Sterling Infrastructure Q2 2026 Earnings Call Transcript

Quartr
Provided by Quartr
August 4, 2026

Key Takeaways

  • Positive Sentiment: Exceptional second-quarter growth included 90% revenue growth, 116% adjusted diluted EPS growth to $5.80, adjusted EBITDA more than doubling, and a 150-basis-point margin expansion to 22%.
  • Positive Sentiment: Demand for mission-critical infrastructure remains very strong, particularly in data centers, semiconductors, and large manufacturing projects. Signed backlog rose 116% year over year to $4.3 billion, while combined backlog reached $5.6 billion and total identified work, including future phases, exceeded $7 billion.
  • Positive Sentiment: CEC’s electrical business delivered 140% revenue growth and added substantial backlog, with management citing strong cross-selling opportunities, additional project phases, and expected margin improvement of 300–500 basis points over 12–18 months as the business shifts toward larger, higher-quality projects.
  • Positive Sentiment: Management raised full-year 2026 guidance to $4.0–$4.15 billion of revenue, $19.70–$20.30 of adjusted diluted EPS, and $891–$916 million of adjusted EBITDA. Capital expenditure guidance was also increased by $30 million to $130–$140 million to expand fleet capacity and productivity.
  • Negative Sentiment: Transportation Solutions revenue is expected to decline 7%–10% in 2026 as resources shift toward higher-margin E-infrastructure work, while Building Solutions faces continued residential-market headwinds and modest revenue declines. Management also cautioned that third-quarter awards could be softer and backlog may decline sequentially because of project-timing and weather-related factors, not weaker demand.
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Earnings Conference Call
Sterling Infrastructure Q2 2026
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Operator

Good morning, ladies and gentlemen, and welcome to the Sterling Infrastructure Second Quarter webcast and conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. As a reminder, this call is being recorded on Tuesday, August 4th, 2026. I would now like to turn the conference call over to Noelle Dilts, Vice President of Investor Relations and Corporate Strategy. Please go ahead.

Noelle Dilts
Noelle Dilts
VP of Investor Relations and Corporate Strategy at Sterling Infrastructure

Good morning to everyone joining us, and welcome to Sterling Infrastructure's Second Quarter 2026 earnings conference call and webcast. I am pleased to be here today to discuss our results with Joe Cutillo, Sterling's Chief Executive Officer, Nick Grindstaff, Sterling's Chief Financial Officer, and Dan Govin, Sterling's Chief Operating Officer. As a reminder, there are accompanying slides on the investor relations section of our website. These slides include details on our full year 2026 financial guidance. Before turning the call over to Joe, I will read the safe harbor statement.

Noelle Dilts
Noelle Dilts
VP of Investor Relations and Corporate Strategy at Sterling Infrastructure

The discussion today may include forward-looking statements. Actual results could differ materially from the statements made today. Please refer to Sterling's most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligation to update forward-looking statements as a result of new information, future events, or otherwise.

Noelle Dilts
Noelle Dilts
VP of Investor Relations and Corporate Strategy at Sterling Infrastructure

Please also note that management may reference EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, or adjusted earnings per share on this call, which are all financial measures not recognized under U.S. GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures on our earnings release issued yesterday afternoon. I will now turn the call over to our CEO, Joe Cutillo.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thanks, Noelle. Good morning, everyone, and thank you for joining Sterling's second quarter 2026 earnings call. Sterling delivered another outstanding quarter, with revenue growth of 90% and adjusted diluted EPS growth of 116%, from $2.69 to $5.80. These results reflect the strength of our strategy, accelerating demand across our markets, and the exceptional execution by our teams. Adjusted EBITDA more than doubled in the quarter, with margins expanding 150 basis points year-over-year to reach 22%. The current market demand allows us to be selective. Rather than chasing every opportunity, we are concentrating on the projects that strengthen our customer relationships, position us for future growth, and enhance our margins. Signed backlog at quarter end totaled $4.3 billion, up 116% year-over-year, and combined backlog increased 150% to reach $5.6 billion. In addition, we have visibility into high probability future phase opportunities that exceed $1.4 billion.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Together, our signed backlog, unsigned awards, and future phase opportunities provide visibility into a total addressable pool of work of more than $7 billion, an increase of more than $2.5 billion since year-end. The growth in our backlog and future phase work in the quarter, together with our visibility into customers' multi-year capital plans, further strengthens our confidence in our multi-year outlook. Now, I'd like to discuss our segment results for the quarter in more detail. In E-infrastructure, second quarter revenue grew 192%. Mission-critical activity, including work on data centers and semiconductor campuses, was the primary growth driver in the quarter. E-infrastructure adjusted operating income increased 148%, and adjusted operating margins remained strong at 24%. Margins continued to benefit from our strong execution on large, time-sensitive mission-critical projects.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Revenue for our site development operations more than doubled on an organic basis, and adjusted operating margins expanded both year-over-year and sequentially. We saw robust growth across each of our geographies, with particular strength in our Rocky Mountain division, where revenue increased nearly 700%. We also saw strong increases in our Northeast business as work on our large semiconductor campus ramped up. CEC delivered 140% revenue growth compared to its prior year's second quarter, with margins strengthening both year-over-year and sequentially. The Texas market remains exceptionally strong. During the quarter, CEC secured several additional project wins, contributing to a $1.7 billion increase in its combined backlog since year-end 2025. Additionally, we're seeing continued success on winning projects where we are performing electrical and site work in an integrated manner. We continue to see tremendous opportunities ahead in both electrical and site development.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

