Financial Data and Key Metrics Changes - For 2024, contract revenue increased by 11% year-over-year, adjusted EBITDA rose by 24%, and GAAP EPS nearly doubled year-over-year [6][31] - Adjusted EPS was up 39% compared to the previous year [6][35] - Free cash flow reached $4.49 per share, marking a record level for the company [6] Business Line Data and Key Metrics Changes - Building solutions, utility programs, and municipal civil engineering services saw double-digit percentage increases, contributing to overall revenue growth [31] - Commercial customers now account for 15% of revenue, doubling from the previous year, while state and local government customers represent 44% and utilities 41% of revenue [10][12] Market Data and Key Metrics Changes - Demand for services from commercial customers, particularly related to electricity usage at data centers, is strong due to AI-driven load growth [11] - Organic growth for state and local government clients is at a high single-digit pace, with minimal impact from federal spending cuts [12] Company Strategy and Development Direction - The company aims to expand its commercial services and electrical engineering capabilities through acquisitions, with a focus on the commercial technology sector [9][25] - The recent acquisition of APG enhances the company's expertise in utility-scale electrical engineering, aligning with its strategy to serve commercial data center owners [23][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a positive long-term outlook, driven by electric load growth and the company's strong execution [7][19] - The company anticipates net revenue for 2025 to be between $320 million and $330 million, with adjusted EBITDA ranging from $63 million to $67 million, exceeding current consensus estimates [38] Other Important Information - The company generated $72 million in cash flow from operations and added $50 million to its cash balance, resulting in total liquidity of $124 million at year-end [36] - The company is focused on the U.S. market for the foreseeable future, with no immediate plans for international expansion [76] Q&A Session Summary Question: Comments on the LADWP contract and potential startup issues - Management noted that there are no significant startup concerns as the contract is a recompete, and they expect to ramp up activity in the first half of the year [45][46] Question: Funding sources for RENs and project accountability - Funding for RENs comes from surcharges on electricity bills, overseen by the PUC, allowing for simpler contracts compared to IOUs [49][50] Question: Impact of presidential transition on business activity - Management indicated that the change in administration has had minimal impact on business activity, as most work is driven by state and local governments [54][56] Question: Trends in government programs and inquiries - Increased demand for California programs and similar trends in New York were highlighted, along with a rise in upfront study work related to data centers [62][64] Question: Update on software cross-selling and APG's software - The company plans to introduce its software to APG, which currently does not have any, and has seen solid cross-selling opportunities [66][67] Question: Integration of AI into software and expansion into Europe - AI integration into LoadSeer is underway, with a new version expected in the first half of the year, while international expansion is not a current focus [73][76]