Good day. Thank you for standing by. Welcome to the Fourth Quarter and Full Year 2025 Legence Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one, one on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star one, one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Son Vann, Vice President, Finance and Investor Relations. Please go ahead. Thank you, Daniel, and good morning, everyone. Welcome to Legence fourth quarter 2025 earnings call. With me today are Jeff Sprau, our Chief Executive Officer, Stephen Butz, Chief Financial Officer, and Steve Hansen, Chief Operating Officer. This morning, we issued a press release that covers our fourth quarter and full year 2025 results and posted a slide presentation that accompanies the earnings release. All materials can be found on the investor section of the company's website, wearelegence.com. Before we begin, I want to remind you that comments made during this call contain certain forward-looking statements and are subject to risks and uncertainties, including those identified in our risk factors contained in our SEC filings. Our actual results could differ materially, and we undertake no obligations to update any such forward-looking statements. During this call, we will refer to certain non-GAAP financial measures, which should not be considered in isolation from or as substitutes for measures prepared in accordance with generally accepted accounting principles. Please refer to our quarterly earnings presentation for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. With that, let me turn the call over to Jeff. Thank you, Son, and thanks everyone for joining today to discuss our fourth quarter performance and current outlook for the business. I'll also briefly cover a few other topics, including our integration efforts of the Bowers Group, the tuck-in acquisition we made earlier this month of Metrix, an engineering firm in the Seattle, Washington area, and provide an update on our growing craft labor force. First off, our fourth quarter results. Now, Stephen will go into greater detail, but at a high level, we delivered an incredibly strong fourth quarter, which was well ahead of our prior guidance. Total revenues grew by 35% to a quarterly record of $738 million, and most of our revenue growth was organic, with contributions from both segments. Adjusted EBITDA grew 53% as EBITDA margins expanded by approximately 140 basis points. For the year, revenues grew by 22% and adjusted EBITDA by 30%. Most impressively, total backlog and awards grew by 49% year-over-year and 20% from just the end of the third quarter 2025. Backlog growth was essentially all organic and came on top of the aforementioned record revenue quarter. This translated to a book-to-bill ratio for the three months ended December 2025 of 1.9x, an acceleration from what was already a robust third quarter book-to-bill of 1.5x. Both segments saw strong total backlog growth. Year-over-year, engineering and consulting backlog rose by 16%, driven by state and local governments, along with contributions from hospitals and data center clients. Our installation and maintenance segment grew by 66%, driven by data center and technology clients, in particular for fabrication demand of our direct liquid-to-chip technical cooling systems. Outside of what's already in our backlog, we expect strong installation and fabrication demand to continue well beyond 2026. Now, to give you a sense of our planning horizon, we're in discussions with certain data center clients for deliveries that extend into 2029. I should mention this fabrication demand is on top of the day in, day out installation and retrofit work we do in existing data center facilities built over the past 20+ years. Okay, shifting our attention to Bowers and how the integration process is going. As a reminder, Bowers is one of the premier mechanical contractors in the Northern Virginia D.C. metro area, home to the world's largest installed base of data center capacity. They're one of the key contractors that have contributed to the region's data center build-out since their first data center project for Amazon way back in 1999. With Bowers, we're now able to expand our mechanical capabilities into this critical region, broaden our customer base, and add roughly 50% to our fabrication footprint. This is in addition to the cross-selling opportunities that are now available with our existing engineering and electrical contracting presence in the region. When we announced the acquisition last November, we thought it would take until mid-first quarter to clear regulatory approval. We're actually delighted that the approval came sooner than expected, which allowed us to close on January 2nd, 2026. Since closing, we've been focused on critical integration work streams to establish a secure, standardized operating base that aligns with our safety procedures, processes, controls, communications, and financial rigor. Our leadership team has also put in a lot of effort to build a solid foundation of trust with the roughly 2,000 employees of Bowers. We've been involved in several joint sessions to discuss operational alignment and opportunity reviews. I personally came away from those interactions with even greater conviction of what an incredible addition Bowers is for Legence and our shareholders. Our first quarter 2026 results will include a full quarter's contribution from Bowers, as well as partial contribution from a really nice tuck-in acquisition of an engineering firm, Metrix, based