Financial Data and Key Metrics Changes - Organic sales grew 7% in Q2, following a 6% increase in Q1, with preliminary July sales per workday up approximately 10% year over year [5][12] - Adjusted EBITDA margin increased by 90 basis points sequentially, while adjusted EPS rose 6% compared to the prior year [6][14] - Total data center sales surpassed $1 billion in Q2, marking a 65% year-over-year increase [5][21] Business Line Data and Key Metrics Changes - Communications and Security Solutions (CSS) achieved 17% organic growth, driven by strong data center performance, while Electrical and Electronic Solutions (EES) grew 6% [5][18] - Utility and Broadband Solutions (UBS) experienced a 4% decline in sales, although investor-owned utilities showed signs of recovery [24][27] - CSS data center sales represented nearly 40% of CSS revenue in Q2, up from approximately 30% in the prior year [19][21] Market Data and Key Metrics Changes - The utility market faced headwinds but is expected to return to growth in the second half of the year, with preliminary July sales for UBS showing slight improvement [24][39] - Backlog increased across all business units, with CSS backlog up 36% year over year [40][41] - The overall demand for data centers remains strong, with no slowdown in customer demand reported [19][21] Company Strategy and Development Direction - The company is focused on executing cross-sell initiatives, managing margins, and delivering operational improvements through technology [10][42] - The outlook for organic sales growth has been revised upward to 5% to 7% for the year, driven by strong data center performance and broader electrical sales trends [37][39] - The company plans to prioritize deleveraging the balance sheet while remaining opportunistic regarding share repurchases and acquisitions [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the utility business, supported by trends in electrification and green energy [27][39] - The company acknowledged the uncertainty surrounding tariffs and the overall economy but remains optimistic about demand for data centers and improving electrical end markets [39][40] - Management highlighted the importance of strong customer relationships and visibility into future demand, particularly in the data center segment [65][68] Other Important Information - The company redeemed $540 million of Series A preferred stock, improving its capital structure and extending debt maturities [29][30] - Free cash flow for Q2 was $87 million, representing approximately 45% of adjusted net income, with a trailing twelve-month free cash flow of $644 million [27][28] Q&A Session Summary Question: Clarification on pricing and guidance - Management confirmed that no tariff impacts are included in the second half outlook, and July's strong start reflects genuine demand increase rather than just easier comparisons [49][50] Question: Insights on utility business trends - Management noted that investor-owned utilities returned to growth in Q2, with expectations for public power customers to follow suit in the second half [59][62] Question: Data center growth metrics - Management indicated strong visibility into data center demand, with significant growth in both white space and gray space, particularly driven by AI applications [65][68] Question: Net working capital intensity targets - Management aims to return to pre-COVID levels of around 19% for net working capital intensity, with ongoing improvements noted [79][80] Question: Pricing impacts and inventory gains - Management clarified that known price increases are factored into guidance, but future pricing actions related to tariffs are not included due to uncertainty [84][86]

Summary of Energy Services of America Corporation (ESOA) FY Conference Company Overview - **Company Name**: Energy Services of America Corporation (ESOA) - **Ticker Symbol**: ESOA on Nasdaq - **Industry**: Construction, General Contracting, Utility Services, Water and Gas Distribution, Transmission - **Location**: Primarily based in Huntington, West Virginia - **Employee Count**: Approximately 1,200 employees, expected to increase to 1,600-1,700 during peak construction season [15][19] Key Financial Highlights - **Fiscal Year 2024 Revenue**: $352 million [15] - **Adjusted EBITDA**: Approximately $29 million [15] - **Backlog Growth**: Increased from $72 million in FY21 to $280 million as of March 31, 2025 [17] - **Dividend**: Recently doubled from annual to quarterly, currently at $0.12 per share [18] Strategic Focus and Growth Areas - **Utility Services**: Emphasis on water distribution services, viewed as a low-risk and profitable venture [43] - **Acquisitions**: Successful integration of several acquisitions since February 2020, including Tribute Contracting, which focuses on wastewater projects [18][36] - **Market Demand**: Notable increase in inquiries for new capacity in gas and industrial sectors post-COVID [10] Operational Insights - **Customer Base**: Diverse clientele including American Water, TransCanada, NiSource, and Toyota [24] - **Service Areas**: Operations span across 15-17 states, with a focus on West Virginia, Ohio, and Kentucky for water and gas distribution [19] - **Project Types**: Engaged in both fixed contracts and time-and-material contracts, with