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    Kevin Gainey

    Senior Research Analyst at Thompson, Davis & Company, Inc.

    Kevin Gainey is a Senior Research Analyst at Thompson, Davis & Company, Inc., specializing in the Transportation & Logistics sector with dedicated research coverage on GXO Logistics, RXO, and XPO Inc. Known for his in-depth industry insights and active participation in company earnings calls, he offers company-specific research and regular sector updates. Gainey began his career as an associate research analyst at Thompson Davis in 2016 and has since advanced to his current role, focusing exclusively on transportation equities. He maintains professional credentials relevant to equity research, including FINRA registration and associated securities licenses.

    Kevin Gainey's questions to North American Construction Group (NOA) leadership

    Kevin Gainey's questions to North American Construction Group (NOA) leadership • Q2 2025

    Question

    Kevin Gainey of Thompson, Davis & Company asked about the impact of the oil sands shutdown on revenue versus costs, the outlook for smoother operations in H2, and the expected EBITDA cadence between Q3 and Q4. He later inquired about the strategy for moving equipment to Australia and the revenue outlook for the Nuna joint venture.

    Answer

    CEO Joe Lambert clarified that the abrupt oil sands shutdown directly impacted revenue and created cost inefficiencies, but he does not expect a recurrence in H2 after discussions with the client. CFO Jason Veenstra stated that Q3 and Q4 EBITDA should be relatively flat quarter-over-quarter. Lambert also explained that moving significant equipment to Australia is contingent on winning specific large contracts, like a key opportunity in 2027, and that while Nuna is in a trough year, significant opportunities exist from 2026 onward.

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    Kevin Gainey's questions to Great Lakes Dredge & Dock (GLDD) leadership

    Kevin Gainey's questions to Great Lakes Dredge & Dock (GLDD) leadership • Q2 2025

    Question

    Kevin Gainey of Thompson Davis & Co. sought more detail on the Acadia's market opportunities, specifically international wind versus asset protection. He also asked about the Q4 dry dock schedule and the cash flow outlook for the second half of the year.

    Answer

    CEO Lasse Petterson detailed that the Acadia is being actively bid for European offshore wind farms, power cable protection, and safeguarding subsea oil and gas infrastructure. SVP & CFO Scott Kornblau stated two vessels are planned for dry dock in Q4, 2026 will be a light dry dock year, and H2 2025 cash flow is expected to be 'flattish' before significant cash generation begins in 2026.

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    Kevin Gainey's questions to Primoris Services (PRIM) leadership

    Kevin Gainey's questions to Primoris Services (PRIM) leadership • Q1 2025

    Question

    Kevin Gainey from Thompson, Davis & Company asked about customer conversations in communications and power delivery, and also inquired about the drivers behind higher accounts payable and the cash flow outlook.

    Answer

    Chairman and Interim CEO David King noted continued demand for growth from communications clients and that major utility capital programs are driving power delivery work. CFO Ken Dodgen stated the accounts payable increase was due to timing and expects it to normalize. He expressed confidence in the full-year operating cash flow outlook, suggesting it could exceed $250 million.

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    Kevin Gainey's questions to Primoris Services (PRIM) leadership • Q3 2024

    Question

    Kevin Gainey asked about the factors that would drive performance to the low or high end of the Q4 EBITDA guidance range. He also requested more detail on the Q4 cash flow outlook and the potential growth impact from recent California utility rate case approvals.

    Answer

    CFO Ken Dodgen explained that the Q4 EBITDA outcome will be heavily driven by the timing of the seasonal shutdown in Utilities and the timing of project closeouts in the Energy segment. He expects Q4 cash flow to be solid but lower than the prior year, around $100 million, due to some cash being pulled forward into Q3. CEO Tom McCormick noted that while it's still early, the California rate approvals are expected to create project opportunities for the gas distribution business in 2025.

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    Kevin Gainey's questions to GXO Logistics (GXO) leadership

    Kevin Gainey's questions to GXO Logistics (GXO) leadership • Q4 2024

    Question

    Kevin Gainey of Thompson Davis asked for color on the customer pipeline dynamics, including customer urgency, and inquired about the competitive landscape and signs of green shoots in warehousing.

    Answer

    CEO Malcolm Wilson described a very strong sales pipeline, up 15% YoY to $2.3B, which excludes the Wincanton pipeline. He noted a resurgence in e-commerce projects and new inquiries related to potential U.S. tariff changes. He stated the competitive landscape is stable. CSO Kristine Kubacki added that GXO's proprietary AI technology is a key differentiator, delivering productivity gains of 3-4x and helping to win new business.

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    Kevin Gainey's questions to RADIANT LOGISTICS (RLGT) leadership

    Kevin Gainey's questions to RADIANT LOGISTICS (RLGT) leadership • Q2 2025

    Question

    Kevin Gainey of Thompson, Davis & Company inquired about management's current view on market conditions compared to the previous year. He also asked about the competitive landscape, pricing discipline, and the near-term outlook for the upcoming March quarter.

    Answer

    Executive Bohn Crain responded that while the market remains soft and the near-term will be tough, he is more bullish on Radiant's relative position and long-term prospects than he was a year ago, citing the company's financial flexibility and technology stack. He noted that the market is still 'bouncing along the bottom' and needs more asset-based capacity to exit. CFO Todd Macomber and Crain both indicated the March quarter is seasonally the slowest and will likely perform similarly to the prior year, with tariffs being a wildcard.

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    Kevin Gainey's questions to RADIANT LOGISTICS (RLGT) leadership • Q1 2025

    Question

    Kevin Gainey of Thompson, Davis & Company asked about the company's experience during previous tariff cycles, current trends in specific end markets like retail and industrial, and the operating cash flow for the reported quarter.

    Answer

    Executive Bohn Crain explained that past tariffs prompted customers to pull forward inventory and reconfigure supply chains, creating service opportunities for Radiant. He anticipates similar dynamics, including tightening warehouse capacity. Crain described the current freight market as 'pretty darn soft' across most verticals, with the exception of e-commerce. CFO Todd Macomber and Bohn Crain specified that quarterly cash from operations was near breakeven at $205,000, primarily due to significant cash outflows for acquisitions.

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    Kevin Gainey's questions to RADIANT LOGISTICS (RLGT) leadership • Q4 2024

    Question

    Kevin Gainey from Thompson, Davis & Company asked for an outlook on fiscal year 2025 based on July and August trends, changes in M&A seller expectations, targeted acquisition segments, and details on the USAID contract's role during Hurricane Francine.

    Answer

    CEO Bohn Crain suggested that the March quarter likely represented the market bottom and that the current quarter's performance is a more indicative run rate going forward. He highlighted Radiant's strong balance sheet and active M&A stance, noting that while seller expectations haven't changed significantly, there are fewer buyers, creating opportunities. Crain also mentioned the maturing pipeline of agent conversions. He declined to provide specific details on the USAID contract but affirmed Radiant expects to be a key partner in disaster response situations.

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