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    Adam Thalhimer

    Research Analyst at Thompson, Davis & Company, Inc.

    Adam Thalhimer is Director of Research and Partner at Thompson, Davis & Company, Inc., specializing in equity research coverage for building materials, building products, engineering & construction, and telecom equipment companies. He covers firms such as CEMEX, Martin Marietta Materials, Vulcan Materials, AZZ Inc., Quanex Building Products, Keysight Technologies, AECOM, Comfort Systems, Dycom Industries, and several others, leading a team that routinely tracks nearly two dozen publicly traded companies. Thalhimer began his investment career in 2001 with UBS PaineWebber and subsequently held analyst roles at Scott & Stringfellow and BB&T Capital Markets, where he spent thirteen years and earned recognition as a top-performing analyst. He holds the Chartered Financial Analyst (CFA) designation and is FINRA-registered, demonstrating his strong professional credentials in equity research.

    Adam Thalhimer's questions to DYCOM INDUSTRIES (DY) leadership

    Adam Thalhimer's questions to DYCOM INDUSTRIES (DY) leadership • Q2 2026

    Question

    Adam Thalhimer from Thompson Davis & Co. asked about the start date for the large August award, the revenue percentage from hyperscalers, and the nature of a new, non-traditional hyperscaler maintenance contract.

    Answer

    CEO Daniel Peyovich stated that planning for the August award is active, with some revenue contribution this year but the majority expected next fiscal year. He declined to break out hyperscaler revenue but clarified the new maintenance contract is a direct relationship with a hyperscaler for their own networks, representing a new service line for Dycom.

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    Adam Thalhimer's questions to DYCOM INDUSTRIES (DY) leadership • Q1 2026

    Question

    Adam Thalhimer of Thompson Davis sought clarification on two new awards: a middle-mile fiber project and an 'inside the fence' hyperscaler project. He asked about their timing, inclusion in backlog and guidance, and the specific scope of the data center work.

    Answer

    President and CEO Dan Peyovich clarified that the multiyear middle-mile award is included in the backlog. The 'inside the fence' hyperscaler award, a new scope of work for Dycom, is not yet in backlog pending a formal PO but is expected to commence this year. He described this work as extending fiber from the right-of-way into data center buildings and connecting facilities within a campus.

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    Adam Thalhimer's questions to DYCOM INDUSTRIES (DY) leadership • Q4 2025

    Question

    Adam Thalhimer asked about the potential to benefit from Windstream's accelerated fiber deployment, whether Q1 cash flow could be better than seasonal norms, and the outlook for the GigaPower program.

    Answer

    President and CEO Daniel Peyovich expressed confidence that Dycom is well-positioned to benefit from its long-time customer Windstream's fiber ramp-up. CFO H. DeFerrari noted that while Q1 cash flow could see some benefit, seasonality typically leads to cash consumption in the first quarter. Regarding GigaPower, Peyovich confirmed its success and expressed hope for continued delivery without providing detailed forward-looking statements.

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    Adam Thalhimer's questions to DYCOM INDUSTRIES (DY) leadership • Q3 2025

    Question

    Adam Thalhimer inquired about the specifics of Q4 startup costs for new programs, the scale of the Lumen AI opportunity, whether recent AT&T awards were for wireline or wireless, the reason for Verizon's sequential revenue decline, and clarification on Black & Veatch integration costs.

    Answer

    CFO H. DeFerrari explained that Q4 costs relate to ramping up new awards, including the Lumen project and the recent wireless acquisition. President & incoming CEO Daniel Peyovich noted the Lumen AI deal is the start of a larger hyperscaler opportunity but declined to size it. Peyovich confirmed the AT&T awards were for wireline and included new markets. He attributed the Verizon decline to normal project pacing, not storm-related diversions. DeFerrari clarified that Q3 integration costs were $4.2 million and any Q4 costs would be modest.

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    Adam Thalhimer's questions to Keysight Technologies (KEYS) leadership

    Adam Thalhimer's questions to Keysight Technologies (KEYS) leadership • Q3 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. asked if recent tariff announcements had pulled forward or pushed out orders and which market, after wireline, would be the next to see a material impact from AI.

    Answer

    CEO Satish Dhanasekaran stated that the company saw no material pull-in of orders related to tariffs and has not yet seen a material change in the demand profile. He identified the semiconductor market as the logical next beneficiary of AI, given trends in silicon photonics, while noting that other areas like defense and automotive have long-term potential.

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    Adam Thalhimer's questions to Keysight Technologies (KEYS) leadership • Q2 2025

    Question

    Adam Thalhimer asked if there was any pre-buy activity ahead of tariff-related surcharges and what the expectation is for order trends post-surcharges. He also requested commentary on the strong revenue from Asia and demand in China.

    Answer

    CEO Satish Dhanasekaran stated that orders progressed linearly without any unusual pull-in activity, and customer behavior has not materially changed. He noted Asia's strength was broad-based, led by commercial communications and semiconductor. China orders were flattish, with strength in some sectors offset by weakness in general electronics manufacturing and automotive.

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    Adam Thalhimer's questions to Keysight Technologies (KEYS) leadership • Q2 2025

    Question

    Adam Thalhimer questioned if there was any pre-buy activity ahead of tariff surcharges and asked for an outlook on order trends. He also requested commentary on the strong revenue from Asia and demand in China.

    Answer

    CEO Satish Dhanasekaran stated that Q2 orders progressed linearly without any unusual pull-in activity, and customer behavior has not materially changed despite macro concerns. He noted that Asia's strength was broad-based, while China's orders were flattish, with weakness in automotive and general electronics manufacturing offsetting strength in other areas.

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    Adam Thalhimer's questions to Keysight Technologies (KEYS) leadership • Q1 2025

    Question

    Adam Thalhimer requested more color on the positive sales funnel and customer engagements, asking if this indicates a shift to a more solid demand environment. He also inquired about trends in the EV market.

    Answer

    Chief Customer Officer Mark Wallace confirmed the sales funnel is incrementally improving, with better intake and velocity, supporting the thesis of a gradual recovery in 2025. Regarding automotive, he and CFO Neil Dougherty noted that while R&D for software-defined vehicles is seeing an uptick, the EV battery development and auto manufacturing segments remain soft.

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    Adam Thalhimer's questions to Keysight Technologies (KEYS) leadership • Q4 2024

    Question

    Adam Thalhimer of Thompson, Davis & Company asked about the drivers for the strong quarterly operating margin in the Communications Solutions Group (CSG) and its outlook. He also inquired about growth offsets to automotive weakness within the Electronic Industrial Solutions Group (EISG) for fiscal 2025.

    Answer

    Executive Neil Dougherty attributed the strong CSG operating margin to solid gross margins, higher software content, and significant SG&A efficiencies while maintaining R&D investment. For EISG, he expects growth offsets to auto weakness to come from the semiconductor and industrial markets, particularly in the second half of the year, driven by new fab programs and absorption of manufacturing capacity.

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    Adam Thalhimer's questions to Construction Partners (ROAD) leadership

    Adam Thalhimer's questions to Construction Partners (ROAD) leadership • Q3 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the potential for an extended construction season due to summer weather delays, how transportation spending in new states like Texas and Oklahoma is trending versus expectations, and the current state of labor availability.

