Good morning everyone, and welcome to the MYR Group Second Quarter 2026 Earnings Results 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 hear an automated message advising that your hand is raised. To withdraw your question, please press star one one again. Today's conference is being recorded. I will now turn the call over to Jennifer Harper, Vice President, Investor Relations & Treasurer, for introductory remarks. Thank you. Good morning, everyone. I would like to welcome you to the MYR Group Conference Call to discuss the company's Second Quarter Results for 2026, which were reported yesterday. Joining us on today's call are Rick Swartz, President and Chief Executive Officer. Kelly Huntington, Senior Vice President and Chief Financial Officer. Brian Stern, Senior Vice President and Chief Operating Officer of MYR Group's Transmission & Distribution segment, and Don Egan, Senior Vice President and Chief Operating Officer of MYR Group's Commercial & Industrial segment. A copy of yesterday's press release announcing our second quarter results can be found on the MYR Group website at myrgroup.com under the Investors tab. Please note, today's discussion may contain forward-looking statements. Any such statements are based upon information available to MYR Group's management as of this date, and MYR Group assumes no obligation to update any such forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Accordingly, these statements are no guarantee of future performance. For more information, please refer to the risk factors discussed in the company's most recently filed annual report on Form 10-K. Certain non-GAAP financial measures will also be presented. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in yesterday's press release. With that, let me turn the call over to Rick Swartz. Thanks, Jennifer. Good morning, everyone. Welcome to our Second Qarter 2026 Conference Call to discuss financial and operational results. I will begin by providing a summary of the second quarter results and then turn the call over to Kelly Huntington, our Chief Financial Officer, for a detailed financial review. Following Kelly's overview, Brian Stern and Don Egan, Chief Operating Officers for our T&D and C&I segments, will provide a summary of our segment performance and discuss some of MYR Group's opportunities going forward. I will then conclude today's call with some closing remarks and open the call up for your questions. We achieved solid second-quarter financial results reflecting consistent performance throughout our business. During the quarter, we saw steady activity across our markets with ongoing infrastructure investments and electrification initiatives supporting demand. We remain focused on maintaining operational discipline, pursuing opportunities aligned with our strategy, and creating long-term value for our stakeholders. On July 1st, we closed the acquisition of Valley Electric and Comet Electric, further expanding our commercial and industrial capabilities and geographic presence. Their diverse project portfolios, strong customer relationships, and extensive prefabrication capabilities complement our existing capabilities, positioning us to pursue a broader range of opportunities. We look forward to working together to leverage our combined strengths and support continued growth across an expanded footprint. As we continue to build our capabilities and serve our customers, our commitment to safe, reliable execution remains unchanged. Our teams are focused on maintaining strong customer relationships, producing high-quality results, and working collaboratively across our organization. I'm grateful to our teams for their continued dedication and the contributions they make every day. Kelly will provide details on our second quarter 2026 financial results. Thank you, Rick, and good morning, everyone. Our second quarter 2026 revenues were a record $1.08 billion, which represents an increase of $181 million or 20% compared to the same period last year. Our second quarter T&D revenues were $524 million, an increase of 4% compared to the same period last year. T&D segment revenues increased primarily due to higher revenue on T&M contracts and unit price contracts, partially offset by lower revenue on fixed-price contracts. Work performed under master service agreements represented approximately 65% of our T&D revenues. C&I revenues were $558 million, a record high for our C&I segment and an increase of 42% compared to the same period last year. C&I segment revenues increased primarily due to higher revenue on fixed-price contracts. Our gross margin was 13.2% for the second quarter of 2026, compared to 11.5% for the same period last year. The increase in gross margin was primarily due to better-than-anticipated productivity, favorable job closeouts, and an increase in scope on certain projects. These margin increases were partially offset by an increase in costs associated with inefficiencies on certain projects. T&D operating income margin was 9.4% for the second quarter of 2026, compared to 8% for the same period last year. The increase was primarily related to better-than-anticipated productivity, favorable job closeouts, and an increase in scope on a project. Partially offset by an increase in costs associated with inefficiencies on certain projects. C&I operating income margin was 8.5% for the second quarter of 2026, compared to 5.6% for the same period last year. The increase was primarily related to better-than-anticipated productivity on certain projects, most