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    Andrew J. Wittmann

    Senior Research Analyst and CFA at Robert W. Baird & Co.

    Andrew J. Wittmann is a Senior Research Analyst and CFA at Robert W. Baird & Co., specializing in Facility and Industrial Services with a focus on the Engineering & Construction sector. He covers major companies such as Ecolab (ECL) and regularly participates in earnings calls for firms in the industrial and construction space, earning recognition as the No. 1 earnings estimator in Commercial Services & Supplies by StarMine in 2015 and 2016, and a top-three stock picker in related sectors across multiple years. Wittmann joined Baird in 2006 after beginning his career as a systems design engineer at Ford Motor Company, and he holds an MBA from Indiana University, an MS in Engineering from Purdue University, and a BS in Mechanical Engineering from the University of Wisconsin-Madison. Professionally credentialed as a CFA charterholder, he maintains an impressive success rate of approximately 74% with an average return near 20%, consistently ranking among the top equity analysts on independent platforms.

    Andrew J. Wittmann's questions to ACUREN (TIC) leadership

    Andrew J. Wittmann's questions to ACUREN (TIC) leadership • Q2 2025

    Question

    Andrew Wittmann from Baird requested more detail on the strong 'call out' work mentioned for the quarter, its implications for the 'run and maintain' business, and clarification on the prior-year quarter's unusual margin performance.

    Answer

    CEO Tal Pizi clarified that the variance in work types was not abnormal, but call-out work saw a slight uptick, partly due to a specific containment project. CFO Kristen Schultes added that run-and-maintain work also grew. Regarding the prior year, Schultes noted it included a one-time discrete overhead pickup, making the current quarter's 28.8% adjusted gross margin more indicative of a normalized level.

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    Andrew J. Wittmann's questions to ACUREN (TIC) leadership • Q2 2025

    Question

    Andrew Wittmann of Baird requested more detail on the strong 'call out' work in the quarter, its implications for run-and-maintain revenue, and clarification on why the prior-year quarter's results were considered unusual for comparison.

    Answer

    CEO Talman Pizzey explained the uptick in call-out work was modest, citing specific containment projects for automotive suppliers as a driver. CFO Kristin Schultes added that both run-and-maintain and call-out work saw growth. Regarding the prior-year comparison, Schultes clarified that Q2 2024 included a one-time discrete overhead pickup, making the current quarter's 28.8% adjusted gross margin more indicative of normalized performance.

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    Andrew J. Wittmann's questions to Construction Partners (ROAD) leadership

    Andrew J. Wittmann's questions to Construction Partners (ROAD) leadership • Q3 2025

    Question

    Andrew Wittmann of Robert W. Baird inquired about the competitive environment and pricing power given strong market demand, and asked for details on the cash flow benefit from the 100% bonus depreciation provision and whether guidance was updated accordingly.

    Answer

    CEO Jule Smith stated that the strong demand environment allows both Construction Partners and its competitors to be patient at the bid table, resulting in healthy project margins from the start. CFO Greg Hoffman explained that the 100% bonus depreciation for assets acquired after January 15, 2025, will significantly reduce the company's cash tax burden for the year, from a guided $15 million down to just a few million. While this provides a 'nice lift,' the overall guidance of converting 80-85% of EBITDA to operating cash flow remains unchanged.

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    Andrew J. Wittmann's questions to Construction Partners (ROAD) leadership • Q2 2025

    Question

    Andrew J. Wittmann of Robert W. Baird inquired about the margin profile of the current backlog compared to historical results and the contribution of M&A to backlog growth. He also sought an update on the vertical integration strategy, specifically regarding adding services.

    Answer

    Executive F. Smith confirmed the backlog contains healthy margins that support the raised guidance. CFO Gregory Hoffman broke down the sequential backlog growth, attributing approximately $133 million to acquisitions. F. Smith reiterated the importance of vertical integration, providing a recent example of growing services organically in South Carolina, while Hoffman noted that organic CapEx is a key funding source for these initiatives.

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    Andrew J. Wittmann's questions to Construction Partners (ROAD) leadership • Q1 2025

    Question

    Andrew J. Wittmann asked about the strategic pace of M&A, questioning if the company needs to slow down to digest recent large acquisitions and improve the balance sheet, or if it's 'full steam ahead.' He also requested the pro forma leverage following the two most recent deals.

    Answer

    Executive F. Smith stated that while they seized strategic opportunities they couldn't pass up, the company is committed to strengthening its balance sheet and deleveraging over the next 4-5 quarters. CFO Gregory Hoffman added that pro forma leverage would tick up slightly to near 3.0x, but the plan to reduce it remains on track.

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    Andrew J. Wittmann's questions to Bowman Consulting Group (BWMN) leadership

    Andrew J. Wittmann's questions to Bowman Consulting Group (BWMN) leadership • Q2 2025

    Question

    Andrew Wittmann sought more detail on the drivers of margin expansion, including past cost actions and business mix. He also questioned the recent M&A slowdown and future strategy, and asked for clarification on changes to the stock-based compensation plan.

    Answer

    CFO Bruce Labovitz emphasized that labor efficiency is the primary margin driver, supported by M&A integration and leadership changes, rather than business mix. CEO Gary Bowman described the M&A slowdown as a normal ebb and flow, confirming the strategy will focus on larger, less frequent deals. Labovitz explained the stock comp changes are to better align the dilutive effect with the company's scale, without compromising the ownership culture.

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    Andrew J. Wittmann's questions to Bowman Consulting Group (BWMN) leadership • Q3 2024

    Question

    Andrew J. Wittmann of Baird sought clarification on the 2025 outlook, asking how backlog coverage compares to historical levels, about confidence in project permitting, whether one-time restructuring costs were added back to adjusted EBITDA, and for a detailed explanation of the new organic growth calculation methodology.