    Answer

    CEO Jule Smith responded that they expect to be very busy through November and December and will 'make a lot of hay' if weather permits, given their record backlog. He confirmed that transportation spending in the new states of Texas, Oklahoma, and Tennessee is unfolding exactly as they had anticipated. On labor, he noted that post-COVID shortages have eased, but the long-term focus is on managing an aging workforce by emphasizing culture, compensation, and career opportunities to build a competitive advantage.

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    Adam Thalhimer's questions to Construction Partners (ROAD) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis asked for clarification on the scope of potential Southwest acquisitions, the impact of tariffs on inflation, and the details of the existing Nashville assets being integrated with PRI.

    Answer

    Executive F. Smith explained that entering new states like Texas expands the M&A pipeline within those regions. He confirmed that tariffs have not caused inflation due to a domestic supply chain. He also detailed that the Nashville assets, acquired in 2022, include three asphalt plants and a construction operation that will now be managed by the new Tennessee platform.

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    Adam Thalhimer's questions to Construction Partners (ROAD) leadership • Q1 2025

    Question

    Adam Thalhimer asked if the 200 basis point year-over-year increase in Q1 adjusted EBITDA margin was organic or driven by Lone Star. He also asked for the expected growth in DOT spending and if recent deals included non-core assets that could be monetized to reduce debt.

    Answer

    Executive F. Smith attributed the margin expansion to both the high-margin Lone Star acquisition and strong organic performance from legacy businesses, amplified by favorable weather. He expects state funding combined with IIJA to grow in the mid-to-high single digits. CFO Gregory Hoffman confirmed the company is always looking to monetize non-EBITDA generating assets like excess land or equipment.

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    Adam Thalhimer's questions to Construction Partners (ROAD) leadership • Q4 2024

    Question

    Adam Thalhimer requested guidance parameters for Q1 EBITDA, given the earlier-than-expected closing of the Lone Star acquisition. He also asked for the outlook on cash from operations and proceeds from asset sales for fiscal 2025.

    Answer

    CFO Gregory Hoffman affirmed that the historical seasonality of 30% of EBITDA in the first half and 70% in the second half remains a reliable guide for FY25, even with 11 months of contribution from Lone Star. He noted that interest expense from the new credit facility would also be reflected for 11 months. For cash flow, Hoffman reiterated the target of converting 85-90% of adjusted EBITDA to cash from operations. He also projected that proceeds from asset disposals would likely trend down as equipment supply chains have normalized.

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    Adam Thalhimer's questions to MARTIN MARIETTA MATERIALS (MLM) leadership

    Adam Thalhimer's questions to MARTIN MARIETTA MATERIALS (MLM) leadership • Q2 2025

    Question

    Adam Thalhimer questioned what provided the confidence to raise the full-year guidance, given management's stated caution about being on the wrong side of volume calls.

    Answer

    CEO C. Howard Nye cited strong first-half results, positive Q3-to-date shipment trends, and robust commercial execution. He highlighted resilient public spending and strengthening heavy non-residential demand, pointing to specific data center, distribution, and manufacturing projects in key markets as key drivers for the increased confidence.

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    Adam Thalhimer's questions to MARTIN MARIETTA MATERIALS (MLM) leadership • Q1 2025

    Question

    Adam Thalhimer of Thompson, Davis & Company, Inc. asked for clarification on the timing of demand from data centers and the associated power generation projects, questioning if they are expected to be a driver in 2025 or more in 2026 and beyond.

    Answer

    Chair and CEO Ward Nye clarified the timeline, stating that significant activity from data centers themselves will be a near-term driver. However, he sees the ancillary demand for new, aggregates-intensive power generation facilities as 'more 2026-plus.' He noted that local power companies are discussing small nuclear facilities for the first time in years, indicating a longer-term trend driven by the power needs of reshoring, population shifts, and data centers.

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    Adam Thalhimer's questions to MARTIN MARIETTA MATERIALS (MLM) leadership • Q4 2024

    Question

    Adam Thalhimer sought to confirm the aggregates pricing cadence for Q1 and Q2 and asked if a tough winter warrants a conservative outlook for the first quarter.

    Answer

    CEO Ward Nye confirmed that aggregates pricing would see a more significant increase post-Q1, with many increases layering in during Q2. He advised against being overly conservative on the Q1 outlook due to winter weather, stating that Q1 'is going to be just fine' and that no 'Draconian' adjustments are needed in models. The main point was to model the pricing cadence correctly to avoid misplaced expectations for a large sequential pop in Q1.

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    Adam Thalhimer's questions to TUTOR PERINI (TPC) leadership

    Adam Thalhimer's questions to TUTOR PERINI (TPC) leadership • Q2 2025

    Question

    Adam Thalhimer from Thompson Davis & Co. asked for an update on the project funnel and whether there is a sufficient flow of projects that meet the company's selective criteria. He also requested more detail on the future revenue and margin expectations for the Specialty Contractors segment.

    Answer

    CEO Gary Smalley confirmed that the project funnel remains strong, with significant opportunities in Los Angeles, the Indo-Pacific region, and the Midwest, allowing the company to remain highly selective and focus on higher-margin work. CFO Ryan Soroka added that the Specialty Contractors segment is expected to reach breakeven or better in the second half of 2025 as it ramps up work on newer, large projects. He stated that once legacy issues are resolved, the long-term goal for the segment's operating margin is in the 5% to 8% range.

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    Adam Thalhimer's questions to TUTOR PERINI (TPC) leadership • Q1 2025

    Question

    Adam Thalhimer of Thompson Davis & Company sought clarification on the projection to double 2025 EPS in 2026-2027, the underlying segment margin assumptions for that growth, and the company's plans for returning capital to shareholders.

    Answer

    CEO Gary Smalley explained that the projected EPS doubling is driven by the ramp-up of new, higher-margin projects in the backlog. He outlined target margins: Civil segment north of 12%, Building at 3-5%, and Specialty Contractors turning positive to around 1-2%. Regarding capital allocation, Smalley confirmed the company is considering dividends or share buybacks after accumulating more cash and will discuss options with the Board.

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    Adam Thalhimer's questions to TUTOR PERINI (TPC) leadership • Q4 2024

    Question

    Adam Thalhimer asked for more detail on the expected cadence of revenue and earnings throughout 2025, the number of remaining legacy claims, and the company's capital allocation strategy given its improved balance sheet.

    Answer

    CEO Gary Smalley projected quarter-over-quarter revenue growth in 2025, with about two-thirds of EPS expected in the second half. Executive Chairman Ron Tutor stated that about 12-14 legacy claims remain, with 75-80% expected to be resolved in 2025. Regarding capital allocation, Smalley noted it's a priority under discussion with the Board, while Tutor clarified that the large 2025 CapEx budget is primarily project-funded and does not negatively impact cash flow.

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    Adam Thalhimer's questions to TUTOR PERINI (TPC) leadership • Q3 2024

    Question

    In a follow-up question, Adam Thalhimer from Thompson, Davis & Company asked for clarification on the accounting for share-based compensation and when the associated earnings volatility would cease.

