Financial Data and Key Metrics Changes - Third quarter revenue reached $473.9 million, showing substantial year-over-year growth, primarily due to two months of NV5's contribution following the acquisition [14] - On a combined year-to-date basis, revenue growth was approximately 4.7% [14] - Adjusted EBITDA for the third quarter was $77.3 million, with an adjusted EBITDA margin of 16.3%, compared to $51.3 million and a margin of 16.9% in the prior year [17] - Total liquidity as of September 30, 2025, was $282.9 million, including cash and cash equivalents of $164.4 million [18] Business Line Data and Key Metrics Changes - The inspection and mitigation segment generated approximately $293 million in revenue, down about 3% from the prior year [15] - The consulting engineering segment contributed approximately $122 million during the two-month period following the acquisition, with a potential full quarter revenue of approximately $189 million, reflecting an 11% increase year-over-year [15] - The geospatial segment contributed about $62 million during the same two-month period, with a potential full quarter revenue of about $90 million, approximately 4% higher than the last year [16] Market Data and Key Metrics Changes - The data center work for hyperscaler clients more than doubled over the trailing 12 months, driven by demand from AI and cloud infrastructure buildouts [8] - Infrastructure investments supporting grid modernization and energy transition are creating new opportunities across all three segments [9] Company Strategy and Development Direction - The company aims to expand the markets served and services provided within the TIC and engineering space, focusing on reliability, innovation, and service excellence [5] - The strategic vision includes supporting clients across the full lifecycle of critical assets and infrastructure, leveraging combined capabilities for enhanced service delivery [7] - The integration of Acuren and NV5 is expected to create meaningful synergies and enhance competitive positioning in the market [6][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth drivers, including aging infrastructure and increasing regulatory complexity [25] - The company reaffirmed its full-year 2025 guidance, expecting revenue in the range of $1.530 billion to $1.565 billion and adjusted EBITDA between $240 million and $250 million [20] - Management highlighted the importance of disciplined execution and capturing synergies to drive long-term value creation [12][19] Other Important Information - The company has increased its cost synergy target from $20 million to $25 million, expected to be fully realized by mid-2027 [21] - The balance sheet is solid, with a focus on using free cash flow to reduce leverage over time [19] Q&A Session Summary Question: What is the reasonable range for annual free cash flow after integration? - Management indicated that the business is a high-free cash flow business with low CapEx and high margins, but specific guidance on free cash flow has not been provided yet [30] Question: Is the $400 million revenue target for data centers still in place? - Management confirmed that the data center business has seen over 100% growth year-to-date and is a significant focus area [32] Question: What is the status of exiting lower margin customer contracts? - Management stated that they are continuing to evaluate relationships and may exit those that do not meet margin expectations, with a focus on growth opportunities heading into 2026 [34] Question: What impact has the government shutdown had on the geospatial segment? - Management reported limited impact from the government shutdown, with optimism for a quick return to normal operations [40] Question: What are the expectations for the chemical market's softness? - Management hopes for stabilization in the chemical space and is modeling similar conditions for Q4 and into next year [62]