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    Michael Dudas • Vertical Research Partners

    Michael Dudas's questions to Martin Marietta Materials Inc (MLM) leadership

    Michael Dudas's questions to Martin Marietta Materials Inc (MLM) leadership • Q2 2025

    Question

    Michael Dudas asked for commentary on unit cost performance trends and inquired about the planned use for the $450 million in cash received from the Quikrete asset exchange.

    Answer

    CEO C. Howard Nye noted that cost performance was solid despite being hampered by weather-related stop-start operations. CFO Michael Petro stated that capital allocation priorities remain focused on M&A, and the cash can be viewed as funding the recent Premier acquisition. He also mentioned plans to pay off a $125 million bond due at year-end.

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    Michael Dudas's questions to Martin Marietta Materials Inc (MLM) leadership • Q1 2025

    Question

    Michael Dudas of Vertical Research Partners followed up on the M&A topic, asking if the macro environment has changed the sentiment in the acquisition pipeline. He also inquired if the company is positioned for reasonably sized assets that may come to market, given its recent portfolio transformation.

    Answer

    Chair and CEO Ward Nye stated he sees no material changes in M&A sentiment, as deals in the space are typically driven by family succession rather than market timing. He expects an attractive year for aggregates-led M&A, with a long runway of opportunities through 2030. Nye noted the company has identified privately-held businesses producing 250 million tons annually in target markets. He affirmed that Martin Marietta is prepared to be opportunistic and 'lean in' for compelling businesses, suggesting the company is ready for deals of various sizes.

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    Michael Dudas's questions to Martin Marietta Materials Inc (MLM) leadership • Q4 2024

    Question

    Michael Dudas asked about the residential market's sensitivity to potential interest rate relief and whether a significant demand surge could occur, as well as any shifts in the single-family versus multi-family mix.

    Answer

    CEO Ward Nye noted positive signs in the residential market, including builders actively buying and entitling land and improving builder confidence in key states. He highlighted that the company is skewed toward single-family housing, which is 2-3x more aggregates-intensive than multi-family. While acknowledging the market has been a 'long slog,' he believes buyers are adjusting to higher rates and that a significant demand surge is possible given the structural underbuilding of 7 million homes, which would greatly benefit Martin Marietta's Sunbelt-focused footprint.

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    Michael Dudas's questions to Martin Marietta Materials Inc (MLM) leadership • Q3 2024

    Question

    Michael Dudas asked for a geographic breakdown of the 2025 volume and pricing outlook, seeking to identify regions with particular strength or potential for upside surprises.

    Answer

    CEO C. Nye highlighted Southern California, Texas (especially North Texas), and Florida as expected bright spots, bolstered by M&A and strong local economies. He also pointed to robust DOT budgets in states like North Carolina, Georgia, Colorado, and Arizona as a key driver for public sector demand, underpinning a positive multi-year outlook for both volume and pricing across key geographies.

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    Michael Dudas's questions to Granite Construction Inc (GVA) leadership

    Michael Dudas's questions to Granite Construction Inc (GVA) leadership • Q2 2025

    Question

    Michael Dudas of Vertical Research Partners requested more perspective on the Warren Paving acquisition, focusing on asset quality and potential synergies. He also sought clarification on whether the updated 2027 financial targets include future M&A and asked about the sourcing and negotiation timeline for the recent deals.

    Answer

    President and CEO Kyle Larkin characterized Warren Paving as a high-performing, materials-centric business that significantly enhances the Southeast platform with its aggregate resources and logistics network. He noted numerous synergy opportunities, including internal sales, distribution network expansion, and pursuing federal projects. Larkin clarified the updated 2027 targets include the two closed acquisitions and assume 6-8% organic growth, plus an expectation of completing two to three additional deals per year, though no specific financial impact from future deals is baked in. He concluded by stating the Pappage deal was self-sourced while Warren Paving was a bank-led process.

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    Michael Dudas's questions to Granite Construction Inc (GVA) leadership • Q1 2025

    Question

    Michael Dudas of Vertical Research Partners inquired about the performance and outlook for the Federal business, specifically regarding Washington policy and activity in Guam. He also asked for an update on the performance of the Southeast acquisitions and the public versus private work mix in that region.

    Answer

    President and CEO Kyle Larkin described the Federal business as a current strength, noting significant opportunities and recent project wins in Guam and Texas. He stated that the Southeast acquisitions are performing very well, emphasizing that the successful integration and strong local leadership provide confidence to continue building out that platform and pursue further vertically integrated M&A.

