Caitlin Donohue

Caitlin Donohue asked about the shaping of MYR Group's data center project pipeline for 2026, 2027, and beyond, and also inquired about the company's capital allocation strategy for 2026, considering increased CapEx and past share buybacks.

Answer

President and CEO Rick Swartz reported strong and ongoing conversations with customers regarding data center projects, extending well beyond 2027-2028, while also highlighting the company's diversification across other markets. SVP and CFO Kelly Huntington stated that MYR Group prioritizes capital allocation towards organic growth and acquisitions, utilizing share repurchases opportunistically, as demonstrated by over $150 million deployed at an average price of $117 in the last two years.

Caitlin Donohue inquired about TechnipFMC's long-term expectations for the continued adoption of iEPCI and Subsea 2.0, and how this will translate into further margin expansion. She also asked for clarification on the Subsea Q1 revenue guide, specifically if it reflects muted seasonality or increased activity in certain regions.

Answer

Doug Pferdehirt, Chair and CEO, TechnipFMC, noted that iEPCI was the majority of inbound orders in 2025, well exceeding previous targets, and expects continued growth for both iEPCI and Subsea 2.0, as they have no technical or commercial limits to adoption. Alf Melin, CFO, TechnipFMC, clarified that the Q1 sequential increase in Subsea revenue is primarily due to seasonality, with vessel maintenance impacting Q4 and Q1, but emphasized the strong underlying run rate and confidence in the overall 2026 guidance, which includes raised Subsea targets.

Caitlin Donohue asked about the market's interest in different size megawatt units (e.g., 2.5 MW, 5.5 MW, 10 MW) for packaging solutions and how Liberty Energy sees itself offering these over the longer term. She also inquired about the deployment cadence for the 3 GW target by 2029, asking if it would be linear or lumpy.

Answer

CEO Ron Gusek explained that Liberty will use a mix of high-speed (2.5 MW, 4.3 MW) and medium-speed (10-12 MW) assets. High-speed assets offer responsiveness and minimal on-site construction due to pre-packaging. Medium-speed assets provide stability, high efficiency (sub 7,000 heat rate), and are ideal for larger installations like gigawatt-scale campuses. CFO Michael Stock stated that deployment will accelerate from now through the end of 2028, with contracts signed over time, and will continue beyond 2029.

Caitlin Donohue with Goldman Sachs inquired about the cadence of the 3 GW deployment by 2029, specifically if it would be steady or more lumpy.

Answer

CFO Michael Stock stated that deployment would accelerate from now through the end of 2028, when it's in service, and continue beyond 2029. He noted that deployment is defined by the accelerating speed of their supply chain and installation ability, with contract announcements made as they happen.