Q3 2025 Centuri Holdings Inc Earnings Call
Posted to Century Holdings website. Our third quarter 2025 earnings release and earnings slide deck.
Please note that on today's call, we will address certain factors that may impact this year's earnings and provide some longer term guidance.
Some of the information that will be discussed. Today contains forward-looking statements within the meaning of the private Securities. Litigation Reform Act.
These statements are as of today's date and based on Management's, assumptions on what the future holds. But our subject to several risks and uncertainties.
Including uncertainty surrounding the impacts of future economic conditions and Regulatory approvals.
A cautionary note as well as a note regarding non-gaap measures is included on, slide 2 and slide 15 of the presentation. Today's press release and our filings with the Securities and Exchange Commission. We encourage you to review these documents.
Also provided our reconciliations of our non-gaap measures to related Gap measures.
These risks and uncertainties may cause actual results to differ materially from statements made today.
The caution against placing undue Reliance on any forward-looking statements and we assume no obligation to update any such statement except as required by law.
Today's call is also being webcast live and will be available for replay and the investor relations section of our website. Shortly after the completion of the call.
On today's call, we have Chris Brown, president and chief executive officer.
And Greg izenstark Chief Financial Officer. I will now turn the call over to Chris.
Thank you name. We'd like to have you on board and hello to everybody on the call.
uh, we appreciate you joining, our third quarter, 2025 event call
We have prompted to have delivered record revenue for the quarter.
Improved our best profitability and produce third quarter adjusted net, income of 16.7 million and increase of 11.4 million from the same quarter last year.
Whilst the concept of discussing our best business performance is not new to us. It does reflect a new way of discussing our results with the market.
With today's earning release, we've introduced a couple of new non-gaap measures which are best Revenue, best growth profit and and best growth profit margin.
Each measure, simply excludes, the impact of storm restoration services, which is out of our control and creates volatility in our reporting numbers.
Start restoration services are an important part of our service offerings for customers. However, we believe that these
New measures will provide our stakeholders with better information, better aligned to evaluate the fundamentals of business performance, and provide for improved period-over-period comparisons.
In the third quarter, we increase our base Revenue by 25%
and so, a 28% increase in base gross profit.
This is remarkable growth and reflects the dedication of our teams across the US and Canada, and their unwavering commitment to safety, productivity, and delivering exceptional services to our customers.
As I start with the commercial update, we have continued to make great strides in in our business development.
Our Q3 bookings of approximately 815 million, reflects a book to build of almost 1.
Nearly 80% of the dollar value of the bookings, reflects new Revenue opportunities, meaning, strategic bids, or new NSS.
the work includes the 9 figure natural gas steel pipeline replacement project for an existing Midwest customer driven by the phmsa gas Mega rule pipeline regulations
Additionally work scope succeed, in 50 million for data center campus projects, across Pennsylvania and a sizable contract for a mechanical Vapor compression System. 7 a renewable natural gas sector.
We are seeing continued momentum in the pipeline for bid opportunities. And we are now winning bids at a very constant rate.
Purple bookings for the year. Now standard 3.7 billion putting as well ahead of the 1.1 times targeted book to bill for the full year 2025
Long-standing utility partner in the Northeast.
We also secured more than $65 million in incremental MSA work, which included new MSA contracts in the Midwest and Southeast for gas and electric distribution work.
Our backlog reached a record, high of approximately 5.9 billion up from the 5.3 billion last quarter.
We are experiencing significant growth with many of our existing customers which gives us line of sight to incremental workload under existing MSA contracts.
This is what drove the more than 10% increase in backlog from the last quarter.
Our overall opportunity pipeline remained, very robust at about 13 billion dollars. We now have over 600 strategic bid opportunities in the pipeline, which collectively represents a little more than half of the 13 billion.
The Strategic bigs also include 1.3 billion related to various data center opportunities.
Over the near term. We have tracking 1.7 billion of strategic bids with an award decision expected by the, by the end of the first quarter of 2026 and about 1.3 billion across, Emissary renewals and new MSA Awards. Also, due by the end of q1 2026,
With the visibility, we have in our backlog, the near-term booking expectations, and a conservative Baseline for incremental Awards. In 26. We have line of sight to double-digit revenue growth in 2026, more details on the backlog Pipeline and the growth Outlook are on slide 8 within the investor deck we've posted today.
To efficiency. We've executed a strategic fleet optimization initiative with the goal of generating more cash for the business.
The initiatives has 2 key components.