    Answer

    Executive Gary Bowman noted the backlog is characteristically similar to the past but may be "beneficially stacked" for 2025 due to recent project timing shifts. CFO Bruce Labovitz confirmed that the one-time staffing adjustment costs of approximately $1.6 million were added back to adjusted EBITDA. He then explained the shift to a trailing four-quarter organic growth calculation was to smooth volatility from acquisition timing, noting that under the old method, discrete Q3 organic growth would have been flat.

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    Andrew J. Wittmann's questions to PARSONS (PSN) leadership

    Andrew J. Wittmann's questions to PARSONS (PSN) leadership • Q2 2025

    Question

    Andrew Wittmann from Baird asked about the potential impact of the reconciliation bill on the company's infrastructure business and state and local budgets, and questioned if the guidance increase was primarily due to the CTI acquisition.

    Answer

    CEO Cary Smith explained that the bill is expected to shift funding priorities to 'hard infrastructure' like roads and bridges, directly benefiting Parsons' portfolio. CFO Matt Ophelis confirmed the revenue and EBITDA guidance increases were largely driven by the CTI acquisition, while noting the cash flow guidance increase was mainly organic, stemming from an R&D tax credit benefit in the same bill.

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    Andrew J. Wittmann's questions to PARSONS (PSN) leadership • Q1 2025

    Question

    Andrew J. Wittmann asked about the drivers behind the record-high Critical Infrastructure (CI) segment margins in a seasonally weak quarter and the outlook for the rest of the year, as well as the expected growth ramp in the Middle East.

    Answer

    CFO Matt Ofilos clarified that the strong 10.3% CI margin was due to strong underlying business performance and accretive acquisitions, not one-time items, and that full-year guidance reflects the closeout of some legacy contracts. CEO Carey Smith added that Middle East growth is expected to accelerate through the year, overcoming a slower Q1 start due to holiday timing, with strong hiring demand supporting a double-digit growth outlook for the region.

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    Andrew J. Wittmann's questions to PARSONS (PSN) leadership • Q4 2024

    Question

    Andrew J. Wittmann of Baird inquired about Parsons' scope of work with the Federal Aviation Administration (FAA), particularly in light of recent increased scrutiny on the agency, and any potential changes or opportunities arising from it.

    Answer

    CEO Carey Smith highlighted Parsons' four-decade relationship with the FAA, emphasizing their current role under the 10-year, $1.8 billion TSSC5 contract. She sees significant opportunity to support the FAA in upgrading aging systems and infrastructure to enhance air transportation safety. CFO Matt Ofilos added that over $1.6 billion in ceiling remains on the contract, representing a substantial growth opportunity.

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    Andrew J. Wittmann's questions to PARSONS (PSN) leadership • Q3 2024

    Question

    Andrew J. Wittmann sought clarification on the Critical Infrastructure (CI) segment's performance, asking to reconcile a $23.5 million write-down mentioned on the call with a $6.7 million figure in the 10-Q. He also asked about confidence in the Middle East business and the company's win rate for the quarter.

    Answer

    CFO Matt Ofilos clarified that the $23.5 million write-down impacted CI operating results, while a separate $6.7 million charge was in equity and earnings, bringing the total impact closer to $30 million. CEO Carey Smith, having just returned from the region, expressed high confidence in the Middle East, citing a 1.2x book-to-bill, a record pipeline, and major upcoming events driving infrastructure spend. Smith also stated the quarterly win rate was 74%.

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    Andrew J. Wittmann's questions to JACOBS SOLUTIONS (J) leadership

    Andrew J. Wittmann's questions to JACOBS SOLUTIONS (J) leadership • Q3 2025

    Question

    Andrew Wittmann from Baird asked for management's perspective on the impacts of recent federal legislation on areas like DoD, FAA, and state/local funding. He also requested an update on the expected one-time separation costs for FY25 and FY26.

    Answer

    Chair & CEO Bob Pragada identified the legislation as a net positive, citing stability for transportation and significant opportunities in DoD infrastructure, FAA modernization, and reshoring. CFO Venk Nathamuni confirmed they are on track with the guided $75M-$95M in one-time costs for FY25, a dramatic decrease from the prior year, and expects a further significant reduction in FY26.

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    Andrew J. Wittmann's questions to JACOBS SOLUTIONS (J) leadership • Q2 2025

    Question

    Andrew J. Wittmann inquired about the quarterly cadence of free cash flow needed to achieve the full-year guidance of over 100% conversion. He also asked about the drivers for the Q3 adjusted EBITDA margin target, specifically regarding employee utilization rates and other efficiency initiatives.

    Answer

    CFO Venk Nathamuni explained that Q2 cash flow was seasonally low as expected and projected a 'substantial step up' in Q3, providing confidence in the full-year target. Chair and CEO Bob Pragada noted that utilization rates have recovered since early in the quarter and are expected to rise in H2 as large projects ramp up. Venk Nathamuni added that margin levers beyond utilization, like mix improvement and operating leverage, support the margin outlook.

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    Andrew J. Wittmann's questions to JACOBS SOLUTIONS (J) leadership • Q1 2025

    Question

    Andrew J. Wittmann sought clarification on the Transition Services Agreement (TSA) financials, asking about its profitability and the plan to manage associated costs post-agreement. He also questioned the rationale for shifting focus to a trailing 12-month (TTM) backlog metric.

