Good day. Thank you for standing by, and welcome to MasTec Superior Group Acquisitions conference call. I want to remind all participants that today's call is being recorded. I'd like to turn the call over to Marc Lewis for some opening comments. Thank you, Olivia. Good morning, everyone, and thank you for joining us to discuss MasTec acquisition of The Superior Group. Joining me today are Jose Mas, Chief Executive Officer, with an overview, and Paul DiMarco, Chief Financial Officer, with a financial analysis. We prepared slides to supplement our remarks today, which are posted on MasTec's website under the Investors tab and through the webcast link. Please read the forward-looking statement disclaimer contained in the slides accompanying this call. During this call, we will make certain forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and factors that involve risk and uncertainties, our actual performance and results may differ materially from our forward-looking statements. Our Form 10-K, as updated by our current and periodic reports and SEC filings, include the detailed discussion of risks and uncertainties that may cause such differences. In today's remarks, we'll be discussing adjusted financial metrics. We may also use certain non-GAAP financial measures. Please refer to page two of the accompanying slide presentation for a discussion of these financial metrics and measures. We're really excited to share more details of this transaction today. I'll now turn the call over to Jose for remarks. Jose? Thanks, Marc. Good morning, everyone, and thank you for joining us. Yesterday evening, we announced that MasTec entered into a definitive agreement to acquire The Superior Group, one of the premier electrical infrastructure contractors serving data center and other mission-critical end markets across the U.S. We are extremely excited about this transaction because it meaningfully expands MasTec's position in what we believe is one of the largest and most attractive infrastructure opportunities. Just as importantly, this transaction reflects the disciplined acquisition strategy we followed for many years, partnering with exceptional management teams, acquiring market-leading businesses, and investing in sectors where we see strong long-term demand supported by durable industry trends. We believe Superior is uniquely positioned within this market, making it an outstanding strategic fit for MasTec. Superior has built one of the industry's premier electrical infrastructure businesses with approximately 3,000 highly skilled employees, outstanding customer relationships, and a proven ability to execute some of the nation's most complex electrical projects. Over the last several years, the company has become one of the leading providers of electrical infrastructure services to hyperscalers, data center developers, and other mission-critical customers. We are particularly excited to welcome Bryan Stewart, his leadership team, and the 3,000 Superior team members to the MasTec family. Throughout this process, we developed tremendous respect for what Bryan and his organization have built. Led by the Stewart family since the mid-1980s, Superior has successfully scaled the business while maintaining a strong culture, exceptional customer relationships, and a disciplined, performance-focused operating model. Equally important, we found tremendous alignment between our organizations in terms of values, culture, and operating philosophy. Bryan and his management team will remain in place following the transaction and continue leading the business. We believe maintaining the existing leadership, culture, and customer focus is essential to preserving what has made Superior so successful and to maximize the long-term value of the combined organization. From a strategic perspective, we believe this transaction strengthens MasTec's position within one of the most compelling infrastructure opportunities we see today. Over the last several years, we've talked extensively about the increasing convergence of power infrastructure, communications infrastructure, and data center development. The continued growth of AI, cloud computing, and digital infrastructure is driving unprecedented investment across each of these markets, and we believe those trends remain in the early stages. Meeting that demand will require enormous investment, not only inside the data centers but across the entire electrical and power infrastructure ecosystem that supports them. We believe this represents a generational infrastructure investment opportunity for the companies with the capabilities, skilled workforce, and track record to help build it. Today, MasTec delivers the critical infrastructure that brings power, communications, and energy to data center campuses. Superior extends our capabilities inside the campus through electrical construction, integrated systems, prefabrication, commissioning support, and ongoing maintenance services. Together, we can support customers across a much larger portion of the infrastructure value chain with a more complete, integrated service offering. We also believe the transaction strengthens our relationship with many of the most important customers in the industry. Increasingly, customers are looking for larger, more integrated infrastructure partners that can self-perform work, mobilize labor at scale, and successfully deliver complex projects with speed, quality, and certainty. The combination of MasTec and Superior enhances our ability to meet those demands while providing Superior and its customers with the benefits of MasTec's financial strength, broader geographic reach, and diversified infrastructure platform. Importantly, we also see meaningful opportunities to expand relationships