Q2 2026 ITG Inc Earnings Call

August 13, 2026

Operator: Good day, and thank you for standing by. Welcome to the ITG second quarter conference call. At this time, all participants are in a listen-only mode. After the speakers' 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 then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I will now hand the conference over to your speaker today, Chris McCrae, Chief Financial Officer. Please go ahead.

Operator: Good day, and thank you for standing by. Welcome to the ITG Q2 conference call. At this time, all participants are in a listen-only mode. After the speakers' 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 then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I will now hand the conference over to your speaker today, Chris Mecray, Chief Financial Officer. Please go ahead.

Speaker #1: Good day, and thank you for standing by. Welcome to the ITG second quarter conference call. At this time, all participants on the listen-only mode.

Speaker #1: 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 1-1 on your telephone.

Speaker #1: You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded.

Speaker #1: I will now let the hand of conference over to your speaker today, Chris McCray, Chief Financial Officer. Please go ahead.

Speaker #2: Good morning, and thank you for joining us for today's second quarter 2026 financial results webcast. Joining us today are myself, Chris McCray, Chief Financial Officer, and Andy Parrott, Chief Executive Officer.

Chris Mecray: Good morning, and thank you for joining us for today's second quarter 2026 financial results webcast. Joining us today are myself, Chris McCrae, Chief Financial Officer, and Andy Perrot, Chief Executive Officer. Yesterday after the market closed, we issued a quarterly results press release, which can be found in the investor relations section of our website at itgcomm.com. We also posted a separate shareholder letter with more detailed operational and financial commentary to accompany our earnings release. The commentary is intended to provide much of the detail typically included in management's prepared remarks. Accordingly, we will provide an overview of ITG, discuss the principal drivers of our second quarter performance and initial outlook, and then turn the call over to Q&A.

Chris Mecray: Good morning, and thank you for joining us for today's Q2 2026 financial results webcast. Joining us today are myself, Chris Mecray, Chief Financial Officer, and Andy Parrott, Chief Executive Officer. Yesterday after the market closed, we issued a quarterly results press release, which can be found in the Investor Relations section of our website at itgcomm.com. We also posted a separate shareholder letter with more detailed operational and financial commentary to accompany our earnings release. The commentary is intended to provide much of the detail typically included in management's prepared remarks. Accordingly, we will provide an overview of ITG, discuss the principal drivers of our second quarter performance and initial outlook, and then turn the call over to Q&A.

Speaker #2: Yesterday, after the market closed, we issued a quarterly results press release, which can be found in the Investor Relations section of our website at itg.com.com.

Speaker #2: We also posted a separate shareholder letter with more detailed operational and financial commentary to accompany our earnings release. The commentary is intended to provide much of the detail typically included in management's prepared remarks, accordingly, we will provide an overview of ITG, discuss the principal drivers of our second quarter performance, and initial outlook, and then turn the call over to Q&A.

Speaker #2: Please be advised that information shared on this webcast is current as of today's date and may no longer be accurate as of any replay of this event at a later date.

Chris Mecray: Please be advised that information shared on this webcast is current as of today's date and may no longer be accurate as of any replay of this event at a later date. This webcast will include forward-looking statements qualified under the safe harbor rules established by the Private Securities Litigation Reform Act of 1995, including statements reflecting expectations, intentions, assumptions, or beliefs about future events or financial performance. These statements involve certain risks, uncertainties, and assumptions that are difficult to predict or beyond ITG's control, and actual results may differ materially from those expressed or implied on this webcast. We will also discuss historical and forecasted non-GAAP financial measures. Reconciliations of these historical financial measures to the most directly comparable GAAP financial measures are included in our earnings release and accompanying shareholder letter. Please refer to these statements for additional information regarding our forward-looking statements and non-GAAP financial measures.

Speaker #2: This webcast will include forward-looking statements, qualified under the Safe Harbor rules, established by the private securities litigation reform act of 1995, including statements reflecting expectations, intentions, assumptions, or beliefs about future events or financial performance.

Speaker #2: These statements involve certain risks, uncertainties, and assumptions. They are difficult to predict or beyond ITG's control, and actual results may differ materially from those expressed or implied on this webcast.

Speaker #2: We will also discuss historical and forecasted non-GAAP financial measures. Reconciliations of these historical financial measures to the most directly comparable GAAP financial measures are included in our earnings release and accompanying shareholder letter.

Chris Mecray: Reconciliations of these historical financial measures to the most directly comparable GAAP financial measures are included in our earnings release and accompanying shareholder letter. Please refer to these statements for additional information regarding our forward-looking statements and non-GAAP financial measures. With that, I'll turn the call over to Andy.

Speaker #2: Please refer to these statements for additional information regarding our forward-looking statements and non-GAAP financial measures. With that, I'll turn the call over to Andy.

Chris Mecray: With that, I'll turn the call over to Andy.

Speaker #3: Thank you, Chris, and good morning. We're pleased to be with you today for ITG's first earnings call as a public company. Our second quarter performance reinforced our confidence in the strategy we outlined during the IPO process and demonstrated continued progress against our long-term growth objectives.

Andy Perrot: Thank you, Chris, and good morning. We are pleased to be with you today for ITG's first earnings call as a public company. Our Q2 performance reinforced our confidence in the strategy we outlined during the IPO process and demonstrated continued progress against our long-term growth objectives. As you know, on 2 July, we concluded our IPO, which raised $323 million in net proceeds we used to repay debt and strengthen our capital structure. Completing the IPO was an important milestone for ITG, and I want to thank everybody involved for their dedication and commitment. We have been building and executing ITG's growth strategy for more than a decade as a company, and our transition to the public market provides additional financial flexibility as we enter the next phase of our development.

Andy Parrott: Thank you, Chris, and good morning. We are pleased to be with you today for ITG's first earnings call as a public company. Our Q2 performance reinforced our confidence in the strategy we outlined during the IPO process and demonstrated continued progress against our long-term growth objectives. As you know, on 2 July 2026, we concluded our IPO, which raised $323 million in net proceeds we used to repay debt and strengthen our capital structure. Completing the IPO was an important milestone for ITG, and I want to thank everybody involved for their dedication and commitment. We have been building and executing ITG's growth strategy for more than a decade as a company, and our transition to the public market provides additional financial flexibility as we enter the next phase of our development.

Speaker #3: As you know, on July 2nd, we concluded our IPO, which raised $323 million in net proceeds. We used this to repay debt and strengthen our capital structure.

Speaker #3: Completing the IPO was an important milestone for ITG, and I want to thank everybody involved for their dedication and commitment. We have been building and executing ITG's growth strategy for more than a decade as a company, and our transition to the public market provides additional financial flexibility as we enter the next phase of our development.

Speaker #3: We remain focused on disciplined organic growth, strategic acquisitions, operational execution, and long-term value creation, and we welcome our new public market shareholders. I'd like to briefly introduce ITG and explain what differentiates our platform before discussing the quarter.

Andy Perrot: We remain focused on disciplined organic growth, strategic acquisitions, operational execution, and long-term value creation, and we welcome our new public market shareholders. I would like to briefly introduce ITG and explain what differentiates our platform before discussing the quarter. We believe ITG is well-positioned to benefit from our customers' interest to outsource more of their infrastructure requirements, because we can provide a broad range of services across geographies through a scaled operating platform. Our ability to support customers across the infrastructure lifecycle is a differentiator that can create multiple entry points for future work. Our scaled platform leverages technology through FUSE 360, our proprietary ERP and operating system. FUSE 360 helps us manage the entire business, enabling consistent execution and visibility. Our operating model is predominantly MSA contract-based, supporting durable customer relationships and providing meaningful visibility to our future activity.

Andy Parrott: We remain focused on disciplined organic growth, strategic acquisitions, operational execution, and long-term value creation, and we welcome our new public market shareholders. I would like to briefly introduce ITG and explain what differentiates our platform before discussing the quarter. We believe ITG is well-positioned to benefit from our customers' interest to outsource more of their infrastructure requirements, because we can provide a broad range of services across geographies through a scaled operating platform. Our ability to support customers across the infrastructure lifecycle is a differentiator that can create multiple entry points for future work. Our scaled platform leverages technology through FUSE 360, our proprietary ERP and operating system. FUSE 360 helps us manage the entire business, enabling consistent execution and visibility.

Speaker #3: We believe ITG is well-positioned to benefit from our customers' interest to outsource more of their infrastructure requirements because we can provide a broad range of services across geographies through a scaled operating platform.

Speaker #3: Our ability to support customers across the infrastructure lifecycle is a differentiator that can create multiple entry points for future work. Our scaled platform leverages technology through FUSE 360, our proprietary ERP and operating system.

Speaker #3: FUSE 360 helps us manage the entire business, enabling consistent execution and visibility. Our operating model is predominantly MSA contract-based, supporting durable customer relationships and providing meaningful visibility to our future activity.

Andy Parrott: Our operating model is predominantly MSA contract-based, supporting durable customer relationships and providing meaningful visibility to our future activity. Individual work orders and timing remain subject to customer authorization and project schedules, so backlog should not be viewed as guaranteed revenue, but our relationship, reoccurring service activity, and backlog provide a strong foundation for growth and revenue visibility. We operate two complementary service lines, Engineering & Maintenance, or E&M, and Infrastructure Deployment. In E&M, we are the national leader in offering fulfillment, maintenance, engineering, design, consulting, and adjacent market services to our customers, such as wireless. This business leans towards high volume, smaller reoccurring service orders.

Speaker #3: Individual work orders, and timing remain subject to customer authorization and project schedules, so backlog should not be viewed as guaranteed revenue, but our relationship, reoccurring service activity, and backlog provide a strong foundation for growth and revenue visibility.

