Financial Performance - First quarter revenue grew by 32% year-over-year, driven by strong performance in the Electrical & Mechanical (E&M) segment[26, 32] - Total backlog increased by 41% year-over-year to $3.1 billion, with E&M backlog up 46% and Transmission & Distribution (T&D) backlog up 8%[10, 32] - First quarter EBITDA increased by 32% year-over-year, despite incremental stand-alone operating costs[10, 32] - EBITDA margin remained consistent year-over-year at 75%[10, 31] Segment Highlights - E&M revenue increased by 47% in the first quarter, driven by strength in key submarkets within commercial and institutional sectors; EBITDA increased by 51%[13, 33, 41] - T&D revenue decreased by 2% in the first quarter due to lower utility work and weather delays, partially offset by transportation growth; EBITDA increased by 6%[13, 34, 41] Balance Sheet and Liquidity - Net debt stood at $242 million in the first quarter of 2025[44, 49] - Total cash and availability amounted to $264 million, providing financial flexibility[13, 45, 49] - Net leverage was 10x at the end of the first quarter, below the long-term target range of 15x-20x[13, 48, 49] 2025 Financial Guidance - The company affirmed its 2025 revenue guidance of $30 billion - $31 billion and EBITDA guidance of $210 million - $225 million[50]
Everus Construction Group, Inc.(ECG) - 2025 Q1 - Earnings Call Presentation