Investor Presentation William Blair 45th Annual Growth Stock Conference We build and service the infrastructure that enables our economy to run, our people to move and our country to grow. DISCLOSURE: Forward-Looking Statements This presentation contains, and the officers and directors of the Company may from time to time make, statements that are considered forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements a ...

THE WOODLANDS, Texas, June 12, 2025 /PRNewswire/ -- Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or "the Company") today announced the appointment of Nicholas (Nick) Grindstaff to the role of Chief Financial Officer (CFO), effective July 10, 2025. Grindstaff is succeeding Ron Ballschmiede, who served as Sterling's Executive Vice President, CFO and CAO from November 2015 through May 2024, and as Interim CFO from March 2025.Grindstaff brings over 30 years of finance and leadership experience to ...

Core Insights - Progyny, Inc. has announced a collaboration with Amazon's Health Benefits Connector to enhance access to comprehensive women's health services [1][3] - The partnership aims to simplify the process for eligible individuals to discover and enroll in Progyny benefits through their employers or health plans [1][3] Company Overview - Progyny is a global leader in women's health and family building solutions, serving over 530 employers and health plans in the U.S. and supporting more than 6.7 million lives [2][5] - The company's benefits cover the entire reproductive health continuum, including fertility, preconception, pregnancy, postpartum, menopause, and parenting support, while achieving superior outcomes and member satisfaction [2][5] Collaboration Details - The collaboration with Amazon is significant as Progyny becomes the first comprehensive women's health provider on Amazon's Health Benefits Connector, facilitating easier access to its services [3][4] - Amazon's Health Benefits Connector addresses the challenge of individuals not understanding their available health benefits, allowing customers to verify access to Progyny with just a few clicks [3][4] Strategic Vision - Both companies aim to create market-leading solutions that simplify access to high-quality, inclusive care, making it the industry standard [4] - Progyny's approach includes concierge support, coaching, education, and digital tools, along with access to a premier network of specialists, driving optimal clinical outcomes and reducing healthcare costs [6][5] Recognition and Growth - Progyny has received multiple accolades for its leadership and growth, including being named a TIME100 Most Influential Company and a CNBC Disruptor 50 [7]

VANCOUVER, British Columbia, June 03, 2025 (GLOBE NEWSWIRE) -- Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of June 1, 2025 to June 30, 2025, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on June 30, 2025 to shareholders of record as of the close of business on June 13, 2025. About Diversified Royalty Corp. ...

Summary of Sterling Infrastructure (STRL) FY Conference Call Company Overview - **Company**: Sterling Infrastructure (STRL) - **Market Cap**: Approximately $6 billion - **Revenue**: About $2 billion - **EBITDA Margin**: Over 15% - **Annual Cash Flow**: Over $300 million [5][29][39] Key Points and Arguments Business Strategy - **Three Fundamental Elements**: 1. **Solidify the Base**: Focus on driving up margins, improving productivity, and reducing contract execution risks [5][6]. 2. **Focus on High Margin Products**: Prioritize high-margin services and expand customer base [6][8]. 3. **Market Expansion**: Introduce high-margin goods and services to adjacent markets [6][8]. - **Transformation Journey**: The company underwent a turnaround starting in 2015, achieving an 18% compounded annual growth rate (CAGR) in revenue and a 38% CAGR in profitability [8][9]. - **Backlog**: The company has a record backlog of over $2 billion, with an additional $750 million in future phase work, indicating strong future revenue potential [9][10]. Business Segments 1. **E Infrastructure Solutions**: - Accounts for approximately 45% of total revenue. - Focuses on site development for mission-critical projects like data centers and large manufacturing facilities. - Achieved a compounded growth rate of 23% and an operating income margin of 28% [10][11]. 2. **Transportation Solutions**: - Represents about 30-35% of revenue. - Transitioned from low-bid heavy highway work to higher-margin aviation and rail projects, resulting in a 43% increase in margins [21][26]. 3. **Building Solutions**: - The smallest segment, primarily serving residential builders. - Currently facing challenges due to a downturn in the housing market but is positioned in growth markets like Dallas and Houston [27][29]. Financial Performance - **First Quarter Results**: Adjusted EBITDA over $80 million and cash flow from operations around $85 million, with expectations to maintain cash flow between $300 million to $400 million for the year [39][40]. - **Acquisitions**: Acquired approximately $30 million worth of small businesses, focusing on strategic growth in e infrastructure and building solutions [36][37]. - **Debt Position**: The company has net negative debt, with $664 million in cash and $300 million in debt [39][40]. Market Outlook - **Positive Growth Expectations**: The company is bullish on infrastructure spending, technology investments, and onshoring trends over the next five years [48][49]. - **Focus on Margins**: Emphasis on maintaining high margins and cash flow, with a culture of continuous improvement and adaptation to market changes [50][51]. Additional Insights - **Operational Efficiency**: Utilizes advanced technology, including drones for project management, to enhance productivity and ensure timely project delivery [19][20]. - **Customer-Centric Approach**: Engages with customers to understand their needs and adapt services accordingly, which has led to successful expansions in service offerings [30][33]. Conclusion Sterling Infrastructure is positioned for continued growth with a strong focus on high-margin projects, operational efficiency, and strategic acquisitions. The company’s robust backlog and positive market outlook suggest a promising future in the infrastructure sector.

