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    Devin Dodge • BMO Capital Markets Corp.

    Devin Dodge's questions to Stantec Inc (STN) leadership

    Devin Dodge's questions to Stantec Inc (STN) leadership • Q2 2025

    Question

    Devin Dodge requested more details on the Page acquisition's financials and asked for an update on Stantec's exposure to cyclical end markets like data centers.

    Answer

    President and CEO Gord Johnston disclosed that Page is a roughly US$300 million net revenue company with strong synergies. He also stated that while the data center business is growing, it represents only 2-3% of net revenue, and the company's total exposure to cyclical markets remains comfortably below its 15% target.

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    Devin Dodge's questions to Stantec Inc (STN) leadership • Q1 2025

    Question

    Devin Dodge asked about the potential for a slowdown in the data center market and inquired about the outlook for energy-related investments in Western Canada.

    Answer

    Executive Gordon Johnston stated that the data center market remains robust but emphasized its limited exposure, representing only 2-3% of total revenue, which mitigates risk from any potential slowdown. Regarding Western Canada, Johnston confirmed they are in active discussions on new energy projects and are seeing increasingly positive sentiment, though it remains early.

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    Devin Dodge's questions to Stantec Inc (STN) leadership • Q4 2024

    Question

    Devin Dodge from BMO Capital Markets asked about Stantec's progress in evaluating and leveraging AI technology and sought to quantify the impact of project recoveries and change orders on Q4 project margins.

    Answer

    Executive Gordon Johnston explained that an internal AI task force is centralizing efforts to use AI for improving delivery speed, financial analysis, and proposal generation, as well as in the design process with VR tools. Executive Vito Culmone described the Q4 recoveries and change orders as normative timing-related items within 2024 and emphasized they do not detract from the strong underlying operating fundamentals reflected in the 2025 guidance.

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    Devin Dodge's questions to Stantec Inc (STN) leadership • Q2 2024

    Question

    Devin Dodge from BMO Capital Markets asked for context on the U.S. organic backlog development, which appeared to have moderated sequentially, and requested an update on the company's real estate optimization strategy.

    Answer

    CEO Gordon Johnston explained that the U.S. backlog moderation is a timing issue due to the high rate of organic growth consuming new work, not a sign of underlying weakness. CFO Theresa B. Jang confirmed the real estate optimization plan is on track to reduce footprint by a further 10% from the 2023 baseline over three years, with a recent lease impairment charge being part of this ongoing effort.

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    Devin Dodge's questions to Enviri Corp (NVRI) leadership

    Devin Dodge's questions to Enviri Corp (NVRI) leadership • Q2 2025

    Question

    Devin Dodge of BMO Capital Markets asked for background on the timing of the strategic review announcement, requested more detail on the drivers behind the forward loss provisions in Harsco Rail, and inquired about the focus areas of the new leadership in the Rail segment.

    Answer

    Chairman & CEO F. Nicholas Grasberger stated the strategic review was initiated due to the persistent gap between the company's market valuation and its sum-of-the-parts value, combined with increased confidence in potential strategic options. SVP & CFO Tom Vadaketh clarified that the Rail loss provisions were primarily for the Network Rail and SBB contracts, reflecting updated cost-to-complete estimates from a normal quarterly review. Mr. Grasberger added that the new Rail leader is focusing on improving operations and supply chain, with some positive early metrics observed.

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    Devin Dodge's questions to Enviri Corp (NVRI) leadership • Q4 2024

    Question

    Devin Dodge inquired about the factors behind the soft volumes in the Clean Earth segment during 2024 and the expected drivers for a rebound in 2025. He also asked about the remaining downside risk in Harsco Environmental's volumes before the business hits its contractual floors.

    Answer

    Chairman and CEO F. Grasberger explained that 2024 Clean Earth volumes were impacted by churn in retail accounts, but a significantly stronger industrial pipeline is expected to drive a 4-5% volume lift in 2025. Regarding Harsco Environmental, Grasberger stated that the business is likely at a volume bottom, with recent site closures being a larger factor than production declines, and that most contracts are still a ways from hitting their minimum volume guarantee floors.

