Quanta Services, Inc.

Good morning and welcome to the Ponsor Services Second Quarter 2026 earnings call.

At this time, all participants are in an only mode. A question and answer session follows all management's prepared remarks, and we will ask that you please hold all questions until that time.

I will then provide instructions for the question and answer session. As a reminder, this conference is recorded. If you have any objections, please disconnect at this time. I will now turn the call over to Kip Rupp, Vice President, Investor Relations, for introductory remarks.

Thank you, and welcome everyone to the Qantas Services Second Quarter 2026 Earnings Conference Call. This morning we wish to express our release and announce our Second Quarter 2026 results, which will be found in the Investor Relations Central website at QantasServices.com.

This morning we also host our Second Quarter 2026 Operational Financial Commentary, and our 2020-2026 Outlook application summary on Kwan is the best relationship website.

While management will make brief introductory remarks during this morning's call, the operational management commentary area is intended to largely replace management's paragraph marks, allowing additional time for questions from the institutional investment community. Please remember that information recorded on this call only has a day, July 30, 2026, and therefore your advice and time-sensitive information may no longer be accurate as it replays this call. , including including statements reflecting expectations, intentions, assumptions, beliefs, about future events, financial performance. You should not place any reliance on these statements. They involve all sorts of risks, uncertainties, and assumptions that are difficult to predict or beyond one's control. And actual results may differ materially from those expressed and implied.

We will also present certain historical and forecast non-GAAP financial measures.

Reconciliation of these financial measures there are directly comparable GAAP financial measures, including earnings release and operational financial commentary. Please refer to these statements for additional information regarding our affordable statements and non-GAAP financial measures. Last but not least, please sign up for email alerts at InvestorRelations.com to receive notification of news releases and other information. Follow us on our services on the social media channels listed on our website. With that, I would like to now turn it over to Mr. Duke Austin on as President and CEO. Duke, Duke, Duke. Thanks, Kip.

Good morning, everyone, and welcome to the Quantum Services' second quarter of 2026. I want to begin by recognizing our people in the field.

Everything we hear about SysGus starts with our more than 85,000 employees and the execution they deliver to our customers safely, on time, and on budget every day.

This morning we reported second quarter results that meaningfully exceeded expectations with strong double-digit growth, revenues, adjusted EBITDA, and adjusted earnings per share, robust cash flow, and record backlog of $53.3 billion. Given when these acts were closed, their contribution to the quarter was minimal.

The strengths you've seen today reflect broad day-to-day strengths across our segments, service lines, and markets, and the successful execution of our strategy and the investments we have made against it.

During the second quarter in July, we completed the acquisitions of Alphone, Interfab, Percheron, and PSDSD, and we welcome each of these excellent companies and their employees to Guantanamo Family. and many more. Thank you. These are companies that have executed successfully for decades and whose owners and leadership came up with a craft with customer relationships often built over generations.

These acquisitions strengthen our position in technology and load centers while adding meaning to the diversification across the market we just served for decades.

Viner runs an economic culture of absolute performance and is dedicated to the continuous food movement and the success of our customers.

Every acquisition has to fit our strategy, and the culture has to fit. That is the first thing we evaluate is something we do not compromise.

When a company has built a name over 50 or 100 years, they are choosing a home that protects their legacy, keeps their management team, and gives the people more opportunity than they can create it alone.

Our solution-based model is performing well, creating market and market growth opportunities because it is a platform that brings our customers industry-leading capabilities, scope scale, with the largest craft workforce in North America at the center. The rigor we built over decades serving utilities, the planning, the safety, and the programmatic execution is exactly what we are bringing to technology and load center and generation markets.

Technology is trying to move as fast as possible. Utilities are working to protect the rate payer, and quantum systems are the middle of the nexus, providing solutions to both. Our customers realize how important this certainty is, and the trust and track record we have built over decades is what differentiates Quanta.

Quanta's core strategy remains grounded across labor, execution, certainty, and disciplined capital deployment. Craft is built over time, and we prioritize that investment well over a decade.

We self-perform 80 to 85% of our work, which is what allows us to deliver on-time, on-budget at scale.

That's certainty.

