Financial Data and Key Metrics Changes - In 2025, the company achieved a record revenue of $3 billion, representing a 13% increase from 2024 [17] - Adjusted net income for 2025 was $39 million, a 49% increase year-over-year [5] - Base revenue increased by 18% year-over-year, while base gross profit rose by 35% [5][18] - The gross profit margin for 2025 was reported at 8.3%, up from 6.9% in the previous year [18] Business Line Data and Key Metrics Changes - U.S. Gas revenue was $1.3 billion, a 5% increase compared to 2024, with a gross profit margin of 5.4% [19] - Canadian operations revenue was CAD 247 million, up 25% over 2024, with a gross profit margin of 18.6% [19] - Union Electric base revenue increased by 21% year-over-year to $800 million, with a base gross profit margin of 8.7% [20] - Non-Union Electric segment saw a 51% increase in base revenue to $569 million, with a gross profit margin of 8.5% [20] Market Data and Key Metrics Changes - The company maintained a 100% MSA renewal rate and secured over $4.5 billion in bookings, with a book-to-bill ratio of 1.5 times [6][9] - The year-end backlog was approximately $5.9 billion, an increase of 59% from the previous year [11] Company Strategy and Development Direction - The company aims to achieve a book-to-bill ratio of 1.1 to 1.2 times for 2026, with a focus on expanding MSA work and reducing seasonality in the gas business [9][12] - The company is targeting fleet efficiency improvements and plans to invest $150 million to $180 million in fleet assets in 2026 [21][24] - The company is focused on capital efficiency and has shifted to a balanced approach of 50/50 buy versus lease for fleet investments [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market backdrop and the company's ability to capture growth opportunities, with a forecast of base revenue for 2026 between $3.15 billion and $3.45 billion [24][25] - The company anticipates continued strong bookings due to multi-year tailwinds within its end markets [9] - Management highlighted the importance of operational excellence and customer service in maintaining a low-risk profile while pursuing growth [27] Other Important Information - The company completed the acquisition of Connect Atlantic Utility Services, enhancing its Canadian electric service platform [15] - The net debt to adjusted EBITDA ratio improved to 2.5x, down from 3.6x at year-end 2024 [22] Q&A Session Summary Question: How much of the storm revenue was realized in the January storm? - Management indicated that the storm impact thus far has been minor and largely in line with the previous year [29][30] Question: Can you clarify the gross margin expectations in guidance? - Management stated that the gross profit margin would be largely in line with the previous year, with slight improvements expected [33] Question: What are the expectations for margin improvement in the gas segment? - Management expressed confidence in narrowing the seasonality gap and improving margins through various initiatives [37][39] Question: What is the status of the data center pipeline and win rates? - Management noted that win rates have improved and highlighted a $1.4 billion pipeline for data center opportunities [45][47] Question: What changes were implemented to drive growth in 2025? - Management emphasized the importance of an effective sales pipeline and capital efficiency initiatives as key drivers of growth [51][52] Question: How does the company plan to improve cash flow from operations? - Management is focused on reducing days sales outstanding (DSO) and improving billing and collection processes [74][75]