of which are nearing completion, and an increase in scope on a project, partially offset by an increase in costs associated with inefficiencies on certain projects. C&I operating income margin was also positively impacted by a larger portion of our projects progressing at higher contractual margins, some of which are nearing completion. Second quarter 2026 SG&A expenses were $74 million, an increase of approximately $11 million compared to the same period last year. The increase was primarily due to higher employee incentive compensation costs and employee-related expenses to support future growth. Our second quarter effective tax rate was 25.7%, compared to 29.2% for the same period last year. The decrease was primarily due to a favorable impact from stock compensation excess tax benefits, partially offset by higher U.S. taxes on Canadian income and other permanent difference items. Second quarter 2026 net income was a record $50 million, compared to net income of $27 million for the same period last year. Net income per diluted share of $3.17 increased 86%, compared to $1.70 for the same period last year. Second quarter 2026 EBITDA was a record $85 million, compared to $56 million for the same period last year. Total backlog as of June 30th, 2026, was a record $3.16 billion, 20% higher than a year ago. Total backlog as of June 30th, 2026, consisted of $1.27 billion for our T&D segment and $1.89 billion for our C&I segment. Second quarter 2026 operating cash flow was $3 million, compared to operating cash flow of $33 million for the same period last year. The decrease in cash provided by operating activities was primarily due to the timing of tax payments and the timing of billings and payments associated with project starts and completions. Second quarter 2026 free cash flow was negative $26 million, compared to positive free cash flow of $12 million for the same period last year. The decrease was due to the decrease in operating cash flow and higher capital expenditures to support future growth. Moving to look at our balance sheet, we had approximately $307 million of working capital, $9 million of funded debt, $460 million in borrowing availability under our credit facility, and $138 million in cash and cash equivalents as of June 30th, 2026. We had a funded debt to EBITDA leverage ratio of 0.03 times at the end of the second quarter. After quarter end, on July 1st, we acquired all issued and outstanding capital stock of Valley Holdings and subsidiaries for initial cash consideration of $328 million, which is subject to working capital and net asset adjustments. We funded the cash payment at closing through a combination of approximately $93 million of cash on hand and $235 million of borrowings under our revolving credit facility. We continue to believe that the remaining borrowing availability under our credit facility and future cash flow from operations will enable us to support the organic growth of our business, pursue future acquisitions, and opportunistically repurchase shares of our common stock. I'll now turn the call over to Brian Stern, who will provide an overview of our Transmission & Distribution segment. Thanks, Kelly, good morning, everyone. The T&D segment delivered another solid quarter, reflecting effective execution across a broad range of small to mid-size projects throughout our markets. Our teams remain focused on delivering safe, high-quality work while maintaining reliable project performance. We continue to leverage our trusted customer relationships while selectively expanding our presence with new and existing customers amid ongoing investments in transmission and distribution infrastructure. This quarter, The L.E. Myers Co. was awarded two large transmission jobs for Xcel Energy with a combined value in excess of $200 million. Sturgeon Electric was selected for a 500 kV substation project in Arizona. Great Southwestern Construction was awarded a 345 kV transmission rebuild project in Texas, along with a greenfield substation project in Colorado, with an additional substation work in New Mexico. Harlan was awarded a substation expansion project in Ohio, along with several distribution projects in Pennsylvania. Electricity demand continues to reshape utility capital investment priorities across the transmission and distribution market. Deloitte Research Center for Energy & Industrials notes that utilities are making significant long-term investments to modernize transmission and distribution infrastructure as electricity demand increases and grid reliability requirements continue to evolve. We believe these ongoing grid needs are creating opportunities within our T&D markets, where we continue to see steady bidding activity. Our ability to execute in this environment is driven by the strength of our teams, our commitment to safety and quality, and to the continued investment in our workforce. We remain focused on delivering consistent results for our customers while maintaining the operational discipline that supports long-term success. We appreciate our employees' dedication to safety and performance across the organization. I will now turn the call over to Don Egan, who will provide an overview of our Commercial and Industrial segment. Thanks, Brian, good morning, everyone. Our C&I segment continued to perform well during the second quarter, reflecting steady activity across our core markets and the disciplined execution of our teams. Bidding activity remained healthy during the quarter, and backlog continued to grow, supported