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    Michael Dudas's questions to Granite Construction Inc (GVA) leadership • Q4 2024

    Question

    Michael Dudas requested a regional outlook for 2025, asking about specific market puts and takes. He also inquired how the strategic shift to 'best value' projects is aiding margin improvement and whether project execution is consistently outperforming as-sold margins.

    Answer

    CEO Kyle Larkin responded that market strength is broad-based across all geographies, reflecting a robust public market. He highlighted that Granite secured $450 million more in low bids in Q4 2024 versus Q4 2023, which will flow into CAP in early 2025. Larkin explained that the 'best value' project mix is consistent, but more projects are now converting to the construction phase, allowing for larger, complex work with less risk than historical design-build projects. He affirmed that project execution has improved and overall business risk is significantly lower than in prior years.

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    Michael Dudas's questions to Granite Construction Inc (GVA) leadership • Q3 2024

    Question

    Michael Dudas asked about the public versus private sector mix within the 2027 revenue growth target, the company's capital allocation strategy between M&A and share repurchases, and the potential size of future acquisitions.

    Answer

    CEO Kyle Larkin and CFO Staci Woolsey addressed the questions. Larkin noted the 6-8% growth target is supported by high visibility in the public market (75% of revenue), with private markets also remaining strong. Woolsey outlined a capital allocation strategy that prioritizes M&A and business investment but includes near-term share repurchases. Larkin added that Granite expects to complete 1-2 deals per year similar in size to recent acquisitions (around $300M combined) and would consider larger deals that fit its strict strategic criteria, guided by a leverage target of 2.5x EBITDA.

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    Michael Dudas's questions to CRH PLC (CRH) leadership

    Michael Dudas's questions to CRH PLC (CRH) leadership • H1 2025

    Question

    Michael Dudas inquired about the project pipeline for Road Solutions and Critical Infrastructure, asking if there was any customer hesitancy and how the integrated model supports reshoring opportunities.

    Answer

    CEO Jim Mintern confirmed that the pipeline for Roads is strong, with no project delays or pushbacks, supported by predictable public funding and the ongoing ramp-up of IIJA projects. He highlighted that CRH's 'connected portfolio' is a key advantage, allowing them to provide not just road materials but also the associated water, energy, and communications infrastructure, which is crucial for large-scale projects.

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    Michael Dudas's questions to Tutor Perini Corp (TPC) leadership

    Michael Dudas's questions to Tutor Perini Corp (TPC) leadership • Q2 2025

    Question

    Michael Dudas of Vertical Research Partners inquired about major project closeouts, win rate expectations, the drivers behind the strong first-half performance, and the company's cash flow outlook and capital allocation strategy.

    Answer

    CEO Gary Smalley and Executive Chairman Ronald Tutor clarified that the focus is on ramping up new, large-scale projects rather than closing out old ones, and they are confident in their win rate for upcoming bids. Smalley attributed the outperformance to faster project ramp-ups, significant reductions in Costs in Excess of Billings (CIE), and fewer project write-downs than contingency had allowed for. CFO Ryan Soroka projected full-year operating cash flow to be between $350 million and $500 million. Regarding capital allocation, Smalley stated the board will remain fiscally conservative to accumulate more cash for working capital to support the company's significant growth.

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    Michael Dudas's questions to Tutor Perini Corp (TPC) leadership • Q1 2025

    Question

    Michael Dudas of Vertical Research Partners questioned the company's strategy for pursuing opportunities in the Indo-Pacific region, the outlook for backlog growth through year-end, and the expected timing for peak revenue generation from the current backlog.

    Answer

    Executive Chairman Ron Tutor described opportunities in the Pacific as 'tremendous,' with the main constraint being capacity, not a lack of projects. CEO Gary Smalley highlighted their success in qualifying for four MACCs with a combined $32 billion capacity. Smalley projected the backlog would likely be maintained or grow slightly from its current $19.4 billion level. Tutor projected that revenue would ramp up significantly in 2026 and peak in 2027 as large projects get fully underway.

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    Michael Dudas's questions to Tutor Perini Corp (TPC) leadership • Q4 2024

    Question

    Michael Dudas inquired about the proportion of 2025's projected results that are already secured in the current backlog and how the company is positioning for new projects regarding contract terms and operational capacity.

    Answer

    CEO Gary Smalley indicated the proportion is similar to past years. Executive Chairman Ron Tutor emphasized that 2025 projections rely heavily on the existing large backlog, with minimal contribution needed from new work. Smalley added that with its record backlog, the company can be highly selective and is already securing the favorable contractual terms it desires on new projects.

