Legence Corp.

Good day and thank you for standing by. Welcome to the first quarter 2026 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 the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 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, Vice President, Investor Relations. Please go ahead.

Thank you, Daniel, and good morning, everyone. Welcome to Legion's first quarter 2026 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 a press release that covers our first quarter 2026 financial results and posted a slide presentation that accompanies the earnings release. All materials can be found on the investor relations section of the company's website, weareallegiance.com. Before we begin, I want to remind you that comments made during this call contain certain forward-looking statements and are subject to risks and uncertainties, including those identified in our risk factors contained in our SEC filings. Our actual results could differ materially, and we undertake no obligations to update any such forward-looking statements. In 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, Sun. And thanks everyone for joining today to discuss our first quarter performance and current outlook for legions. It's only been a month and a half since our last earnings call. And the themes that we spoke about then are still applicable today. These themes include a very healthy demand environment for mission critical building systems, particularly in the data center and technology and market, our strong project execution, our ability to attract talented labor, and the impact that M&A can bring to accelerate our growth. All of these factors contributed to our strong first quarter results that exceeded quarterly guidance, as well as provide the underpinning to raise our full year 2026 guidance. On our first quarter results, Steven will go into greater detail, but at a high level, total revenues more than doubled year over year to just over a billion dollars. Now, to put that into perspective, Legion's generated $1.2 billion of revenue for all of 2022. So, we've grown revenue at an incredible pace over the past three years. Our historic growth was roughly split evenly between organic growth and through acquisitions. This was the case in our latest quarterly results where our acquisition of Bowers accounted for just under half of the year-over-year revenue gains with organic growth essentially making up the other half. Excluding the impact from Bowers, revenues increased by a robust 57% year over year, with the majority of this growth coming from the installation and maintenance segment. While data centers and technology clients drove our growth, other key end markets such as life science, healthcare, education, and state and local government also posted solid gains. Engineering and consulting segment revenue growth was a bit more broad-based across our end markets, and that segment is seeing more traction with our data center and technology clients. Adjusted EBITDA grew by 132% year-over-year, reflecting the contribution from Bowers as well as overall growth in our existing businesses. EBITDA margins expanded by over 130 basis points as we benefited from strong project execution, particularly with our installation and fabrication projects and better leverage of our SG&A costs. Total backlog and awards ended the quarter at a record $5.4 billion, up 104% year-over-year, which reflects the inclusion of Bowers. Excluding Bowers, backlog and awards grew by 36% from a year ago. Now on a sequential basis and pro forma for the inclusion of Bowers backlog, we added approximately 200 million of net new backlog on top of the billion dollars in revenue recorded during the first quarter. Most of the increase in backlog and awards came in the installation and maintenance segment driven by the data center and technology market. While the addition of Bowers not only expanded our mechanical presence in the DC Virginia region, We also diversified our client base in this end market, increasing our presence with certain hyperscalers and co-locators. Engineering and consulting backlog rose by 13% on a year-over-year basis driven by state and local government and education clients. The resulting book-to-bill ratio for the three months ended March 2026 was 1.2 times. While this is lower than the book-to-bill experience in the fourth quarter, realized that we had several very large awards that, from a timing standpoint, were booked at the end of last year. This added to backlog growth and elevated book to bill in the fourth quarter, but also impacted what we would have otherwise booked in the first quarter. Now, setting aside the timing aspect of when awards are booked, the underlying growth that we expect in our end markets, particularly in data centers and technology, remains very robust. And we feel confident in our ability to continue to grow total backlog as the year progresses based on what we see in our pipeline. We continue to grow our labor force to meet the strong demand that we see in the end markets that we serve. In April, we crossed over 10,000 full-time employees at Legion's. This includes approximately 7,400 skilled technicians and craftspeople, which is over 1,000 more than what we began the year with. They work alongside our 1,200 plus engineers and consultants to deliver projects at the highest standards for our clients across both segments. While we're always mindful of having the right people necessary to execute on our projects, we do not expect labor to be a material constraint on our ability to grow. Finally, on our fabrication capacity and expansion plans, while there are some advanced tooling installations and other operational items that we need to complete to get where we want to be from a functionality and efficiency standpoint, we are largely up and running on 1.3 million square feet of FAB capacity today. At this level of capacity and the operational flexibility that we have with this capacity, we feel good about our ability to execute on our current book of business with some room to meet the additional demand that we see in our pipeline. Our fabrication business continues to be driven by our technical cooling systems for data centers and will likely continue to be the case for some time. With that said, we're seeing additional indications of interest for fabrication services with our pharmaceutical and semiconductor clients. As the benefits of fabrication and modular construction are recognized by more mission critical markets, And given our relationships with many of the most technologically innovative companies in the world, we're in a great position to capitalize on this trend. With that, let me turn the call over to Stephen.