirmed ongoing strong relationships with semiconductor manufacturers and expressed confidence in continuing to support these customers despite some cyclicality in capital allocation [38] Question: Non-backlog business outlook - Management highlighted the importance of non-backlog work and resource allocation, indicating a healthy backlog and good project visibility [41][44] Question: Hospitality market status - Management reported an increase in backlog in Las Vegas and strong relationships with customers, positioning them well for future opportunities [47] Question: Impact of tariffs on business - Management discussed proactive measures to mitigate tariff impacts, including securing pricing and availability with suppliers [59][60] Question: Corporate costs and future run rate - Management indicated that corporate costs may increase slightly as they stand up departments, but overall guidance remains unchanged [62]

Financial Data and Key Metrics Changes - The company's first quarter revenue increased by 32% year-over-year, reaching $826.6 million, driven primarily by a 47% increase in the Electrical and Mechanical (E and M) segment [18][7] - Total EBITDA for the first quarter was $61.8 million, also reflecting a 32% increase from the previous year, with an EBITDA margin of 7.5%, consistent with the prior year [18][19] - The total backlog at the end of the first quarter was $3.1 billion, up 10% from the end of the previous year and up 41% from the same period last year [19][9] Business Line Data and Key Metrics Changes - E and M revenue increased to $648.2 million, a 47% rise compared to $441 million in the prior year, with E and M EBITDA growing by 51% to $49.5 million [20][18] - Transmission and Distribution (T and D) revenue slightly declined by 2% to $185 million due to weather-related delays, but T and D EBITDA increased by 5.8% to $20.1 million [21][18] Market Data and Key Metrics Changes - The E and M backlog increased by 46% year-over-year, driven by growth in key submarkets such as data centers, manufacturing, government, and hospitality [9][19] - T and D backlog grew by 8% year-over-year, indicating solid demand despite the revenue decline [19] Company Strategy and Development Direction - The company is focused on its "forever strategy," which emphasizes attracting and retaining talent, delivering high-quality execution, and maintaining customer relationships [13][14] - A significant portion of the capital expenditure in the first quarter was allocated to purchasing a new prefabrication facility in Kansas City, expanding the total footprint by approximately 128,000 square feet [15][23] - The company aims for organic revenue growth of 5% to 7% and EBITDA growth of 7% to 9% on a compound annual basis [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and highlighted strong demand trends in key markets, particularly in data centers and high-tech reshoring [10][11] - The company is optimistic about its ability to grow backlog based on favorable demand trends and strong customer relationships [13][12] Other Important Information - The company is actively monitoring tariff impacts and has implemented strategies to mitigate risks associated with price increases [58] - The first quarter's capital expenditures were $18.5 million, up from $9.2 million in the same period last year, reflecting a commitment to support organic growth [23][18] Q&A Session Summary Question: Outlook on larger projects and revenue timing - Management indicated that the backlog could be bumpy due to the nature of large projects, which often have longer lead times [30] Question: Transmission and Distribution segment outlook - Management noted strong demand for T and D services and highlighted expertise in undergrounding as a growth opportunity [33] Question: Status of high-tech manufacturing market - Management confirmed ongoing strong relationships with semiconductor manufacturers and expressed confidence in continued support for these customers [37] Question: Non-backlog business outlook - Management emphasized the importance of non-backlog work and resource allocation to ensure effective project execution [40][42] Question: Hospitality market status - Management reported an increase in backlog in Las Vegas and expressed confidence in capturing future opportunities in the hospitality sector [46] Question: Pharmaceutical manufacturing opportunities - Management acknowledged the potential for growth in the pharmaceutical manufacturing market and indicated plans for geographic expansion [50] Question: Impact of tariffs on business - Management discussed proactive measures to mitigate tariff risks and secure pricing with suppliers [58] Question: Corporate costs and future expectations - Management indicated that corporate costs may increase slightly as the company stands up departments, but overall costs remain in line with expectations [61]