Centuri Holdings, Inc.

Listed Company

CTRICIK 0001981599NYSELarge AcceleratedNatural Gas Transmisison & DistributionDelawareFY ends Jan 3

Period

FY 2025

Revenue

$2.98B

Net Income

$22.39M

Total Assets

$2.41B

Equity

$872.97M

Shares Out

100.82M

Op. Cash Flow

$78.12M

Business

Centuri Holdings, Inc. is a North American utility infrastructure services company that partners with electric and natural gas utilities to maintain, upgrade and expand energy networks. It provides modernization services including replacement, maintenance, retrofitting, repair and installation of electric and gas distribution and utility-scale transmission infrastructure, plus complementary services for renewables, data centers, 5G, EV charging and storage. The company operates through four reportable segments: U.S. Gas, Canadian Gas, Union Electric and Non-Union Electric. It delivers services across the U.S. and Canada through long-term master service agreements and bid contracts to regulated utilities and related customers.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Total revenue, net	2,983	2,637	2,899	2,760
Total cost of revenue	2,736	2,417	2,626	2,546
Gross profit	247	221	273	215
Selling, general and administrative expenses	126	107	110	109
Amortization of intangible assets	27	27	27	30
Goodwill impairment	0	0	214	177
Operating income (loss)	93	87	−78	−101
Interest expense, net	78	91	97	61
Other income, net	−194,000	−376,000	−64,000	887,000
Income (loss) before income taxes	15	−3	−175	−164
Income tax (benefit) expense	−8	3	10	1
Net income (loss)	23	−7	−185	−165
Net income (loss) attributable to noncontrolling interests	255,000	−98,000	2	3
Net income (loss) attributable to common stock	22	−7	−186	−168
Basic (in USD per share)	0.25	−0.08	−2.6	−2.35
Diluted (in USD per share)	0.25	−0.08	−2.6	−2.35
Weighted average basic shares outstanding (in shares)	90	83	72	72
Weighted average diluted shares outstanding (in shares)	90	83	72	72

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	127	49	33	—	—
Accounts receivable, net	315	281	347	—	—
Contract assets	395	238	270	238	—
Prepaid expenses and other current assets	45	33	32	—	—
Total current assets	881	601	683	—	—
Property and equipment, net	467	511	545	—	—
Intangible assets, net	343	341	369	—	—
Goodwill, net	396	368	376	588	—
Right-of-use assets under finance leases	24	34	44	—	—
Right-of-use assets under operating leases	176	104	118	—	—
Other assets	120	115	55	—	—
Total assets	2,408	2,074	2,190	—	—
Current portion of long-term debt	30	30	43	—	—
Current portion of finance lease liabilities	7	9	11	—	—
Current portion of operating lease liabilities	30	19	19	—	—
Accounts payable	194	126	117	—	—
Accrued expenses and other current liabilities	185	174	187	—	—
Contract liabilities	51	25	44	36	—
Total current liabilities	496	382	421	—	—
Long-term debt, net of current portion	617	730	1,031	—	—
Line of credit	91	114	77	—	—
Finance lease liabilities, net of current portion	9	15	24	—	—
Operating lease liabilities, net of current portion	154	92	105	—	—
Deferred income taxes	78	115	135	—	—
Other long-term liabilities	84	66	71	—	—
Total liabilities	1,529	1,514	1,865	—	—
Commitments and contingencies (Note 18)	—	—	—	—	—
Redeemable noncontrolling interests	5	5	99	157	197
Common stock	1	885,000	0	—	—
Additional paid-in capital	1,008	719	374	—	—
Accumulated other comprehensive loss	−7	−13	−4	—	—
Accumulated deficit	−128	−151	−144	—	—
Total equity	873	556	226	387	480
Total liabilities, temporary equity and equity	2,408	2,074	2,190	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation	112	109	119	126
Amortization of debt issuance costs	4	5	5	5
Non-cash loss on debt extinguishment	3	2	0	0
Non-cash stock-based compensation expense	8	2	2	2
Gain on sale of equipment	−7	−4	−5	−6
Amortization of right-of-use assets	22	21	17	14
Deferred income taxes	−14	−5	−8	−7
Other non-cash items	0	841,000	0	0
Prepaid expenses and other assets	−7	−6	−2	−9
Accounts payable	61	8	−27	49
Income tax assets and liabilities	3	−620,000	3	5
Payments made on operating lease liabilities	−28	−26	−22	−17
Contract liabilities	20	−19	8	24
Accrued expenses and other liabilities	27	−9	6	−8
Net cash provided by operating activities	78	158	167	95
Capital expenditures	−86	−99	−107	−130
Proceeds from sale of property and equipment	44	10	12	13
Acquisition of business, net of cash acquired	−46	0	0	—
Net cash used in investing activities	−88	−89	−95	−117
Proceeds from public offerings and private placements, net of offering costs paid	251	328	0	0
Proceeds from line of credit borrowings	220	354	197	76
Payment of line of credit borrowings	−247	−311	−204	−91
Proceeds from long-term debt borrowings, net	243	0	0	100
Principal payments on long-term debt	−365	−319	−45	−133
Principal payments on finance lease liabilities	−9	−11	−12	−12
Redemption of redeemable noncontrolling interest	0	−93	−40	−40
Payment of debt issuance costs	−3	0	0	—
Other	−1	−438,000	−213,000	−2
Net cash provided by (used in) financing activities	89	−53	−103	−27
Effects of foreign exchange translation	365,000	−624,000	273,000	−854,000
Net increase (decrease) in cash and cash equivalents	79	16	−31	−51

Filings

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