Quarter after quarter, year after year, is what our customers count on. It's what has produced record EPS the last nine consecutive years, and why our customers keep asking us to do more. As a result of our strong first half, improved visibility in the remainder of the year, and expected contributions from the ICOs announced this morning, we are significantly increasing our core year 2016 financial expectations across all metrics. The record backlog we reported looks like demand among us, but we're still in the early stages. The larger programs across the utility, generation, and technology markets are ahead of us, and we expect this to stack in the years to come.

In many, many ways, we are just getting started.

We remain focused on executing for our customers' success, deploying capital with Sysclone, and compound earnings shareholder value in the long term. I will now turn it all over to Jayshree Desai, one of the CFOs, to provide a remark about our results and 2016 guidance. And then we will take questions. Jayshree, Jayshree.

Thanks, Stu. Good morning, everyone. This morning, we reported historically strong second-order results with revenues of $9.6 billion, net income attributable to common stock $451 million, or $2.96 diluted share, adjusted diluted earnings share, $4.24, and adjusted EBITDA of $1.1 billion. Those results included an investment of $11 million just as EBITDA acquisitions made during the second quarter.

The performance in the first half of 2020 exceeded our initial expectations, led by the strength of our main market and our strategy of innovation actions. The versatility of our workforce and our customer-centric delivery model are translating greater scope, better resource utilization, elevated revenues, and improved margins.

And our customers are increasingly recognizing that the breadth of our capabilities can contribute to their success, as is evident in other corporate record backlogs. Given the strength of our first half performance, improved visibility in the second half, and expected contributions from musicians, we are raising our full year of expectations.

We now expect revenues to range between $39.3 and $39.7 billion. Adjusted EBITDA to range between $4.1 and $4.2 billion, adjusted EDS to range between $16.45 and $16.95, and free cash flow to range between $2.5 million.

As Duke described, subsequent to our first quarter earnings release, we acquired Kip Rupp for approximately $1.2 billion of upfront consideration, net cash acquired, plus approximately $240 billion in contingent consideration that can be earned based on financial performance in the years following the closing.

Included in our increased full-year financial expectations are our $1.2-$1.4-million dollar revenues and $120-$140-million dollars of adjusted debt from these acquisitions.

Importantly, as evidenced by the rates upgraded by Moody's, our balance sheet and credit report felt all strengthened, even as we deployed capital for these acquisitions.

The larger programs, broader source offerings, and multi-unit commitments we negotiate every day are a direct reflection of the trust customers' claims and our abilities to execute scale. Combined with a disciplined way of allocating capital across our strategic initiatives, we believe we're well positioned to keep converting that trust into durable, attractive returns for our shareholders.

Additional detail and commentary on our 2026 Financial Guidance can be found in our Operational Financial Commentary and Outlook Exchange Summary, both available on our Investor Relations website. With that, we're happy to take your questions.

Thank you. You will now move our question and answer session. For today's session, we'll be utilizing raise hand hand features via webinar. If you'd like to ask a question, simply click on the raise hand button at the bottom of your screen. If you have dialed in, please leave the star star nine to raise your hand and star star six to unmute. Once you've been called on, please unmute yourself and begin to ask a question. Again, that is star star nine to raise your hand and star star six to unmute if you have dialed in. We ask that all participants limit themselves one to one question. If you have additional questions, you may read the Q&A, and those questions will be addressed time to time permitting. Thank you. We'll now pause and assemble the Q&A. Your first question comes to the next question. Yes, yes, this is an unanswered question.

Even your line is open, you may ask a question.

I think we're going to wrap up on the strong market performance. I know you've been in Duke a little bit, the Reserve, the JCCR, the March, and stuff, stuff, stuff.

I guess what I'm going to say now is maybe a little bit longer term about the March potential here is Yeah, thanks, Steve.

Thanks for those comments.

I think when we were looking at the margin of fall, we said that the UI segment had some meaning. We felt like it was the businesses that we required and how we looked at that as a The risk will take. Certainly is moving up. And you're seeing that in the quarter. And I believe you see that on a quarter basis. So that move up as well. And that move up as well on the backside.

That looks totally fundamentally different. The business has changed. We're seeing a change. We have two Just Tams. Both of those are growing. So I can give you that mix. We're looking at it constantly to make sure that we give you good guidance.

