Financial Data and Key Metrics Changes - The company achieved a record gross revenue of $490 million for the full year 2025, representing a 14.9% increase year-over-year [8][10] - Net service billing for Q4 was $14.6 million, up 16.2% compared to the previous year, with a net-to-gross ratio of 89%, an increase of 200 basis points [8][9] - Adjusted EBITDA margin for 2026 is projected to be between 17% and 17.5%, with a net-to-gross ratio of 88% [19][20] - Basic and diluted EPS increased by 300% year-over-year to $0.74 and $0.73 respectively, while adjusted EPS rose nearly 40% [11] Business Line Data and Key Metrics Changes - The company reported organic net revenue growth of 12.4% for the full year, with significant contributions from natural resources (29% growth) and power utilities (11% growth) [12][13] - Transportation grew by 6% in Q4 and 22% for the full year, while building infrastructure saw a 9% increase in Q4 and 6% for the year [13][14] - Geospatial operations accounted for approximately 26% of gross revenue, indicating its growing importance across all markets [12] Market Data and Key Metrics Changes - The company entered 2026 with a record backlog of over $479 million, a 20% increase from the previous year [4][14] - Approximately 30% of total gross revenue was derived from government or public-funded work assignments, which is expected to grow [12] Company Strategy and Development Direction - The company aims to strengthen its position in existing markets through acquisitions and organic workforce expansion, with a focus on becoming an ENR Top 50 firm [4][5] - Investments in technology and innovation are prioritized, including enhancements in geospatial imaging assets and the development of AI and GIS-enabled tools [17][18] - The company is committed to disciplined growth and operational improvement, with a focus on maintaining strong margins and expanding service offerings [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve another breakout year in 2026, supported by a strong backlog and operational efficiencies [6][28] - The transition in CEO leadership is expected to be smooth, with a focus on retaining key staff and maintaining the company's culture [91][92] Other Important Information - Cash from operating activities increased by nearly 50% to $35.8 million, reflecting improved operational efficiency [15] - The company repurchased $18.8 million worth of common stock during the year, viewing it as a means to address liquidity and valuation dislocations [17] Q&A Session Summary Question: Insights on RPT acquisition and integration - Management indicated that integration of RPT is progressing well, enhancing the company's LNG and data center offerings, with successful cross-selling efforts already observed [33][36] Question: EBITDA margins and guidance for 2026 - Management noted that margins are expected to improve due to better timing of labor acquisition and project starts, projecting a mid-17% margin for 2026 [37][38] Question: Opportunities in the building segment - Management is optimistic about growth in the building segment, driven by trends in affordable housing and easing permitting requirements [44][45] Question: Demand trends in natural resources - The natural resources segment is seeing strong demand, particularly in water resources and land services, indicating potential for further growth [50][51] Question: Management stability during CEO transition - Management emphasized effective communication and retention strategies to ensure continuity and stability during the transition [91][92]