Okay, I think we're good to go here. Good morning. Thanks to everybody for joining. I'm Steve Fisher, UBS Machinery Engineering Construction and US Building Materials Analyst. Really thrilled to have the management of Quanta Services with us here today. We have CEO Duke Austin, CFO Jayshree Desai. We have Kip and Sean here, and a couple other members of management. Just before we get started, one disclosure here. As a research analyst, I am required to provide certain disclosures relating to the nature of my own relationships and that of UBS with any companies which we express a view during this discussion today. You can find those disclosures at ubs.com/disclosures, or you can reach out to me after the session. I can get them to you. With that, Duke, Jayshree, thanks for being here.
Yeah, Duke, maybe to start off here, when I think about Quanta, I think you're a solutions provider, leveraging a skilled, fungible workforce that's been developed at scale now that allows you to do things and do things in a way that others really can't. Would you agree with that sort of framing of Quanta? Is there anything that you think investors really just don't appreciate about what you're trying to do with the company at this point?
Yeah, I've been trying to get you to say that for a long time. Yes, I agree with you. Yes, look, I think when you think about our adjustable markets, we have a great utility business at the moat around the company, as well as now an adjustable market with technology. The technology piece is pressing on the utility piece for generation, as well as labor, which our labor is fungible, which I think is at the core, is our labor piece. Those two, the pressure points are really around generation and labor certainty. As that comes together, that's where the solutions are.
I think our ability to be certain with capital, to be certain with when generation comes online, whether it be a combined cycle or a single cycle, however you want to look at it, renewables, batteries, everything that all encompassing, and provide that total solution to a client on both sides. It's not only technology, it's also utility. How we play in the middle of that really is where I believe is what's the unknown is. NiSource shows up this year, but that's been we've been working on those relationships for decades. You see the announcement on some of the other things that we're doing. I just think as the company has built a great labor strategy, it's allowed us to really provide solutions that others can. Somewhat it goes unnoticed, the fungibility of the labor, how we can move from market to market.
Makes sense. Now, I imagine your strategy kind of gets tweaked and refined every year based on how the world changes. How would you describe the tweaks that you've made to your strategy in this past year? Somewhat related, as you make moves strategically, they open up new paths for going forward. How would you say the changes you've made this year will alter your strategy going forward?
Yeah, I mean, I think if you take a step back, you look at what we've done with supply chain. We went vertical. We bought transformer facilities. We bought poles. I mean, we invested in things that we believe that were going to be short in supply that allowed us to have flexibility with our ability to provide solutions. As we've done that, I mean, I think every year that creates opportunities. As we've invested in that, we take advantage of the opportunities that we see. Really, the client has always driven us, whether early years, I mean, you would go on a storm and you would do a good job for a customer and you'd stay.
I think much of it is us listening to the customer and then understanding the global markets of how things really, whether it be tariffs, whether it be short supply of transformers, or listen to the customer base and understanding what's giving the industry an issue and trying to solve it. I think that collaboratory back and forth as we sit with each other allows us to move every year or really any time and be much more nimble. Because I think you have to be nimble in the business today because it moves so fast. You have technology that wants it tomorrow, and the utilities are slower. There is just one's five seconds and one's five years. We play in the middle of that whole pendulum and trying to go from that fast pace to somewhat of a slower pace.
I think that's what the fungibility of labor allows us to do. I don't think the strategies change as much. The solutions do. When I it's really craft skill, craft skill, craft skill, focus, focus, focus, add engineering, add great companies that I think when we make acquisitions, we make acquisitions on companies that aren't necessarily in a market that you see. I mean, we didn't buy Dynamic Systems around AI. We bought Dynamic Systems because it was a 50-year-old company that was providing they started with Texas Instruments and chips and semiconductors. They were mainly a semiconductor or a clean room in hospitals. I thought the synergy with it when we looked at it was AI, data center type co-locators, whatever it may be, and their fabrication ability on mechanical.
That is kind of how we move across the market because we need to be flexible, but that does not mean that they cannot go right back if there is a cliff or there is something in the market that gets dysfunctional. We can move right back into hospitals and will and stay there, clean rooms, chips, whatever it may be. The fungibility of labor in their markets, I think, is really important for us. We really want to be a compounder of earnings. In order to be a compounder of earnings, you have to look out multi-years, decade to see and to stay in front of that compounding nature of the business.
Building off of that, I mean, as a solutions provider with an objective to be a compounder, with what you envision for the next, let's say, three to five years, how much white space do you think is left on the page in terms of the solutions that you're not providing yet to your customers today that you see a need for?