    Answer

    CFO Ryan Soroka explained that future incentive awards will be stock-settled, not cash-settled, which will eliminate the quarterly re-measurement and related earnings volatility going forward. However, he noted that the volatility from existing cash-settled awards will not disappear immediately in 2025 but will taper off as they are settled.

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    Adam Thalhimer's questions to Primoris Services (PRIM) leadership

    Adam Thalhimer's questions to Primoris Services (PRIM) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Company asked about the typical project size for Primoris within its $1.7 billion data center pipeline and requested historical context on the growth of the $2.5 billion natural gas generation project pipeline.

    Answer

    Chairman & Interim CEO David King stated that Primoris's scope on data center projects is typically valued at $100 million or less, though a single facility could involve multiple projects. Regarding the natural gas generation pipeline, EVP & CFO Ken Dodgen confirmed it has grown over the past year but did not provide specific historical figures, noting opportunities exist both within and outside of data centers.

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    Adam Thalhimer's questions to Primoris Services (PRIM) leadership • Q4 2024

    Question

    Adam Thalhimer asked about the potential puts and takes within the 2025 EBITDA guidance, noting the company's history of exceeding initial forecasts. He also sought details on the strength of the communications market.

    Answer

    CFO Ken Dodgen identified potential upside to guidance from un-budgeted storm work, strong project closeouts in renewables and power delivery, and continued margin improvement in power delivery. CEO Tom McCormick described the communications market as exceptionally strong, driven by data centers and fiber-to-the-home, which allows Primoris to be selective with clients to secure favorable terms and margins.

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    Adam Thalhimer's questions to STERLING INFRASTRUCTURE (STRL) leadership

    Adam Thalhimer's questions to STERLING INFRASTRUCTURE (STRL) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co asked about the management of mega-project timelines versus the need for smaller fill-in projects, the top-line growth expectations for E-Infrastructure in 2026, and how work performed by the transportation subsidiary for E-Infrastructure projects is reported.

    Answer

    CEO & Director Joseph Cutillo responded that the company is improving its management of mega-project timing and that large e-commerce projects are now considered 'fill-in' work, supplementing the pipeline. He stated it was too early to give specific 2026 top-line guidance for E-Infrastructure but confirmed it will grow. He clarified that any work done by the transportation unit for E-Infrastructure is reported within the E-Infrastructure segment, which shifts assets to higher-margin opportunities.

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    Adam Thalhimer's questions to STERLING INFRASTRUCTURE (STRL) leadership • Q1 2025

    Question

    Adam Thalhimer followed up on M&A priorities within E-Infrastructure, asking if the focus was on geographic or service expansion, and also questioned why the full-year gross margin guidance wasn't higher than Q1's result, given expected seasonal strength.

    Answer

    CEO Joseph Cutillo clarified that M&A strategy includes both geographic expansion, with Texas being a key target, and adding new services like electrical, mechanical, and specialty piping. Regarding gross margins, he explained that while there will be a seasonal uptick in the summer and fall, a typical dip in the fourth quarter brings the full-year average back in line with the Q1 performance.

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    Adam Thalhimer's questions to STERLING INFRASTRUCTURE (STRL) leadership • Q4 2024

    Question

    Adam Thalhimer of Thompson Davis & Co. asked about the key drivers behind the record-high margins in the E-Infrastructure segment and inquired about the company's current project scope and potential M&A opportunities to expand its service offerings.

    Answer

    CEO Joseph Cutillo attributed the exceptional margins to a favorable mix shift towards large, mission-critical projects where Sterling's execution capabilities create significant value. He explained their current scope involves site development from raw land to a pad-ready site with wet utilities. For future growth, the company is organically moving into dry utilities and is actively seeking M&A targets in the electrical and mechanical space to capture the next phase of construction.

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    Adam Thalhimer's questions to STERLING INFRASTRUCTURE (STRL) leadership • Q3 2024

    Question

    Adam Thalhimer asked for more detail on the timing of the expected 2025 recovery in Building Solutions, a breakdown of Q4 revenue guidance by segment, and a high-level outlook on the data center and e-commerce markets.

    Answer

    CEO Joe Cutillo stated that the strength of the 2025 Building Solutions recovery would become clear in January, tied to the spring selling season. CFO Sharon Villaverde provided directional Q4 revenue guidance, expecting strength in E-Infrastructure, a tough comparison for Transportation, and flat-to-slightly-up results for Building Solutions. Cutillo gave a very bullish outlook on data centers, emphasizing a massive pipeline of future-phase work not yet reflected in backlog. He also noted the restart of an Amazon project as an encouraging sign for an e-commerce rebound.

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    Adam Thalhimer's questions to EMCOR Group (EME) leadership

    Adam Thalhimer's questions to EMCOR Group (EME) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about EMCOR's expectations for bookings in the second half of the year, any signs of recovery in the Industrial Services business, and the drivers behind the recent strength in the UK segment.

    Answer

    CEO Tony Guzzi stated that while he would not forecast bookings, the underlying market strength seen in the first half is expected to continue, driven by repeat business and multi-year projects. He noted the Industrial Services business is more dependent on the timing of downstream turnarounds and expects it to strengthen through the year. CFO Jason Nalbandian attributed the UK's strong performance to increased volume from new service contracts and project activity, which improved overhead leverage.

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    Adam Thalhimer's questions to EMCOR Group (EME) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. asked about the high-level bidding environment, potential signs of life in the Industrial Services segment, and the drivers behind the strong performance in the UK business.

    Answer

    Chairman, President & CEO Tony Guzzi stated that underlying market strength continues and EMCOR expects to win its fair share, outperforming the non-res construction market. He noted that the Industrial Services business is more about the timing of turnarounds but sees potential strengthening in midstream and LNG-related work. CFO Jason Nalbandian attributed the UK strength to increased volume from new service contracts and project activity, which allowed for better overhead leverage.

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    Adam Thalhimer's questions to EMCOR Group (EME) leadership • Q1 2025

    Question

    Adam Thalhimer from Thompson, Davis & Company asked for an updated high-level strategy for the U.S. Building Services segment. He also questioned what gave management the confidence to execute a significant share buyback in Q1 while also closing the Miller acquisition and funding new project starts.

    Answer

    CEO Tony Guzzi stated that the Building Services strategy will continue to emphasize the technician-based mechanical services division, expecting its revenue mix to grow to 80% of the segment versus site-based services. Regarding the buyback, Guzzi attributed the confidence to EMCOR's long history of best-in-class cash flow generation, which they expect to continue, and the strong cash flow characteristics of their current backlog. CFO Jason Nalbandian added that Q1 operating cash flow was historically strong.

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    Adam Thalhimer's questions to EMCOR Group (EME) leadership • Q4 2024

    Question

    Adam Thalhimer of Thompson, Davis & Company inquired about EMCOR's capital allocation strategy, specifically its willingness to hold net debt for acquisitions, and the outlook for the U.S. Building Services segment.

    Answer

    Tony Guzzi, Chairman, President and CEO, stated that the company would be comfortable taking on net debt of 1-2x leverage for a strategic acquisition similar to Miller Electric, but would not lever up for share buybacks, which are reserved for excess capital. Regarding Building Services, Guzzi anticipates a tough comparison through mid-2025 due to a contract roll-off, with growth likely returning in Q4. He emphasized a strategic shift towards higher-margin mechanical services over lower-margin site-based contracts. CFO Jason Nalbandian noted this focus explains the segment's margin strength despite recent revenue declines.

