What changed in this filing

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Item 1. Financial Statements

2025-07-30 compared with 2025-04-30 · 158 added, 78 removed, 540 unchanged (30% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data) March 31,

(in thousands, except share and per share data) June 30,

2025 December 31,

42 unchanged sentences

4,000,000 authorized shares;

none issued and outstanding at March 31, 2025 and December 31, 2024

none issued and outstanding at June 30, 2025 and December 31, 2024

Common stock—$ 0.01 par value per share;

100,000,000 authorized shares;

15,521,800 and 16,121,901 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

15,522,834 and 16,121,901 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively

Additional paid-in capital 156,138 159,133

7 unchanged sentences

Three months ended

June 30, Six months ended

(in thousands, except per share data) 2025 2024 2025 2024

5 unchanged sentences

Gain on sale of property and equipment ( 600 ) ( 1,506 ) ( 1,701 ) ( 2,995 )

Income from operations 34,290 24,271

Income (loss) from operations 39,787 ( 20,707 ) 74,077 3,564

Other income (expense):

2 unchanged sentences

Other expense, net ( 533 ) ( 270 ) ( 833 ) ( 533 )

Income before provision for income taxes 32,767 23,096

Income tax expense 9,459 4,157

Net income $ 23,308 $ 18,939

Income per common share:

Income (loss) before provision for income taxes 37,394 ( 22,137 ) 70,161 959

Income tax expense (benefit) 10,928 ( 6,860 ) 20,387 ( 2,703 )

Net income (loss) $ 26,466 $ ( 15,277 ) $ 49,774 $ 3,662

Income (loss) per common share:

—Basic $ 1.70 $ ( 0.91 ) $ 3.16 $ 0.22

3 unchanged sentences

—Diluted 15,575 16,809 15,813 16,820

Net income $ 23,308 $ 18,939

Net income (loss) $ 26,466 $ ( 15,277 ) $ 49,774 $ 3,662

Other comprehensive income (loss):

1 unchanged sentence

Other comprehensive income (loss) 4,872 ( 1,173 ) 4,994 ( 3,645 )

Total comprehensive income $ 23,430 $ 16,467

Total comprehensive income (loss) $ 31,338 $ ( 16,450 ) $ 54,768 $ 17

The accompanying notes are an integral part of these consolidated financial statements.

12 unchanged sentences

Balance at March 31, 2024 — 16,762 167 158,791 ( 6,352 ) 511,114 663,720

Net loss — — — — — ( 15,277 ) ( 15,277 )

Stock issued under compensation plans, net — 3 — — — — —

Stock-based compensation expense — — — 2,331 — — 2,331

Share repurchases under share repurchase program — ( 117 ) ( 1 ) ( 1,121 ) — ( 15,137 ) ( 16,259 )

Other comprehensive loss — — — — ( 1,173 ) — ( 1,173 )

Balance at June 30, 2024 $ — 16,648 $ 166 $ 160,001 $ ( 7,525 ) $ 480,700 $ 633,342

Balance at December 31, 2024 $ — 16,122 $ 161 $ 159,133 $ ( 12,651 ) $ 453,717 $ 600,360

6 unchanged sentences

Balance at March 31, 2025 — 15,522 155 152,898 ( 12,529 ) 408,148 548,672

Net income — — — — — 26,466 26,466

Stock issued under compensation plans, net — 3 — — — — —

Stock-based compensation expense — — — 3,426 — — 3,426

Shares repurchased related to tax withholding for stock-based compensation — ( 2 ) — ( 186 ) — ( 16 ) ( 202 )

Other comprehensive income — — — — 4,872 — 4,872

Balance at June 30, 2025 $ — 15,523 $ 155 $ 156,138 $ ( 7,657 ) $ 434,598 $ 583,234

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended

Six months ended

(in thousands) 2025 2024

5 unchanged sentences

Stock-based compensation expense 5,759 4,248

Deferred income taxes 347 —

Gain on sale of property and equipment ( 1,701 ) ( 2,995 )

20 unchanged sentences

Repurchase of common stock ( 75,000 ) ( 14,251 )

Debt refinancing costs — ( 33 )

Payments related to tax withholding for stock-based compensation ( 2,653 ) ( 5,866 )

Other financing activities — 1,600

Net cash flows used in financing activities ( 66,521 ) ( 10,275 )

18 unchanged sentences

C&I provides a broad range of services, which include the design, installation, maintenance and repair of commercial and industrial wiring.

Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure.

Typical C&I contracts cover electrical contracting services for data centers, airports, hospitals, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure.

Basis of Presentation

6 unchanged sentences

In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income (loss), shareholders’ equity and cash flows with respect to the interim consolidated financial statements, have been included.

Certain reclassifications were made to prior year amounts to conform to the current year presentation.

The consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements as of that date.

16 unchanged sentences

These items are continually monitored by multiple levels of management throughout the reporting period.

As of March 31, 2025 and December 31, 2024, the Company had recognized revenues of $ 36.0 million and $ 46.0 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects.

As of June 30, 2025 and December 31, 2024, the Company had recognized revenues of $ 23.0 million and $ 46.0 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects.

These change orders and/or claims are in the process of being negotiated in the normal course of business, and a portion of these recognized revenues had been included in multiple periods.

The cost-to-cost method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process.

During the three months ended March 31, 2025, net changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.1 %, which resulted in decreases in operating income of $ 8.7 million, net income of $ 6.3 million and diluted earnings per common share of $ 0.39 .

During the three months ended June 30, 2025, net changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.0 %, which resulted in decreases in operating income of $ 8.9 million, net income of $ 6.7 million and diluted earnings per common share of $ 0.43 .

During the six months ended June 30, 2025, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.2 % and resulted in decreases in operating income of $ 21.3 million, net income of $ 15.7 million and diluted earnings per common share of $ 0.99 .

Additional discussion on the impact of these estimate changes can be found in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Consolidated Results of Operations.”

During the three months ended March 31, 2024, net changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.2 %, which resulted in decreases in operating income of $ 9.8 million, net income of $ 6.9 million and diluted earnings per common share of $ 0.41 .

During the three months ended June 30, 2024, net changes in estimates pertaining to certain projects decreased consolidated gross margin by 7.2 %, which resulted in decreases in operating income of $ 59.7 million, net income of $ 40.2 million and diluted earnings per common share of $ 2.39 .

During the six months ended June 30, 2024, changes in estimates pertaining to certain projects decreased consolidated gross margin by 4.2 % and resulted in decreases in operating income of $ 68.4 million, net income of $ 46.1 million and diluted earnings per common share of $ 2.74 .

Foreign Currency

6 unchanged sentences

Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on short-term monetary assets and liabilities, and intercompany loans that are not deemed long-term investment accounts are recorded in the “other income (expense), net” line on the Company’s consolidated statements of operations.

Foreign currency losses, recorded in other income (expense), net, for the three months ended March 31, 2025 and 2024 were $ 0.3 million.

Foreign currency losses, recorded in other income (expense), net, for the three months ended June 30, 2025 and 2024 were $ 0.5 million and $ 0.2 million, respectively.

Foreign currency losses, recorded in other income (expense), net, for the six months ended June 30, 2025 and 2024 were $ 0.8 million and $ 0.5 million, respectively.

Foreign currency translation gains and losses, arising from intercompany loans that are deemed long-term investment accounts, are recorded in the foreign currency translation adjustment line on the Company’s consolidated statements of comprehensive income.

23 unchanged sentences

The Company’s consolidated balance sheets present contract assets, which contain unbilled revenue and contract retainages associated with contract work that has been completed and billed but not paid by customers, pursuant to retainage provisions, that are generally due once the job is completed and approved.

