涉及的行业与公司 * 行业为职业技能教育行业 专注于技能型行业如汽车、柴油机维修、医疗保健以及电工、暖通空调和焊接等技工行业[6][7] * 公司为林肯教育服务公司 在纳斯达克上市 交易代码为LINC 拥有近80年历史 目前在美国12个州运营 约有17,000名学生[5][6][7] 核心观点与战略 * 公司战略核心是充分利用市场对技工的巨大需求 通过投资现有校区、开设新校区和潜在收购来实现增长[9][10][11] * 增长策略包括每年开设1到2个新校区 每个新校区的资本支出约为2000万至2500万美元 预计可产生700万至900万美元的EBITDA[24][25] * 公司已将全部房地产转为租赁模式 通过售后回租积累了现金储备 用于支持扩张计划 目前债务水平极低 拥有6000万美元的信贷额度[21][25][26] * 公司计划从2026年开始实现现金流中性 并预计在2027年转为现金流为正[25] * 公司的竞争优势在于其规模、品牌知名度、专注于少数几个高需求项目 以及为全国性大型企业提供跨多个市场的一站式招聘解决方案的能力[12][13][46][48] 学生群体与市场需求 * 学生平均年龄为25岁 其中20%直接来自高中毕业生 50%在21岁或以下 其余为希望转行的在职成年人[28] * 公司认为其发展受益于社会观念的转变 即认识到传统大学教育并非适合所有人 技能行业的需求和薪资水平上升 以及学生债务问题凸显了职业教育的价值[9][29][30] * 行业需求强劲 公司拥有的职位空缺数量持续超过毕业生数量已长达10到15年 并且预计由于婴儿潮一代退休、电网升级、人工智能数据中心建设以及制造业回流等因素 技术工人短缺情况将进一步加剧[30][31][32] 运营与财务指标 * 公司采用混合学习模式 学生约30%的课程在线完成 70%为在校内的专业实验室进行实践操作[11][12] * 关键绩效指标包括约70%的毕业率 远高于社区学院约30%的六年毕业率 以及约80%至82%的专业对口就业安置率[37][38] * 新校区投资回报显著 例如2024年3月开设的亚特兰大校区 预计在运营约18个月后 即在2025年12月结束的财年能产生600万至700万美元的EBITDA[24] 未来机遇与风险 * 公司认为人工智能不会替代其培训的技工岗位 反而会因AI基础设施（如数据中心）的建设和对诊断辅助工具的需求 增加对电工和暖通空调等技术人员的需求[39][40][32] * 公司正在探索增加新的培训项目 例如飞机维修和注册护士项目 以补充现有课程 但坚持选择需要动手能力且与维护工作相关的领域[41][42] * 主要竞争对手是社区学院 但公司通过更深的专业课程、更频繁的开课时间、更大的规模和更强的品牌影响力进行差异化竞争 另一家上市公司UTI也被提及为竞争对手 但现有市场需求足以支持多家机构[46][47][48] * 公司的毕业生受雇于多家知名企业 包括特斯拉（公司是其最大的技师培训方）、约翰逊控制、宝马、潘世奇、UPS等[50]

Key Takeaways EMCOR's Building Services revenues rose 1.6% to $793.2M in Q2, ending four straight declines.Mechanical Services drove growth with mid-single-digit gains in HVAC, retrofit and repair work.Operating margin improved to 6.3% as higher-margin retrofit projects offset site-based weakness.EMCOR Group, Inc. (EME) has faced challenges in its Building Services segment, mainly from weakness in site-based operations. Contract losses and reduced activity weighed on results and the business recorded four c ...

证券日报网讯松芝股份（002454）9月30日在互动平台回答投资者提问时表示，公司为江淮尊界的部分 高端车型配套生产包括HVAC在内的乘用车热管理产品，相关产品采用四温区双层流等创新技术，相较 于公司生产的其他品类产品具备更加多样化的功能。 ...

Ferguson Files Form 8-K and Final Prospectus Supplement Share NEWPORT NEWS, Va.--(BUSINESS WIRE)--On September 22, 2025, Ferguson Enterprises Inc. (the "Company") made the following filings with the U.S. Securities and Exchange Commission ("SEC"): September 19, 2025 – Final Prospectus Supplement September 22, 2025 – Form 8-K These documents are available on the SEC's website at sec.gov and on the SEC Filings page of the Company's website at corporate.ferguson.com/investor/financial-information/sec-filings. ...