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    Adam Thalhimer's questions to EMCOR Group (EME) leadership • Q3 2024

    Question

    Adam Thalhimer of Thompson, Davis & Company asked for clarification on the revised revenue guidance, the expected start dates for projects in the growing backlog, and any high-level outlook for 2025 revenue growth.

    Answer

    CFO Jason Nalbandian and CEO Tony Guzzi clarified the revenue guidance is not a decline but a narrowing of the range based on the timing of project kick-offs. Guzzi stated that most new RPO projects will commence between the current quarter and mid-March of the next year. While declining to provide specific 2025 guidance, Guzzi expressed confidence in continued growth, citing the strong RPO base and historical outperformance versus the non-residential construction market.

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    Adam Thalhimer's questions to QUANTA SERVICES (PWR) leadership

    Adam Thalhimer's questions to QUANTA SERVICES (PWR) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. asked if the "one big beautiful bill" has been a topic in customer conversations and if any of its provisions could motivate clients to accelerate their projects.

    Answer

    President & CEO Duke Austin confirmed it is a daily topic of conversation. He explained that Quanta's long-term strategy of investing in U.S.-based supply chain assets positions the company to help clients navigate potential tariffs and sourcing challenges. These capabilities strengthen client relationships and lead to discussions about pulling work forward and establishing long-term partnerships, reinforcing the value of Quanta's integrated solution.

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    Adam Thalhimer's questions to QUANTA SERVICES (PWR) leadership • Q1 2025

    Question

    Adam Thalhimer asked if long-term bidding activity suggests that 2026 could be a recovery year for the large-diameter pipeline market.

    Answer

    President and CEO Duke Austin acknowledged there is more opportunity and political support for natural gas pipelines. However, he maintained a cautious outlook, stating that building linear projects remains 'very difficult' and he does not expect a 'super' recovery, although LNG takeaway projects provide a bright spot.

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    Adam Thalhimer's questions to QUANTA SERVICES (PWR) leadership • Q4 2024

    Question

    Adam Thalhimer followed up on the Lumin announcement, asking about other long-haul fiber opportunities. He also inquired about the reasons for the significant year-over-year step-up in the guided tax rate for 2025.

    Answer

    President & CEO Earl Austin confirmed that Quanta sees continued growth opportunities in long-haul fiber, leveraging its national footprint and ability to shift resources from its underground business. CFO Jayshree Desai explained that the higher 2025 tax rate is due to two main factors: a favorable one-time benefit from tax planning in late 2024 that will not repeat, and a more conservative assumption for the tax benefit from RSU vesting in 2025.

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    Adam Thalhimer's questions to EAGLE MATERIALS (EXP) leadership

    Adam Thalhimer's questions to EAGLE MATERIALS (EXP) leadership • Q1 2026

    Question

    Adam Thalhimer from Thompson Davis & Co. requested an outlook on forward wallboard volumes and asked if the higher operating costs in the cement segment were temporary.

    Answer

    EVP & CFO Craig Kesler projected that wallboard demand would remain stable but subdued until housing affordability improves. He confirmed the higher cement costs were temporary and specific to the quarter, resulting from lower fixed cost absorption during planned annual maintenance, not from rising input costs.

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    Adam Thalhimer's questions to EAGLE MATERIALS (EXP) leadership • Q4 2025

    Question

    Adam Thalhimer questioned if the Q4 operating loss in Concrete and Aggregates was a one-off, asked about the recovery outlook for the cement joint venture, and inquired about future costs from purchase accounting and the ERP system.

    Answer

    CFO D. Kesler explained the Q4 loss in Concrete and Aggregates was influenced by purchase accounting from a recent acquisition and suggested looking at the business on an EBITDA basis. He affirmed that the cement joint venture should see a meaningful recovery in fiscal '26 after recent investments. Kesler also confirmed that purchase accounting impacts were contained in Q4, but ERP implementation costs will continue into fiscal '26 at a similar level.

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    Adam Thalhimer's questions to EAGLE MATERIALS (EXP) leadership • Q3 2025

    Question

    Adam Thalhimer sought clarity on the timing of cement price increases, the expected contribution from the Bullskin acquisition, and the reason for the significant jump in paperboard pricing during the quarter.

    Answer

    CFO D. Kesler clarified that cement price increases are staggered from January to April depending on the market. He stated it was too early to provide volume guidance for Bullskin but its pricing is consistent with their average. He explained the paperboard price jump was a mechanical adjustment based on supply contract formulas tied to prior OCC prices and is expected to reverse.

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    Adam Thalhimer's questions to EAGLE MATERIALS (EXP) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson, Davis & Company requested more details on the recent aggregates acquisition and its volume contribution, and also sought to clarify if the projected $6-$8 million maintenance impact was an all-in number for Q3.

    Answer

    CFO Craig Kesler specified that the aggregates acquisition contributed over 100,000 tons in volume and $1.7 million in revenue during the quarter, having closed mid-period. He also clarified that the $6 to $8 million figure represents the incremental cost impact for Q3 specifically from the maintenance projects at the Texas and Tulsa plants.

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    Adam Thalhimer's questions to COMFORT SYSTEMS USA (FIX) leadership

    Adam Thalhimer's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Adam Thalhimer from Thompson Davis & Co. asked about the portion of backlog scheduled for 2027 and beyond, the geographic drivers of Walker Electrical's growth, and the pricing power with technology customers.

    Answer

    EVP & CFO William George confirmed a significant portion of the backlog extends to 2027 and beyond. CEO Brian Lane stated Walker Electrical's growth is strong across all four major Texas markets. Regarding pricing, Lane pointed to the high gross margins as evidence of good pricing, and COO Trent McKenna added that operational efficiencies and innovation are also key margin drivers.

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    Adam Thalhimer's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. asked what portion of the current backlog is scheduled for 2027 and beyond, inquired about the geographic drivers of Walker Electrical's growth, and sought more detail on pricing trends with technology customers.

    Answer

    EVP & CFO William George and CEO Brian Lane confirmed a significant portion ('a lot') of the backlog extends into 2027. Brian Lane specified that Walker Electrical's growth is strong across all four major Texas markets. Regarding pricing, he pointed to the high gross margins as evidence of favorable pricing, while EVP & COO Trent McKenna also credited project efficiencies and innovation.

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    Adam Thalhimer's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the portion of the current backlog scheduled for 2027 and beyond, the geographic drivers of Walker Electrical's growth, and the pricing dynamics with technology customers.

    Answer

    EVP & CFO William George and CEO Brian Lane confirmed that a significant portion of the backlog extends into 2027 and beyond. Lane specified that Walker Electrical's growth is strong across all four major Texas markets. Regarding pricing, Lane pointed to the high gross margins as evidence of favorable pricing, while EVP & COO Trent McKenna added that project efficiencies and innovation, supported by tech customers, are also key margin drivers.

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    Adam Thalhimer's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Adam Thalhimer from Thompson Davis & Co. asked what portion of the current backlog is scheduled for 2027 and beyond. He also inquired about the geographic source of Walker Electrical's growth and sought more detail on pricing dynamics with technology customers.

