Filed by MasTec, Inc.

pursuant to Rule 425 under the Securities Act of 1933

Subject company: Infrastructure and Energy Alternatives, Inc.

Commission File No. 001-37796

Company: MasTec, Inc.

Conference Title: MasTec, Inc. (MTZ) Q2 2022 Earnings Call

Moderator: Marc Lewis

Date: Friday, 5th August 2022

Conference time: 09:00

Operator: Good morning, and welcome to MasTec’s Second Quarter 2022 Earnings Conference Call initially broadcast on Friday, August 5, 2022. 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?

J. Marc Lewis

Vice President-Investor Relations, MasTec, Inc.

Thanks, Christina, and good morning, everyone. Welcome to MasTec’s second quarter 2022 earnings call. The following statement is made pursuant to the Safe Harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. In today’s communications, we may make certain statements that are forward-looking such as statements regarding MasTec’s future results, plans, and anticipated trends in the industries where we operate. These forward-looking statements are the company’s expectations on the day of the initial broadcast of this conference call, and the company does not undertake to update these expectations based on subsequent events or knowledge.

Various risks, uncertainties, and assumptions are detailed in our press releases and filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in today’s call.

In today’s remarks by management, we will be discussing adjusted financial metrics reconciled in yesterday’s press release and supporting schedules. In addition, we may use certain non-GAAP financial measures in this conference call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measure can be found in our earnings press release.

With us today, we have José Mas, our Chief Executive Officer; and George Pita, our EVP and Chief Financial Officer. The format of the call will be opening remarks by José, followed by a financial review from George. These discussions will be followed by a Q&A period and we expect the call to last about an hour.

We had another inline quarter and have a lot of important things to talk about today. So, I’m now going to turn the call over to José to get going. José?

José Ramón Mas

Chief Executive Officer & Director, MasTec, Inc.

Thanks, Marc. Good morning and welcome to the MasTec’s 2022 second quarter call. Today, I’ll be reviewing our second quarter results as well as providing my outlook for the markets we serve.

First, some second quarter highlights. Revenue for the quarter was $2.3 billion. Adjusted EBITDA was $179 million. Adjusted earnings per share was $0.73 and backlog at quarter end was $11 billion, a record level.

On our IEA acquisition call last week, we announced that we were experiencing higher levels of cost for the balance of the year with limited ability to mitigate or generally pass on increases to our customers, and talked about our challenges with getting pricing adjustments outside of the typical annual escalators. While second quarter guidance was in line, the quarter was negatively impacted by inflationary cost pressures. Increases in fuel prices and labor, coupled with material delays, have impacted margins in every MasTec segment.

In addition to the inflationary pressure, we’ve had some select execution issues that have also impacted earnings. To understand our future potential and our confidence in being able to see a significant improvement in 2023 and beyond, it’s important to understand the areas where we’ve underperformed. To be clear, I’m not trying to make excuses and I take full responsibility for the execution issues we’ve had, but to understand how earnings can quickly improve, we need to break down our business in more detail.

I’d like to start by focusing on our Clean Energy and Infrastructure segment. It’s a segment where we are making a significant investment with the addition of IEA, and it’s a segment that for the second quarter of 2022, we’re showing an EBITDA loss for the quarter. The segment has now underperformed for a number of quarters. So, it’s important to understand why we are confident in our ability to meaningfully improve the margin profile of this segment.

While some of the issues have been market-driven and outside of our direct control, like the solar circumvention investigation, which has negatively impacted our solar revenue expectations for 2022, others have been purely execution-driven.

Unfortunately, it’s been the same projects we’ve previously discussed that continue to get worse financially. As we get to the end of these projects which in some cases have required us to rework certain portions, we’re dealing with the same cost escalations we see across our business which further exacerbates the losses.

As we think about the Clean Energy and Infrastructure segment, we break it down into three divisions, renewables, civil and industrial. Our problem projects have been in our industrial business. Removing the industrial revenue and losses, our renewables and civil business is performing at a 5% EBITDA margin rate year-to-date and is expected to be 6% for the full year. We expect these levels to significantly improve as these margins have been negatively impacted by the solar investigation, overhead absorption, material delays and the cost pressures we’ve experienced. With cost pressures built into go-forward pricing and the expected growth of both the renewable and the civil market, we expect this margin profile to improve in 2023 and get back to previous levels of high-single-digit performance.