公司业务与市场定位 - 公司提供暖通空调、制冷、消防、安防及智能建筑技术 并针对商业、工业和政府客户提供能效解决方案、维护及技术服务 [1] - 公司成功拓展数据中心业务领域 该业务对防止数据中心过热具有关键作用 [1] - 公司被市场视为数据中心基础设施供应商CoreWeave的关联投资标的 CoreWeave近期IPO后股价曾达发行价四倍 [1] 市场表现与行业评价 - 股票长期保持强劲表现 被评价为"多年来持续走强" [1] - 行业评论认为公司在数据中心领域的业务拓展存在机遇性因素 [1] - 尽管获得积极评价 但部分市场观点认为其他人工智能股票可能具备更大上涨空间和更低下行风险 [1] 战略转型与竞争优势 - 公司从传统业务向高增长领域转型 获得"现在是非常优秀的公司 而过去并非如此"的评价 [1] - 在数据中心冷却系统领域形成专业优势 大型冷却系统成为数据中心运营的关键基础设施 [1] - 业务转型使公司获得新兴市场需求红利 特别是人工智能发展带来的数据中心扩张需求 [1]

Ferguson Enterprises Inc. (NYSE:FERG) is one of the stocks Jim Cramer recently shared his thoughts on. Cramer mentioned the stock’s latest earnings, as he commented: “You know me, at the end of the day, there’s nothing more exciting than great numbers. Take Ferguson, the North American distributor, building products ranging from heating, ventilation, air conditioning equipment to waterworks, plumbing, fire protection. Yesterday, Ferguson reported a big top and bottom line beat. Sent the stock up nearly 8% ...

公司表现与市场地位 - 公司被列为2025年迄今15支最佳表现股息股之一 [1] - 公司股价自2025年初以来上涨超过35% [2] - 公司连续137年向股东支付股息 [4] 财务业绩 - 2025财年第三季度销售额总体增长3% 有机销售额增长6% [3] - 系统与服务订单储备达146亿美元 实现11%的有机增长 [3] - 持续经营业务GAAP收入为6.18亿美元 调整后持续经营业务收入达6.93亿美元 [3] - 经营活动产生现金流7.87亿美元 [4] - 自由现金流达6.93亿美元 调整后自由现金流为7.25亿美元 [4] - 当季分配股息2.43亿美元 [4] 股息政策 - 季度股息为每股0.40美元 [4] - 截至9月15日股息收益率为1.49% [4] 业务范围 - 公司专门生产建筑用消防 HVAC和安防系统 [2] - 公司为总部位于爱尔兰科克的美国跨国企业 [2]

公司业务与运营 - 林肯教育服务公司在马里兰州哥伦比亚校区提供汽车服务、电气/电子、暖通空调、焊接和医疗辅助领域的职业培训项目[9] - 该校区还设有江森自控国际学院和特斯拉START培训中心 提供消防安防系统安装维修和电动汽车技术的高级培训项目[9] - 公司在全国12个州运营22个校区 拥有林肯理工学院、林肯技术学院和纳什维尔汽车柴油学院三个品牌[13] 行业需求与就业前景 - 美国劳工部预测到2032年马里兰州在上述行业将出现超过64,000个职位空缺[9] - 马里兰州高等教育委员会秘书强调劳动力市场面临的核心挑战是雇主需求与求职者能力的匹配问题[4] - 霍华德县执行官指出技术毕业生对维持企业运营、推动技术进步和社区繁荣具有关键作用[4] 政府与行业认可 - 霍华德县宣布2025年9月6日为"林肯理工学院哥伦比亚日"并颁发官方公告[4] - 美国众议员办公室向公司颁发国会认可证书 表彰其为马里兰居民提供职业技能培训的贡献[5] - 霍华德县议会颁发感谢证书 特别认可公司对退伍军人及其家庭职业发展的支持承诺[6] 历史沿革与影响力 - 哥伦比亚校区最初于1960年在Landover成立 1997年迁至现址并扩展培训项目[1] - 该校区65年来已帮助数千名毕业生开启职业生涯 为州经济发展持续提供技术支持[1] - 霍华德县商会会长指出学校成功产生了涟漪效应 使企业、家庭和整个社区都受益[7]

公司概况 * 公司为林肯教育服务公司 (Lincoln Educational Services) 纳斯达克股票代码 LINC 是一家拥有八十年历史的职业技能培训领军企业 专注于培养技术工种人才[2] * 公司学生构成 交通运输专业占30% 技术工种占40% 医疗保健占30% 在其服务的各市场中通常排名第一或第二[3] 核心业务与运营模式 * 公司采用混合学习模式 Lincoln 10.0 并持续探索利用AI等技术降低成本和提高运营效率[5][6] * 运营模式具备高杠杆效应 教室满员率提升能显著提高盈利能力 因为固定成本不变而额外收入直接贡献利润[4] * 公司提供大量学生支持服务 因其学生多为需要兼顾工作与家庭的第一代成年人 毕业率达70% 专业对口就业率达82%[34][35][41] * 课程由行业从业者而非学者教授 设备与行业标准一致 旨在让学生快速进入职场[33] 财务表现与指引 * 第二季度业绩强劲 收入增长15% 新生入学人数增长22% 盈利能力显著提升[6] * 公司提高了全年业绩指引的上下限[6] * 目标到2027年实现约5.5亿美元收入和9000万美元的调整后EBITDA 并将在11月的第三季度财报电话会议上更新此预测[10] * 公司季节性显著 60%至80%的利润产生于财年后五个月[43] * 公司预计全年新生入学人数将增长约13% 但第三季度将持平 第四季度将再次加速[42] 增长战略与扩张计划 * 增长主要通过三种方式 有机增长现有业务 在现有校区复制新增培训项目 以及开设新校区[10][12][14] * 新校区开设 纳什维尔校区于3月迁入新设施 将新增电气和暖通空调课程[7] 费城校区于8月1日迁至Levittown 将新增暖通空调 电气和焊接课程[8] 休斯顿校区将于下月提前开业 提供暖通空调 电气 焊接和汽车课程[8] 长岛Hicksville校区已签署租约 将于第四季度开始建设 2026年开业[15] * 去年在亚特兰大East Point开设了十八年来首个新校区 成本约1800万美元 预计2025年将产生700万美元现金流[9] 休斯顿校区服务人口是East Point的两倍 预计有良好的经济效益[61] * 公司也在寻求收购机会 每年评估约12个机会 目标要么是进入新市场 要么是引入新课程如护理或航空机械[17][69] 但公司目前更为谨慎和专注[69] 市场机遇与行业背景 * 技术工种人才缺口巨大 公司市场份额不足2% 市场高度分散 增长机会众多[32] * 婴儿潮一代退休 制造业 医疗保健 交通运输和建筑行业均在增长 加上军事 电网和基础设施更新的需求 市场对技术工人的需求持续增加[30][31][32] * 公司业务在衰退期通常表现更好 因有更多人有时间和兴趣重返学校[44] * 人工智能的发展凸显了其培养的动手型工作的安全性 AI可能辅助诊断但仍需人工修复[18] * 社会正在重新思考“人人都应上大学”的观念 因大学六年毕业率仅63% 且许多毕业生缺乏市场所需技能[29] 竞争格局 * 社区学院是其主要竞争对手 但公司认为其设施更优 课程更丰富 营销更有效 客户服务更佳[20][21][33] * 与UTI存在竞争重叠 但公司认为其优势在于提供更多线下实践培训 70%线下 vs UTI的50%线下 以及更具家庭氛围的文化[57][58] 风险与监管 * 公司高度依赖联邦政府资助 总体约82%的资金来自联邦政府 低于90%的监管阈值[39] * 学生贷款偿还重启后 cohort default rates 可能从2027年开始显著高于历史9%的水平[40] * 教育部的人员削减和可能将Title IV管理权移交至其他部门 可能造成业务中断 尤其影响收购审批流程[50][51][52] * 加州等地的监管环境不友好 影响了公司的扩张计划[24] 其他重要信息 * 公司本季度末债务约为1300万美元 但预计年底将实现无债状态 并拥有6000万美元的信货额度和2000万美元的弹性额度 流动性充足[5] * 公司提供内部贷款 约三分之一学生使用 平均贷款额约7000美元 毕业生平均总债务为14000美元 月还款约150美元[54] * 营销成本在第二季度下降了14% 因市场反响积极 营销渠道90%为数字媒体[11][59] * 公司与行业伙伴有多样化合作 包括捐赠设备或提供特定品牌的高级培训 这部分B2B业务目前收入为600万美元 规模虽小但有增长潜力[37][38] * 新校区从签署租约到开业约需18至20个月 涉及教室建设 设备采购和监管审批[19] 资本支出通常在1800万至2500万美元之间[20]