That's a great question. Look, there's more white space than the management team can attack. When I say that, we can see out a decade and see opportunities all along the way that create the next decade. Look, we'll pace the company and the balance sheet around that, but there's a lot of white space right now. I think in general, I mean, the markets are good, and we're attacking some of them faster than others. Not to say that, I mean, if we see something that there's a disconnect and that we're not because internally, I think the biggest thing that we face is internally, you have to get up every morning and reinvent yourself and not get complacent. Our ability to make sure that we motivate this management team to win. If you want to be on this team, you want to win.
We want to win every day. We want to win every year and every decade. In order to do that, you have to drive yourself and drive the company culturally to go out and attack the markets that you cannot see. I do think we are doing a good job there, but there is a lot of white space out there.
Okay. We'll stay tuned on that. Obviously, we've talked about the fungible workforce, and that I think is key to your growth. How would you say that how fast you can actually grow that workforce every year? How is that different from what the industry can grow?
I think when you look at it, part of the growth internally, if you just look at our business without acquisition, traditional business, we're growing probably 8%, between 5-8%, something like that. The acquisitions are growing much faster than that. Normally when you make an acquisition, we can grow those exponentially in the first 12 months. You can grow, I mean, the latest acquisitions, we've grown 50% for the most part, at least, probably much more. Jayshree says I have CEO max, so I won't even try it, but it's at least that. I'll stay there. In that first 12 months, all of a sudden in the third quarter, as you saw this last quarter, you see, double-digit growth. That's because we have 12 months' worth of Cupertino, and we have been growing Cupertino exponentially.
It shows up in the third quarter as organic growth. That does not mean we have not been growing that exponentially. I do think part of it is how we acquire. Part of it is internally that we are growing around 6,000 employees, give or take, every year on an organic basis, and whether it be through acquisition, growth, or internally. We have the ability, the colleges, the campuses, the framework, curriculum to grow substantially. I mean, I am not seeing us inhibited by labor at this point.
In terms of being able, that notion of being able to grow, they had counted your acquisitions by so much when you take them on. Is that a reflection of the fact that you have your training resources and your trade schools, etc., that others in the industry just do not have? And that is how you populate it?
Yeah. I mean, I also think the families of the businesses, they're also their money. They're investing. They're growing as fast as they can. There's bonding. There's all kinds of different things that come into play with growth. Underneath, I mean, I think when you sell to Quanta, it's a bigger, it's much bigger because they're selling to us, they see the market, and they want to perpetuate their business in the market. We're able to really take the underlying management teams and put them in with training and curriculum and things that they haven't had in the past or really give opportunities to employees that maybe they didn't have enough space or they're heavy in this area and not this area. I just their ability to expand off of what a company has already.
Usually, you're buying a 50, 100-year-old company that has a lot of, I mean, my company, my family's business, it was a $10 million company, and now doing a billion and a half. I mean, it's just you're able to really kind of take it and say, "Okay, here's the synergies." The synergies are your adjustable markets. As you go into these adjustable markets, you can see it. We have the customer bases, and we can take that same employee base. I mean, you can take Indiana for an example, and you can be building solar one day, combined cycle with the same people, go over and do a battery job, go over and do some industrial job. I mean, you can take that fungibility and really move companies throughout the organization.
I think Carl and the team underneath has done a really nice job of staying flat and then expanding those markets for incoming acquisitions.
Great. I want to talk a little bit about Dynamic. You mentioned before about how they've done other things and now data centers, AI, and can do other things in the future. Just curious, any other thoughts you have on that deal? Any points you want to make? I know it's only been a few months, but any doors that you've seen it sort of opening yet?
I mean, look, we see the mechanical businesses to be a great business long term. The margins are good, and they do a lot of—they're more advanced in prefabrication, a lot of them, a lot of technology, more so than we were on other pieces of the business. We are able to take some of that technology and it really helps us develop on the electrical side and our prefabrication as well. I think there is a lot of commonality in the prefabrication. We are about 3 million sq ft under roof now. I do believe that business is a great business. It is accretive to the profile of the segment, for sure. I really like the business. I mean, we have peers in that part of the business that are doing better in margins than we are, certainly, in that segment.
You can expect us to be in that framework on that piece of business and really expand it.