In aggregate, our E-infrastructure signed backlog, unsigned electrical awards, and future phase site development opportunities now exceed $6 billion, representing an increase of $2.7 billion since year-end. Mission-critical work, including data centers, large manufacturing projects, and semiconductor, represented more than 92% of E-infrastructure signed backlog at the end of the quarter. Future phase work is predominantly related to Mission-critical projects. Moving to Transportation Solutions, second quarter revenue declined 20%, reflecting our ongoing reallocation of resources from transportation projects to higher margin E-infrastructure projects. This shift is now taking place at an accelerated pace as activity on our E-infrastructure projects in the Rocky Mountain and Texas regions has increased. This was the first quarter that our Rocky Mountain operation generated more E-infrastructure revenue than transportation revenue. In addition, we are continuing to wind down our low bid, heavy highway work in Texas, which is nearing completion.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Transportation Solutions adjusted operating margins reached 19.5% in the quarter, up more than 500 basis points from the prior year period, and adjusted operating income grew 8%. The strength in margins and profitability was driven by our focus on pursuing the most attractive opportunities within the transportation market. We ended the quarter with Transportation Solutions backlog at $969 million, a 35% year-over-year increase. This primarily reflects the conversion of unsigned backlog to signed backlog. On a combined backlog basis, Transportation Solutions is up 8% from second quarter 2025 and is down 11% from year-end 2025. Shifting to Building Solutions, segment revenue declined 1% in the quarter, driven by relatively flat home builder activity and adjusted operating margins were 9.9%. We continue to anticipate that the residential market will face strong headwinds throughout 2026.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

The strength of Sterling's diversified portfolio and strategy to focus on growth in high margin end markets enabled us to deliver another fantastic quarter. With that, I'd like to turn it over to Nick to give you more details on some of our financial metrics and 2026 guidance. Nick?

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

Thanks, Joe, good morning. I'll begin with our consolidated backlog metrics. Our second quarter backlog totaled $4.3 billion, a 116% year-over-year increase. Backlog increased 50% year-over-year on an organic basis, despite the strong revenue burn in the quarter. Combined backlog of $5.6 billion increased 150%, or 36% on an organic basis. Second quarter 2026 book-to-burn ratios were 1.4x for backlog and 1.3x for combined backlog, exclusive of the impact of the Stone Ridge acquisition. Turning to cash flow, cash flow from operating activities for the first half of 2026 was $328 million. We expect continued strength in operating cash flow for the full year. Cash flow used in investing activities included $70 million of CapEx.

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

Given the significant increase in our full year 2026 revenue expectation over the past six months and our visibility into future demand, we are increasing our CapEx guidance to $130 million to $140 million, which is a $30 million increase from prior guidance. These incremental investments in our fleet will drive productivity and expand capacity. First half 2026 cash flow from financing activities was a $48 million outflow, including share repurchases of $35 million at an average price of $511.18 per share. Remaining availability under the existing repurchase authorization was $339 million at the end of the quarter. We will remain opportunistic in our approach to share repurchases. Moving to our balance sheet, we ended the quarter with $464 million of cash and debt of $284 million, for a cash net of debt balance of $181 million.

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

On July 2nd, we closed on the extension and expansion of our revolving facilities to $1.5 billion and extended the maturity to July 2031. We used this facility to pay off our existing term loan.

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

The amended facility provides additional flexibility as we look to grow the business both organically and through M&A. Our current backlog, visibility, and strong market tailwinds position us for an even better year than we originally anticipated. We are increasing our guidance ranges for 2026 to reflect both the improved outlook for the core business as well as the addition of Stone Ridge. Our guidance ranges are revenue of $4 billion to $4.15 billion, diluted EPS of $17.25 to $17.85, adjusted diluted EPS of $19.70 to $20.30. EBITDA of $829 million to $854 million, adjusted EBITDA of $891 million-$916 million. Now, I will turn the call back to Joe.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thanks, Nick. Positive trends we've been talking about over the past several quarters have continued to accelerate. We're seeing projects become larger, more complex, and longer in duration, which reflects both the scale of what's being built and the importance of these assets to our customers. Our customers are asking us to do more. We are continuing to get pulled into new geographies because they know Sterling can deliver complex projects faster and safer than anyone else. Our customers' recognition of our critical contribution to their success has allowed us to participate in their long-term planning process. What we're seeing ahead is going to be far greater than we originally anticipated. Our focus today is making sure we stay ahead of what's coming. Internally, we are working to ensure that we have the right people, resources, and capacity in place to support sustained strong growth in the years ahead.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

I'm going to hand the call over to Dan Govin, our Chief Operating Officer, to discuss some of these key areas of focus. Dan?

Dan Govin
Dan Govin
COO at Sterling Infrastructure

Thanks, Joe. Planning for the future is a core part of our strategy. We aren't just focused on meeting today's demand, we're making the investments now in our people, equipment, and capabilities that will support sustained growth for years to come. Our people remain our greatest competitive advantage. As our customers undertake larger time-sensitive mission-critical projects across the country, our experienced project managers and operating teams are setting us apart through exceptional operational execution. That's why we are increasing our investments in developing, attracting, and retaining the industry's best talent. Through expanded recruiting efforts and training programs like Sterling Academy and CEC University, we're building the workforce skill sets that will support our accelerated growth. Combined with our strong reputation for safety, quality, and execution, these investments position Sterling as the employer of choice, helping us to attract talent as we enter into new markets.

