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2026.09.29 | TB | Industrials | Sterling Infrastructure Supply Chain Execution

原标题：Sterling Infrastructure – Supply Chain Bottlenecks & Field-level Mission-critical Execution

#industrials #datacenter

Third Bridge · 2026-09-29

Analyst-led • 23 Sep 2026

Companies: STRL US

Sean Tiehes (ST) Founder at Supply Strategy Group LLC

Isaiah Rodgers (IR) — Third Bridge Sector Analyst

Agenda

Key Insights

Introduction

IR [00:00:02]: Welcome to the Third Bridge's Interview entitled Sterling Infrastructure – Supply Chain Bottlenecks & Field-level Mission-critical Execution. I am Isaiah Rodgers, and I will be facilitating today's Interview with Sean Tiehes, former Director of Field Supply Chain at CEC Facilities.

Sean, before we start today's Interview, could you please state either I agree or I disagree to the following statement: You understand the definition of material non-public information and agree not to disclose any such information, or any other information which is confidential, during this Interview.

ST [00:00:35]: I agree.

IR [00:00:36]: Could you please get us started with an introduction to your background.

ST [00:00:41]: Of course. Sean Tiehes. I have been in commercial construction for the last eight years now. Prior to that, I spent 15 years in the US Navy, which is where the bulk of my supply chain background has come from. I have brought the military rigour into the construction atmosphere and I've worked with these companies to help them streamline their processes and understand their challenges and where waste is creeping in through the supply chain operations.

Questions

00:01:15] From a field supply chain perspective, what are the operational risks associated with CEC Facilities Group's capacity being completely filled within 90 days of its acquisition by Sterling Infrastructure in September 2025?

ST [00:01:35]: There very much is. From an operational side, manpower is always one of the struggles. When they filled their pipeline that quickly, in my opinion, they were taking on a little more risk than what I would have been comfortable with, we'll say, because even though I had helped to establish the supply chain and the processes and get things moving, support is only one piece of the entire operational outlook.

IR [00:02:13]: What are the specific operational risks associated with CEC reaching full capacity within 90 days?

ST [00:02:25]: Manpower is always, well, I don't want to say always, but recently, it's been a lot shorter than what we have wanted to see historically. People are starting to age out and retire, whereas we're not seeing the younger generation coming in. There has been a bit of a gap in the trades, not just the electrical side, but all the trades. We can get into a debate about where it comes from, but I don't think that will really help. Just people wanting to pursue college over hands-on work there for a bit, that was getting pushed really heavily. Now we're starting to see it come back. There's been huge strides made through the apprenticeship programmes, things like that. There is a bit of a dip in manpower. When between the supply chain side, the tariffs that are in place, the recovery was still happening from COVID. There's a shift in mindset that's come through, and then we pair that now with the dip we see not having enough people, put these together when a single company really fills their pipeline kind of the way I saw CEC do it. It looks great for expansion, but I'm worried it may not be sustainable.

00:04:00] How is CEC performing against its 90% backlog, and has the company experienced any project slippage directly attributable to its own execution failures?

ST [00:04:20]: There's definitely risk. I believe part of that is just because either CEC has stepped away from it. I can't give the underlying reasons behind it. It's either CEC has stepped away from it because they've understood that their backlog is a lot more dense than they were expecting ramping it up that quickly or because there was a falter when they took all of that work on without the manpower and all the underlying support being able to support everything that they did take on. I don't want to speculate one way or the other. There's a multitude of reasons. The companies don't get follow-on work or don't take follow-on work.

00:05:39] Given Sterling's expansion of its modular and prefabrication capabilities to accelerate job site turnaround, how mature is CEC's off-site prefabrication set-up?

ST [00:05:59]: Let me think about this. They stood up about six months after I started getting the supply chain going. It's about 1.5 years into it now. I at this point, we're creeping up on two years. I think it will be two years here in one month or so. Actually, yes, two years, time flies. Sorry. Yes, it's about two years old, though. The challenge that I saw is the facility that they selected to develop their manufacturing processes in was not large enough to support the scale of work that they had brought in through the backlog. It wasn't fully operational when I had departed at the beginning of the year. I'm not sure where it stands right now. I do know that they were looking at acquiring a larger facility. I don't know if that means leasing or purchasing, but I know that was something that was on their radar just within the last six months or so.

IR [00:07:13]: Does CEC manufacture its own prefabricated modular components in-house at its off-site facility?

