Comfort Systems USA, Inc.

Thank you for standing by and welcome to Comfort System USA's first quarter 2025 earnings conference call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. To remove yourself from the queue, you may press star 11 again. I would now like to hand the call over to Julie Shafe, Chief Accounting Officer. Please, go ahead.

Thanks, Lateef. Good morning. Welcome to Comfort Systems USA's first quarter 2025 earnings call. Our comments today, as well as our press releases, contain forward-looking statements within the meaning of the applicable securities laws and regulations. What we will say today is based upon the current plans and expectations of Comfort Systems USA. Those plans and expectations include risks and uncertainties that might cause actual future activities and results of our operations to be materially different from those in our comments. You can read a detailed listing and commentary concerning our specific risk factors in our most recent Form 10-K and Form 10-Q, as well as in our press release covering these earnings. A slide presentation is provided as a companion to our remarks and is posted on the investor relations section of the company's website found at ComfortSystemsUSA.com. Joining me on the call today are Brian Lane, President and Chief Executive Officer, Bill George, Chief Financial Officer, and Trent McKenna, Chief Operating Officer. Brian will open our remarks.

Okay. Thanks, Julie. Good morning and thank you for joining our call today. We are reporting earnings per share that exceed every past quarter, a remarkable accomplishment given that the first quarter is historically our seasonally weakest period. These results reflect a promising start to 2025. Same store revenue growth for the first quarter was 15%, and our margins are strong. We earned $4.75 per share this quarter, up more than 75% from last year. Backlog at the end of the quarter grew to a new high of nearly $7 billion. We continue to experience broad-based strength, including persistent strong demand from our tech customers. Thanks to strong first quarter bookings, we are going into the second quarter of 2025 with same-store growth in both sequential and year-over-year backlog. We continue to be disciplined with our capital allocation strategy. As previously announced, we added Century Contractors as our newest partner company in January of this year. Century is an excellent mechanical contractor based in Charlotte, North Carolina, and we expect they will earn about $90 million of revenue this year. We also announced another increase to our quarterly dividend by $0.05 to $0.45 per share, and we continue to purchase our shares. These actions reflect our commitment to reward our shareholders while maintaining a strong balance sheet. Against the backdrop of these strong results, we are, of course, deeply aware of what is happening with tariffs in our economy. and we are preparing for a wide range of possible conditions. If tariffs and other policy changes hurt the economy or make construction more expensive, that will impact our customers and that would in turn impact us. Most of these things we cannot control, so we are focused on project execution, recruiting and retaining the best labor force in the industry, and selecting the best projects for our valuable workforce. We feel fortunate to have the markets, focus, customers, and geographies that we are in. Although events are developing quickly, demand for large and complex projects is ongoing. With record broad-based backlog, persistent demand in advanced technology, onshoring trends, And especially, thanks to our amazing people, we expect continuing strong results in 2025, and we are optimistic for continuing success into 2026. Trent will discuss our business and outlook in a few minutes. But first, I will turn this call over to Bill to review our financial performance.