near Seattle, Washington, that we closed on March 1st, 2026. Metrix is highly complementary with our existing engineering team in the area and has a solid base of clients that skew towards the education market, and they operate with a really strong margin profile. There's great cultural alignment with a very talented group of engineers led by a motivated leadership team that's excited to join Legence. I want to publicly welcome Metrix to the Legence organization and look forward to working together to better serve our clients. One final point before handing the call over to Stephen. It's around our labor force, specifically on the contracting side. At the end of 2025, we employed almost 4,500 unionized craftsmen and women. This is up from 3,800 at the end of September and 3,400 at the end of June. Now, with the addition of 1,700 union craftspeople from Bowers at the beginning of the year and growing our existing workforce throughout this year, we currently have approximately 6,600 skilled craftspeople. We recognize there are pockets of tightness in various labor markets from time to time, and highly skilled labor will always be in demand. That said, as a company, we're fortunate in that we have not experienced any significant labor constraints that would impact our ability to execute on our commitments or cause us to pass on attractive new business opportunities. Our ability to add roughly 1,000 craftspeople to our workforce, almost a third of our base, during the second half of last year, reflects the general availability of union labor in our markets. It also reflects who we are as a preferred and safety-first employer and how we attract and retain people. As a unionized organization on the contracting side, our retention rate is extremely high. Workers are attracted to Legence because we invest in our people with training and advanced tools to make them more safe and efficient. They also see our growing backlog with blue-chip customers and feel confident that there's a continuation of work after each project. As a result, we have great relations with the unions that we partner with, and Legence is typically one of the top union employers in the markets where we operate. Now, as someone who has run other companies that employ both non-union and union workers, there are clear benefits to being unionized, and we're in a strong competitive position due to our skilled field workforce. With that, let me turn the call over to Stephen. Thank you, Jeff, and good morning, everyone. For the remainder of our call, I'll begin with a review of fourth quarter 2025 results in comparison to fourth quarter of 2024, as well as a review of our full year 2025 performance. Following my review of our historical results, I'll make some brief remarks about our current guidance, discuss our balance sheet and liquidity position at year-end, and pro forma for the acquisition of The Bowers Group, and we will close out with a few additional comments on the recent tuck-in acquisition of Metrix before handing the call back to Jeff. Starting with our fourth quarter 2025 results. We generated revenue of $738 million, an increase of $189 million, or 35%, from the year ago quarter. The overwhelming majority of this increase was organic, with both segments contributing to the strong growth rate. Breaking down quarterly revenue growth at the segment level, starting with Engineering and Consulting, segment revenue increased by 10% to $173 million, most of which was organic growth, was driven by program and project management services, particularly with hospitality and entertainment and education clients. Engineering and design revenues were essentially flat as higher demand from life science and healthcare, and hospitality and entertainment clients were offset by lower revenues from data center and technology and education clients. Moving to Installation and Maintenance, segment revenue of $565 million increased by a very robust 44% versus the year ago quarter, almost all of which was organic. Installation and fabrication services accounted for the majority of the segment growth, increasing by 53%, driven largely by demand across high-growth industries, including from data centers and technology and life sciences and healthcare clients. As Jeff mentioned, a good portion of the demand growth is for our direct liquid-to-chip technical cooling system that we fabricate in our shops and ship to data centers across the United States. When we include the latest backlog additions, we will be shipping our cooling systems to data center locations in Iowa, Ohio, Utah, Georgia and Texas, as well as Arizona, where we also do the installation. Maintenance and service revenue also increased at a low double-digit pace of 11%, rebounding from the slower growth that we experienced in maintenance and service in the first half of 2025. For the full year 2025, consolidated revenue was $2.6 billion, up 22% from 2024 levels. Engineering and consulting segment revenues grew by 21%, driven in part by the full year impact of acquisitions completed in 2024 and partial year impact of acquisitions completed in late 2025. Installation and maintenance segment revenues grew by 22%, almost all of which was organic, driven by greater demand for installation and fabrication services, primarily from data centers and technology and life science and healthcare clients. Turning to gross profit. Consolidated gross profit for the fourth quarter 2025 increased by 31% to approximately $147 million. Our reported