So, our focus and efforts have been in fixing and improving the industrial business. The first question, why are we in the business? I’d first like to define what we mean by industrial. Our focus on this industry is in power sustainable solutions where we think there is considerable overlap with other MasTec services. For example, advanced class turbine installations with the ability of burning both natural gas and hydrogen, industrial components of the carbon capture projects and sustainability projects.

Our industrial revenue in our Clean Energy and Infrastructure segment will be approximately $425 million in 2022, with the majority of the problems in two projects, which were both bid over two years ago. The projects will be completed by year-end, and outside of those projects, the balance of our project mix has performed well. Despite our financial performance, we’ve built a great resume and developed excellent relationships. As we look forward to 2023, we have mitigated our risk on industrial projects by shifting to more cost plus contracts, having already booked over $300 million in cost plus industrial contracts for next year.

One of these projects, a first of its kind, is a lithium battery recycling facility that will take in end of life batteries and battery manufacturing scrap to produce black mass, an intermediate product containing valuable metals such as nickel, cobalt and lithium. The facility will transform that black mass into critical battery-grade materials to be returned back to the lithium ion battery supply chain. This facility will be able to process battery material that is equivalent to approximately 225,000 electric vehicles per year.

While we’d obviously like to perform better out of the gate within the industrial segment, the mostly organic growth we’ve achieved despite the financial losses we’ve endured to-date, have positioned us very well in the market to take advantage of a number of new opportunities.

Going forward, as we think about our CE&I segment, our renewable and civil business, coupled with the expected acquisition of IEA, and the improvements in both projects and contract structures going forward in the industrial market, gives us great confidence in being able to achieve the performance in our Clean Energy and Infrastructure segment that we previously discussed. And hope that our target of $5 billion in revenue for 2023 at mid- to high-single-digit EBITDA margins proves to be conservative in light of the new potential energy legislation.

Moving on to other parts of our business, one of the highlights of the second quarter was our revenue growth in Communications. Communications segment revenue of $822 million was up 30% year-over-year and 24% sequentially. And margins in our Communications segment were up 420 basis points from the first quarter. While we’ve covered all of the communication opportunities at length, it’s great to finally see the impact of the infrastructure growth associated with both 5G and the Rural Digital Opportunity Fund, or RDOF finally start to show up in our financials. Our growth in the quarter was driven by sequential growth of 28% with AT&T, 26% with Comcast, 36% with Verizon, 34% with T-Mobile, and strong increases with the number of RDOF funded customers.

In our Power Delivery segment, revenue was $647 million and our performance was driven by both INTREN and Henkels & McCoy, who exceeded internal expectations that was somewhat offset by legacy MasTec business, which was down about $50 million in revenues in the quarter due to project and material delays impacting our absorption of costs. We expect strong third and fourth quarter performance in the segment with year-over-year improvements in EBITDA despite the inflationary challenges we are experiencing.

In our Oil & Gas segment, margins were better than expected at 18.8% of EBITDA, despite revenues being down from $621 million in the second quarter of 2021 to $341 million this year. Revenue for the year is expected to be down over $1 billion from 2021. But we’re excited to announce that post-quarter end, we signed our largest pipeline contract in over three years, a 300-mile 42-inch pipeline that starts construction in 2023. While activity remains slow for 2022, the level of recent discussions for new projects has considerably increased, and we expect this segment to have considerable opportunities over the next few years.

Also of note for the quarter, backlog at quarter end exceeded $11 billion, a record level, with the sequential increase in every segment except Power Delivery, which was virtually flat, demonstrating strong demand for all of our service offerings. Strategically, as we previously communicated, MasTec is and has been transitioning our business as we focused on growing and diversifying our portfolio.

Our second quarter results continue to reflect the opportunity we have in growing our Communications, Power Delivery, and Clean Energy and Infrastructure segments. I’m extremely proud of how we developed the portfolio of service offerings in these three major sectors that will position MasTec to take advantage of the significant infrastructure spending growth that we expect over the next decade.

First, with the transition to a new carbon neutral economy fueled by green power, massive investments will be required in order to harness the nation’s best wind and solar resources, which are often located in remote locations of the agricultural Midwest and Southwestern Desert. This will include installing thousands of miles of transmission lines necessary to bring green power from these remote regions to population and industrial centers, as well as upgrading last-mile electrical distribution networks for home, office and highway charging stations where very few exist today. Our recent announcement of the intent to acquire IEA is an important step in meeting that objective.