Yeah, I do think we posted a nice burger. We were pretty excited to give you a game in the back half. We're seeing a lot of burn. So I believe like this is a margin backside. There's no, no, no, no, no. I think there's a lot to talk about. As we see it, it's a big segment. We have to take down everything. I think we've done a nice job of that, but I do think there's room for margin and backside.

We've always said that the electric segment has to operate 10-12 on the utilities, so 10-12 would be the utmost margin you can see, and that's when you stack in, charge transmission, and all aspects at once. So you get full utilization, you're also training a lot of people, about 50,000, 500 people a year, 7 or 8 of which. and many more. Thank you.

Thank you. Thank you. Thank you.

Thank you, thank you, thank you.

How do you think about leaving?

What would that look like? I'm curious for you to talk about this. Yeah, yeah. I mean, I do think some of the utilities are trying to self-reform. It sounds easy. It's not.

So I think in general, we saw that in the past, back in... We're doing a nice job of doing this. It's something meaningful.

In the future, we talk about it.

As far as the robust nature of ECOs and generationally, You know, in front of the meter, behind the meter, someone was saying, it was just in front of the meter, behind the meter. So we're on both sides of that. We're seeing some small engines, big engines, we're seeing all types of generation, and we're installed as a unit.

I like the business. We're just not willing to take risks on the combined side, side, side, and some of the single cycle.

So that's the issue.

If we can get the type of contracts that we need to go with it, we'll do it. And certainly the inbound ask of our customers, which is a nice way to leave a significant amount out of that order.

That's moving nicely. There's some other opportunities that will continue to compound. Not only them, but every customer we have.

We're working on their capital plans to build generation D&D. Thank you for watching.

I'd love to do that. So, when we thought about it, we talked about tech tech tech customers. We thought, you know, we could take our collaborative approach and build another PAM. It's every physical utility PAM. We're doing that.

It's showing up. Correct to the high-skillers, correct to the larger customers. Showing them what we can do, our supplement capability, show up on time when we're certain. And that's the amount of plant-type fields in multiple areas. So call it 80% of less chips. I think 90 maybe. So we have the ability to do that. And as people see that we're certain and our projects are on time, self-informed, more and more adjustment markets are our way.

So I think we really like what we see in collaboration.

We talk about centers a lot, and we know a little bit of anything, but you can see where they show up. We're crossing both T and D as well as without us and without our people. You can see the views on the utility side of all the substations that are out there.

We're right in the middle of that. I'm not sure people understand how difficult it is to interconnect the grid and how much we're right in the middle of that interconnection.

So that interconnection, the vertical fly chains, the various strategies that we've discussed are shown on the center right there with them. So I believe in this technology. We're going to collaborate in a way, helping them be certain, not at cost, but getting it done on time. So we really like where we sit.

Your next question can come from Chad, Billy, Burns, Bernstein. You may now unmute and ask a question.

Hey, good morning, guys.

So my question is on the modular and B3B apps and stuff like this, and things like that, and you guys are investing in that organically and more organically. So I have a question for you here. What's your favorite part on these? And how do you think about that in the next five years? I mean, we've talked about some of the costs and things that you see when you come to that, and things that you're interested in. We've always done some without fabrication, but I think this integrated fabrication is different.

It's a solution-based approach. It has a lot of EDO engineering.

A lot of technology, David. We can really design from construction to nature and work with the client. Less water, closed system, no water, all kinds of things. We're able to really, really work with the client up front.

I think we have some of the best engineers in the world because they've been in the world and have struck. So that allows us to really lean into projects, become much, much more efficient, and work collaboratively. Much like the baby, the 7755. I think when we look at it, we work together. And if we can do that, the fabrication is exponential. But whether it costs less or it's going to cost less people to some degree depending on where you're at in your logistics.

So the logistics costs, you know, it's going to mount. You really need to be close to where you're building.

And I think that Northeast environment, what we've done there with the acquisition of Thank you for watching. It's helpful. It's helpful.

And then, can you see our C4 work yet? When is that starting? And just a little bit of a list of points. It's interesting to see the mix of workforce, or even the use of modular, or the shift into C4, or architecture. I'll just say this. We haven't seen this show up.

We grew up in the middle of engineering with it or all over it from the high-volt size as well as equipment. Anything complicated?

