Bill George: And the other thing you got to mention is Electrical, like our Electrical margins popped by 600 basis points this quarter. And what was amazing about that, we had something like that 1.5 years ago where we had an extraordinary gain in the quarter. This was just a mixture of everything good that can happen to a business because they’re doing a great job. And our customers really value the ability we have to go out and bring the manpower that’s needed to do big jobs, and they’re allowing us to really reward the people so that we can keep doing that. So Electrical is mind blowing, really amazing quarter. And you can say, well, is that a onetime blip? And the answer is, I wouldn’t bet against them. I mean they might – it’s pretty hard to stay at this percentage, but I think they’re just going to they got a long runway ahead of them of doing well.
Brian Lane: Okay. And just looking back, I don’t think you guys have ever had a year when EBITDA margins for the rest of the year were below the first quarter. And I know the company and the mix has evolved quite a bit in the last 10 years. I heard your comment kind of perfect storm weather both sides. But I’m just trying to unpack the reasons why we should be careful in thinking that this is tough to repeat.
Bill George: And there’s one reason that we are – our EBITDA on a same-store basis was up 70% in the first quarter. It’s pretty hard to have – see that happen and say, “Oh yes, there’s our new baseline,” right? So I understand we don’t know what’s going to happen but these margins are for a first quarter. They are extraordinary. Now do I think we’ve got extraordinary margins in our future? I do. But on a comparable basis, it’s a tough comparable. If we were about to hit tough comparables from the prior year, then our first quarter was recomparable for the ages. But we’re about to make a lot of money. We’ll go for it. Yes, we’ll make as much money as we can, and you can figure out what that means.
Brent Thielman: I got an idea. Okay. I just wanted to come back to modular. I mean I think you’re essentially booked in 2024. To what degree do you still have available capacity in 2025 to fill? And are conversations starting at all for 2026?
Bill George: I would say we believe that if we had more capacity, we could sell more than we have capacity for in 2025. We have more of our capacity in 2025 sold than we would have thought was possible. And we don’t think people are going to – we don’t think all of these factors are going to end by 2026 – by 2026 along, we don’t have bookings. We don’t have the floor planned for the middle of 2026, you know what I mean. Nobody is doing manpower loading schedules right now for the Winter Olympics.
Brian Lane: Yes, it has been long-time.
Brent Thielman: And then maybe if you could just talk about the progression with new customers and modular, I know you don’t want to talk about name specifics for obvious reasons, but how are you being able to diversify the customer base in that business?
Bill George: So things are going great with our second large customer. We like them, they like us. The product they’ve designed, we think is very, very clever and going to do a great job for them. We sold as much as we would have hoped as we could sell by now. As far as diversifying – the thing that keeps us from diversifying is the fantastic customers are willing to buy all of our capacity. Like we reserve a little bit of that capacity for a lot of long-time pharma customers who really rely on us to do certain things that any other people would have a hard time doing. We have to do that, right, because we owe it to them. But in general, so far, those two customers want all we can do and they’ve earned first. Really, frankly, they’ve earned first look and last look, they’re great partners.
Brent Thielman: Absolutely.
Bill George: And so as long as they are good partners, we take what the market – we do the – the skills we have are applicable to all kinds of things, right? It’s not like – but in our market, it’s always lumpy. And it’s always the case that whatever the – there’s more of something in any given year. And right now we’re sticking with guys that need what we can do, and we – they’ve been great partners, and they’ve earned our loyalty. They’ve asked us, what do we need to do to have all of your capacity? And we said, well, this would be what you need to do, and they’ve done it. And they’ve asked us last year, they said, what do you need in order to expand your capacity? And we said, look, for to be fair to our shareholders and the risks that we take and the cost we did incur, we need these kind of commitments and they made them and so we’re keeping our commitments to them.
Brent Thielman: Yes. Maybe just one last one, guys. I mean, I think it’s obvious that the opportunities in data centers has brought a lot of attention to the company and the stock from investors. And clearly, I think it’s driving a lot of growth for you. Maybe just your perspective, is that overemphasized relative to some of the other things moving the needle for your business right now? You talk about manufacturing, industrial capacity I’d just be curious to your thoughts to that.