    Answer

    EVP & CFO William George confirmed a 'lot' of the backlog extends to 2027+, which is necessary to support growth guidance. CEO Brian Lane stated Walker Electrical's growth is strong across all four major Texas markets. George added that all electrical businesses are performing exceptionally well. Regarding pricing, Lane pointed to the high gross margins as evidence of strong pricing, where the company is compensated for the risk and services provided.

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    Adam Thalhimer's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Adam Thalhimer from Thompson Davis & Co. asked what portion of the current backlog is scheduled for 2027 and beyond. He also inquired about the geographic source of Walker Electrical's growth and sought more detail on pricing power with technology customers.

    Answer

    EVP & CFO William George confirmed a 'lot' of the backlog extends into 2027, a necessity given the mid-teens growth forecast. CEO Brian Lane stated that Walker Electrical's growth is strong across all four of its major Texas markets. Regarding pricing, Mr. Lane pointed to the high gross margins as clear evidence of very good pricing, reflecting the value and risk of the services provided. EVP & COO Trent McKenna added that project efficiencies and innovation are also contributing to margin strength.

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    Adam Thalhimer's questions to COMFORT SYSTEMS USA (FIX) leadership • Q1 2025

    Question

    Adam Thalhimer of Thompson, Davis & Company, Inc. asked for a quantification of the impact tariffs have had on customer pricing since April. He also inquired about the degree of visibility into 2026 performance provided by the current backlog.

    Answer

    CFO William George stated that any tariff impact on pricing is 'not detectable in general' at this time, as prices are largely based on labor and pre-quoted equipment costs. CEO Brian Lane added that it was 'too soon to tell' if customers were experiencing sticker shock. Regarding future visibility, CEO Brian Lane confirmed that the company has more backlog for 2026 at this point than ever before, leading to high optimism for that year's performance.

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    Adam Thalhimer's questions to COMFORT SYSTEMS USA (FIX) leadership • Q4 2024

    Question

    Adam Thalhimer from Thompson Davis & Company, Inc. asked for more detail on the persistent demand from technology customers, the extent of visibility into 2026, and the specific size of the deferred tax payment due in Q1.

    Answer

    CEO Brian Lane confirmed there has been no let-up in demand from data center clients. CFO William George added that announced spending from hyperscalers is so vast that even a pullback would leave an enormous amount of work. Both executives confirmed they have more booked backlog for 2026 than ever before. George specified the deferred tax payment made in Q1 was $80 million.

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    Adam Thalhimer's questions to COMFORT SYSTEMS USA (FIX) leadership • Q3 2024

    Question

    Adam Thalhimer asked about the potential for achieving a new record backlog, the sustainability of "unprecedented" Electrical segment margins, whether the growing size of data centers increases the company's addressable market, and if the record net cash position makes share buybacks more attractive.

    Answer

    CFO William George stated he would be surprised if a new record backlog wasn't set in the next two quarters due to immense demand. CEO Brian Lane attributed the high Electrical margins to superb, broad-based execution rather than a single project, expecting them to remain strong. George confirmed that larger data centers have significantly more content and higher dollar value for Comfort Systems. He also affirmed that the strong cash position and confidence in future prospects have made buybacks more attractive, noting recent purchases at all-time highs.

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    Adam Thalhimer's questions to CEMEX SAB DE CV (CX) leadership

    Adam Thalhimer's questions to CEMEX SAB DE CV (CX) leadership • Q2 2025

    Question

    Adam Thalhimer from Thompson Davis asked for more details on the structural changes at CEMEX, focusing on the relationship between corporate and regional managers and whether regional teams are being given more autonomy.

    Answer

    CEO Jaime Muguiro confirmed that regional managers are being empowered with more autonomy to foster agility and an 'owner mindset.' He explained the corporate center's role is now to serve the business lines, conducting joint performance reviews to boost operational excellence. He also highlighted the U.S. reorganization by product line (cement, ready-mix, aggregates) to expedite best-practice sharing and free up leadership to focus on growth.

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    Adam Thalhimer's questions to AZZ (AZZ) leadership

    Adam Thalhimer's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the top-line outlook for the Precoat Metals segment, considering customer inventory levels, the ramp-up of the new Washington facility, and the impact of tariffs. He also asked if volumes from two recently disposed facilities would be shifted to other AZZ locations.

    Answer

    President & CEO Thomas Ferguson explained that customers drawing down inventory is a positive sign of true demand, despite the overall market being down. SVP David Nark added that a significant year-over-year drop in prepainted imports in April and May should provide a tailwind for the domestic business. Regarding the disposed facilities, Ferguson stated that some volume from one plating facility will be absorbed by other sites, but the primary impact is improved profitability as the divested operations were not profitable.

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    Adam Thalhimer's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the top-line outlook for the Precoat Metals segment, considering customer inventory levels, the ramp-up of the new Washington facility, and the impact of tariffs on imported steel. He also asked about the volume disposition from two divested facilities.

    Answer

    President & CEO Tom Ferguson noted that customers drawing down inventory is a positive demand signal for the Precoat segment. SVP David Nark added that a significant year-over-year drop in pre-painted imports should provide a tailwind. Regarding the divested facilities, Ferguson explained they were unprofitable and their closure, with some volume absorbed by other plants, would improve the Surface Technologies platform's profitability.

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    Adam Thalhimer's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the top-line outlook for the Precoat Metals segment, considering customer inventory levels, the ramp-up of the new Washington facility, and the impact of tariffs. He also asked if volumes from two recently disposed facilities would be shifted to other AZZ locations.

    Answer

    President & CEO Thomas Ferguson noted that customers are drawing down inventory, a positive demand signal, and that pre-painted steel imports have fallen dramatically post-tariffs. SVP David Nark added that import declines should provide a tailwind. Regarding the disposals, Ferguson explained that one small facility's volume would not be retained, but some volume from the other plating facility could be absorbed by nearby AZZ plants, improving overall profitability.

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    Adam Thalhimer's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the outlook for the Precoat Metals segment, considering customer inventory levels, the ramp-up of the new Washington facility, and the impact of tariffs. He also asked if volume from two recently disposed facilities would be shifted to other plants.

    Answer

    President & CEO Thomas Ferguson explained that while Precoat production-based sales were down, shipments from inventory (reflecting true demand) were up as customers drew down stock. SVP David Nark added that a significant drop in pre-painted imports should provide a tailwind. Regarding the disposed facilities, Ferguson noted one was small and isolated, while some volume from the other could be absorbed by nearby plants, improving overall profitability.

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    Adam Thalhimer's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Adam Thalhimer of Thompson Davis & Co. asked for the top-line outlook for the Precoat segment, considering customer inventory, the new Washington facility ramp-up, and tariff impacts. He also questioned if volume from two disposed facilities would be shifted.

    Answer

    President & CEO Thomas Ferguson noted that while Precoat sales were slightly down, shipments from inventory were up, indicating healthy underlying demand. He and SVP David Nark highlighted that a significant drop in pre-painted imports post-tariffs provides a tailwind. Regarding the divestitures, Ferguson explained one was a small, isolated facility, while some volume from the other could be absorbed by nearby plants, improving overall profitability.