The higher the voltage, the better. So I'll just say it like that.

We love complicated high-voltage infrastructure. The more the better.

Thanks, thanks, thanks.

You may now unmute and ask a question. Great. Thank you. I just got a one-on-one. I want to stand out as well as the free cash flow.

I just wanted to, I guess, ask, are you seeing any changes in the kind of Thank you.

Hey, Justin. No, we're very pleased with what's happening with cash-to-cash business. The first half of the year was very, very strong. I think it's a real testament to the operators, how well they're forming. We are getting favorable contract terms across the business, but the growth of M&A business, RCC business, and other businesses is contributing to that cash-to-cash growth. So we believe that we're going to continue to see those types of factors coming into our pre-cash flow balance, improving our working capital, as you've said.

Having said that, we do think the right way to think about our business continues to be that conversion rate of around 55%.

I talked about it yesterday that we have the opportunity to be entirely higher than that, 55 to 60%.

We've taken all that into account, but I think you can expect us to end up

Great, great, great. That's all. Thank you. Great, thank you for taking my question.

Thank you, Steve.

So, first of all, when we look at that, really, it's right away acquisitions, things that I've heard of, which is Quana. Very little was Quana. So, it's all outside. The customer-based utilities, hyperscalers, so both sides of that. The way we think about it, from our standpoint, it does allow our field forces to move forward or we can collaborate with the client in a constructive way.

We want that to be a part of the solution. They were very much a solution for us, and we believe we had it wanted, and our construction company, we can work with client routes.

You hear about permitting quite a bit, land applications quite a bit. I'm getting tired of it, so as we see it, you can either write about it or you can fix it. Thank you. Thank you.

As a reminder, we ask that all participants limit themselves to one question.

If you have an additional question, please raise your hand and join the queue.

Our next question will come from Nick Amakuchi of the ISI. Please unmute and ask your question.

Hey guys, good morning. Given MSDC seems like pretty strong performance for MSDC, I mean, how much was that, was there any kind of forward timing or whether it was supposed to be a more mild MSDC season?

No, I do think, you know, you bring up, you bring up, you bring up, you bring up, you bring up, you bring up, you bring up,

It is different from Amazon, where nothing holds at all. But what is happening, we're getting on the sites, and people are starting to see us more, and they're asking more services immediately. So we may book a bill on a site, and we're going to never see it show up on the backlog. You know, that has to be quite a bit. So we're working out how to look at MSAs on the technical side, especially when we're building a balanced plan in multiple areas. We need to look at that internally, decide, you know, is it a CEO against an MSA or is it an MSA? It's a following gap. I'll tell you the burn one.

That type of work is certainly prevalent in the order in which it will be prevalent as far as we can continue to capture more, balance out opportunities, and kind of full-scale that as an opportunity. You'll see us on quite a few sites in the future.

Hey, good morning, guys. Congrats on another great quarter.

And a great, great year to date. Hey, Dick, I just wanted to ask you about your traditional T&T business.

How would you say that's good? How would you parse that? How it's trending versus your intellectual expectations at the beginning of the year? And I wanted to get an update on your long-term expectations from electrical customers.

I think we're right on target. You haven't seen the compounding effect. I mean, we're not in that bug on bigger work yet.

Even the iteration work, most of it is, say, 9.5% or 9.5%. Those big projects, $765,000, $335,000, all that big work is just starting. A lot of engineering, you'll start to get out of there half a year, you know, throughout the day. So it's a long, long, long time. On both sides of the business. So we're seeing those projects show up. Thank you for watching.

They're probably even in fourth. Definitely, we see the work there.

It has not started. So, kind of, I would say, the growth of the business as it sits, doing nicely, working with clients. So, I think double-digit type of growth is there. It's going to get much greater as we start founding big work. It's going to look much like it did in college.

Perfect. Thanks, Duke.

Thanks, thanks, thanks.

That's right, that's right.

I mean, I do think there's a lot of projects. You're going to get some CD orders where you're going to do one-to-one, one-to-one, one-to-one, one-to-one, one-to-one, you're going to start seeing five, six, as you bring in big chunks of projects.

It's going to happen.

We can't predict their timing and bookings on their work. It just takes time. We're in...

