11 unchanged sentences
We generally focus on improving our profitability by selecting projects we believe will provide attractive margins, actively monitoring the costs of completing our projects, holding customers accountable for costs related to changes to contract specifications and rewarding our employees for effectively managing costs.
+Added: Both of our segments undertake a mix of projects of all sizes and complexity.
Transmission and Distribution segment.
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We concentrate our efforts on projects where our technical and project management expertise are critical to successful and timely execution.
−Removed: 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.
+Added: 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.
In our C&I segment, we generally provide our electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contract directly with facility owners.
37 unchanged sentences
Work performed under MSAs is typically billed on a unit-price, time-and-materials or time-and-equipment basis.
−Removed: MSAs are typically one to three years in duration.
+Added: MSAs are typically one to four years in duration.
Under MSAs, customers generally agree to contract with us for certain services in a specified geographic region.
6 unchanged sentences
For our C&I contracts, we usually procure the necessary materials and supplies.
−Removed: We are not dependent on specific suppliers for materials or supplies.
+Added: We are not dependent on specific suppliers for materials or supplies as they are generally available from a variety of suppliers at competitive prices.
Subcontracting
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The ability to post bonds provides us with a competitive advantage over smaller or less financially secure competitors.
+Added: At times we may also be required to provide a letter of credit in connection with services provided to our customers.
From time to time we guarantee the obligations of our subsidiaries, including obligations under certain contracts with customers, certain lease agreements and, in some states, obligations in connection with obtaining contractors’ licenses.
3 unchanged sentences
A customer’s intention to award us work under a fixed-price contract is not included in backlog unless there is an actual award and contract to perform a specific scope of work at specific terms and pricing.
−Removed: For many of our unit-price, time-and-equipment, time-and-materials and cost-plus contracts, we only include projected revenue for a three-month period in the calculation of backlog, although these types of contracts are generally awarded as part of MSAs that typically have a one- to three-year duration from execution.
+Added: For many of our unit-price, time-and-equipment, time-and-materials and cost-plus contracts, we only include projected revenue for a three-month period in the calculation of backlog, although these types of contracts are generally awarded as part of MSAs that typically have a one- to four-year duration from execution.
Given the duration of our contracts and MSAs and our method of calculating backlog, our backlog at any point in time may not accurately represent the revenue we expect to realize during any period and our backlog as of the end of a fiscal year may not be indicative of the revenue we expect to generate in the following fiscal year and should not be viewed or relied upon as a stand-alone indicator.
94 unchanged sentences
Although our revenues are primarily driven by spending patterns in our customers’ industries, our revenues and results of operations can be subject to seasonal and other variations.
−Removed: These variation can be influenced by a number of factors such as weather, daylight hours, availability of workforce, asset readiness and holidays.
+Added: These variations can be influenced by a number of factors such as weather, daylight hours, availability of workforce, asset readiness and holidays.
See also “Item 1A.
1 unchanged sentence
Human Capital Resources
−Removed: We believe that our people are our greatest assets and the success and growth of our business depend in large part on our ability to attract, develop and retain a diverse population of talented, qualified and highly skilled employees at all levels of our organization, including the individuals who comprise our workforce as well as our executive officers and other key personnel.
+Added: We believe that our people are our greatest assets and the success and growth of our business depend in large part on our ability to attract, develop and retain talented, qualified and highly skilled employees at all levels of our organization, including the individuals who comprise our workforce as well as our executive officers and other key personnel.
We have developed key recruitment and retention strategies, objectives and measures that serve as the framework for our human capital management approach and guide the overall management of our business.
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Information about our Executive Officers
−Removed: February 26, 2025
+Added: Name Age on February 25, 2026
Swartz 62 President and Chief Executive Officer
11 unchanged sentences
Prior to joining us, Ms.
−Removed: Huntington served as senior vice president & chief financial officer of USIC, LLC;
−Removed: an underground utility location and damage prevention company from 2019 to 2022.
−Removed: Huntington served as senior vice president, Enterprise Strategy for OneAmerica Financial Partners, Inc.
−Removed: a financial services company from 2015 to 2019.
−Removed: Prior to OneAmerica Financial Partners, Ms.
−Removed: Huntington worked for Indianapolis Power & Light Company, an electrical utility and subsidiary of The AES Corporation, serving as president and chief executive officers from 2013 to 2015, as senior vice president and chief financial officer from 2011 to 2013 and in various other leadership positions from 2003 to 2011.
+Added: Huntington served as senior vice president & chief financial officer of USIC, LLC, an underground utility location and damage prevention company, from 2019 to 2022.
+Added: Huntington served as senior vice president, Enterprise Strategy for OneAmerica Financial Partners, Inc., a financial services company from, 2015 to 2019.
+Added: Prior to OneAmerica Financial Partners Inc., Ms.
+Added: Huntington worked for Indianapolis Power & Light Company, an electrical utility and subsidiary of The AES Corporation, serving as president and chief executive officer from 2013 to 2015, as senior vice president and chief financial officer from 2011 to 2013 and in various other leadership positions from 2003 to 2011.
Huntington also currently serves on the board of directors of Capital Power Corporation.
1 unchanged sentence
Prior to his current role, he served as group vice president and a member of the company’s executive leadership team since 2017.
−Removed: Stern has held a number of additional positions at the Company from 2010 to 2017, including regional vice president and district manager.
+Added: Stern held a number of additional positions at the Company from 2010 to 2017, including regional vice president and district manager.
Prior to joining us, Mr.
4 unchanged sentences
Egan also served as president of several of our subsidiary companies including, Sturgeon Electric Company, Inc., from May 2020 to May 2023.
−Removed: Egan has held a number of additional positions since joining the Company in 1991, including regional vice president, vice president, district manager, operations manager, and project manager.
+Added: Egan held a number of additional positions since joining the Company in 1991, including regional vice president, vice president, district manager, operations manager, and project manager.
Fry joined us as vice president, chief legal officer and secretary in January 2019 and became senior vice president, chief legal officer and secretary in March 2024.
9 unchanged sentences
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.