Dan Govin
Dan Govin
COO at Sterling Infrastructure

We're also investing strategically in our equipment fleet. As we grow and upsize our fleet, we're increasing our capacity and improving productivity and operational efficiency in new geographies. This creates benefits that support margin expansion over time. At CEC, we are making great progress in ramping up production at our prefabrication facilities, which will drive productivity with our field electricians and provide cost savings. Finally, we're complementing these organic investments with tuck-in acquisitions. These acquisitions bring a strong local leadership while expanding our presence in attractive markets. The recent Stone Ridge acquisition is a great example of this strategy in action, as it positions us well for coming activity in the Pacific Northwest. Together, these strategic investments ensure we're well-positioned to capitalize on significant opportunities ahead. I will hand the call back to Joe.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thanks, Dan. Turning to our segment expectations for 2026. In E-Infrastructure Solutions, we continue to see exceptionally strong demand for large mission-critical infrastructure. We believe this will support meaningful growth for many years to come. In the data center market, customer activity is stronger than ever. Projects are becoming larger, lasting longer, and expanding into more markets across the country. Not only are we seeing more new projects, we're seeing many of our existing projects grow well beyond their original scope. Much of this incremental opportunity is not yet reflected in our backlog or future phase opportunities, giving us additional confidence in the runway ahead. With the CEC acquisition, we have broadened our capabilities and are even better positioned to serve our data center customers.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

In the semiconductor market, we are making very good progress on our Northeast project and are running ahead of schedule. We expect to generate significant revenue on this project in the third quarter, with a weather-related slowdown in the fourth quarter. We believe our exceptional performance on this project will position us in the semiconductor market as the go-to solution for large, complex projects, just like we have done in the data center market. In addition to the data centers and semiconductors, we are seeing some momentum in the broader manufacturing market. During the second quarter, we were awarded the initial scope of work on an electric vehicle plant in Atlanta. In addition, there are still several opportunities we believe could be awarded in 2026 or early 2027.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

For full year 2026, we now expect to deliver E-Infrastructure segment revenue growth of over 100%, including the contribution from CEC and Stone Ridge. We anticipate that the legacy site development business will grow at rates approaching 70% or higher as several of our large projects accelerate. Adjusted operating profit margins for E-Infrastructure are expected to be in the mid 20% range. In Transportation Solutions, we are in the final year of the current federal funding cycle, which concludes September 2026. We have built over two years of backlog and are continuing to pursue select attractive opportunities. For 2026, we are now anticipating a decline in Transportation Solutions revenue in the 7%-10% range, as we are shifting resources towards E-Infrastructure work at a faster pace. We expect significant year-over-year adjusted operating margin expansion, roughly in the range of 150 basis points to 200 basis points.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

In Building Solutions, we anticipate that revenue will decline modestly in 2026, and that adjusted operating margin will be in the high single to low double digits. We continue to see opportunities for share gain coming out of the down cycle. Shifting gears as we look forward to the second half of the year and early 2027, we believe that the strong levels of bid activity we're seeing today will translate into strong awards. However, given the lumpiness and timing, we could see softer third quarter awards with higher levels in the fourth quarter and early 2027. This, coupled with our forecast for strong revenue burn in the third quarter, could result in a sequential backlog decline in the third quarter. This would reflect award timing, not a change in demand.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

On the acquisition front, we are continuing to look for acquisitions that are the right strategic fit to enhance our service offering, expand our geographic footprint, and add capacity. We are seeing more high-quality acquisition targets in the market today than a year ago. Moving to our full year 2026 guidance, the midpoints of our ranges versus prior year would represent a 64% revenue growth, an 84% adjusted EPS growth, and a 79% adjusted EBITDA growth. With that, I'd like to turn it over for questions.

Operator

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, you may press star one on your telephone keypad. Should you wish to cancel your request, you may press star two. Once again, that is star one should you wish to ask a question. Our first question is from Brent Thielman from Oppenheimer. Your line is now open.

Brent Thielman
Brent Thielman
Analyst at Oppenheimer

Hey, thanks. Good morning. Congrats on a great quarter.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thanks, Brent.

Brent Thielman
Brent Thielman
Analyst at Oppenheimer

Joe, maybe first question. If I look at the backlog, you're up 2x where you were a year ago. You have Stone Ridge also contributing here in the back half. Maybe a little surprised you wouldn't see a bigger step-up in revenue in the second half. I guess I'm wondering, are there longer than usual lead times associated with some of the backlog, or does more work start kind of later in the year of 2027? Maybe you could just squash that out.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah, no, we feel very confident in the backlog that's there, Brent, the projects are happening on schedule and taking place. I will tell you, we're being very conservative in the fourth quarter right now. We never know what the weather's going to be in the fourth quarter. If we have weather like last year, I think we'll have a much stronger fourth quarter than we have in our forecast. Frankly, we're just being conservative on the outlook. We got plenty of work ahead of us and plenty of opportunities coming, especially as we get into the fourth and first quarter, we see some really strong bid activity that's going to take place there. No, nothing of a slowdown, more of a cautious behavior on us. We've raised guidance a couple of times. We've come up significantly in all the areas. We would have never expected CEC.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

We've had them about a year now; we've doubled that business already. We're seeing great progress, just the conservative nature we have.