Great. One of the things as a solutions provider, you can fill many different roles for your customer and different contracting types. Can you talk about how that is evolving and the different contracting roles that you can use, be it general contractor or subcontractor? Is that as a GC a role that you've not had in the past that you're seeing increasing more? How important is vertical integration as you're a general contractor bringing other subs in? Is that sort of a margin enhancement? What do you see on vertical integration there?
Yeah. I mean, look, there are all kinds of models. All kinds of clients want different models. In general, what I would say is we still self-perform about 85% of the business, between 80% and 85% of the business. I do not think that changes. I think we continue that. In saying that, there is a lot more equipment involved with our vertical supply chain, such as transformers. I would say on the solar side, there are our trackers and Nextracker and Array and all the customers there that you are pulling through all that supply chain. The better we are in our supply chain, I think it helps us increase returns. We can also provide supply chain-type arrangements to other customers, which I like a lot. I do think we are growing nicely in that business. We have done a good job internally of expanding that market.
It does give us some flexibility as we look at the adjustable markets that we serve. On the high voltage side, I mean, transformers, our ability to have that facility and the things that we can do with it are substantial. That'll continue.
Great. Shifting over to Cupertino, it's been about a year now. Can you talk about what some of the successes have been there, kind of what's going right and what's still ahead? I guess from a kind of a pace of bookings, what should we expect there? Anything big there on the horizon?
Yeah. I mean, we're booking work. I would say we still do a lot of co-locations, $100 million jobs that are cloud-based stuff that's not these mega projects, but we also are involved in the bigger projects. I see in that market, you'll start on one building of 10, and really incrementally, you'll do five or six. Your contract may say it starts with one and it ends up being five or six buildings on the data center side. I do think it's a weird booking mechanism because you're not booking this one large project. I think it's really more sustainable. It's been that way for a long time. As we've gotten deeper and deeper into the technology market, I think the company has done a good job with them of they realize that we are a craft.
I don't know if anyone, I'm sure everyone's been involved in some sort of home building or some building where you've had a general contractor locally that doesn't show up with labor, and it's very irritating. Don't build a home. If you've done that, it's very much like a general contractor if you don't self-perform. I think our ability to do that and what the customer really wants is that certainty, whether it's utilities or technology, they want labor certainty. They want generation too. Labor certainty is so important now. I think where we sit in that dynamic has put us in a different position. We have all different types of arrangements.
Typically, whether we're working with a GC, through a GC, we're at the end user ultimately because we're talking to them first, and they may marry us up, or we may do it ourselves or other ways. We certainly have all the capabilities a general contractor would have. The model is used typically because you have smaller companies regionally that for bonding capabilities, cash, whatever it may be. That's why the model has been used in the past. For us, I mean, I think we can play a different role if we need to. As it stands, I mean, we do a lot with some of the larger GCs all the time, but the end user or the client's telling us who we're going with and where we're going. It's really kind of a dual model.
Great. Shifting gears a little bit, you brought up NiSource before. Can we talk a little bit about this opportunity set? How did this agreement come about in the sense that it may shed some light on how you're actually running your business at the moment? Obviously, investors have a lot of questions about the underlying nature of the contract and some of the risk terms and conditions. I think you've been pretty clear that the risk is very manageable. Maybe you can just talk about that, what comfort you can give investors around this opportunity set.
Yeah. I mean, look, I think the company's had a history with fixed price combined cycles. It wasn't good. I was there. We were very hesitant in the market to get in the generation space on combined cycles. We were doing some single cycle work, doing nicely in the business, but on a combined cycle, very complicated on the engineering commissioning. We felt like if we were going to do that, we needed to de-risk it contractually or through some kind of or both. Really, from our standpoint, we believe we've de-risked ourselves and give the client what they ask for and also the large load customer on the other side of that. We work with both really to help develop the project, to help to make sure that we've de-risked it in a way that Quanta's happy.
I can talk to our investor base with certainty and say, "We've de-risked it." I think in general, that was from our standpoint, long-standing customer too that we've had decades of relationship with on the other side. We're comfortable with the relationship, comfortable with Indiana. I mean, I think Indiana is a state where for us, we have a good concentration of labor. I mean, we're building solar in Indiana. We're building batteries. We're building line, T&D. We're building battery. I mean, all kinds of generation. It's not a state that we're not comfortable with. We're comfortable with labor there, but we have offices in Indiana, quite a bit of critical mass. I feel like we listen to the client, both sides.