First we're targeting an optimal 50/50 funding mix maintaining half of our Fleet on the balance sheet, whilst leveraging leasing structures for the remainder.
Second.
We are aiming for a 20% plus improvement in fleet efficiency through enhanced supply and pricing, improved utilization rates.
And optimized allocation across our business units.
These initial leases are primarily focused on equipment that we had been that we had had under short-term rental agreements.
We will continue to keep the market updated. As we make more progress, more significant progress on these initiatives.
Recently in September, we completed our separation from Southwest Gas Holdings. Upon the pleasant of their sale of the remaining shares in Century.
In conjunction with the full separation. We appointed Christopher crumble as independent chair of the board of directors.
Chris brings over 30 years of financial executive experience, in energy and construction and serves well to lead our board.
And lastly, we recently announced the addition of Ryan Plaza as president of US gas, Ryan has more than 3 Decades of experience deep industry, relationships and Leadership capabilities to drive. Operational excellence drive further, profitability, and strategic growth. We are thrilled to have added Brian to our team.
Now over to Greg to discuss the results.
Thank you, Chris and good morning to everyone joining us today.
Third quarter, 2025 Consolidated, revenues total, 850 million dollars, a new quarterly record and was an 18% increase from Q3 2024.
Consolidated gross profit was 78 million compared to 75.8 million in the prior year period.
And gross profit margin of 9.2% in the third quarter of 2025 compared to 10.5% last year.
When isolating our base results, the strength and growth of the business is clear with base revenues of 25%, and bass gross profit of 28% compared to last year.
Base growth profit margin was 9.1% in the third quarter versus 8.9% last year.
Net income attributable to Common stockholders in the third quarter was 2.1 million or 2 cents per share compared to a net loss. Attributable, to common stock, stockholders of 3.7 million or 4 cents on a per share basis in the same period last year.
78.8 million in the prior year's quarter.
Adjusted net income in the third quarter came in at 16.7 million or 19 cents on a per share basis, compared to 5.3 million or 6 cents per share in the prior Year's period.
The difference between our gaap and non-gaap adjusted. Net income primarily reflects the after tax impact of the amortization of intangible assets, certain non-recurring costs and non-cash stock based compensation.
Notable in Q3 2025 was a 8.2 million or 9 cents per share in charges related to the debt refinancing executed early in the quarter.
Now to our segments, us gas Revenue was 412.4 million in increase of 13% compared to the prior year.
this Improvement, largely reflects solid growth and MSA volumes and certain bid projects,
Demonstrating the underlying strength of our customer relationships and Market position.
Growth profit. Margin was 7.7% in the third quarter of 2025 modestly improved over. Last year's 7.6% in the third quarter. We continue to focus on margin Improvement and our pre priority continues to be centered around better contract management and operational execution.
Canadian gas Revenue was 74.2 Million up, nearly 40% from the prior year period.
Operational performance in this segment remains strong against the backdrop of sustained favorable demand, as evidenced by the 21.9% gross profit margin in the quarter.
Union, electric Revenue was 214.5 Million an increase of 25% year-over-year.
In this segment was 213 million reflecting a 29% year-over-year, increase.
Growth has been fueled by robust, activity and projects, serving industrial end user segments.
Particularly substation infrastructure and inside electric work.
Gross profit margin in the Union Electric segment was 9.1% in the third quarter of 2025, slightly ahead of the third quarter of last year.
Base gross profit margin improved to 9% from 8.1% last year, driven by the strong increase in project work.
Non-union, electric Revenue in the third quarter of 2025 was 149 million dollars in increase of 16% year-over-year.
this segment is most relevant to base business comparisons as historically, a majority of storm restoration services,
Related to this segment.
Including last year's very active hurricane season.
Base revenue and non-union, electric was also 149 million in the quarter which is a 58% increase from last year.
This growth reflects the significant expansion. We've seen in MSA activity, building. On the momentum, we discussed in recent quarters.
Gross profit margin in the non-union. Electric segment was 7.1% in the current period compared to 16.6% in the prior year period.
Reflecting the just mentioned significant storm work last year.
Base growth, profit margin was 7.1%, compared to 8.7% in the prior year period.
The primary driver of March and pressure in the quarter. Resulted from ramping Crews for new and expanding msas.
Specifically headcount increased more than 20% this year to support the growth in workloads.
As Crews gain experience, and these operations mature. We expect to improve productivity resulting in margin Improvement.