gross profit includes non-cash stock-based compensation expense related to legacy profits interest units. While this expense burdens the income statement at Legence Corp, the payment of this expense is borne by entities outside of Legence Corp, essentially the legacy pre-IPO shareholders. The settlement of this expense does not impact Legence Corp either in the form of cash outlay or the issuance of additional common shares. Additionally, because these profits interest units are marked to market, fluctuations in our stock price can lead to significant volatility in this expense line. As such, we've included in our press release a table reconciling our GAAP gross profit to adjusted gross profit, which excludes this expense related to these legacy profit interests, which the company doesn't bear the burden of. We believe this information will provide additional insight into our underlying operational trends. With all that said, adjusted gross profit totaled approximately $157 million for an adjusted gross margin of 21.2% for the fourth quarter of 2025, up from approximately $112 million and 20.5% in the fourth quarter of 2024. The improvement in adjusted gross margin was primarily due to higher gross margins in the installation and maintenance segment, despite lower engineering and consulting margins and a revenue mix shift toward the I&M segment. Delving further into margins at the segment level, fourth quarter 2025 engineering and consulting adjusted gross margin was 30.9%, down from 32.6% in the year-ago quarter. The decline was mainly driven by a revenue mix shift towards the program and project management service line, which generates a lower margin profile than engineering and design, as well as slightly lower margins within the program and project management service line on project mix. The installation and maintenance segment generated an adjusted gross margin of 18.3%, up from 15.6% in the year ago quarter. Adjusted gross margin improvement was driven by strong project execution within the installation and fabrication service line, partially offset by a higher revenue mix from the service line, which carries a lower margin profile than maintenance and service activities. For the full year 2025, consolidated gross profit was $536 million, up 24% from 2024 levels. Excluding stock-based comp expense from the legacy profit interest, adjusted gross profit of $550 million, with adjusted gross margin of 21.6%, increased from full year 2024 adjusted gross profit of $432 million and adjusted gross margin of 20.6%. Higher adjusted gross margin was primarily due to stronger margins at the installation and maintenance segment. Turning to selling, general, and administrative expense. Fourth quarter 2025 SG&A totaled approximately $115 million compared to $63 million in the year ago period. Included in the fourth quarter 2025 SG&A was $36.4 million of stock-based compensation, of which $34.4 million was related to the legacy profit interest. SG&A also includes other adjusted EBITDA add back items such as acquisition and strategic initiative expenses. When backing out these items in both quarters, our adjusted SG&A for the fourth quarter 2025 was approximately $75 million, up from $59 million in the year ago quarter, though lower as a percentage of revenue at 10.1% in the fourth quarter of 2025 versus 10.8% in the year ago quarter. The increase in adjusted SG&A expense was primarily driven by increased headcount, compensation costs, IT software, and professional fees related to both support our robust revenue growth and our operations as a public company. For the full year 2025, adjusted SG&A was $267 million or 10.5% of revenue, essentially the same percentages of revenue as in 2024, despite now in 2025 being publicly traded. All in all, we generated adjusted EBITDA of $87 million in the fourth quarter of 2025, an increase of 53% from fourth quarter 2024 levels. Adjusted EBITDA margin for the fourth quarter of 2025 improved by approximately 140 basis points to 11.8% when compared to the year-ago quarter. For the full year 2025, we generated adjusted EBITDA of approximately $299 million, up 30% from year-ago levels, and adjusted EBITDA margins of 11.7%, which improved by approximately 80 basis points compared to 2024 levels. Depreciation and amortization totaled $28.7 million in the fourth quarter of 2025, down slightly from $29.9 million from the year-ago quarter. The quarter also included a non-cash charge of approximately $27.4 million to impaired goodwill and related intangible and long-lived assets at one of our smaller business units in the engineering segment. This particular business unit supports customer energy-related initiatives focused on improving facility efficiency and sustainability. It's largely a success fee-based business that has very long lead times between pipeline to revenue recognition. With the passage of the One Big Beautiful Bill last year, while that may have been some beneficial impacts to shorter cycle projects, it led to a period of transition and uncertainty for commercial renewables, including solar, which is the focus of this particular entity. We elected to write off the goodwill of that entity to reflect the uncertainty around our current ability to forecast cash flow for that business unit. Interest expense of $13.6 million for the fourth quarter of 2025 decreased by $12.7 million from a year ago, primarily due to lower average debt balance than the year ago period. We also reported $6.7 million of other