Where we come in is, again, I mean, the two things that you hear the most are generation and labor. We could provide both for the client and provide the whole solution. I mean, there's battery. There's a battery component in there that's not part of that. There's some line in there that's not part of that JV. The JV is just one piece of a broad, broad, I think it's going to be a multi-year, multi-project type situation with us and the client because we've done a nice job together to develop something that the large load customer wanted. What's great about it, which is phenomenal, which is the way it should be, is that the ratepayer, it's about $7 for their customer deduction a month in Indiana. I think it's a great model.
I think you can do it over and over again because the large load customer is more than willing to pay their fair share. It should create economic benefit for the ratepayer, which is what happened in Indiana.
You mentioned just now that it's a multi-year, multi-project kind of company. Can you talk about the timing of this? What are the next steps and how that's going to play out?
Yeah. I mean, we started some of the engineering. I think late 2026, it'll start to ramp. In 2027, 2028, it'll be the big build. It will go farther along and probably longer than that when we really look at it, that whole program. I believe we're going to 2033, and there'll be a multitude of things that happen there. It's one of many. I mean, we're involved in these kinds of solutions across the board. This happens to be one that we're able to talk about because we've brought it to fruition. I do think the company, what you do not know is these things are out there and they show up. It is because we have the labor certainty on the backside, the scalability of the company. We put the work in long ago.
I think that's what we keep trying to say is when you said earlier, "Why are you a total solution?" That's why. Because you can't see it until we put it out there. I'm not going to sit up here and say, "This is where I'm fishing." I caught a lot of fish today because guess what? Everybody's going to be fishing where I'm fishing. I don't want that. We're not going to sit and say everything that we're doing. What we're trying to say is we're providing these solutions off that very craft skilled labor that's the scarcity that we've invested for a decade in. It's our background.
Great. Maybe shifting gears again, in terms of growth, you've given some directional framework for 2026. It sounds like you continue to band the growth on earnings between 10%-20%. Can you talk about some of the factors that give you confidence in that and sort of a mid-teens, a good base case starting assumption for next year?
Yeah. I mean, I don't want to give guidance, Steve. I wouldn't discount it, but I would be doing a disservice if I said it's that and it's really 20. We haven't got that far yet. What I would say, I'm comfortable in kind of the mid-teens to even past and in the 20s. It's going to be in that framework on a compounded basis for what I see in the next 5 to 10 years as we're able to compound those earnings in that framework, the 10-20% of adjusted EPS, as long as we get all the balance sheet. We have great markets. I feel comfortable. I'm super excited about in 2026, 2027, 2028, and beyond. We're really looking out into 2030. I feel really good about our markets. We can see them.
You can see the capital budgets of our utility customers moving up. We've got to do a good job on affordability issues that you may hear as an industry. We've got to continue to say all the infrastructure that we're building really reduces the rates over time because of generation. It allows flexibility in generation. We've got to do a good job there or you get backlash. I think as we see it, the need for generation has not deviated. Demand from technology, we're in early stages of the company in that adjustable market. I like the white space there that we can really grow the business. Yes, it's big numbers, but the company's much broader than it's ever been. Our adjustable markets are much bigger than they've ever been. Super excited about it.
Like I said, I do not really want to give earnings yet in 2026, but I expect them to be good. I mean, I expect us to have good visibility in it. I think investors are basically pleased.
You said that you expect to achieve record backlog in 2026. Is that specifically tied to this NiSource opportunity, or is it more broad?
We have broad-based backlog growth. I mean, it's across the board. I feel like we haven't seen really any in our 765kV projects that I believe that we will be successful with. Backlog, I don't think you'll see them probably till mid-2026 and maybe earlier. In general, we just see a lot of backlog growth here. It's a culmination of just the work that's been put in from the team over the last 24 months and the people in the field. It's starting to show up. The solutions are starting to resonate. The companies that we work with are starting to see where labor is coming from. We're in a good place. I really like what we see.
Great. That is a good transition to you mentioned the 765. I want to talk about the AEP partnership. Can you talk about this a little bit more, the significance of it, how you see it playing out? Is this going to start with specifically Texas high voltage lines, or could it be other parts of the country? How should we see this sort of playing out?
I mean, Texas is easier to build. I suspect that'll probably go first. Some of the Texas projects will probably go first. As far as AEP, the largest utility in the country, 40,000 miles of transmission, 2,000 miles of 765kV, have a lot of technology there. We felt like it was a great collaboration between us to build transformers together. They have a great engineering platform and great what I think will really benefit us that we didn't have. I think we could really do some things together as peers and work hard at it. I think we've really done something substantial for the industry, not just AEP and us. I mean, we've really proliferated the ability to build 765kV together. It's not just AEP.
