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    Justin Hauke • Robert W. Baird & Co. Incorporated

    Justin Hauke's questions to Centuri Holdings Inc (CTRI) leadership

    Justin Hauke's questions to Centuri Holdings Inc (CTRI) leadership • Q2 2025

    Question

    Justin Hauke from Robert W. Baird & Co. asked for quantification of the scope additions in recent MSA renewals compared to prior contracts. He also inquired about the expected cadence of revenue growth in the second half of the year to meet the updated guidance, considering strong Q2 performance.

    Answer

    EVP & CFO Gregory Izenstark noted that MSA renewals allow for renegotiating higher pricing. President & CEO Christian Brown specified that renewals have included approximately 25% in incremental growth on the volume. Regarding H2 guidance, Izenstark explained that headwinds from lower year-over-year storm and offshore wind revenues are expected to be offset by continued strong performance in the core business.

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    Justin Hauke's questions to Centuri Holdings Inc (CTRI) leadership • Q1 2025

    Question

    Justin Hauke sought to clarify if the projection for the 'upper end of revenue' guidance also applied to adjusted EBITDA. He also asked about the risk profile of the $505 million in new work and whether it alters the company's traditional low-risk MSA model.

    Answer

    President and CEO Christian Brown responded that while the company is being cautious, they do not foresee any margin dilution and are comfortable with the EBITDA outlook. He emphasized that the new work is consistent with their core services ('sticking to the knitting') and does not represent a shift in risk profile, but rather reflects better market positioning and a focus on finding more opportunities.

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    Justin Hauke's questions to Centuri Holdings Inc (CTRI) leadership • Q4 2024

    Question

    Justin Hauke of Robert W. Baird & Co. asked for an update on the renegotiation of gas MSAs, the expected seasonality cadence for 2025, and the remaining offshore wind backlog for 2026.

    Answer

    CFO Greg Izenstark stated that gas MSA renegotiations are progressing well, with nearly 100% renewal rates providing opportunities to improve pricing and scope. He expects Q1 2025 seasonality to be consistent with last year, followed by acceleration in the second half. He also confirmed approximately $25 million in offshore wind backlog remains for 2026. CEO Christian Brown emphasized that the market opportunity for core business is strong, with a 30% pipeline growth, and that offshore wind is not a near-term focus.

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    Justin Hauke's questions to Centuri Holdings Inc (CTRI) leadership • Q3 2024

    Question

    Justin Hauke from Robert W. Baird & Co. asked for clarification on why full-year guidance was not raised despite significant storm restoration revenue, questioning the offsetting factors. He also sought to reconcile the different cost savings figures mentioned, specifically the new $12 million in supply chain savings versus the previously announced $29 million in annualized savings.

    Answer

    Jim Connell, Chief Commercial and Strategy Officer, explained that while storm revenue was strong, it was offset by subdued MSA spending in the gas business and some delays in awarded bid work on the Union Electric side. He clarified that the $29 million in savings relates to headcount reductions, of which $6.5 million was realized in Q3. The separate $12 million figure is related to new supply chain and fleet initiatives, broken down into approximately $10 million in capital spend reductions and $2 million in O&M cost savings.

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    Justin Hauke's questions to MasTec Inc (MTZ) leadership

    Justin Hauke's questions to MasTec Inc (MTZ) leadership • Q2 2025

    Question

    Justin Hauke of Robert W. Baird & Co. asked about the Communications segment, noting that the second-half outlook improved from previously flattish expectations to strong growth and questioned what was driving the change, such as data center fiber work.

    Answer

    CEO José R. Mas attributed the strong performance to outperformance in the first half, where revenue grew 38% year-over-year. He suggested the second-half outlook might be conservative and that growth is broad-based across both strong wireless execution and numerous wireline opportunities. He noted that more difficult year-over-year comps in the second half temper the growth rate but that high single to low double-digit growth is reasonable for the segment long-term.

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    Justin Hauke's questions to MasTec Inc (MTZ) leadership • Q1 2025

    Question

    Justin Hauke asked about MasTec's capacity for additional large transmission projects, its geographic strengths, and headcount trends. He also requested an update on the revenue potential from direct data center construction work in 2025.