    Answer

    CFO Venk Nathamuni confirmed the TSA is a profitable engagement and represents an opportunity to improve profitability once it ends, not a headwind. Chair and CEO Bob Pragada explained the move to a TTM backlog metric is to smooth out the lumpiness of large project wins and better reflect the business profile, highlighting the 19% year-over-year backlog growth as the key indicator of strength.

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    Andrew J. Wittmann's questions to JACOBS SOLUTIONS (J) leadership • Q4 2024

    Question

    Andrew J. Wittmann questioned the apparent discrepancy between the strong 22.5% backlog growth and the more modest mid-to-high single-digit revenue guidance for FY25. He also asked for confirmation on whether fiscal 2026 would be a 'clean' year with minimal restructuring costs.

    Answer

    CEO Bob Pragada explained the gap is due to several large, multi-year bookings in life sciences and water, which have margins at or above the corporate average. He noted the revenue guidance accounts for the typical bell-shaped curve of a project's lifecycle. Pragada confirmed that restructuring costs should decay significantly in the second half of FY25 and that FY26 is expected to be a 'clean' year for results.

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    Andrew J. Wittmann's questions to Aramark (ARMK) leadership

    Andrew J. Wittmann's questions to Aramark (ARMK) leadership • Q3 2025

    Question

    Andrew Wittmann of Baird sought clarification that the large Las Vegas A's contract win does not impact near-term financials and asked for quantification of the higher medical expenses mentioned in the U.S. segment.

    Answer

    CEO John Zillmer confirmed the A's stadium revenue will begin in 2028. CFO Jim Tarangelo specified that medical costs were approximately $15 million higher in the quarter due to high-cost claims and prescription drugs like GLP-1s, which Zillmer noted could have long-term health benefits for employees.

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    Andrew J. Wittmann's questions to Aramark (ARMK) leadership • Q2 2025

    Question

    Andrew Wittmann sought to confirm that base business volume is the largest variable for the revenue outlook, given that net new business is already secured. He also asked about the growth outlook for the International segment and why the FX impact on guidance was unchanged despite a weaker dollar.

    Answer

    CEO John Zillmer agreed that base business expansion is a key driver for second-half performance, alongside strong retention and net new business. CFO Jim Tarangelo expressed confidence in maintaining double-digit growth in the International segment. Regarding foreign exchange, he acknowledged the dollar had weakened but said the forecast was held steady due to market volatility.

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    Andrew J. Wittmann's questions to Aramark (ARMK) leadership • Q4 2024

    Question

    Andrew Wittmann asked for an update on Aramark's fiscal 2026 long-term targets and their current status. He also inquired about performance trends in the Sports & Entertainment segment, including comps and consumer spending behavior.

    Answer

    CEO John Zillmer reaffirmed the fiscal 2026 targets, stating the company's intention is to 'get to and through them.' He described consumer demand in Sports & Entertainment as robust, with strong per capita spending and high activity levels continuing. He noted that team performance is a key driver and that the company has already exceeded its internal budget for playoff experiences.

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    Andrew J. Wittmann's questions to AECOM (ACM) leadership

    Andrew J. Wittmann's questions to AECOM (ACM) leadership • Q3 2025

    Question

    Andrew Wittmann of Baird questioned if the significant margin outperformance in fiscal 2025 was a pull-forward from future periods or a new sustainable base, and also asked about the lower-than-usual share repurchase activity in Q3.

    Answer

    Chairman & CEO Troy Rudd asserted that the current margins are not a pull-forward but represent the business's run rate, with significant upside still remaining. Chief Financial & Operations Officer Gaurav Kapoor explained that the pace of share buybacks is tied to the timing of free cash flow generation, which is typically weighted towards the end of a quarter, and reiterated that the capital allocation policy is unchanged.

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    Andrew J. Wittmann's questions to AECOM (ACM) leadership • Q4 2024

    Question

    Andrew J. Wittmann asked for clarification on AECOM's fiscal 2025 guidance, specifically questioning the absence of projected restructuring costs and the methodology behind the adjusted EBITDA margin calculation.

    Answer

    CFO Gaurav Kapoor explained that major restructuring programs from prior years are now complete, hence no new costs are contemplated for fiscal 2025, leading to 'clean' results. He clarified that the adjusted EBITDA margin now includes corporate costs and adjusts for non-controlling interests in JVs to provide a more comprehensive enterprise-level metric, with a reconciliation bridge provided in the earnings release.

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    Andrew J. Wittmann's questions to FLUOR (FLR) leadership

    Andrew J. Wittmann's questions to FLUOR (FLR) leadership • Q2 2025

    Question

    Andrew Wittmann from Baird sought clarification on the accounting for the $1.7 billion backlog adjustment, confirming it was the inverse of a Q1 descope event. He then asked about the margin profile of the services-only Reko Diq mining project and inquired about the potential risk profile for the LNG Canada Phase II expansion, given the history of Phase I.

    Answer

    CFO John Regan confirmed the backlog adjustment accounting was correct, where adding scope like customer-furnished materials temporarily lowers the percentage of completion and defers profit recognition. Regarding the mining project, management stated the services margin is akin to the services portion of a traditional EPCM project. For LNG Canada Phase II, CEO Jim Breuer expressed confidence, stating it would have 'largely lump sum elements' but would benefit from significant learnings, a replicated design (80%), established relationships, and a collaborative client, resulting in a better contract and execution plan than Phase I.

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    Andrew J. Wittmann's questions to FLUOR (FLR) leadership • Q1 2025

    Question

    Andrew J. Wittmann sought clarification on several accounting items: confirming an $84 million benefit was excluded from adjusted results, quantifying the profit pull-forward from two de-scoped projects, and understanding the cash flow timing for a major project settlement.