Andy Perrot: Individual work orders and timing remain subject to customer authorization and project schedules, so backlog should not be viewed as guaranteed revenue, but our relationship, reoccurring service activity, and backlog provide a strong foundation for growth and revenue visibility. We operate two complementary service lines, Engineering & Maintenance, or E&M, and Infrastructure Deployment. In E&M, we are the national leader in offering fulfillment, maintenance, engineering, design, consulting, and adjacent market services to our customers, such as wireless. This business leans towards high volume, smaller reoccurring service orders. The business can be operationally complex, requiring effective scheduling, work order coordination, geographic density, and consistent execution. Our scale, local presence, and FUSE 360 platform enable us to manage that complexity well, which we believe differentiates ITG from smaller regional providers. In Infrastructure Deployment, we help customers expand and upgrade their broadband networks through fiber deployment and network expansion services.

Speaker #3: We operate two complementary service lines: Engineering and Maintenance, or E&M, and Infrastructure Deployment. In E&M, we are the national leader in offering fulfillment, maintenance, engineering, design, consulting, and adjacent market services to our customers, such as wireless. This business leans towards high-volume, smaller, recurring service orders.

Speaker #3: The business can be operationally complex, requiring effective scheduling, work order coordination, geographic density, and consistent execution. Our scaled local presence and FUSE 360 platform enable us to manage that complexity well.

Andy Parrott: The business can be operationally complex, requiring effective scheduling, work order coordination, geographic density, and consistent execution. Our scale, local presence, and FUSE 360 platform enable us to manage that complexity well, which we believe differentiates ITG from smaller regional providers. In Infrastructure Deployment, we help customers expand and upgrade their broadband networks through fiber deployment and network expansion services. This business benefits from continued investments in fiber to the home, network expansion, and increased bandwidth requirements. Data centers and hyperscale computing offer significant growth opportunities for ITG. Cloud computing and AI are increasing the need for high-capacity fiber connectivity between data centers, as well as across broader support networks.

Speaker #3: Which we believe differentiates ITG from smaller regional providers. In infrastructure deployment, we help customers expand and upgrade their broadband networks through fiber deployment and network expansion services.

Speaker #3: This business benefits from continued investment in fiber to the home, network expansion, and increased bandwidth requirements. Data centers and hyperscale computing offer significant growth opportunities for ITG.

Andy Perrot: This business benefits from continued investments in fiber to the home, network expansion, and increased bandwidth requirements. Data centers and hyperscale computing offer significant growth opportunities for ITG. Cloud computing and AI are increasing the need for high-capacity fiber connectivity between data centers, as well as across broader support networks. ITG helps build the fiber backbone and related infrastructure connecting data center campuses, network routes, and end markets. During the quarter, we saw a significant increase in activity and revenue with data center customers. We believe our fiber deployment capabilities, geographic reach, and ability to execute complex projects position us well to support data center customers. Our customer new wins during the quarter also illustrate the breadth of the platform.

Speaker #3: Cloud computing and AI are increasing the need for high-capacity fiber connectivity between data centers, as well as across broader support networks. ITG helps build the fiber backbone and related infrastructure connecting data center campuses, network routes, and end markets.

Andy Parrott: ITG helps build the fiber backbone and related infrastructure connecting data center campuses, network routes, and end markets. During the quarter, we saw a significant increase in activity and revenue with data center customers. We believe our fiber deployment capabilities, geographic reach, and ability to execute complex projects position us well to support data center customers. Our customer new wins during the quarter also illustrate the breadth of the platform. We received new or extended MSA awards from eight customers, including a significant award from Ziply Fiber, a leading fiber broadband provider serving markets across the Pacific Northwest, and Intrepid Fiber Networks, a developer and operator of next-generation fiber broadband infrastructure. The awards support large-scale network expansion initiatives by these customers and their respective service areas.

Speaker #3: During the quarter, we saw a significant increase in activity and revenue with data center customers. We believe our fiber deployment capabilities, geographic reach, and ability to execute complex projects position us well to support data center customers.

Speaker #3: Our customer new wins during the quarter also illustrate the breadth of the platform. We received new or extended MSA awards from eight customers. Including a significant award from Ziply Fiber, a leading fiber broadband provider serving markets across the Pacific Northwest.

Andy Perrot: We received new or extended MSA awards from eight customers, including a significant award from Ziply Fiber, a leading fiber broadband provider serving markets across the Pacific Northwest, and Intrepid Fiber Networks, a developer and operator of next-generation fiber broadband infrastructure. The awards support large-scale network expansion initiatives by these customers and their respective service areas. They also reflect both new opportunities and existing relationship expansion and demonstrate how ITG supports customers across multiple phases of network deployment. Digital connectivity is increasingly essential to the public infrastructure of daily life. Our customers investing to improve network reliability, expand broadband access, and support growing bandwidth requirements. We believe ITG is very well positioned to support those investments. Before Chris comments on Q2, I would like to note that we completed our first acquisition post-IPO this week.

Speaker #3: And Intrepid Fiber Networks, a developer and operator of next-generation fiber broadband infrastructure. The awards support large-scale network expansion initiatives by these customers and the respective service areas.

Speaker #3: They also reflect both new opportunities and existing relationship expansion, and demonstrate how ITG supports customers across multiple phases of network deployment. Digital connectivity is increasingly essential to the public infrastructure of daily life.

Andy Parrott: They also reflect both new opportunities and existing relationship expansion and demonstrate how ITG supports customers across multiple phases of network deployment. Digital connectivity is increasingly essential to the public infrastructure of daily life. Our customers investing to improve network reliability, expand broadband access, and support growing bandwidth requirements. We believe ITG is very well positioned to support those investments. Before Chris comments on Q2, I would like to note that we completed our first acquisition post-IPO this week.

Speaker #3: Our customers investing to improve network reliability expand broadband access and support growing bandwidth requirements we believe ITG is very well-positioned to support those investments.

Speaker #3: Before Chris comments on second quarter, I'd like to note that we completed our first acquisition post-IPO this week. We have purchased certain assets of a company very much in our wheelhouse of digital broadband services called Full Circle Fiber.

Andy Perrot: We have purchased certain assets of a company very much in our wheelhouse of digital broadband services called Full Circle Fiber Partners. We are pleased to have completed this tuck-in transaction in a very short timeframe and expect the business to contribute positively to ITG out of the gate, including a rapid integration of their people, assets, and contracts into our system. Chris will now comment on the quarter and outlook.

Andy Parrott: We have purchased certain assets of a company very much in our wheelhouse of digital broadband services called Full Circle Fiber Partners. We are pleased to have completed this tuck-in transaction in a very short timeframe and expect the business to contribute positively to ITG out of the gate, including a rapid integration of their people, assets, and contracts into our system. Chris will now comment on the quarter and outlook.

Speaker #3: We are pleased to have completed this tuck-in transaction in a very short time frame and expect the business to contribute positively to ITG out of the gate.

Speaker #3: Including a rapid integration of their people, assets, and contracts into our system. Chris will now comment on the quarter and the outlook.

Speaker #2: Good morning, everyone, and thanks for listening. Regarding second quarter results and key drivers, second quarter revenue increased 38% year over year, ahead of our plan driven primarily by contribution from acquisitions as well as double-digit core growth in E&M.

Chris Mecray: Good morning, everyone, and thanks for listening. Regarding Q2 results and key drivers, Q2 revenue increased 38% year over year, ahead of our plan, driven primarily by contribution from acquisitions as well as double-digit core growth in E&M, offset partly by slower core infrastructure deployment activity. E&M benefited from higher core customer volumes, new customer expansion, and growth in new service lines. Infrastructure deployment reflected some impact from a slower spring ramp up after a cold winter and timing around the ramp of new awards and projects, all of which was anticipated in our plan. Adjusted EBITDA was $52.2 million, ahead of our plan for the period and up 21% from the prior year period. Adjusted EBITDA margin was 12.9%, compared with 14.7% a year earlier and 10.9% in Q1.

Speaker #2: Offset partly by slower core infrastructure deployment activity. E&M benefited from higher core customer volumes, new customer expansion, and growth in new service lines. Infrastructure deployment reflected some impact from a slower spring ramp-up after a cold winter, and timing around the ramp of new awards and projects, all of which was anticipated in our plan.

Speaker #2: Adjusted EBITDA was 52.2 million, ahead of our plan for the period and up 21% from the prior year period. Adjusted EBITDA margin was 12.9% compared with 14.7% a year earlier, and 10.9% in the first quarter.

Speaker #2: Their year-over-year margin decline reflected new business startup costs and revenue mix changes related to acquisitions completed in the second half of 2025. The sequential lift was driven principally by increased volumes, including the normal seasonal pickup.

Chris Mecray: Their year over year margin decline reflected new business startup costs and revenue mix changes related to acquisitions completed in H2 2025. The sequential lift was driven principally by increased volumes, including normal seasonal pickup. Free cash flow under the adjusted EBITDA minus CapEx definition was $44.8 million, compared with $27.2 million in the prior year period. This year over year change primarily reflected earnings growth. The timing of growth and ramping volumes, coupled with the pre-IPO capitalization impact, translated to a use of cash from operating activities in Q2. Looking ahead, we continue to expect positive cash flow and also anticipate stronger working capital outcomes in H2 of the year, including seasonal increases in cash collection. Next 12-month backlog was $1.5 billion at quarter end, increasing 6% sequentially and 21% year over year.

Speaker #2: Free cash flow under the adjusted EBITDA minus capex definition was 44.8 million, compared with 27.2 million in the prior year period. This year-over-year change primarily reflected earnings growth.

Speaker #2: The timing of growth and ramping volumes, coupled with the pre-IPO capitalization impact, translated to a use of cash from operating activities in second quarter.

Speaker #2: Looking ahead, we continue to expect positive cash flow and also anticipate stronger working capital outcomes in the second half of the year, including seasonal increases in cash collection.

