Company Overview and Strategy - Northwest Pipe Company (NWPX) is positioned to meet North America's growing needs for water distribution, management, infrastructure, and sustainability [7] - The company's growth strategy involves organic growth through "Product Spread" and accretive acquisitions in the precast-related space [56, 57] - NWPX prioritizes organic growth, debt repayment, accretive acquisitions, and stock repurchases in its capital allocation strategy [59, 60, 61, 62, 63] Market and Financial Performance - The total addressable market for steel pressure pipe is estimated at $450 to $650 million, with NWPX holding approximately $338 million (~52%) market share [38, 39] - The total addressable market for concrete pipe & precast is estimated at $14 billion, with NWPX holding approximately $155 million (~1%) market share [40] - The company's backlog including confirmed orders for the Engineered Steel Pressure Pipe segment was $289 million in Q1 2025 [72] - The order book for the Precast Infrastructure and Engineered Systems segment was $64 million in Q1 2025 [72] Acquisitions and Innovation - NWPX acquired Geneva Pipe and Precast on January 31, 2020, for $49.4 million (~7.5x EBITDA) [50, 96] - NWPX acquired ParkUSA on October 5, 2021, for $90.2 million (~6.2x EBITDA) [50, 100] - The company is a leader of innovation in water infrastructure, with recently developed technologies like the Radial Bending Joint and InfraShield Joint System [52, 55] Demand Drivers and Market Dynamics - Key demand drivers include aging water and wastewater systems, rising demand on developed water sources, drought conditions, and increasingly stringent regulatory policies [29, 30, 31] - Utility level projects funded by the Infrastructure Investment and Jobs Act ("IIJA") total $3.3 billion through state revolving fund ("SRF") and non-SRF programs [35] - The EPA divides and allots US $23.2 B for DWSRF and US $19.5 B for other programs among states, territories, and tribes every fiscal year [44]