We have already seen margins improve in October and we expect continued progress throughout the remainder of Q4.
According to Capital expenditures. Net capex was 21.5 million and our free cash flow in the third quarter, 2025 was -6.3 Million
Our free cash flow generation tends to be seasonal in nature with more generation occurring in the second half of the year.
With the strong growth, we delivered this year, our accounts receivable balance has increased. However, this is a timing issue and we expect this to normalize in the fourth quarter.
As such we expect to generate, meaningful free cash flow in the fourth quarter.
2025.
With the anticipated, Step Up in fourth quarter free, cash flow. We expect our year end, leverage ratio to be approximately 3.3 to 3.4 times.
We ended the quarter with 16.1 million in cash. Cash equivalents on our balance sheet.
Early in Q3 we successfully completed, a refinancing of our debt Arrangements.
We extended our revolver maturity to 2030 and increase the facility size to 40050 million.
We also extended our 800 million turmoil on the maturity to 2032 at a modestly improved interest rate.
Finally, turning to our 2025 Outlook.
We increased our full year Revenue, guidance to 2.8, to 2.9 billion dollars.
The increase is consistent with the significant growth growth in our base business, which more than offset, the lack of storm activity this year.
For adjusted Eva. We expect between 240 million and 250 million. Again, this revision is consistent with lower forecasted storm activity, including at the Minimus amount of storm work assumed in the fourth quarter.
Lastly, your Nick capex.
We've maintained our planned investment range of 75 to 90 million. We remain confident in the Outlook of our base business, and are making the necessary investments in a more Capital efficient manner.
To optimize the growth opportunities ahead of us.
I will now turn it back to Chris to wrap up.
For you, Greg.
As we wrap up today's call, I want to emphasize that Century continues to execute on a strategic vision of building a premier standalone utility services company. Jeff, look, delivering sustainable and profitable growth.
Our third quarter results demonstrate solid progress.
This Revenue growth was 25%, this profit gross profit was 28%, reflecting our team's Commercial Drive dedication to operational, excellence and customer service.
Our commercial momentum remains robust with 3.7 billion in bookings, through September, our record backlog of 5.9, 5.9 billion and a total opportunity in pipeline of 13 billion.
Put together, our Commercial Success so far in 2025, it positions us, well, for double digit, Revenue growth in 2026.
The fundamental drivers supporting our business remain strong: accelerating utility infrastructure investment, the energy transition, and expanding customer relationships across North America.
As we advance our comprehensive, multi-year, strategic planning process. We're positioning Century to be a differentiated leader in this significant Market opportunity.
We very much. Appreciate your time and interest today and operator. Let's begin the Q&A.
Hello. Thank you. Ladies and gentlemen, we will now begin the question and answer session.
If you would like to ask a question, please press star 1 on your touchtone phone.
A confirmation tone. Will indicate your line is in the question queue?
You may press star zero to if you would like to remove your questions from the queue.
If you are using a speaker phone,
Please lift the handset before pressing the star keys.
As a reminder, please limit the 1 question and 1 follow-up.
If you have other questions, please feel free to jump back to the queue.
1 moment, please.
while we,
For your first question.
Your first question comes from Justin Hawk of Robert W. Bird.
Please go ahead.
Great. Um yeah. Thanks for taking my questions and uh, I appreciate the the new disclosure with the uh the base revenue and and and gross profit, that's certainly helps. Um, and I guess that leads to my first question is just to, um, maybe understand the, uh, ebita impact from the storm because you obviously Quantified it for the third quarter and gross profit, but the the 15 million decline in guidance. Um, how much of that ebit, uh, impact is, is the storm. Is that the full 15 million and then maybe if you can quantify, you know, the impact of 3Q versus 4 q in in the guide given that there was a decent amount of storm activity last year in 4 q.
Uh, Justin. So the the uh, the decline in the kind of the midpoint, or the, the guidance is all is all related to storm activities. In fact, our forecasted storm activities were a bit higher, and we've actually been able to make up some of that with just our base business growth.
Um, and
Uh it was, you know, probably 6040. Uh from a percentage perspective um between Q3 and Q4 on a storm basis. Um for that was our expectations. I think was your second question.