L&T is all over the place. Verbal is all over the place. Lots of clients. I just really like collaboration. We're really trying to help our clients. And I think we have a certain degree of working with them, driving the cost down.

The company is highly focused on driving the cost down right there. I think that's it.

That's a deal we're really working hard with throughout on the team side. I like where that's going. It's certainly giving us an old year, even a decade look outward.

You can see their capital budget somewhere here too. We're working hard together.

I like where the industry is going.

Great, great, great. Thank you, Derek.

Your next question will come from Jen with Roth Capital Partners. You may unmute and ask your question.

Thank you, guys. Congratulations on your strong results. Hey, why don't we check in with you on the recent New York State Data Center? We published a research that we can see as more states pursue data centers by the end of this year. What are your thoughts on this research? How good is your business?

And then when you add that to your backlog, have these projects cleared at all? I mean, I'm not going to rule, community support. Yes, yes, yes, yes, yes. But just wondering if you could talk through, is there any risk that some of these statements or policies or projects have a backlog?

Thanks, thanks, thanks.

Sure, sure. So just a couple things. It's a good question. It gives me an opportunity to free Lance a little bit here.

What I would say is if 15% of the business is not on, call it 15-20-20, right in there.

And that's a smug shift to everything, not just that. So it's not a huge piece of the business, number one. We've grown to that range over the last

Two years, which I think is phenomenal.

We've built a hell of a business already and we've got a long way to go. The quality of the company that we've acquired is just phenomenal. Super proud of our platforms. So in saying that, we're involved in lots and lots of things. I haven't seen much in New York. Nothing really gets built there.

So it's very difficult to build in New York. And I haven't worked in New York at all.

I just hope we can get enough power to continue to keep the lights on. That's our focus there on that.

What I would say is, in general, when we think about out-of-centers, it's such a fallacy the amount of water that it does for an economy.

I mean, in rural areas... The school districts and kids and teachers, we employ people there.

I mean, it's such a benefit to everyone that is building in those areas. You know, it's not a one-year build. These are eight-year areas that build, and you're providing jobs. If you look at North Louisiana, I just don't think it's for us. I'm not going to get into all the talk about the things about the Statisters, National Security, everything else that Thank you for joining us. Very, very good for us.

We're not seeing any shortage of places where we're working.

We're moving where we're working in the local areas to buy jobs.

As long as we do that, I believe we're on the right side of the rhetoric. That is not like where it's going.

Yeah, and just on the backlog, I think it's important to say that we take all those into account. We pre-read our backlog. Just like we do on the TD side, just like we do on the generation side, we want to make sure that we have a constructive and proven way of looking at the backlog. So on the data side, we tend to put in things that have only L&Ts, and we don't put the rest of it until the project is done. I think you can be confident that we'll be on top of that as a result.

Thank you. Thank you. Thank you.

We certainly have options. I think we've probably booked a little bit of work in the quarter, so there's a lot of jobs out there. I'm proud of that. I think we've booked more in Canada.

The opportunities, you know, I would say they're at 26, 27.

For us, they're there. That business is getting better.

So, yeah, it's something we're looking at, and that's kind of how we look at it.

We'll be talking about how we do the risk.

Our generation is growing nicely. There's a lot of hype generation. We can bundle that in as well. So that solution-based approach on the online side applies to the pipeline as well. It gives us a lot of opportunity to sneak things by pipe. And Jayshree, you already mentioned the contract terms have improved. Can you expand upon that a little bit? Maybe in particular, how do you change across areas and markets?

Yeah, we're just, as we sit here, we're looking at our rural business, our AP business, our EPC business on the team side. It allows us to have really, really good cash flow terms. The working capital phone things are very, very positive. We're seeing that across our business. Not just in certain markets. The MEP and normal businesses and EPPC work on our traditional businesses tend to have more announced favorable working capital profile and that is getting baked in. But we've talked about this a lot, right? As we sit here today in the markets and the strength of our portfolio and the ability to help our customers, we're very much focused on compounding

and growing with them.

And so our contract terms are reflection of that. And while we're not necessarily trying to take advantage of our customers in any way, it is allowing us to make sure that we're doing things in the way that allows us to be confident about our execution capabilities and deliver them in the right manner. So that's what's getting reflected across our business. It's not just on capital, but it's in terms across the company.