The allowance for doubtful accounts associated with contract assets was $ 0.5 million as of March 31, 2025 and $ 0.4 million as of December 31, 2024.

The allowance for doubtful accounts associated with contract assets was $ 0.5 million as of June 30, 2025 and $ 0.4 million as of December 31, 2024.

Contract assets consisted of the following:

(in thousands) March 31,

(in thousands) June 30,

2025 December 31,

4 unchanged sentences

Contract liabilities consisted of the following:

(in thousands) March 31,

(in thousands) June 30,

2025 December 31,

3 unchanged sentences

The following table provides information about contract assets and contract liabilities from contracts with customers:

(in thousands) March 31,

(in thousands) June 30,

2025 December 31,

3 unchanged sentences

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing of the Company’s billings in relation to its performance of work.

The amounts of revenue recognized in the period that were included in the opening contract liability balances was $ 58.9 million for the three months ended March 31, 2025.

The amounts of revenue recognized in the period that were included in the opening contract liability balances was $ 28.6 million for the three months ended March 31, 2024.

The amounts of revenue recognized in the period that were included in the opening contract liability balances was $ 48.2 million and $ 117.7 million for the three and six months ended June 30, 2025, respectively.

The amounts of revenue recognized in the period that were included in the opening contract liability balances was $ 57.8 million and $ 99.7 million for the three and six months ended June 30, 2024, respectively.

This revenue consists primarily of work performed on previous billings to customers.

The net asset position for contracts in process consisted of the following:

(in thousands) March 31,

(in thousands) June 30,

2025 December 31,

3 unchanged sentences

The net asset position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows:

(in thousands) March 31,

(in thousands) June 30,

2025 December 31,

5 unchanged sentences

These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them.

The Company’s leases have remaining terms ranging from less than one to nine years , some of which may include options to extend the leases for up to ten years , and some of which may include options to terminate the leases within one year .

The Company’s leases have remaining terms ranging from less than one to eight years , some of which may include options to extend the leases for up to ten years , and some of which may include options to terminate the leases within one year .

Currently, all the Company’s leases contain fixed payment terms.

1 unchanged sentence

Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability.

At March 31, 2025, the Company had several leases with residual value guarantees.

At June 30, 2025, the Company had several leases with residual value guarantees.

Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements.

22 unchanged sentences

(in thousands) Three months ended

June 30, Six months ended

2025 2024 2025 2024

Finance lease cost:

5 unchanged sentences

The following is a summary of other information and supplemental cash flow information related to finance and operating leases:

Three months ended March 31,

Six months ended June 30,

(in thousands) 2025 2024

3 unchanged sentences

Right-of-use asset obtained in exchange for new operating lease obligations $ 9,809 $ 9,958

The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of March 31, 2025 were as follows:

Right-of-use asset obtained in exchange for new finance lease obligations $ — $ 2,255

(in thousands) Finance

18 unchanged sentences

The terms and rental rates of these leases are at or below market rental rates.

Lease expense associated with these leases was $ 0.6 million for the three months ended March 31, 2025 and $ 0.6 million for the three months ended March 31, 2024.

As of March 31, 2025, the minimum lease payments required under these leases totaled $ 9.3 million, which are due over the next 4.4 years.

Lease expense associated with these leases was $ 0.6 million and $ 1.3 million for the three and six months ended June 30, 2025 and $ 0.6 million and $ 1.3 million for the three and six months ended June 30, 2024.

As of June 30, 2025, the minimum lease payments required under these leases totaled $ 8.7 million, which are due over the next 4.2 years.

Fair Value Measurements

4 unchanged sentences

and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of March 31, 2025 and December 31, 2024, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs.

As of March 31, 2025 and December 31, 2024, the fair value of the Company’s long-term debt and finance lease obligations was based on Level 2 inputs.

The Company’s long-term debt was based on variable and fixed interest rates at March 31, 2025 and December 31, 2024, for new issues with similar remaining maturities, and approximated carrying value.