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>Energy Services of America Corporation (ESOA) FY Conference August 27, 2025 10:15 AM ET Speaker0 Okay. Good morning. Our next presenting company is Energy Services of America. Ticker on the Nasdaq is ESOA. Company's involved in some general contracting, construction, some HVAC electrical work, primarily in the Appalachian region.</doc> <doc id='2'>Here to speak on behalf and I should also mention, one, they are a client of ours, so if you have any questions after the presentation, or you'd like to set something up after the after today, happy to work on that with you. And secondly, the company was added to the Russell 2,000 here at the June, so really good accomplishment to be able to wave that flag. Here today to present on the company behalf is Charles Grimmel, the company's CFO. Charles? Speaker1 Thank you, John. John mentioned, my name is Charles Kremel. I'm the CFO for Energy Services of America. It's always great to enjoy coming to these conferences, getting to meet people, tell people about energy services. Hopefully, is it not too early for some audience participation, is it? So let can I get a show of hands? How many of all are familiar with energy services? Okay. How many of you guys are saying, hey, who are these guys and what do they do? Good.</doc> <doc id='3'>We get that a lot. People kind of look at our structure and they're kind of like, I don't, you know, Tom here is a good example. He's like, what do you guys do? What is your vision? What is your plan? So I've kind of tried to get into that a little bit and we can maybe address some of that in the Q and A. But what we are is we are a contractor based out of Huntington, West Virginia. We're primarily in the natural gas and petroleum transmission fields. We also have work in the water and natural gas distribution. And then we also have another sector that we identify then as more of our industrial type of work that can be involved in the water I'm sorry, the power, automotive, chemical, steel manufacturing work.</doc> <doc id='4'>And then from there, you know, within that we do electrical, mechanical, piping, HVAC, fire protection type of work. So we are kind of a conglomerate of companies. Amazingly, it does all kind of work together in what we do. We have companies that do work with some of the same customers. But then again, we also have opportunities that we can create within the companies to through our general contractor and to bring NITRO into more some of the commercial space, where they're working in schools and such doing electrical HVAC there too, just to give them a little more exposure and a little more variety on their work.</doc> <doc id='5'>So we'll get into the presentation here a little bit. As you can see, we do have a list there of about six to eight companies. There's probably even a few on there that fit under NYSRO that we don't have listed. We'll kind of go through and kind of tell you about how everything just kind of fits together. But last year we did about $352,000,000 in revenue and $29,000,000 in adjusted EBITDA.</doc> <doc id='6'>As you can see there, we are September 30 filer. So we right now are working in our fourth fiscal year quarter. And then also this is kind of our, our busiest peak of the construction season the time between July and August, I'm sorry July, September, even going into October and into November some. Roughly we have about 1,400 employees and again, we work in the natural gas, petroleum, chemical, automotive, water, wastewater sectors. Some of our investment highlights here.</doc> <doc id='7'>Of course, you know, one of the biggest things for us is our relationships with our customers. That's a big driver for us in helping us get work, keeping our customers happy. Our backlog has steadily been increasing. We had about a $3.00 $4,000,000 backlog that we reported as of June. Of that, roughly about 100 and 25, I believe, is in water.