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    Kevin Wilson • Truist Securities

    Kevin Wilson's questions to Jacobs Solutions Inc (J) leadership

    Kevin Wilson's questions to Jacobs Solutions Inc (J) leadership • Q3 2025

    Question

    Kevin Wilson from Truist Securities, on behalf of Jamie Cook, inquired about specific trends in the Environmental business versus the Water business. He also asked for an update on the PA Consulting investment ahead of the March 2026 deadline.

    Answer

    Chair & CEO Bob Pragada stated that the Water sector is outperforming its long-term targets, while the Environmental business saw a near-term slowdown but is expected to inflect positively. Regarding PA Consulting, he described the dialogue with partners as thoughtful and positive, focused on structuring the partnership to unlock more future value.

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    Kevin Wilson's questions to Jacobs Solutions Inc (J) leadership • Q1 2025

    Question

    Kevin Wilson, on for Jamie Cook, asked about the potential risks of U.S. foreign policy, such as tariffs, on international projects and win rates. He also requested an update on the expected level and cadence of restructuring costs for the year.

    Answer

    Chair and CEO Bob Pragada stated they view potential trade policy shifts as an opportunity to act as trusted supply chain advisers for clients, rather than a direct threat. CFO Venk Nathamuni confirmed they are maintaining the full-year restructuring cost guidance of $75 million to $95 million, expecting a fairly steady cadence for the rest of the fiscal year.

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    Kevin Wilson's questions to Cognex Corp (CGNX) leadership

    Kevin Wilson's questions to Cognex Corp (CGNX) leadership • Q2 2025

    Question

    Kevin Wilson, on behalf of Jamie Cook of Truist Securities, asked for more detail on the company's M&A strategy, specifically regarding potential non-vision adjacencies. He also inquired if the Q3 medical lab automation licensing arrangement was a one-off opportunity or indicative of a broader strategy.

    Answer

    CEO Matt Moschner reiterated a high bar for M&A, focusing on strategic fit and value creation, and noted the Moritex deal provides confidence in executing larger transactions. Regarding the lab automation deal, Moschner explained it was a strategic resource allocation to a partner with better scale in a niche market. CFO Dennis Fehr added it represents a doubling-down on their core direct sales strategy, not a shift away from it.

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    Kevin Wilson's questions to Cognex Corp (CGNX) leadership • Q1 2025

    Question

    Kevin Wilson of Truist Securities asked for details on the newly disclosed packaging end market, including penetration opportunities and competitive dynamics, and inquired about the performance and associated OpEx of the emerging customer sales force initiative.

    Answer

    CEO Robert Willett explained that the packaging market, which includes consumer goods and healthcare, is a broad, less cyclical opportunity well-suited for Cognex's easier-to-use technology and expanded sales force. Regarding the sales initiative, Willett noted it is now integrated into the main sales team and successfully added 3,000 new customers last year. CFO Dennis Fehr added that future investment in sales capacity will be mindful of the macro environment, with a focus on overall OpEx efficiency.

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    Kevin Wilson's questions to AECOM (ACM) leadership

    Kevin Wilson's questions to AECOM (ACM) leadership • Q4 2024

    Question

    Kevin Wilson inquired about the level of investment required for the new Water & Environment Advisory business and asked for AECOM's perspective on the potential for M&A and consolidation within the infrastructure services industry.

    Answer

    CFO Gaurav Kapoor described the investment as organic, running through the P&L, and already factored into guidance, noting it offers a higher ROI (40%+) than expensive M&A. CEO Troy Rudd stated that AECOM sees no need for large-scale M&A, given its #1 market positions and focus on organic growth. He argued that deploying capital for share repurchases and organic initiatives that compound EPS growth is a superior strategy, especially as management time is a scarce resource.

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