Company Overview - Progyny, Inc. is a global leader in women's health and family building solutions, trusted by leading employers, health plans, and benefit purchasers [3][5] - The company aims to create a world where everyone can achieve their family and health aspirations through comprehensive and inclusive solutions [3] Recent Events - Progyny's CEO Pete Anevski and CFO Mark Livingston will participate in a fireside chat at the BofA Securities 2025 Health Care Conference on May 14, 2025, at 3:00 P.M. Pacific Time / 6:00 P.M. Eastern Time [1] Services and Solutions - Progyny offers a benefits solution that includes concierge support, coaching, education, and digital tools, providing access to a premier network of fertility and women's health specialists [4] - The company's approach is designed to drive optimal clinical outcomes while reducing healthcare costs [4] Recognition and Awards - Progyny has received multiple accolades, including being named a TIME100 Most Influential Company, CNBC Disruptor 50, and recognized by Modern Healthcare, Forbes, Financial Times, and Inc. for its leadership and growth [5]

Core Insights - Sterling Infrastructure, Inc. (STRL) reported strong first-quarter 2025 earnings with adjusted EPS of $1.63, reflecting a 29% year-over-year growth and beating consensus estimates [1] - Adjusted EBITDA increased by 31% to $80 million, driven by improved margins and disciplined project execution [1] - Revenue reached $430.9 million, growing 7% on a pro forma basis despite a reported year-over-year decline due to a joint venture accounting change [1] - The gross margin expanded by 450 basis points to 22%, indicating operational efficiencies and a favorable project mix [1] - The company reported strong operating cash flow of $85 million and continued capital deployment, including a $25 million acquisition of Drake Concrete [1] Financial Performance - STRL's stock gained 7.3% post-earnings release, outperforming the Zacks Engineering - R and D Services industry (up 1.8%) and the broader Zacks Construction sector (up 0.4%) [2] - The stock is currently trading at a 13.7% discount to its 52-week high of $206.07 and a premium of 90.1% to its 52-week low of $93.50 [2] - STRL is trading above its 200-day and 50-day simple moving averages, indicating positive momentum [3] Growth Drivers - The E-Infrastructure Solutions segment was the primary growth driver, recording 18% revenue growth and a 61% increase in operating income in Q1 [6] - The data center market surged approximately 60% year-over-year, now constituting over 65% of the E-Infrastructure backlog, driven by AI-related computing demand [6] - The company's focus on mission-critical, large-scale projects has provided a competitive edge, with a 618 basis point margin expansion in the E-Infrastructure segment [7] Backlog and Future Opportunities - The total backlog at the end of Q1 2025 reached a record $2.13 billion, up 26% from the end of 2024, with E-Infrastructure accounting for $1.22 billion [8] - Sterling reported $750 million in future phase opportunities, indicating strong continuity of project work [8] - In Transportation Solutions, backlog increased to $861 million, up 11% on a pro forma basis, suggesting ongoing strength in infrastructure spending [9] Strategic Initiatives - The company is optimizing its project mix by reducing exposure to low-bid, heavy highway work and reallocating resources to high-value projects [10] - In E-Infrastructure, Sterling employs a phase-by-phase pricing model to maintain profitability during volatile commodity cycles [11] - The acquisition of Drake Concrete is expected to contribute $55 million in revenues and $6.5 million in EBITDA in 2025, diversifying customer concentration [13] Market Position and Valuation - STRL has consistently surpassed profit estimates, with an average earnings surprise of 11.5% [15] - The company is currently trading at a premium relative to its industry and historical metrics, with a forward 12-month P/E ratio above its five-year average [16] - STRL's P/E ratio is higher than Dycom but lower than Construction Partners and Comfort Systems USA [17] Investment Outlook - Sterling presents a compelling buy opportunity backed by strong fundamentals, consistent execution, and robust sector tailwinds [20] - The company’s E-Infrastructure segment is the core growth engine, with a record backlog providing long-term revenue clarity [21] - With a 6.6% stock gain post-earnings and upward estimate revisions for 2025 EPS growth of 38.5%, STRL stands out as a strong growth candidate in the mid-cap infrastructure space [22]