ST [00:07:22]: Correct. Yes. Like the rest of the industry, they are seeing the manufacturing side as a huge benefit to getting more work and maintaining work and being successful for their clients. I know that they brought in a whole team over that now. At first, it was just a director and now there's a full leadership staff behind it all the way up to a senior VP, if I remember correctly.

00:08:07] Is having in-house prefabrication capabilities an industry standard, or is this unique to Sterling?

ST [00:08:15]: It is becoming industry standard. When I worked for FTI, they already had it established, bros it in. Like a lot of the big players, Cupertino and then Southland Industries, when you're looking at full MEP have it. I don't want to say every company is moving that way, but a good majority of them are because there's a benefit to being able to produce some of those items house.

00:08:47] What are specific examples of items prefabricated in-house, and what are the primary applications for modular prefabrication?

ST [00:08:58]: That's a bit of a rabbit hole, and I'll try to keep it high level. It depends on the company, I'll say. FTI, when I worked there, Faith Technologies, they shifted towards what's called the modular electric buildings. Basically, where their design went is if you think of the electrical rooms inside of data centres, hospitals, whatever, they took that design and moved it into like a modular house style design that they could build in factory, ship to site and put together almost like a Lego brick house is the way they designed it. Whereas other companies such as, I know Rosendin, for example, is developing temporary power skids. Southland is doing something very similar, developing a…

Southland is a little different. There is a utility skid. They're providing full MEP through the skid process to ship to site and hook up a little more quickly. When I was with CEC, their initial run was for temporary power skids for one of the data centres. When I left, that was the only contract they had at the time, and they had gone back to baseline prefab. Prefabrication of lighting whips, boxes, prewired receptacle boxes, things of that nature is… That's the easiest way to fall back to is to those prefabricated items. Yes, it can go to both extremes and it really depends on the company and how deep they want to develop the manufacturing side as to where they fall on that spectrum.

IR [00:11:01]: Are all prefabricated components unique to the client, or can these modular pieces be reused across different clients?

ST [00:11:12]: The easiest way for me to describe it is it's very similar to a modular house. The basic plan is more or less the same from client to client. For example, a bathroom is a bathroom, but it could be at the end of the house or the middle of the house. That is the design that a lot of the folks that have gotten into the large-scale modular manufacturing has moved towards. Again, with Sterling, or CEC, I don't know. I believe based off conversations I had while I was there, that's the direction they want to push towards. I haven't heard if they've changed that direction or not.

00:12:06] Does prefabrication significantly reduce on-site labour pressure, and what are the associated time and cost savings?

ST [00:12:19]: That's a fantastic question, and that's one of the reasons why a lot of companies are really moving that direction. Manufacturing standards become a lot easier to manage site labour costs. When you lean towards prefabrication and manufacturing, you can have… Again, varies by company. I don't really know how CEC has leaned, but I hope they went the direction we have discussed. Basically, you establish a standardised manufacturing rate so that you can understand your costs when it's contracted out from the field. It makes the field safer because people aren't cutting, stripping, doing all these things to try to manufacture everything on-site. Ship it in, set it up, put it in. It does make it a little quicker sometimes because there's no weather restraints. You're building inside of a conditioned facility. You don't have to worry about if it's going to rain you out or if there's any delays from trade stacking, anything like that. Plus, depending on the state and the manufacturing design, a lot of times, you can use unskilled labour for some of those movements, whereas you have to maintain a ratio of apprentices journeymen while you're on-site due to regulations. It helps in a multitude of ways, and that's really why a lot of these companies, not just CEC are trying to move that direction as well.

IR [00:14:15]: Does the manufacturing rate refer to facility utilisation or the price charged to customers?

ST [00:14:21]: That's the price being charged to customers.

IR [00:14:25]: Is the full manufacturing rate paid by the customer upfront?

ST [00:14:33]: The way FTI handled that was they developed a contract for it and a purchase order for payment against the manufacturing side. FTI is the umbrella company, and they broke their manufacturing, field construction and energy solutions companies into three separate LLC entities. I haven't heard and I haven't seen CEC do that. From what I understand, CEC brought everything under the same banner. They're going to have to account for that a little differently. Externally, they can run accounts receivable and take contracts. Internally, I think it's going to have to be a budget line against the construction contract if that structure stays the way it is.

00:15:34] What are the typical utilisation rates for both CEC's tools and materials warehouse and its manufacturing warehouse?