Speaker #2: Next 12-month backlog was $1.5 billion at quarter end, increasing 6% sequentially and 21% year over year. E&M next 12-month backlog increased 11% sequentially and 24% year over year, while infrastructure deployment backlog increased 5% sequentially and 42% year over year.

Chris Mecray: E&M next 12-month backlog increased 11% sequentially and 24% year over year, while infrastructure deployment backlog increased 5% sequentially and 42% year over year. The sequential increases reflected new and extended MSA awards from eight separate customers, including the Ziply and Intrepid awards discussed earlier. Just to frame our overall visibility, which we believe extends well beyond the 12-month period, total backlog beyond the next 12 months was approximately $3.3 billion, up some 33% from the prior year period level of $2.4 billion. We have introduced guidance for Q3 and full year 2026, the details of which are in our releases, but clearly are reflective of strong growth expectations, including 35% full year revenue growth and 36% adjusted EBITDA growth. Our outlook reflects customer activity we anticipate as of today, the expected timing of project ramps, and normal seasonality in the business.

Speaker #2: The sequential increases reflected new and extended MSA awards from eight separate customers, including the Ziply and Intrepid awards discussed earlier. Just to frame our overall visibility, which we believe extends well beyond the 12-month period, total backlog beyond the next 12 months was approximately 3.3 billion, up some 33% from the prior year period level of 2.4 billion.

Speaker #2: We've introduced guidance for the third quarter and full year 2026. The details of which are in our releases. But clearly, are reflective of strong growth expectations, including 35% full year revenue growth and 36% adjusted EBITDA growth.

Speaker #2: Our outlook reflects customer activity we anticipate as of today, the expected timing of project ramps, and normal seasonality in the business. It also incorporates the expected ramp in data center activity and continued new work awarded in infrastructure deployment, which is expected to grow faster than E&M in the second half.

Chris Mecray: Our outlook reflects customer activity we anticipate as of today, the expected timing of project ramps, and normal seasonality in the business. It also incorporates the expected ramp in data center activity and continued new work awarded in infrastructure deployment, which is expected to grow faster than E&M in H2. As always, the pace of customer authorizations, permit issuance, project timing, weather, labor availability, and business mix can be factors within a quarter that drive variable outcomes. Back to Andy.

Chris Mecray: It also incorporates the expected ramp in data center activity and continued new work awarded in infrastructure deployment, which is expected to grow faster than E&M in H2. As always, the pace of customer authorizations, permit issuance, project timing, weather, labor availability, and business mix can be factors within a quarter that drive variable outcomes. Back to Andy.

Speaker #2: As always, the pace of customer authorizations, permit issuance, project timing, weather, labor availability, and business mix can be factors within a quarter that drive variable outcomes.

Speaker #2: Back to Andy.

Speaker #3: To conclude, as we begin life as a public company, our priorities remain consistent. Execute for our customers. Convert backlog into profitable revenue. Expand relationships across our service portfolio.

Andy Perrot: To conclude, as we begin life as a public company, our priorities remain consistent. Execute for our customers, convert backlog into profitable revenue, expand relationships across our service portfolio, maintain disciplined capital allocation, and continue investing in the people and technology that support our growth. We are excited about the opportunities ahead of us and we look forward to reporting on our progress. With that, Chris and I are happy to answer your questions.

Andy Parrott: To conclude, as we begin life as a public company, our priorities remain consistent. Execute for our customers, convert backlog into profitable revenue, expand relationships across our service portfolio, maintain disciplined capital allocation, and continue investing in the people and technology that support our growth. We are excited about the opportunities ahead of us and we look forward to reporting on our progress. With that, Chris and I are happy to answer your questions.

Speaker #3: Maintain disciplined capital allocation and continue investing in the people and technology that support our growth. We are excited about the opportunities ahead of us, and we look forward to reporting on our progress.

Speaker #3: With that, Chris and I are happy to answer your questions.

Speaker #1: Thank you. As a reminder to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again.

Operator: Thank you. As a reminder, to ask a question, please press *11 on your telephone and wait for your name to be announced. To withdraw your question, please press *11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Andrew Kaplowitz with Citigroup. Your line is now open.

Speaker #1: Please stand by while we compile the Q&A roster. Our first question comes from the line of Andy Kaplewitz with Citigroup. Your line is now open.

Speaker #4: Good morning, everyone. Congrats on your first quarter as a public company.

Andrew Kaplowitz: Good morning, everyone. Congrats on your first quarter as a public company.

Speaker #2: Thanks, Andy.

Chris Mecray: Thanks, Andy.

Speaker #4: So, Andy or Chris, during the IPO process, I think you talked about the potential to sustain teams or organic growth. And, obviously, you had strong new wireline awards.

Andrew Kaplowitz: Andy and Chris, during the IPO process, I think you talked about a potential to sustain teens organic growth, and obviously you have had strong new wireline awards. You mentioned Ziply and Intrepid. As you know, there has been some market noise recently, particularly from a large competitor, lowering his communication sales guide. Can you talk about your visibility toward that teens growth algorithm? Did the wireline market outlook change at all in the quarter? Maybe you just took share in Q2. I think more color would be helpful.

Speaker #4: You mentioned Ziply and Intrepid. But as you know, there's been some market noise recently, particularly from the large competitor lowering its communications sales guidance.

Speaker #4: So, can you talk about your visibility toward that team's growth algorithm? Did the wireline market outlook change at all in the quarter? Maybe you just took share in Q2.

Speaker #4: I think more color would be helpful.

Speaker #2: Yeah, Andy. What I would point out there is that we did see 6% sequential backlog growth in the second quarter to 1.5 billion in total.

Chris Mecray: Well, Andy, what I would point out there is that, we did see 6% sequential backlog growth in the second quarter to $1.5 billion in total. That is, by the way, up 21% year over year. I think the best gauge of our expectation for future results is going to come from the steady and visible backlog that we have in the business, and the number of contracts that we are accruing there to provide that runway for growth. I would probably acknowledge that there are individual areas or pockets in the business that might slow at a given point. You do have customers that work on a big build-out, and then that gets finished, and you can see that transpire. That is very normal in the business. I think, with ITG, we are very focused on growth. We are very focused on accumulating new logos, new customers.

Speaker #2: And that's, by the way, up 21% year over year. So I think the best gauge of our expectation for future results is going to come from the steady and visible backlog that we have in the business, and the number of contracts that we're accruing there to provide that runway for growth.

Speaker #2: I'd probably acknowledge that there are individual areas or pockets in the business that might slow at a given point. You do have customers that work on a big build-out, and then that gets finished and you can see that transpire.

Speaker #2: It's very normal in the business. But I think with ITG, we're very focused on growth. We're very focused on accumulating new logos, new customers.

Speaker #2: And we've developed a business model here that is broadening and creating opportunity in various pockets all around the country. So, I guess what I would say right now is that we've been fortunate enough to continue to look at a runway of growth, despite the lumpiness that you see with any individual pocket in a period of time.

Chris Mecray: We have developed a business model here that is broadening and creating opportunity in various pockets all around the country. I guess what I would say right now is that we have been fortunate enough to continue to look at a runway of growth despite the lumpiness that you see with any individual pocket in a period of time.

Speaker #4: It's helpful color. And maybe just on data centers. I know you talked about revenue from existing data centers beginning to ramp in Q2, but maybe you could give us more color on what you're seeing in that market.

Andrew Kaplowitz: It is helpful color. Maybe just on data centers, I know you talked about revenue from existing data centers beginning to ramp in Q2, but maybe you could give us more color on what you are seeing in that market. Did data center backlog grow from what you told us during the IPO? I think growth was around $540 million, or how are you thinking about either data center revenue or backlog acceleration moving forward, and how is the pipeline there?

Speaker #4: The data center backlog grew from what you told us during the IPO. I think it was around $540 million. How are you thinking about either data center revenue or backlog acceleration moving forward, and how's the pipeline there?

Speaker #2: Yeah. So we talked about an over $500 million backlog with data center customers exiting last year. And those contracts specifically, I guess, by the way, do go out several years.

Chris Mecray: Yeah. We talked about an over $500 million backlog with data center customers exiting last year. Those contracts specifically, by the way, they do go out several years. It is not all immediate backlog. That trends out over two, three years. But the early phases of that backlog began to really roll out and start to grow earlier into the middle of this year. Really the back half of the year is expected to be substantively stronger than the first half from data center work. I think that will continue as we get into 2027 and beyond. I would not say that we got any major data center new awards in Q2, but I will point out that we have outstanding bids in multiple contracts related to data center that are out there now and that could be decided in coming months.

Speaker #2: It's not all immediate backlog. I mean, that trends out over two, three years. But the early phases of that backlog began to really roll out and start to grow earlier into the middle of this year.

Speaker #2: So really, the back half of the year is expected to be substantively stronger than the first half from data center work. And I think that'll continue as we get into '27 and beyond.

Chris Mecray: I think that will continue as we get into 2027 and beyond. I would not say that we got any major data center new awards in Q2, but I will point out that we have outstanding bids in multiple contracts related to data center that are out there now and that could be decided in coming months. There is plenty of work that is out there and that we are bidding on.

Speaker #2: I wouldn't say that we got any major data center new awards in the second quarter, but I will point out that we're we have outstanding bids in multiple contracts related to data center that are out there now, and that could be decided in coming months.

Speaker #2: So there's plenty of work that is out there and that we're bidding on.

Chris Mecray: There is plenty of work that is out there and that we are bidding on.

Speaker #4: Helpful guys, good core.

Andrew Kaplowitz: Helpful, guys. Good color.

Speaker #1: Thank you. Our next question comes from the line of Jamie Cook with Truist Securities. Your line is now open.

Operator: Thank you. Our next question comes from the line of Jamie Cook with Truist Securities. Your line is now open.