</doc> <doc id='8'>About 100,000,000 of it is in our industrial services group. So we are, you know, obviously been very successful picking up work and we're very optimistic about the opportunities we're seeing for the future. We also have been very active in expanding some of our geographical reach within Nitro. They have a company that works up in Battle Creek, Michigan, kind of right there in the heart of the automotive side, the food</doc> <doc id='9'>producer side. So we think that we've kind of got that going in the right direction and we think that's going to start to contribute well to Nitro's performance here in the future. Also, we've been active on the mergers and acquisitions side. We've added, I think we've completed about four acquisitions to add to our West Virginia Pipeline, the Tri State Paving Company. We started off our own general contractor. And then in roughly. Got about 700,000 shares left on that.</doc> <doc id='10'>We do pay a dividend. We pay a quarterly dividend of 3¢ per share. You can see our geographical reach here anywhere between New York down Alabama. We are in the Carolinas, Tennessee, as far West as maybe Indiana, Illinois. We do have some operations up in Michigan.</doc> <doc id='11'>This right here is probably not as far as potentially we could go. But a lot of it's going to depend on our customers with our general contractors. We're not looking necessarily to just to add more states, but as someone like a Walbridge or somebody says, hey, Nitro, we want you to go with us, come down to Tennessee, let's go to North Carolina, let's go whatever state we got a project we want you to work on with us. That's typically where we're going to expand our geographical reach is through our working with our general contractors and then working with our customers that want us to go a Toyota per se may want us to go to Georgetown, Kentucky, want us to go down to Huntsville, Alabama, go down to Liberty, North Carolina. So that's been very, our relationships with our customers and our general contractors are very important to us.</doc> <doc id='12'>Again, will mention that we've had some a lot of M and A opportunities and things that we've gotten closed in the past. You see here is a list of some of our customers. American Water is a big customer for us working both in Charleston, West Virginia and in Lexington, Kentucky. Toyota has been a long standing customer for Nitro. Nitro started there in, I believe, 1997, building a, helped build the plant in Buffalo, West Virginia and they have not left that facility since then.</doc> <doc id='13'>So roughly about twenty eight years, Nitro has been involved with Toyota. Mountaineer Gas is a big customer for us, Dow. So you see our exposure there is in the, we TC Energy, NISource in the transmission side of the gas distribution, Mountaineer Gas in the distribution side. Then the chemical companies, Dow, Clairon type of things. So we have a broad exposure to a lot of customers, have a lot of diversity of services that we provide within the company.</doc> <doc id='14'>CJ Hughes is one of the flagship companies. Just to give you a little bit of a background on Energy Services of America, it was started in 2006 as a SPAC company. CJ Hughes is one of the companies that came in at that time that was purchased. And Nitro was a subsidiary of CJ Hughes. So those two companies came in together.</doc> <doc id='15'>There was also a third company came in that was very much heavily weighted on the gas transmission side. And so the theory behind the SPAC was then to look at opportunities in the Marcellus and Utica Shale areas in West Virginia and Ohio. Didn't really pan out as expected, really not just for us, but a lot of other contractors did not do well at that time either. So, if you move forward to about 2011 or so, we had some suffered some significant losses on projects. We had gone in forbearance with our bank when when you were restructuring.