with existing customers by offering a broader range of services across both organizations. Another highly attractive aspect of the transaction is Superior's labor platform. Access to skilled labor continues to be one of the most important competitive advantages in our industry. Superior has demonstrated an exceptional ability to recruit, develop, and deploy highly skilled electrical resources across some of the fastest-growing construction markets in the country. As we discussed at our investor day in May, we believe labor will continue to be one of the most important differentiators affecting execution, constructability, and long-term performance. In an environment where skilled labor is increasingly becoming the limiting factor for project execution, we believe Superior's workforce represents one of the industry's most valuable strategic assets. Overall, we believe this acquisition enhances our capabilities, deepens our customer relationships, expands our highly skilled workforce, and broadens our addressable market. More importantly, it positions MasTec to lead through what we believe will be a generational infrastructure investment cycle driven by AI, electrification, and the continued growth of digital infrastructure. We're excited about what this combination can accomplish and believe it meaningfully strengthens MasTec's competitive position while creating long-term value for our customers, our employees, and our shareholders. With that, I'll turn the call over to Paul to discuss the financial aspects of the transactions. Paul? Thank you, Jose. Good morning, everyone. I wanted to echo Jose's sentiment in welcoming the Superior team to the MasTec family. We look forward to supporting your continued growth and execution as we unlock value for our employees, clients, and investors. We believe this transaction is highly compelling from both a financial and capital allocation perspective. Superior has established a strong track record of growth, profitability, and cash generation while serving some of the fastest-growing infrastructure end markets in North America. The purchase price is approximately $1.65 billion, consisting of $1.175 billion in cash and $475 million in MasTec common stock, along with performance-based earn-out tied to financial results over a three-year period following closing. We expect to fund the cash portion through a combination of cash on hand, borrowings under our existing credit facility, and delayed draw term loan facilities arranged in connection with the transaction. MasTec will issue approximately 1.2 million shares for the equity consideration. We expect the transaction to close later this month after regulatory clearance. The upfront consideration represents a multiple of 6.9x Superior's expected 2026 EBITDA, an attractive valuation consistent with MasTec's disciplined valuation strategy and affords significant value creation for our shareholders. We expect the transaction to be immediately accretive to revenue, adjusted EBITDA, earnings per share, and cash flow from operations. For 2026, we expect Superior to contribute approximately five months of earnings to MasTec's consolidated results. During this period, we expect Superior to generate $800 million to $900 million of revenue, $100 million to $150 million of adjusted EBITDA, and $0.50 to $0.65 of adjusted EPS. Superior will form a new operating group for MasTec, and Superior's financial results are expected to be reflected in the Power Delivery segment. More importantly, we believe we'll be acquiring a scaled platform with attractive growth prospects, strong margins, significant cash flow generation, and an outstanding management team. Based on current expectations for the full year 2026, Superior is projected to generate approximately $1.6 billion to $1.7 billion of revenue and approximately $225 million to $250 million of adjusted EBITDA. Looking ahead to 2027, we currently expect Superior to generate revenue of approximately $2.2 billion to $2.5 billion and adjusted EBITDA of approximately $250 million to $275 million. Please note, these expectations are preliminary, reflect a conservative approach, and do not assume any revenue synergies, cross-selling opportunities, or operational benefits from combining the businesses. We believe there will be meaningful opportunities over time, but the transaction is compelling on the strength of Superior's existing platform alone. From a balance sheet perspective, we believe the transaction structure with a mid-single-digit upfront multiple, almost 30% equity consideration, and a significant performance-based earn-out opportunity illustrates our commitment to maintaining financial discipline and capital allocation. We currently expect this transaction to generate a low double-digit ROIC in the first year and support our stated target of 16% in 2028. One of the key attributes we find particularly attractive about Superior is its strong cash flow generation and low CapEx requirements. Combined with MasTec's existing earnings and cash flow outlook, we believe the transaction supports a rapid de-leveraging path while simultaneously strengthening our long-term outlook. At closing, we expect pro forma net leverage to be modestly above two times. However, given the earnings contribution and cash flow generation profile of the combined business, we expect net leverage to decline to below 2x by year-end 2026. We also expect to maintain strong liquidity and remain committed to preserving our investment-grade credit profile. Overall, we believe the transaction represents a disciplined deployment of capital into a business benefiting from powerful secular growth drivers, led by an exceptional management team, and positioned within one of the most attractive