Speaker #5: Good morning. Congratulations on a nice quarter. I guess just my first question, nice success with diversifying your customer base with Ziply and Intrepid. So as you think about sort of future bookings into the back half of the year, do you see more opportunities to diversify your customer base?

Jamie Cook: Good morning. Congratulations on a nice quarter. I guess just my first question, nice success with diversifying your customer base with Ziply and Intrepid. As you think about future bookings into the H2 of the year, do you see more opportunities to diversify your customer base? Then I guess just my second question, Chris, as it relates to the guidance you provided, which was helpful. It looks like, relative to the IPO, at least the implied Q4 is a little stronger, in particular on the margin side and on the EBITDA side. If you could help us just understand what the drivers behind that are. Thank you.

Speaker #5: And then I guess just my second question, Chris, as it relates to the guidance you provided, which was helpful, it looks like relative to the IPO, at least the implied fourth quarter is a little stronger in particular.

Speaker #5: On the margin side, and on the EBITDA side. So if you could help us just understand what the drivers behind that are. Thank you.

Speaker #3: Yeah, thanks, Jamie. This is Andy. To speak about kind of the back half and the future logos, obviously, we're continuing to add incremental logos to our story.

Andy Perrot: Yeah. Thanks, Jamie. This is Andy. To speak about the H2 and the future logos, obviously, we're continuing to add incremental logos to our story, and it's been an amazing journey so far. I can tell you that I've even signed some MSAs this week, and then obviously with our recent tuck-in acquisition of Full Circle Fiber that we did this week, it also allowed us to add some incremental logos where we believe we can land and expand strategy and continue to grow those relationships, as I've reached out to a lot of the CEOs of some other companies out there that are excited about this future venture that we have together.

Andy Parrott: Yeah. Thanks, Jamie. This is Andy. To speak about the H2 and the future logos, obviously, we're continuing to add incremental logos to our story, and it's been an amazing journey so far. I can tell you that I've even signed some MSAs this week, and then obviously with our recent tuck-in acquisition of Full Circle Fiber that we did this week, it also allowed us to add some incremental logos where we believe we can land and expand strategy and continue to grow those relationships, as I've reached out to a lot of the CEOs of some other companies out there that are excited about this future venture that we have together. And then obviously, word on the street, as long as we continue to execute very well, we actually have a lot of logos that are proactively reaching out to us with excitement to partner with us.

Speaker #3: And it's been an amazing journey so far. I can tell you that I've even signed some MSAs this week, and then obviously, with our recent tuck-in acquisition of Full Circle Fiber that we did this week, it also allowed us to add some incremental logos where we believe we can land and expand strategy, and continue to grow those relationships as I've reached out to a lot of the CEOs of some other companies out there that are excited about this future venture that we have together.

Speaker #3: And then obviously, word on the street, as long as we continue to execute very, very well, we actually have a lot of logos that are actually proactively reaching out to us with excitement to partner with us.

Andy Perrot: And then obviously, word on the street, as long as we continue to execute very well, we actually have a lot of logos that are proactively reaching out to us with excitement to partner with us. So we are very optimistic on our logo growth. And then obviously, as we do a new logo, we have that continuous land and expand strategy where we are continuing to grow that organic activity within those logos, either through geographic areas of expansion on incremental lines of business or service lines that these companies are asking us to partner with.

Speaker #3: So we're very optimistic on our local growth. And then obviously, as we do new logo, we have that continuous land and expand strategy. We're continuing to grow that organic activity within those logos, either through geographic areas of expansion or on incremental lines of business or service lines that these companies are asking us to partner with.

Andy Parrott: So we are very optimistic on our logo growth. And then obviously, as we do a new logo, we have that continuous land and expand strategy where we are continuing to grow that organic activity within those logos, either through geographic areas of expansion on incremental lines of business or service lines that these companies are asking us to partner with.

Speaker #2: And Jamie, to your second question around the implied back half, I think the punchline there is really that we continue to maintain our view that we expressed during the IPO.

Chris Mecray: And Jamie, to your second question around the implied back half, I think the punchline there is really we kind of maintain our view that we expressed during the IPO. We took the beat, the slight increase versus plan in Q2 and flowed that through the year. But I do not really see any meaningfully different outlook in our initial guide here from what we shared with folks during the IPO process. But it is a strong outlook for this year with USD 1.5 billion, USD 1.6 billion top line and a growth rate in the mid-30s, and that is relatively evenly split between the two service lines. So we have got mid-30s growth in E&M and even mid-30s plus on infrastructure deployment for the full year. And again, I think those are very much on track to what we have been anticipating.

Speaker #2: We took the beat, the slight increase versus plan in the second quarter and slowed that through the year. But I don't really see any meaningfully different outlook in our initial guide here from what we shared with folks during the IPO process.

Speaker #2: But I mean, it's a strong outlook for this year, with $1.5 to $1.6 billion top line and a growth rate in the mid-30s. And that's relatively evenly split between the two service lines.

Speaker #2: We've got mid-30s growth in E&M and even mid-30s plus on infrastructure deployment. For the full year. And again, I think those are very much on track to what we've been anticipating.

Speaker #2: And seasonally, the third quarter is the biggest. So it's a bigger hill to climb in the current quarter. But a lot of what you see in that slightly lower fourth quarter is just pure seasonality, right?

Chris Mecray: And seasonally, Q3 is the biggest, so it is a bigger hill to climb in the current quarter. But a lot of what you see in that slightly lower Q4 is just pure seasonality, right? You lose whatever it is, two to even three weeks of construction days in Q4 around the holidays, so that is baked in. Yeah, but hopefully as we go, we will see. But we would like to do even better than that, but obviously we have to see how things click along the way here. So thanks for your question.

Speaker #2: You lose whatever it is, two to even three weeks of construction days in the fourth quarter around the holidays. So that's baked in. Yeah.

Speaker #2: But hopefully, as we go, we'll see. But we'd like to do even better than that. But obviously, we have to see how things click along the way here.

Speaker #2: So thanks for your question.

Speaker #1: Thank you. Our next question comes from the line of Steven Fisher with UBS. Your line is now open.

Operator: Thank you. Our next question comes from the line of Steven Fisher with UBS. Your line is now open.

Speaker #4: Thanks. Good morning and congrats on the first release here. Can you just give us a little more color on the kind of data center work you expect to pick up in the second half?

Steven Fisher: Thanks. Good morning, and congrats on the first release here. Could you just give us a little more color on the kind of data center work you expect to pick up in the H2? Is that more long haul or more local connectivity kind of work? Then just on the revenue trajectory on data centers, I think you had been assuming pretty significant growth there over the next couple of years, like multiples of what you are doing now. Is that still the framework to think about?

Speaker #4: Is that more long haul or more local connectivity kind of work? And then just on the revenue trajectory on data centers, I think you've been assuming pretty significant growth there over the next couple of years, like kind of multiples of what you're doing now.

Speaker #4: Is that still kind of the framework to think about?

Speaker #3: Steven, this is Andy. Yes. Yes, Andy. That would probably be my answer on the long-haul and more regional interconnect activity. We're seeing trends where some of these massive data centers out in the rural areas are getting a little bit of, maybe, headwinds, if you will.

Andy Perrot: Steven, this is Andy. Yes, and would probably be my answer on the long haul and more regional interconnect activity. We are seeing trends where some of these massive data centers out in the rural areas are getting a little bit of maybe headwinds, if you will. We are seeing other tactical things where people are looking at data centers in existing locations and repurposing them and potentially leveraging more of a scattered outlay that allows ITG to do a lot more interconnect activity in between multiple data centers instead of a mega hyper data center location that is being built out. So we are well-positioned to do both, and we are excited. As we said, we have got really great relationships. We are going to continue to do those relationships, and we are in great conversations with a handful of other hyperscalers to look out.

Andy Parrott: Steven, this is Andy. Yes, and would probably be my answer on the long haul and more regional interconnect activity. We are seeing trends where some of these massive data centers out in the rural areas are getting a little bit of maybe headwinds, if you will. We are seeing other tactical things where people are looking at data centers in existing locations and repurposing them and potentially leveraging more of a scattered outlay that allows ITG to do a lot more interconnect activity in between multiple data centers instead of a mega hyper data center location that is being built out. So we are well-positioned to do both, and we are excited. As we said, we have got really great relationships. We are going to continue to do those relationships, and we are in great conversations with a handful of other hyperscalers to look out.

Speaker #3: And we're seeing other kinds of tactical things, where people are looking at data centers and existing locations and repurposing them, and potentially leveraging more of a scattered outlay that allows ITG to do a lot more interconnect activity between multiple data centers, instead of a mega-hyper data center location that's being built out.

Speaker #3: So we are well positioned to do both. And we're excited. As we said, we've got really great relationships and we continue to do those relationships.

Speaker #3: And we're in great conversations with a handful of other hyperscalers to kind of look out. But as you know, these are two- or three-year, sometimes, backlog activities as we're at the table.

Andy Perrot: But as you know, these are two, three years sometimes backlog activities as we are at the table, and we appreciate being at the table, but it is a bit early to go in and count our chickens before all of our eggs are hatched, and that is an exciting thing for us. But yes, and is really the answer because we absolutely prefer doing both long haul, and we are good at it, and then we are really great at those regional rings that the current customers are asking us to fulfill for them.

Andy Parrott: But as you know, these are two, three years sometimes backlog activities as we are at the table, and we appreciate being at the table, but it is a bit early to go in and count our chickens before all of our eggs are hatched, and that is an exciting thing for us. But yes, and is really the answer because we absolutely prefer doing both long haul, and we are good at it, and then we are really great at those regional rings that the current customers are asking us to fulfill for them.

Speaker #3: And we appreciate being at the table, but it's a bit early to kind of go in and counter chickens before all of our eggs are hatched and that's an exciting thing for us.

