MYR Group, Inc.

Good morning, everyone, and welcome to the MYR Group Second Quarter 2024 Earnings Results 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 the question during this 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 11 again. Today's conference is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to David Gutierrez of Dresdner Corporate Services. Please go ahead, David.

Thank you, and good morning, everyone. I'd like to welcome you to the MWIRE Group conference call to discuss the company's second quarter results for 2024, 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, Brian Stern, Senior Vice President and Chief Operating Officer of MYR Group's Transmission and Distribution Segment, and Don Egan, Senior Vice President and Chief Operating Officer of MYR Group's Commercial and Industrial Segment. If you did not receive yesterday's press release, please contact Dresdner Corporate Services at 312-780-7204, and we will send you a copy, or go to the MYR Group website where a copy is available under the Investor Relations tab. Also, webcast replay of today's call will be available for seven days on the investor 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 31, 2023, the company's quarterly report on Form 10-Q for the second quarter of 2024, 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.

Thanks, David. Good morning, everyone. Welcome to our second quarter 2024 conference call to discuss financial and operational results. I will begin by providing a summary of the second 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, Brian Stern and Don Egan, 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 today's call with some closing remarks and open the call up for your questions. Our results for the quarter were negatively impacted within our T&D segment by clean energy projects that are all scheduled to reach mechanical completion by the end of the year and by one project within our CNI segment that is scheduled to reach substantial completion during the fourth quarter of this year. However, across our business segments, other project execution remains strong, bidding activity remains healthy, and we continue to strategically expand on existing partnerships, as well as capture new opportunities throughout the markets we serve for continued long-term growth. The ever-growing demand for data centers, fueled in part by the increasing prominence of artificial intelligence, continues to offer exciting growth opportunities for our business now and into the future. A recent Goldman Sachs equity research report on AI data centers and the coming U.S. power demand surge released in April forecasts U.S. power demand to experience growth not seen in a generation. The report predicts the utilities need $50 billion of capital investments in new power generation capacity to meet the forecasted 47 gigawatts of additional load by 2030. Thanks to our breadth of capabilities and strong customer relationships, MRR Group is well positioned to win contracts for new data center work and help build the electrical infrastructure required to power those facilities. This quarter in our CNI segment, Western Pacific Enterprises was awarded a transportation project in Canada valued at approximately $170 million. further solidifying long-standing working relationships in the region. Additionally, our T&D segment won several master service agreements for substation, transmission, and distribution work across the Midwest and in the Carolinas, Florida, and Kentucky. Overall, increased electrification and investments being made in the electrical infrastructure are encouraging and highlight why we believe our chosen markets are poised for ongoing success for years to come. Now, Kelly will provide details on our second quarter 2024 financial results.