Yeah, thank you. Good morning. Congratulations. Thank you for the order. I'm curious if there was any upload, upload, upload, upload. I'm curious if there was any upload, upload, upload, upload. I'm curious if there was any upload, upload, upload, upload.

I think it's probably certainly the business is growing faster than the rest of the business. If you look at the whole, you know,

Outlook, Outlook, Outlook, Outlook, Outlook, Outlook, Outlook

and I'm sure you'll be on probably in some area like very close to some of the much greater some of the startups obviously. Appreciate it. And then just one line.

Did you see any notable or anything that was important? Thanks.

No, I think it is a closeout. There was nothing one time in our results. I do like it when they go up, but in general, they typically go up. It's nothing out of the ordinary. It's normal sports.

Understood.

Your next question will come to Joe's show show. You can ask a question. Hi, thanks, everybody.

You've been adding manufacturing capabilities in a couple of areas. I'm wondering if there are other areas that you think about in terms of where you might want to add capabilities. Thank you.

No, I mean, we did the breaker, the high cut. I thought that was a critical part for us. They're very difficult to get. So you've seen us build them. You've seen us partner. We certainly have a great relationship with suppliers.

Anywhere there's a critical part that we can invest in capital, that's what you've seen us do. You've seen us do it. So as we're looking outward, we're taking advantage of areas where there's investment or we believe it's something that is critical for us. And we're working with our clients to really innovate as well with REV and things we can do there. And then innovation technology, how we got at it. But we've made those investments in a vertical supply chain. It's shown up in some cities that we continue to see it. We'll be selective in how we invest there. That's something that we look at all the time, but we do believe we can do some new things with our virtual budget and have done.

So it'll be a broad-based investment in things that are what you would consider a critical path.

We see a lot of people buying EVOS companies. Is that something that might be a good fit upon it?

We're not looking at that today. Traditionally, the core of the business is Thank you.

As a reminder, we ask that all participants limit themselves to one question. If you'd like to ask another question, then please join the Q&A. Our next question will come from Jamie Cook, tourist.

Please unmute and ask your question. Hi, can you hear me? Yeah, thank you. Oh, good, good, good, good, good, good, good, good, good, good, good, good, good, good, good, good, good, good, good, good. Thanks, thanks, thanks.

Yeah, I mean, there's always an opportunity.

It just depends on where some of the margins pull up. It depends on some of the fabrication. Yeah, yeah, I do think you can pull them up. Let me get to the double digits first, and I'll go from there to there. But I do think we have opportunities to get there. You can do it. It just depends on what the mix looks like. We're certainly... You know, I think that's one thing I'll probably focus on is increasing our efficiencies. Some of the labor is on the line, so it's moving across segments, moving over to the electric segment. They move back and forth where we can have someone on.

Thank you for joining us.

You'll see that come up and you can get it there. It's possible.

Your next question comes from Michael Zutis, Vertical Growth Research Partners.

He sees unneeded and asked questions.

Michael, is your line open? He sees unneeded and asked questions.

Thank you, everyone.

Just your sense of what your customers, maybe on the MSA side or even across the board, how far out in the future are they asking to secure your specialized labor generally? I'm sure there's ranges of months and years. How has that changed in the last 18 months?

And do you think it's going to get even further, tighter, tighter in the future? Do you have to allocate resources? and other resources a little more judiciously.

Yeah, I mean, we're in our capacity. That's been something that people are worried about. So, look, you see this ad for 15,000 employees in order.

And overall, let me back up.

15,000 a year, significant amount of non-obligations in second quarter.

So, sometimes, sometimes, sometimes, you know, well over 1,000,000 in order. Yeah.

We're very much in line with the customer building out programs.

I'll go as far out as their capital plans, at least, and beyond. So when you're looking at their capital plans, they're out five, seven years. We're helping them with capital. We're helping them all the way through in a collaborative manner. You know, across the board, I'm having a great, great collaborative conversation. And I would say the inbounds are significant. The company's in a different place than it's ever been. How we sit, how we view, you know, I... I think the number one thing is how to fill a buzz. I feel good about how we've done a nice job. We've done a nice job. We've done a nice job. We've done a nice job.

Your next question comes from my man boy, Lizzy. You may unmute and ask your question.

