Centuri Holdings, Inc. · NYSE:CTRI
Centuri — Q4 2024 Earnings Presentation
22 slides from Centuri's earnings presentation, Feb 26, 2025
Slide 1: 4Q & FY 2024 Earnings Presentation
4Q & FY 2024 Earnings Presentation February 26, 2025 Centuri.com 1
Slide 2: Forward Looking Statements Disclaimer
Forward Looking Statements Disclaimer Unless the context otherwise requires, in this presentation, references to “we,” “us,” and “our” are to Centuri Holdings, Inc. (NYSE: CTRI) (“Centuri” or the “Company”), together with its consolidated subsidiaries, which include, among others, Centuri Group, Inc
Slide 3: Today's Speakers
Today’s Speakers Christian Brown Gregory Izenstark President and Chief EVP, Chief Executive Officer Financial Officer 3
Slide 4: Company Overview
Company Overview Geographic Footprint Representative Utility Customers Operating Footprint Gas Locations (51 Locations) Electric Locations (35 Locations) Other (1 Location) Business Mix (1) Other (2) Revenue Revenue by by Customer Segment(1) Type Notes: 1. Based on fiscal year ended December 29, 202
Slide 5: Investment Highlights
Investment Highlights Who We Are Compelling Investment Drivers » 115+ years of operating history and a track record of delivering world-class safety and quality performance A leading North » Scalable platform with extensive North American footprint supporting profitable American utility delivery of
Slide 6: Strategic Focus Areas
Strategic Focus Areas Underpinned by world-class safety performance, an agile, customer-focused approach, and top-tier execution PRIORITIES ACTION ITEMS Harness Collective Strength » Initiated a strategic business development review in late » Foster a growth mindset and leverage company-wide 2024, w
Slide 7: 4Q 2024 Results Overview
4Q 2024 Results Overview Notable Drivers Impacting 4Q 2024 » Strongest quarter in storm restoration services since 2021 • $46.7 million increase year over year $717 $50 » Onboarded new crews which resulted in higher volumes in Revenue Storm Restoration Non-Union Electric segment (MM) Revenues (MM) »
Slide 8: Commercial Highlights
Commercial Highlights 2024 Restoration Services $99 MM $3.7 B MSAs Awarded in 4Q24 Backlog $50MM $137MM 3,214 28 Estimated revenues Revenue Earned Revenue Earned Total Employees States in 4Q in 2024 Deployed over a multi-year period (90% MSA, 10% bid) $122 MM ~$2.0 B Bid Projects Awarded Revenue in
Slide 9: 4Q 2023 vs. 2024
4Q | 2023 vs. 2024 ($MM, except per share amounts) 4Q 2024 4Q 2023 GAAP Metrics Revenue $ 717.1 $ 665.3 Net Income (Loss) Attributable to Common $ 10.3 $ (210.7) Stock Diluted Earnings (Loss) Per Share $ 0.12 $ (2.94) Non-GAAP Metrics(1) Adjusted EBITDA $ 70.7 $ 57.5 Adjusted Net Income $ 18.4 $ 4.9
Slide 10: 4Q2023 vs. 4Q2024 Key Differences
4Q | 4Q2023 vs. 4Q2024 Key Differences Revenue ($ in millions) Year-over-year drivers include: favorable impact unfavorable impact Revenues § ~$51.8 million – Total increase • $64 million – Increased bid work at U.S. Gas and Union Electric segments • $43 million – Decreased offshore wind revenue • $
Slide 11: Revenue & Gross Profit By Segment 4Q2023 – 4Q2024
Revenue & Gross Profit By Segment 4Q2023 – 4Q2024 11
Slide 12: Free Cash Flow and Leverage Overview
Free Cash Flow and Leverage Overview FCF ($MM)(1)(3) Net Debt ($MM)(1) Net Debt to Adj. EBITDA(2) Ratio (1) Notes: 1. These are non-GAAP measures and as such, may not be comparable to a similarly titled measure of other companies. Please refer to the appendix to this presentation for the most compar
Slide 13: 2025 Outlook
2025 Outlook FY 2025 FY 2025 Adj. Net Capex Revenue (MM) EBITDA (MM)(1) (MM)(2) $2,600 – $2,800 $240 – $275 $65-$80 Major assumptions underpinning outlook(3): » Gas: modest growth, margins improve to approximate historical average » Core Electric: double-digit growth in Non-Union crew counts + workh
Slide 14: Near Term Strategic Priorities
Near Term Strategic Priorities » Enhance business predictability through robust forecasting and organizational accountability » Implement structured business development approach to drive long-term, profitable growth » Optimize equipment sourcing, fleet management, and working capital » Enhance gas
Slide 15: Appendix
Appendix THINK AHEAD »
Slide 16: Use of Non-GAAP Measures
Use of Non-GAAP Measures We prepare and present our financial statements in accordance with GAAP. However, management believes that EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt to Adjusted EBITDA ratio, Free Cash Flow, Adjusted Net Income, and Adjusted Diluted Earnings per Share, all of
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $mm 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 Net (loss) income $ (7.1) $ 18.5 $ 16.9 $ (212.8) $ (25.2) $ 11.7 $ (3.6) $ 10.3 Interest expense, net 22.4 24.5 26.1 24.4 24.1 22.6 23.9 19.9 Income tax (benefit) expense (4.2) 11.0 10.0 (7.3) (20.8) (0.5) 21
Slide 18: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $mm FY23 FY24 Net cash provided by operating activities $ 167.5 $ 158.2 Less: Net capital expenditures: Capital expenditures (106.7) (99.3) Proceeds from sale of property and equipment 11.8 10.0 Net capital expenditures (94.9) (89.4) Free cash flow $ 72.6 $ 68.9 Note: C
Slide 19: Net Debt Reconciliation
Net Debt Reconciliation $mm 4Q2023 4Q2024 Debt Current portion of long-term debt $ 42.6 $ 30.0 Current portion of finance lease liabilities 11.4 9.3 Long-term debt, net of current portion 1,031.2 730.3 Line of credit 77.1 113.5 Finance lease liabilities, net of current portion 24.3 15.0 Total Debt $
Slide 20: Adjusted Net Income
Adjusted Net Income $mm 4Q2023 4Q2024 Net (loss) income $ (212.8) $ 10.3 Strategic review costs 1.6 — Severance costs 3.5 0.8 Amortization of intangible assets 6.7 6.7 CEO transition costs — 1.8 Non-cash stock-based compensation (0.3) 1.4 Goodwill impairment 214.0 — Income tax impact of adjustments
Slide 21: Adjusted Earnings Per Share
Adjusted Earnings Per Share 4Q2023 4Q2024 Diluted (loss) earnings per share attributable to common stock (GAAP as reported) $ (2.94) $ 0.12 Deduct loss attributable to NCI (0.03) — Strategic review costs 0.02 — Severance costs 0.05 0.01 CEO transition costs — 0.02 Amortization of intangible assets 0
Slide 22: 19820 North 7th Avenue, #120 • Phoenix, Arizona 85027
19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com Centuri.com 22