ST [00:16:13]: From the tool and material side, when I showed up, the utilisation there was right about 30%-ish. The projects they were going on… Sorry, let me start this over. The projects that were using the warehouse were keeping up with it pretty well. That's really where our percentage came from. The bigger challenge I had when I showed up to CEC to formalise their supply chain was the project sites weren't really using the warehouse much at all. They were going out buying what they needed for the project and then tools would disappear, they would shuffle around. They were not being maintained as well as they should have been, in my opinion. I was able to get the utilisation rate up for the tools and materials warehouse really to about 50%, but they had not influx the capital that we needed at the time to build that out to support all the projects that we were building, that we were on. We did still have quite a few purchases made off of those projects that I was attempting not to do. Old habits die hard is just something that was worked through. From the manufacturing side, when I left, their utilisation there was really only about 10%-ish at the beginning of 2026. I know that there was a push from leadership to start using them more so that they could build capacity. By the time I had left, that had not been formally put in place. Unfortunately, I don't have good numbers on that right now.

00:18:22] What are the average time and cost savings on a build-out when using prefabrication models?

ST [00:18:43]: It can save as much as 30-40% sometimes depending on the type of project and the build-out they're going for. The factors that sway that are what production can be brought off-site. A high-rise typically has a lot higher savings than something that's a little more custom, say, like industrial food manufacturing. Because in a high-rise, you have 175 rooms that are all the same that you can batch everything out and kind of move through pretty quickly. Whereas there's a little more time involved and a little more detail involved in some of the other projects. Yes, it can save a significant amount of time if the planning is done correctly upfront. Yes, I've seen it as high as 40%, and I've seen it as low as where it's almost negligible whether we built it on-site or off-site just because the planning wasn't there.

00:19:57] How often do clients purchase both Sterling's heavy civil site development and CEC's electrical construction services together?

ST [00:20:20]: That was one thing I was trying to push, but in my tenure there, it only happened one time on a project. I don't know if that has become another sales point, talking point or not. I know when Sterling made the acquisition of CEC, that was one of the talking points on the table of how do we combine all of that to provide the most value for the client. This is an assumption, so kind of take that from what it is. I'm assuming that they follow that path, but I couldn't say for certain.

IR [00:21:10]: Were Sterling's and CEC's business units highly siloed?

ST [00:21:14]: They were during my time there, yes.

00:21:16] How does bundling Sterling's and CEC's services streamline the field supply chain?

ST [00:21:35]: It streamlines it quite a bit when you start bundling all these services. CEC is full MEP, mechanical electrical plumbing. When you look at across raw materials from a supply chain standpoint. We can go out and acquire a bulk copper price and then break that down into whether it's wire, whether it's pipe or whatever with our suppliers and the manufacturers of those items, which allows us to really leverage our purchasing power as an organisation comparative to some of the single-item-type contractors, whether they're only electrical or only plumbing or whatever. Then from the client side, you have a single company, I'll say, throat to choke is a good term that's used out in the field, somebody that you know you can go to and they can help you regardless of what that activity is. Then when you roll in the civil services, there is a lot of underground work for all of these trades as well. If you have everything under house like that, it just streamlines communication, streamlines what you need to bring in, streamlines your procurement processes. There's a lot of good things that can come from it.

00:23:14] How much can bundling Sterling's and CEC's services boost margins through streamlined efficiencies and cost savings on raw materials?

ST [00:23:31]: I guess the easiest way I can put it is when CEC bid the jobs, they always targeted about 20% as their base. Now it can go above or below, but that was what they were trying to shoot for everything that they bid. That margin when they're bidding, at least while I was there, they were bidding each of those services individually because each of those groups was considered its own profit centre. If they were able to say, bid at a 35% margin on plumbing, but only a 15% margin on electrical or whatever. Each of those groups at the time I was there, was responsible for their own piece that they would bring in. There were a couple of projects there where CEC held two or more of the functions, whether it's electrical and plumbing or electrical and mechanical. Each of those were still siloed into their own business unit while I was there. I haven't heard if they have started to combine that into a full contract through the company or if they're still piecing it together like they were when I was there.

IR [00:25:12]: Winning an electrical contract does not guarantee that CEC will also be awarded the plumbing contract.

ST [00:25:20]: Correct.

00:25:23] Which of CEC's full-scale MEP verticals – mechanical, electrical or plumbing – generates the highest revenue?

ST [00:25:42]: Electrical is head and shoulders over everything else. When I was there is roughly 75% electrical and then the other 25% was made up of all the other business units.