Speaker #3: But yes, Andy is really the answer because we absolutely prefer doing both long haul. And we're good at it. And then we're really great at those regional rings that the current customers are asking us to fulfill for them.

Speaker #2: And I'll just jump in. I mean, from a actual revenue production standpoint, I mean, we're going from small change last year in data center work to something that I would say should be north of 65 million dollars this year in revenue production.

Chris Mecray: I will just jump in. From an actual revenue production standpoint, we are going from small change last year in data center work to something that I would say should be north of $65 million this year in revenue production, and we see that growing by multiples over the next few years.

Speaker #2: And we see that growing by multiples. Yeah, over the next few years.

Speaker #4: Very helpful. And then maybe just in terms of the acquisition, you mentioned a couple of times Full Circle is a tuck-in. Can you maybe just scale that for us?

Steven Fisher: Very helpful. Then maybe just in terms of the acquisition, you mentioned a couple of times, Full Circle Tuck-In. Can you maybe just scale that for us? How material is it? Just curious why those assets were for sale in the first place.

Speaker #4: How material is it? And just curious why those assets were for sale in the first place?

Speaker #2: So we're really excited about the acquisition. We're really excited about bringing them into the fold. It's a company that we knew previously. They're very much in our markets and have a lot of respect from the customer base that they serve.

Chris Mecray: We are really excited about the acquisition. We are really excited about bringing them into the fold. It is a company that we knew previously. They are very much in our markets and have a lot of respect from the customer base that they serve, some of whom are also customers that we serve. They did run into some challenges recently, and we are very excited that we were able to step in and help them resolve those challenges, and we are bringing in a lot of assets, people, and fleet from the organization. Because it literally came together very, very quickly, we are getting our heads around right now what the business model, business plan is going to be for this year, next year, in terms of how many folks we bring in, how many contracts we do bring in, and so on.

Speaker #2: Some of whom are also customers that we serve. They did run into some challenges recently, and we're very excited that we were able to step in and help them resolve those challenges. We're bringing in a lot of assets, people, and fleet from the organization.

Speaker #2: Because it literally came together very, very quickly. We are getting our heads around right now kind of what the business model business plan is going to be for this year and next year in terms of how many folks we bring in, how many contracts we do bring in, and so on.

Speaker #2: So I would just beg patience, and we'll be able to bake it in a bit more detail by the end of this quarter into our model.

Chris Mecray: I would just beg patience, and we will be able to bake it in a bit more detail by the end of this quarter into our model. But we are just getting our heads around the fine point of what we actually expect. But it is a reasonably sized business. It is hundreds of people coming into the organization, and it is going to produce, I think, a good lever for us, and I think it will have potentially strong returns for the business. It is very much along the lines of some of the transactions that we have done historically, where you are taking folks in the business that could do much better under our umbrella, and we expect that.

Speaker #2: But we're just getting our heads around the fine points of what we actually expect. But it's a reasonably sized business—it's hundreds of people coming into the organization.

Speaker #2: And it's going to produce, I think, a good lever for us. And I think it'll have potentially strong returns for the business. It's very much along the lines of some of the transactions that we've done historically, where you're taking folks in the business that could do much better under our umbrella.

Speaker #2: And we expect that.

Speaker #4: Thank you very much.

Steven Fisher: Thank you very much.

Speaker #1: Thank you. Our next question comes from the line of Angel Castillo with Morgan Stanley. Your line is now open.

Operator: Thank you. Our next question comes from the line of Angel Castillo with Morgan Stanley. Your line is now open.

Speaker #5: Good morning. Thanks for taking my question. And just to echo everyone’s congratulations on becoming public now. Just a quick question on the utility side. Could you remind us of the magnitude of the investments you’re making in the utilities locate opportunity?

Angel Castillo: Good morning. Thanks for taking my question. I just echo everybody's congrats on being public now. Just a quick question on the utility side, I guess. Can you just remind us on the magnitude of the investments you are making in the utilities locate opportunity? Just how should we think about the cost rolling off? How should we think about the opportunity set going forward from that end market in terms of revenue timing, just what you are seeing as you continue to drive that investment would be helpful.

Speaker #5: Just how should we think about the cost rolling off? How should we consider the opportunity set going forward from that in the market, in terms of revenue timing?

Speaker #5: Just what you're seeing as you continue to drive that investment would be helpful.

Speaker #3: Yeah, happy to do that. Obviously, we've got multiple different—we have a civil division that is under the utility side, helping with water, gas, etc.

Andy Perrot: Yeah, happy to do that. Obviously, we have multiple different. We have a civil division that is on the utility side, helping with water, gas, et cetera, primarily in Florida. On the locate side, we are starting to see a lot of positive trends as we had a lot of ramp-up costs that we have been still absorbing in 2026 that we believe will continue to drive and also help with our EBITDA and more importantly, our operational margin as we get more efficiencies in the locate business, as we get more density. When I say that, I am not just painting the ground for one customer, but I am painting the ground for two or three customers and continue to see that growth. That is just going to continue to drive greater operational margin in that business.

Andy Parrott: Yeah, happy to do that. Obviously, we have multiple different. We have a civil division that is on the utility side, helping with water, gas, et cetera, primarily in Florida. On the locate side, we are starting to see a lot of positive trends as we had a lot of ramp-up costs that we have been still absorbing in 2026 that we believe will continue to drive and also help with our EBITDA and more importantly, our operational margin as we get more efficiencies in the locate business, as we get more density. When I say that, I am not just painting the ground for one customer, but I am painting the ground for two or three customers and continue to see that growth. That is just going to continue to drive greater operational margin in that business.

Speaker #3: Primarily in Florida. And then on the locate side, we're starting to see a lot of positive trends as we had a lot of ramp-up costs that we've been still absorbing.

Speaker #3: In 2026, we believe that will continue to drive and also help with our EBITDA, and more importantly, our operational margin as we gain more efficiencies.

Speaker #3: And in the locate business, as we get more density—and when I say that, I'm not just painting the ground for one customer, but I'm painting the ground for two or three customers—we continue to see that growth.

Speaker #3: That's just going to continue to drive greater operational margin in that business. But we're getting good, I would say. When you're kind of going out, starting something really as an aggressive ramp that we did in Q2 2026 to really get that operational efficiency and, more importantly, just operational excellence in that business.

Andy Perrot: We are getting good, I would say, when you are going out and starting something really as an aggressive ramp that we did in 2026 to really get that operational efficiency and more importantly, just operational excellence in that business. So we are optimistic to continue to see that be a great contributor to our success story.

Andy Parrott: We are getting good, I would say, when you are going out and starting something really as an aggressive ramp that we did in 2026 to really get that operational efficiency and more importantly, just operational excellence in that business. So we are optimistic to continue to see that be a great contributor to our success story.

Speaker #3: So we're optimistic to continue to see that be a great contributor to our success story.

Speaker #2: And in terms of financial impact, I mean, there have been some add-backs in the second quarter associated with startup businesses and restructuring, and so on.

Chris Mecray: And in terms of financial impact, there have been some add backs in Q2 associated with startup businesses and restructuring and so on. There is some of that from this area included in that. We do expect that those add backs will abate as we get through the back half of the year. So those should not persist much longer. There may be some residual in Q3, but probably not much beyond that in our current thinking.

Speaker #2: And there is some of that from this area included in that. We do expect that those add-backs will abate as we get through the back half of the year.

Speaker #2: So those should not persist much longer. There may be some residual in the third quarter, but probably not much beyond that in our current thinking.

Speaker #5: That's very helpful. Thank you. And then just wanted to ask about one of the factors that I think has made it difficult, I guess, for you to diversify as generally just been continued growth from Comcast and Charter or some of these key customers.

Angel Castillo: That's very helpful. Thank you. I just wanted to ask about, one of the factors that I think has made it difficult, I guess, for you to diversify, has generally just been continued growth from Comcast and Charter or some of these key customers. I am just curious if you could talk about what you're hearing from those customers, what they're telling you about future spend. I think we often hear concerns around lower CapEx, but from what we can see at least right now, it continues to look like sequential growth in some of the spend from some of these key customers, which again seems like maybe high-quality problem to have, but ultimately I am just curious what you're hearing in terms of future spend from those customers.

Speaker #5: So just curious if you could talk about what you're hearing from those customers, what they're telling you about kind of future spend. I think we often hear concerns around lower capex, but from what we can kind of see at least right now, it continues to look like sequential growth in some of the spend from some of these key customers, which again seems like a maybe high-quality problem to have, but ultimately just curious what you're hearing in terms of future spend from those customers.

Speaker #3: Yeah. So to begin, we absolutely love those relationships. We love those anchor customers that we have. And we absolutely are at the table with them every single day.

Andy Perrot: Yeah. To begin, we absolutely love those relationships. We love those anchor customers that we have, and we absolutely are at the table with them every single day. As I think about the capital total addressable market, our key customers are looking to simplify their operations as they're having a lot of pressure, obviously with ARPU and maintaining their margins. So condensing into just a handful of strategic partners has been really the message that we've been hearing from those customers, and we are getting a larger percentage of the total spend, even if the capital allocation is actually reducing for them collectively. They have a handful of strategic partners, and that's where a lot of our growth is coming from.

Andy Parrott: Yeah. To begin, we absolutely love those relationships. We love those anchor customers that we have, and we absolutely are at the table with them every single day. As I think about the capital total addressable market, our key customers are looking to simplify their operations as they're having a lot of pressure, obviously with ARPU and maintaining their margins. So condensing into just a handful of strategic partners has been really the message that we've been hearing from those customers, and we are getting a larger percentage of the total spend, even if the capital allocation is actually reducing for them collectively. They have a handful of strategic partners, and that's where a lot of our growth is coming from.

