3 unchanged sentences
As of February 18, 2026, there were approximately 10 holders of record of our common stock.
+Added: During the second quarter of 2025, we executed a three-for-two stock split by issuing a stock dividend of one-half of one share of common stock for each share of common stock.
+Added: All references to the number of shares outstanding, issued shares, and per share amounts of the common stock have been restated to reflect the effect of the stock split for all historical periods presented.
+Added: Refer to Note 19 – “Shareholders’ Equity and Redeemable Convertible Preferred Stock” to our consolidated financial statements included in this Annual Report for additional information.
We have historically not paid cash dividends and do not currently anticipate paying a cash dividend on our common stock.
1 unchanged sentence
Our Board of Directors will make any future determination as to the payment of dividends at its discretion, and this determination will depend upon our operating results, financial condition and capital requirements, general business conditions, and such other factors that the Board of Directors considers relevant.
−Removed: In addition, our Credit Agreement (as later defined), in certain situations, prohibits us from paying cash dividends or making other distributions on our common stock without prior consent of the lender.
+Added: In addition, our Credit Agreement, in certain situations, prohibits us from paying cash dividends or making other distributions on our common stock without prior consent of the lender.
See Item 7 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.”
5 unchanged sentences
Stock Repurchase Program
−Removed: On February 26, 2024, our Board of Directors authorized a stock repurchase program ("SRP") to purchase up to an aggregate of $1,000 million of shares of our common stock.
−Removed: Acquisitions pursuant to the SRP may be made from time to time through a combination of open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions, at our discretion, as permitted by securities laws and other legal requirements.
−Removed: In connection with the SRP, we may enter into Rule 10b5-1 trading plans which would generally permit us to repurchase shares at times when we might otherwise be prevented from doing so under the securities laws.
−Removed: This stock repurchase program will expire when the authorized amount is exhausted, unless otherwise modified or terminated by our Board of Directors at any time in its sole discretion.
−Removed: During the year ended December 31, 2024, we repurchased 16,260,160 shares of common stock for approximately $600 million.
−Removed: The repurchases during the year ended December 31, 2024 were related to the Series B Preferred Stock Conversion (see Note 19 – "Shareholders' Equity and Redeemable Convertible Preferred Stock" to our consolidated financial statements).
−Removed: As of December 31, 2024, we had approximately $400 million of authorized repurchases remaining under the SRP.
−Removed: In 2022, our Board of Directors authorized a stock repurchase program ("2022 SRP"), authorizing the purchase of up to an aggregate of $250 million of common stock through February 2024.
−Removed: During 2023, we repurchased 1,626,493 shares of common stock for approximately $41 million.
−Removed: The 2022 SRP expired on February 29, 2024.
+Added: During the second quarter of 2025, our Board of Directors authorized a share repurchase program ("2025 SRP") to purchase up to $1 billion of shares of our common stock.
+Added: The timing, amount, and manner of any repurchases under the new repurchase program will be determined at the discretion of our leadership based on a number of factors, including the availability of capital, capital allocation alternatives, and market conditions for our common stock.
+Added: The share repurchase program is open-ended and does not require our Company to acquire any specific number of shares.
+Added: It may be modified, suspended, extended, or terminated by our Company at any time without prior notice and may be executed through open-market purchases, privately negotiated transactions or otherwise, and we may enter into Rule 10b5-1 trading plans in connection with such repurchases.
+Added: This new authorization replaces our previous share repurchase authorization announced in 2024 ("2024 SRP").
+Added: Prior to the new authorization, we repurchased 3,095,573 shares of common stock for approximately $75 million under the 2024 SRP.
+Added: As of December 31, 2025, we had $1 billion of authorized repurchases remaining under the 2025 SRP.
+Added: Table of Conten t s
+Added: During 2024, our Board of Directors authorized the 2024 SRP to purchase up to an aggregate of $1 billion of shares of our common stock.
+Added: During the year ended December 31, 2024, we repurchased 24,390,240 shares of our common stock for approximately $600 million.
Issuer Purchases of Equity Securities
7 unchanged sentences
The peer group includes Cintas Corporation, Comfort Systems USA, Inc., Dycom Industries, Inc., EMCOR Group Inc., FirstService Corp, Johnson Controls International plc, MasTec Inc., Otis Worldwide, and Quanta Services, Inc.
−Removed: In 2024, FirstService Corp was added to the peer group to provide exposure to non-residential services including fire protection services.
−Removed: Further, Dycom Industries, Inc.
−Removed: was added to the peer group and Jacob Engineering Group Inc.
−Removed: was removed from the peer group to better reflect the businesses of our Specialty Services segment.
+Added: Table of Conten t s
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.