Core Insights - Progyny, Inc. reported record revenue of $324.0 million for Q1 2025, reflecting a 16.5% growth compared to $278.1 million in Q1 2024, driven by an increase in clients and covered lives [4][5][14] - The company raised its full-year guidance due to a strong start to the year and ongoing demand in women's health and family building solutions [1][16] - Member engagement remains consistent with historical levels, indicating a strong desire for family building among members [3][12] Financial Performance - Revenue for Q1 2025 was $324.0 million, a 16.5% increase from $278.1 million in Q1 2024 [4][5] - Gross profit increased by 21% to $75.8 million, with a gross margin of 23.4%, up from 22.4% in the prior year [7][14] - Net income was $15.1 million, or $0.17 per diluted share, compared to $16.9 million, also $0.17 per diluted share, in Q1 2024 [8][34] - Adjusted EBITDA rose 15% to $57.8 million, with an adjusted EBITDA margin of 17.8%, slightly down from 18.1% in Q1 2024 [9][14] Cash Flow and Financial Position - Net cash provided by operating activities was $49.8 million in Q1 2025, compared to $25.7 million in Q1 2024, attributed to higher profitability [10] - As of March 31, 2025, the company had total working capital of approximately $330.6 million and no debt, with cash and cash equivalents totaling $256.1 million [11] Client Metrics - The company had 532 fertility and family building clients as of March 31, 2025, up from 451 clients a year earlier [12] - Fertility benefit services revenue was $206.4 million, a 22% increase from $169.8 million in Q1 2024, while pharmacy benefit services revenue increased by 9% to $117.6 million [14] Guidance and Outlook - For the full year 2025, revenue is projected to be between $1.185 billion and $1.235 billion, reflecting growth of 1.5% to 5.8% [20] - The second quarter of 2025 is expected to generate revenue between $310.0 million and $325.0 million, with net income projected between $11.5 million and $14.5 million [20]