I mean, that's one example of a customer, but it's a multitude of all those builds that are really supporting our clients across the IOUs and these builds. We have to be extremely cognizant of how we support this. I think the company, as companies in these RTOs and things like that are in there, we really have worked with AEP to make sure that we can deliver those capabilities across the board, not just for AEP. The contract itself and what we said, I mean, they have a $70 billion capital budget that they need certainty in. I feel like that collaboration between us both was substantial to not only de-risk them, but to help us plan. It's the right answer for the ratepayer. I really like the whole thing.
It allowed us to do a lot of things that benefits the ratepayer and AEP and Quanta. Just a win-win for us all. I think it's not just 765. It's a broad against the capital budget that you see agreement.
Great. When we think about some of the growth drivers of the company, if we think about maybe the last five, ten years, it seems to me that we've had a big driver in terms of renewables, so generation via renewables. I'm sort of thinking that maybe we're now going to be shifting into a transmission cycle. Not that you haven't had transmission projects in the last several years. You have, but maybe it's more of a transmission cycle, data centers, natural gas, kind of shifting from renewables or maybe renewables sort of plateaus a little bit. Is that the right way to think about kind of market growth drivers?
Look, I think we'll grow renewables double digits. Malachi is coming a little bit. She's closer on the renewable side. But I don't see any reason why we won't grow our renewable business double digits.
Yeah, I agree. I mean, the renewable business, we continue to see customer demand, especially with the load growth that's happening and the speed to power that only renewables can answer. At this point, we're not seeing plateauing on the renewable side of things. I would agree with the premise that at the same time, you're going to see more growth on the T&D side, the data center side, generation as a whole, with labor being the critical component for all of those things. As we sit here thinking through our next 5 to 10 years, whatever form that may take, with labor certainty as a big driver and load growth continuing to be the biggest market driver, we're flexible as to how we're going to meet those client needs.
Those two things being the fundamental drivers of growth gives us longer-term visibility than worrying about any sort of maybe one-year issue around a renewable tariff policy or a PTC, ITC issue. This is a much longer infrastructure build-out that takes all of this with labor being in the middle of it.
From a size of project perspective, in light of larger transmission projects and some of the natural gas now, data centers, is there an increasing mix that we're going to start to see in terms of bigger projects in your overall mix?
I mean, you're going to see some stacking. I mean, you're going to see bigger projects start stacking. The underlying business, if you build a 765kV line that's 10 to 1, the lines coming underneath, there'll be 10 lines to 1, 765kV line. We did this in the past where we built a lot of projects. Part of the whole dynamic of building the base business back over the last decade was we left it in kind of 2011 and 2012. We just left the business somewhat underneath, and the clients were pushing work to others. This time, I mean, we take a real strategic approach to this where we want to keep the base and then stack the larger projects. It's been staying at the same kind of 80%-85% base business. I don't see that changing much as we move forward.
The top side will grow, but the base is going to grow.
Great. I'll ask one more question here, and then I'll turn it over to the audience if anyone has any questions. We get a lot of questions often about your margin expansion potential. Just curious how we've identified some of the margin opportunities, but if you want to maybe just talk a little about how you guys see the margin expansion opportunities from here.
Yeah. I mean, look, I think the fabrication that we can do on technologies will allow some expansion on that side of the business to expand. But our traditional utility business will be in the same framework that it's always been in. It's regulated. I mean, I think from our standpoint, that's the framework of that business. So it's there. I do think as we get better at our supply chain, as we get pulled through, your returns will move on up. There is some ability to move margins. The training cost and the things that we do with labor to continue to train drags it down some when you think through it. I just think if we're growing at the pace we're growing at, you pressure margins because of training. I think it's the right answer for the investor.
There is some incremental margin you may get. You would not be able to take advantage of the organic growth that you are going to have. I think that continuing training will be there. There are places that we can expand, and I expect us to. I just do not think we want to compound the earnings at the pace we are compounding them at over decades. I think if we can do that, we will be happy. I mean, I think we are above 20% on a compounded basis on adjusted EPS for the past decade. I am not saying we are going to do that going forward. I am hedging. Trust me. I do think it is in the 10-20% range, and it may be 20%.
We give ourselves that ability to do that as long as we can continue to be certain to the clients and collaborate like we have, which is key to the markets that we serve.
Great. Anyone in the room have any questions? No? Okay. If not, then I will continue on here. In terms of perhaps cash flow, capital allocation, maybe a few, Jayshree, what are some of the key accomplishments over the last year on cash flow, and what do you have planned further in 2026?