a preference for unit-based pricing in utility services [55][57] Challenges and Risks - **Weather Impact**: Adverse weather conditions in early 2025 led to a significant loss of operational days, affecting quarterly performance [48] - **Debt Management**: Total debt around $50 million, with a portion related to acquisitions and equipment financing [61] Environmental and Safety Commitment - **Safety Standards**: Emphasis on safety as a core value, crucial for maintaining customer relationships and project continuity [38] - **Environmental Projects**: Involvement in projects related to electric vehicle battery plants and other environmentally friendly initiatives [39] Future Outlook - **Growth Strategy**: Focus on organic growth and strategic acquisitions, particularly in water distribution and industrial services [43] - **Market Position**: Positioned to benefit from increased infrastructure spending and a growing backlog of projects [17][46] Additional Insights - **Technological Advancements**: Adoption of horizontal directional drilling (HDD) to minimize environmental disruption during water projects [51][53] - **Shareholder Engagement**: Company management emphasizes shareholder-friendly practices, including stock buybacks and dividends [11][50]

Financial Data and Key Metrics Changes - Consolidated revenues for Q1 2025 totaled $550.1 million, a 4.2% increase from Q1 2024 [21] - Consolidated gross profit was $20.3 million, reflecting a 53.1% increase year-over-year, with a gross profit margin of 3.7% compared to 2.5% in the prior year [21] - Net loss attributable to common stock was $17.9 million, or a diluted loss per share of $0.20, an improvement from a net loss of $25.1 million or $0.35 per share in the same period last year [22] - Adjusted EBITDA for Q1 2025 was $24.2 million, approximately 20% higher than the prior year [22] Business Line Data and Key Metrics Changes - U.S. Gas segment revenue totaled $197.7 million, a year-over-year decrease of 12.7%, with a gross profit margin of -7.5% [23][25] - Canadian Gas segment revenue was $39.8 million, down 2.9% year-over-year, but the segment margin improved to 17.8% from 7.5% [26] - Union Electric segment revenue increased by 7.1% year-over-year to $175.5 million, with a core growth of 32.7% driven by increased bid project activity [26] - Nonunion Electric segment revenue rose by 41.9% year-over-year to $137.1 million, with gross profit increasing to 11.9% from 2.9% [27] Market Data and Key Metrics Changes - The U.S. Gas segment faced adverse weather conditions impacting performance, but improvements were noted in March and April [19][25] - The nonunion electrical segment benefited from strong market trends in the Sunbelt and Southeast regions, driven by storm damage recovery efforts [20] Company Strategy and Development Direction - The company is focused on implementing a unified business development strategy to enhance growth and market positioning [11][31] - A significant increase in the sales pipeline was reported, approaching $12 billion in revenue opportunities, with a record booking quarter of $1.2 billion in Q1 2025 [14] - The company aims to improve capital efficiency and reduce working capital levels as part of its strategic priorities [29] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate significant impacts from the global trade war or tariffs in 2025, citing a resilient business model [8][30] - The outlook for full-year 2025 remains unchanged, with expectations to deliver between $2.6 billion and $2.8 billion in revenues [29][30] - Management expressed confidence in maintaining a positive trajectory across segments, with strong growth anticipated in the coming quarters [21][32] Other Important Information - The company has made significant progress in enhancing its pipeline management and sales strategies, fostering a growth-oriented culture [12][31] - Capital expenditures for Q1 2025 were $23.2 million, down from $24.6 million in the prior year [28] Q&A Session Summary Question: Can you talk about the trajectory for 2025 and how you expect to reach the upper end of revenue guidance despite a weaker Q1 in U.S. Gas? - Management noted that the gas business faced weather-related challenges in January and February but recovered in March and April, with work under contract supporting the revenue guidance [35][36] Question: Can you discuss the key findings of the strategic review? - Key findings included the need for a fully integrated sales pipeline, improved cross-selling capabilities, a cultural shift towards identifying more work for customers, and aligning KPIs with growth and profitability [38][39][40] Question: How would you frame the loss in the U.S. Gas segment relative to expectations? - Management acknowledged that weather impacts are uncontrollable but emphasized efforts to migrate the business to regions less affected by weather to achieve profitability earlier in the year [45][46] Question: What is the visibility and cadence expected for bookings moving forward? - Management indicated strong visibility for Q2 bookings and anticipated some lumpiness in Q3, with Q4 expected to be robust due to MSA renewals and new bid work [49][51] Question: Can you clarify the guidance for adjusted EBITDA? - Management confirmed that while they are cautious, the bookings and backlog are pushing towards the upper end of the revenue guidance, and they do not foresee margin erosion [55][57] Question: Can you provide details on the new MSAs and their risk profile? - Management stated that the new work aligns with existing services and customers, maintaining the same risk profile without significant changes [60][61] Question: What will be needed to achieve full-year EBITDA margin? - Management indicated that no radical changes are necessary, and they are on track to meet the full-year guidance based on current backlog and expected bookings [67][68]