    Answer

    CFO John Regan confirmed the $84 million benefit was in equity income and excluded from adjusted EBITDA. He estimated the profit acceleration from de-scoped projects was roughly $20 million in EBITDA for each of the two segments (Urban and Energy), which was already factored into the annual plan. He also clarified that while the P&L for the settled project is closed, a cash funding of around $30 million is expected in 2025.

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    Andrew J. Wittmann's questions to FLUOR (FLR) leadership • Q4 2024

    Question

    Andrew Wittmann questioned the 2025 operating cash flow guidance, asking about the positive offsets to the guided $200 million cash burn from legacy projects. He also asked how Fluor plans to credibly rebuild its team and manage risk as it re-enters the thermal power generation market to support data centers.

    Answer

    CFO Joe Brennan clarified that the $450-$500 million OCF guidance absorbs the $200 million legacy project funding and that only about 20-30% of the guide is from JV dividend repatriations, making it a good representation of ongoing business generation. On thermal power, Chairman and CEO David Constable and COO James Breuer emphasized a deliberate, risk-managed approach, focusing on reimbursable or hybrid contracts. They noted they are already involved in front-end work, leveraging supply chain expertise and project management skills to add value in a market where other EPC providers are stretched.

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    Andrew J. Wittmann's questions to FLUOR (FLR) leadership • Q3 2024

    Question

    Andrew Wittmann sought to clarify if the profit recognition issue in Energy Solutions was purely a delay or a reduction, asked if the current quarter's performance reflects the segment's new earnings power, and inquired about other significant items in the Q4 guidance.

    Answer

    Chief Financial Officer Joe Brennan confirmed the issue on the LNG Canada project is a timing-only matter related to percentage-of-completion accounting, with the project still meeting management's expectations. Chief Operating Officer Jim Breuer and CEO David Constable explained that Energy Solutions is reloading its pipeline with front-end work that will drive growth in the latter half of the next strategic plan. For Q4, Brennan noted a settlement payment will shift into the quarter but emphasized that overall earnings volatility is decreasing as legacy projects conclude.

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    Andrew J. Wittmann's questions to WillScot Holdings (WSC) leadership

    Andrew J. Wittmann's questions to WillScot Holdings (WSC) leadership • Q2 2025

    Question

    Andrew Wittmann of Baird questioned the deceleration in the order book, which was cited as up 7% last quarter but only 1% this quarter. He also asked for an assessment of where the company is in the large project cycle.

    Answer

    President & COO Timothy Boswell characterized the order book trend as 'fits and starts,' noting that order rates plateaued in April and May instead of accelerating as is typical for the season. Regarding large projects, he pointed to the 4% YoY growth in enterprise modular units on rent as evidence that new project activity is still outpacing churn, with this segment remaining a point of strength in the second-half outlook.

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    Andrew J. Wittmann's questions to WillScot Holdings (WSC) leadership • Q1 2025

    Question

    Andrew J. Wittmann inquired about the dynamics of the 7% year-over-year growth in the pending order book, asking about conversion times, cancellations, and overall demand characteristics. He also asked for the average and spot VAPS metrics for modular and storage segments.

    Answer

    President and COO Timothy Boswell stated it was too soon to observe changes in conversion times, noting that quoting activity is up 10% YoY and cancellation rates are slightly down. CFO Matthew Jacobsen explained the company has shifted from per-unit VAPS metrics to VAPS as a percentage of total revenue, as the expanded product portfolio no longer attributes cleanly to individual units.

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    Andrew J. Wittmann's questions to WillScot Holdings (WSC) leadership • Q4 2024

    Question

    Andrew Wittmann from Robert W. Baird & Co. asked for the company's outlook on when modular units on rent are expected to show positive year-over-year growth. He also questioned if the 5% AMR growth in the storage segment is now on a like-for-like basis after lapping the initial mix benefit from cold storage.

    Answer

    CFO Matt Jacobsen responded that the timing for modular UOR inflection is uncertain and depends on end markets. He stated the guidance midpoint assumes headwinds subside through the year, potentially leading to an inflection later in 2025, while the high and low ends of the range reflect earlier or no inflection, respectively. Regarding storage AMR, Jacobsen confirmed the comparison is now more like-for-like since cold storage was present in the prior-year period, and that the mix shift benefit accounts for most of the 5% growth, with core container AMRs remaining steady.

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    Andrew J. Wittmann's questions to WillScot Holdings (WSC) leadership • Q3 2024

    Question

    Andrew J. Wittmann sought clarification on why volumes wouldn't weaken further given that activations declined in Q3 after being flat in H1. He also asked if the $20 million in cost savings was a quarterly or annualized figure.

    Answer

    CEO Brad Soultz explained that H1 activations were fully buoyed by mega-projects, an effect that was only partial in Q3. President and CFO Timothy Boswell clarified the $20 million was a quarterly variable cost reduction tied to lower demand and should not be annualized, unlike the separate $40 million annualized indirect cost takeout from Q2.

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    Andrew J. Wittmann's questions to APi Group (APG) leadership

    Andrew J. Wittmann's questions to APi Group (APG) leadership • Q2 2025

    Question

    Andrew Wittmann from Robert W. Baird & Co. asked for a breakdown of the full-year guidance increase and questioned if M&A spending could potentially exceed the $250 million target for the year.

    Answer

    EVP & CFO David Jackola stated the EBITDA guidance raise was driven roughly one-third by the Q2 beat, one-third by M&A, and one-third by an improved second-half outlook. President and CEO Russ Becker added that while the M&A pipeline is robust and could support spending over $250 million, the company will remain highly disciplined in its acquisition strategy.