expenses in the fourth quarter of 2025. Approximately $3.8 million of other expense is related to a tax indemnity receivable asset, which expired toward the end of last year that was related to a prior acquisition. The expiration of that indemnity requires us to record a non-cash pre-tax expense. There is an offsetting tax liability against that receivable that also expired, which reduced our income tax expense provision by an identical amount. Again, there is no net income statement impact. However, these offsetting amounts are on different financial statement line items. Please note that this could impact our fourth quarter results for the next few years as each portion of this tax indemnity receivable expires. Also included in other expense is $2.9 million related to an adjustment of our Tax Receivable Agreement, or TRA, liability for a change in our pre-tax earnings mix by state. Turning to income tax, we had income tax expense of $22.2 million for the full year of 2025, despite incurring a book loss. There are a large number of expense items that led to a fourth quarter and full yearbook loss for Legence that are not deductible for income tax purposes, such as certain amortization expenses, the goodwill impairment charge, and certain other corporate expenses, as well as some of our interest expenses. Cash taxes for 2025 totaled $16.4 million. For 2026, we estimate our effective tax rate, or ETR, to be in the mid-30% to 40% range and to incur cash taxes in the low $30 million range. Beyond 2026, we expect our ETR to gradually gravitate toward 30%. However, in any given year, our ETR will be impacted by any discrete items that may not be deductible for tax purposes. Lastly, our cash tax payments exclude any payments related to the TRA. We expect to make a payment on the TRA in early 2027 in the mid-$1 million range related to 2025 income. Switching gears to backlog. At the end of the year, our consolidated backlog and awards totaled $3.7 billion, up nearly 50% from year-ago levels and 20% sequentially. Almost all of this growth was organic as the two tuck-in acquisitions completed last quarter only accounted for about $20 million of the $609 million in backlog and awards growth during the fourth quarter of 2025. Our consolidated book-to-bill ratio was a very robust 1.9x for the quarter and 1.6x for the full year of 2025. We experienced backlog and awards growth in both segments. Installation and maintenance grew by 66% year-over-year and 24% sequentially. As you might expect, much of this growth was with data center and technology clients. While much of the press on backlog growth will likely go to the installation side of our business, our engineering and consulting backlog grew at a healthy 16% clip year-over-year and 11% sequentially. This growth occurred across several end markets, state and local government, life science and healthcare, and data centers and technology. While our backlog and awards at year-end 2025 does not include Bowers, I want to provide you with some preliminary figures on their backlog and awards. They've wrapped up 2025 with approximately $1.5 billion in backlog and awards, up from the $1.3 billion at the end of September 2025. Turning now to our guidance. We are establishing first quarter 2026 guidance for consolidated revenue of between $925 million and $950 million and adjusted EBITDA between $90 million and $100 million. Our first quarter guidance includes a full quarter contribution from Bowers. For full year 2026, we are increasing our revenue guidance to a range of $3.7 billion-$3.9 billion. This represents an increase from the initial 2026 revenue guidance range of $3.475 billion - $3.725 billion that we presented during our third quarter report in mid-November, which figures included a full year of Bowers. We're also increasing our full year 2026 EBITDA guidance to a range of $400 million-$430 million. This represents an upward revision to our prior guidance of $370 million-$400 million. A key driver of the upward guidance revision for 2026 is to reflect the strong backlog and awards growth that we experienced in the fourth quarter 2025. Now just a few other housekeeping items to help with your modeling efforts. Interest expense, net of interest income, for the first quarter is expected to be in the $15 million range, with full year 2026 in the high $50 million range. Depreciation and amortization for the first quarter is expected to be in the $45 million range, with full year 2026 D&A in the $170 million-$180 million range. In terms of capital spending, full year 2026 is estimated to total $65 million. Approximately 2/3 of the 2026 CapEx forecast is for growth. A portion of this growth CapEx is for fabrication capacity expansion in Colorado and to finish out our previously announced capacity expansion at our other facilities. Once completed, we will have just under 1.3 million sq ft of fabrication capacity, including the 372,000 sq ft of capacity that came with the Bowers acquisition. Now to our balance sheet, liquidity, and leverage. We ended the year with a cash balance of $230 million, up from $176 million at the end of September, as we benefited from strong operating performance and continued to emphasize working capital management. Total liquidity increased to $424 million at quarter end, up $164 million from September, reflecting both our higher cash balance and the revolver upsize that we completed last October. Total debt at year-end was largely unchanged at $825 million from September 30, 