Legence Corp.

Good day, and thank you for standing by. Welcome to the third quarter 2025 Allegiance Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during a session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today. Son Van, please go ahead.

Thank you, Daniel, and good morning, everyone. Welcome to Allegiance Third Quarter 2025 Earnings Call. With me today are Jeff Sprower, our Chief Executive Officer, Stephen Butts, Chief Financial Officer, and Steve Hansen, Chief Operating Officer. This morning, we issued two press releases, one covering our third quarter results and the other on our pending acquisition of the Bowers Group. There are also separate slide presentations that accompany each release. All materials can be found on the investor relations section of our company's website, wearelegions.com. Before we begin, I want to remind you that comments made during this call contain certain forward-looking statements and are subject to risk and uncertainties. including those identified in our risk factors contained in our SEC filings. Our actual results could differ materially, and we undertake no obligation to update any such forward-looking statements. During this call, we will refer to certain non-GAAP financial measures, which should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. Please refer to our quarterly earnings presentation for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. With that, let me turn the call over to Jeff.

Thank you, Son, and thanks everyone for joining today's inaugural quarterly earnings call as a public company. First off, I want to thank everyone involved with our successful IPO and express my gratitude to our new shareholders that have put their trust in Legion's. Today, we'll discuss our record third quarter performance as well as our announcement to acquire the Bowers Group, one of the premier mechanical contractors in the Northern Virginia DC area. Now, for someone on this call who may not be familiar with Legions, I want to give a brief overview of who we are. Legions is a leading provider of engineering, installation and maintenance services for mission critical systems in buildings. We offer the full suite of building services. from engineering and consulting to the implementation and maintenance of these complex systems. In essence, we are a design builder with national scale. This is a key differentiator. Most companies in our industry are either an engineering firm or a company that focuses solely on installation. We're different in that we provide both capabilities on a national scale. We focus on mission critical, technically demanding MEP, or mechanical, electrical, and plumbing systems. For mechanical, think HVAC. Electrical is self-explanatory. On plumbing, this also includes high purity process piping, which is critical to the semiconductor, biotech, pharma, and food and beverage industries, and now extremely important to data centers as they transition to liquid to chip cooling systems. Another differentiator is the markets we serve. We skew towards high growth industries, specifically data centers and technology and life science and healthcare, which accounts for over half of our revenue mix. We also service more stable target rich markets, such as education, state and local government, mixed use, and a few other industries. By serving a diverse mix of customers, were able to transfer technical knowledge between end markets. Take, for example, our success with data centers. We leveraged our decades-long expertise in the semiconductor space and applied those same concepts to our direct liquid-to-chip cooling systems for the data centers that are being built today. This knowledge sharing is critical to our ability to evolve with ever-changing technical demand of our customers and our end market diversification positions us well for long-term success. Turning now to our financial results, which Stephen will discuss in detail. From my perspective, and with gratitude to our amazing employees, we had an incredible record-setting quarter with year-over-year revenue growth of 26%, EBITDA growth of 39%, and backlog growth of 29%. Even more impressive is that this growth is all organic. EBITDA margins improved by over 100 basis points, driven by strong project execution, particularly with our fabrication work. Our book-to-bill ratio, which is a good indicator of our outlook, was also very strong at 1.5 times. In this morning's press release, we also provided our initial guidance for revenue and adjusted EBITDA through 2026. Steven will talk more on our guidance. This outlook reflects the strong momentum in our business driven by the solid growth in our backlog. Shifting to our announcement that we've entered into a definitive agreement to acquire Bowers. We're really excited about this agreement to acquire one of the premier mechanical contractors in the Northern Virginia DC metro area. With over 40 years of expertise in mechanical and plumbing solutions for complex building systems. This region is well known as Data Center Alley, where the largest installed base of data center capacity in the world resides. And Bowers is one of the leading mechanical contractors for the data center and high performance computing market. Their strong reputation for safe operations and operational excellence aligns perfectly with our values. The integration of our teams will foster collaboration and knowledge sharing, enabling us to drive growth and ultimately deliver value for our clients and our shareholders. Now, this transaction is compelling for a number of reasons. With Bowers, we are adding at scale, high quality mechanical capabilities in the Northern Virginia region, complementing our existing electrical capabilities in the area. Bowers is one of the most well-regarded mechanical contractors in the region, and we have firsthand knowledge of their expertise from the many projects that we've partnered on. Bowers has some 1,700 employees, most of whom are highly skilled unionized craftspeople. Similar to Legion's, Bowers has a strong commitment to training, development, and retention of top talent. Their leadership consists of seasoned veterans having an average of over 20 years experience of ours. I've gotten to know the leadership better over the past few months, and I couldn't be more impressed by both their knowledge and experience. We both share a common desire to deliver at the highest level and capitalize on the extraordinary growth opportunities in front of us. Their leadership team is staying on board with allegiance, adding to our deep bench. As previously discussed, the Northern Virginia DC area has the most data center capacity globally, and Bowers has been at the center of this build out since its first data center project for Amazon way back in 1999. The outlook for new construction of data center capacity remains strong in the region. In addition, the retrofit market is a significant area of opportunity given the massive and aging installed base of data centers. Roughly a quarter of Bowers data center revenues are from retrofit projects. Bowers also brings over 370,000 square feet of fabrication capacity strategically located in the DC area. Bowers has historically used this capacity for their internal project delivery needs. We now have the opportunity to utilize this capacity to serve customers along the East Coast, Southeast and Midwest as demand for modular fabrication and liquid to chip solutions continues to grow, especially from data center customers. I'm also very excited about the tremendous cross-selling potential that comes with ours. As previously discussed, Their mechanical expertise is a great complement to our existing electrical solution capabilities in this key mid-Atlantic region. Gaining access to their extensive fabrication resources creates an opportunity to serve a broader range of customers in different regions. Furthermore, by offering our engineering and consulting solutions to their client base, we see exciting opportunities to drive revenue growth for both organizations. Outside of Bowers, on October 1, we closed on two attractive tuck-in acquisitions, one on the engineering side and the other on the installation side. AZPE is an Arizona-based engineering firm with customers in the data center and manufacturing space, among others. Legions has partnered with them on several projects previously, and we know them well. IMD is a Colorado-based mechanical contractor primarily serving the healthcare, manufacturing, and education end markets in the Mountain West region. This is a good geography for technically demanding buildings where we've been looking to expand for some time. It also gives us another strategic and centrally located area to potentially expand our fabrication capacity. Both companies also have interesting cross-sell potential with our existing brands and are a great cultural fit. With that, let me turn the call over to Stephen to discuss our quarterly results and provide more transaction details on Bowers.