Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $1.6 billion, an increase of $235 million or 16.7% from the prior year, driven by growth in both Energy and Utility segments [17][18] - Gross profit for Q1 was approximately $171 million, an increase of $37 million or 28% from the prior year, with gross margins at 10.4% compared to 9.4% in the prior year [18][19] - Cash from operations for Q1 was $66.2 million, an increase of nearly $95 million from the prior year, marking a record for the company [23] Business Line Data and Key Metrics Changes - In the Utilities segment, gross profit was $51.6 million, up $22.1 million compared to the prior year, driven by higher revenue in gas operations and significant improvement in power delivery profitability [19][20] - The Energy segment achieved significant top-line growth, with gross profit just over $119 million for the quarter, a $15.2 million increase from the prior year, primarily due to higher revenue in Renewables [20][21] - The Utilities backlog increased by $88 million from year-end, driven by MSA and fixed backlog, while the Energy segment backlog decreased by $567 million due to timing of new solar awards [25] Market Data and Key Metrics Changes - The company noted strong demand in North American power, industrial, and energy infrastructure, positioning itself to capitalize on ongoing investments [7][9] - The company is optimistic about continued bookings throughout the year, despite potential economic and regulatory uncertainties [9][10] Company Strategy and Development Direction - The company is focused on driving higher margins and improved cash flow while maintaining safety and operational efficiency [6][16] - The management emphasized the importance of being selective in project bidding and maintaining strong communication with customers to ensure project execution [16][68] - The company is actively monitoring market conditions and is prepared to adapt to changes, with a strong balance sheet allowing for continued investment in growth opportunities [29][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing demand for critical infrastructure services and the ability to achieve or exceed financial goals for 2025 [16][26] - The company is closely monitoring risks related to tariffs and regulatory changes but does not expect significant impacts on operations in 2025 [8][79] - Management indicated that while there may be some delays in project signings, they have not seen major pauses from customers [33][87] Other Important Information - The company authorized a new share purchase program allowing for the purchase of up to $150 million in shares through April 2028 [24] - The effective tax rate for the quarter was 29%, expected to remain consistent for the full year [22] Q&A Session Summary Question: Concerns about prolonged economic uncertainty and project signings - Management clarified that there is no significant freeze in project signings and that customer conversations indicate a normal cadence of uncertainty [33][34] Question: Interest expense outlook - Management indicated that they do not expect a significant uptick in interest expense and will monitor trends closely [37] Question: Confidence in financial targets for 2024-2026 - Management confirmed they are on track or ahead of schedule in all metrics laid out during Analyst Day [44][45] Question: Renewable revenue targets for 2025 - Management expects to return to a normal growth cadence post-2025, with a significant portion of 2026 already booked [47] Question: Update on CEO search - The board is prioritizing finding the right candidate without a specific timeline, focusing on public company experience and acquisition integration [48] Question: Utility segment margin performance - Management expects modest growth in utilities, with potential for margin improvement if supply chain conditions improve [51] Question: Natural gas generation opportunities - Management is vetting approximately $1 billion in natural gas projects tied to data centers [53] Question: Impact of tariffs on solar projects - Management stated that tariffs have not significantly impacted their business, and they are prepared for various scenarios [79][81] Question: Timing and impact of reconciliation bill on solar projects - Management is in regular communication with customers and feels prepared for any outcome regarding the reconciliation bill [91]