Brent Thielman
Brent Thielman
Analyst at Oppenheimer

Yeah. Understood. Okay. Then on that point on CEC, Joe, maybe just the profile of the new work awarded or pending. It seems like you've seen a huge step up in award activity at the electrical business. Just talk about maybe how the size and scope has changed of some of the pursuits, maybe the profile of margins you're starting to see come through, and kind of your thought process on how margins evolve for the business going forward.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. We're tickled to death with CEC and what they're doing. If we step back and think when we made the acquisition, we thought it would take us a year to fill their capacity, and we actually had talked about shifting some resources to the Southeast. We filled their capacity up in about 90 days. As a result, they've grown nicely. I think what you don't see in the numbers is kind of what's happening and what's coming from CEC. One of the strategic things we said we were going to do is they're in some end markets with some services that we said we were going to get out of. We're in the process of getting out of those. Takes a little time.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

When we look at the business, we look at it from the old pieces that we're getting out of and then the remaining business as it goes forward. When we look at that piece, the margins are going up very nicely in that area. Also, the job size is going up significantly. I think one of the really rewarding things for us in the quarter, again, that doesn't show up, is CEC is now getting the second buildings on data centers that they're at, which says they're performing at or above customer expectations, and they're giving them the next phases and the next levels of work. Everything is coming together exactly as we had hoped. They're doing a great job. They're growing very rapidly and adding capacity. We see, candidly, if we had 1,000 or 2,000 more electricians, we'd be growing it even faster.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

We've got a lot of programs in place on not only developing the electricians, but we got a full recruiting team that's recruiting every week to bring those electricians in. It's been great. The only downside, which is the only reason I could see that our stock's not up exponentially today and looks like it's down, is the mix makes our margin look like it's lower. If you look at every element of E-infrastructure, margins were up in every single piece of it. The only thing this drove the difference in margin is mix. When we have CEC grow 140%, we love that. We'll take that all day long. When we have our Rocky Mountain business and we convert it from Transportation to E-infrastructure, and they grow 700% in a year, we'll take that.

Brent Thielman
Brent Thielman
Analyst at Oppenheimer

Yeah. Understood, Joe. Appreciate the clarification there. Just the last one, maybe an update on the cross-selling opportunities between sort of CEC and the legacy site development business and how that's progressing.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. We're on more sites today than we were on in the second quarter. As we look forward, a lot of the data centers that will be coming out, let me step back. Let me just say this. We've had more opportunities to have joint efforts than we have capacity in the electrical side. As we're building up that capacity, Brent, that number will grow. The reason it's not growing even faster than it is, it's growing faster than we thought. We thought it would take us until this time to be on our first one. We're on three or four now. It's just pure capacity. Our customers are asking us for it. If we had a union operation, I would tell you we'd be on a semiconductor plant up in New York right now with the electrical side. We're getting asked.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

They see the value of our proposition. Frankly, it's even stronger than we anticipated. We're pretty bullish on it. We're very happy with that. The faster we can ramp up additional capacity, or, as you know, we continue to look at acquisitions in and around this space. We can add some capacity there, the more joint projects we'll be on.

Brent Thielman
Brent Thielman
Analyst at Oppenheimer

Excellent. Thanks, Joe. I'll pass it on.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thanks, Brent.

Operator

Thank you. Our next question is from Louie DiPalma from William Blair. Your line is now open.

Louie DiPalma
Louie DiPalma
Analyst at William Blair

Joe, Nick, Dan, and Noelle, good morning.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Hey, Louie.

Louie DiPalma
Louie DiPalma
Analyst at William Blair

Joe, you mentioned how the CEC has lower margins relative to site development and how the CEC margins should grow very nicely. From a high level, can you discuss where CEC margins could grow to in the long term? Just in general, explain why is there such a significant variation between the margins for site development versus electrical services? Could those margins converge over time?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. Let me make sure people don't get too delusional. We don't ever expect electrical margins to be up at the peak of our site development. There are so many more complexities and differences with the site development and things we can do to truly change the scope and drive productivity in those projects versus an electrical project that's pretty laid out, right? I mean, the design is there, the amount of wire, et cetera. I'm overly simplifying it, but it's laid out. There's only so much you can get there. However, we're not happy with the margins, nor is CEC, with where they are today. As we move to a better mix of projects, we see 300 basis points to 500 basis points on top of some things we're doing internally of margin improvement, as we've said, over 12 to 18 months.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

I think we'll see some of that sooner. The faster we get out of some of this other stuff, the faster that's going to come through. We're watching that very closely. We watch it every month, Louie, we have seen great progress. The team's doing a fantastic job there. If I step back and think three to five years, I don't know why today the electrical world is kind of low double-digit margins, call it 10% to 12% EBITDA margins. I don't know why we can't get that close to 20%. I really don't. Based on the project size, scopes, and the quality of the projects, that's our goal, is over a long period of time to get there. We've been pretty successful at driving margins in our businesses much higher than anybody else, we feel like we can do the same here.

Louie DiPalma
Louie DiPalma
Analyst at William Blair

Excellent color. I was also wondering, could you provide more detail in terms of why the future phase work metric doesn't always capture the full visibility that you have in terms of your pipeline?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. Great question. One of the things is you spend enough time with us, and most of the people on this phone spend enough time with us, we're pretty conservative. If anything, we want to over-perform and make people happy. One of the things we do not include, and we're thinking about how we should be communicating this better, is we're on a lot of projects today. Excuse me. That have a defined scope to build out a piece of property. Let's just say we have 600 acres of land, and they say, "We're going to build five buildings on the first 300 acres, and then we're going to build five buildings on the next 300 acres." We only talk about the first 300 acres. Okay? We know that when they're finished with that, we're going to move the equipment to the next one.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