Thanks, thanks.

We're not seeing any shortage of... I mean, we're not seeing any... It takes about four years to...

Make a crass turn in the tournament.

We haven't had a turn in all crafts in the most. We're very close. Our training is the least that we've invested in in a decade. We spend about $250 million a year in training. That's something that we focus on. I know we're making it look a little easy, but it's not easy.

Thank you for watching.

I think when we look at it in real life, the bottleneck would be generation to some degree, and generation to say it's DC.

So, yeah, look, some of the technical is difficult to have the capacity to combine cycles at the levels that everyone wants to build them at as quickly as they want to build them at. We're working hard to build those capabilities.

Exactly, exactly. We have what I consider significant business on the business generation side. So that's going to grow for us. We really like where it's going. And we put in the resources and the training and getting great people here that we're working on. So we're happy with that side of that. There is a lot of momentum there.

I do think for the most part, Most data centers want to go back to grid at some point.

And not to say that last time I got in trouble was saying something about, you know, meter behind meteration or whatever.

Look, look, look. The faster you go around meteration... People are worried about it. But over time, you're going to try to get rid of it. You're going to bounce things out.

Utility is doing much better than we've been doing it for decades. That queue is extremely important. What does it take to get to the next generation of substations? We're very much on both sides of that.

I do think that would be the bottom that gets getting to the, you know, what I would consider the earliest generation.

And they're moving very, very fast.

We're working with them all over the place, and I do believe Tilly's are in a growth mode. They've been under-invested for a while, and we're starting to see that significant investment, and as we started today, we're in the day five years out. That's it. We're going to get them built.

It just shows you, you have to be sure. I didn't listen to you talk about how to realize this book, and it's going to continue for a bit. So,

We're super happy where we sit.

Good morning, everyone.

Gook, Gook, Gook. More, more, more. More, more.

Yeah, that's a good question. We're buying great companies. I mean, one of them is over there.

Well, maybe two. We're not passing on great businesses and great teams.

It'll depend on the teams. Do they fit here? We're super excited. A lot of that, too, is... I mean, I would tell you a couple of them we had talked to for... and many more. People want to work here. Great, great, great jobs. We have a lot of tournament here. Executive, Vice President, President, President, CEOs.

They're all over.

We have a crowd here that's remarkable.

So I believe we can actually make tons of sense for you. We're excited about it. I think it's a great opportunity.

We're watching the crowd very well.

We're pushing that down to 10,000 plus people.

I pissed myself off on how lucky we are to be in the space where we'll be able to do things we could do for crafts. I'm super happy, and that's why people want to solicit us here.

Your next question will come from Chris Rissong with World Research. Please send in an extra question. Hey, good morning, guys.

It's a quarter. It's on the end. It's a new list. It's a new list. It's a new list. Thanks. Thanks.

Yeah, I think you can just do the math. It's about six, seven months worth of what we gave you, so you can analyze it based on just giving you a good sense of the right.

Our last question comes from Alexa Petrano from Goldman Sachs. This is an unanswered question.

Hey, good morning, good morning, and thanks for taking our question. The guidance revision is portable. Can you just talk more about the drivers of that revision?

What do you see being marketed in your backlog that gives you confidence inside?

Yeah, I mean, look, you can see the houndstooth, you can see both electric and gas, and obviously, the concentration of electric is going to be up.

It was broad-based. I think the synergies that we have, the things that we saw coming together, We're doing a lot of balance and error on the data side. It's not just data. We're involved in manufacturing. We really start on all the different things. We've got many going on. We're kind of onshore manufacturing, medical manufacturing.

Across the board, you know, we're picking up, you know, both sides of that. So, our business is growing nicely. Our renewable business, I know everyone's worried about that.

We're setting records there, so super happy with what they're doing.

Broad-based growth, we'll stack generation to generation, large transmission on the business, and that will be our growth for the foreseeable future.

So you'll start to see that stacking as well. We're not on a lot of large transmission. We're cleaning a few of them up, and then we'll start a few of them ourselves.

But in general, I do think that stacking hasn't started yet. It's going to. We're happy with that. Thank you. Thank you. Thank you.

Their sacrifice is noted and we thank them. So I also want to thank you for participating in this call. We appreciate your questions. Thank you.