by a balanced mix of new project opportunities and repeat business. We remain focused on understanding our customers' evolving needs, delivering projects safely and efficiently, and positioning ourselves to support a diverse range of projects. We believe these longstanding customer relationships remain a key differentiator for our business and will support sustainable growth over time. Market conditions continue to support demand across our commercial and industrial markets. Recent data points to sustained investment in data centers, grid modernization, power infrastructure, and industrial facilities. ConstructConnect reports U.S. data center construction starts remain at historically elevated levels, while utilities and developers continue to accelerate investment in the electrical infrastructure needed to support growing power demand. These trends combine to reinforce a healthy backdrop for electrical contracting, particularly in mission-critical facilities in complex commercial and industrial projects. Our teams throughout all subsidiaries continue to deliver on existing commitments while pursuing new project opportunities, leveraging the breadth of our capabilities and customer relationships. We were awarded data center work in New Jersey and Arizona, multiple data center projects in Colorado, aerospace work in California, and hospitality and higher education work in New York. These wins highlight ongoing activity in key markets and a broad range of project types. We remain focused on supporting our customers' needs and broadening our ability to serve them. In closing, we recognize the dedication of our employees and remain focused on executing our strategy as we continue to build on the strengths of our organization. Thank you everyone for your time today. I will now hand the call back to Rick for his closing remarks. Thank you for those updates, Kelly, Brian, and Don. Our second quarter 2026 results reflect the continued strength of our operating model, supported by the capabilities of our teams and the relationships we have built with our customers across both segments. We continue to see opportunities throughout our markets as investment in electrical infrastructure evolves, and we remain committed to disciplined project selection, operational execution, and serving our customers' needs. Our commitment to integrity, collaboration, and delivering quality work provides a strong foundation as we pursue initiatives aligned with our long-term strategy. I want to thank our employees for their exceptional dedication and our shareholders for their confidence and support. We welcome the employees of Valley Electric and Comet Electric to MYR Group and are focused on leveraging the capabilities and expertise they bring to the organization. Looking ahead through 2026, we continue executing our strategy and maintaining the standards that have supported our success. Operator, we are now ready to open the call up for your comments and questions. Thank you very much. As a reminder for those on the phone, to ask a question, please press star one one on your telephone and wait until you hear your name announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first call comes from the line of Caitlin Donohue of Goldman Sachs. Caitlin, your line is open. Good morning, thank you for taking my questions. Morning, Caitlin. Good morning. Just want to ask on the acquisition of Valley and Comet Electric. It was great to see. Can you walk us through your expectations now that you have them in-house, how you see that growing your customer base and your capabilities within C&I throughout the geography within the U.S.? We've talked about that a little bit in the past as we did some of our press releases and went through it. Their capabilities are very similar to our own. We see that leveraging both their customer base and then having an influx with our own customer base. We've been able to do that on past acquisitions and expand both markets. For us, we see that as a continued opportunity for us. As I said earlier, they're very strong with prefab, strong customer relationships similar to our own, and we see that as a very good acquisition going forward. That's helpful. Just another one from me. Can you talk a little bit about, I know we've seen margins come in pretty strong in both segments within the first half of the year, and I know we had talked previously about maybe full year landing in that middle range of those margin guides. How do you see the back half of the year shaping up from a margin perspective, given the strength that we've seen in the first two quarters? Yeah. I think we've had good strength. We've had good project closeouts as we've gone through both segments this year. We continue to see good performance across really our project portfolio. Again, as we look at the total year, nothing's changed with our projections that we'll be in the mid part of our projections for operating margins on the C&I of that 6%-9%, and T&D will fall in that mid-range of that 8%-11%. We see that continue. We'd love to see an uptick from there, but right now, when we look at the market and the jobs that are closing out, we see it kind of in that mid-range for the rest of the year. That's helpful. I'll turn it back. Thank you very much. Our next call comes from Sangita Jain of KeyBanc Capital Markets. Sangita, your line is open. Thank you. Good morning. Kelly, can you help us understand the revenue bridge for second half now that you've closed on the Valley acquisition? I understand