Speaker #3: So as I think about the capital total addressable market, our key customers are looking to simplify their operations as they're having a lot of pressure.

Speaker #3: Obviously, with ARPU and maintaining their margins. So, condensing into just a handful of strategic partners has really been the message that we've been hearing from those customers.

Speaker #3: And we are getting a larger percentage of the total spend, even if the capital allocation is actually reducing for them collectively. They have a handful of strategic partners, and that's where a lot of our growth is coming from.

Andy Perrot: It's going in and actually partnering with those core customers and going, "We really want to simplify the amount of human bandwidth it takes to manage these large projects by having 30 individual partners, where we can be more successful if we have four to eight customers," and obviously ITG being on that list. The other benefit ITG has is really as you think about capital allocation, but we are absolutely the E&M partners of these large customers that continue to drive just ongoing, reoccurring OpEx activity with. They're seeing a higher churn cycle in customers, which is actually driving a bit more OpEx to the business to maintain the same level of relationships that they have. So thinking about every customer that switches from, now that has more choices than ever, the life cycle of those customers are actually shrinking and driving more repetitive connect, disconnect maintenance activity.

Andy Parrott: It's going in and actually partnering with those core customers and going, "We really want to simplify the amount of human bandwidth it takes to manage these large projects by having 30 individual partners, where we can be more successful if we have four to eight customers," and obviously ITG being on that list. The other benefit ITG has is really as you think about capital allocation, but we are absolutely the E&M partners of these large customers that continue to drive just ongoing, reoccurring OpEx activity with. They're seeing a higher churn cycle in customers, which is actually driving a bit more OpEx to the business to maintain the same level of relationships that they have. So thinking about every customer that switches from, now that has more choices than ever, the life cycle of those customers are actually shrinking and driving more repetitive connect, disconnect maintenance activity.

Speaker #3: It's going in and actually partnering with those core customers and saying, "We really want to simplify the amount of human bandwidth it takes to manage these large projects. Instead of having 30 individual partners, we can be more successful if we have four to eight customers." And obviously, ITG being on that list.

Speaker #3: The other benefit ITG has is really because you think about capital allocation, but we are absolutely the E&M partners of these large customers that continue to drive just ongoing reoccurring opex activity with they're seeing a higher churn cycle in customers, which is actually driving a bit more opex to the business to maintain the same level of relationships that they have.

Speaker #3: So think about every customer that switches from now that has more choices than ever, the life cycle of those customers are actually shrinking and driving more repetitive connect, disconnect, maintenance activity.

Speaker #3: And then, from a maintenance side, even if you have a little bit less of a capital spend, the operating maintenance of those networks really has no bearing on, unfortunately, how many customers you actually have connected.

Andy Perrot: From a maintenance side, even if you have a little bit less of a capital spend, the operating maintenance of those networks really have no bearing on, unfortunately, how many customers you actually have connected. So it is really based on plant miles, and us being those strategic partners continue to drive that level of the capital spend, which is a large percentage of our total revenue from these two core customers.

Andy Parrott: From a maintenance side, even if you have a little bit less of a capital spend, the operating maintenance of those networks really have no bearing on, unfortunately, how many customers you actually have connected. So it is really based on plant miles, and us being those strategic partners continue to drive that level of the capital spend, which is a large percentage of our total revenue from these two core customers.

Speaker #3: So it's really based on plant miles, and us being those strategic partners continues to drive that level of capital spend, which is a large percentage of our total revenue from these two core customers.

Angel Castillo: Very helpful. Thank you.

Speaker #5: Very helpful. Thank you.

Speaker #1: Thank you. Our next question comes from the line of Justin Hawk with Baird. Your line is now open.

Operator: Thank you. Our next question comes from the line of Justin Hauke with Baird. Your line is now open.

Justin Hauke: Great. Thanks. Nice to talk to you guys again. I have two questions, but they are kind of combined, so I am going to put it as one here. I wanted to ask on the organic growth, it looked like it accelerated. Last quarter was mid to high teens, which is kind of what you are talking about as the outlook, but it was low single digits here in Q2. I guess if I look at the revenue from Charter specifically, it looks like it was flat year over year. The offset is the inorganic was higher than we were expecting. I wanted to ask if you could address that point. The second part of the question was just to confirm in the guidance, it does not include any inorganic contribution from future acquisitions that you might do.

Speaker #6: Great. Thanks. Nice to talk to you guys. Again, I've got two questions, but they're kind of combined. So I'm going to put it as one here.

Speaker #6: But I guess I wanted to ask on the organic growth. It looked like it accelerated last quarter. It was kind of mid to high teens, which is kind of what you're talking about as the outlook.

Speaker #6: But it was kind of low single-digit here in the second quarter. And I guess if I look at the revenue from Charter specifically, it looks like it was kind of flat year over year.

Speaker #6: And I guess the offset is the inorganic was higher than we were expecting. So I was asked I guess I wanted to ask if you could kind of address that point.

Justin Hauke: The offset is the inorganic was higher than we were expecting. I wanted to ask if you could address that point. The second part of the question was just to confirm in the guidance, it does not include any inorganic contribution from future acquisitions that you might do. I just wanted to make sure that that was the case. Thanks.

Speaker #6: And then the second part of the question was just to confirm, in the guidance, it doesn't include any inorganic contribution from future acquisitions that you might do.

Speaker #6: I just wanted to make sure that that was the case.

Justin Hauke: I just wanted to make sure that that was the case. Thanks.

Speaker #2: Yeah. Thanks for the question, Justin. And a couple items there to cover. But absolutely, we do not bake in future M&A into our plan or the plan that we discussed during the IPO.

Chris Mecray: Yeah. Thanks for the question, Justin, and a couple of items there to cover, but absolutely we do not bake in future M&A into our plan or the plan that we discussed during the IPO. The Q2, I would probably first of all just note that in our plan, the Q2 is the slowest growth quarter of the year. That was anticipated. Baked into the plan, and obviously we beat the top line in the quarter, but everything that transpired there was essentially as expected. I would say maybe on the core growth side, it was a little slower than expected just because of the pace of startup of construction coming out of this winter.

Speaker #2: So, the second quarter—I would probably, first of all, just note that in our plan, the second quarter is the slowest growth quarter of the year.

Speaker #2: And that was anticipated, and so baked into the plan. Obviously, we beat the top line in the quarter, but everything that transpired there was essentially as expected.

Speaker #2: I would say maybe on the core growth side, it was a little slower than expected just because of the pace of startup of construction coming out of this winter.

Speaker #2: It feels like a long time ago now that I'm sitting here in the '90s in Florida, but March and April were very, very chilly up north.

Andy Perrot: It feels like a long time ago now, and I am sitting here in the 90s in Florida, but March, April was very chilly up north, and a lot of construction was really like 3-plus weeks delayed from normal in this winter. I hate to point to weather. That is no excuse and of course we do not need an excuse because we made and beat the quarter, but I do point that out nonetheless as a factor in terms of the pace of core growth. It was a little bit of a pinch quarter because what you saw was we were accumulating a lot of contracts and a lot of work that we knew was going to start around the middle of the year. But you are also sort of finishing a bunch of other work.

Chris Mecray: It feels like a long time ago now, and I am sitting here in the 90s in Florida, but March, April was very chilly up north, and a lot of construction was really like 3-plus weeks delayed from normal in this winter. I hate to point to weather. That is no excuse and of course we do not need an excuse because we made and beat the quarter, but I do point that out nonetheless as a factor in terms of the pace of core growth. It was a little bit of a pinch quarter because what you saw was we were accumulating a lot of contracts and a lot of work that we knew was going to start around the middle of the year. But you are also sort of finishing a bunch of other work.

Speaker #2: And a lot of construction was really like three-plus weeks delayed from normal. In this winter. So I hate to point to weather that's no excuse.

Speaker #2: And of course, we don't need an excuse because we made and beat the quarter. But I do point that out nonetheless as a factor in terms of the pace of core growth.

Speaker #2: So there's also just it was a little bit of a pinch quarter because what you saw was we were accumulating a lot of contracts and a lot of work that we knew was going to start around the middle of the year.

Speaker #2: But you're also sort of finishing a bunch of other work. So you had stuff coming off in some areas, and then you knew stuff was coming on, but it wasn't really planned to come on until June, July, and August.

Andy Perrot: You had stuff coming off in some areas, and then you knew stuff was coming on, but it was not really planned to come on until June, July, and August. We kind of knew in that plan that there was going to be a little bit of a pinch in the middle or Q2 of the year. Our plan for the H2 of the year is for double-digit growth before any acquisition activity, and we still feel comfortable with that. We have seen a pickup of new work in a variety of locations during the course of the summer here. Again, yeah, acknowledging Q2 was the slowest quarter of the year, but we feel good about where we are headed there and on track for our full-year guide here.

Chris Mecray: You had stuff coming off in some areas, and then you knew stuff was coming on, but it was not really planned to come on until June, July, and August. We kind of knew in that plan that there was going to be a little bit of a pinch in the middle or Q2 of the year. Our plan for the H2 of the year is for double-digit growth before any acquisition activity, and we still feel comfortable with that. We have seen a pickup of new work in a variety of locations during the course of the summer here. Again, yeah, acknowledging Q2 was the slowest quarter of the year, but we feel good about where we are headed there and on track for our full-year guide here.

Speaker #2: So we kind of knew in that plan that there was going to be a little bit of a pinch in the middle or second quarter of the year.

Speaker #2: Our plan for the back half of the year is for double-digit growth. Before any acquisition activity, and we still feel comfortable with that. And we've seen it pick up both of new work in a variety of locations during the course of the summer here.

Speaker #2: So again, yeah, acknowledging second quarter was the slowest quarter of the year, but we feel good about where we're headed there. And on track for our full-year guide here.