infrastructure markets we have seen. This concludes our prepared remarks. I will now turn the call over to the operator for Q&A. Thank you. Ladies and gentlemen, to ask a question at this time, you will need to press star one one on your telephone and wait for your name to be announced. As a reminder, in the consideration of time, please limit yourself to one question and one follow-up per person. One moment for our first question. Our first question coming from the line of Jamie Cook with Truist Securities. Your line is now open. Hi, good morning and congratulations. My first question to Jose, just sort of background behind the deal. Was this a process? How long you've known the Stewart family, sorry, The Superior Group? It's just that. My second question, just on the 2027 guide, revenues, I think you assume revenues are up 40%-50%, $2.2 billion-$2.5 billion with backlog of $1.4 billion. Just confidence level there, that seems aggressive. Why are implied margins in 2026, I think, are 14%-15%? They take a nice step down in 2027. Just reason behind that or how to think about margins longer term. Thanks, and congrats again. Thank you, Jamie. Good morning. A couple things I'd say that we got to know The Superior Group, during 2026. I think that we spent a lot of time with them at a personal level, really getting to know them as individuals, which I think was really important. I think this transaction was all about fit. I think that they did a great job through their sales process of looking at different options, but quite frankly, really trying to find what culturally fit them best, which I think is why MasTec was able to close on this transaction, and we appreciate the time that we spent with them and I think a lot of the front-end work that went into the transaction. We're super excited about the business. We think the opportunity is unbelievable. You're right, we've got 40%-50% revenue growth expected for 2027. As Paul stated, it's a relatively conservative estimate. We've built in no revenue synergies into that number, relative to the backlog, we feel really good about that number. Again, we think if anything, it's a conservative number. For multiple reasons, we didn't get into a lot of it, we'll talk a lot more about it in the future, but I think historically, a lot of their business has been primarily driven by three states. They've got current contracts that are going to expand them into an additional two states in 2027, with the potential probably of another four to six states, not far behind. That geographic expansion is going to help us with revenue growth, obviously, but it's also going to impact margins a little bit as we set up offices, and expand into new geographies. That's obviously what we think makes the deal really attractive for MasTec. They're coming off a year from 2025 to 2026 of exceptional growth. They nearly doubled the business in 2026 versus 2025, and we're hoping to find ways to continue to do that. Again, thank you for your questions, Jamie. Thank you. Our next question coming from the line of Justin Hauke with Baird. Your line is now open. Great. Thank you very much, appreciate the call here this morning. I guess, the purchase price multiple, I think it's going to surprise a lot of people at just 7x 2026, given the growth profile. I was hoping maybe you could discuss a little bit more of the structure of the earn-out, how you plan to account for that, the milestones behind that. I just want to understand a little bit how that plays into the total contribution here. Yeah, Justin, I'd say a couple of things. One, we expect the earn-out to probably add another turn to upfront multiple. It's based on a three-year performance level, so they have to hit a certain performance target over the three years to get it. To be honest, we hope we pay as much as we can in that. It is uncapped. Our expectation would be it would add about a turn to the upfront multiple. I think that one of the things that can't be lost, we would've been really pleased to pay this transaction in all cash. I think that this is one of the largest stock percentages that we've done in a deal, historically speaking. We normally do not give stock in the deals that we do, I think that was a big driver for Bryan. I think Bryan sees the value in MasTec stock. He sees the upside in it, I think that was definitely part of how he evaluated the total purchase price. I think he sees, I don't want to speak for Bryan, I think he sees great value in that, as do we, I think that's part of his thinking in how he came to his decision. Yeah. Great. No, I appreciate that. I guess my second one before I turn it over was just, and I apologize if this was somewhere in it, but it looks like this is mostly a union shop. Is this double-breasted or all union or just a little bit of context behind that? Yeah. Today it's all union. Again, we think that the market is obviously extremely strong. When we think about the deal in simple terms, this is a bet on labor scarcity. We think this is a market that's extremely tight. It's a market that we think the union provides incredible benefit to, especially as you're growing into different markets. They've got an amazing leadership team, and when you can use that leadership team and access labor in different markets through their existing relationships, I think it's only going to help us grow and expand geographically. We're excited. Obviously, we've got thousands and thousands of union members across the country. This adds to it, and again, something that we think it's a competitive advantage in this business today. Thank you. Our next question in queue coming from the line of Andy Kaplowitz with Citigroup. Your line is now open. Hey, good morning, everyone. Congrats on the