Yeah, no I just was trying to confirm that it was entirely storm and that that was the, the 15 million and in the split between the quarters. So uh, yeah, I think that answers it.
um,
I guess my, my second question. Um,
I've got a couple here, but I guess the second 1 that I would I would just ask about would be, um, you know, you called out some of the, the ramp and the MSA contract work. Um, that wasn't a full utilization, I guess in the uh, the non-union electric piece and I was just hoping maybe you could quantify that impact and um, would you expect in 4 q that uh, that's that's at full utilization or or is that something that's going to linger as a cost until we get into 26 and and kind of get the revenue contribution in line with that. Thank you.
First, let me answer that. Um,
if you just look at the process, we go through, you know, you've got a, you've got a deployed Capital to find opportunity, deploy Capital to build up opportunity. You've then got to win it, you've then got to reposition resources, you bring in new new resources, all of that sort of costs.
The business with no Revenue contribution, you then mobilize the teams.
And it takes a while for that for them to get productive. So I think when you've had such a massive ramp up, I think I think the non-union business in the chorus of about 50% year-over-year. There's always going to be a little bit of a lag before you get to that level of performance you want. Uh, I I actually think as we look at October and we look into November that more or less is fully recovered. Well by the time we close out the year that particular scope of work will be the levels. We expected it to be from a margin standpoint but I would caution you know, we will add progressively bigger scopes of work all around the nation and we'll have a similar phenomenon. You you just it's just the nature of project related business,
Yeah. Yeah. No, that makes sense. I I appreciate um, that color and, uh, thank you very much. I might jump back in the queue but that's it for now. Thank you.
Thank you, sir.
Your next question comes from Sanita in of Key Bank Capital Market.
Please go ahead.
Great. Good morning. Thanks for taking my questions. So, uh, obviously a lot of progress on, um, um, bookings. And the core profits improving, can you help us understand the difference in margins between, let's say the data center type opportunities versus phmsa related work or other bid work.
Um,
how do I stop? Thank you. So I I
I would say.
I like, I like great talk to um the general margin profile in the business across the core and the msas in a minute but let me talk more specifically around what we're seeing in the bike plan. First of all, and then to data centers.
We we've been playing a little bit of catch up as as as we discussed on prior calls to get a sufficient amount of both backlog.
And coverage to be sure that we're able to grow the business of the car, not rely upon store.
I, I think it's taken us 2 maybe the third getting into the third quarter to have sufficient backlog, sufficient, coverage, and a sufficient data set. So, we've really got a good handle on our business so that we can be predictable. We've got volume into the business and we're basically able to recover the overhead that we need to for the size of the business.
We're now coming to a point where
As we look to the Future and we start to look at new bid opportunities of which the the the, the, the the we're looking at 2 billion at the moment, we're looking at where it makes sense.
To put margins up in the competitive environment. It's more difficult on NSA that are renewals because there's already a price, uh, expectation set with the customer, and we're able to do some things. But we are now in a position. As we start to look at New Market, opportunities been opportunities, including data set,
To work.
Business and that's what we're currently doing. It's been very difficult to do that until we have enough Baseline work, until we've got enough volume into the business, until we've got a good control on it, but we're now at that point where we've got full coverage for this year so we know exactly what work we're going to do between now and the year end. We've got high visibility for next year and you saw it in the coverage slide in in in, in the deck. I think it was slide 8 for my memory is good. I'll Focus now is, how do we put larger up and get a return on invested Capital as simple as that?
And and to, to follow on that you asked about the, the margins, uh, kind of in our backlog and you know, while while margins project by project, might might differ a little bit. I think we're very pleased with with the the the bid margin that we're getting on the awarded work. Um, you know, some of that data center, uh, related activities is a is a Project based. So it's a bit higher than maybe some of the msas. But, but we're very pleased with what we're getting, um, on award.
Great. That was very helpful. So if, uh, go ahead.
Sorry, thank you. So I was just going to add one thing: it is even.
Even with the sort of mobilization impacts in the in the non-union business, I'll call margins have gone up.
Um, by, by 2% over. Oh, oh over the past. And that's despite the fact we, we've added over 100 million of Core, Business of Revenue in the quarter. So the work we were booking in the in the first part of this year, which is now going to. The revenue line is already proven to be more more more profitable
and it's still at its early stages of execution.
Right, right? That was very helpful. And then, just a quick follow-up on your double-digit revenue outlook for next year that you just alluded to. Um, is there any kind of storm that you're building in that? I know this year it was an average of three years, but just wondering what you're thinking about for next year.
so, I need to I I I stress what we said in our text that in our in our, in our spoken word,
Um, storm will always be part of our business because customers want us to do. Stop work for them. When they're when, when they're in a, when they're in a crisis situation or with that bad weather cut our customers want our our in the population needs that
It's very difficult to.