00:26:03] Sterling has noted that CEC's recent bookings are heavily tied to subsequent building phases on existing campuses. How does field logistics planning change when managing phases two or three of an active campus vs a greenfield start?

ST [00:26:22]: It definitely tightens constraints in a way because rather than, we'll say, from the logistical, just the movement of things, it's not a wide open field anymore. You do have to plan around moving pieces that are already on campus. Storage tends to become more of a problem at that juncture. Then understanding where things tie together, if they tie together tends to cause a challenge sometimes as well. The other issue that we've run into is there may be a change in the manufacturer of, say, the electrical room. Your switchgear and things of that nature may be a different manufacturer and sometimes they're not. There's challenges to both sides of that as well. If they want the exact same package that they had in the first building, then we have to track down what that looks like and where we need to source all of that from.

IR [00:27:37]: What defines phases two or three of a data centre campus build, and how does it differ from a greenfield start?

ST [00:27:47]: Yes. It can mean all sorts of things. It can either be its own facility on the same campus or it could be an existing facility on that same campus that needs to be reconfigured, rebuilt. Each of those has its own challenges as well. I personally have not been on a refit of an existing data centre yet, but I know they're coming. I've seen some of them pop up through the channels. That's probably going to be some of the work coming up on the horizon as well is a data centre that's been in commission that was commissioned 25 years ago, 20-25 years ago, those are starting to show their age. I know some of those are probably going to start popping up on the radar here pretty quickly, too.

00:28:57] How do labour intensity and profit margins differ between subsequent project phases and greenfield starts?

ST [00:29:13]: I don't know if the intensity really changes. Much is the planning needs to change. When done correctly, a green start follows a more consistent style of planning for any other green start job. We're going from ground up. We have a little bit of time working with the GEC because the civil work needs to get done and things of that nature, whereas sometimes with the phase 2 or phase 3, some of that work has already been completed during phase 1 because they knew that those next phases were going to come. There just wasn't a timeline assigned to it. That condenses the planning timeline overall when we get into those situations.

00:30:23] What profit margins CEC can realise overall and specifically within data centres?

ST [00:30:44]: Yes, like I said, CEC traditionally shoots for about 20% margin on the average across all of their business units. That can become a bit of challenge sometimes specifically within data centres because I know a lot of the contracts have started to get written to where the profits capped at 12% or 15% or a lower percentage. That was where I stepped in early on with CEC and developed the tool rental structure because there are things within those contracts for the data centres that we can use to help, I don't want to say raise the margins, but it changes the way the cash moves within the contracts. We'll see. It allows us to make a profit, which is why a lot of the GECs on these projects have now stood up their own equipment rental companies and like JE Dunn and Blue Hat with Blue Hat, for example.

That allows within the contracts them to bring in another revenue line of things coming in. It changes the way that the margins are read, for example. Tool rental is what we are able to do within the trades like that. If the fleet vehicles, labour rates, all of those can be adjusted to change, like I said, it's more of a change of the flow of money coming in, more so than adjusting the margin on those projects. I do know that with some of the smaller projects, I've seen margins on those as high as 40%-ish, 45%, that they bid at. I believe they were able to close a few of those. Overall, we're looking at about 12-15% all the way up to potentially 40% on the margin, depending on the business units and what work they're actually going after.

IR [00:33:16]: Are the profit caps on data centre contracts being imposed by hyperscalers, neoclouds or both?

ST [00:33:27]: In my experience so far, it's only been the hyperscalers. I wouldn't be surprised to see that start trickling down to some of the other, we'll say, larger contracted facilities.

IR [00:33:43]: Are hyperscalers able to impose profit caps on data centre contracts solely due to their immense negotiating power?

ST [00:33:49]: It is. As a hyperscaler, "Hey, you do this one well, we're going to contract you for the next one." There's underlying benefits to it through the consistency of the work and things of that nature. That is partly why it fluctuated that way.

00:34:14] How significant are lead time issues for transformers, switchgear or other critical equipment?

ST [00:34:32]: Transformers are always a struggle. Depending on the transformer and the size, our lead time right now is anywhere from, I think the shortest I've seen was six months, but all the way out to about 24 months right now. Switchgear, it's recovered quite a bit. I know that some of the manufacturers have adjusted their processes. Schneider, for example, changed what they were doing to help keep those lead times as low as possible. With the tariffs kicking in and sourcing raw materials and obviously, the turmoil in the Middle East, which is always fun. I can see some of those lead times starting to tick up a little bit here over the next 6-12 months. That's something we're definitely going to have to keep an eye on.