That project hasn't been perfectly defined and articulated. The other thing that's happening, Louie, that is a relatively new dynamic, is we are seeing them purchase incremental property on projects that we're on. Let's just say we're on a 300-acre project today. Perhaps this will be one that's close to that. They have now purchased another 600 acres touching that property that they're going to expand and grow that on. That's not in any of our numbers. We're there, we're working with the customers, we're working with them on plans, we're working with that on the future. These projects we've historically have said have been three years. We just got out of our executive leadership team meeting, and we're looking at projects with our team.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

A number of projects we're going to be on for 5 to 8 to 12 years if they continue to expand on this property is unbelievable. We don't put any of that into, right now, our future phase work. We're trying to figure out a way to still remain extremely conservative, but I don't feel like we're painting an adequate picture for the outside community to understand when our guys say they're going to be on a job for five to eight years, we don't talk about that a lot. We talk about the three years because that's the project scope we're doing. People just don't understand the size and scope of these jobs and the duration. It is getting significantly bigger, which is perfect for us.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Remember, not only do we have the site side, we have the electrical side that stays there after the site is done for another couple of years. Our visibility keeps getting better and better. Project size keeps growing. We feel very confident the opportunity is much bigger than we've been talking about. What it's also done strategically for us is we had a very aggressive organic growth strategy put in place, we think, and a strategy to build that capacity. When we stepped back and we started looking at these projects and the size of the ones we're just on, in addition to the ones that are coming, we said, "My goodness, we've got to really accelerate the rate in which we're adding capacity just to keep up with this." That's all exciting stuff. It's a challenge for us, obviously.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

We've always felt comfortable with 20%-30% organic growth. This year, we're growing a hell of a lot more than that. We've got to figure out how to keep up with that pace.

Louie DiPalma
Louie DiPalma
Analyst at William Blair

Great. Thanks, Joe.

Operator

Thank you. Your next question is from Brian Brophy from Stifel. Your line is open.

Brian Brophy
Brian Brophy
Analyst at Stifel

Yeah, thanks. Good morning. Nice quarter. Can you give us a sense for how pricing in terms and conditions are trending within your E-I for backlog today versus a year ago? Thanks.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

We're not seeing anything fundamentally shift. We've seen a few attempts on the electrical side to add some terms and conditions into some things that we have not accepted, frankly. We haven't really seen a fundamental shift in any of that, Brian. Nick, are you aware of anything?

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

For sure. No.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah.

Brian Brophy
Brian Brophy
Analyst at Stifel

Appreciate it.

Brian Brophy
Brian Brophy
Analyst at Stifel

Then just touching on the capacity comments, maybe a little bit more color on spare capacity that you have at the moment. Where are things tightest for you? How are you thinking about your ability to add project managers and equipment if we remain in this healthy demand environment that you're seeing? Thanks.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. Definitely the tightest is around electricians. I'll start there. That's always the tightest part of the market. Our teams have done a really good job at making sure we have an adequate supply or adequate number of electricians to do the jobs we have. It certainly has curtailed us from taking on more jobs than we could, frankly. There's more opportunities out there, some of the joint opportunities we talked about earlier. We're working hard on that. As you get into the site side, we've done a really good job, I will tell you, for the first time, we're getting really tight on the capacity piece. We've been able to flex up proactively. We've done some stuff proactively several years ago to make sure we're preparing for some of this.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

As we're stretching further and further geographically, and let me remind everybody, geographic expansion for us historically when we had Plateau and Petillo, was kind of one state further from where they were to maybe two states. Now we're serving the east part of Texas out of Atlanta and the west part of Texas out of Utah. That's a much further stretch than moving one or two states. As a result, it requires a few more resources. You can't lever local resources as much that you can bounce around. We're getting tight on the capacity there. As Dan talked about, we're doing stuff on the equipment side, we're doing stuff on the people side.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

But another big part of this is we are going to have to make more acquisitions in and around the geographic expansions that we are, that we can add that pure human capital resource to execute these jobs. I think as we go forward, we're starting to look at a little bit smaller players, where we would like to have really large players, but unfortunately, there's really not that many out there. Augmenting them with some of our resources. We don't have to put a full team in Texas. We could put a partial team with an acquisition in Texas or in New Mexico or Oklahoma, wherever that may be. That helps us build that capacity quicker and faster. It's a little bit of what we're doing with Stone Ridge, frankly, and why we made that acquisition.

Brian Brophy
Brian Brophy
Analyst at Stifel

Appreciate it. I'll pass it on.

Operator

Thank you. Your next question is from Alex Vogel from Texas Capital. Your line is open.

Alex Vogel
Alex Vogel
Analyst at Texas Capital

Thank you. Very nice quarter, gentlemen.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thanks.

Alex Vogel
Alex Vogel
Analyst at Texas Capital

When additional phases of work come out, are these being competitively bid, or do you find Sterling just basically directly negotiating on these additional phases? This is kind of same question, but are you seeing an increase in competition for additional phases of work?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. If we perform, which we have on every one, I'm not aware of anything where we've lost future phases. We generally are negotiating those prices with the customer on the future phase work. Unless it's an extreme change of scope. Let's just say it's not part of our project and they want something else added to that project that's outside our normal scope. That would be a normal bid. We'd give them a number. Would not be atypical for them to maybe get another number. A perfect example of that is they need to put a road through to get to a new phase, they need paving and curbs and a bunch of stuff like that. They may ask us to give them a bid on that. We may subcontract that, or they may bid it out to somebody else.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

For the most part, once we're on the job, this is really important. I'll talk strategically on what we're doing and why we're advancing so quickly in Texas and some of the other markets, is the way our teams would tell you is once we plant our flag, we are there. We're not leaving. That gives us an opportunity to drive project productivity along the way that, as you've seen, our future phase work margins tend to get better than our early phase work, right? We're going to be incredibly competitive to plant that flag, then we're going to use productivity and technology to drive margins up through the rest of that project and get better margins for each of the phases as we go on.

