Financial Data and Key Metrics Changes - The company reported first quarter revenue of $2.85 billion, exceeding expectations and representing a year-over-year increase [30] - Adjusted EBITDA for the first quarter was $164 million, exceeding guidance by approximately 53% [30] - The eighteen-month backlog at the end of the quarter totaled $15.9 billion, up $1.6 billion from year-end and $3 billion year-over-year, marking a record for the company [31] Business Line Data and Key Metrics Changes - The Communications segment saw a revenue increase of 35% year-over-year, with adjusted EBITDA growth of 82% and a 180 basis point margin improvement [18] - The Power Delivery segment's revenue increased nearly 13% year-over-year, although margins experienced a slight decline due to weather impacts and productivity headwinds [20] - The Clean Energy and Infrastructure segment reported a 22% year-over-year revenue growth, with adjusted EBITDA more than doubling to $57 million and a margin of 6.2% [22] Market Data and Key Metrics Changes - The backlog for the Communications segment increased 7% sequentially to $4.9 billion, indicating robust demand for telecom infrastructure [18] - The Clean Energy and Infrastructure backlog reached a record level of $4.4 billion, with a book-to-bill ratio of nearly 1.2 times [23] - The pipeline infrastructure segment saw a revenue decline of 44% year-over-year, attributed to challenging comparisons from the previous year's MVP project wind down [25] Company Strategy and Development Direction - The company raised its full-year 2025 revenue guidance to $13.65 billion, with adjusted EBITDA guidance ranging from $1.12 billion to $1.16 billion [17] - Management emphasized a focus on organic growth while also considering tuck-in acquisitions to strengthen market presence [48] - The company is optimistic about the pipeline market's potential in 2026 and beyond, expecting strong revenue growth in the pipeline segment [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the structural demand and long-term drivers of the business, despite macroeconomic volatility [30] - The company remains bullish on the Clean Energy sector, citing strong demand and the competitive nature of renewables as a power source [22][24] - Management noted that while there are potential headwinds from tariffs and regulatory changes, they do not foresee a meaningful risk to the 2025 business outlook [23][40] Other Important Information - The company completed $37 million in share repurchases during the first quarter and has authorized an additional $250 million repurchase program [32] - The company maintains a strong balance sheet with total liquidity of $2.2 billion and net leverage of 1.9 times [41] Q&A Session Summary Question: Can you provide more detail on oil and gas bookings and the geographies of interest? - Management indicated that bookings were not driven by any single large project, with expectations for backlog to increase as the year progresses [44][46] Question: What are the suitable end markets for potential acquisitions? - Management emphasized a focus on organic growth but acknowledged opportunities for acquisitions in specific geographies and customer relationships [48][49] Question: What is the outlook for the pipeline business in 2026? - Management remains optimistic about the pipeline business, expecting revenues to potentially reach 2024 levels and highlighting the importance of gas in future energy generation [56][57] Question: Can you elaborate on the communications segment and potential impacts from fiscal stimulus? - Management noted that while fiscal stimulus may not significantly impact 2025, it could be a catalyst for 2026 and beyond, with strong bookings expected [66][67] Question: What is the competitive landscape for pipeline projects? - Management indicated a robust pipeline market with significant infrastructure needs, expecting strong further awards as the year progresses [78][79]

Financial Data and Key Metrics Changes - Fourth quarter revenue was $3.4 billion, adjusted EBITDA was $271 million, a 20% year-over-year increase, and adjusted EPS was $1.44, more than double last year's fourth quarter [6][7]. - For the full year 2024, revenue was $12.3 billion, adjusted EBITDA was $1.06 billion, also an almost 20% year-over-year increase, and full year adjusted EPS was $3.95 [7][24]. - Cash flow from operations for 2024 was $1.1 billion, with net debt reduced by over $700 million for the year [7][25]. Business Line Data and Key Metrics Changes - Communications segment revenue increased by 28% year-over-year in the fourth quarter, with EBITDA up 67% [11]. - Power Delivery segment revenue grew by about 16% year-over-year in the fourth quarter, with expectations for double-digit growth in 2025 [13]. - Clean Energy and Infrastructure segment revenue was up 18% year-over-year in the fourth quarter, with EBITDA more than doubling [15][29]. - Pipeline segment revenue was down year-over-year and sequentially, with guidance for 2025 revenue at approximately $1.8 billion [14][30]. Market Data and Key Metrics Changes - The backlog at year-end totaled $14.3 billion, an increase of over $400 million sequentially and almost $2 billion year-over-year, representing a record level for the company [25][26]. - The company expects non-pipeline revenues to increase by 14% and non-pipeline EBITDA to grow over 25% in 2025, supported by strong customer demand [8][9]. Company Strategy and Development Direction - The company is focused on cultivating the best talent in the industry and preparing the workforce for future demands [10]. - There is a strong emphasis on modernizing and rebuilding America's infrastructure, with a diversified business model that allows for integrated solutions at scale [19][20]. - The company aims to improve margins significantly while maintaining strong revenue growth, which is expected to lead to substantial value creation for stakeholders [21][20]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the unprecedented level of demand across all segments, indicating that this is not a short-term bubble but a fundamental need for infrastructure support [10]. - The company anticipates continued backlog growth in all segments during 2025, despite potential lumpiness in project awards [56]. - Management highlighted optimism regarding the pipeline business, expecting revenues in 2026 and beyond to exceed 2024 levels [40][116]. Other Important Information - The company has successfully advanced acquisition integration efforts and strengthened its balance sheet through debt reduction [22]. - The company is committed to maximizing return on investment while supporting organic growth, with share repurchases remaining opportunistic [35]. Q&A Session Summary Question: Pipeline business revenue expectations for 2026 - Management confirmed that they expect pipeline revenues in 2026 to exceed 2024 levels due to increased optimism and project activity [40]. Question: M&A strategy given strong cash flow - The focus will be on organic growth first, with potential tuck-in acquisitions considered to meet goals more quickly [42]. Question: Clean Energy segment margins - Margins were driven by execution, with expectations for continued improvement in 2025 [44][46]. Question: Backlog growth in all segments - Management expects backlog growth in every segment during 2025, despite historical lumpiness in project awards [56]. Question: Growth profile in Communications - The growth is primarily driven by new contracts and existing customer demand, with limited reliance on new funding sources [57][60]. Question: Capacity for large transmission projects - The company is prepared to take on additional large projects and is optimistic about securing more contracts in 2025 [94]. Question: Pipeline margins and revenue guidance - The guidance reflects a decline in revenue due to fixed costs, but management remains confident in margin capabilities [96][97].