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    Andrew J. Wittmann's questions to APi Group (APG) leadership • Q1 2025

    Question

    Andrew J. Wittmann of Robert W. Baird & Co. Incorporated asked about the organic growth rates in the international business, the year-over-year impact of weather, the strategic purpose of the new systems investment, and the reason for no longer reporting segment-level adjusted EBITDA.

    Answer

    EVP and CFO Glenn Jackola stated the international business grew organically in line with expectations, consistent with a mid-single-digit target. He estimated that weather impact accounted for about 5 lost days in Q1, representing a mid-single-digit headwind to Specialty's organic growth. President and CEO Russell Becker explained the systems investment is a 3-year initiative to provide field teams with better tools for efficiency and to build a scalable foundation for future growth. Regarding reporting, Jackola directed investors to 'segment earnings' in the presentation, which he described as a comparable metric to segment adjusted EBITDA.

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    Andrew J. Wittmann's questions to APi Group (APG) leadership • Q4 2024

    Question

    Andrew J. Wittmann of Baird asked if high market valuations for fire & life safety assets change APi's strategic view of its Specialty business, and questioned the drivers of high transformation costs in Q4.

    Answer

    President and CEO Russ Becker responded that the company continuously evaluates all parts of its business, not just Specialty, and will perform 'selective pruning' of any assets that do not align with long-term margin expansion goals. Interim CFO David Jackola explained that Q4 transformation costs were driven by Chubb integration, restructuring, and the final stages of SOX and cyber security deployments. He noted that restructuring and deployment costs are expected to decrease in 2025.

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    Andrew J. Wittmann's questions to APi Group (APG) leadership • Q3 2024

    Question

    Andrew J. Wittmann requested an update on the early progress of the Elevated acquisition, asked for the aggregate annual revenue of the 10 bolt-on deals, and questioned the outlook for the convergence of GAAP and adjusted results.

    Answer

    President and CEO Russ Becker expressed high satisfaction with the Elevated acquisition, noting strong leader retention and early cross-selling efforts. EVP and CFO Kevin Krumm stated the 10 bolt-on deals represent over $100 million in aggregate annual revenue. Krumm also explained that restructuring costs should subside by the end of 2025, while business transformation costs will continue as long as APi pursues large platform deals.

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    Andrew J. Wittmann's questions to ECOLAB (ECL) leadership

    Andrew J. Wittmann's questions to ECOLAB (ECL) leadership • Q2 2025

    Question

    Andy Wittmann of Baird questioned the company's free cash flow performance, noting it was down year-to-date and tracking below the 95% conversion target, and asked for the full-year outlook.

    Answer

    Scott Kirkland, CFO, projected a full-year free cash flow conversion of around 90%, which is in line with historical trends. He explained that the year-to-date figure was skewed by a tough Q1 comparison due to the timing of cash payments, and noted Q2 free cash flow was up 17% year-over-year. The 90% target also reflects a planned increase in capital expenditures for the year.

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    Andrew J. Wittmann's questions to ECOLAB (ECL) leadership • Q1 2025

    Question

    Andrew J. Wittmann of Robert W. Baird & Co. asked what revenue level is needed for Life Sciences to reach its 30% margin target and questioned the free cash flow outlook, specifically if more working capital is needed due to trade risks.

    Answer

    Christophe Beck, Chairman and CEO, explained that reaching the 30% margin target in Life Sciences will take a few years as it depends on long-term investments in new plants and R&D. CFO Scott Kirkland addressed cash flow, stating that Q1 was in line with historical progression and that despite a tough comp, they are confident in delivering their 90% free cash flow conversion target for the year, supported by strong earnings growth.

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    Andrew J. Wittmann's questions to HEALTHCARE SERVICES GROUP (HCSG) leadership

    Andrew J. Wittmann's questions to HEALTHCARE SERVICES GROUP (HCSG) leadership • Q2 2025

    Question

    Andrew Wittmann asked for more detail on the 'One Big Beautiful Bill,' specifically how changes to healthcare taxes in Medicaid expansion states might affect customers. He also sought clarification on why the Q2 charge for the Genesis restructuring was slightly higher than previously announced.

    Answer

    President & CEO Ted Wahl reiterated a constructive view of the bill, stating that near-term positives like the moratorium on staffing mandates and provider tax exemptions for the industry more than offset potential long-term questions. He noted their internal experts have thoroughly assessed the legislation. Chief Communications Officer Matthew McKee clarified that the variance in the Genesis charge was due to tax rate considerations for Q2 and the timing of pre-petition amounts, which resulted in a small portion of the charge moving to Q3.

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    Andrew J. Wittmann's questions to HEALTHCARE SERVICES GROUP (HCSG) leadership • Q2 2025

    Question

    Andrew Wittmann from Baird sought clarification on the "One Big Beautiful Bill," asking how potential reductions in state provider taxes and Medicaid funding might affect HCSG's customers. He also asked for an explanation for why the Q2 charge related to the Genesis restructuring was higher than initially guided.

    Answer

    President & CEO Ted Wahl stated that HCSG's analysis of the bill is constructive for the industry, highlighting the 10-year moratorium on staffing mandates, an exemption from provider tax reductions, and rural investments as key near-term positives that offset longer-term concerns. Chief Communications Officer Matthew McKee clarified that the variance in the Genesis charge was primarily due to the Q2 tax rate and the timing of pre-petition amounts, which resulted in a small portion shifting to Q3.

