4/27/2023

speaker
Operator
Conference Operator

Good morning, everyone, and welcome to the MYR Group First Quarter 2023 Earnings Results Conference Call. Today's conference is being recorded. At this time, for opening remarks and introductions, I would like to turn the conference over to David Gutierrez of Dresdner Corporate Services. Please go ahead, David.

speaker
David Gutierrez
Dresdner Corporate Services

Thank you, and good morning, everyone. I'd like to welcome you to the MWire Group conference call to discuss the company's first quarter results for 2023, which were reported yesterday. Joining us on today's call are Rick Schwartz, President and Chief Executive Officer. Kelly Huntington, Senior Vice President and Chief Financial Officer. Todd Cooper, Senior Vice President and Chief Operating Officer of MWire Group's transmission and distribution segment. and Jeff Wanaka, Senior Vice President and Chief Operating Officer of MWIRE Group's commercial and industrial segment. If you did not receive yesterday's press release, please contact Resno Corporate Services at 312-726-3600 and we will send you a copy, or go to the MWIRE Group website where a copy is available under the Investor Relations tab. Also, a webcast replay of today's call will be available for seven days on the Investors page of the MYR Group website at myrgroup.com. Before we begin, I want to remind you that this discussion may contain forward-looking statements. Any such statements are based upon information available to MYR Group's management as of this date, and MYR Group assumes no obligation to update any such forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Accordingly, these statements are no guarantee of future performance. These risks and uncertainties are discussed in the company's annual report on Form 10-K for the year ended December 31st, 2022, the company's quarterly report on Form 10-Q for the first quarter of 2023, and in yesterday's press release. Certain non-GAAP financial information will be discussed on the call today. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in yesterday's press release. With that said, let me turn the call over to Rick Schwartz.

speaker
Rick Schwartz
President and Chief Executive Officer

Thanks, David. Good morning, everyone. Welcome to our first quarter 2023 conference call to discuss financial and operational results I will begin by providing a summary of our first quarter results, and then we'll turn the call over to Kelly Huntington, our Chief Financial Officer, for a more detailed financial review. Following Kelly's overview, Todd Cooper and Jeff Wanaka, Chief Operating Officers for our T&D and C&I segments, will provide a summary of our segment's performance and discuss some of MYR Group's opportunities going forward. I will then conclude the call I will then conclude today's call with some closing remarks and open the call up for your questions. We entered 2023 with positive momentum fueled by record-setting financial performance in 2022 and a substantial backlog, resulting in solid first quarter. We continue expanding strong customer relationships through master service agreements and alliance agreements and perform ongoing work for our long-term clients across our districts. We also see healthy bidding activity and strategically capture new work to position us for future growth. Clean energy remains a key market driver as grid modernization, reliability, and system hardening continue to create opportunities as our clients strive to achieve carbon neutral goals and better serve their customers. The Solar Market Insight Report 2022 Year in Review, released by the Solar Energy Industries Association in Wood Mackenzie in March forecast a 41% growth in solar installations in 2023. Solar installations, battery storage, and other clean energy transformation projects in an expanding market are opportunities we continue to track and pursue. Similarly, our CNI segment maintains a healthy backlog with numerous projects in the pipeline to allow for potential growth. Solar, battery storage, and other clean energy projects continue to expand our portfolio of work while also strengthening long-term relationships with our preferred clients. Data centers and healthcare are other core markets we believe could provide steady opportunities moving forward. Remaining a strong and nimble partner while executing projects with superior quality enables us to offer unparalleled value to our customers and develop future opportunities. We remain committed to the safety training and development of our talented employees, and I thank them for their hard work and dedication. Our financial results and performance continually reflect solid, consistent long-term growth, which we believe will lay the foundation for future success and opportunities. Now Kelly will provide details on our first quarter 2023 financial results.

Disclaimer

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