deal. Morning, Andy. Thanks, Andy. Jose, can you give us a little more color in terms of what Superior can do for the rest of MasTec in terms of expanding your TAM for buildings and data centers? I think at your Investor Day, you talked about $725 billion of general buildings and data centers as a TAM. Does that mean you think you can get a much bigger market share? Does it expand the TAM? Is there anyone that you'd compare Superior to in the public domain? Yeah. Andy, I'd say a couple of things, right? One is, we provided in the deck that we put out today an addressable market by 2030 from where it is today. We think it's substantial. Obviously, it's what drives us to the decision of doing the transaction. I've been in this a long time. I've been doing this a long time. I've never seen a market like this. I've never seen the opportunities that we see in front of us. For us to be able to expand our presence within this market is something I think we talked a lot about at Investor Day, and it's something we're very excited about. To put it mildly, we view ourselves as we did all the work outside the building, and Superior really does a bunch of work inside the building. It kind of completes our approach of being able to offer our customers really a full turnkey service. When we think about the general contracting community, which is a significant customer base today of Superior, we just think we can offer them a lot more. We think we can do it in a way where we can hopefully bring costs down for ultimate customers. I think that's the competitive advantage that we're trying to build. We're excited about it. To be honest, when you look at what we're building at MasTec, I don't think there is a comp. I don't think there's anybody that has the self-performed capabilities end to end that MasTec has today, and I think that's meaningful. I think it's strategic, and I think it really differentiates us, which is one of the reasons why we're so excited about this transaction. It's helpful. Jose, you mentioned labor as a differentiator for Superior in the industry. Maybe talk about the growth of the workforce at Superior, 3,000 people now. Any color what the workforce looked like a couple of years ago, and what it could look like a couple of years from now? Is it capacity constrained for Superior? I think it's their strength, right? I think one of the things that we were incredibly impressed by was their rate of growth. I think they've been really intelligent as to how they approach growth. At the start of the cycle, they did a number of joint ventures that allowed them to expand quicker than they would've been able to do it alone. Since then, they've dramatically grown their workforce. I think their workforce is up almost 400% over the last few years. I think when you look at their ability to scale, add labor, train labor, it's been remarkable, right? It's one of the things that we really like about them. I think there's things that we can help them with, especially as we think about geographic expansion, which is probably what we're most excited about. Again, they've been in a lot of states, but I'd say three states have really driven their revenues over the course of the last couple of years. I think when we look at 2027 and 2028, I think the potential of doubling or tripling the amount of states that they're operating in is very high. We know they will be operating in five states next year, so under signed contract. That's going to almost double their geographic footprint, and I think we've got the opportunity to do a lot better than that. Again, we come with our own set of customers, right? We've got a really good customer base in this business that we've been building over the last couple of years. The customers that we have are in different states than the ones where Superior has been strong. I think when we combine both of those with MasTec's really service offerings and the things that we can help Superior with as they grow, right, a lot of the outside the fence work I think can help them expand their geographic footprint quicker and give customers a reason to use the combined MasTec entities. Again, we're just super excited. We think the cross-selling opportunities are the best part of this deal, quite frankly. We haven't really assigned any value to it, but I think if there's one thing that excites both companies is what we're going to bring to each other, and hopefully, that'll reflect itself in the numbers in the coming years. Thank you. Our next question in queue coming from the line of Alex Rygiel with Texas Capital. Your line is now open. Morning, Jose. Congratulations. Very exciting transaction. Could you speak a little bit to Superior's backlog and some of the due diligence you did on that backlog? Yeah, Alex. Thank you. We spent a lot of time on that. Obviously, we had the experience of IEA in 2022 where we struggled a little bit through 2023, it's something that I think we did very differently in this transaction. I think when we look at our guidance for 2027, we have enormous conviction over those numbers. Again, we think if anything, they might end up being conservative. We feel like that's fully identified. We had the chance of actually going project by project and understanding what that meant. Quite frankly, beyond 2027, there's an enormous amount of visibility as well. We're not really concerned by it. We don't think work and revenues are going to be the issue here. We think there's going to be plenty to do. It's going to be about our ability to execute and bring value to our customers to hopefully grow the business. Congratulations. Thanks, Alex. Thank you. Our next question coming from the line of Sangita Jain with KeyBanc Capital Markets. Your line is now