As of June 30, 2025 and December 31, 2024, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs.

As of June 30, 2025 and December 31, 2024, the fair value of the Company’s long-term debt and finance lease obligations was based on Level 2 inputs.

The Company’s long-term debt was based on variable and fixed interest rates at June 30, 2025 and December 31, 2024, for new issues with similar remaining maturities, and approximated carrying value.

In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying value of the Company’s finance lease obligations also approximated fair value.

5 unchanged sentences

Balance as of

March 31, 2025

June 30, 2025

Balance as of

29 unchanged sentences

The Credit Agreement restricts certain types of payments when the Company’s Net Leverage Ratio, after giving pro forma effect thereto, exceeds 2.75 .

The weighted average interest rate on borrowings outstanding on the Facility was 5.55 % and 7.56 %, per annum, for the three months ended March 31, 2025 and 2024, respectively.

The weighted average interest rate on borrowings outstanding on the Facility was 5.08 % and 7.30 %, per annum, for the six months ended June 30, 2025 and 2024, respectively.

Under the Credit Agreement, the Company is subject to certain financial covenants including a maximum Net Leverage Ratio of 3.0 and a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 3.0 .

The Credit Agreement also contains covenants including limitations on asset sales, investments, indebtedness and liens.

The Company was in compliance with all of its financial covenants under the Credit Agreement as of March 31, 2025.

As of March 31, 2025, the Company had $ 73.3 million of borrowings outstanding under the Facility and letters of credit outstanding under the Facility of $ 34.5 million, including $ 29.8 million related to the Company's payment obligation under its insurance programs and $ 4.7 million related to contract performance obligations.

The Company was in compliance with all of its financial covenants under the Credit Agreement as of June 30, 2025.

As of June 30, 2025, the Company had $ 72.3 million of borrowings outstanding under the Facility and letters of credit outstanding under the Facility of $ 34.5 million, including $ 29.8 million related to the Company's payment obligation under its insurance programs and $ 4.7 million related to contract performance obligations.

As of December 31, 2024, the Company had $ 58.4 million of borrowings outstanding under the Facility and letters of credit outstanding under the Facility of $ 37.3 million, including $ 32.6 million related to the Company's payment obligation under its insurance programs and $ 4.7 million related to contract performance obligations.

The Company had remaining deferred debt issuance costs related to the Facility totaling $ 1.6 million and $ 2.1 million as of March 31, 2025 and 2024, respectively.

The Company had remaining deferred debt issuance costs related to the Facility totaling $ 1.5 million and $ 1.8 million as of June 30, 2025 and December 31, 2024, respectively.

As permitted, debt issuance costs have been deferred and are presented as an asset within other assets, which is amortized as interest expense over the term of the Facility.

3 unchanged sentences

Each Equipment Note executed under the Master Loan Agreements constitutes a separate, distinct and independent financing of equipment and a contractual obligation of the Company, which may contain prepayment clauses.

As of March 31, 2025, the Company had one Equipment Note outstanding under the Master Loan Agreements that is collateralized by equipment and vehicles owned by the Company.

As of March 31, 2025, the Company had one other equipment note outstanding that is collateralized by a vehicle owned by the Company.

The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of March 31, 2025:

As of June 30, 2025, the Company had one Equipment Note outstanding under the Master Loan Agreements that is collateralized by equipment and vehicles owned by the Company.

As of June 30, 2025, the Company had one other equipment note outstanding that is collateralized by a vehicle owned by the Company.

The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of June 30, 2025:

(in thousands) Future

23 unchanged sentences

Additional information related to the Company’s market types is provided in Note 10–Segment Information.