</doc> <doc id='16'>Came out of it. Decided we're going to get back to basics and so we went from a company that was heavily focused being on the transmission side to a company that was looking to more diversify its services to try to still work in transmission but limit our risk to help also, you know, build and grow our our water distribution services to grow our gas distribution services and to grow our nitro industrial group. So as you see here, CJ has been a company that's been around for, you know, since 1946, believe over seventy years they've been around. And so it's almost to the point where with a lot of our customers, I mean, know ESA is the holding company, but their relationship is with CJ Hughes. It's with Nitro.</doc> <doc id='17'>It's with West Virginia Pipeline. And so that's why, you know, one of the reasons people kind of say, why do you have all these companies and such? I think a lot of it has to do with just the familiarity with our customers and knowing these companies that they've been dealing with for a long time. And also part of it is that we have a lot of different labor solutions. So CJ then is they're a union contractor.</doc> <doc id='18'>They are signatory to the steel workers. The steel workers are the ones who work on the gas distribution and on the water distribution side of it. CJ also has a subsidiary underneath of it called Contractors Rental that when they get into the transmission side is they hire through the building trades and they're signatory to the PLCA agreements. So CJ has two different options there with their labor force. They have a lower cost steel worker</doc> <doc id='19'>side and they have a building tray side where you need more skill type of work on some of the transmission work.</doc> <doc id='20'>And what also that allows you to do then is being on that side is you can go a little bit further away from home. It's easier to beef up your workforce when you're going through the coming through the union halls. And so that's kind of the way the CJ is structured and how they suit their customers' needs. So Nitro Construction, as I said, that was one that came into the ESA underneath the CJ Hughes back in 02/2008. Nitro again is a company that has been around since 1959.</doc> <doc id='21'>I've been around Nitro well before I started with ESA. I've been around Nitro for almost thirty years now. And they they have gone growing tremendously back when I kind of started there. They were they were strictly a electrical contractor, subcontractor that worked for their parent company, Uniboiler. Did anywhere, I don't know, maybe $15,000,000 in revenue a year.</doc> <doc id='22'>Over the years, CJ, I'm sorry, Nitro has branched out, become much more than just an electrical primarily a maintenance contractor doing in the neighborhood of $50,000,000 $55,000,000 of maintenance working here to being a company now that's pushing $100,000,000 I'm sorry. Can I get you closer to that? They're pushing more $100,000,000 in revenue and added a layer of construction services on top of it. Obviously, it makes them more the potential for more profit margin than adding the new construction on top of the general maintenance stuff. SQP Construction Group is the general contractor that we started up back in, I can't remember, maybe it's 02/2001.</doc> <doc id='23'>What we saw there was a need in the marketplace because the right to work laws were changing in West Virginia and Kentucky. So it made it more advantageous then for the non union contractors and general contractors in the area. And it kind of stifled some of the ability for Nitro to get into commercial work. They're much bigger than the local GCs in the area, made it harder for Nitro to get their foot in the door for some of them, obviously not wanting to deal with a bigger gorilla, someone they really couldn't push around. And so we saw a need for us to start up, spin up our own general contractor there.