2025 levels. Based on our last 12 months adjusted EBITDA, our net leverage ratio declined to 2x, down from 2.4x at the end of September. Our year-end balance sheet does not, however, include the impacts from the Bowers acquisition, which occurred on January 2nd, 2026. On a pro forma basis for Bowers, our net debt balance would have totaled a little over $1 billion, equating to a pro forma net leverage ratio of approximately 2.4x, flat with third quarter levels despite the acquisition. As Jeff mentioned, we closed on a nice tuck-in acquisition of an engineering firm in Seattle, Washington area, which complements our existing engineering business and broadens the client base in the region. Total purchase price was a little over $30 million, of which about 25% was paid in equity. The acquisition multiple was broadly in line with many of our past transactions for engineering firms of this size. This concludes my prepared remarks, and now I'll turn the call back to Jeff. Hey, thanks, Steven. In closing, and before we get to the Q&A, our fourth quarter results capped a very strong year for Legence, marked by robust growth in backlog, revenue, and adjusted EBITDA, with most of this growth organic. We also made significant progress by deleveraging our balance sheet and adding to our liquidity, using 100% of the proceeds from our IPO in September to pay down debt, adding capacity to our existing credit and term loan facilities, focusing on improving our working capital management, and of course, benefiting from our strong operating results throughout 2025. All of this tremendous performance is a direct result of our amazing 9,000 employees who wake up every single day with the goal of delivering exceptional solutions for our customers, colleagues, and communities. Now, heading into 2026, our outlook reflects the strong fundamentals that are driving growth in our core businesses, as well as the addition of Bowers and our other recent tuck-in acquisitions. A lot of press coverage goes to the incredible demand in the data center market, and we're certainly participating in that mega trend. We also really like the balance from our portfolio of life science, hospitals, education, and other end markets that are also growing and continue to provide a large, diverse base of clients to work with. With that, we'll now open the call up to questions. Operator? As a reminder, to ask a question, please press star one, one on your telephone and wait for your name to be announced. To withdraw your question, please press star one, one again. In the interest of time, we ask that you please limit yourself to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from Joseph Osha with Guggenheim Partners. Your line is open. Thank you. Good morning, everyone. Congratulations on the strong results. Thank you. Thanks, Joe. You talked a lot about how your craft labor force availability is allowing you to, you know, take work even in very tight markets like data centers, which is great. I'm wondering if you're seeing any other challenges in that market, in particular as it relates to, you know, your customers' availability of material or other things, or whether you're seeing those projects able to proceed on a timely basis for the most part. Thank you. Yeah. Joe, Steve Hansen. Great question. To date, we haven't seen a supply chain issue that is pushing schedules out. You know, data center clients and our blue-chip clients, they're looking far into the future and securing the materials they need and working with us upfront to make sure that the material chain that we are working within is also available. To date, no, we have not. Okay, thanks. I have lots of other questions, but I'll step back in the queue. Thanks, Joe. Thank you. Our next question comes from Adam Bubes with Goldman Sachs. Your line is open. Hi. Good morning. Data center technology revenue, I think, was up 80% year-over-year. Can you just help us parse out that performance? How much was fabrication versus installation growth? In 2026, can you just talk about your expectations for the growth trajectory of the data center fabrication business specifically? Sure. You know, we are growing both just our installation, you know, at a nice clip of data centers where we're completing the whole installation for the mechanical or electrical services. But also, the fabrication is growing probably at an even higher rate, as we're participating in buildouts in these rural areas where we don't have an installation footprint. Just to give you a sense, even though we don't break out the fabrication-only revenue, it is a proportion of our I&M segment revenue. In 2024, it would have been a mid-single -digit percentage of our revenue with fab-only work, where it was a mid-teen percentage in 2025 with fab only. It is growing at a higher rate, as you'd expect, given where many of these data centers are being built. We expect that to probably tick up a bit in 2026, but maybe not quite as much as you'd expect, because as we bring in Bowers, they historically, almost all of their fab capacity is going for their installation jobs and not serving other markets. That's probably an opportunity as we get further into 2027 and beyond. Got it. That, that's helpful. Backlog at pretty robust levels. Are you seeing any changes in the duration of backlog, and can you just talk about how much is expected to burn over the next 12 months? Yeah, that's a great question. We are seeing, in a positive way, an elongation of that backlog driven by a