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    Andrew J. Wittmann's questions to HEALTHCARE SERVICES GROUP (HCSG) leadership • Q1 2025

    Question

    Andrew J. Wittmann asked for an expanded view on the regulatory environment, customer reactions to potential changes, and the possible impact on Medicaid reimbursement from the new administration's budget proposals.

    Answer

    Theodore Wahl (executive) explained that underlying industry fundamentals are strong, bolstered by demographic tailwinds and improving labor availability. He highlighted that a recent Texas court ruling striking down the CMS minimum staffing rule has provided clarity and removed an industry overhang. Regarding potential Medicaid changes, Wahl conveyed that the skilled nursing facility (SNF) community is confident the new administration will remain supportive, as it was in its first term, and that any potential changes would likely be modest and phased in over time.

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    Andrew J. Wittmann's questions to HEALTHCARE SERVICES GROUP (HCSG) leadership • Q4 2024

    Question

    Andrew J. Wittmann asked for clarification on the $45 million to $60 million cash flow guidance, inquiring if the range is solely dependent on start-up costs. He also questioned the overall credit quality, DSO trends, the segmental allocation of start-up costs, and any early impacts from the new federal administration on customer payments.

    Answer

    Executive Theodore Wahl confirmed the cash flow range is primarily driven by start-up costs in a mid-single-digit growth scenario. CFO Vikas Singh reported positive credit quality trends, with lower DSOs resulting from strong collections and a higher sales base, and noted a bad debt expense of nearly $10 million. Wahl specified that over 75% of start-up costs were in cost of services, largely within the dining segment. He also stated there were no reported impacts from the new administration on customer payments, and industry sentiment remains positive.

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    Andrew J. Wittmann's questions to HEALTHCARE SERVICES GROUP (HCSG) leadership • Q3 2024

    Question

    Andrew J. Wittmann asked for a technical clarification on the hypothetical difference between GAAP results under the CECL accounting standard versus the legacy standard. He also inquired about the market opportunity presented by higher-acuity assisted living facilities and any potential barriers to entry.

    Answer

    Executive Matthew McKee explained that bad debt this quarter would have been comparable under the legacy standard and suggested using a historical average of 70 basis points of revenue as a proxy for comparison. Executive Theodore Wahl addressed the market question, stating the company sees opportunity across the entire senior care continuum, with non-SNF business representing about 20% of revenue. McKee added that for assisted living specifically, the dining services opportunity is currently more significant than housekeeping due to the prevailing universal aid model in those facilities.

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    Andrew J. Wittmann's questions to ABM INDUSTRIES INC /DE/ (ABM) leadership

    Andrew J. Wittmann's questions to ABM INDUSTRIES INC /DE/ (ABM) leadership • Q2 2025

    Question

    Andrew Wittmann of Baird asked for more detail on the Manufacturing & Distribution (M&D) segment, including the evolution of its service offerings like material handling and the potential size of that opportunity. He also questioned the drivers behind the 'strategic pricing' mentioned for new M&D accounts and requested a breakdown of the $1.1 billion in new business awards between annuity and project work.

    Answer

    President and CEO Scott Salmirs explained that ABM is expanding its M&D services to be more strategic and embedded in client operations, such as working inside semiconductor fabrication facilities, which offers higher-margin opportunities. He clarified that recent M&D margin pressure was due to specific investments in sales talent and strategic pricing with a key client, not broad market competition. He also noted that the new business wins were evenly paced across segments, apart from the large $190M microgrid project.

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    Andrew J. Wittmann's questions to ABM INDUSTRIES INC /DE/ (ABM) leadership • Q4 2024

    Question

    Andrew J. Wittmann sought clarification on $4-5 million in discrete costs within the B&I segment, the increased forecast for ELEVATE transformation costs in 2025, and the potential for margin expansion beyond the guided 20 basis points.

    Answer

    EVP and CFO Earl Ellis clarified the discrete costs were one-time items like minor legal settlements that were not excluded from adjusted earnings. He also confirmed the higher ELEVATE cost forecast reflects an increased total program budget, with the remaining spend winding down. President and CEO Scott Salmirs affirmed that margins can expand further toward their 7% aspirational target as the benefits from ELEVATE investments are just beginning to materialize.

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    Andrew J. Wittmann's questions to NV5 Global (NVEE) leadership

    Andrew J. Wittmann's questions to NV5 Global (NVEE) leadership • Q1 2025

    Question

    Andrew J. Wittmann inquired about the underwriting assumptions for the NV5 deal, including expected organic growth and target EBITDA margins, and asked for a quantification of the public company costs incurred in Q1.

    Answer

    Robbie Franklin (Executive) projected the combined company will be a long-term high single-digit top-line grower, with a goal for combined EBITDA margins to eventually exceed 20% by applying Acuren's cost discipline to NV5. Kristin Schultes (Executive) quantified Q1 public company costs at approximately $2 million, consistent with the full-year guidance. Franklin added these costs will become more efficient post-merger by leveraging NV5's established public company infrastructure.

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    Andrew J. Wittmann's questions to NV5 Global (NVEE) leadership • Q1 2025

    Question

    Andrew J. Wittmann questioned the path to achieving the 150 basis point margin expansion goal, the reason for the increased organic growth guidance (from 5-7% to 5-9%), and the company's stance on stock buybacks as a use of cash.

    Answer

    CFO Edward Codispoti confirmed the margin improvement would ramp up, starting in Q2 and becoming more meaningful in the second half of the year. Executive Chairman Dickerson Wright attributed the higher organic growth forecast to a significant increase in backlog for the Infrastructure and Technology businesses. Wright also confirmed NV5 has a $20 million buyback authorization and intends to use it, while also prioritizing cash for acquisitions to ensure they are immediately accretive.

