Financial Data and Key Metrics Changes - The company reported revenues of $6.2 billion, net income attributable to common stock of $144 million, or $0.96 per diluted share, and adjusted diluted earnings per share of $1.78 [10] - Adjusted EBITDA was $504 million, representing 8.1% of revenues [10] - The company generated cash flow from operations of $243 million and free cash flow of $118 million, which included a $109 million tax payment deferred from 2024 [10] - Full year 2025 expectations for revenue were increased by $100 million, adjusted EBITDA by $10 million, and adjusted earnings per share by $0.05 [11][12] Business Line Data and Key Metrics Changes - The company emphasized strong growth in its core markets, particularly in renewable energy generation and storage, with a focus on solar and battery projects [13][118] - The backlog reached a record of $35.3 billion, indicating robust demand across various sectors [5][10] - The company is actively engaged in providing solutions for power generation, including solar, wind, and storage, with a noted increase in solar bookings [118] Market Data and Key Metrics Changes - Utilities in the U.S. are forecasting significant increases in power demand driven by new technologies and infrastructure needs [9] - The company highlighted the potential for the largest investment in high voltage transmission infrastructure in a generation, driven by the need for resilient electric grids [9] - The company noted that demand for renewable energy generation and storage remains strong, with expectations for continued growth in these areas [13][118] Company Strategy and Development Direction - The company's core strategy focuses on execution certainty, investment discipline, and a differentiated platform that integrates craft labor with engineering and technology [6][8] - The company aims to strengthen customer partnerships and drive long-term sustainable value creation through strategic investments [6][8] - The management emphasized a collaborative model that positions the company as a trusted partner rather than just a contractor [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties and emerge stronger due to its diversified solution-based strategy [8] - The company is proactively collaborating with customers to optimize costs and manage supply chain challenges [12] - Management indicated that the business is well-positioned for sustained leadership and long-term growth in the evolving energy and infrastructure landscape [9] Other Important Information - The company has repurchased approximately $135 million of its common stock, with $365 million remaining under its existing repurchase authorization [13] - The company received credit upgrades from S&P Global Ratings, which are expected to lower borrowing costs and expand liquidity [11] Q&A Session Summary Question: Impact of Long Island Power Authority's decision on guidance - Management clarified that the decision was not anticipated in their guidance for the year [18][23] Question: Expansion of high voltage transmission projects - Management confirmed ongoing demand for transmission infrastructure and expects continued backlog growth despite macro uncertainties [27][31] Question: Impact of tariffs on customers - Management stated that they have not seen significant impacts from tariffs on their customer base and believe their portfolio can weather potential disruptions [35][36] Question: Interconnection work related to coal plants - Management acknowledged the potential for interconnection work but emphasized that they see ample projects available regardless of coal plant status [45][49] Question: Margin expectations with larger projects - Management indicated that while margins may not see immediate upward momentum due to training costs, they expect returns to improve as the business scales [54][56] Question: Status of Cupertino acquisition and synergies - Management reported that the Cupertino business is ahead of schedule and is expected to generate significant synergies moving forward [58][60] Question: Visibility of larger projects in backlog - Management noted that larger projects are becoming increasingly visible and expects them to show up in the backlog soon [62][64] Question: Strategic benefits from supply chain access - Management highlighted the importance of internal supply chain capabilities and their role in providing better solutions to clients [86][90]