open. Great. Thank you. Jose, if you can talk a little bit about Superior's own growth history. Has that been all organic, or do they also have a history of M&A? Because their growth rate has been phenomenal over the last several years. Yeah. It's been 100% organic, which again, is one of the things that we just found incredibly impressive, their ability to grow into this market. They've been around a long time, quite frankly. They've got a lot of history, but at the same time, they've had unbelievable growth over the course of the last five years. Their ability to execute to that and the management team's ability to do that, I think is been quite remarkable. Kudos to them. I think they've done a fantastic job, and I think it's going to add a lot to MasTec. I think the combined entity will be stronger based on the experiences that they've had with some of the experiences that we've had. I think what's in front of us for the combined entity is how do we keep doing it and how do we take advantage of the full market opportunity that exists for the combined entity. Great. If I can ask you how you're thinking about, is this your first entry into the MEP space, and do you think that you need to build a national footprint through more M&A over time, or do you think you can build this company itself into kind of a national company for you? I think that's a great question, and I think it's one that we don't have a full answer to today. There's no question that this is an unbelievable platform. If we decided to look at other things and really to add around it, I think that's going to be available to us. We've had a lot of discussions about that internally with them. The reality is that we've also got an incredible organic opportunity in front of us. I think that, as you know, we've been really focused on the organic side of our business. We're going to continue to do that. We're excited about that, but there's no question that this is an incredible platform investment with a substantial opportunity to build around it if we desire. Thank you. Our next question in queue coming from the line of Liam Burke with B. Riley Securities. Your line is now open. Thank you. Good morning, Jose. Morning, Liam. Jose, you mentioned it earlier in your comments that you're going to need to understandably invest OpEx to fund the growth of Superior. Is there any additional capital investment that is needed to be required, or can this all be funded just through short-term expenses? Yeah, look, this is a great cash flow generating business. We do not believe that we will require any investments above and beyond what they're able to generate internally. I think the commentary was around the overall market spend, the dollars that have to be invested in the industry to accomplish what it is that they want to accomplish. It was more of an external comment than really an internal comment. The cash flow dynamics around these businesses are fantastic, which is one of the reasons we liked it so much. Obviously, the expense comes in really our geographic expansion, but we find that to be relatively limited and have tremendous upside and a quick payback. Great. Then you both bring to the party impressive skilled craft workforces, which is a valuable asset. Is there any cross-training opportunity to further enhance that asset? For sure. I think, again, one of the things that we spent a lot of time talking about in our Investor Day was career path at MasTec. Is having people come into this company, build a career, build a lifetime of MasTec, and be able to provide a better future for their families, which I think is everybody's goal. I think this only adds to that platform. Is the ability for people to enter into the space. These are incredibly good paying jobs, important jobs, and I think our ability to help Superior attract resources, find new resources is critically important. Again, predominantly union, the reality is that unions have the same issues. Is that they got to bring new people into the workforce. I think our ability to help them do that is a critical ingredient of our ability to grow over time and one that we're going to be very focused on. Thank you. Our next question coming from the line of Manish [Mike] with Cantor Fitzgerald. Your line is now open. Manish, you there? Please check your mute button. Hi, can you hear me? Yes. How are you, Manish? Okay, wonderful. Hi, how are you, Jose? Congrats on the transaction. A couple of questions. One on the backlog, the $1.4 billion. Can you just give us a sense on the diversity of that backlog in terms of fixed price versus cost plus, et cetera? Also talk about the customer concentration that Superior has with its customer base. Maybe if you can just kind of give us a sense of top three to five customers, what the concentration is. I think that would be helpful, then I just have one follow-up. I'd say a couple things. One, it's changing. I think they've got five really large customers. Tremendous opportunities across those, some of the strongest names within the industry today. I think we fully expect backlog to grow significantly through the balance of the year and are very comfortable in saying that to support the 2027 build, which again, we feel we have high conviction towards. Look, at the end of the day, blue-chip customer base, the crème of the crème in this industry. We're excited to be a part of it, we're excited to cross-sell into it, and we're excited to bring the customer base that we've built, which is quite different to them, to hopefully cross-sell and grow with as well. Critical part of this deal. I think, again, not a lot of overlap between the two companies, which I think only adds to the opportunities. Then on the Power Delivery margins, I think you said at