Sterling Infrastructure, Inc.

Good morning, ladies and gentlemen, and welcome to the Sterling Infrastructure first quarter webcast and conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. As a reminder, this call is being recorded on Tuesday, May 5th, 2026. I would now like to turn the conference call over to Junoelle Bilts, Vice President of Investor Relations and Corporate Strategy. Please go ahead.

Good morning to everyone joining us, and welcome to Sterling Infrastructure's 2026 First Quarter Earnings Conference Call and Webcast. I'm pleased to be here today to discuss our results with Joe Cotillo, Sterling's Chief Executive Officer, and Nick Greinstaff, Sterling's Chief Financial Officer. Joe will open the call with an overview of the company and its performance in the quarter. Nick will then discuss our financial results and 2026 guidance, after which Joe will provide some additional commentary on our markets and outlook. We will then open the call up for questions. As a reminder, there are accompanying slides on the investor relations section of our website. These slides include details on our full year 2026 financial guidance. Before turning the call over to Joe, I will read the safe harbor statement. The discussion today may include forward-looking statements. Actual results could differ materially from the statements made today. Please refer to Sterling's most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligations to update forward-looking statements as a result of new information, future events, or otherwise. Please also note that management may reference EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, or adjusted earnings per share on this call, which are all financial measures not recognized under U.S. GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in our earnings release issued yesterday afternoon. I'll now turn the call over to our CEO, Joe Cotillo.

Thanks, Noelle. Good morning, everyone, and thank you for joining Sterling's first quarter 2026 earnings call. Sterling's off to a fantastic start, delivering strong revenue growth of 92%, and adjusted diluted EPS growth of 120%. Adjusted EBITDA more than doubled, with margins expanding over 150 basis points year over year to reach a new first quarter record of 20%. During this period of unprecedented demand, our focus remains on pursuing projects that offer the most attractive returns. We're not looking to win all projects. We are looking to win the best projects. Signed backlog at the end of the quarter totaled $3.8 billion, a 78% year-over-year increase, and combined backlog grew 131% to reach $5.2 billion. Additionally, we have visibility into high probability future phase opportunities that now total over $1.3 billion. Together, our signed backlog, unsigned awards, and future phase opportunities provide visibility into a total pool of work approaching $6.5 billion. This has grown by approximately $2 billion since year end. Notably, during the quarter, we were awarded the first phase of a multi-phase semiconductor fabrication campus. This first phase, which will be executed under a joint venture, totals over a half a billion dollars and is expected to be completed in late 2027 or early 2028. The campus build is expected to span a multi-decade period and presents opportunities for additional scopes of work through 2027 and beyond. The growth in our backlog and future phase work in the quarter, combined with our visibility into our customers' multi-year plans, strengthen our confidence in our outlook. We believe we are perfectly positioned to continue to deliver strong earnings growth and return for our shareholders for many years to come. The Sterling Way, which is our commitment to take care of our people, our environment, our investors, and our communities, while we work to build America's infrastructure, remains our guiding principle as we execute our strategy and grow the company. Now, I'd like to discuss our segment results for the quarter in more detail. In e-infrastructure, first quarter revenue grew 174%, including organic growth of over 100%. The data center market was again the primary growth driver in the quarter. E-infrastructure adjusted operating income increased 177%. His margins expanded despite the diluted impact of the CDC acquisitions. Revenue for our site development operations more than doubled, and operating margins expanded both year over year and sequentially. Margins continue to benefit from our strong execution on large, time-sensitive, mission-critical projects. CDC delivered 78% revenue growth compared to its prior year first quarter, with margins performing in line with our expectations. the Texas market remains exceptionally strong with robust award activity in early 2026. During the quarter, CEC secured several large project wins, contributing to a $1.2 billion increase in its combined backlog since year-end 2025. We continue to see tremendous opportunities ahead for both electrical and site development. In aggregate, Our e-infrastructure signed backlog, unsigned electrical awards, and future phase site development opportunities now exceeds $5 billion, representing an increase of $2 billion since year-end. Mission-critical work, including data centers, large manufacturing projects, and semiconductor, represented over 90% of e-infrastructure signed backlog at the end of the quarter. Future phase work is predominantly related to mission-critical projects. Moving to transportation solutions, first quarter revenue grew 10%, driven by strong activity in the Rocky Mountain region, which benefited from favorable weather conditions and some earlier-than-anticipated project starts. Adjusted operating income grew 26%, reflecting strong execution and makeshift towards higher-margin projects. We ended the quarter with transportation solutions backlog at $1.04 billion, a 20% year-over-year increase. Shifting to building solutions, in the first quarter, segment revenue grew 3%, driven by a pickup in home builder activity, and adjusted operating margins were 8.7%. While we're encouraged by the slight revenue increase in the quarter, We continue to anticipate that the residential market will face strong headwinds throughout 2026. The strength of Sterling's diversified portfolio and strategy to focus on high growth and high margin end markets enabled us to deliver another fantastic quarter. With that, I'd like to turn it over to Nick to give you more details on some of our financial metrics and 2026 guidance.