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    Adam Thalhimer's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Adam Thalhimer from Thompson Davis & Co. asked for the outlook on the Precoat Metals segment, focusing on customer inventory levels, the new Washington facility's ramp-up, and the effect of tariffs. He also questioned if volume from two recently divested facilities would be absorbed by other plants.

    Answer

    President & CEO Thomas Ferguson noted that while Precoat sales were slightly down, customer shipments from inventory were up, suggesting a positive demand trend. SVP David Nark added that a sharp decline in pre-painted imports due to tariffs should create a tailwind. Regarding the divested facilities, Ferguson explained that one was small and isolated, while some volume from the other could be absorbed, but the primary benefit was improved profitability by eliminating underperforming assets.

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    Adam Thalhimer's questions to AZZ (AZZ) leadership • Q4 2025

    Question

    Adam Thalhimer of D.A. Davidson & Co. inquired about the business recovery in the May quarter following winter weather and asked for details on the Avail JV's contribution to guidance.

    Answer

    Executive Tom Ferguson stated that the Metal Coatings segment had already recovered its Q4 weather-related shortfall by April and is positioned for a very strong Q1. Executive Jason Crawford added that the Precoat segment is also solid, with the new St. Louis facility ramping up. Regarding the Avail JV, Crawford explained that the expected $15-$18 million in JV income within the guidance is effectively offset by the interest savings from using the sale proceeds to pay down debt, resulting in an insignificant net impact to EPS guidance.

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    Adam Thalhimer's questions to AZZ (AZZ) leadership • Q3 2025

    Question

    Adam Thalhimer sought clarification on the full-year revenue guidance, asking if it implied a potential year-over-year decline in any segment. He also inquired about the process for filling the remaining capacity at the new Washington plant.

    Answer

    CEO Thomas Ferguson clarified that the narrowed revenue guidance reflects uncertainty in project timing due to customer decision-making around costs and tariffs, rather than a decline in underlying market activity. He emphasized this primarily affects top-line timing, not profitability. For the Washington plant, he explained that they will initially focus on the anchor customer to ensure a smooth ramp-up before strategically moving business from their St. Louis facility and adding other customers to fill capacity later in the year.

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    Adam Thalhimer's questions to AZZ (AZZ) leadership • Q2 2025

    Question

    Adam Thalhimer from Thompson Davis asked about the company's visibility in the Electrical Transmission & Distribution (T&D) market, the extent of the benefit from data center construction, and the outlook for interest expense in the second half of the year.

    Answer

    Executive Thomas Ferguson described the outlook for the T&D market as 'really strong and continuing really strong,' with recent hurricane damage adding to near-term demand. He confirmed a significant benefit from data center construction for the Precoat segment, calling it an exciting long-term opportunity. CFO Jason Crawford noted that the recent term loan repricing and Fed rate cut, saving about 75 basis points, have been factored into the second-half forecast, providing a favorable impact on earnings.

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    Adam Thalhimer's questions to Quanex Building Products (NX) leadership

    Adam Thalhimer's questions to Quanex Building Products (NX) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the drivers behind the increased cost synergy target for the Tyman acquisition, from $30 million to $45 million, and whether potential tariffs could create a domestic sourcing opportunity for Quanex.

    Answer

    President, CEO & Chairman George Wilson explained that the increased synergy target stems from new efficiencies in headcount and sourcing identified after restructuring operating segments. He also confirmed that tariff uncertainty is creating domestic sourcing opportunities, evidenced by increased quoting and spot purchases, particularly in the cabinet segment, as customers seek to mitigate supply chain risks.

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    Adam Thalhimer's questions to Quanex Building Products (NX) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. asked for more details on the increased synergy target for the Tyman acquisition, from $30 million to $45 million, and inquired if recent tariff issues could create a domestic manufacturing opportunity for Quanex.

    Answer

    George Wilson, President, CEO & Chairman, explained that the higher synergy target resulted from efficiencies identified by the newly formed operating segments, particularly in headcount and sourcing. He also confirmed that tariff uncertainty is an opportunity, noting that Quanex's localized supply chain has led to increased quoting and spot purchases, especially in the cabinet segment.

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    Adam Thalhimer's questions to Quanex Building Products (NX) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the rationale for increasing the Tyman acquisition synergy target to $45 million and asked if recent tariff uncertainty is creating a domestic sourcing opportunity for Quanex.

    Answer

    George Wilson, President, CEO & Chairman, explained that the higher synergy target stems from efficiencies found within the newly formed operating segments, particularly in headcount and procurement. He also confirmed that tariff issues are creating opportunities, noting that Quanex's localized supply chain is attracting customers looking to mitigate risk, leading to increased quoting and spot purchases, especially in the cabinet segment.

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    Adam Thalhimer's questions to Quanex Building Products (NX) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the specifics behind the increased synergy target from the Tymon acquisition, from $30 million to $45 million, and whether recent tariff issues are creating a domestic sourcing opportunity for Quanex.

    Answer

    President, CEO & Chairman George Wilson explained that the higher synergy target stems from greater-than-expected efficiencies in headcount and sourcing after forming new operating segments. He also confirmed that tariff uncertainty is creating opportunities, noting an increase in quoting and spot purchases, particularly in the cabinet segment, as customers look to mitigate supply chain risks by sourcing domestically.

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    Adam Thalhimer's questions to Quanex Building Products (NX) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. inquired about the rationale for increasing the Tymon acquisition synergy target from $30 million to $45 million and whether tariff issues present a domestic sourcing opportunity.

    Answer

    President, CEO & Chairman George Wilson explained that the increased synergy target is a result of identifying new efficiencies and cost-takeout opportunities after establishing new operating segments, particularly in headcount and procurement. Wilson also confirmed that tariff uncertainty is creating domestic sourcing opportunities, noting an increase in quoting and spot purchases in the cabinet segment as customers look to mitigate supply chain risks.

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    Adam Thalhimer's questions to Quanex Building Products (NX) leadership • Q2 2025

    Question

    Adam Thalhimer of Thompson Davis & Co. asked for more details on the increased synergy target from the Tyman acquisition and inquired if recent tariff uncertainty presents a domestic sourcing opportunity for Quanex.

    Answer

    George Wilson, President, CEO & Chairman, explained that the synergy target was raised to $45 million due to efficiencies found within the new operating segments, including headcount streamlining and enhanced purchasing power. He also confirmed that tariff issues are creating opportunities, noting an increase in quoting and spot purchases, particularly in the cabinet components segment, as customers seek to mitigate supply chain risks.

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    Adam Thalhimer's questions to Quanex Building Products (NX) leadership • Q1 2025

    Question

    Adam Thalhimer questioned which segment would be most impacted by potential tariffs, sought more color on conversations with customers regarding the macro outlook, and asked about the timing of the share buyback window.

    Answer

    CEO George Wilson indicated that the new Hardware segment would likely be most impacted by tariffs due to its metal purchasing, but noted that pricing mechanisms and surcharges offer protection. He described customer sentiment as cautious and apprehensive due to uncertainty around tariffs and Fed actions, which aligns with the company's original forecast for a 'bumpy year'. Executive Scott Zuehlke confirmed the share buyback window would open three days after the earnings release.