The components of the Company’s revenue by contract type for the three months ended March 31, 2025 and 2024 were as follows:

Three months ended March 31, 2025

The components of the Company’s revenue by contract type for the three months ended June 30, 2025 and 2024 were as follows:

Three months ended June 30, 2025

T&D C&I Total

4 unchanged sentences

$ 506,273 100.0 % $ 394,052 100.0 % $ 900,325 100.0 %

Three months ended March 31, 2024

Three months ended June 30, 2024

T&D C&I Total

4 unchanged sentences

$ 458,209 100.0 % $ 370,681 100.0 % $ 828,890 100.0 %

The components of the Company’s revenue by market type for the three months ended March 31, 2025 and 2024 were as follows:

Three months ended March 31, 2025 Three months ended March 31, 2024

The components of the Company’s revenue by contract type for the six months ended June 30, 2025 and 2024 were as follows:

Six months ended June 30, 2025

T&D C&I Total

(dollars in thousands) Amount Percent Amount Percent Amount Percent

Fixed price $ 351,568 36.3 % $ 623,787 81.4 % $ 975,355 56.3 %

Unit price 343,124 35.4 37,913 5.0 381,037 22.0

T&E 273,351 28.3 104,202 13.6 377,553 21.7

$ 968,043 100.0 % $ 765,902 100.0 % $ 1,733,945 100.0 %

Six months ended June 30, 2024

T&D C&I Total

(dollars in thousands) Amount Percent Amount Percent Amount Percent

Fixed price $ 457,882 48.3 % $ 571,479 82.1 % $ 1,029,361 62.6 %

Unit price 274,252 28.9 35,139 5.1 309,391 18.8

T&E 216,470 22.8 89,230 12.8 305,700 18.6

$ 948,604 100.0 % $ 695,848 100.0 % $ 1,644,452 100.0 %

The components of the Company’s revenue by market type for the three months ended June 30, 2025 and 2024 were as follows:

Three months ended June 30, 2025 Three months ended June 30, 2024

(dollars in thousands) Amount Percent Segment Amount Percent Segment

4 unchanged sentences

Total revenue $ 900,325 100.0 % $ 828,890 100.0 %

The components of the Company’s revenue by market type for the six months ended June 30, 2025 and 2024 were as follows:

Six months ended June 30, 2025 Six months ended June 30, 2024

(dollars in thousands) Amount Percent Segment Amount Percent Segment

Transmission $ 575,222 33.1 % T&D $ 596,414 36.3 % T&D

Distribution 392,821 22.7 T&D 352,190 21.4 T&D

Electrical construction 765,902 44.2 C&I 695,848 42.3 C&I

Total revenue $ 1,733,945 100.0 % $ 1,644,452 100.0 %

Remaining Performance Obligations

As of March 31, 2025, the Company had $ 2.37 billion of remaining performance obligations.

As of June 30, 2025, the Company had $ 2.33 billion of remaining performance obligations.

The Company’s remaining performance obligations include projects that have a written award, a letter of intent, a notice to proceed or an agreed upon work order to perform work on mutually accepted terms and conditions.

The timing of when remaining performance obligations are recognized is evaluated quarterly and is largely driven by the estimated start date and duration of the underlying projects.

The following table summarizes the amount of remaining performance obligations as of March 31, 2025 that the Company expects to be realized and the amount of the remaining performance obligations that the Company reasonably estimates will be recognized within the next twelve months, and the amount estimated to be recognized after the next twelve months.

Remaining Performance Obligations at March 31, 2025

The following table summarizes the amount of remaining performance obligations as of June 30, 2025 that the Company expects to be realized and the amount of the remaining performance obligations that the Company reasonably estimates will be recognized within the next twelve months, and the amount estimated to be recognized after the next twelve months.

Remaining Performance Obligations at June 30, 2025

(in thousands) Total Amount estimated to be recognized within 12 months Amount estimated to be recognized after 12 months

12 unchanged sentences

“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

federal statutory tax rate was 21 % for each of the three months ended March 31, 2025 and 2024.