Financial Data and Key Metrics Changes - Consolidated revenues for Q1 2025 totaled $550.1 million, a 4.2% increase from Q1 2024 [22] - Consolidated gross profit was $20.3 million, reflecting a 53.1% increase year-over-year, with a gross profit margin of 3.7% compared to 2.5% in Q1 2024 [22] - Net loss attributable to common stock was $17.9 million, or a diluted loss per share of $0.20, improved from a net loss of $25.1 million or $0.35 per share in the same period last year [23] - Adjusted EBITDA for Q1 2025 was $24.2 million, approximately 20% higher than the prior year [23] Business Line Data and Key Metrics Changes - U.S. Gas segment revenue totaled $197.7 million, a year-over-year decrease of 12.7%, with a gross profit margin declining to -7.5% from -1.8% [24][25] - Canadian Gas segment revenue was $39.8 million, down 2.9% year-over-year, but the segment margin improved to 17.8% from 7.5% [26] - Union Electric segment revenue increased by 7.1% year-over-year to $175.5 million, with core Union Electric segment growth of 32.7% [26] - Nonunion Electric segment revenue rose by 41.9% to $137.1 million, with gross profit margin increasing to 11.9% from 2.9% [27] Market Data and Key Metrics Changes - The U.S. Gas segment faced adverse weather conditions early in the year but showed improvement in March [20] - The nonunion electrical segment benefited from strong market trends in the Sunbelt and Southeast regions [21] Company Strategy and Development Direction - The company is focused on implementing a unified business development strategy aimed at high growth pipeline development and securing new awards [12][14] - The sales pipeline is approaching $12 billion in revenue opportunities, with a record booking quarter of $1.2 billion in Q1 2025 [15] - The company aims to enhance capital efficiency and reduce working capital levels to improve free cash flow [29] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate significant impacts from the global trade war or tariffs in 2025, citing a resilient business model [8][30] - The outlook for full-year 2025 remains unchanged, with expectations to deliver between $2.6 billion and $2.8 billion in revenues [29][30] - Management expressed confidence in maintaining a positive trajectory across segments and delivering strong growth in upcoming quarters [22] Other Important Information - The company has made significant progress in enhancing its pipeline management and sales strategies [31] - The first quarter is typically the slowest period due to seasonal winter weather, but the company expects to see improved performance in subsequent quarters [22] Q&A Session Summary Question: Can you discuss the trajectory for 2025 despite the weaker Q1 in U.S. Gas? - Management noted that the gas business faced weather-related challenges in January and February but recovered in March and April, with expectations to meet budgeted performance for the year [35][36] Question: What were the key findings of the strategic review? - Key findings included the need for a fully integrated sales pipeline, improved cross-selling capabilities, a cultural shift towards identifying more work for customers, and aligning KPIs with growth and profitability [38][39][40][41] Question: How does the U.S. Gas segment's loss compare to expectations? - Management acknowledged that weather impacts profitability, but efforts are being made to migrate the business to regions less affected by adverse weather [45][46] Question: What is the visibility on bookings moving forward? - Management indicated strong visibility on bookings for Q2 and expects to achieve the 1.1 times book-to-bill target for the full year [48][49] Question: Can you clarify guidance on adjusted EBITDA? - Management confirmed that while they are cautious, the strong bookings and backlog are pushing towards the upper end of revenue guidance, with no expected margin erosion [54][56] Question: What is the risk profile of new MSAs? - Management stated that the new work aligns with existing services and does not change the risk profile, focusing on maintaining the same type of contracts with established customers [58][60] Question: What is the outlook for margins based on the strategic review? - Management indicated that no radical changes are needed to achieve full-year EBITDA margin guidance, as the backlog and expected bookings are on track [65][66]

Table of Contents As filed with the Securities and Exchange Commission on April 8, 2024 Registration No. 333-278178 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Centuri Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 1623 93-1817741 (Primary Standard Industrial Classification Code Number) 19820 North 7th A ...