MYR Group, Inc.

Good morning, everyone, and welcome to the MYR Group Fourth Quarter 2024 Earnings Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a 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 would like to welcome you to the MYR group conference call to discuss the company's fourth 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, a webcast replay of today's call will be available for seven days on the investor's 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, 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 fourth quarter 2024 conference call to discuss financial and operational results. I will begin by providing a summary of the fourth 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 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. We finished 2024 with continued improvement in our financial performance in the fourth quarter. as we worked through the unfavorable impacts from a relatively small group of clean energy projects in our T&D segment and one project in our CNI segment over the course of the year. These projects all reached mechanical completion during the fourth quarter. Our backlog increased to $2.6 billion, reflecting a healthy bidding environment and ongoing investments in infrastructure to meet growing electricity demands. We continue to expand relationships through multi-year master service and alliance agreements, while strategically pursuing additional opportunities to forge new partnerships. Key market drivers, such as system hardening, grid modernization, technology advancement, transit infrastructure improvements, and decarbonization all present opportunities for long-term growth across our business. According to the Deloitte 2025 Power and Utilities Industry Outlook released in December, utilities are responding to this dynamic energy landscape with record capital expenditures, reaching an estimated $174 billion in 2024. Forecasts project these capital expenditures to keep rising in the coming years. MYR Group plans to continue to serve as a resourceful, flexible, and committed partner to our customers as they endeavor to meet demands for reliable power. Our CNI segment continues to see robust, long-term opportunities with new and existing customers within our core markets of data centers, transportation, pharmaceuticals, healthcare, and clean energy. The C3 Groups 2024 North American electric transmission market forecast, released in September, noted there are more than 170 hyperscale and co-location data centers planned, requiring more than 45 gigawatts of capacity. Our CNI teams help build new facilities and expand existing ones, while our T&D crews provide grid infrastructure improvements and additions to help deliver the vast electricity demands required of data centers. Increasing demand for electricity offers a promising outlook for our industry, which more than ever needs proven partners with established resources to meet the energy needs of businesses and communities. We believe our chosen core markets are poised for ongoing success thanks to the significant investments being made in electrical infrastructure. and are confident that our hard-earned reputation for collaboration, honesty, and reliable project delivery position us well for future work. Now Kelly will provide details on our fourth quarter 2024 financial results.