Speaker #5: Thank you.

Chris Mecray: Thank you.

Justin Hauke: Thank you.

Speaker #1: Thank you. As a reminder, to ask a question at this time, please press star 11 on your touchstone telephone. Our next question comes from the line of Michael Dudas with Vertical Research Partners.

Operator: Thank you. As a reminder, to ask a question at this time, please press star one one on your touch-tone telephone. Our next question comes from the line of Michael Dudas with Vertical Research Partners. Your line is now open.

Speaker #1: Your line is now open.

Speaker #7: Morning, Andy and Chris.

Michael Dudas: Morning, Andy and Chris.

Speaker #2: Hey, Mike. Thanks.

Chris Mecray: Hey, Mike. Thanks.

Michael Dudas: Hey. Chris or Andy, maybe you could share a little bit more insight on your longer-term backlog number that you shared with us, Chris. I thought it was quite impressive. Maybe how does that translate to end markets, customers? I am assuming a lot of MSA, but not yet defined on what it is going to be. Is that trend surprising? Is that a number that was better than you thought? In what areas is the longer-term work being more allocated relative to what your maybe near term type work that runs through your P&L? Thanks.

Speaker #7: Chris or Andy, maybe you could share a little bit more insight on your longer-term backlog number that you shared with us, Chris. I thought it was quite impressive.

Speaker #7: Maybe how does that translate to end markets, customers, I'm assuming a lot of MSA, but not yet to find out what it's going to be.

Speaker #7: Is that trend surprising? Is that a number that was better than you thought? Is that and in what areas is the longer-term work being more allocated relative to what you're maybe near-term type work is that runs through your P&L?

Speaker #7: Thanks.

Speaker #2: Yeah. Yeah. Thanks for the question. We're not planning on reporting a total backlog figure over time or breaking that out in detail. For the simple reason that I think it's misleading in the sense that 60%, almost two-thirds of the business today is on the E&M side.

Chris Mecray: Yeah. Thanks for the question. We are not planning on reporting a total backlog figure over time or breaking that out in detail for the simple reason that I think it is misleading in the sense that 60%, almost two-thirds of the business today, is on the E&M side. It is not really a traditional backlog-driven business. It is MSA contract-based, and you are really talking about rolling over existing MSA contracts over time. When you look out two to three years, if you try to identify what a backlog looks like on that more than half of our business, it becomes more of a conceptual construct than what you might think of as traditional backlog. So, if our business mix changes over time and we are doing a lot more project work instead of this MSA kind of maintenance and fulfillment type work, then maybe our thinking there changes.

Speaker #2: And it's not really a traditional backlog-driven business. It's MSA contract-based, and you're really talking about rolling over existing MSA contracts over time. So, when you look out two to three years and try to identify what a backlog looks like on that more than half of our business, it becomes more of a conceptual construct than what you might think of as a traditional backlog.

Speaker #2: So if our business makes changes over time and we're doing a lot more project work instead of this MSA kind of maintenance and fulfillment-type work, then maybe our thinking there changes.

Chris Mecray: So, if our business mix changes over time and we are doing a lot more project work instead of this MSA kind of maintenance and fulfillment type work, then maybe our thinking there changes. But I did not want to create a reporting framework that has people thinking, well, how do you grow a three-year backlog or a four-year backlog every quarter when it is mostly MSA based, right? Hopefully you understand that concept. Nonetheless, very excited about the awards that we gathered in the quarter and led to a growth rate of a total backlog that is well over $3 billion, essentially around $3.3 billion, growing year over year in the mid 30s and growing sequentially. A lot of those awards are focused on infrastructure deployment. Again, eight new contracts of note from different customers. We highlighted a couple of the bigger ones.

Speaker #2: But I didn't want to create a reporting framework that kind of has people thinking, well, how do you grow a three-year backlog or a four-year backlog every quarter when it's mostly MSA-based, right?

Chris Mecray: But I did not want to create a reporting framework that has people thinking, well, how do you grow a three-year backlog or a four-year backlog every quarter when it is mostly MSA based, right? Hopefully you understand that concept. Nonetheless, very excited about the awards that we gathered in the quarter and led to a growth rate of a total backlog that is well over $3 billion, essentially around $3.3 billion, growing year over year in the mid 30s and growing sequentially. A lot of those awards are focused on infrastructure deployment. Again, eight new contracts of note from different customers. We highlighted a couple of the bigger ones. Just think about fiber build-out all over the country. We have partnered with a couple of really nice growing, kind of smaller, but growing service providers, and there is just a lot of work for them to do.

Speaker #2: So hopefully, you understand that concept. But nonetheless, very excited about the awards that we gathered in the quarter and led to a growth rate of a total backlog that's well over 3 billion, essentially around 3.3 billion.

Speaker #2: Growing year over year in the mid-30s and growing sequentially. A lot of those awards are focused on infrastructure deployment. Again, eight new contracts of note from different customers.

Speaker #2: We highlighted a couple of the bigger ones. Those are just think about fiber build-out all over the country. We have partnered with a couple of really nice growing kind of smaller but growing service providers.

Chris Mecray: Just think about fiber build-out all over the country. We have partnered with a couple of really nice growing, kind of smaller, but growing service providers, and there is just a lot of work for them to do. They are looking for, like Andy said, looking for core partners who they can do most of the work with, and we have more opportunity with those customers as we look forward. So we have, by no means, booked the total opportunity with them over a multi-year period. We do expect over the course of time here to see new awards, even from those customers. Hopefully that helps a little bit.

Speaker #2: And there's just a lot of work for them to do. And they're looking for, like Andy said, core partners who they can do most of the work with.

Chris Mecray: They are looking for, like Andy said, looking for core partners who they can do most of the work with, and we have more opportunity with those customers as we look forward. So we have, by no means, booked the total opportunity with them over a multi-year period. We do expect over the course of time here to see new awards, even from those customers. Hopefully that helps a little bit.

Speaker #2: And we have more opportunity with those customers as we look forward. So we've by no means booked the total opportunity with them over a multi-year period.

Speaker #2: So we do expect over the course of time here to see new awards even from those customers. Hopefully, that helps a little bit. We do have lots of opportunity data center.

Michael Dudas: That's very helpful.

Chris Mecray: Well over USD 1 billion of pipeline that we're looking at right now. We do have lots of opportunity at data center. We have lots of opportunity for the project side and utility. We look forward to winning more work as we go. Our pipeline is significant. I fully expect that our visibility and that sort of construct of total backlog, it's real in the sense that it gives us a really good sense of where we're going to be working during 2027 and even in 2028, based on contracts that we have in hand. Particularly on that 40% of the business that's infrastructure deployment, we're putting together a book that gives us a lot of planability, a lot of visibility in terms of where and what we're doing.

Speaker #2: We have lots of opportunity for the project side in utility. And we look forward to winning more work as we go. I mean, our pipeline is significant.

Speaker #2: Well over a billion dollars of pipeline that we're looking at right now. And so yeah, I mean, I fully expect that our visibility and that sort of construct of total backlog, it does it's real in the sense that it gives us a really good sense of where we're going to be working during 2027.

Speaker #2: And even in 2028, based on contracts that we have in hand. So, particularly on that 40% of the business that's infrastructure deployment, we're putting together a book that gives us a lot of planning ability, a lot of visibility in terms of where and what we're doing.

Speaker #7: Now, Chris, that was very helpful. I thought the assessment is spot on. Thanks. I appreciate it.

Michael Dudas: Chris, that was very helpful, I thought, and the assessment is spot on. Thanks. I appreciate it.

Speaker #2: Thank you.

Chris Mecray: Thank you.

Speaker #1: Thank you. Our next question comes from the line of Brian Brophy with Stifel. Your line is now open.

Operator: Thank you. Our next question comes from the line of Brian Brophy with Stifel. Your line is now open.

Speaker #8: Yeah, thanks. Good morning, everybody. I just had a bigger picture question, given this is the first earnings call. I'm wondering if you could give an overview of your fulfillment business and what kind of work you do there.

Brian Brophy: Yeah. Thanks. Good morning, everybody. Just had a bigger picture question, given this is the first earnings call. Wondering if you could give an overview of your fulfillment business and what kind of work you do there, and how does overbuilding impact the growth opportunity there over time? Thanks.

Speaker #8: And how does overbuilding impact the growth opportunity there over time? Thanks.

Speaker #9: Yeah. So our fulfillment side of the business, think about us being an extension of our partners. I always tell people, ITG is the biggest company nobody's heard of because when we're standing at your door, we're likely wearing a shirt that says Comcast or Charter or any of our other 80 partners that are out there, doing fulfillment work with us.

Andy Perrot: Yeah. So our fulfillment side of the business is, think about us being an extension of our partners. I always tell people ITG is the biggest company nobody's heard of, because when we're standing at your door, we're likely wearing a shirt that says Comcast or Charter, or any of our other 80 partners that are out there doing fulfillment work with us. As you think about whether it's maintenance of keeping the network on. Somebody takes 3 poles out at 3:00 in the morning, we are on-call support. If your Wi-Fi's not working and you can't get the new iPad connected in your house, it's very likely an ITG technician is in there helping you with your simplistic mesh Wi-Fi 7 networks. As you think about overbuilders, that's the other thing that's very unique about ITG, is the fungibility of our workforce.

Andy Parrott: Yeah. So our fulfillment side of the business is, think about us being an extension of our partners. I always tell people ITG is the biggest company nobody's heard of, because when we're standing at your door, we're likely wearing a shirt that says Comcast or Charter, or any of our other 80 partners that are out there doing fulfillment work with us. As you think about whether it's maintenance of keeping the network on. Somebody takes 3 poles out at 3:00 in the morning, we are on-call support. If your Wi-Fi's not working and you can't get the new iPad connected in your house, it's very likely an ITG technician is in there helping you with your simplistic mesh Wi-Fi 7 networks. As you think about overbuilders, that's the other thing that's very unique about ITG, is the fungibility of our workforce.