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    Adam Thalhimer's questions to Quanex Building Products (NX) leadership • Q4 2024

    Question

    Adam Thalhimer inquired about management's confidence in achieving the stated $30 million in synergies from the Tyman acquisition and the expected two-year timeline. He also sought clarification on whether the anticipated sluggish demand for the upcoming quarter represents a continuation of recent trends or an incremental decline.

    Answer

    CEO George Wilson expressed 'very strong confidence' in meeting and potentially exceeding the $30 million synergy target, noting that the integration process is ahead of schedule. Regarding near-term demand, both Wilson and CFO Scott Zuehlke clarified that the expected softness is a continuation of recent market trends combined with normal seasonality, not an unforeseen incremental weakening. They reiterated their optimism for a market rebound in the second half of fiscal 2025.

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    Adam Thalhimer's questions to Quanex Building Products (NX) leadership • Q3 2024

    Question

    Adam Thalhimer asked if the company was seeing any signs of recovery or 'green shoots' in the European market, inquired about the net debt position after the Tyman close, and sought clarity on the Q4 tax rate, Q4 share count, and the expected go-forward capital expenditures for the combined entity.

    Answer

    CEO George Wilson noted more optimism for a recovery in the U.K. market compared to continental Europe. Executive Scott Zuehlke stated that post-close net debt was in line with expectations but did not provide a specific figure. He guided for a full-year tax rate of 22% and a Q4 share count of roughly 47 million. Both executives indicated that future CapEx would likely be consistent with the historical run rates of both companies combined, with no major consolidation projects planned.

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    Adam Thalhimer's questions to North American Construction Group (NOA) leadership

    Adam Thalhimer's questions to North American Construction Group (NOA) leadership • Q1 2025

    Question

    Adam Thalhimer asked for insight into the company's expected seasonality for the remainder of the year, specifically Q2 trends versus Q1, and requested more detail on the new infrastructure executive hire and the bidding landscape in the U.S. and Canada.

    Answer

    Executive Jason Veenstra stated that Q2 top-line revenue and EBITDA are expected to be consistent with Q1, with an anticipated increase in EPS due to lower depreciation. Executive Joseph Lambert added that the company is seeing a significant increase in P3 infrastructure projects related to energy transition and climate resiliency, with a new leader for that business starting in July. He clarified these longer-lead time projects would not be part of the mid-year backlog target.

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    Adam Thalhimer's questions to North American Construction Group (NOA) leadership • Q4 2024

    Question

    Adam Thalhimer followed up on the Fargo project's expected revenue decline, asking if there were potential offsets from other joint ventures like Nuna. He also inquired about the key lessons learned from the Fargo project that could be applied to future U.S. opportunities and asked for an outlook on how the company's backlog might trend through 2025.

    Answer

    Joseph Lambert, President & CEO, indicated there is potential for modest revenue increases from Nuna, with a clearer view expected after Q1. He highlighted that key learnings from Fargo include the value of strong partnerships and experience navigating complex multi-jurisdictional regulations, which positions them well for future earthworks-focused projects. Lambert expressed confidence in growing the backlog, citing opportunities for contract extensions and new wins in Australia and Ontario.

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    Adam Thalhimer's questions to North American Construction Group (NOA) leadership • Q2 2024

    Question

    Adam Thalhimer from Thompson, Davis & Company, Inc. asked for more details on the increased volume of winter reclamation work, the expected EBITDA contribution from trucks transferred to Australia, and the timing and proceeds from the recent sale of 12 trucks.

    Answer

    President and CEO Joseph Lambert explained that tendered volumes for winter reclamation work are up approximately 25% year-over-year. CFO Jason Veenstra estimated the trucks sent to Australia would add about $5 million in Q4 EBITDA and clarified that the $8 million in proceeds from the truck sale would appear in Q3 cash flow, though the transaction was recorded in Q2.

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    Adam Thalhimer's questions to Southland Holdings (SLND) leadership

    Adam Thalhimer's questions to Southland Holdings (SLND) leadership • Q1 2025

    Question

    Adam Thalhimer inquired about the top-line revenue outlook for the Civil segment in 2025, the potential profit impact from the Materials & Paving (M&P) backlog burn-off, and the booking forecast for the Transportation segment, including the Francis Scott Key Bridge project.

    Answer

    President and CEO Frankie S. Renda stated that while the Civil segment's 22% Q1 margin is a high bar, mid-teen margins are consistently achievable without legacy project impacts. CFO Keith Bassano added that Q1 seasonality was a factor and revenues should increase in the latter half of the year. Regarding M&P, Bassano noted the Q1 gross profit impact was $9 million, including a $3.5 million noncash charge, and they feel the backlog is appropriately stated. For Transportation, Renda confirmed a strong pipeline and expects bidding to increase in H2 2025, noting their potential subcontracting role on the Baltimore bridge rebuild.

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    Adam Thalhimer's questions to Southland Holdings (SLND) leadership • Q4 2024

    Question

    Adam Thalhimer of D.A. Davidson & Co. inquired about Southland's 2025 backlog burn rate, expectations for book-and-burn trends, the outlook for full-year EBITDA, and the process for reducing contract assets.

    Answer

    Cody Gallarda, EVP & CFO, confirmed that 39% of the current backlog is expected to burn in 2025 and anticipates a back-weighted cadence for new awards. Frank Renda, President & CEO, added that Southland is disciplined in its bidding, prioritizing high-quality backlog and margins over sheer growth. Gallarda reiterated the expectation to return to positive EBITDA by year-end 2025, though the quarterly cadence is uncertain. Regarding contract assets, Gallarda noted that growth in contract liabilities provides an offset, while Renda stated that progress on settling legacy claims should generate significant cash flow in coming quarters.

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    Adam Thalhimer's questions to Southland Holdings (SLND) leadership • Q3 2024

    Question

    Adam Thalhimer asked about Southland's strategy for allocating resources between smaller, quick-turn projects and larger mega-projects, and also inquired about the expected timing for settlements of additional outstanding claims.

    Answer

    President and CEO Frank Renda explained that the company seeks a balance, using smaller projects ($30M-$140M) to maximize resource utilization and cash flow while maintaining staple projects in key areas. EVP and CFO Cody Gallarda added that they are actively negotiating several claims and expect significant cash flows from settlements in 2025, as owners are running out of ways to delay payments.

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    Adam Thalhimer's questions to Southland Holdings (SLND) leadership • Q2 2024

    Question

    Adam Thalhimer inquired about the revenue recognition timing for the remaining Materials & Paving (M&P) backlog and asked for details on ongoing dispute discussions and the potential for more settlements.

    Answer

    CFO Cody Gallarda stated that the remaining M&P backlog of approximately $200 million would be recognized more heavily in Q3 and Q4 2024. CEO Frankie S. Renda added that the recent $58 million cash settlement strengthens their position to pursue other legacy claims, highlighting an upcoming mediation with the City of Charlotte and noting that about half of their contract asset balance relates to substantially complete projects.

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    Adam Thalhimer's questions to Great Lakes Dredge & Dock (GLDD) leadership

    Adam Thalhimer's questions to Great Lakes Dredge & Dock (GLDD) leadership • Q1 2025

    Question

    Adam Thalhimer asked for clarification on the Woodside LNG project's options being included in the low bid pending figure, an update on the progress and completion timeline for two ongoing LNG projects, and the status of international business development for the Acadia rockfall vessel.