Alex Vogel
Alex Vogel
Analyst at Texas Capital

Secondly, can you speak to some of the other end markets that are seeing green shoots like pharma and semi and other factories?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. Just back, the one thing I didn't answer is on the competition side. We always see local competition, especially when we go into a new market. There's a lot of small players. Generally, after we do one job, that gets a lot smaller. The first one's always the hardest one for us to get, frankly. We have not seen an influx of major new players or anything along those lines, especially on these large jobs. If somebody win a $20 million or $30 million data center in one of our markets, probably we don't even generally look at those unless the customer forces us to. Those sort of things are going to continue to happen, but we haven't seen any major influx of large competitors in our markets. I'm sorry, what was the next question, please?

Alex Vogel
Alex Vogel
Analyst at Texas Capital

Other end markets like pharma, semi, and other factories. Any progress there?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. We still see all of that progressing. We think pharma's 2028, semis are around 2030. I will tell you, the team up in New York is doing an outstanding job. They've made, not by name, but they've made all the local and some of the national news up there on how far ahead of schedule they are on this project. I will tell you that the general contractors on the job and the end customer on this job is extremely happy, and frankly, has never seen progress like these guys are making. I think that's going to be the entry point to a lot more semiconductor plants for us, coming around 2030. I think there might be some intermediate opportunities on some facilities that are being built today in regions and geographies we have historically not been in, that we may get pulled into. In addition.

Alex Vogel
Alex Vogel
Analyst at Texas Capital

Great, thank you.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

We saw the start of the EV plant in Atlanta, just outside Atlanta, this quarter. We're seeing some mixed activities in the manufacturing space. One-off, two-offs, those sorts of things, we haven't seen any delays in the pharma or the next generation of semiconductors so far.

Alex Vogel
Alex Vogel
Analyst at Texas Capital

Great. Thank you.

Operator

Thank you. Your next question is from Manish Somaiya, from Cantor. Your line is now open.

Manish Somaiya
Manish Somaiya
Analyst at Cantor Fitzgerald

Good morning, everybody. Can you hear me okay?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah.

Manish Somaiya
Manish Somaiya
Analyst at Cantor Fitzgerald

Okay, wonderful. Congrats on the quarter, Joe. A couple of questions. One, from a big picture standpoint, obviously we're seeing a lot of news about data centers being banned in a lot of new markets. I guess there was an article yesterday on Texas on Greg Abbott banning new data center approvals. Maybe if you could just help us understand the dynamics of what's going on on the ground, because obviously you're closer to what's happening. Are things really getting delayed or is it just politics as usual? That's my first question.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. We certainly haven't seen anything that's impacted any of our schedules at this time. There's going to be states, I think people have to realize, there's going to be states and geographies that will never have data centers or will have very few. New York seems to be against everything that brings revenue to the state, and they have banned the data centers, is one of those. In Texas, they're moving forward very quickly. I think we'll continue to see, like anything new and anything big, there's always the political side that's raising ruckus, I guess, is the best way to put it. So far, we have not seen any issues or delays with the projects we're on, nor the projects coming. Do I think realistically down the road, could there be other supply chain delays once the build starts out on some of these projects?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

I think some of the upstream or downstream, however you want to look at it, supply chain elements or the companies are getting pressured on capacity and stuff. You certainly could see some of that stuff. On the site side, they want to get that done as soon as possible. It's the only place they can pick up time if you're prepared. We have not seen any of the delays there. Candidly, on the electrical side, our teams have not seen any. They may see a 1-week delay or a couple of days but have not seen anything of significance that's concerned us.

Manish Somaiya
Manish Somaiya
Analyst at Cantor Fitzgerald

That's helpful, Joe. Just on the e-infrastructure margins, obviously in the second quarter, we had about 24.1%. I think you addressed some of the factors there. Mix was a big factor. How should we think about normalized margins, at least for this year and possibly into 2027? Perhaps if you can just kind of help us understand where the margin improvement for CEC is coming from. I think you mentioned 12 to 18 months. If you can just kind of help us understand the different buckets of margin improvement. Finally, on Stone Ridge, I guess the margins there are mid-teens. If you can also kind of frame that same pathway for us.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Let me step back a little bit in time when we bought Plateau, who has fantastic margins today. Their margins were in that 15%-18% range. It's taken us a few years, and we've moved those margins up significantly. If you take a look at the Plateau business, they're getting close to peak margins. They'll still have some small incremental gains. We're not going to see the monumental gains in that business that we've seen unless projects change to a further degree. In the rest of our e-infrastructure pieces, the Petillo business has always been a lower margin business. As they're getting into bigger and bigger jobs, data centers, chip plants, those margins will come up. Margins on bigger jobs are better. Our Rocky Mountain transportation business that we've shifted, grown 700% into e-infrastructure.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

E-infrastructure margins there, even with their small equipment suite, even with what they're doing from not being vertically integrated, as an example, are still significantly better than transportation. It's going to take us a little time to do some vertical integrations. We've got to have enough critical mass in the market to make vertical integration worth its while, right? As we build enough critical mass, as we build up their equipment suite, the really simple way to think of it is, if I have a bucket that's three times the size of an existing bucket, for every scoop, I scoop three times as much dirt. It's really that simple, right? It takes me one-third the time to move the dirt. We'll continue to improve and grow their equipment suites; their margins will come up. On CEC, there's really two big drivers here.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