The Company’s effective tax rate for the three months ended March 31, 2025 was 28.9 % of pretax income compared to the effective tax rate for the three months ended March 31, 2024 of 18.0 %.

federal statutory tax rate was 21 % for each of the three and six months ended June 30, 2025 and 2024.

The Company’s effective tax rate for the three and six months ended June 30, 2025 was 29.2 % and 29.1 %, respectively, of pretax income compared to the effective tax rate for the three and six months ended June 30, 2024 of 31.0 % and ( 281.9 )%, respectively.

The difference between the U.S.

federal statutory tax rate and the Company’s effective tax rates for the three months ended March 31, 2025 was primarily due to permanent difference items and state income taxes.

federal statutory tax rate and the Company’s effective tax rates for the three and six months ended June 30, 2025 was primarily due to permanent difference items and state income taxes.

The difference between the U.S.

federal statutory tax rate and the Company’s effective tax rates for the three months ended March 31, 2024 was primarily due to a favorable impact from stock compensation excess tax benefits partially offset by state income taxes, Canadian taxes and other permanent difference items.

The Company has recorded a liability for unrecognized tax benefits of approximately $ 0.4 million and $ 0.3 million as of March 31, 2025 and December 31, 2024, respectively, which were included in other liabilities in the accompanying consolidated balance sheets.

federal statutory tax rate and the Company’s effective tax rates for the three months ended June 30, 2024 was primarily due to state income taxes, Canadian taxes and other permanent difference items.

The difference between the U.S.

federal statutory tax rate and the Company’s effective tax rate for the six months ended June 30, 2024, was primarily due to lower taxes associated with a reduction in net income and a favorable impact from stock compensation excess tax benefits, partially offset by state income taxes, Canadian taxes and other permanent difference items.

The Company has recorded a liability for unrecognized tax benefits of approximately $ 0.4 million and $ 0.3 million as of June 30, 2025 and December 31, 2024, respectively, which were included in other liabilities in the accompanying consolidated balance sheets.

The Company’s policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations.

The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was no t significant for the three months ended March 31, 2025 and 2024.

The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was no t significant for the three and six months ended June 30, 2025 and 2024.

The Company is subject to taxation in various jurisdictions.

2 unchanged sentences

The Company’s tax returns are subject to examination by various state authorities for the years 2019 through 2023.

On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was signed into law.

The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

The Act has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The Company is currently evaluating the impact of the Act on our deferred tax balances and consolidated financial statements.

Commitments and Contingencies

Purchase Commitments

As of March 31, 2025, the Company had approximately $ 14.2 million in outstanding purchase orders for certain construction equipment, with cash payments scheduled to occur in 2025.

As of June 30, 2025, the Company had approximately $ 9.2 million in outstanding purchase orders for certain construction equipment, with cash payments scheduled to occur in 2025.

Insurance and Claims Accruals

8 unchanged sentences

The Company has indemnified its sureties for any expenses paid out under these bonds.

As of March 31, 2025, an aggregate of approximately $ 2.40 billion in original face amount of bonds issued by the Company’s sureties were outstanding.

The Company estimated the remaining cost to complete these bonded projects was approximately $ 684.2 million as of March 31, 2025.

As of June 30, 2025, an aggregate of approximately $ 2.24 billion in original face amount of bonds issued by the Company’s sureties were outstanding.

The Company estimated the remaining cost to complete these bonded projects was approximately $ 640.2 million as of June 30, 2025.

From time to time, the Company guarantees the obligations of wholly owned subsidiaries, including obligations under certain contracts with customers, certain lease agreements, and, in some states, obligations in connection with obtaining contractors’ licenses.

21 unchanged sentences

The Company has outstanding grants of time-vested stock awards in the form of restricted stock units and internal metric-based and market-based performance stock units.

During the three months ended March 31, 2025, the Company granted time-vested stock awards covering 60,598 shares of common stock under the LTIP, which vest ratably over three years for employee awards, at a weighted average grant date fair value of $ 127.04 .