the Analyst Day approaching double digits, and now it's low double digits. All of that improvement, is that Superior or are you assuming synergies and better utilization across legacy platform? Manish, that page in the presentation was just pro forma, the full year outlook for Superior with our current guidance. If you just superimpose the 2026 full year numbers that we disclosed for Superior on top of our guidance, it would take us, the Power Delivery segment, to low double digits. There are no synergies built into that. That's correct. This is really one of the great potential opportunities within this transaction. Thank you. Our next question coming from the line of Julien Dumoulin-Smith with Jefferies. Your line is now open. Hey, guys. Good morning, everyone. Thanks for the time. I appreciate it. Nicely done. I got to hand it to you guys. Look, I wanted to ask, maybe taking a step forward here, how do you think about transposing more of the cash that you guys articulated at the Analyst Day and putting into more transactions on comparable terms here? Obviously, noting kind of the implied 26 and 27 multiples here. Are you actively looking at other adjacent opportunities like this to continue to get, quote unquote, inside the building? Just how would you think about further M&A broadly? I think a couple things, right? On our Investor Day, we laid out what our potential could be, right? We basically spelled out that we think we'll have $5 billion of capacity for capital allocation, which includes M&A. Obviously, this is really the first deal we've done since Investor Day. We've got tremendous availability, tremendous capacity to keep going. I think while we're super excited about this industry and the potential for further capital deployment around this sector, the reality is the balance of our business is doing really well, and we see tremendous opportunities across our entire portfolio. We're seeing really strong and other opportunities in some of those other areas of the business as well. Again, we talked about it earlier. This could be a great platform investment that we can keep building on. We're going to work with Superior, and really try to model that out and map that out over time. We've had a lot of discussions about it to date. There are other parts of our business that we think are incredibly strong, offer us great upside as well. I think you'll see capital allocation across our entire portfolio. Excellent. You would say out of the five, any increased expectations of that portion going M&A? Well, that's what we said at Investor Day, right? I think that our best use of capital today is on funding our organic growth then looking at M&A. Again, we talked about creating $5 billion of capacity between now and 2028. I think, we'll definitely do that, I think a significant portion of that will go towards M&A over that time frame. Thank you. Our next question in queue coming from the line of Phillip Chen with Roth Capital Partners. Your line is now open. Hey, guys. Congrats as well. Great announcement. Thanks. As it relates to the competitive landscape, Jose, I know you talked a little bit about this already, highlighted that Superior doesn't really have competitors. Wanted to see if you could comment on Superior's positioning relative to Cupertino, Rosendin, Miller Electric, Faith Technologies, and others, in terms of win rates and scale. Then can you elaborate more on what differentiates your combined offering? Jose, you talked about driving costs lower on the combined offering, what else does this bring? What are some other points of differentiation can you highlight? Thanks. Sure. Let me be clear, right? I think you read a roster of fantastic competitors. They are competitors to Superior. There are some great companies in this space. When we were talking about really the competitive difference was about the combined offering. I think all of those are unbelievable electrical contractors that all have a place in the market. It's a huge market. It's a robust market. I think everybody's going to do well. I think scale is really important, right? When we think about MasTec and what we're building, we're building the capabilities to do as much turnkey as you can imagine, right? Everything from civil construction at the front end of a site, which very few of those offer, through all of the outside the fence work call, which is things like substation and bringing all the utilities to the building. Actually building construction, which we've talked about right through our buildings group, where we can actually build the walls of the facility. Again, we don't think there's anybody that offers that within that peer group that you just mentioned. Now we're inside the building. I think when you think about the full life cycle of the project, today MasTec offers that internally on a self-performed basis. I think that's really a differentiator that we're building. It's our job to sell it. It's our job to create value by offering that. It doesn't mean that everybody's going to buy that. We're happy to sell those individually to anybody that needs it and to help support anybody that needs it. We're also happy to bring that together and try to help our customers, from a value proposition plan. I think that's one of the really interesting parts of this deal that will only develop over time. Thank you. Our next question in queue coming from the line of Brian Brophy with Stifel. Your line is now open. Yeah. Thanks. Good morning, everybody. Thanks for taking the question. Congrats on the deal. Thanks, Brian. Yeah. You talked about Superior having exposure primarily to three states extending to a few more here. Can you talk about how that overlaps with your current geographic exposure on some of