that your EPS contribution may be more muted. Yeah. I can cover that. You're correct. I'll just maybe start on that last point you made around the EPS contribution. Typically, our acquisitions have higher amortization expense in the first 12 months, really driven by the shorter amortization period for backlog. We would expect the contribution to be more neutral from Valley on EPS and also operating income, as we look through that first year of owning them. From a revenue perspective, we expect their contributions will be in that approximately $250 million range rest of year. Maybe I'll turn it over to Rick just to talk about our revenue expectations overall. Yeah. I think when we look at our overall revenue projections for the year, again, that should add roughly that $250 million, and then when we look at our growth, I think it'll kind of be in that overall growth, probably in that 13%-15%, if I looked at our overall growth on an organic basis going forward. Great. On that Xcel Energy $200 million award that you just highlighted, is that part of that MSA that you won a few quarters ago, or is this outside of that? Is it all in your backlog? This is in our backlog. Those two projects are in our backlog. It's the larger projects I've been talking about for the last six months that we anticipated coming into our backlog in the second half of this year. Those projects did mature into contracts, and we were able to add them to our backlog during this quarter. Yes, they are in there, and again, we continue to see good activity on the large project side. Again, those projects are always lumpy how they come into our backlog. These ones, as I said earlier, came into our backlog just as we projected for the last six, eight months that we've been talking about those projects coming in. Great. Thank you so much. Thank you very much. Our next call comes from the line of Manish Somaiya of Cantor. Manish, your line is open. Thank you so much. Good morning, everyone. Two questions for me. Kelly, if you can just touch on the cash flows. I guess there were some timing-related issues. If you could just help us understand how we should kind of think about second half cash flow and working capital in particular. Sure. We've seen some very strong cash flows over the past five quarters, and in the second quarter here, we did see the timing of cash payments, select of tax payments really impacting the quarter. That was about $30 million higher than the second quarter of last year. Still positive from an operating cash flow perspective. If we look out the rest of the year, we do see strong EBITDA growth with the revenue growth that Rick was talking about, as well as with our improving margins with those higher target ranges. The headwind, just as we talked about the last quarter, is we are sitting at near record low DSOs. We do see a lot of that is driven by the strong over-billings we have on some projects, and those do naturally balance out over time. We could see our DSOs going from the current mid-50s to more of the low to mid-60s as we progress through the next few quarters. We do see that as a little bit of a headwind against that strong EBITDA growth that we see going forward. That's helpful. Sorry. I don't know if somebody had a comment, but I was just going to follow up on the T&D side. Obviously, nice activity, especially on the backlog with some pretty significant sequential increase. How should we think about the cadence of that backlog in terms of the conversion to revenues as we go into second half 2026 and 2027? Yeah. I would look at those kind of carving out the two projects that we captured on the large project side and that excess of $200 million. I'd look at that contribution as really coming in and starting kind of in that second half of 2027. There won't be much contribution from those projects prior to that. There's a chance material could come in a little sooner than that, but as you model it out, look at that revenue starting to burn kind of in that second half of 2027, and then kind of continuing burn on an 18-month period beyond that. Okay. That's helpful, Rick. Thank you so much. Congrats again. Thank you. Thank you very much. Our next call comes from the line of Brent Thielman of Oppenheimer & Co. Brent, your line is open. Hey, thanks. Congrats. Great quarter. Rick, I just had maybe a follow-up on the T&D business. Again, really solid bookings, great backlog here to finish the quarter. I guess, could you talk about your ability to absorb sort of new business for the segment, just given the huge backlog you have today, and certainly a finite level of resources out there, but if you could just talk about that? Yeah, I think we're well-positioned. We've been modeling this growth for a long time. It's not that it's something new or that we haven't been targeting. I think you've seen our growth over the last six, seven years, primarily organic on the T&D side, so well-positioned on that side. I think from a labor standpoint, we're well-positioned to continue to capture additional projects. We feel we're well-aligned with 345, 500, and even some of that 765 work that'll be available. As I said before, we really don't see that work starting until the second half of 2027 and beyond. We're doing a lot of budgeting and looking at a lot of projects and doing constructability for projects that are going to construct in that kind of 2028 and beyond, clear out into the 30s. Lots of good activity, lots of good opportunities, and I think we're well-positioned to continue