In addition to our power business, the 5G revolution will bring a transformation of the communications ecosystem, requiring the entire network to be upgraded and expanded to meet the ever increasing demand for smart cities, smart homes and factories, the Internet of Things and autonomous vehicles. Not only must new equipment be added to existing cell towers, millions of new small and micro cells must also be built and connected, including fiber and power. All of these new points of presence will require ongoing maintenance and service.

Additionally, we have been involved in the expansion of the clean burning natural gas pipeline network that will help bridge the gap to clean energy. As a leading pipeline construction company, this also positions MasTec to be a major force in the development of thousands of miles of expected carbon capture and sequestration pipelines and facilities and ultimately, hydrogen pipelines.

Our emphasis over the past few years has been to grow capacity organically and make certain acquisitions that best positioned MasTec to address all of these needs. With our portfolio now in place, our focus turns to the deployment and execution of what we believe will be a significant opportunity for steady, sustainable growth over the decades to come.

While George will cover our 2022 expectations in detail, I’d like to reiterate the direction we gave during the IEA acquisition call of our future expectations. Included in the slide deck we provided, we laid out a path for 2023 of revenues of approximately $13 billion with EBITDA of $1.2 billion. One of the things I’m proudest of during my tenure as CEO over the last 15 years has been our consistency and our ability over many years to meet and exceed guidance.

I’m not pleased that we’ve had to adjust our guidance over the last few quarters. And in planning for 2023 and the early outlook we provided, we were cautious to create targets we felt we could achieve with a high degree of confidence. I understand that today these are just words, but we, as an organization, are motivated and excited to show what MasTec can do and achieve.

I’d like to take this opportunity to thank the men and women of MasTec for their performance and hard work. I’m honored and privileged to lead such a great group. The men and women of MasTec are committed to the values of safety, environmental stewardship, integrity, honesty, and in providing our customers a great quality project at the best value. These traits have been recognized by our customers, and it’s because of our people’s great work that we’ve been able to deliver these financial results in a challenging environment and position ourselves for continued growth and success.

I’ll now turn the call over to George for our financial review. George?

George L. Pita

Chief Financial Officer & Executive Vice President, MasTec, Inc.

Thanks, José, and good morning, everyone. Today, I’ll review our second quarter 2022 financial results and provide some additional color on our guidance expectation for the balance of the year. For the sake of clarity, discussion of 2022 guidance will not include any contribution from the recently announced IEA acquisition, which is expected to close late in the fourth quarter. If any effect from the proposed IEA acquisition is assumed in any future expectation discussed in my remarks, that assumption will be clearly indicated.

As Marc indicated at the beginning of the call, our discussion of financial results and guidance will include non-GAAP adjusted earnings and adjusted EBITDA. Reconciliation and details of non-GAAP measures can be found in our press release, SEC filings or on our website.

Second quarter results were generally in line with our guidance expectation communicated during our first quarter earnings with revenue at $2.3 billion and adjusted EBITDA of $179 million. Second quarter revenue grew approximately $300 million, a 17% year-over-year increase, comprised of approximately $600 million in revenue growth in our non-Oil & Gas segments, mainly our Communications, Power Delivery and Clean Energy and Infrastructure or Clean Energy segments. This revenue growth was partially offset by an expected year-over-year decrease in our Oil & Gas segment of approximately $300 million.

Second quarter revenue trends reflect a strategic shift we have made to expand our operations and capacity in areas where end market demand is growing. To put the significance of this shift in perspective, full year 2022, we expect to generate slightly over $8 billion of revenue from our non-Oil & Gas segments, representing almost 90% of our annual $9.2 billion revenue estimate. As a comparison, less than two years ago, our annual 2020 non-Oil & Gas segment revenue was only $4.5 billion.

In summary, we are in the midst of a significant transition in our end markets business mix while also completing integration efforts on 2021 Power Delivery segment acquisitions. This, coupled with inflationary cost pressures, have made this year disappointing from an earnings perspective. That said, we strongly believe that we have well-positioned the company for long-term opportunities in both revenue growth and operating profit expansion.

Now, I will cover some more detail regarding our segment results and expectations. Second quarter

Communications revenue was $822 million, a 30% increase when compared to the same period last year and a 24% sequential increase when compared to the first quarter, reflecting expanded wireless, wireline services as telecommunications partners begin to accelerate their deployment of spectrum and fiber for transformational 5G network enhancement. We expect second half 2022 revenue levels to accelerate from first half levels and approximate $1.7 billion with third quarter revenue approaching $900 million.

