EMCOR Group, Inc.

Good day and welcome to MCOR Group Q125 Warnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press stars then one on your touchtone phone. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to Andy Backman, Vice President, Investor Relations. Please go ahead.

Thank you, Sagar, and good morning, everyone, and welcome to MCOR's first quarter 2025 earnings conference call. For those of you joining us by webcast, we are at the beginning of our slide presentation that will accompany our remarks today. This presentation will be archived in the Investor Relations section of our website at MCORgroup.com. With me today are Tony Guzzi, our Chairman, President, and Chief Executive Officer. Jason Nalbandian, MCOR's Chief Financial Officer, and Maxine Mauricio, Executive Vice President, Chief Administrative Officer, and General Counsel. For today's call, Tony will provide comments on our first quarter and discuss our RPOs. Jason will then review our first quarter in numbers before turning it back to Tony to discuss our guidance, and then we'll open it up for Q&A. Before we begin, as a reminder, this presentation and discussion contain certain forward-looking statements and may contain certain non-GAAP financial information. Slide 2 of our presentation describes in detail these forward-looking statements and the non-GAAP financial information disclosures. I encourage everyone to review both disclosures in conjunction with our discussion and accompanying slides. And finally, as a reminder, all financial information discussed during this morning's call is included in our consolidated financial statements within both our earnings press release issued this morning and our Form 10Q filed with the Securities Exchange and Commission. And with that, let me turn it over to Tony. Tony. Thanks.

And good morning and thank you. I'm going to be mostly on page four here to start. We had a strong quarter at MCOR in the first quarter, generating revenues of $3.87 billion, reflecting year-over-year growth of 12.7%. We earned $318.8 million in operating income with an operating margin of 8.2% and diluted earnings per share of $5.26, representing an increase of 26% from the first quarter of 2024. When you adjust for the 9.4 million of transaction expenses related to our acquisition of Miller Electric, which closed in February, we are non-GAAP adjusted operating income of 328.1 million, or 8.5% of revenues, and non-GAAP adjusted diluted earnings per share of $5.41. We are very pleased with our overall performance. Our electrical and mechanical construction segments, which had year-over-year revenue increases of 42.3% and 10.2% respectively, drove our performance. The growth in our revenues reflects both our proactive move into new geographies to better serve our customers, as well as the confidence that our customers have in our ability to perform complex projects. Driving this growth was increased activity within the network and communications, which is data centers, healthcare, water, and wastewater market sectors. The results of our electrical construction segment also included 183 million in revenues from Miller Electric. The integration of Miller is on track, and that is a credit to both the MCOR and Miller teams. When you share the same core values and have similar operating disciplines, and share best practices, then the cultural alignment makes integration more successful. Thank you, Henry, and your team. With respect to operating income, the reasons behind our growth remain the same. We continue to have excellent execution in our electrical and mechanical construction segments, with 12.5% and 11.9% operating margins, respectively. To achieve these margins, our teams continue to leverage our prefabrication and virtual design and construction, or VDC, capabilities, coupled with excellence in labor planning and management, large project coordination and execution, as well as a laser focus on contract terms. Every quarter, we become better at sharing best practices across our company and ingraining them into our standard operating practices and procedures. This constant learning makes us more resilient as leaders and as a company. The results of our U.S. building services segment reflect strong performance in our mechanical services decision, which was offset by the headwinds that we previously referenced in our site-based services business. Our industrial services segment was impacted by the effects of a slower start to the turnaround season, caused in part by frigid January weather in Texas. In addition, we had an increase in our allowance for credit losses impacted this segment's operating income and operating margin by $4 million, or 110 basis points respectively. We anticipate this segment's performance will improve throughout the year. And lastly, our UK building services segment continues to perform as expected. Now please turn to page five, and I'll discuss RPOs. We leave the corridor with diverse RPOs or remaining performance obligations of $11.8 billion versus $9.2 billion at the end of the first quarter of 2024. Year over year, our RPOs grew 17.1% organically, and with the inclusion of Miller Electric, RPOs increased by 28.1%. On a sequential basis, when compared to December of 2024, our RPOs increased by 6.4% organically and 16.3% organically. when accounting for the Miller Electric acquisition. We had an organic book-to-bill of 1.18 for the quarter. Driving our RPO growth are the markets set forth, and I'll talk about those on this page. Notably, RPOs within networking communications or data centers were 3.6 billion at the end of March. These RPOs have increased by nearly 112% year-over-year and 28% sequentially with Miller contributing to a portion of this growth, adding approximately 400 million of RPOs in this important market segment. Healthcare RPOs of 1.5 billion increased 38% year-over-year and 14% sequentially. Healthcare has always been and remains a core market for MCOR. The Miller Electric acquisition broadens our opportunities in this space, adding nearly 240 million of healthcare project RPOs. RPOs within the manufacturing and industrial segment of $1.1 billion represent an increase of 31% year-over-year, or 29% sequentially, with the majority of this increase being organic. Resulting from a combination of new contract awards for existing MCOR companies and the acquisition of Miller, institutional RPOs increased to $1.25 billion, representing 21% year-over-year growth, or 13% sequentially, And hospitality and entertainment RPOs have more than doubled year-over-year to $437 million, up nearly 73% sequentially, due to the award of several sports stadium and arena projects, and that's really something Miller is good at. And we continue to see demand within our mechanical construction segment for water and wastewater projects, with RPOs increasing 29% year-over-year and 20% sequentially to over $820 million. While we have experienced a decrease in our high-tech manufacturing RPOs, we continue to believe very strongly in the long-term fundamentals of this sector. As we've discussed on prior calls, these projects can be episodic in nature and RPOs in this space will fluctuate based on timing of project awards, startups, and executions. We still expect future awards in this sector and some of that should happen later this year. With that, I will turn the call over to Jason, who will review the quarter's financial results in more detail. Jason?