IR [00:35:44]: Which raw materials are experiencing the largest price spikes?

ST [00:35:53]: Copper went up a little bit. Steel went up a little bit. Those are definitely things that will affect overall costs of commodity items and switchgear transformers, things of that nature. I see the shift for some of the larger suppliers and manufacturers moving to try to source from company or from countries that aren't getting hit with the tariffs or having to struggle with the shipping lanes as much. Fuel, though, as I was watching the market, may start playing even with that strategy. It's something that, again, we're just going to have to really watch from the supply chain side.

00:36:52] Given that diesel prices recently exceeded USD 6 per gallon, what role does fuel play in CEC's procurement?

ST [00:37:04]: While I was there, and I know that the procurement director that was there has left as well, but I don't know if they've filled the role again. I am not sure they're looking at the underlying logistics factors within the procurement process. Again, this is opinion and best guess with the team that I know is still there and if they have not filled the director vacancy. I think they're primarily relying on any supplier information that's given other than going and actually sourcing on their own. That's speculation. I don't want to make that sound like that is exactly what they're doing.

00:38:08] How often do clients procure long-lead electrical equipment themselves vs having Sterling or CEC procure it?

ST [00:38:30]: While I was there, it was about 50/50. That was primarily in the hyperscaler data centre sector, where they would want to develop their own. I can say it's one thing Amazon has done because a lot of their facilities, they've designed them to be pretty much identical. A facility in Tennessee is going to look almost identical to one in Texas and whatever. I know that the data centres are moving in that direction and Meta has moved that way. Google has done that to an extent, but I don't quite understand where they choose to purchase their own and standardise and where they don't. I'm still a little (audio distorts 49.39) as to how that moves. My best guess because I've lived through it with them is Google doesn't just want to come in like the big dog in town. They want to provide jobs and opportunities as well. I lived that wave where they pushed really hard to get as much as they could manufactured off-site. Then when they saw they were losing some of the jobs in a certain market, they pushed back on the off-site manufacturing and said, "Hey, 80% of this now needs to be built on-site," so that they could bring people back to work. They're really trying to be good stewards, in my opinion, of the markets that they're in and trying to keep people employed in those markets.

00:40:33] Do hyperscalers ask EPC [engineering, procurement and construction] contractors to procure equipment solely to keep the assets on the contractors' books vs their own?

ST [00:40:47]: That's a good question. I couldn't say for certain, there's a little bit of a headache involved in sourcing and acquiring and dealing with some of that. From what I've seen, sometimes when the client procures their own, it's because like with Amazon, they're buying for four, five, six facilities at a time. It's easier for them and they can get a pricing discount. Sometimes when they ask the EPC to do it, they are relying on the relationships and the buying power of that EPC in the market. Ultimately, they're looking for the best value and best price also, even though they're able to spend quite a bit of money to put these facilities together, they're still not trying to just waste their funds. That's part of why they would ask the EPC to do it. The other side of that is as they're building and specifically in the remote areas, the data centres don't have their own teams in place for those markets yet. That's when it becomes a real partnership and they utilise the EPC to go out and source those items, get them brought in, and that's where those relationships come in as well.

IR [00:42:34]: Could you dissect the typical payment terms for data centre contracts? Do they require 50% or the full amount upfront?

ST [00:42:43]: I wish I could, but I didn't really get deep into the weeds with that, and I would hate to speculate about what that looks like.

00:42:54] How effective is CEC University at producing job-ready field workers and building a natural student pipeline into CEC?

ST [00:43:24]: I think they do a pretty good job of teaching their folks to trade and get them ready to pass the… It's primarily electrical, their university right now. It does a good job of training folks to be electricians and pass the journeyman certification. I know they had mentioned it. I don't know if it's in the works or not, but they had mentioned expanding it to bring the plumbing and mechanical apprentices in-house eventually as well, which if they do, I think that would be a huge step for them to making field-ready personnel.

IR [00:44:22]: Do all CEC University students transition directly into employment at CEC upon graduation?

ST [00:44:35]: I think a good majority of them do stay and continue to work for the company. I hadn't heard of any major attrition issues after graduation or anything like that. From my perspective, it seemed like they had pretty good loyalty through the apprentices that have come up through the apprenticeship and graduated.

00:45:12] How reliant is Sterling-CEC on third-party temporary labour, and how does this workforce impact field productivity, rework rates and gross margins?