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    Devin Dodge's questions to Enviri Corp (NVRI) leadership • Q3 2024

    Question

    Devin Dodge asked for the drivers behind the recent forward loss provision adjustment for Rail ETO contracts and sought clarification on why noncontrolling interest dividends on the cash flow statement were outpacing earnings.

    Answer

    CFO Tom Vadaketh explained that the forward loss adjustments stem from the complexity of the custom-engineered projects, with cost estimates being refined as they near completion. Regarding noncontrolling interests, he attributed the dividend payout difference to the timing of distributing accumulated earnings from joint ventures, primarily within the HE segment in China and Italy.

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    Devin Dodge's questions to Brookfield Business Partners LP (BBU) leadership

    Devin Dodge's questions to Brookfield Business Partners LP (BBU) leadership • Q2 2025

    Question

    Devin Dodge from BMO Capital Markets inquired about the performance of Scientific Games, noting its flat earnings trajectory, and asked about the strategic repositioning of Brand Safeway towards higher-growth markets.

    Answer

    Adrian Letts, Managing Partner & Head of Business Operations, acknowledged that while Scientific Games' industry is resilient, overall growth and contract ramp-ups have been slower than expected, though he anticipates improvement over the next year. For Brand Safeway, he confirmed a repositioning to counter softness in commercial markets and challenging pricing, expressing cautious optimism for next year.

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    Devin Dodge's questions to Brookfield Business Partners LP (BBU) leadership • Q1 2025

    Question

    Devin Dodge from BMO Capital Markets asked for details on the value-enhancing realignment at Scientific Games, whether BBU would participate in the Barclays payments business investment, and if the Schoeller Allibert merger with IPL provides an eventual exit path.

    Answer

    Adrian Letts, Head of Business Operations, explained the Scientific Games realignment focuses on digitizing the lottery ecosystem under a new dedicated leadership team. CEO Anuj Ranjan confirmed BBU will participate in the Barclays investment, aligning with its financial infrastructure strategy. Adrian Letts also detailed that the Schoeller Allibert merger creates a scaled packaging producer, presenting a significant value creation opportunity without requiring new BBU funding.

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    Devin Dodge's questions to Brookfield Business Partners LP (BBU) leadership • Q4 2024

    Question

    Devin Dodge inquired about the growth opportunity for Clarios's content per vehicle, the allocation of its planned U.S. investments, and whether Scientific Games' financial leverage impacts its ability to pursue growth opportunities.

    Answer

    Mark Wallace, CEO at Clarios, explained that content per vehicle is expected to increase as vehicles require multiple energy storage devices for higher electrical demands and functional safety. He detailed that the U.S. investments will focus on modernizing facilities, increasing advanced battery capacity, expanding domestic recycling, and developing new technologies like sodium-ion. Jaspreet Dehl, CFO, added that Scientific Games is self-sustaining with stable cash flows and can fund its growth opportunities internally without additional equity from BBU.

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    Devin Dodge's questions to Brookfield Business Partners LP (BBU) leadership • Q2 2024

    Question

    Devin Dodge asked for an update on the monetization strategy for BRK Ambiental, the performance and profit improvement progress at Nielsen, and BBU's involvement in the recent nVent carve-out acquisition.

    Answer

    CFO Jaspreet Dehl explained that while an IPO for BRK Ambiental is a natural path, the difficult Brazilian IPO market means they are exploring all options. Paul Lepage, Managing Director, noted that Nielsen has seen 400 basis points of margin improvement. CEO Anuj Ranjan confirmed BBU's agreement to acquire nVent and stated the final decision on capital allocation for the deal will be made at closing in 4-5 months.

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    Devin Dodge's questions to Brookfield Infrastructure Partners LP (BIP) leadership

    Devin Dodge's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q2 2025

    Question

    Devin Dodge from BMO Capital Markets inquired about the contractual protections for BIP's Intel joint venture amid leadership changes at Intel, and the potential impact of Class I railroad mergers on the Genesee & Wyoming business.

    Answer

    CEO Sam Pollock confirmed the Intel investment is contractual, insulating BIP from commercial and capital cost overrun risks, with contributions expected in late 2026 or early 2027. Managing Partner Dave Joynt addressed the rail merger, explaining that any deal requires regulatory approval to be pro-competitive and positioned Genesee & Wyoming as a key neutral party that ensures customer access and competition across the rail network.