couple of factors. Obviously, you know, with some of the ongoing boom in data centers, just longer lead times and also larger projects. Larger projects obviously take a little bit longer to burn than smaller projects. So those are some of the factors. We expect to burn a little bit over half of our backlog in 2026. You know, then of course, the majority of the remainder would be in 2027. We also have backlog extending into 2028, you know, and not an insignificant portion. We have visibility of, you know, through our backlog and awards, of revenue going out much further than we ever would have in the past. Great. Thanks so much. Thank you. Our next question comes from Sherif Elmaghrabi with BTIG. Your line is open. Good morning. Thanks for taking my question. Pretty impressive beat this quarter. Can you shed some light on how much of Q4 revenue was driven by the backlog versus book and ship type orders that might have come in intra-quarter, and how you see the business mix evolving over the last few months? Thank you. Yeah, there's certainly a bit of both. Probably more from backlog and just really exceptional performance on larger projects, favorable project closeout, you know, increasing proportion of this fab work that we discussed. But certainly, some quick-hitting jobs that provided some upside to the quarter also contributed to the beat versus our expectation in November. Does that answer your question? Yeah, it does. Thank you, Steve. Okay. Thank you. Thank you. Our next question comes from Brian Brophy with Stifel. Your line is open. Yeah, thanks. Good morning, everybody. Appreciate you taking the question. Nice quarter. Just had one on I&M gross margins. Obviously, they are a little bit better than folks were expecting. You mentioned some strong execution benefits in the comments, but any other color on what drove the strength there? Was there any improvement that was more of a one-time benefit? How should we be thinking about the sustainability of gross margins into 2026? Thanks. It's a great question. You know, we're certainly optimistic about our ability to continue to have this exceptional performance. But of course, you know, we don't want to get ahead of ourselves on the guidance. We have had two exceptional quarters in a row from a project execution perspective. You know, we're not going to forecast that level of beat every quarter. Again, I think I mentioned the increased proportion of fab only, which tend to get a little bit higher margin on the fabrication-only business as opposed to the full install jobs, which are much bigger and tend to be much bigger even in scope, bigger revenue opportunity. Also, as we continue to complete more and more of these larger data center jobs, the work is similar, and so we're probably benefiting from that as well, and just that additional experience in the area. Understood. That's helpful. There was a comment made, in the opening comments on having some visibility into 2029 on the data center side. Just any more color on that comment and what you're seeing there? To what extent are you getting some commitments from some of your hyperscaler customers on projects looking out that far? Thanks. Yeah. As we mentioned earlier, you know, around the supply chain question, as hyperscalers and developers are looking further out in getting commitments to build, and, you know, we've worked really hard with them. The earlier we are in with them, the better we can help them plan and manage and mitigate risk from supply. We're having more and more conversations with them on projects being built all over the place. Steven said it earlier, some of these projects that are just getting bigger in scale, they have to plan further out. We're well into 2029 in conversation. Appreciate it. I'll pass it on. Thank you. Thank you. Our next question comes from Michael Dudas with Vertical Research Partners. Your line is open. Yes. Good Friday morning, gentlemen. Morning. As you're taking a look at the non-data center technology side of the business, you highlighted a few times in your prepared remarks about diversity and the opportunities there. As you look to 2026 and into 2027, is it a normal growth rate relative to what you've seen? Is it accelerating? Is there any areas? Certainly, there's a lot of visibility on life science and healthcare, a lot of press releases on that front. But also, it seems like the education and think local could be very helpful. How contributory is that gonna be relative to your prior expectations going into 2026 on your outlook? Thank you. That's a great question. I'll start and my colleagues will chime in. We certainly like the long-term macro tailwinds from a onshoring and reshoring perspective on manufacturing. That certainly also applies to the life sciences space. I think we're seeing some green shoots, if you will, on the biotech lab space as existing square footage gets absorbed, and that turns into ultimately new demand for us from a tenant fit-out perspective. I think we always have loved the education business because the installed base is so massive, and there's always a need to improve the efficiency of existing schools, whether it's primary schools, K-12 schools, or higher education from an R&D and STEM perspective. That really fits right into our wheelhouse of having this holistic view of design build in most facilities. Finally, this increase in the price or expense related to electricity helps from an energy efficiency return on investment perspective. Essentially, the