Speaker #9: And as you think about whether it's maintenance of keeping the network on, somebody takes three poles out at 3 o'clock in the morning. We are on-call support.

Speaker #9: If you if your Wi-Fi is not working and you can't get the new iPad connected in your house, it's very likely an ITG technician is in there helping you with your simplistic mesh Wi-Fi 7 networks.

Speaker #9: As you think about overbuilders, that's the other thing that's very unique about ITG is the plungeability of our workforce. So we absolutely love our core customers, and we continue to be strategic partners.

Andy Perrot: We absolutely love our core customers, and we continue to be strategic partners. Yet we're also the strategic partners of others that are in there overbuilding these networks. We have the workforce and the talent to go execute these fiber builds or these fiber networks. So you take a look at our customer base, and you're going to see that just about everybody that's also in the fiber business is a partner with ITG. So think about a single location, Memphis, Tennessee, for example, or Nashville, and go, not only does one of our depots, if you go into our warehouse, we may have that warehouse staged in 4 different sub-warehouses because we're actually serving 4 different customers. We're the support customer for the legacy telco for Ma Bell.

Andy Parrott: We absolutely love our core customers, and we continue to be strategic partners. Yet we're also the strategic partners of others that are in there overbuilding these networks. We have the workforce and the talent to go execute these fiber builds or these fiber networks. So you take a look at our customer base, and you're going to see that just about everybody that's also in the fiber business is a partner with ITG. So think about a single location, Memphis, Tennessee, for example, or Nashville, and go, not only does one of our depots, if you go into our warehouse, we may have that warehouse staged in 4 different sub-warehouses because we're actually serving 4 different customers. We're the support customer for the legacy telco for Ma Bell. We're the cable co legacy partner, then we are the new fiber overbuilder supporter, building those networks and providing support.

Speaker #9: Yet, we're also the strategic partners of others that are in there overbuilding these networks. We have the workforce and the talent to go execute these fiber builds and these fiber networks.

Speaker #9: So you take a look at our customer base, and you're going to see that just about everybody that's also in the fiber business is a partner with ITG.

Speaker #9: So think about a single location, Memphis, Tennessee, for example, or Nashville, and go, not only does one of our depots, if you go into our warehouse, we may have that warehouse staged in four different sub-warehouses because we're actually serving four different customers.

Speaker #9: We're the support customer for the legacy telco, Vermont Bell, we're the cable co legacy partner, and then we are the new fiber overbuilder supporter building those networks and providing support.

Andy Perrot: We're the cable co legacy partner, then we are the new fiber overbuilder supporter, building those networks and providing support. Even in some locations, we might be the co-op electrical partner as well that's getting into the fiber space. We get that density. We get greater opportunities to be able to have the right resources at the right place at the right time because we have these dense markets that we're building. Then as you think about the civil side of the business and the locate side of the business, how great is that to go to one location and put 4 different flags on the ground versus one.

Speaker #9: And even in some locations, we might be the co-op electrical partner as well that's getting into the fiber space. So we get that density.

Andy Parrott: Even in some locations, we might be the co-op electrical partner as well that's getting into the fiber space. We get that density. We get greater opportunities to be able to have the right resources at the right place at the right time because we have these dense markets that we're building. Then as you think about the civil side of the business and the locate side of the business, how great is that to go to one location and put 4 different flags on the ground versus one.

Speaker #9: We get greater opportunities to be able to have the right resources at the right place at the right time because we have these dense markets that we're building.

Speaker #9: And then, as you think about the civil side of the business and the locate side of the business, how great is that to go to one location and put four different legs on the ground versus one?

Speaker #9: And it continues to drive our abilities to serve our customers with 24/7 on-call support, complete fulfillment activity, and be able to have the latest and greatest campaign when they come and be partners with us and go, we're scheduling a 20% lift in total connects because we're we've got this great, great offer that we're really excited about.

Andy Perrot: It continues to drive our abilities to serve our customers with 24/7 on-call support, complete fulfillment activity, and be able to have the latest and greatest campaign when they come and be partners with us and go, "We're scheduling a 20% lift in total connects because we've got this great offer that we're really excited about, and do you have the resources to support that activity?" Days out from an order entry to fulfillment completion is same day, next day, which a lot of these customers really need to be competitive in the communities that they're competing against each other. All boats kind of head into ITG in those scenarios, and we're very strategic with our customers. It's really a benefit, actually, to our business plan.

Andy Parrott: It continues to drive our abilities to serve our customers with 24/7 on-call support, complete fulfillment activity, and be able to have the latest and greatest campaign when they come and be partners with us and go, "We're scheduling a 20% lift in total connects because we've got this great offer that we're really excited about, and do you have the resources to support that activity?" Days out from an order entry to fulfillment completion is same day, next day, which a lot of these customers really need to be competitive in the communities that they're competing against each other. All boats kind of head into ITG in those scenarios, and we're very strategic with our customers. It's really a benefit, actually, to our business plan.

Speaker #9: And do you have the resources to support that activity? So, days out from an order entry to fulfillment completion—same day, next day—which is what a lot of these customers really need to be competitive in the communities that they're competing against each other in.

Speaker #9: So all boats kind of head into ITG in those scenarios, and we're very strategic with our customers. And but it's really a benefit, actually, to our business plan.

Brian Brophy: That's great. Appreciate the overview. Obviously, it was great to hear about the tuck-in. Curious the latest you're seeing on the M&A pipeline side, and curious how much of that pipeline includes end markets outside of communications like T&D and others. Thanks.

Speaker #8: That's great. Appreciate the overview. And obviously, it was great to hear about the tuck-in. Curious the latest you're seeing on the M&A pipeline side, and curious how much of that pipeline includes end markets outside of communications like T&D and others.

Speaker #8: Thanks.

Speaker #9: Yeah. We've got we've had quite a few reviews. I've actually had boots on the ground in multiple different kind of side civil activities. The civil is just really something we're excited about, but we're going to crawl, walk, run when it comes to some of the things kind of outside of our wheelhouse.

Andy Perrot: Yeah. We've had quite a few reviews. I've actually had boots on the ground and multiple different kind of side civil activities, but civil is just really something we're excited about. We're going to crawl, walk, run when it comes to some of the things outside of our wheelhouse. When I say outside, we may be in that space, but we're really good at it maybe geographically. So I may want to look at more the organic growth and leveraging the talent that's there. I can even tell you this week we had people here in our corporate office in Fort Lauderdale exploring more of the civil side of the business. We will not make the hustle mistakes. We don't want to get out ahead of our skis.

Andy Parrott: Yeah. We've had quite a few reviews. I've actually had boots on the ground and multiple different kind of side civil activities, but civil is just really something we're excited about. We're going to crawl, walk, run when it comes to some of the things outside of our wheelhouse. When I say outside, we may be in that space, but we're really good at it maybe geographically. So I may want to look at more the organic growth and leveraging the talent that's there. I can even tell you this week we had people here in our corporate office in Fort Lauderdale exploring more of the civil side of the business. We will not make the hustle mistakes. We don't want to get out ahead of our skis.

Speaker #9: And when I say outside, we may be in that space, but we're really good at it, maybe geographically. So I may want to look at more kind of the organic growth and leveraging the talent that's there.

Speaker #9: I can even tell you this week we had we have people here in our corporate office in Fort Lauderdale exploring more of the civil side of the business.

Speaker #9: And we will not make the hustle mistakes. We don't want to get out ahead of our skis. So if you see the story, you'll see us kind of organically growing where we have the strength, where we think we can bring in great value and great margins into the business, especially as we can plug it into our ecosystem.

Andy Perrot: If you see the story, you will see us organically growing where we have the strength, where we think we can bring in great value and great margins into the business, especially as we can plug it into our ecosystem. As we think about that growth, that is exactly something we believe will be on our roadmap. But I do not unfortunately have anything that I can announce today other than just the smile on my face that you cannot see as I think about the future and where ITG is going to be here in the near future.

Andy Parrott: If you see the story, you will see us organically growing where we have the strength, where we think we can bring in great value and great margins into the business, especially as we can plug it into our ecosystem. As we think about that growth, that is exactly something we believe will be on our roadmap. But I do not unfortunately have anything that I can announce today other than just the smile on my face that you cannot see as I think about the future and where ITG is going to be here in the near future.

Speaker #9: So, as we think about that growth, that's exactly something we believe will be on our roadmap. But unfortunately, I don't have anything that I can announce today, other than just the smile on my face that you can't see as I think about the future and where ITG is going to be here in the near future.

Speaker #8: Understood. I'll pass it on. Thank you.

Brian Brophy: Understood. I will pass it on. Thank you.

Speaker #1: Thank you. I'm currently showing no further questions at this time. I'll now turn the call back over to management for closing remarks.

Operator: Thank you. I am currently showing no further questions at this time. I will now turn the call back over to management for closing remarks.

Speaker #10: Okay, thanks, everybody, for joining. As a reminder, we have our commentary file and documents posted to the website. Shortly, we should also have a marketing deck up there, which will be a nice educational piece for new investors looking at the story. We look forward to chatting with you all during the course of the quarter.

Chris Mecray: Okay. Thanks everybody for joining. As a reminder, with our commentary file and documents posted to the website. Shortly, we should have a marketing deck also up there, which will be a nice education piece for new investors looking at the story. I look forward to chatting with you all during the course of the quarter here. Thanks for joining.

Speaker #10: Thanks for joining.

Speaker #9: Yeah. Thank you.

Andy Perrot: Yeah. Thank you.

Andy Parrott: Yeah. Thank you.

Operator: This concludes today's conference. Thank you for your participation. You may now disconnect.

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