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    Devin Dodge's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q1 2025

    Question

    Devin Dodge asked about the data center demand environment following a pullback by a major tech company, and also questioned the impact of Intel's revised CapEx on the joint venture and the details of the JV's recent bond issuance.

    Answer

    CEO Sam Pollock stated that despite one hyperscaler's pullback, overall data center leasing demand remains strong, with record bookings in retail colocation. He views this as a positive for market discipline. CFO David Krant confirmed there has been no impact on the Intel JV, which is progressing as planned, and that its recent refinancing was completed with credit spreads 'well below' expectations, making it accretive to returns.

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    Devin Dodge's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q4 2024

    Question

    Devin Dodge of BMO Capital Markets inquired about the specifics of the minority interest sale in a Triton container portfolio and sought an update on the self-funding model for the data center platform.

    Answer

    Executive David Joynt detailed that the transaction involved selling a minority interest in a pool of leased-up containers, structured as a run-off vehicle over the assets' 15-year life, and was valued at a lower cost of capital reflecting its derisked nature. CEO Sam Pollock added that more news on the data center capital recycling program, which involves creating stabilized asset pools for institutional investors, is expected in the coming quarters.

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    Devin Dodge's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q3 2024

    Question

    Devin Dodge questioned the complexities of managing a mix of leased and owned sites in the newly expanded Indian telecom tower business, the potential for synergies, and whether BIP sees itself as the best long-term owner for the Inter Pipeline (IPL) asset.

    Answer

    Managing Partner Dave Joynt explained there is no inherent complexity in the mixed tower portfolio and that the acquisition was a value-based opportunity, not premised on synergies. CEO Sam Pollock added that some O&M synergies would exist. Regarding IPL, Joynt stated the current focus is on stabilizing the asset and optimizing its performance, rather than considering a long-term sale, though he acknowledged a strategic buyer could be a logical owner in the future.

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    Devin Dodge's questions to GFL Environmental Inc (GFL) leadership

    Devin Dodge's questions to GFL Environmental Inc (GFL) leadership • Q4 2024

    Question

    Devin Dodge inquired about the rationale for the OTPP-appointed directors stepping down and its relation to buyback plans, and also asked for clarification on the quarter-to-quarter volatility in lease obligation repayments on the cash flow statement.

    Answer

    CEO Patrick Dovigi explained the board changes are part of a planned evolution of board composition as sponsor ownership levels decrease post-buyback, and it is not a necessity for them to appoint directors. He confirmed the company is actively recruiting new independent members. Executive Luke Pelosi clarified that the lease payment volatility was due to timing of payments for a corporate aircraft lease that was being converted into a regular loan, causing puts and takes between quarters. He guided to a go-forward run-rate of $100-120 million per year for lease repayments.

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    Devin Dodge's questions to GFL Environmental Inc (GFL) leadership • Q2 2024

    Question

    Devin Dodge asked for clarification on the drivers of the sequential margin improvement expected in the second half of 2024 and inquired about the increase in corporate costs as a percentage of sales.

    Answer

    CFO Luke Pelosi detailed that the second-half margin step-up is driven by continued price-cost spread, moderating cost of risk headwinds, and the accretive impact of the Michigan residential contract sale. Regarding corporate costs, he explained that recent increases were due to investments in personnel for a larger public company, significant IT upgrades, and the mathematical effect of revenue dispositions, but expects to leverage this cost base going forward.

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    Devin Dodge's questions to Republic Services Inc (RSG) leadership

    Devin Dodge's questions to Republic Services Inc (RSG) leadership • Q4 2024

    Question

    Devin Dodge sought clarification on the $1 billion M&A spending target, asking if deals completed year-to-date are included in the 2025 guidance and how much of the target has already been deployed.

    Answer

    CFO Brian DelGhiaccio confirmed that the financial impact of deals closed to date is included in the 2025 guidance, while any future deals are not. He added that a 'good portion' of the $1 billion target has already been spent. CEO Jon Vander Ark noted that full details would be provided with Q1 results.

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