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    Judah Aronovitz • UBS Group AG

    Judah Aronovitz's questions to Jacobs Solutions Inc (J) leadership

    Judah Aronovitz's questions to Jacobs Solutions Inc (J) leadership • Q3 2025

    Question

    Judah Aronovitz of UBS Group asked if PA Consulting's backlog supports continued double-digit growth and what factors are influencing its margins. He also questioned the implied Q4 deceleration in the net service revenue (NSR) growth guidance.

    Answer

    Chair & CEO Bob Pragada guided to strong high single-digit growth for PA Consulting, noting improved utilization is driving margins with further opportunity from efficiency gains. CFO Venk Nathamuni clarified that the Q4 guidance does not imply a deceleration, expecting performance similar to Q3's strong results.

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    Judah Aronovitz's questions to Jacobs Solutions Inc (J) leadership • Q1 2025

    Question

    Judah Aronovitz, on for Stephen Fisher, followed up on previous commentary about a second-half reacceleration in international infrastructure, asking what provides confidence in that outlook.

    Answer

    Chair and CEO Bob Pragada explained that confidence stems from consistent growth in the global water market and increasing activity in 'cities and places' work, including large-scale programs in the Middle East, the U.K., Australia, and Southeast Asia. He characterized the outlook as being supported by a diversified blend of end markets.

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    Judah Aronovitz's questions to Fluor Corp (FLR) leadership

    Judah Aronovitz's questions to Fluor Corp (FLR) leadership • Q2 2025

    Question

    Judah Aronovitz from UBS questioned the feasibility of Fluor's long-term 10-15% EBITDA CAGR target following the 2025 guidance reduction. He also asked if recent pro-growth legislation was already impacting customer conversations and sought clarification on the cash flow impact of the LNG Canada change order.

    Answer

    CEO Jim Breuer defended the long-term strategy, stating that while there is short-term hesitation, the target markets remain poised for growth over the four-year planning cycle. He noted that while it's still early, the new legislation provides tailwinds for domestic markets where Fluor is already active. CFO John Regan clarified that for the LNG Canada settlement, cash flow to Fluor occurs when the joint venture receives the funds and subsequently makes dividend distributions, which is an important two-step process.

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    Judah Aronovitz's questions to Oshkosh Corp (OSK) leadership

    Judah Aronovitz's questions to Oshkosh Corp (OSK) leadership • Q1 2025

    Question

    Judah Aronovitz, on for Steve Fisher, asked which programs were associated with the cumulative catch-up adjustment in the Defense segment and about the risk of future adjustments.

    Answer

    CFO Matthew Field clarified that the adjustment was primarily related to the JLTV and FMTV programs due to production line rebalancing. He stated that based on current information, he does not expect material cumulative catch-up adjustments going forward, as future projections are already factored into the accounting.

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    Judah Aronovitz's questions to AECOM (ACM) leadership

    Judah Aronovitz's questions to AECOM (ACM) leadership • Q1 2025

    Question

    Judah Aronovitz asked about the factors that could drive organic growth toward the upper end of the company's 5-8% long-term range and what conditions might lead to increased M&A activity given the company's low leverage.

    Answer

    CEO Troy Rudd suggested that increased global political stability would create a better marketplace and could improve growth prospects. Regarding capital allocation, Rudd reiterated a returns-based approach, prioritizing high-return organic investments. He stated that M&A would be considered primarily as a tool to accelerate organic strategies, such as building the advisory business, rather than for large, scale-based acquisitions.

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    Judah Aronovitz's questions to Primoris Services Corp (PRIM) leadership

    Judah Aronovitz's questions to Primoris Services Corp (PRIM) leadership • Q3 2024

    Question

    Judah Aronovitz asked for clarification on the source of the gain on sales recorded in the quarter and inquired about the amount of storm-related work embedded in the company's Q4 guidance.

    Answer

    CFO Ken Dodgen explained that the gain on sale was related to some equipment and, specifically, the sale of a facility in the Dallas-Fort Worth area that was no longer needed. He also stated that only a couple of million dollars of storm work is included in the Q4 outlook, as the recovery from the latest storm was quicker than anticipated.

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