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    Andrew J. Wittmann's questions to NV5 Global (NVEE) leadership • Q4 2024

    Question

    Andrew J. Wittmann of Baird requested more detail on the 150 basis point margin improvement plan, seeking to separate mix effects from specific cost-cutting actions, and also questioned the rise in unbilled receivables.

    Answer

    CEO Ben Heraud and CFO Edward Codispoti identified improved utilization, real estate optimization, reduced indirect labor, and lower IT expenses as key initiatives driving margin expansion. Regarding cash flow, Codispoti acknowledged the opportunity lies in reducing unbilled receivables, explaining that a few contracts have billing milestones skewed toward project completion. He and Heraud confirmed they are renegotiating these contracts and have implemented lessons learned to avoid similar issues in the future.

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    Andrew J. Wittmann's questions to NV5 Global (NVEE) leadership • Q3 2024

    Question

    Andrew Wittmann sought clarification on whether the first-half restatement affected the second-half forecast, asked for the revenue contribution from recent acquisitions, and inquired if unannounced acquisitions were included in guidance.

    Answer

    Chief Financial Officer Edward Codispoti confirmed the $0.06 per share impact from the first-half restatement was factored into the revised full-year guidance. He stated that for acquisitions made in 2024, the revenue contribution was $11.3 million in Q3 and $22.2 million year-to-date. He also clarified that the current guidance only reflects acquisitions that have already been publicly announced.

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    Andrew J. Wittmann's questions to TETRA TECH (TTEK) leadership

    Andrew J. Wittmann's questions to TETRA TECH (TTEK) leadership • Q2 2025

    Question

    Andrew J. Wittmann sought to confirm the revenue figures for USAID and disaster response in Q2, clarify the contractual status of the remaining Ukraine work, and determine if the $1.1 billion backlog reduction included other federal civilian agencies.

    Answer

    CEO Dan Batrack clarified that Q2 USAID revenue was approximately $130 million and disaster response was about $50 million. He confirmed the remaining Ukraine work is under a single-award contract with significant capacity, and the guidance prudently includes only what is currently funded. He also stated that the backlog reduction was 99.9% attributable to USAID and the Department of State, with only negligible amounts from other agencies.

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    Andrew J. Wittmann's questions to BrightView Holdings (BV) leadership

    Andrew J. Wittmann's questions to BrightView Holdings (BV) leadership • Q2 2025

    Question

    Andy Wittmann asked about the capital expenditure outlook for 2026 given the newly refreshed fleet and potential tariff impacts, and also inquired about the drivers behind the strong development margins.

    Answer

    CEO Dale Asplund explained that significant fleet investments provide flexibility, allowing them to potentially age the fleet if needed without hurting service. CFO Brett Urban noted that higher new vehicle prices would likely increase residual values on used assets, providing a hedge. On margins, Dale Asplund credited the 'One BrightView' strategy for the 410 bps expansion in the Development segment, with continued upside expected from operational leverage and organic growth.

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    Andrew J. Wittmann's questions to BrightView Holdings (BV) leadership • Q1 2025

    Question

    Andrew Wittmann asked for clarification on changes to non-core business impact estimates, the relationship between the development backlog growth and its revenue guidance, and why Q1's strong margin performance doesn't imply higher full-year guidance.

    Answer

    CFO Brett Urban clarified that the non-core impact adjustment was a more precise breakout of the U.S. Lawns sale. He explained the development backlog is strong but revenue recognition depends on project timing. CEO Dale Asplund noted Q1's margin strength was partly due to lapping a prior-year restructuring and cautioned against anchoring to the guidance midpoint, while also highlighting planned investments in sellers.

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    Andrew J. Wittmann's questions to Vestis (VSTS) leadership

    Andrew J. Wittmann's questions to Vestis (VSTS) leadership • Q2 2025

    Question

    Andrew J. Wittmann asked about management's confidence that the Q3 earnings guidance represents a bottom, potential further actions on the cost structure, and the outlook for free cash flow after guidance was suspended.

    Answer

    Interim CEO Phillip Holloman expressed confidence in the Q3 guidance, citing sustainable positive trends and a better understanding of the business drivers. CFO Kelly Janzen added that Q2's sequential decline mirrored prior-year seasonality and that revenue has grown monthly since January. Holloman noted that while cost efficiency efforts continue, the current focus is on investing in customer service. Janzen clarified that after normalizing for a $30 million inventory investment in Q2, the annualized free cash flow run-rate is approximately $80 million.

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    Andrew J. Wittmann's questions to Vestis (VSTS) leadership • Q1 2025

    Question

    Andrew J. Wittmann inquired about the expected cadence of the pricing ramp for fiscal 2025 and sought details on recent and future cost reduction initiatives.

    Answer

    CEO Kimberly Scott explained that pricing is sticking well and will become net positive for the full year as the company laps negative comps from the prior year. She detailed that cost savings are being driven by logistics optimization, merchandise reuse, and workforce rationalization, with the full impact of recent actions expected in subsequent quarters. Future efficiencies will target plant operations.

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    Andrew J. Wittmann's questions to Vestis (VSTS) leadership • Q4 2024

    Question

    Andrew J. Wittmann asked for elaboration on the status of pricing conversations, an update on the network densification strategy, and the quarterly cadence of one-time items from fiscal 2024.

    Answer

    CEO Kim Scott explained that pricing will be a positive contributor in the second half of fiscal 2025, supported by service enhancements and a customer-first culture. She noted the logistics optimization program is mature and accelerating. CFO Rick Dillon clarified that the one-time items impacting year-over-year comparisons are primarily weighted to the first half of fiscal 2025.