your existing capabilities? When would you expect to see some of these cross-sell opportunities come to fruition? Is that as soon as next year or likely beyond? Thanks. Brian, I would say that a couple of things. I'd say that in the states where they're strongest, we have a decent presence, but not presence in that market. I think it immediately expands our opportunity within our current business to offer more services within this business segment. When you think about the future states, and the opportunities that Superior's been looking at that I think will develop later in 2027 into 2028, they're states where MasTec has a lot of strength and has a lot more to offer in helping Superior grow into those states. Again, I think that Superior offers us tremendous opportunity for our existing businesses to grow meaningfully in a very short period of time, and MasTec offers Superior the opportunity to enhance its workforce in states that they're planning to grow into over the next year or so. Again, I think it's just a perfect combination. Thank you. Our next question in the queue coming from the line of Adam Thalhimer with Thompson Davis. Your line is now open. Hey, good morning, guys. Congrats on the deal, particularly the relatively low multiple paid. Jose, I'm curious, what gives you confidence that we are still in the early innings of the kind of broader data center build-out versus the middle or the later innings? Adam, it's a good question. I know that it's on everybody's mind. We spend a lot of time, we spent a lot of time in this deal talking to our customers, understanding their longer term build plans. We went out and talked directly to the hyperscalers, their advisors, everybody that actually we could get time with. I think what we came away with it was an understanding that this market, in our opinion, is bigger than people think. It's got longer legs than people think, and we're in the very early end of that cycle, with tremendous upside. Even if that's wrong, the opportunity for growth is going to be substantial. If it's anywhere near what people are telling us, we talk about the difficulty in meeting the demands that are going to be out there. I think it's going to be very difficult to meet the demands as they stand. Either way, we think it's an unbelievable market. It's got tremendous legs. We're in conversations with customers many years out on specific projects, which is just almost unbelievable. We're super excited. We think that there's going to be a lot of noise in the market. There's going to be ups and downs, we get that. We're just very bullish on the long-term outlook of what's happening. When you think about the fact that our geographic footprint in this deal is relatively small with an opportunity that's significantly growing, we think that also insulates us from any significant risk. To your earlier point, I think we bought this well, obviously, but you got to think about the business, right? It's a business that's had unbelievable growth. I think the Stewart family's coming away very pleased with the transaction. I think they're in a position that they could've only dreamed of five years ago. We're excited for them. They deserve it. They built a great business. I think they're going to make a lot of money on the MasTec stock, and that's our goal. I think in retrospect, it's going to be a great deal for both parties. Again, we're excited. We're excited about what they bring. We can't wait to work with their team. We feel, again, like we're in very early innings of what's going to be an unbelievable generational opportunity. Perfect. Thanks, Jose. Thanks, Adam. Thank you. One moment for our next question. Our next question in the queue coming from the line of Steven Fisher with UBS. Your line is now open. Thanks. Good morning. I'm a little limited in what I can ask here, but maybe you can just talk about the capacity of their prefabrication capabilities that you meant, Jose. You mentioned that they had some JVs that expanded their capacity more quickly than they would have otherwise. Can you just talk about those JVs, what they were and what the status of those are? Thank you. Yeah. Part of their operating philosophy, I think they've teamed up with some other great electrical contractors as they've grown in states beyond their current presence. Those are active. Some of them are still active. We're excited about that. We're excited to continue to grow that and continue to study that philosophy as we expand across America. We think it's a great way to really provide customers with a lot of value and de-risk everybody. We'll keep looking at it. From a manufacturing perspective, I think that's one of their strengths. I think they've done a great job of significantly expanding that. There's more work to do there, especially as we grow geographically. We're in a lot of discussions around that as well. It's something that we're excited about and trying to help them. A big part of the business, I think they're really good at it. I think it's one of their strengths, and I think we'll be talking about that more in the quarters to come. Thank you. Thanks, Steve. Thank you. Now I'm showing no further questions in the Q&A queue at this time. I will now turn the call back over to Mr. Jose Mas for any closing comments. Again, just a giant welcome to everybody from Superior. The entire team couldn't be more excited about what we're going to do together. Again, appreciate all of the MasTec team members and their hard work that put us in a position to be able to do this. We look forward to updating everybody on our earnings call in a few short weeks. Thank you for joining us today. This concludes today's conference call. Thank you for your participation. You may now disconnect.