Second quarter Communications segment adjusted EBITDA margin rate was 10.4%, a 420 basis point improvement over first quarter levels primarily due to overhead leverage from increased revenue levels coupled with sequentially lower levels of new RDOF wireline market start-up costs. That said, second quarter Communications segment adjusted EBITDA margin rate was still impacted by some new RDOF market start-up costs, as well as inflationary cost pressures on labor, fuel and materials.

We expect second half 2022 adjusted EBITDA margin rate will range between 11.5% to 12% of revenue, this improvement due to additional overhead leverage from higher second half revenue levels and the elimination of new RDOF market start-up costs as operations ramp. Within the second half of 2022, we expect higher adjusted EBITDA margin rate performance in the third quarter based on normal seasonality.

Our annual 2022 Communications segment revenue expectation continues at approximately $3.2 billion, a 25-plus percent annual growth rate with annual 2022 adjusted EBITDA margin rate in the low-to-mid 10% range. We expect the accelerated run rate of second half 2022 performance to continue and accelerate in 2023, giving us significant growth opportunities.

Second quarter Clean Energy segment revenue was $494 million, a 3% increase when compared to the same period last year. Second quarter adjusted EBITDA was a loss of $5 million. As José already discussed, our second quarter Clean Energy segment adjusted EBITDA was negatively impacted by lower overhead absorption due to solar renewable power generation and revenue disruptions, inflationary cost pressures on existing projects, and the impact of two select industrial projects where we incurred project losses as we move towards project close-out.

As we look forward, we expect second half Clean Energy segment revenue levels to accelerate from first half levels and approximate $1.2 billion. Based on expected overhead leverage from higher second half revenue coupled with the non-recurrence of select industrial project inefficiencies and projected fourth quarter close-out benefits similar to last year, we expect second half Clean Energy segment adjusted EBITDA margin rate will improve and approximate 6% to 6.5% with fourth quarter adjusted EBITDA margin rate slightly higher than third quarter levels. This equates to annual 2022 Clean Energy segment revenue expectation of approximately $2.1 billion, a 13-plus percent year-over-year growth rate and adjusted annual EBITDA margin rate approximating 4%.

We believe the Clean Energy segment will benefit from the energy transition megatrend with significant growth in both future revenue and adjusted EBITDA margin rate in 2023 and beyond. This includes the expectation of higher levels of 2023 solar power generation project activity as 2022 activity was disrupted and deferred due to supply chain impacts of the now resolved solar panel anti-circumvention investigation.

For the sake of clarity, comments regarding 2023 segment expectations exclude the impact of the proposed IEA acquisition, which would significantly enhance our capabilities in renewable energy construction and maintenance, including the addition of new union-based renewables platform providing expansion in both new geographies and customers.

As a reminder, during the fourth quarter of 2021, we renamed our Electrical Transmission segment to Power Delivery to better reflect our expanded service offerings and capacities in the utility services market from 2021 acquisitions. These expanded our electrical and gas distribution capabilities. We firmly believe that our expanded geographic operations, customer reach and scale provide a compelling suite of services to support our customers’ needs as they work to support grid hardening and prepare for the grid impacts of the transition to renewable power generation sources.

Regarding our 2021 Power Delivery acquisitions, we have made substantial progress in the integration of acquired operations and expect to complete these activities during 2022.

Second quarter Power Delivery segment revenue was $647 million, and adjusted EBITDA margin rate was 7.5%. Second quarter segment revenue grew approximately $400 million over the same period last year and was essentially flat compared to first quarter 2022 levels.

Within the Power Delivery segment, our electrical and gas distribution services, including the operations of INTREN and Henkels & McCoy performed well, while our legacy transmission operation underperformed our expectation due to project start-up delays (with this activity pushing to the third quarter) and a $5 million project close-out charge.

Looking forward, we expect second half Power Delivery segment revenue will approximate $1.4 billion, with second half adjusted EBITDA margin rate approximating 9.5%. This equates to an annual 2022 segment revenue view approximating $2.6 billion with adjusted EBITDA margin rate in the high-8% to low-9% range.

Second quarter Oil & Gas segment revenue was $341 million, and adjusted EBITDA margin rate was 18.8%. While we expected lower levels of revenue during the quarter, second quarter adjusted EBITDA margin rate exceeded our expectation primarily due to project efficiencies and close-outs during the quarter. As we look forward, we expect second half Oil & Gas segment revenue will approximate $750 million, with adjusted EBITDA margin rate approaching 13%. This equates to an annual 2022 Oil & Gas segment revenue view of approximately $1.3 billion, with adjusted EBITDA margin rate approximating 14%.