Financial Data and Key Metrics Changes - Adjusted earnings per share increased by 29% to $1.63, with adjusted EBITDA rising by 31% to $80 million [8][10] - Revenue grew by 7% on a pro forma basis, with gross profit margins expanding over 400 basis points to reach 22% [9][10] - Operating cash flow was strong at $85 million, and backlog totaled $2.1 billion, a 17% year-over-year increase [10][11] Business Line Data and Key Metrics Changes - E Infrastructure Solutions segment revenue grew by over 18%, driven primarily by a 60% increase in the data center market [9][14] - Transportation Solutions revenue increased by 9%, with adjusted operating profit growing by 60% due to strong market demand [14][15] - Building Solutions segment revenue declined by 14%, impacted by affordability challenges in the housing market [15][27] Market Data and Key Metrics Changes - E Infrastructure Solutions backlog reached $1.2 billion, up 27% year-over-year, with significant growth in data center projects [11][12] - Transportation Solutions backlog was $861 million, an 11% year-over-year increase [15] - Overall backlog totaled $2.23 billion, a 21% increase from year-end 2024 [16] Company Strategy and Development Direction - The company remains focused on high-return opportunities and plans to enhance long-term value through strategic acquisitions, particularly in e infrastructure [10][28] - The acquisition of Drake Concrete for $25 million is expected to contribute $55 million in revenue and $6.5 million in EBITDA in 2025 [10] - The company is optimistic about future growth in e infrastructure, anticipating mid to high teens revenue growth and adjusted operating profit margins in the mid-20% range [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong backlog and future phase opportunities, despite uncertainties in trade policies and the economy [10][22] - The company is optimistic about the ongoing strength in data center demand and anticipates continued growth in core markets [22][24] - Management noted that while the residential market is currently soft, there is significant pent-up demand that could drive future growth [52][53] Other Important Information - The company expects full-year 2025 revenue guidance to range from $2.05 billion to $2.15 billion, with adjusted diluted EPS guidance of $8.40 to $8.90 [21] - The effective income tax rate for the first quarter was 26.1%, with expectations for the full year to remain around 26% [19] Q&A Session Summary Question: Insights on the 35% of backlog not related to data centers - Management feels positive about the backlog, with steady manufacturing and increasing e-commerce activity contributing to growth [31][32] Question: Exposure to tariffs and cost perspective - Management indicated minimal exposure to tariffs due to fixed pricing in contracts and indexing mechanisms in place [34][35] Question: Drivers of margin performance in Transportation Solutions - Margin improvements are primarily due to a shift towards higher-margin services rather than the low bid strategy [46][47] Question: Comfort in bidding for new projects - Management remains optimistic about bid activity and is focusing on long-term project visibility [50][52] Question: Future infrastructure bill expectations - Management noted positive bipartisan activity in Congress regarding the next infrastructure bill, indicating a proactive approach to future funding [68][70] Question: Capacity constraints related to biopharma projects - Management expressed confidence in handling new projects and indicated readiness to expand capacity if necessary [74][76]

Core Viewpoint - Sterling Infrastructure, Inc. is positioned for strong growth in 2025, with significant earnings and revenue expectations despite seasonal challenges in the first quarter [5][23]. Financial Performance - In the last reported quarter, Sterling achieved adjusted EPS of $1.46, exceeding the Zacks Consensus Estimate by 9% and reflecting a year-over-year growth of 13.2% [2]. - Revenues for the last quarter were $498.8 million, marking a 3% increase year-over-year, although slightly below guidance [2]. - The company has consistently surpassed earnings expectations, with an average surprise of 16.2% over the last four quarters [3][4]. Earnings Estimates - The Zacks Consensus Estimate for the third-quarter EPS remains at $1.58, indicating a 58% growth from the previous year [5]. - For 2025, Sterling is projected to achieve a 34.6% EPS growth compared to the prior year [5]. Market Position and Segments - Sterling operates in the e-infrastructure and transportation markets, with a strong focus on high-margin projects and a robust backlog [8]. - The E-Infrastructure Solutions segment accounted for 47% of fourth-quarter 2024 revenues, benefiting from capital deployment in data centers and advanced manufacturing [10]. - The Transportation Solutions segment, contributing 35% of total revenues, is expected to gain from strong demand and funding from the Infrastructure Bill [11]. - The Building Solutions segment, which made up 18% of revenues, faces challenges in the residential construction market due to affordability issues and weather disruptions [12]. Strategic Growth Factors - Acquisitions have played a crucial role in expanding Sterling's operations and boosting revenues [13]. - The company is well-positioned to capitalize on ongoing federal infrastructure spending and rising demand for data centers driven by AI technology advancements [8][22]. Stock Performance and Valuation - STRL stock has shown positive momentum, trading above its 50-day and 200-day moving averages, indicating investor confidence [16][24]. - The stock is currently trading at a forward P/E ratio of 17.4, slightly below the industry average of 17.73, suggesting a reasonable valuation [17][24].