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CEO Jeffrey Thiede attributed the book-to-bill ratio to the 'lumpiness' of backlog and record Q2 revenue, noting the year-to-date ratio is a strong 1.1. On T&D, he confirmed they are selectively bidding on large projects that fit their expertise. CFO Maximillian Marcy added that H2 growth rates will likely be tempered due to tougher comps, with T&D continuing at its current rate and E&M expected to grow at a faster pace.

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Executive Jeff Thiede attributed the sequential backlog change to timing, emphasizing the 38% year-over-year growth and strong demand in data centers and industrial markets. Executive Maximillian Marcy explained that Q4 corporate expenses were elevated due to the timing of audit fees and building out the new corporate team, but the full-year dis-synergy forecast of $28 million remains firm. Both executives stated the 2025 margin guidance reflects a return to 'more normal' project execution levels, compared to the exceptionally strong project efficiencies achieved in 2024.

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CEO C. Howard Nye clarified that the purchases are primarily adjacent to existing quarries, a strategy he views as more constructive than greenfielding. He explained this approach not only adds land but also unlocks existing reserves from setbacks, creating multiple benefits. He expects CapEx to return to more normalized levels next year.

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President and CEO Michael McCann attributed the guidance revision primarily to a conservative and measured approach for the Pioneer Power acquisition, their largest to date. He explained the ODR backlog decline was a matter of timing, as some work burns through quickly. McCann also highlighted the recent hiring of SVP of Sales Amy Dorsett as pivotal for improving the conversion of technical sales to financial sales. Regarding new sales hires, he noted that they are performing as expected, with a typical ramp-up period meaning their full contributions will be more visible in the following year.

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Michael McCann (executive) attributed the March acceleration to normal seasonality combined with a growing ODR mix and the productivity of new sales hires. He noted that refrigerant changes act as a helpful decision point for customers. On M&A, he stated that heavy private equity activity helps differentiate Limbach's patient, strategic approach, making the company a unique option for sellers, while reaffirming the goal of acquiring $8 million to $10 million in adjusted EBITDA annually.

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Executive Jayme Brooks confirmed the Q1 2025 outlook is for total revenue to be similar to Q1 2024 and noted that Q4 GCR margins benefited from a $2.9 million write-up. Executive Michael McCann added that confidence in full-year growth stems from seasonality, the maturing ODR mix, and recent acquisitions. He stated they are still in 'investment mode' for account managers and that MSA growth will primarily come from M&A. Regarding data centers, McCann clarified their focus is on servicing existing infrastructure, not new construction, which they exited years ago.

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President & CEO Steven Blanco clarified that order pace was up in Industrial and Detection but down in Fire Service, consistent with expectations. He highlighted that fall protection and detection are performing as planned under the Accelerate strategy, driven by share gains. Blanco attributed the double-digit growth in fall protection to recent product innovation, improved inventory positions, and strong commercial execution, stating he expects this momentum to continue.

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CEO José R. Mas clarified that there was nothing significant to highlight regarding the inefficiencies, attributing some impact to weather and geographic mix. He reiterated that despite leaving some margin on the table, the segment still grew revenue and EBITDA year-over-year in the first half. He expressed confidence that the business would achieve double-digit margins in the third and fourth quarters as guided.

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CFO Paul DiMarco explained that the company continues to evaluate the useful lives of its assets and that a focus on fleet utilization is driving efficiency. He expects a downward trend in depreciation relative to revenue. CEO Jose Mas added that improving fleet utilization is a key part of their hyper-focus on enhancing overall company margins.

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CEO Jose Mas stated that the company is ready to take on a second major transmission project and hopes to be awarded one in 2025 for simultaneous execution in 2026. He explained the 2025 pipeline margin guidance reflects fixed cost absorption on lower revenue, while Q4 2024 margins were impacted by weather and some project completion costs. He also noted MasTec's history of outperforming its pipeline guidance.