Even though we don't like to be able to do that, you will only hear us talk about.
Um, based business, best backlog.
Best coverage and if if storm happens, it would be upside to what you see will not be an out planning purposes. And the logic being is what it makes us more predictable.
Too. Is if we add more to the base in terms of people resources and Equipment, it means that if there is a storm then we get more op opportunity and upside. So we're just going to talk about the base in terms of growth budgeting and guidance and we will of course continue to let you know what storm has happened. Over a trailing period of time so you can factor that in. But coverage is all going to be around this business that we can control.
Great perfect. Thank you.
Thank you, s. Appreciate it.
Your next question comes from Joe Oda of Wells Fargo.
Please go ahead.
Hi, good morning. Um, Can can you just elaborate on the the strength of the base Revenue growth? A little bit more in the quarter when you talk about that 25%. Uh, how that compared to internal planning anything that you saw coming into Q3 that they thought might be in Q4, um, versus just a broader acceleration.
Without without giving you my bucket sheets. Um I talked generally there was no let me dig with a second question first.
There was no desire to and and no attempt and and and there's no underlying pull from Q4 into Q3. That's not the case at all. So it's not like we've had a, we've had a, we we pull Q4 Revenue into Q3 that's not the case. The, the 850 million that came out, the third quarter is uh, is is exactly what it is. The revenue for the quarter. So we've not looked to highly impressed in the third quarter. We've got really good coverage in the fourth quarter um and and that's why we've raised the revenue guys. So we expect the momentum in the fourth quarter to to to continue. The only thing about the fourth quarter is we we've clearly got 2 2 holidays being Thanksgiving in the year end. And that's really the only fact the only Factor we've got in terms of big business performance. Um,
Uh, overall.
In our uh, in our performance, in the best business that we we all expected.
And that's a good thing. And that's really driven by the success of our teams. In finding the opportunity, getting the organization focused on servicing, our customers and doing more for our customers that led to the backlog and has led to the revenue growth. And I think everybody's seen double digit growth within their business within their base. But within their base business, all of the 4, all of the 4 service lines and we would we would, we would push to continue that good into next year, but we perform better in the best business than we uh, than we may have expected. But you also remember Joe, we, we, we've only, we've only been at this as a team for a few few quarters. Now, we're only just seeing the benefits of the pipeline and it's good to be impressed, and, and good to be pleased and good to exceed your internal Targets on the best business. Um, but we're also learning and we want more out of it. And and that's what we seek to do in the future.
And, and then, how do you think about the process for prioritizing the bid opportunities in front of you? When you talk about the, the 600 bit opportunities in the pipeline and, and how you think about, you know, margin as a prioritization, uh, Focus versus Topline growth versus where you've identified regions that. You want to get bigger in, just how all that comes together for prioritization around the, the bid opportunities.
Yeah. Um,
that's a big question. Um,
I,
The number one priority, I think, really rests within the gas business.
We've had a fantastic.
Quarter, we've had 2. Fantastic quarters of performance in the gas business and I think q46 really well.
Uh, when we look at the backlog, look at the work teams done. We we've added more strength to the team with some new people, but the priority is to sort of
Eliminate the seasonality in the business. So that work work. We're starting ahead as we come into the first quarter. So on the gas side, the priority is is winning work around the US.
That allows us to work.
Uh, 24/7 365 days a year and primarily focused on the first quarter. So that that would be number 1 that jumps to mind immediately. Because once we, once we're able to fix the seasonality, I think, I think the profitability across the 4 gas business will will completely change for us. Um, then when it comes to the rest, look, we we, we
General principle on margins. Are just repeat we. We we've now got the sales analytics. We've got the organization, positioned to profitable growth. We have the very accurate data set. Now we track win rates, we track margins.
Um but we need a monitor this a little bit. Um we we've got we believe we don't have a problem finding profitable growth, you've seen that in this year's performance. If you just look at um where we're trending from a full year Revenue Target, we put the coverage slide into into into the depth as I've repeated twice. Now that demonstrates a further 10 plus percent just on what we know today. So I I frankly don't believe we're at that phase where we're worrying about End Market opportunities.
So, we're going to start to prioritize and get our margins up. We've got to be very selective how we do that, because we've got some core customers, that we must nurture continue to support because they're relying upon us. But there'll be new opportunities with new customers. Where
You know we we can affordable price and up and we may win a few. We may lose a few um but the win rates are holding. Holding good already. Is it? Uh, as we come through to the end of the first into the full,
Quarter. So we will be sensitive to trying to put our price margin, our price up and our margins up as we uh as we as we look to the next phase of our growth,
Going into 26.