    Answer

    CEO Jose Mas affirmed that the transmission market is robust across the U.S. and that MasTec is well-positioned to win another large project. He clarified that while total headcount is down due to scaling in the unionized pipeline business, the non-pipeline employee count is significantly up. Regarding data centers, he noted that while the opportunity set is incredible, some shifts in hyperscaler strategies have created negative impacts that are factored into the 2025 model.

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    Justin Hauke's questions to MasTec Inc (MTZ) leadership • Q4 2024

    Question

    Justin Hauke from Robert W. Baird & Co. questioned the role of receivables factoring in the strong Q4 operating cash flow. He also asked for the specific 18-month backlog value attributed to the recently named Greenlink transmission contract.

    Answer

    CFO Paul Dimarco clarified that the accounts receivable program had a negligible impact on cash flow, which was primarily driven by lower DSOs, WIP reduction, and higher mobilization payments. Regarding Greenlink, Dimarco and CEO Jose Mas indicated its annual revenue contribution is around $500 million and that the project accounted for roughly half of the Power Delivery segment's $900 million year-over-year backlog growth.

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    Justin Hauke's questions to MasTec Inc (MTZ) leadership • Q3 2024

    Question

    Justin Hauke of Robert W. Baird & Co. Incorporated sought clarity on whether the large transmission project is fully reflected in backlog and asked about the sustainability of the high Clean Energy margins seen in Q3.

    Answer

    CEO Jose Mas explained that the transmission project is fully signed, but only the 18-month revenue portion is included in the reported backlog figure. Regarding Clean Energy margins, he attributed the Q3 strength to improved project execution and the roll-off of older, troubled jobs, not one-time events. He expects Q4 margins to approach Q3 levels, with the slight difference due to holiday seasonality, and anticipates year-over-year margin improvement in 2025.

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    Justin Hauke's questions to EMCOR Group Inc (EME) leadership

    Justin Hauke's questions to EMCOR Group Inc (EME) leadership • Q2 2025

    Question

    Justin Hauke from Robert W. Baird & Co. asked about the drivers of the raised guidance, questioning if it was due to Q2 outperformance or a revised second-half outlook, and also inquired about the company's perspective on the renewables market.

    Answer

    CFO Jason Nalbandian and CEO Tony Guzzi explained the guidance increase was twofold, reflecting both the strong Q2 results and higher margin expectations for the second half. On renewables, Guzzi reiterated EMCOR's philosophy of focusing on durable, customer-funded demand rather than subsidized markets. Nalbandian quantified that renewables, in the broadest sense, represent less than 5% of total revenue.

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    Justin Hauke's questions to EMCOR Group Inc (EME) leadership • Q2 2025

    Question

    Justin Hauke of Robert W. Baird & Co. asked for clarification on the updated guidance, specifically whether it was driven more by the strong Q2 results or an improved second-half outlook, and also inquired about EMCOR's exposure to the renewables sector.

    Answer

    CFO Jason Nalbandian explained the guidance raise was twofold, reflecting both the Q2 outperformance and expectations for strong margins (9.0% to 9.6%) in the second half. Chairman, President & CEO Tony Guzzi elaborated on renewables, stating that EMCOR's philosophy is to focus on durable demand driven by customer capital, not subsidies. He noted that while they do renewables work when requested by customers, it's not a primary strategic focus, with CFO Nalbandian quantifying it as less than 5% of total revenue.

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    Justin Hauke's questions to MYR Group Inc (MYRG) leadership

    Justin Hauke's questions to MYR Group Inc (MYRG) leadership • Q2 2025

    Question

    Justin Hauke from Robert W. Baird & Co. requested an update on the revenue contribution from renewables and solar work within the T&D segment. He also asked about the company's capital allocation philosophy, specifically how it balances M&A opportunities against share buybacks, given its strong balance sheet.

