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Please stand by. Welcome to the MasTec’s Fourth Quarter 2024 Earnings Conference Call initially broadcast on Friday, February 28, 2025. Let me remind participants that today’s call is being recorded. At this time, I’d like to turn the call over to our host, Marc Lewis, MasTec’s Vice President of Investor Relations. Marc?

Thank you, José, and good morning, everyone. As we reflect on 2024, we are proud of the meaningful progress made across several key initiatives that are critical to our long-term success. Over the past year, we have successfully advanced our acquisition integration efforts, strengthened our balance sheet through debt reduction and capital structure improvements, and enhanced the accuracy of our forecasting and guidance. Most importantly, we have delivered improved operational and financial performance. While our 2024 results mark an important step in the right direction, we firmly believe there is still significant room to build on this momentum and generate even stronger results in the years ahead. We remain focused on executing our strategic priorities with discipline and look forward to sharing more details with you today. I’ll start with some 2024 highlights. Fourth quarter revenue was above expectations at $3.4 billion and adjusted EBITDA was $271 million, exceeding guidance by approximately $12 million. Clean Energy and Infrastructure drove the fourth quarter results with $104 million EBITDA, or 8.3% of revenue, exceeding guidance by 140 basis points. Adjusted earnings per share was $1.44, more than doubling year-over-year. 2024 full year revenue was $12.3 billion, while adjusted EBITDA of $1.6 billion and adjusted earnings per share of $3.95, both exceeded our annual guidance expectations, with annual adjusted EPS also doubling year-over-year. Our fourth quarter cash flow from operations performance remained very strong at approximately $470 million, bringing the total for 2024 to $1.1 billion, a MasTec record. DSO continued its positive trend, ending at 60 days for the quarter, down from 68 days at the third quarter and 74 days for the prior year. Net debt at year end was $1.8 billion, down over $700 million for the year. Net leverage now stands at 1.8 times in line with our financial policy. We have proactively engaged with the rating agencies and expect their outlooks to be reevaluated in the near future to account for MasTec’s strong performance. 18-month backlog at year end totaled $14.3 billion, an increase of over $400 million sequentially and almost $2 billion year-over-year. This represents a record level for MasTec and all three non-pipeline segments. The growth and backlog is even more impressive when you consider it came despite a record quarterly revenue level for MasTec collectively and for our Communications, Power Delivery, and Clean Energy segments individually. We have very good visibility to support our 2025 outlook and dialogue with customers across all of our end markets continues to indicate strong demand into 2026 and beyond. Turning now to our segment performance and outlook. Fourth quarter Communications revenue was $975 million, ahead of our estimate and up 28% year-over-year. Adjusted EBITDA margin was 9.9%, expanding 230 basis points year-over-year. We continued the efficient transition into our expanded wireless territories and the pace of activity on wireline projects remained strong. Annual 2024 Communications segment revenue was $3.46 billion, up 6% year-over-year, with adjusted EBITDA margins expanding 70 basis points to 9.6%. As disclosed in yesterday’s press release, beginning in 2025, results related to certain utility operations previously reported in our Communications segment will be reported in Power Delivery to better align with how we manage the business. Our Communications segment guidance, reflecting this realignment calls for annual revenue of $2.8 billion, 11% growth year-over-year, with adjusted EBITDA margins in the low-double-digits, compared to 8.7% for 2024. Revenue for the first quarter of 2025 is expected to be $600 million, representing 19% growth year-over-year, with adjusted EBITDA margins of 6.5% to 7%, increasing over 150 basis points from last year’s first quarter. We have provided recast quarterly and full year 2024 results reflecting the realign segments in our guidance summary. Fourth quarter Clean Energy and Infrastructure segment revenue was $1.26 billion, 18% growth year-over-year, with adjusted EBITDA margins of 8.3%, increasing 80 basis points from our strong third quarter and over 340 basis points year-over-year. Once again, we had strong performance across all three segment verticals, with renewables, infrastructure, and industrial all posting their highest margins of the year. Full year segment revenue