We're getting out of some legacy business segments that have relatively low margin. That will improve their margin, right? It's just portfolio management. The second piece is, as they're getting more and more engaged on these data centers, and the data centers are getting bigger, we're watching their margins go up as job sizes go up. It's a combination of things. We'll continue to see those go up. Where people are going to get confused every single quarter, because it's not perfect math, is the mix of that's going to change. When CEC grows at a much greater rate than E-infrastructure, it's going to appear our margins are going down, even though their margins are going up and site developments margins are going up. That's just mix. There's nothing we can do.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

If you look at the returns we're getting on the dollars and the growth, I think most people would take that any day of the week.

Manish Somaiya
Manish Somaiya
Analyst at Cantor Fitzgerald

Just quickly then, Joe, if you can just help us frame what the legacy E-infrastructure margins are versus what the CEC margins are, and I'll get back in queue. Thank you so much.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Do you have the exact numbers, Nick, on what that is?

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

Full year?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Just-

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

We have second quarter.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Well, we can do it for the quarter.

Noelle Dilts
Noelle Dilts
VP of Investor Relations and Corporate Strategy at Sterling Infrastructure

In the second quarter, on an adjusted basis, we're high-20s.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

For the E-infrastructure?

Noelle Dilts
Noelle Dilts
VP of Investor Relations and Corporate Strategy at Sterling Infrastructure

For E-infrastructure site and CEC was 11.4.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. You're looking at, if you take the site side, you're in upper 20s, and the CEC side's roughly 12%. There's a big difference. It's over 2x the margin profile. It doesn't take a lot of mix shift or incremental growth in CEC to dilute the overall margin.

Noelle Dilts
Noelle Dilts
VP of Investor Relations and Corporate Strategy at Sterling Infrastructure

No, that was just-

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. That's just for the quarter.

Manish Somaiya
Manish Somaiya
Analyst at Cantor Fitzgerald

Okay. Thank you, Joe.

Operator

Thank you. Your next question is from Sangita Jain, from KeyBanc Capital Markets. Your line is now open.

Sangita Jain
Sangita Jain
Analyst at KeyBanc Capital Markets

Great. Thank you. Good morning. Can I follow up on the margin question? I kind of just want to understand the go-forward guidance and whether it's a function of CEC growing a lot faster than you had anticipated, let's say, a few months ago when you gave us this guidance.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

The easy way to think of margins is if you take E-infrastructure, you break it down into site development and electrical, right? We'll keep it that simple. In the quarter, we saw improved margins in site and electrical, but the revenue mix of the electrical growing at a much faster rate brings down that overall margin. As we go through the rest of the year, the margin is diluted by the accelerated growth rate of CEC. Okay. This is purely mix. We're not losing margin in our businesses. I want to make sure everybody understands that. This is purely a mix of revenue that drives that.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

The other piece you have on the site side, where we saw the trajectory of growth and margins slow down is we have, one, new projects, where the beginning phases of new projects are lower. Two, we also have that 700% growth in the Rocky Mountains transportation business, which has that smaller equipment suite, isn't vertically integrated, grow at a faster rate than our Southeast business. When that happens, their margins are lower. I will tell you that. Their margins are improving, but they're still lower than our Southeast margins. That blend makes it appear that the total margin is down, but the individual elements are all going in the right direction.

Noelle Dilts
Noelle Dilts
VP of Investor Relations and Corporate Strategy at Sterling Infrastructure

Relative to our previous expectations, yes, the growth at CEC has been higher, and the ramp on some of those newer projects has been faster.

Sangita Jain
Sangita Jain
Analyst at KeyBanc Capital Markets

Understood. Thank you. That's all for me. Thanks.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thank you.

Operator

Thank you. Your next question is from Adam Thalhimer, from Thompson Davis. Your line is now open.

Adam Thalhimer
Analyst at Thompson Davis

Hey, good morning, guys. Great quarter.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thanks.

Adam Thalhimer
Analyst at Thompson Davis

Joe, the E-infrastructure orders came in at a record level. I couldn't believe it. They were even up sequentially. Can you give more color about what was in there and maybe how much Stone Ridge added?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. What makes it even more impressive is that we're able to do that on a really strong revenue quarter, which is always tough to do. Nick, do you want to go through some of the backlog numbers? Stone Ridge certainly added some of that. CEC had a great quarter with their bookings on that. I don't know, Nick, if you have the detailed numbers there.

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

Yeah. CEC Was it about $2.4 billion combined backlog for the quarter, June? Stone Ridge was at about $140 million for committed backlog.

Noelle Dilts
Noelle Dilts
VP of Investor Relations and Corporate Strategy at Sterling Infrastructure

Signed.

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

Signed. I think it's $140 for signed backlog.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. The biggest driver, though, for the quarter is CEC.

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

Yeah.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Adam, what they are, that's the next phases and next sets of buildings of projects that they're currently on. For us, everybody likes to look at just the pure raw number, what's really encouraging for us is the fact that they are winning those next phases and winning those next level of projects, which is just proof in the pudding that they're executing well. They're delivering to the customer. They're doing what they need. As part of the portfolio, we see the same thing happening with them as we have with Plateau or RLW or Petillo.