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CEO Jose Mas indicated that the Lumen project is expected to begin some minor work before year-end, with the majority ramping up in 2025 as part of a multi-year build. Regarding storm work, he noted the Q3 impact was minimal (under $15 million), but a more significant contribution is expected in Q4 and is reflected in the segment's updated revenue guidance.

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CEO Tony Guzzi confirmed significant activity in pharma manufacturing, driven by both new drug production (e.g., GLP-1s) and a broader onshoring trend that he expects to accelerate. Regarding the semiconductor project, Guzzi clarified that the Phase II award is a substantial project, valued at over $100 million, for a second fab on an existing site where EMCOR is repeating its successful work from the first phase.

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Chairman, President & CEO Tony Guzzi confirmed seeing significant activity in pharma manufacturing, driven by both new drug production (like GLP-1s) and the onshoring of manufacturing, which he expects to accelerate. Regarding the semiconductor project, Guzzi clarified that the Phase II award is a substantial project worth over $100 million, representing the next fab on a site where EMCOR is repeating its successful work from the first phase.

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CEO Tony Guzzi responded that EMCOR is seeing an acceleration in data center activity, with more searches for power and larger project scopes, and that customer requests for EMCOR's involvement have increased. Regarding guidance, Guzzi explained the original range already contemplated all impacts from the Miller acquisition, including transaction costs. He stated the update was based on a strong Q1 performance and confidence in their operating margin targets for the year, rather than specific adjustments for buybacks.

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SVP & CFO Kelly Huntington reaffirmed the full-year expectation for high single-digit growth in the T&D segment (excluding solar) and the C&I segment. She noted that while the market outlook is strong, the timing of project ramp-ups and material expenses can cause some quarterly revenue variability, but the annual guidance remains intact.

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President and CEO Richard Swartz explained the Virginia project is a mid-sized award (under $100 million) that will contribute to revenue this year, but the client requested confidentiality. He noted any new large project wins would primarily impact 2026 revenue. Regarding tariffs, Swartz stated the impact is currently unknown but is being monitored closely, with newer contracts containing stronger protective language. He affirmed the company still expects to achieve its mid-range margin targets for the year.

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President and CEO Richard Swartz stated that while some issues have been settled, other discussions are ongoing. He noted that while there is always a possibility of impacts as projects are closed out, the company currently believes it has adequately accounted for these projects in its financial reporting. He indicated that any potential positive or negative outcome is not expected to be material enough to 'move the needle' based on current information. CFO Kelly Huntington reiterated that financial estimates are updated quarterly to reflect the most current information available.

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Executive Richard Swartz attributed the C&I backlog growth to broad-based activity across multiple markets, including a notable ~$100 million project at the Hollywood Burbank Airport, rather than any single large project. On capital deployment, CFO Kelly Huntington stated that the primary focus is on funding growth, both organically and through potential tuck-in acquisitions. She added that share repurchases remain an opportunistic option given the company's strong balance sheet.

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President & CEO Duke Austin characterized the Dynamic Systems deal as a platform acquisition with exponential growth potential, similar to past acquisitions of Cupertino and Blattner. He emphasized that Quanta is not actively seeking deals but responds to inbound opportunities from great family companies that fit strategically. He noted these acquisitions provide self-perform capabilities that support the overall solution for customers across Quanta's key end markets.

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CFO Jayshree Desai explained the bucket includes work from Cupertino as well as legacy Quanta's inside electrical work for data centers and semiconductor plants. President and CEO Duke Austin added that this category represents the massive and rapidly growing technology infrastructure addressable market.

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President & CEO Earl Austin used the Lumin award to highlight that the communications business continues to grow nicely, driven by significant fiber demand from data centers and long-haul projects. He noted that while this business sometimes goes unnoticed, it is a key part of Quanta's expanding total addressable market and a contributor to overall growth.

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CFO Jayshree Desai attributed the strong performance to a favorable mix of work, particularly working capital-accretive renewables contracts, and improved collections. While the long-term target remains 45-55% conversion, she noted that with Cupertino, they have opportunities to perform at the high end of that range. CEO Earl "Duke" Austin added that the delayed collection of a Canadian project payment is currently weighing on the results but is expected in the next year.