was approximately $4.1 billion, with adjusted EBITDA margins of 6.3%, up 200 basis points from 2023. Backlog for the segment now stands at $4.2 billion, up 36% year-over-year. Our revenue visibility continues to improve for this segment. For 2025, we expect Clean Energy segment revenue to approximate $4.75 billion, approximately 16% growth. Adjusted EBITDA margins are expected to be approximately 7%. Q1 revenue is expected to be $950 million, representing 26% growth year-over-year, with adjusted EBITDA margins in the mid-single-digits, 250 to 300 basis points higher versus last year. Fourth quarter Pipeline Infrastructure revenue was $430 million, with adjusted EBITDA margins of 13.6%. For the full year, revenue was $2.1 billion, and adjusted EBITDA margins were 18.3%. Please note that we formally renamed this segment to better reflect the nature of our activity in the space, but there were no changes in the segment’s composition or historical results. We anticipate 2025 Pipeline Infrastructure revenue to be approximately $1.8 billion, with adjusted EBITDA margins in the mid-teens. The revenue reduction versus 2024 is driven by last year’s completion of MVP and timing of upcoming projects, which we expect to start in the latter half of the year. First quarter revenue is forecasted at $325 million with mid-teens adjusted EBITDA margins. Most, if not all, of the year-over-year revenue contraction should occur in the first half. Our customers’ planned project activity continues to improve, both in terms of the number of new projects and timing of previously announced awards. We expect a multi-year expansion cycle for this segment that we are uniquely positioned to capitalize on. Fourth quarter Power Delivery segment revenue was $762 million and adjusted EBITDA margin was 7.1%, both in line with our expectations. Annual 2024 Power Delivery segment revenue was approximately $2.7 billion with annual adjusted EBITDA margin of 7%. Two important developments occurred in the fourth quarter. First, we began construction of the Greenlink transmission line, which is moving along well. Second, two Midwest utility clients resolved their rate case appeals, and it indicated a path to increased capital expenditures in 2025. Our 2025 outlook, incorporating the realigned utility operations previously reported in communications, caused revenue of $4.15 billion, 15% growth year-over-year, and high-single-digit adjusted EBITDA margins, 50 to 100 basis points higher than last year’s 8.3%. First quarter revenue is expected to be $850 million with adjusted EBITDA margins in the mid-single-digits. The year is starting off at a slower production rate than previously anticipated due to severe winter weather in a number of markets, pushing project activity into subsequent quarters. Q1 should be the lowest margin quarter of the year. Again, recast 2024 results for the revised segment can be found in the guidance summary. From a consolidated perspective, we are projecting 2025 annual revenue of $13.45 billion, with adjusted EBITDA ranging from $1,100 million to $1,150 million. Adjusted earnings per share is expected to range between $5.35 and $5.84. We expect Q1 revenue of $2,700 million, adjusted EBITDA of $160 million, and adjusted earnings per share of $0.34. Our 2025 expectations include the significant year-over-year improvements laid out for our non-pipeline segments, partially offset by the reduced outlook for pipeline activity. We expect to generate approximately $700 million of cash flow from operations in 2025, assuming DSO is average in the mid-60s over the course of the year. At our current leverage, we have full flexibility around capital allocation, and will continue to drive our decisions based on maximizing return on investment. Supporting organic growth will be a priority, complemented by acquisitions and strategic investments. Share repurchases will remain opportunistic. I’ll now turn the call over to the operator for Q&A.

Thank you. [Operator Instructions] We’ll go first to Jamie Cook with Truist.

We’ll go next to Sangita Jain with KeyBanc Capital Markets.

We’ll take our next question from Andy Kaplowitz with Citigroup.

Good morning, Andy.

We’ll go next to Justin Hauke with Robert W. Baird.

Okay. All right. Thank you very much.

That does make up a significant portion of the $900 million growth that we had from beginning of year to end of year. So of the $900 million, you could assume about half of it came from that one project.

Thank you.

We’ll go next to Adam Thalhimer with Thompson Davis.

We’ll go next to Ati Modak with Goldman Sachs.

Thank you, José.

We’ll go next to Brian Brophy with Stifel.

We’ll go next to Brent Thielman with D.A. Davidson.

We’ll go next to Avi Jaroslawicz from MasTec[ph].

We’ll go next to Drew Chamberlain with JPMorgan.