Yeah. I mean, I think we've done a really good job of keeping a fortress balance sheet. That's very important to us. It allows us to give certainty to the investor base around why we feel we're a durable story around long-term earnings growth. You've seen us put capital to work in really good, strong, family-owned businesses that give us a comfort level that it's not a flavor of the day in which those businesses have grown. They've grown through cycles. They have management teams that have lived through good and bad times. They have created a culture that fits our companies very, very, our Quanta company very well. We want to keep that flexibility in the balance sheet to ensure that when those opportunities come up, we can take advantage of those things.
I think you've seen, I think it's one of the things we're very proud of, what we've worked through over the last decade plus to ensure that balance sheet strength. You've seen us reach investment grade. We've also been, the rating agency has, we've increased a notch on that. Our operators are doing an excellent job of converting faster. Our AR, and you're going to see more of that as we work through those things. Having said that, we were much more focused on ensuring long-term durability with that customer. That utility base is driven by self-performed work. It's our labor, our equipment working on these systems for multiple years. That can be a drag on working capital. Depending on where the growth of our company is coming from, if it's that utility, MSA, self-performed work, you'll see some of that cash flow pressures continue.
As we're doing more work on the EPC side with a non-utility customer base like Blattner, Cupertino, Dynamic have done, you're going to see a cash flow profile that's more accretive. That allows us to give a good balance around why we think our conversion ratio continues to be in that 45-55% range. Absolutely opportunities to be above that as we've shown the last few years, depending on where that growth is coming from. There will be times when we're going to use that free cash flow to invest in our growth. You'll see that on our manufacturing side as we continue to expand our vertical supply chain. That may pressure a little bit of cash flow profile in the near term.
If we're doing that right, you're going to see that translate into more base business work and more certainty over the next several years. As long as we continue to focus on keeping that balance sheet as flexible as possible, I think you're going to see us continue to say that that durability of our earnings growth will continue.
Yeah. I think as far as capital allocation, there's great businesses out there, 50, 100-year-old businesses that it's not in a trend. I mean, we're not buying companies because of a trend. I think that's a fallacy. We have a strategy. We know the companies that we would acquire. We're not out looking as companies for whatever reason want to divest or generationally for whatever reason. There's all kinds of reasons out there. We know who they are. When we see them, we'll lean into them. I expect us to do that. I do. I think the market, I've said that, that we see a great pipeline of companies out there that we believe that will come to market at some point. When they do, we will lean into them. I want flexibility of the balance sheet to be able to lean into them.
If our stock gets disconnected, we'll buy our stock back. We have no issues with that either. We try to stay agnostic to our compensation plan. In general, I think those are the ways that we will continue to allocate capital. Our ability to invest free cash and the way we've done it in the past with the growth of the companies that we've acquired, I mean, we would do them all day. I think it makes a lot of sense for us as we look at the markets. I think it's also important to know that the companies we've acquired weren't data center-driven. I mean, both Dynamic and Cupertino, I mean, it was a little bit of the business, but it was not 50% of the business.
If there is some sort of cliff or there is some sort of movement in the market, we're fine. I mean, we'll still grow the businesses nicely. It was the synergies that we see today and what's driving some of the outward growth. It does not mean the companies will not grow and be great businesses long-term. That's the companies that we're looking for.
Great. Maybe in the last minute here, you have an investor day coming up in March.
I tips that I can't talk about it, but I will anyway.
Okay. I mean, it seems like you've talked about double-digit earnings growth rate, the solutions provider strategies, major growth opportunities. Anything I'm missing that you'd want to preview that Kip won't let you talk about?
Look, I think we're excited about the business. I think we're different. One of the reasons we're excited about having an investor day is because I think the company is so different. We've got to explain it. We've got to do a good job of laying it out on a five-year plan, and we will. Our ability to really where we're going over the next decade is substantial to me. I think our investor base and what we see today, yeah, big numbers, but also way more opportunity. We're in a different space than we've ever been in. Technology will play a huge role in it. I think our ability to lay that out to our investor base and stakeholders and talk about it, I'm excited about it. I know Jayshree and I've been kind of we were talking about it last night.
It is not something that I take lightly. When we lean into it, we are going to lean into it and do a good job. We are excited to do that in March.
Fantastic. Duke, Jayshree, thank you so much. Really appreciate it. Have a nice day.
Thank you. Yeah. Great questions.