That's helpful color. Thank you.
Your last question comes from Stephen Fischer of UBS.
Please go ahead.
Operationally, uh, where is the, uh, the focus there and how did this quarter compared to your expectations? And then I'll ask my second question. Now, is just regard to the with regards to the 3 billion of strategic bids, how are you thinking about the discrete overall project mix? You know, relative to sort of distribution work and and MSA just kind of flow work, where are you comfortable having uh discrete sized project as a percentage of the overall business mix? Thank you.
All right. Thanks, I'll try to answer the questions here. Let let me talk intimately about the gas business.
Um, I
I think, 8 months ago or gas performance was consuming
And an automat on that time as well as the leadership in full time to sort of complete what was started last year, which was sort of a simplification of the organization, the dealer in that building. At a ahead of me was was much needed. There was a refocus in effort. There was some right side they needed to be done. There was some accountability and Performance Management, we needed to do. And and I think we've really come through that.
I think the second quarter of the performance,
Is better than I expected.
Uh, the third quarter performance was very predictable with the mix of work. We've got
And I think we're I wouldn't say we've taken our foot off the gas, nor have we taken our eyes off the ball here, but the team that leaves that business is really operating a steady state now and I don't, I don't foresee, I don't foresee anything structurally. We need to do that. I think we'll well at the experience curve about how we should be operating, and I think the margins are good. I really do. I I I know there's a lot written about. The margin should be better but if you look at and we've just Benchmark, our margins. If you look at the margins and our guests business with the mix of work that we currently execute. We're very pleased with where the margins are.
What what we're not pleased with is a seasonality and I I I I you know we we had a negative 15 million in the first quarter of this year. We've we we've got to fix that as quick as we can.
So, that remains to be a priority where we're spending our time, talking to different customers and new customers and migration of customers, where we know we can work in that first quarter.
um, the second thing I would say to you is we we've
I'm proud of the guest business. I'm proud of the guest team and I think Dylan and his team have done a fantastic, fantastic job. And the difficult circumstances last year, going into this year, we've got it at steady state, but we needed more bandwidth.
In the business so that we can grow with new customers. So, the logic for bringing Ryan in and I I'll talk a bit more about that in a second. Bringing Ryan in, was to bring more bandwidth to the leadership team so that we can look at things differently and we can look at prices, we've looked slightly different customers but doing the same services and really much for and focus. The business most strategically about getting margins up.
So on the gas side, very pleased where we are the mix of work and the margins. We've got a commensurate with where we are. I don't I don't think there's going to be much that changes. Their the real focus is seasonality.
New customers that allow us to take the same services at higher margins and that and that's why Ryan has been brought into support the team here. So that's that's where the gas business is.
Super helpful, the $3 billion on the $3 billion. Steve, um.
On the street on the street billion. So so on the last on the last call and and Nate's probably going to tell me I said I I'm not totally accurate on this but we we had
I think.
July 4th week when I got that sales report, we had about 2.2 billion of opportunities that would be decided in the next 6 months. That's now the 3 billion we refer to. So this is this is this is like for like over a quarter period. So we and so that is increased well over 40 45% which tells me that the opportunities that are in the pipeline are converted to real bids because that 3 billion are either tenders. We've already submitted
Or the tenders we were working on and were about to submit. It's not really stuff that will bid in the future; it's real and now.
Um, of of that mix most of it.
Is actually a creative bid work.
Is about 1.1, 1.7 billion if that member is good.
I want to clarify that 1.3% of it is really MSA renewals.
Most of which the 85% of the 1.3 billion is MSA renewals.
To send a new MSS or additive MSS to.
The best business.
Meanwhile, the $1.7 billion is new additive bid work that we're working on.
Um, the mix within that—and you were going to ask me—is about 60% electrical work and 40% gas-related. That's the mix.
Greg, Greg correct.
Does that answer your question, Steve?
Yeah. Yeah. That's very helpful. Thanks so much.
We have reached the end of
Turn the call over to Nate tatlo. Please continue.
Thank you all for joining the call today. We appreciate your interest in Centuri Holdings, Inc. That concludes the call.
Ladies and gentlemen, this concludes today's conference, you may now disconnect your line at this time. Thank you for your participation.