    Answer

    President, CEO & Director Richard Swartz stated the company remains selective on T&D solar projects. SVP & CFO Kelly Huntington specified that T&D solar revenue, which was 10% of the segment's total in 2024, fell to 4% in Q4 and continued to decline in H1 2025. On capital allocation, Mr. Swartz emphasized a disciplined approach, noting that the strong balance sheet allows for simultaneous pursuit of organic growth, strategic M&A, and opportunistic share repurchases.

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    Justin Hauke's questions to MYR Group Inc (MYRG) leadership • Q1 2025

    Question

    Justin Hauke asked about the lower capital expenditures in recent quarters, questioning if it signaled a shift toward renting assets over purchasing due to cost volatility and tariffs. He also sought to confirm the timing of the revenue headwind from rolling-off solar projects, expecting it to primarily impact Q2 before growth normalizes in the second half.

    Answer

    SVP and CFO Kelly Huntington clarified that lower Q1 CapEx was a matter of timing for equipment delivery and the company's benchmark of CapEx at mid-2% of revenue remains a good guide, with no major shift in its buy-versus-rent strategy. Both Huntington and CEO Richard Swartz confirmed the solar headwind dynamic, with Huntington providing specific data showing solar's declining share of T&D revenue, which fell to 2% in Q1 2025.

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    Justin Hauke's questions to MYR Group Inc (MYRG) leadership • Q4 2024

    Question

    Justin Hauke inquired about the outlook for free cash flow in 2025, noting that the completion of challenged projects seems to have shifted unbilled amounts to accounts receivable. He also asked for an update on the revenue contribution from clean energy projects in the T&D segment for the fourth quarter and full year.

    Answer

    CFO Kelly Huntington confirmed expectations for stronger free cash flow generation in 2025, driven by increased profitability and the collection of cash from reduced pending change orders and retainage, which are down 40% and 20% respectively from Q3. She cautioned that cash flows can be lumpy due to project timing. President and CEO Richard Swartz stated that clean energy projects represented about 4% of T&D revenue for the full year. Kelly Huntington clarified it was about 10% for the fourth quarter. Swartz added that while the company will be selective, it has not exited the clean energy market and will pursue projects at the right price.

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    Justin Hauke's questions to MYR Group Inc (MYRG) leadership • Q3 2024

    Question

    Justin Hauke sought clarification on the strong C&I margins, asking for quantification of positive offsets. He also asked about the financial impact of storm work during the quarter and the revenue growth outlook for 2025 given the flat backlog.

    Answer

    CFO Kelly Huntington explained that C&I margins benefited from positive adjustments on certain projects nearing completion, which helped offset losses from the single problem project. She noted that because recent losses were highly concentrated, the performance of the rest of the business appears stronger. Executive Richard Swartz characterized storm work as a positive contributor but not a 'needle mover.' For 2025, Kelly Huntington projected high single-digit growth opportunities in core T&D and C&I, which would be partially offset by declining revenue from the clean energy work that is winding down.

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    Justin Hauke's questions to Quanta Services Inc (PWR) leadership

    Justin Hauke's questions to Quanta Services Inc (PWR) leadership • Q2 2025

    Question

    Justin Hauke of Robert W. Baird & Co. asked about the status of major projects like Boardman Hemingway and Grain Belt Express, particularly regarding potential start-up and wind-down noise relative to the completed SunZia project. He also questioned why the free cash flow outlook was unchanged despite higher EBITDA guidance.

    Answer

    President & CEO Duke Austin stated that the transmission business is growing even after SunZia's completion and confirmed Grain Belt Express is not yet in backlog due to political hurdles, reflecting the company's conservative booking approach. CFO Jayshree Desai explained the free cash flow guidance remains unchanged to prudently account for the timing of a large Canadian receivable settlement, which is expected this year but whose cash impact is hard to predict precisely.

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    Justin Hauke's questions to Quanta Services Inc (PWR) leadership • Q1 2025

    Question

    Justin Hauke asked for the relative size and permitting status of the newly announced 500 kV line project compared to SunZia, and also sought to confirm details about recent acquisitions.