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    Andrew J. Wittmann's questions to UL Solutions (ULS) leadership

    Andrew J. Wittmann's questions to UL Solutions (ULS) leadership • Q4 2024

    Question

    Andrew J. Wittmann of Baird inquired about the drivers behind the significant Q4 adjusted EBITDA margin expansion, whether the pull-forward in ongoing certification services might continue into Q1 2025, and the expected FX headwind for the upcoming year.

    Answer

    CFO Ryan Robinson attributed the strong margin performance primarily to operating leverage from 9.5% organic growth. CEO Jennifer Scanlon added that customer reactions to tariffs should balance out over time. Robinson quantified the potential 2025 FX headwind at just under 1% on revenue, noting most of it is offset by expenses in local currencies.

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    Andrew J. Wittmann's questions to UL Solutions (ULS) leadership • Q3 2024

    Question

    Andrew J. Wittmann asked for a high-level overview of UL Solutions' exposure to the AI value chain and its service offerings. He also sought clarification on the Q4 margin outlook, questioning if the expansion would accelerate despite headwinds.

    Answer

    President and CEO Jennifer Scanlon detailed AI's impact on their ULTRUS software and early-stage testing for AI data centers and PC-embedded AI. EVP and CFO Ryan Robinson confirmed that Q4 year-over-year adjusted EBITDA margin expansion is expected to accelerate beyond the year-to-date rate of 130 basis points, though the magnitude will be tempered by higher fulfillment and compensation costs.

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    Andrew J. Wittmann's questions to Concrete Pumping Holdings (BBCP) leadership

    Andrew J. Wittmann's questions to Concrete Pumping Holdings (BBCP) leadership • Q4 2024

    Question

    Andrew J. Wittmann asked for details on Concrete Pumping Holdings' fiscal 2025 capital expenditure plans, the strategy for refinancing its senior notes, and the key drivers behind the Q4 EBITDA margin improvement despite lower revenue.

    Answer

    CFO Iain Humphries explained that fiscal 2025 CapEx will normalize to 6-7% of revenue after a lower 2024, with normal asset disposals. He noted the company is opportunistically exploring refinancing options for its senior notes, leveraging its upsized ABL facility. Executive Bruce Young attributed margin strength to better fuel prices, improved labor management, and lower costs for repair parts, confirming no maintenance was deferred.

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    Andrew J. Wittmann's questions to Concrete Pumping Holdings (BBCP) leadership • Q3 2024

    Question

    Andrew J. Wittmann from Robert W. Baird & Co. inquired about the company's cost-cutting measures in response to soft market conditions, specifically asking if repair and maintenance expenses were being deferred. He also sought an early outlook on revenue and gross margins for fiscal 2025.

    Answer

    Executive Bruce Young clarified that maintenance is not being deferred; instead, cost savings are coming from better parts purchasing and more efficient labor management. He noted that while large project utilization is down, the company is not losing market share. For 2025, Young anticipates a market environment similar to the present in the first half, with potential improvement in the second half, leading to better margins from improved weather and efficiency.

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    Andrew J. Wittmann's questions to UNIFIRST (UNF) leadership

    Andrew J. Wittmann's questions to UNIFIRST (UNF) leadership • Q1 2025

    Question

    Andrew J. Wittmann of Robert W. Baird & Co. asked for non-financial reasons behind the Board's rejection of the Cintas offer and requested more detail on the positive leading indicators for revenue and retention.

    Answer

    President and CEO Steven Sintros declined to comment further on the Cintas offer, reiterating that the Board considered price, risk, shareholder feedback, and future growth opportunities. Regarding positive trends, Mr. Sintros highlighted improving internal metrics for contract renewals, positive results from the company's emerging NPS program, and a robust pipeline of large account opportunities.

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    Andrew J. Wittmann's questions to UNIFIRST (UNF) leadership • Q4 2024

    Question

    Andrew J. Wittmann from Robert W. Baird & Co. noted that the annualization of large accounts won in early fiscal 2024 is contributing to the expected growth deceleration in 2025. He asked for an update on the current market for large accounts and whether it remains as active as it was a year ago.

    Answer

    President and CEO Steven Sintros described the current environment for large national accounts as being in a 'similar place' to a year ago and 'reasonably healthy.' He acknowledged that landing an account of the same magnitude as the top-three win from last year is inherently challenging, but stated that the company feels positive about its current prospect list and the opportunities available in the national account segment.

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    Andrew J. Wittmann's questions to CINTAS (CTAS) leadership

    Andrew J. Wittmann's questions to CINTAS (CTAS) leadership • Q2 2025

    Question

    Andrew Wittmann asked for the rationale behind the expected moderation in incremental operating margins for the second half of the year. He also inquired about the current state of the national account business, including trading activity and pricing dynamics.

    Answer

    CEO Todd Schneider and CFO Mike Hansen explained that while the first half delivered exceptionally high margins, the second half is guided closer to their long-term target range of 25-35%. Regarding national accounts, Schneider described the market as consistently competitive and reiterated the company's primary focus on expanding the market by converting 'no programmers'.

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    Andrew J. Wittmann's questions to CINTAS (CTAS) leadership • Q1 2025

    Question

    Andrew Wittmann of Robert W. Baird & Co. asked for an update on the rollout of plant technologies like RFID and auto-sortation. He also inquired about the company's exploration of new end markets, such as residential home services.

    Answer

    President and CEO Todd Schneider explained that Cintas is constantly innovating and continues to test and develop RFID and proprietary auto-sortation technologies to drive efficiency. Regarding new markets, he clarified that residential services is not a current area of focus or significant investment for the company.

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