While our annual 2022 Oil & Gas segment expectation reflects a significant decline when compared to 2021, as José mentioned, we expect increased levels of revenue and adjusted EBITDA in 2023 as we’re seeing increased demand and bidding activity. This was evidenced by José’s comment where he indicated that during the third quarter, we were awarded the largest natural gas pipeline project we have seen in several years.

Second quarter adjusted corporate segment costs were approximately $21 million, or 90 basis points of consolidated second quarter revenue. Second quarter adjusted corporate segment costs improved from first quarter levels due to lower levels of Henkels’ corporate costs as we worked through the back office integration, coupled with the timing of some settlements and other costs. As we look forward to the second half, we expect adjusted corporate segment costs to approximate 1.1% of consolidated second half revenue.

Turning to our business mix. Based on the strategic diversification of our revenue stream, during the second quarter, no customer represented more than 10% of our total revenue. Second quarter revenue derived from master service agreements reached 54% of our total revenue, a significant increase when compared to a year ago. And this is primarily derived from recurring utility services spend, greatly increasing the repeatable nature of our revenue profile.

As of June 30, 2022, we have record total backlog of approximately $11 billion, sequentially up approximately $360 million and up approximately $1.8 billion when compared to the same period last year. Importantly, this represented record second quarter backlog levels across Communications, Clean Energy, and Power Delivery segments demonstrating the end market revenue shift that is occurring within our operations. That said, as we’ve indicated for years, backlog can be lumpy as large contracts burn off each quarter and new large contract awards only come into backlog at a single point in time as a result of actual contract signings.

Now, I’ll discuss our cash flow, liquidity, working capital usage, and capital investments. During the second quarter, the combination of working capital associated with $300 million in sequential revenue growth, coupled with the acceleration of our 2022 capital expenditures, inventory and material purchases to address supply chain and inflationary concerns, led to a temporary increase in our net debt by approximately $400 million to $2.1 billion.

In summary, we anticipate that annual 2022 cash flow from operations will approximate $550 million and expect year-end 2022 net debt levels will approximate $1.7 billion essentially flat compared to 2021. And this expectation excludes the impact – any impact associated with the potential closing of IEA.

Strong second half cash flows are expected from a combination of improved earnings, cash conversion of front-loaded inventory and material purchases into second half project activity and billing, and lower levels of second half capital expenditures and other strategic investments. Within this expectation, we anticipate a slight reduction in third quarter net debt levels with continued reduction in the fourth quarter based on lower working capital from seasonally lower revenue levels.

On a year-to-date basis, we’ve repurchased 1.1 million MasTec shares at an average price of $72.28 per share with a total cost of $81 million. While we still have $77 million in open share repurchase authorization from our board, given the anticipated year-end 2022 IEA acquisition closing, we do not anticipate additional MasTec share repurchases during the second half of 2022.

With regard to our working capital profile during the second quarter, second quarter DSOs were 88 days compared to 89 days at the end of the first quarter 2022. As we look forward towards the balance of 2022 and work towards acquisition integration, we anticipate by year-end 2022, DSOs will slightly improve to the mid-80s.

As previously mentioned, we accelerated capital expenditure purchases during the first half of 2022, incurring approximately $172 million in net cash CapEx as we secured supply chain constrained equipment. We anticipate that second half net cash CapEx will significantly moderate and approach $50 million for total annual 2022 net cash CapEx expenditure estimate of approximately $220 million.

In summary, our long-term capital structure is solid and we continue to be committed to our investment grade rating. We are mindful that if the IEA acquisition is completed during the fourth quarter, it will impact our near-term post-transaction leverage ratio and we have communicated our plan to normalize our post-transaction leverage profile during 2023 with our credit rating agencies who have maintained our investment grade rating.

Moving to our recently updated 2022 guidance view, we expect annual revenue of approximately $9.2 billion with adjusted EBITDA approximating $750 million and adjusted net income of $235 million, which leads to adjusted diluted earnings of approximately $3.09 per share. For the third quarter, we expect revenue of $2.55 billion with adjusted EBITDA of $245 million, or 9.6% of revenue and adjusted diluted earnings per share of $1.29.