During the three months ended March 31, 2025, time-vested stock awards covering 34,649 shares of common stock vested at a weighted average grant date fair value of $ 130.50 .

During the three months ended March 31, 2025, the Company granted 53,678 performance share awards under the LTIP at target, which will cliff vest, if earned, on December 31, 2027, at a weighted average grant date fair value of $ 148.73 .

During the six months ended June 30, 2025, the Company granted time-vested stock awards covering 68,055 shares of common stock under the LTIP, which vest ratably over three years for employee awards and after one year for non-employee director awards, at a weighted average grant date fair value of $ 126.34 .

During the six months ended June 30, 2025, time-vested stock awards covering 39,629 shares of common stock vested at a weighted average grant date fair value of $ 134.78 .

During the six months ended June 30, 2025, the Company granted 53,678 performance share awards under the LTIP at target, which will cliff vest, if earned, on December 31, 2027, at a weighted average grant date fair value of $ 148.73 .

The number of shares ultimately earned under a performance award may vary from zero to 200 % of the target shares granted, based upon the Company’s performance compared to certain financial and other metrics.

12 unchanged sentences

The Company’s CODM is the Chief Executive Officer.

For the CODM’s primary allocation of resources and performance assessment, he receives revenue and income from operations, by segment and excluding general corporate expenses, over multiple time periods, along with a comparison to the corresponding budgeted and prior year totals.

General corporate expenses include corporate facility and staffing costs, which includes safety costs, professional fees, IT expenses and certain management fees.

The CODM also considers many other factors, such as contract terms, individual project performance, project location and other items when determining performance measurement and resource allocation.

The CODM uses segment revenue and income from operations, over multiple time periods, along with a comparison to the corresponding budgeted and prior year periods, as the primary basis for assessing segment performance and deciding how to allocate resources.

Income from operations is the Company’s reported measure of segment profit or loss, as summarized in the table below, and excludes general corporate expenses.

General corporate expenses reflect items that are generally viewed as Company-wide operating costs by the CODM and include items such as corporate facility and staffing costs, which includes safety costs, professional fees, IT expenses and certain management fees.

The CODM also considers many other factors, such as contract terms, individual project performance, project location and other items, to support the CODM’s assessment of segment performance and resource allocation decisions.

Transmission and Distribution:

5 unchanged sentences

The C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure.

The C&I segment generally provides electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contracts directly with facility owners.

1 unchanged sentence

The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes:

For the Three Months Ended March 31, 2025

For the Three Months Ended June 30, 2025

(in thousands) T&D C&I General Corporate Consolidated

10 unchanged sentences

Net income $ 26,466

For the Three Months Ended March 31, 2024

For the Three Months Ended June 30, 2024

(in thousands) T&D C&I General Corporate Consolidated

2 unchanged sentences

466,509 369,073 14,015 849,597

Income (loss) from operations ( 8,300 ) 1,608 ( 14,015 ) ( 20,707 )

Other income (expense):

Interest income 81

Interest expense ( 1,241 )

Other expense, net ( 270 )

Loss before provision for income taxes ( 22,137 )

Income tax benefit ( 6,860 )

Net loss $ ( 15,277 )

For the Six Months Ended June 30, 2025

(in thousands) T&D C&I General Corporate Consolidated

Contract revenues $ 968,043 $ 765,902 $ — $ 1,733,945

Operating costs (1)

891,357 726,533 41,978 1,659,868

Income from operations 76,686 39,369 ( 41,978 ) 74,077

6 unchanged sentences

Net income $ 49,774

For the Six Months Ended June 30, 2024

(in thousands) T&D C&I General Corporate Consolidated

Contract revenues $ 948,604 $ 695,848 $ — $ 1,644,452

Operating costs (1)

927,068 682,817 31,003 1,640,888

Income from operations 21,536 13,031 ( 31,003 ) 3,564

Other income (expense):

Interest income 223

Interest expense ( 2,295 )

Other expense, net ( 533 )

Income before provision for income taxes 959

Income tax benefit ( 2,703 )

Net income $ 3,662

(1) Operating costs include T&D, C&I and general corporate portion of contract costs, selling, general and administrative expenses, amortization of intangible assets and gain on sale of property and equipment.