math is easier as energy becomes more expensive, which is a demand driver for us. Now, how do we turn that into a hard number in terms of expected growth rates from before versus today? I'll sort of pass the mic to Steve and Steven to try to take those vague comments and boil them down into a more specific number. Yeah. No, Jeff, you nailed it on those trends that are impacting the results. You know, the reshoring is definitely a longer-term impact. Something that we've probably talked about in past meetings with you all that we really see that having more of an impact, you know, as we get further and further into the decade, that a lot of these big projects like semiconductor fabs just multi-year planning cycle. You know, we're seeing now benefits from reshoring that started at the time of COVID. Of course, there's been a lot of reshoring announcements with some of the administration's policies that we've seen in 2025 and 2026. We're obviously, you know, optimistic that that's gonna provide some nice uplift as we get into 2027 and beyond. Well said. Thank you, gentlemen. Thank you. As a reminder, to ask a question, please press star one one on your telephone. Again, that is star one one to ask a question. Our next question comes from Derek Soderberg with Cantor Fitzgerald. Your line is open. Yeah. Thanks for taking my question. On your proprietary software, Trove, the real-time data evaluation software, to what degree is software now contributing to revenue? Is it a mandatory pull-through for some of your larger data center installations? Thanks. Yeah, that's a great question, Derek. You know, Trove is really focused on the commercial real estate market. It's a tool that we use internally to do analysis of portfolios of buildings for building owners to sort of rack and stack and prioritize capital improvements to improve the performance of their buildings. It also is, at times, used by customers who want to sort of DIY that same analysis. We're happy to do it either way. That said, in either scenario, that really has a de minimis impact on our revenue. It's really part of our bundled solution that we sell to the large global property managers in the world. Got it. Thanks, guys. Thank you. Our next question comes from Chris Tsung with Wolfe Research. Your line is open. Hey, good morning, guys. Thanks for taking my question. Maybe just asking on the data center deliveries in 2029 a little bit differently. Are the data center opportunities like for 2029 onward, or are there still hyperscaler bookings for, you know, 2026, 2027, 2028 for new data centers? Thanks. Yeah. No, we're still looking at opportunities before that timeline, in 2026, 2027, 2028 as well. I think that the key point is the relationship has allowed us to get further into the planning weeds with our client base and get a much better view of what's coming in the future. Great. Thanks. Just on a follow-up, on the backlog growth, how much reflect new customers versus existing customers? Yeah, I mean, we don't have a breakdown of that handy, but I mean, certainly we're continuing to win larger and larger awards with our existing clients. We're continuing to see new clients, even new blue-chip clients. Often those initial awards are probably smaller than the awards that we see from our existing clients. As we execute, we'd expect those to grow over time. Thanks, Stephen. Thanks, Jeff. Thank you. Our next question comes from Joseph Osha with Guggenheim Partners. Your line is open. I made it back. This is a bit of a geeky question. We've heard a lot about the shift to 800 volts DC in data centers. I'm wondering if you all have encountered any of those yet. Yeah, we have not. Really, that shift will not affect our work that we do for them. The conveyance of material and everything else that we're doing, that shift won't be a big driver for us. Our Barcol, our electrical installation team will see some of that, but we have not really seen that become prevalent in the market yet. Okay. Thank you very much. Thank you. Our next question comes from Oliver Davies with Rothschild & Co Redburn. Yeah... [crosstalk] Hi, guys. Your line is open. Yeah. Hi, guys. Just one for me. I guess obviously a very strong Q1 guide, you know, even on an organic basis. Can you sort of discuss how you expect the cadence of organic growth to progress through the rest of the year? Yeah. You know, we don't have huge seasonality in our business, though we do have some. We tend to peak in the second and third quarters, and it's really driven primarily by our program and project management business. You know, if you look at the disaggregation of revenues, that business, a lot of that business is in the education end market, which really tends to peak in the summer months. There may be some pockets of seasonality elsewhere in the business, but that's the pocket that I would highlight as being most significant. Okay, thanks. Thank you. As a reminder, to ask a question, please press star one, one. Again, that is star one, one to ask a question. I'm showing no further questions at this time. I would now like to turn it back to Son Vann for closing remarks. Thanks, Daniel. Thanks everyone for attending our fourth quarter 2025 earnings call. A recording of this call will be available on our website in a few hours. We look forward to updating you again on our next earnings call. Thank you everyone again and have a great weekend. This concludes today's conference call. Thank you for participating. You may now disconnect.