    Answer

    President and CEO Duke Austin confirmed the LADWP line is a public project valued at over $1 billion and that permitting is on track for a 2026 construction start. CFO Jayshree Desai clarified that the two acquisitions closed in the quarter were those previously announced, with no new M&A factored into the updated guidance.

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    Justin Hauke's questions to Quanta Services Inc (PWR) leadership • Q4 2024

    Question

    Justin Hauke asked about the financial impact of the California wildfires in the first quarter and the long-term implications for grid hardening, particularly the cost and opportunity related to undergrounding power lines.

    Answer

    President & CEO Earl Austin discussed Quanta's involvement in ongoing grid hardening and resiliency programs in California and other regions in response to violent weather events. He acknowledged that undergrounding is expensive but noted it is becoming a necessary solution to mitigate long-term fire risk. He emphasized that Quanta is collaborating with clients to modernize the grid and also actively manages its own operational risks associated with fires.

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    Justin Hauke's questions to UniFirst Corp (UNF) leadership

    Justin Hauke's questions to UniFirst Corp (UNF) leadership • Q3 2025

    Question

    Justin Hauke from Robert W. Baird & Co. asked about current labor cost trends and sought clarification on the $5.7 million in strategic advisory and legal expenses mentioned in the quarter.

    Answer

    President & CEO Steven Sintros described the labor environment as "pretty stable," noting that a more stable workforce has improved execution and efficiency. He clarified that of the $5.7 million in unusual costs, approximately $3.5 million related to prior strategic discussions with Cintas, while the remainder was an accrual for an ongoing employee legal matter that is not expected to have a significantly longer tail.

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    Justin Hauke's questions to UniFirst Corp (UNF) leadership • Q2 2025

    Question

    Justin Hauke sought to clarify if the organic growth outlook for Core Laundry was unchanged, with improved retention offsetting wearer weakness. He also asked if the reduction in key initiative costs was a true cost decrease or a timing shift.

    Answer

    EVP and CFO Shane O’Connor confirmed the organic growth expectation remains around 1.8%, with various puts and takes. He clarified that the lower key initiative expense is not due to a change in total project cost or timing, but rather a higher percentage of current spending qualifying for capitalization. CEO Steven Sintros added that retention improvements were anticipated and are now materializing.

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    Justin Hauke's questions to Custom Truck One Source Inc (CTOS) leadership

    Justin Hauke's questions to Custom Truck One Source Inc (CTOS) leadership • Q1 2025

    Question

    An associate for Justin Hauke asked about the typical conversion time from TES orders to sales revenue and questioned the removal of the sub-4.0x year-end leverage target, seeking a new target for year-end 2025.

    Answer

    CEO Ryan McMonagle explained that order-to-revenue conversion time varies from in-month to 3-6 months depending on the product, with 3-4 months being a reasonable average. CFO Chris Eperjesy clarified the leverage outlook, stating the goal remains a meaningful reduction from the Q1 level of 4.8x. He added that the company could get close to or below the 4.0x mark if it achieves the high end of its $50-$100 million free cash flow target.

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    Justin Hauke's questions to Custom Truck One Source Inc (CTOS) leadership • Q4 2024

    Question

    Justin Hauke from Robert W. Baird & Co. questioned the confidence in the strong TES revenue guidance given the significant year-over-year decline in backlog. He also asked about the expected seasonality for 2025 and the financial impact of the recent sale-leaseback transaction.

    Answer

    CEO Ryan McMonagle explained that backlog is normalizing from elevated levels and that strong net order trends support the TES forecast. He confirmed a 45/55 first-half/second-half split for 2025 revenue and EBITDA. McMonagle also clarified the sale-leaseback will result in an incremental lease expense of $4.5-$5 million, primarily hitting COGS. CFO Chris Eperjesy added that past backlog declines did not prevent revenue growth, showing a weak correlation.

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    Justin Hauke's questions to Custom Truck One Source Inc (CTOS) leadership • Q3 2024

    Question

    Justin Hauke from Robert W. Baird & Co. Incorporated asked for the key drivers behind the company's forecast for double-digit adjusted EBITDA growth in 2025, particularly how the TES segment would contribute given its declining backlog. He also requested clarification on the term 'mix' as it relates to the recent pressure on on-rent yield (ORY).