ST [00:45:28]: Recently, from my understanding, they have become very reliant on it. Even the last year or so, I was there, they were bringing in more and more third-party temp labour. How it affects it? I couldn't begin to really dive into that because I know that there was the certain projects I dealt with. I guess I'll state it from this perspective. We'll see some mishandling from the leadership of the communication to those workers. There was rework that was involved and there was some vandalism that was involved and there is some theft of tools and whatever that was involved. I'm assuming, again, so take that for what it is, that there is definitely a negative impact on the margin, but I couldn't begin to tell you to what extent that looks like.

IR [00:46:52]: What pricing premium do third-party temporary labour providers charge?

ST [00:47:02]: It depends on the organisation. From what I understand, they were within market range for these trades. That varies by market. If the range for a journeyman electrician will say was USD 30-55 an hour, they'd probably be at the upper end of it, but they would be within the market rate.

00:47:45] How much are construction labour rates expected to increase over the next 12 months?

ST [00:47:57]: I think for the companies, how do I want to word this? I'll put it this way. People always want money, but money is not always the defining factor. When folks find a good company that keeps them employed consistently, they are willing to take slightly less than a company that treats them like a number and doesn't guarantee necessarily the next job. As a whole, I do see rates climbing. I think they're going to… I can see it going in one of two directions. I can see it staying the same because of all the supply chain material issues. Those are definitely going to drive contract prices up. For that reason, I can see labour prices holding steady to attempt to balance that and the good companies are going to try to really develop their culture to keep skilled employees employed there as long as possible. The other thing I can see is the whole market rising as we go through all of this and rates ticking upward over the next 12 months. I think we'll see a large spike in the companies that aren't developing the culture anyway because people that are coming into those organisations will know they're there for one job. They're going to want to make as much as they can before they're unemployed again and looking for another company.

00:50:01] As data centres grow from 50MW campuses to multi-GW, is Sterling's field supply chain infrastructure equipped to manage projects of that scale?

ST [00:50:21]: I would say that while I was there and what we were working through, they were on track to. I'm not 100% certain that they maintain that trajectory based off of some of the things that I've heard. It doesn't necessarily mean that they can't, but it concerns me a little bit that they won't be able to keep up with a larger project.

IR [00:50:55]: What is the maximum project size that Sterling can currently manage?

ST [00:51:07]: I think they're at their max with the projects they're getting right now. Those are coming in. I look at the numbers, not the megawatt, gigawatt, whatever, but coming in right at around the USD 400m-500m-ish range for the electrical contract. Even with some of those, I feel like if they get too many of them where they are right now that we may see we'll see a little bit of slipping backwards to try to right-size against their current employees and assets.

00:51:59] As Sterling pivots resources from its low-bid Texas heavy highway business to e-infrastructure, how difficult is it to transition field management, heavy equipment and logistics teams from highway jobs to data centre sites?

ST [00:52:26]: Let's see. The easiest way, I think, to put this is the work… Even though the task is different, the work is still the same or similar. It's the difference between moving… There's going to be a bit of a struggle there. It's the difference between being a top-tiered baker and a top-tiered Michelin-starred chef. Both are good at their craft, both are in similar worlds, but moving a baker over to cook at a Michelin-starred restaurant, they're going to have the exact same flair, I guess, we can call it, as the chef that came up in that world. They can definitely get the job done, and I think they'll do a good job, but there's going to be some learning curves along the way.

00:53:31] How does Sterling-CEC's execution compare to major speciality peers such as Emcor, Quanta or MYR Group, and is the company actively winning or losing market share?

ST [00:53:55]: I think I'll put it this way because I don't want to speak negatively or positively. From my best estimation, CEC, because of the influx of the Sterling acquisition, was able to capitalise on a well-known recognised name. That's what gave them this large influx into their backlog. It is now going to be up to them to really do well on this work to maintain that. As far as gaining or losing, I think we have the opportunity to gain, but it's going to take some effort, and I have not seen that personally yet. They're a good company. They're a strong company, but I think they got a little too much over their heads when they took on all of this work. I think it's going to take them a little bit to figure out what their what their path is instead of trying to be the Quanta, the Emcor, the whatever. They're positioned really well, but now it's going to be up to them to really dig in and combine those efforts and show the rest of the community that they can maintain.

IR [00:55:39]: I do think that is a great place to end our call today. I want to thank you for joining me on the Third Bridge Library Interview and for all the insights that you brought to us today. Thank you.

ST [00:55:49]: Thank you so much. Have a good day.

Transcription ends at 00:55:56 of the recorded material