to capture future large projects as this market moves forward. Great. Just to follow up, I guess, just on the C&I business, if you could just talk about the quality of the business you're adding here. What's the competitive environment look like for the types of projects you're securing in that business? I guess just an opportunity to talk about what you're seeing outside the data center world as well. Sure. I'll let Don start that one, and then I'll add to it. I think, as I mentioned in my script, we were awarded a couple of jobs outside the data center world in New York and also in California. Our markets are strong. Unfortunately, we are not price makers as it will. It's still a competitive landscape out there. We are seeing strong activity. Again, as I described it on the T&D front, a lot of projects that we're budgeting and doing constructability for that are going to build in 2028, 2029, 2030. We're seeing that same activity on the C&I side. I'd say a very robust market and making sure we're well-positioned to capture that work as we go forward. Excellent. Thank you. Thank you very much. Our next call comes from Julien Dumoulin-Smith of Jefferies. Julien, your line is open. Hi. Good morning. It's Brian Russo on for Julien. Good morning, Brian. Hey, just to follow up on, I think it was the $250 million, second half of the year run rate of revenue for Valley. There seems to be quite a bit of growth relative to what you kind of disclosed to be for the full year average over the last two years. I'm just wondering, I know the deal just closed in early July, but is the performance of Valley and Comet exceeding your expectations? How does that kind of play into what is very strong first half C&I performance out of your core business? I think when we look at the contribution that we anticipate that making in the second half, a portion of that is material and as it comes in. Again, material is always going to be lumpy as it comes in. That can vary quarter-to-quarter. I would say, when we look at that market overall, we're pleased with the acquisition, we look forward to it. I would say it's as projected. I wouldn't say there's any things we're shocked about or we haven't seen big revenue move forward. It's really how that material comes into play and how that delivery comes. Again, I would say as anticipated, but again, very positive on this acquisition. We think it's going to be very positive for us going forward. Okay, great. Could you comment on the C&I end market diversification? What's driving the 40% year-over-year revenue growth and the top end of those margins? I would just assume that the data center end market is growing a lot faster than, say, education or healthcare. Just want to get a bit of understanding of how that mix is evolving. I would say it varies quarter-to-quarter and geographic area by geographic area. Again, we've described it before as we've talked about it, that data centers isn't the number one market in every geographic area we're in. We see good activity on whether it's advanced manufacturing, whether it's transportation work. Some of our other key markets we're in, we like being diversified. We want to make sure we continue to be diversified. We are seeing good activity, I would say, across all our key markets. There's five or six key markets we talk about. When I look at it, good activity in them all. Again, we're not going to focus just on data centers. We like data centers. We like those opportunities there. Again, we've got a lot of long-term clients that have been with us a long time that build other types of facilities, and we see great opportunities with them. Okay. Just one last question on high voltage transmission. How are discussions progressing with some of the other key customers, maybe in ERCOT in Texas, in addition to the nice $200 million of two project awards with Xcel? Yeah. No, I would say those, when you look at 765 and some of those projects that'll be coming to market in the future here, I would say good conversations going on with our clients again. As you read and you see in the headlines, a lot of them are still going through siting issues and making sure that they get that all addressed before the projects are released. Again, making good progress on that. I would say we're having good conversations and we see good opportunities going forward. Again, those projects, as I've said before, would really start, at best case, the end of 2027, but more likely 2028 and beyond when you look at that 765 work. Okay, great. Thank you very much. Thank you. Our next question comes from the line of Brian Brophy of Stifel. Brian, your line is open. Yeah, thanks. Good morning. Congrats on the nice quarter. Thanks, Brian. Yeah. I know there was some commentary on competitiveness still in the market, but just curious generally how you're seeing terms and conditions trending within some of the awards you've gotten recently. To what extent does that increase the odds of continued positive closeout activity moving forward? Thanks. Well, for us, it's always a focus of ours to get in the best terms and conditions we can, both on the C&I and T&D front. I think we're always pushing for that side to have fair terms and conditions. Again, over 90% of our business is return clientele, so we have strong relationships with these clients. Hopefully, that's reflected in less risk for us as we go forward. Again, try to be fair with our customers, and I think in turn, our long-term customers are fair with us. Good opportunities, I would