</doc> <doc id='24'>So SQP does a lot of work in school work, correctional facility work, do civil work, you know, getting into some small bridge work, but also what it allows us to do then is to feed commercial opportunities to Nitro. So whether that be on the electrical side, the piping side, HVAC, the fire protection then that Nitro could possibly do somewhere about 8,000,000 to $10,000,000 worth of work a year through contractor I'm sorry, through SQP construction. Also helps filter some work down to CJ Hughes then. CJ Hughes can help SQP on doing civil work, on doing foundations, concrete work also. This is one we get asked about a lot in the sense of this was an acquisition we did back in the 2022.</doc> <doc id='25'>And people always want to know why do you have a paving company? And it doesn't seem to fit, but it makes perfect sense. What Tri State Paving does is they work about 90% of their work is with American Water in Charleston, West Virginia and Lexington, Kentucky. What they do then is come back behind the water crews that are putting in the new water lines and they do the paving restoration and the curbs back behind those crews. And as the water company says, what they get the most complaints on is the finished product.</doc> <doc id='26'>It's the paving. That's what people see. They see the finished product. They don't see what's been put under the ground. So what they decided to do is the water company wanted to have a dedicated contractor that just did the paving services behind all the contractors.</doc> <doc id='27'>And so what we found then was that paving work was pretty valuable to CJ Hughes and now they were losing out on it. And so we had the opportunity through some of our connections, reached out to Tri State Paving and their owner was looking to get out of the business. Just made perfect sense then for us to acquire them and to bring them into our fold and add to our water services that we provide. West Virginia Pipeline, I think this is a great story right here. This is a company located in Southern West Virginia.</doc> <doc id='28'>Was two brothers ran it and before them, their dad had owned it. They were looking to get out of the business. They both had a child in the business too, but they really didn't want to saddle them with having to deal with everything it takes to run a business, Having to worry about having money for payroll and equipment and all that. So the water company came to us and said, hey, we really like these guys. They fit in perfectly with you all.</doc> <doc id='29'>We want energy services to buy them. So we looked at them and saw, yeah, this makes perfect sense. So we bought them and this was our first acquisition. We bought them in December 2020. The two I'll say the two main owners at the time spent a year there.</doc> <doc id='30'>And then we kind of turned it over to the two children. So Michael and his cousin Amy run West Virginia Pipeline for us. They are tremendous in what they do. Went from the two brothers had a theory that nothing good happens when you get over 50 employees. And so they ran it at a level not to exceed 50 employees for years.</doc> <doc id='31'>And Michael and Amy have come in and they have grown that business to roughly about $6,000,000 a year up to about $12,000,000 a year. They've maintained their margins. It's just a tremendous case study for us and the kind of a perfect opportunity of an acquisition. Bryan Construction Services is one of our companies. We bought this company out of bankruptcy about three years ago.</doc> <doc id='32'>It's been a struggle for us. And so what we've decided to do on that is we are going to the work they do in the gas distribution, cathodic protection works right with what CJ Hughes does. So we're going to take those crews and blend them over to CJ Hughes. We're going to right size this company and get them down to about a 25 man boring company, about four to five crews just doing a little bit of fiber broadband work, but primarily we're going to focus on the boring work, going underneath roads and such with water pipes, with gas distribution stuff. So far, we've been successful marketing to outside customers on that.</doc> <doc id