2 unchanged sentences

Identifiable assets, consisting of contract receivables, contract assets, construction materials inventory, goodwill and intangibles.

As of March 31, 2025 and December 31, 2024, there were $ 176.6 million and $ 177.9 million, respectively, of identifiable assets attributable to Canadian operations.

As of June 30, 2025 and December 31, 2024, there were $ 190.8 million and $ 177.9 million, respectively, of identifiable assets attributable to Canadian operations.

The table below reflects the identifiable assets for each segment.

(in thousands) March 31, 2025 December 31, 2024

(in thousands) June 30, 2025 December 31, 2024

T&D $ 584,314 $ 601,546

3 unchanged sentences

An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows:

For the Three Months Ended March 31,

For the Six Months Ended June 30,

(in thousands) 2025 2024

8 unchanged sentences

Three months ended

June 30, Six months ended

(in thousands, except per share data) 2025 2024 2025 2024

Net income $ 23,308 $ 18,939

Net income (loss) $ 26,466 $ ( 15,277 ) $ 49,774 $ 3,662

Weighted average common shares outstanding 15,527 16,756 15,759 16,734

1 unchanged sentence

Weighted average common shares outstanding, diluted 15,575 16,809 15,813 16,820

Income per common share:

Income (loss) per common share:

Basic $ 1.70 $ ( 0.91 ) $ 3.16 $ 0.22

Diluted $ 1.70 $ ( 0.91 ) $ 3.15 $ 0.22

For the three months ended March 31, 2025 and 2024, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive.

For the three and six months ended June 30, 2025 and 2024, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive.

The following table summarizes the shares of common stock underlying the Company’s unvested time-vested stock awards and performance awards that were excluded from the calculation of dilutive securities:

Three months ended

June 30, Six months ended

(in thousands) 2025 2024 2025 2024

2 unchanged sentences

Share Repurchases

During the three months ended March 31, 2025, the Company repurchased 18,866 shares of stock, for approximately $ 2.5 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

During the three months ended March 31, 2024, the Company repurchased 36,397 shares of stock, for approximately $ 5.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

During the six months ended June 30, 2025, the Company repurchased 20,504 shares of stock, for approximately $ 2.7 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

During the six months ended June 30, 2024, the Company repurchased 36,397 shares of stock, for approximately $ 5.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

On February 26, 2025, the Company announced that its Board of Directors had approved a new $ 75.0 million share repurchase program (the "Repurchase Program").

The Repurchase Program will expire on September 5, 2025, or when the authorized funds are exhausted, whichever is earlier.

During the three months ended March 31, 2025, the Company repurchased 639,207 shares of its common stock under the Repurchase Program, at a weighted-average price of $ 117.33 per share.

As of March 31, 2025, the Company had exhausted substantially all of the funds available to repurchase shares of the Company’s common stock under the Repurchase Program.

During the six months ended June 30, 2025, the Company repurchased 639,207 shares of its common stock under the Repurchase Program, at a weighted-average price of $ 117.33 per share.

As of June 30, 2025, the Company had exhausted substantially all of the funds available to repurchase shares of the Company’s common stock under the Repurchase Program.

On July 30, 2025, the Company announced that its Board of Directors approved a new share repurchase program (the “New Repurchase Program”), which authorizes the Company to repurchase, in the aggregate, up to $ 75.0 million of its outstanding shares of common stock.

The New Repurchase Program will expire on February 4, 2026, or when the authorized funds are exhausted, whichever is earlier.

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.

What changed 10-Q

Item 1. Financial Statements