Interim condensed consolidated financial statements — The interim condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024 have been prepared in accordance with Rule 10-01 of Regulation S-X of the Securities Exchange Act of 1934, as amended. As such, certain disclosures, which would substantially duplicate the disclosures contained in our Annual Report on Form 10-K, filed on February 25, 2025, which contains our audited consolidated financial statements for the year ended December 31, 2024, have been omitted.

This Form 10-Q should be read in conjunction with our most recent Annual Report on Form 10-K for the year ended December 31, 2024. The interim financial information is unaudited. In the opinion of management, the interim information includes all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the interim financial information.

Reclassification — Certain previously reported amounts have been reclassified to conform to the current year presentation.

Restricted cash — Restricted cash consists primarily of cash balances that are restricted as to withdrawal or usage and contract retention payments made by customers into escrow bank accounts and are included in prepaid expenses and other current assets in our Condensed Consolidated Balance Sheets. Escrow cash accounts are released to us by customers as projects are completed in accordance with contract terms. The following tables provide a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals of such amounts shown in the Condensed Consolidated Statements of Cash Flows (in thousands):



	December 31,
	2024		2023
Cash and cash equivalents	$	455,825	$	217,778
Restricted cash included in prepaid expense and other current assets		5,604		5,764
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	461,429	$	223,542

Accounts Receivable Securitization Facility — In June 2023, we entered into an Accounts Receivable Securitization Facility (the “Facility”) with PNC Bank, National Association (“PNC”) to reduce interest costs and improve cash flows from trade accounts receivable. In July 2024, we renewed the Facility for a two-year term, added Regions Bank (“Regions”) to the Facility, and increased the maximum purchase commitment to $150.0 million at any one time. In March 2025, we entered into an amended and restated Accounts Receivable Securitization Facility (the “Amended Facility”), modifying certain terms of the Facility and extending the maturity date of the Facility to March 24, 2027. In August 2025, we increased the maximum commitment amount under the Amended Facility to $250.0 million. Fees associated with the Amended Facility for the six months ended June 30, 2025 and 2024, were $3.0 and $2.7 million, respectively, and are included in interest expense in the Condensed Consolidated Statements of Income.

Under the Amended Facility, certain of our designated subsidiaries may sell or pledge their trade accounts receivable as they are originated to a wholly owned bankruptcy remote Special Purpose Entity (“SPE”) created specifically for this purpose. We control and, therefore, consolidate the SPE in our consolidated financial statements. When the SPE transfers ownership and control of qualifying accounts receivable to PNC and Regions, we and our related subsidiaries have no continuing involvement in the transferred accounts receivable, other than collection and administrative responsibilities. Once sold, the accounts receivable are no longer available to satisfy our creditors or our related subsidiaries. Accounts receivable sold to the banking counterparty are recorded as a sale of financial assets and derecognized as trade accounts receivable from our Condensed Consolidated Balance Sheets. We account for accounts receivable pledged to the banking counterparty as a secured borrowing and record as long-term debt on our Condensed Consolidated Balance Sheets.

The total outstanding balance of trade accounts receivable that have been sold and derecognized is $100.0 million as of June 30, 2025. For the six months ended June 30, 2025 and 2024, we received $25.0 million and $10.0 million, respectively, in cash proceeds from the sale of accounts receivables under the Amended Facility, and repaid $0 and $10.0 million, respectively, to the Amended Facility, which are included in cash from operating activities in the Condensed Consolidated Statements of Cash Flows.

The total outstanding balance of trade accounts receivable that have been pledged is $50.0 million as of June 30, 2025, which is included in “Long-term debt, net of current portion” on the Condensed Consolidated Balance Sheets. For the six months ended June 30, 2025, we received $50.0 million in cash proceeds from the pledge of accounts receivables under the Amended Facility, and did not repay any amounts to the Amended Facility, which are included in cash from financing activities in the Condensed Consolidated Statements of Cash Flows. For the six months ended June 30, 2024, we did not pledge any accounts receivable under the Amended Facility.

The SPE owned $399.3 million of trade accounts receivable as of June 30, 2025, which is included in “Accounts receivable, net” on the Condensed Consolidated Balance Sheets. In addition, the SPE had $50.0 million of debt outstanding

as of June 30, 2025, which is included in “Long-term debt, net of current portion” on the Condensed Consolidated Balance Sheets. As of June 30, 2025, we did not have any available capacity under the Amended Facility, prior to the August 2025 amendment.

Customer concentration — We operate in multiple industry sectors encompassing the construction of commercial, industrial and public works infrastructure assets primarily throughout the United States. Typically, the top ten customers in any one calendar year generate revenue that is approximately 40% to 50% of total revenue; however, the companies that comprise the top ten customers vary from year to year.

For the three and six months ended June 30, 2025, approximately 45.9% and 46.1%, respectively, of total revenue was generated from our top ten customers and no one customer accounted for more than 10% of our total revenue.

For the three and six months ended June 30, 2024, approximately 39.7% and 42.3%, respectively, of total revenue was generated from our top ten customers and no one customer accounted for more than 10% of our total revenue.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” that requires presentation of specific categories of reconciling items, as well as reconciling items that meet a quantitative threshold, in the reconciliation between the income tax provision and the income tax provision using statutory tax rates. The standard also requires disclosure of income taxes paid disaggregated by jurisdiction with separate disclosure of income taxes paid to individual jurisdictions that meet a quantitative threshold. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however entities have the option to apply retrospectively for each period presented. This ASU will likely result in us including additional required disclosures in the financial statement footnotes in our Annual Report on Form 10-K commencing with the year ending December 31, 2025, but is not expected to have an effect on our consolidated financial position, results of operations or cash flows.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” This ASU requires an entity to disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under current U.S. generally accepted accounting principles (“GAAP”) in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. An entity may apply the amendments prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. This ASU will likely result in us including additional required disclosures in the financial statement footnotes, but is not expected to have an effect on our consolidated financial position, results of operations or cash flows.