say, from a business standpoint, and probably, as I said before, more favorable terms and conditions today than we saw in contracts eight months or a year ago. Continue to see advancements on that side. Thanks. That's helpful. Obviously, great award quarter, particularly in T&D, maybe just touch on the labor environment, how tight is it, and generally, where are you seeing more or less tightness in the marketplace when you look across T&D and C&I? Thanks. Yeah, I think some areas are a little tighter than others. We're starting to see a lot of markets tighten up a little bit. With that, a lot of these projects are longer-term projects, so they're not going to all be built in 2027. As I said, we've been building out our groups for a long time. We see these opportunities, and I think we were well strategically positioned to capture these projects. Again, from a labor standpoint of retaining our employees, advancing our employees, and recruiting new employees, we continue to see those opportunities. I would say our conversations with customers still remain around two items. They're concerned about how they get their material on time to build their projects and making sure that they have the labor aligned to do their projects when that construction takes place. Very strong positions again. Our backlog's always going to be lumpy as it comes in because, as we've talked before, some of these projects are two to three years in the development stage. Again, we see a very long runway on these projects and lots of good opportunities out there. Understood. Appreciate it. Thank you. Our next call comes from the line of Tim Moore from Clear Street. Tim, your line is open. Thanks, impressive backlog growth and operating margin leverage in the quarter. My first question is just around within T&D. I believe you formed a large project group team there, separate from the MSA side work staff. Can Rick or anyone on the team just provide some insights on kind of either risk management and the trade-off that you make of maybe geographic concentration with fleet utilization in one area benefit versus maybe taking on a larger project in a less scaled geography? I'm just trying to wrap my head around, is one of the drivers also servicing the 90% repeat customers, kind of wherever they are? No, I would say, I'll start I'll let Brian add a little bit to this. I'd say our large project group we formed 20 years ago in the anticipation of these larger projects coming into play because we wanted to make sure that we continued to take care of our day-to-day MSA contracts. Remember, a lot of these investor-owned utilities that we have MSAs with are also the same ones that are doing some of these larger projects out there. It's being able to service them on both sides. We centralized our fleet years ago so that we could make sure that we utilized our fleet the best we could and took advantage of both the MSA work and also positioned ourselves well to be able to take on some of these larger projects. Making sure we have the right equipment available to take on some of these larger projects while we serve those customers with that MSA work. Brian, anything you want to add as you've gone through your marketing phase? You kind of hit it there other than our large projects teams work hand-in-hand with the local teams, as Rick said, to service those customers. It's an independent group, but it's to make sure we can handle any of our customer needs or other projects that may come out in the market. Great. That's helpful, caller. Just one more follow-up on the Valley and Comet acquisitions. Is it fair to assume that they can integrate fairly quickly because they're C&I and you don't have to integrate large fleet like you might have to if it was T&D, and then mostly kind of reporting systems integration? I would say, as we go through that, we did the initial assessment. I think as we said, we're always going to look at all their systems. Their systems are very strong as they stand alone. Some of that stuff on the accounting side and the finance side, we're going to bring them onto our systems. That's planned from day one. We've done that with our other acquisitions we've done. From as far as an integration standpoint and assimilating them into our company, I would say, we're pleased at the speed that's going. Very early conversations with them about what would change, what would remain the same. Again, they're a very strong operating company, so they had very good systems in place as they ran their business. Really, I'd say in a lot of cases when we do acquisitions, we learn from each other. There's a lot of things we try to add to them, I think we also try to learn as much as we provide to them. I think we've got some areas that we can see that they've done stuff maybe a little better than we have in some cases, and we adapt to that. I would say it's been a very good sharing experience so far. Great. That's helpful, caller. That's it for my questions. Thank you. Thank you very much. At this point, I'm showing no further questions in the queue. I would like to turn the call back over to Rick Swartz for any additional closing remarks. To conclude, on behalf of Kelly, Brian, Don, and myself, I sincerely thank you for joining us on the call today. I do not have anything further. We look forward to working with you in the future and speaking with you again on our next conference call. Until then, stay safe. Thank you. This concludes today's conference call. 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