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CFO Larry Wilt noted good demand for current 1T products from customers in the data center and warehouse sectors. CEO Bill Zarkalis added that the company continues to invest in its long-term calcined clay project and is producing commercial quantities of 1T cement, which are channeled through its own ready mix operations and select customers. He highlighted that a new high-performance grade was recently approved by the Florida DOT.

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Chief Executive Officer Vassilios Zarkalis responded that the company sees positive pricing momentum continuing across all product lines, noting that the trend has now gravitated from upstream to downstream products like concrete and block. Regarding the D.M. Conner acquisition, Mr. Zarkalis explained its key strategic value was securing decades of mineral reserves for both kiln feed and, more importantly, as a key raw material for novel cementitious materials like calcined clay.

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EVP & CFO Craig Kesler explained that JV earnings were negatively impacted by the commissioning of the slide facility and weather-related volume declines in Texas. Regarding concrete and aggregates, he confirmed the margin recovery was not due to one-time benefits and reflected strong performance, though it will be subject to normal seasonality.

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CEO Michael Haack stated that the company invests in assets and markets it knows well, viewing the current projects as high-return opportunities. CFO D. Kesler added that Eagle targets a 15% cash-on-cash after-tax return and that the current projects do not preclude further M&A or capital returns. Regarding fuels, Haack explained that projects at the Kosmos and Illinois cement facilities use tires and other products to gain a CO2 benefit and fuel source flexibility.

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EVP & CFO William George stated that while customers encourage competition in modular, Comfort Systems aims to be the best provider, making them the preferred choice. CEO Brian Lane noted that healthcare strength is driven by new hospital builds, expansions, and outpatient surgical centers, particularly in the South, a trend observed for over a year.

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EVP & CFO William George acknowledged that customers encourage competition in modular, but Comfort Systems' goal is to be so proficient that they remain the best choice. CEO Brian Lane confirmed strength in the healthcare market, noting new hospital builds, expansions, and smaller outpatient surgical centers, particularly in the South, as a consistent trend for over a year.

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CFO William George responded that significant SG&A leverage has likely 'run its course' and should not be considered a primary driver of future margin expansion, as the company is actively investing in growth. Regarding working capital, he confirmed that the majority of the advance payment unwind occurred in Q1. He noted that while a smaller amount may still unwind, it is expected to be offset by a large tax refund received in Q2, effectively making the issue a 'thing of the past.'

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CFO William George clarified that the high single-digit growth guidance for 2025 is a function of math against a much higher-than-expected Q4 revenue base, not a reflection of less available work. He noted that while Q4 didn't have the same gigantic modular orders as the prior year, the plants are full. On AI data centers, George stated the true build-out is in its infancy but will involve unbelievable power density. He also confirmed that favorable market conditions allow them to be selective on contract terms.

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CFO Chris Eperjesy addressed rental rates, noting that on-rent yield was flat sequentially and serves as a good guide for the year, with a potential 100 basis point improvement as rate increases flow through. CEO Ryan McMonagle handled the TES margin question, reaffirming the target range of 15% to 18% on a quarterly basis while acknowledging that mix and customer factors can cause fluctuations.

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CEO Ryan McMonagle stated that while there was some ongoing benefit from emergency restoration work, it was less than in previous quarters and not significant enough to quantify. He also clarified that the recent sale-leaseback transaction covered the majority of their owned properties and the company does not plan similar sales in the future, viewing it as a one-time event.

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Executive Jeff Thiede attributed the sequential backlog change to project timing, emphasizing the 38% year-over-year growth and strong demand in data centers, industrial, and T&D markets. Executive Maximillian Marcy clarified that higher corporate costs were due to building out the corporate team and the timing of audit fees, reaffirming the $28 million full-year dis-synergy forecast. Both executives noted the 2025 margin guidance assumes a more 'normal' level of project execution compared to the exceptionally strong performance in 2024.

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