This concludes our prepared remarks. We’ll turn the call back over to the operator for Q&A. Operator?

Operator: Thank you. [Operator Instructions] And we’ll take our first question from Alex Rygiel with B. Riley.

Sure. So, a couple of things. Look, we laid out a strategy a couple of years ago during the pandemic to really move away from – our oil and gas business was obviously struggling. There was a significant shrinkage in the demand because of the pandemic. So, it forces to really look at our business differently like we’ve spoken about a lot. And I think one of the things that we kind of got to take a step back and acknowledge is just the remarkable change in transition that we’ve seen in MasTec.

George alluded to it in his prepared remarks. Our non-oil and gas business was a $4.5 billion business in 2020. This year it’s going to be above $8 billion. Next year it will be north of $10 billion. So we just – we think we’ve built an incredible business around the opportunities that exists in the marketplace. So, I would say that, at this point, we think we’ve got a great portfolio. We think we’ve built an amazing business with so much upside going forward. I think we’re going to really take the time now to integrate, to execute, to really focus on execution, that’s – not that it hasn’t been our focus, but that’s what we’re fully focused on today.

To your question on IEA, we haven’t – obviously we’re very early on and we’re managing the company as two separate companies today. But I think that just from the customer interaction we’ve had with our own customers has been tremendous, right? I think there is an enormous amount of excitement in the industry. Obviously, shortly after our announcement of IEA, the discussion about the new energy bill, really somewhat caught us all by surprise in a very positive manner. It’s a – it will make a big, big difference to our business. So, we’re really excited about that.

So, when we look at the second half of the year, combination of improved earnings, that turning – turning that drag of front loaded, if you will, inventory materials and converting that into building material – into building activity will generate more cash flow for the back half of the year. So, our view would be that the second half of the year, we should be slightly better than last year’s second half in each quarter, right? And third quarter, we’ll start seeing some of that. So, we should have a good cash flow from a third quarter perspective.

And in part, that will be driven by the fact that we’re starting to convert some of the materials and inventory, which is probably close to about $100 million when all said and done that we’ve invested in here in the first half of this year that will start converting into productivity and billing.

We’re very comfortable with the view that we have – that we laid out for the year. And another – when you talk about net debt outside of the working capital profile, which from our perspective in the first half of the year has been about steady and stayed in that high $80 million range. We expect that to get a little bit better in the second half as we move through a couple of things.

But between the combination of the things I just talked about on working capital receivables and inventory and then couple that with lower levels of CapEx because we – when you look at our CapEx, we frontloaded. We’ve doubled our net cash CapEx spend in the first half of 2022 at about $170 million. I think we are close to $90 million last year. So, we significantly frontloaded our CapEx. All those factors come together and put us back to what – where we should be, which is a debt level at the end of the year is about the same as where we started and we’re very comfortable with that view.

So, I think for us to break into the business we had to take some of that risk. Unfortunately, we thought, we could better mitigate them. It is what it is. But it’s put us in a position to build a, quite frankly, less risky business on a go-forward basis. I think there’s certain projects that we’re really comfortable with that we think we fully understand, that we think you – the risk profile is very different where we would still be comfortable doing fixed price.

When you get into projects that are a little bit newer, like the project that we described, they’d probably have more risk from both the customer perspective and ours, then I think you’re going to see us really work on cost reimbursable on those. It’s good that we’re in the position to be able to do that. It’s part of our business. It’s not – it’s a growing piece.

I mean, our industrial businesses will actually be up about almost double this year from where it was last year, albeit those – we still have the problem projects, but outside of those, the projects have performed well. So we like where it’s going. And again, when we look at our renewable and civil business, we think both of those have performed really well. That’s where a lot of the growth is going to be going forward. So it’s a nice piece.

One of the things that I think is important to kind of focus on is, we’re looking at these relationships and we’re looking at what our customers need. And the reality is that, so much of what we’re doing is cross-selling within the same customers. If you think about whether its utilities or developers that are building power generation, a lot of them are doing renewables, but every one of them is focused in other areas as well. It could be gas. It could be hydrogen. It could be carbon capture.

But every one of these customers has generation needs or building transmission lines or building substations to the extent as utilities are building distribution. So, the amount of cross-pollination we get with the same customer is extremely high. And when you have those relationships, and you deepen those relationships, projects tend to go better and you get to work through your problems with people a lot easier. And I think that’s where we’re getting to and that’s what we’re building and we’re pretty excited about that.