Brent Thielman

I am wondering if you can just expand upon some of the things that you are seeing today and maybe especially since Liberation Day that might inform that view

the initiatives that compressed margins a bit last quarter, 3Q. I think you moved into some new territories that caused a little pressure there. Like what lingering impact that had in the fourth qu...

Do you see yourself having to move into different regions to get more of this work? Or maybe you could just talk about what's happening, where you're already at

your balance sheet, you sort of have a war chest here. How do you think about like total excess liquidity here

what areas are surprising you in terms of relative strength or maybe even getting stronger that you'd point out outside of data centers

can you build on the margins that you're seeing on new work? Are they attractive relative to what we see reported here

just wanted to circle back. Is this sort of the same mix in terms of combination of operating leverage versus just getting higher rate, it'd be helpful to hear what exactly you're leveraging in tha...

I wanted to get your take on the pipeline of potential targets as the market evolved a lot in the last 12 months where seller expectations are

it sort of feels like we're maybe at an inflection point here. When you think about just the financial outlook for the rest of the year

I was trying to get a sense of whether Miller is accretive or dilutive to the Electrical segment margin as you fold that in

you did keep the top end of the guidance range here. And my question was more, is it to handicap what could be operational risks just related to tariffs

your assessment of the opportunities that may be building in that vertical where we could sort of see an inflection maybe in RPOs over the next couple of years

wondering if there are opportunities or future revenue synergies to gain when you can sort of combine it with some of your existing operations in the Southeast

to what degree you're seeing the influence of new AI data centers in your bookings now? I know it hasn't really been influential to revenue yet

the move in electrical margins here has just been phenomenal here in the last few years. And I, you know, I guess the question I get is, you know, how do you build upon this

SG&A as a percentage of revenue—Bill, I mean, I think it is the lowest I think you have ever seen for a fourth quarter

Where would you say you are in terms of leveraging the investments you already made there at Modular?

it looks like you saw, like, a $1,600,000,000 increase in backlog for your, I guess, non-modular Texas operations

I was hoping you could give us more color on the bookings in Q4. What kind of projects are those? And when will those start construction?

Does all of that come online at 2026, or does that kind of come online throughout 2026?

Is that capacity or space already effectively sold out? Or do you expect it to be soon?

how critical have your sort of internal recruiting, hiring efforts been in recent years in support of that growth versus job values getting bigger?

The $15.5 million write-up that you called out, I think, in the filing, is that all reflected in the mechanical segment?

has that market or pipeline of opportunities on that side subsided? Or it's just simply your workers are fungible and you're going to best opportunities?

a quick question on the semi fab market and anything that may be coming down the pipeline there? And maybe you can comment on pharma as well?

Could you possibly comment maybe on the proportion modular represents in backlog today? And then also just from a customer standpoint, is there an opportunity to add another hyperscaler

the manufacturing sector was down in the first quarter. Is that more a consequence of just focusing your resources to these other end markets

Is there a minimum level of cash you want to keep on the balance sheet as we go forward?

Have you seen any impact early this year just related to the whole HVAC refrigerant transition? Did it have any impact on your activity or bookings

Could you just talk about your ability to continue to see growth in modular in 2025? I know there's limitations in terms of capacity

is that a function of the terms that you continue to see come in on new awards? Is it the schedules you see laid out for 2025

with that focus on productivity and automation, presumably, that can put some upward pressure on margins in that particular area. Is that fair?

how should we think about sort of this lag from permits and starts to having some noticeable sort of impact to your business

I'd just be curious what's your assessment, your experience as to whether there's risk of reallocation within those state budgets

are there trades in particular where you see real scarcity such that it's actually somewhat of a limiting factor to our growth?

Can you size the impact from some of these costs that you had mentioned that impacted the quarter? Should we be thinking about these as more one-time or ongoing

is that consistent with the annual price increases you're planning for next year? And then the other thing I was wondering is just around that, how much sort of volume

what you know, Vulcan's response is gonna be to the extent that tariffs are implemented on some of your assets shipping down from Canada