Adam Thalhimer
Analyst at Thompson Davis

Got it. Okay. Joe, your comment about the potential for softer Q3 awards. I think you talked about the stock being down. That's probably the biggest reason. Can you provide additional color on what you meant by that and maybe more color on what you're seeing in the bidding?

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

It's just timing. I wish we could get our customers to bid equal amounts every quarter through the year. It'd make our lives a lot easier. The reality is they don't. We can have a quarter where they bid three or four new projects, and we look like the greatest thing since sliced bread, the next quarter, they bid one or none. It's just the timing of their cycle and when it comes out. The important thing for us, I get if you're not in the mix of things, people are looking for indicators. For us, we're in conversations with them all the time. We know what's coming. As long as we know it's coming, we feel good. When it hits, less of a concern for us, right? Whether it's third quarter or fourth quarter.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

We see really strong activity that's going to take place in the fourth quarter and first quarter of next year. There's just a little bit of a lull in the third quarter. We're trying to give people a heads up that we see that coming. We know it's coming. Don't panic. It's not a problem. Instead of telling people after the fact when we know that's just going to probably happen. Could something slip in the third quarter, and we look like idiots and it comes in early? Possibly, I wouldn't plan on it.

Adam Thalhimer
Analyst at Thompson Davis

Perfect. Thank you, Joe.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thanks.

Operator

Thank you. Your next question is from Julio Romero from Sidoti & Company. Your line is now open.

Julio Romero
Julio Romero
Analyst at Sidoti & Company

Thanks. Hey, good morning, Joe, Nick, Noelle, and Dan. Maybe starting off here, you recently upsized the revolver to one and a half billion. You're carrying a net cash position. How should we think about that? Should we read that larger facility as the M&A acquisition candidate size moving up? Is it purely optionality? Just help us think about that here.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. Nick, you want to answer that?

Nick Grindstaff
Nick Grindstaff
CFO at Sterling Infrastructure

Yeah, sure. We upsized the facility certainly to take advantage of opportunities for acquisitions and to have that dry powder to be able to execute on those. Also, we paid off our existing term loan and moved to an all-revolver structure. We've enhanced pricing. We added some key relationship banks to the mix, overall, feel really good about our revolver and how it positions us going forward.

Julio Romero
Julio Romero
Analyst at Sidoti & Company

Okay. That's very helpful. Go ahead.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

The use is there's no question. We've always been acquisitive. Our acquisitions turned out pretty good. If we could double every acquisition like CEC in a year, I think we'd get the acquisition prize of the year. I don't know what that is. We've been very good. We're going to need to add more acquisitions for capacity. With what we're seeing, the part that everybody is missing. Put down the newspapers, quit reading the craziness that's out there. What we are seeing just from our top hyperscalers, the amount of work that is coming, we have to add capacity significantly faster just to keep up with them. That's not including all the other players that are entering the market and building stuff. It is unbelievable what is coming down the tracks.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

We are going to have to make more acquisitions, not only just from a strategic geographic standpoint, but from a pure capacity add standpoint to keep up with that demand that's coming.

Julio Romero
Julio Romero
Analyst at Sidoti & Company

Excellent. Relates to my follow-up here is just, CEC is running well ahead of the revenue expectations you said at the announcement. Obviously, it's making up more of the infrastructure mix as we've talked about today. I'm curious how that and your comments about more capacity needed relate to your M&A priorities. Kind of ranking them today, where do your priorities sit at with regards to geographical, electrical versus specialty mechanical, more site development? Just help us think about those priorities here.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Yeah. The answer is a little bit all of the above. If you were to ask me in the third quarter last year after we purchased CEC, would you look for more electrical capacity in the Texas market? I would have said, no, we're probably going to focus more on the Southeast. Today, if the right opportunities came up, I would add two or three more CECs to the Texas market. That's how big we believe that market's going to be. We certainly would like to add the electrical capabilities in the Southeast. We think that's obviously a large market for us, and the value proposition's the same. We continue to look hard for the right acquisition in that market.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

On the site side, especially as we're moving further and further from the west, east and from the east, west to Texas and some of the surrounding markets. The Texas market is going to be bigger in the next three years than any other market related to data centers and everything else. It is coming. I guess there's always something that could stop it, but I don't know what that is right now. We're working really hard on what do we need to do to add that incremental capacity today, to start getting ahead of that curve. Just like we did with Stone Ridge, because we believe in late 2027, 2028, some of the upper Pacific Northwest areas are going to start taking off as well.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

I sound like a broken record, but we have great visibility to multiyear projects that are coming, and we are continuing to position ourselves to be there, so we look really smart when they come out, but it's just our customers telling us where they're going.

Julio Romero
Julio Romero
Analyst at Sidoti & Company

Helpful. Thanks very much.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Thank you.

Operator

Thank you. That concludes our question-and-answer session for today. I would now like to turn the conference call back over to Joe Cutillo for the closing remarks.

Joe Cutillo
Joe Cutillo
CEO at Sterling Infrastructure

Great. Wanna thank everybody again for joining our call today. If you have any follow-up questions, please feel free to contact Noelle Dilts. Her contact information can be found in the press release. Thanks, everybody, and have a great day.

Operator

Thank you, ladies and gentlemen, the conference call has now ended. Thank you all for joining. You may now disconnect your lines.

Executives
    • Noelle Dilts
      Noelle Dilts
      VP of Investor Relations and Corporate Strategy
    • Joe Cutillo
      Joe Cutillo
      CEO
    • Nick Grindstaff
      Nick Grindstaff
      CFO
    • Dan Govin
      Dan Govin
      COO
Analysts
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