    Answer

    CEO Ryan McMonagle explained that despite a normalized backlog, the company still anticipates growth in the TES segment in 2025, consistent with historical performance. He clarified that the pressure on on-rent yield (ORY) is due to a 'mix' of both the type of equipment being rented (e.g., lower ORY distribution vs. higher ORY vocational) and the customer base being served.

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    Justin Hauke's questions to Cintas Corp (CTAS) leadership

    Justin Hauke's questions to Cintas Corp (CTAS) leadership • Q3 2025

    Question

    Justin Hauke sought clarification on the implied deceleration in Q4 organic growth and asked which segment the $15 million gain on property sale was allocated to.

    Answer

    EVP and CFO Mike Hansen explained that the $15 million gain was spread across all segments. He clarified that the apparent Q4 growth deceleration is an artifact of the calendar, as Q4 has one less workday, creating a 160-basis-point headwind to total growth. After adjusting for this, the underlying growth trajectory remains consistent.

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    Justin Hauke's questions to Bowman Consulting Group Ltd (BWMN) leadership

    Justin Hauke's questions to Bowman Consulting Group Ltd (BWMN) leadership • Q4 2024

    Question

    Justin Hauke asked about Bowman's exposure to the land development market in the Washington D.C. area, particularly in light of a local real estate downturn, and requested a quantification of that business segment's size relative to the total portfolio.

    Answer

    CEO Gary Bowman acknowledged the company's historical roots in the D.C. market but emphasized that significant diversification has made its current exposure much less substantial, quantifying it as 'low single digits' of the overall portfolio. CFO Bruce Labovitz characterized the current market softness as a temporary phenomenon that does not deter long-term developers, noting the D.C. economy's overall diversity and resilience.

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    Justin Hauke's questions to ABM Industries Inc (ABM) leadership

    Justin Hauke's questions to ABM Industries Inc (ABM) leadership • Q1 2025

    Question

    Justin Hauke questioned the sustainability of the Aviation segment's strength in light of a recent airline demand preannouncement and asked for the reason behind the year-over-year decline in the Technical Solutions backlog from $590 million to $490 million.

    Answer

    President and CEO Scott Salmirs asserted that the Aviation business is resilient to minor shifts in travel demand as their scope of work remains unchanged. Regarding the ATS backlog, he emphasized the strength and terrific backlog of the RavenVolt microgrid business and the overall high demand for power resiliency, without directly addressing the specific year-over-year change in the total backlog figure.

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    Justin Hauke's questions to Ecolab Inc (ECL) leadership

    Justin Hauke's questions to Ecolab Inc (ECL) leadership • Q4 2024

    Question

    Justin Hauke inquired about the spending and savings pace for the One Ecolab initiative, asking if the total planned cost was still accurate.

    Answer

    Scott Kirkland, CFO, confirmed the program's primary goal is enabling sales growth. He noted that due to strong execution, the program's savings are being front-loaded, with 40-50% of the total savings now expected in 2025. Christophe Beck, Chairman and CEO, added that this acceleration is a positive sign of adoption and is already driving improved performance, as seen in the F&B business.

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    Justin Hauke's questions to Tetra Tech Inc (TTEK) leadership

    Justin Hauke's questions to Tetra Tech Inc (TTEK) leadership • Q1 2025

    Question

    Justin Hauke asked for a breakdown of the Q1 USAID revenue between Ukraine and other projects, and also posed a high-level question about risks to structural programs like the IRA or PFAS rules under the new administration.

    Answer

    CEO Dan Batrack specified that of the roughly $200 million in Q1 USAID revenue, about $150 million was from Ukraine. Regarding broader risks, Batrack emphasized Tetra Tech's conservative forecasting approach, noting the company has not factored in significant revenue from areas like PFAS. He suggested that the current market disruption could ultimately benefit strong companies like Tetra Tech by reducing competition and potentially leading to more work at better margins.

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