Those come in and we're able to deliver with our services and EPC resources. So, we'll continue to expand in those areas and focus efforts on O&M, but we don't see any slowdown in our EPC business. Great.

Thanks. Yeah, I wasn't trying to imply any slowdown. I was just trying to frame the opportunity on the services side. That's clear. And then, Chad, as you just kind of think about the back half, I know we don't want to kind of, you know, infer guidance on 2027 just yet. But as we think about the back half of the year and kind of the implied $2.3 billion of revenue, just how should we – how would you kind of guide folks on thinking about kind of just the breakdown between 3Q and 4Q and just the ramp over the balance of the year?

You know, normally, Nick, I'd say we always look at the fourth quarter as a quarter where you would generally see a lower amount of revenue simply because you have less work days because of the holidays. And that's even independent of potential weather, et cetera. So I would definitely say that we would expect the third quarter to be a bigger lift on the realization of that through, you know, what ideally is an optimal time for our teams to work. So I think it's a little, you might see a little bit of lumpiness between the third and fourth quarter. Great.

Thanks, guys.

The next question is from Mark Jarvie from CIBC Capital Markets. Please go ahead.

Yeah, thanks. Just going back to slide seven and the completed acquisitions in the ones before Roberts and Wade, but just how those panned out versus the base plan and if they've underperformed or overperformed, what's generally been sort of the key drivers of that?

Mark, it's a great question. You know, I think with the CS Energy deal, because that was done under a merger under Comet Control, that one's a little bit of a different dynamic, because there we saw the ability to really scale up and deliver on larger projects up in the Northeast. I think it relates to the other two acquisitions. Without getting into the specifics, I think what we'd say is they've performed very well relative to our underwrite. And I think what we've seen across both, which has been a really big focus, and you can actually see it aligned in George's or on slide nine on the schematic, what's really we've seen the value is the ability to not just look at these businesses on a standalone basis, but to actually use these businesses within the construct of our self-performance. and that is really what's allowed us to see some strong, you know, candidly strong returns above our underwrite. So we've been really excited about the performance of these assets and I think it sets us up well because while each acquisition on a standalone basis, I wouldn't necessarily say is material relative to the size of our business, it does set up a great operating model for us as we think about scaling up to larger transactions.

And do you see the same benefits as you continue to add those complimentary tuck-in deals? Or is some of the benefits you've realized on these previous acquisitions kind of captured maybe some of the low-hanging fruit, some of the revenue synergies, and maybe there's not as much upside on future acquisitions?

No, this is George. No, I think we absolutely see similar synergies and upside. Back to our, you know, slide eight really represents kind of our ecosystem in the way that we want our acquisitions to all work together. To Chad's point, is that what we've seen is that each of these businesses and expertise have brought additional support to our core businesses, and we're going to continue down that path. We're going to continue to look at businesses that help us across all of our sectors. And so we believe that there's absolutely continued opportunity in those areas. So, I mean, our areas of focus, we still have, you know, plenty of target opportunities to fill in additional expertise. And so we would expect to continue to kind of work this playbook and bring in companies that enhance our overall services.

That's great to hear. Last question for me. Just you mentioned how the backlog, you know, largely protected by Safe Harbor and your customer level. Just as you have conversation with customers, how are they feeling as you look out in the 2030s? You're hearing some developers say that they feel like they can go beyond 2030 with Safe Harbor equipment and continuation of progress. I was just curious in terms of how your customers are feeling about longevity of the demand and the solar build-out.

The conversations we're having with our customers are, you know, really positive on demand. And so, you know, I don't think that demand is going to slow down based on all of the, you know, all of the electrification demand and build-out. So our customers are feeling really bullish on the market going forward, and it gives us a lot of visibility into long-term pipelines. So I think that, you know, those discussions, you know, based on the way our backlog burns off, we wouldn't see projects necessarily out into those, you know, latter years anyway, because we burned through backlog projects, move in and move out fairly quickly. When you think about infrastructure projects, I think that is one of the benefits of solar and storage is the speed to deployment and allows projects to come in, start, and be fully executed within 24 or 30 months. So, you know, we wouldn't see a project in the pipeline or in the backlog necessarily that's stretched out into 2030 anyway. But we are seeing customer pipelines that go well into the 30s.

I guess that's what I was trying to get to, George, is, you know, certainly there's lots in the funnel that can convert to backlog. I'm just curious in terms of how the funnel continues to go from here. Do you feel like it expands at this point or do you kind of just keep the current funnel and just keep that sort of flat going forward?

I think it continues to expand because demand is there. Got it. Okay, thanks.

The next question is from Ben Callow from Baird. Please go ahead.

Hey, guys. I don't want to be a dead horse twice, but just with bookings being lumpy anyway, should we expect there's a pause around 232 while people assess this as we look to very near term next quarter?

Yeah, Ben, it's a good question. I think not necessarily in the sense of if you think about bookings, even as our customers may go through how they think about their own procurement of modules, I think there's a couple things. One, there's a lot of evidence of a significant amount of modules already in the country. As George mentioned, there is domestic supply. And we work with a lot of, you know, very sophisticated and large-scale developers that have been planning for this for quite some time. And also bear in mind, you know, with the amount of demand in the market, our customers are also wanting to advance projects to secure capacity. So as we think about moving forward and getting into the LNTP phase, that part of the phase will continue to advance overall. So we feel good about the state of the business and the ability to grow. Obviously, your point, there is going to be lumpiness and originations, but there is continue to be a lot of momentum in the business.

Thank you. I think you, but Chad, you also, I think the M&A, there was a slight nuance in how you talked about, like, stepping up in size, and I think even scope with George. And I'm just wondering if you guys, you know, like what that means, if you're going to get outside of like solar and TV and storage into other forms of generation or other areas. And then how you think about valuations right now. Obviously, you know, it's an important piece of the puzzle and things are, you know, very good valuations right now. And so how do you think about that versus the opportunity?

Yeah, Ben, maybe I'll hit on the size point and I'll turn to George to think about the strategic part. I think in kind of what I was signaling, the transactions that we've done thus far, they've been fantastic transactions, but relative to the size of our business, they haven't been what I would deem as an overly material transaction. And what I was getting to is, is that, you know, we're going to continue to look at size of transactions across the board. And it was really more about the roadmap, because we've continuing to think and perfect an operating model, we've done three acquisitions thus far. So this is a process and there's a discipline of pacing ourselves to make sure we execute because the act of doing the deal is a lot easier than the execution and implementation of it. So that was the point of my comment is we're building out an operating model for success that we're excited about. And then George can talk about the strategy.

Yeah, I think the strategy of these acquisitions probably outsizes their financial metric size. They really have brought expertise into areas of our business that allow us to, you know, grow and expand and in some areas allow us to de-risk things like foundations and other things that allow our business to be more successful. So I don't want to undersell their strategic significance over their size, but we are continuing to look at areas where we need expertise to continue to deliver our services, whether that is because of regional support or specific trade expertise. And so we're going to continue to look at those. To your point about, you know, expansion of other generation and those things, we are having discussions with our customers of what their long-term needs are so that we continue to shape our business to deliver the needs of our customers. So as we look at, you know, hybrid generation plants that have, you know, other forms of generation, we're absolutely looking at how do we support that long term within, because we feel that really fits still within our ecosystem and the ability to deliver services to our customers. So, we are actively involved in those conversations and looking at, you know, what are the needs of our customers in 27 and 28 so that we continue to build the preferred service provider.

Thanks, guys.

This concludes the question and answer session as well as today's teleconference. You may disconnect your lines at this time. Thank you for your participation.