    Answer

    CFO Scott Kornblau clarified that the base Woodside project will move from low bid to backlog in Q2, with the options being newly added to the 'options pending' category. He confirmed the two current LNG projects are performing very well, with one finishing at year-end and the other extending into 2026. President and CEO Lasse Petterson added that the company is actively bidding on international projects for the Acadia for 2027-2028, with potential awards expected in the second half of the year.

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    Adam Thalhimer's questions to Great Lakes Dredge & Dock (GLDD) leadership • Q4 2024

    Question

    Adam Thalhimer of Thompson Davis requested clarification on the 60% backlog conversion guidance for revenue, asked about the high-level outlook for margins given the increase in dry docks, and inquired about the market opportunity for subsea pipeline and telecom cable protection.

    Answer

    CFO Scott Kornblau explained that the 60% backlog conversion represents a 'floor' for 2025 revenue, with additional book-and-burn business expected to supplement it. He anticipates revenue growth in 2025 over 2024 and expects 'very, very strong' margins despite the costs of seven dry dockings, due to the high-margin nature of the project mix. CEO Lasse Petterson added that the subsea protection market for infrastructure like pipelines and cables is growing, representing a potential market for ten vessels of the Acadia's size.

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    Adam Thalhimer's questions to Great Lakes Dredge & Dock (GLDD) leadership • Q3 2024

    Question

    Adam Thalhimer of Thompson Davis requested more color on the vessel reservation agreements for the Acadia, the potential for new LNG project awards like Tellurian, expectations for fourth-quarter revenue, and the likely seasonality of capital project revenue in 2025.

    Answer

    CEO Lasse Petterson clarified that the Acadia reservation agreements cover work from 2028 onwards and provide a solid utilization foundation, not a full booking. He confirmed bullishness on the Tellurian LNG project is due to its acquisition by Woodside. CFO Scott Kornblau guided that an upper-teen percentage of the $1.2 billion backlog would be recognized as revenue in Q4. He also stated that capital revenue burn should be relatively even in 2025 due to the long-term nature of the ongoing projects.

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    Adam Thalhimer's questions to AECOM (ACM) leadership

    Adam Thalhimer's questions to AECOM (ACM) leadership • Q2 2025

    Question

    Adam Thalhimer inquired about the divergence between gross revenue and net revenue, asking if it reflects a de-emphasis of construction management. He also asked for an update on the wind-down of AECOM Capital and its impact on 2026 models.

    Answer

    CEO Troy Rudd explained the revenue trend is due to the natural cycle of the construction management business, where the company is burning off old backlog and new projects are in a pre-construction phase with less pass-through revenue. He stated definitively that AECOM Capital should not be modeled into 2026 results.

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    Adam Thalhimer's questions to AECOM (ACM) leadership • Q4 2024

    Question

    Adam Thalhimer asked if AECOM observed any client caution leading up to the U.S. election, sought details on the one-off construction management (CM) project issue, and inquired about the broader outlook for the CM business.

    Answer

    CEO Troy Rudd said there was no unusual client caution, attributing any slowness to the longer award cycles of the large projects AECOM is targeting. CFO Gaurav Kapoor confirmed the CM issue was a 'one-off' where AECOM walked away from onerous risk, reinforcing its disciplined culture. CEO Rudd added that the CM business outlook is strong, with significant recent wins in the preconstruction phase that will convert to backlog and revenue growth in the future.

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    Adam Thalhimer's questions to MASTEC (MTZ) leadership

    Adam Thalhimer's questions to MASTEC (MTZ) leadership • Q1 2025

    Question

    Adam Thalhimer asked if the challenges seen in the Power Delivery distribution market last year have been resolved and when the year-over-year comparisons for that business might turn positive.

    Answer

    CEO Jose Mas confirmed that the situation is 'officially better,' particularly following rate case resolutions for Midwest utilities in Q4 2024. He expects an improving environment throughout the year. He noted that while Q1 was better than the second half of last year, it remained a tough year-over-year comparison because the market headwinds began after Q1 of 2024.

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    Adam Thalhimer's questions to MASTEC (MTZ) leadership • Q4 2024

    Question

    Adam Thalhimer of Thompson, Davis & Co. asked about the key drivers behind management's margin improvement commentary, questioning if it was due to market pricing or internal process enhancements. He also inquired about the current business mix between wireless and wireline within the Communications segment and the outlook for each.

    Answer

    CEO Jose Mas responded that margin improvement stems from a combination of factors, highlighting significant year-over-year EBITDA growth in non-pipeline businesses as proof of improved execution. For the Communications mix, he stated wireless is just over $1 billion of the segment's $2.8 billion 2025 forecast. While wireline is currently larger due to fiber demand, he anticipates a strong future wireless cycle.

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    Adam Thalhimer's questions to MASTEC (MTZ) leadership • Q3 2024

    Question

    Adam Thalhimer of Thompson, Davis & Company, Inc. inquired about potential changes to seasonality in 2025 and requested an update on the company's progress in the data center construction market.

    Answer

    CEO Jose Mas indicated it was too early for specific 2025 seasonality guidance but noted a strong start is expected in the growth segments. He highlighted 'tremendous' opportunity in data centers, reporting that the bid pipeline has increased to $1.5 billion and MasTec is now an approved vendor for four major hyperscalers. He expects this to become a significant growth area for the company.

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    Adam Thalhimer's questions to Vulcan Materials (VMC) leadership

    Adam Thalhimer's questions to Vulcan Materials (VMC) leadership • Q4 2024

    Question

    Adam Thalhimer of Thompson, Davis & Company asked for more detail on the $360 million cash gross profit guidance for downstream businesses, particularly the contribution from acquisitions.

    Answer

    CFO Mary Andrews Carlisle confirmed the $360 million guidance figure. She broke down the year-over-year improvement, stating that approximately 75% is driven by the contribution from recent acquisitions, while the remaining 25% comes from underlying performance improvements in the legacy asphalt and concrete businesses.

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    Adam Thalhimer's questions to Vulcan Materials (VMC) leadership • Q3 2024

    Question

    Adam Thalhimer asked for a volume forecast for the fourth quarter and for commentary on the variability of demand across different states.

    Answer

    Chairman and CEO James Hill explained that a specific Q4 volume forecast is difficult due to weather uncertainty, but SVP and CFO Mary Andrews Carlisle reiterated the full-year guidance of a 4% to 7% decline. Regarding state-level demand, Hill identified Illinois, Virginia, and Northern California as more challenged markets, while the Southeast has been the healthiest. Most other markets are experiencing declines in the mid-single-digit range.

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    Adam Thalhimer's questions to SUM leadership

    Adam Thalhimer's questions to SUM leadership • Q4 2023

    Question

    Inquired about the nature of the relationship with Argos post-transaction, how it is expected to evolve, and whether Argos is under a standstill provision preventing them from buying more shares.

    Answer

    Argos is under a two-year standstill provision. The relationship is described as very strong and united on strategy, with three new Argos-appointed members on the board. The integration is proceeding smoothly with validated synergies and potential upside, and the partnership is expected to be long-term and sustainable.

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