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    Michael Dudas's questions to Tutor Perini Corp (TPC) leadership • Q3 2024

    Question

    Michael Dudas of Vertical Research Partners sought clarification on the company's potential 'hiatus from bidding' on large projects, asking if it was a matter of reaching capacity and if it reflected broader market tightness.

    Answer

    CEO Ronald Tutor clarified that a potential bidding pause would apply only to mega-projects ($1 billion-plus) to ensure resources are available for the existing backlog, while bidding on smaller projects would continue. President Gary Smalley added that the company has not yet reached this point but considers it a potential strategy if the high win rate continues.

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    Michael Dudas's questions to Jacobs Solutions Inc (J) leadership

    Michael Dudas's questions to Jacobs Solutions Inc (J) leadership • Q3 2025

    Question

    Michael Dudas of Vertical Research Partners asked how the strategic focus on the 'total life cycle' of projects has impacted backlog and margins, and which markets offer the next growth opportunity. He also requested a breakdown of margin drivers and details on organic investments.

    Answer

    Chair & CEO Bob Pragada confirmed the life cycle strategy is working, with early engagement via PA Consulting leading to full-scope wins in key growth areas. CFO Venk Nathamuni explained that recent margin gains came from cost discipline, with future improvements expected from gross margin initiatives. He added that organic investments are focused on AI and internal efficiencies.

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    Michael Dudas's questions to Jacobs Solutions Inc (J) leadership • Q2 2025

    Question

    Michael Dudas requested more detail on the growth drivers in the Water and Energy & Power markets, particularly the link to advanced manufacturing clients. He also asked about the timing and rationale for potentially increasing the company's investment in PA Consulting.

    Answer

    Chair and CEO Bob Pragada explained that Energy & Power growth is driven by grid modernization tied to data centers, while Water growth is strong globally. Regarding PA Consulting, he noted the original investment structure included a planned liquidity window, and now is the right time to deepen the successful partnership. CFO Venk Nathamuni added that the company has a strong balance sheet to support such an investment.

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    Michael Dudas's questions to Jacobs Solutions Inc (J) leadership • Q1 2025

    Question

    Michael Dudas requested an overview of international business trends across Europe, the Middle East, and Australia. He also asked about the expected cadence of operating cash flow for the remainder of fiscal 2025.

    Answer

    Chair and CEO Bob Pragada described a strong Middle East pipeline, European growth in energy transition and advanced facilities, and a positive turn in Australia led by transportation and water projects. CFO Venk Nathamuni reiterated the full-year target of over 100% free cash flow conversion, noting a back-half weighted cadence due to higher cash tax payments in Q1 and Q2.

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    Michael Dudas's questions to Jacobs Solutions Inc (J) leadership • Q4 2024

    Question

    Michael Dudas inquired about the growth of the project pipeline across Jacobs' three main end markets and asked what portion of the fiscal 2025 outlook is currently secured in backlog. He also asked for client perspectives on the U.S. election's potential impact.

    Answer

    CEO Bob Pragada reported strong, double-digit pipeline growth in water, environmental, and advanced facilities, with a recovery in critical infrastructure. He confirmed a historically high percentage of FY25 revenue is in the backlog. Regarding the election, Pragada stated the impact is seen as 'net neutral,' as key projects are tied to state/local funding, long-term infrastructure needs, and global industrial trends, with only 10% of the portfolio in the federal market, primarily stable DoD work.

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    Michael Dudas's questions to AECOM (ACM) leadership

    Michael Dudas's questions to AECOM (ACM) leadership • Q3 2025

    Question

    Michael Dudas of Vertical Research Partners asked how AECOM's increasing engagement in the earlier stages of client projects provides confidence in the long-term organic growth cycle and the ability to capture greater wallet share.

    Answer

    Chairman & CEO Troy Rudd explained that early-stage pipeline growth, driven by clearer government agendas, provides a four-to-five-year visibility into future work. He noted that the expansion into advisory and program management increases AECOM's addressable portion of client budgets from 10-15% to 30-40%, which carries higher margins and provides confidence in the long-term outlook.

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    Michael Dudas's questions to AECOM (ACM) leadership • Q1 2025

    Question

    Michael Dudas inquired whether client optimism and capital investment in the U.S. were accelerating, particularly around reshoring, and asked about the role of AECOM's water business in supporting growth areas like power and data centers.

    Answer

    CEO Troy Rudd noted that while the current pipeline's makeup hasn't changed, the administration's focus on reshoring and potential permitting reform is expected to create more U.S. opportunities over time, with impacts likely seen after the next federal budget. He affirmed that AECOM's water business is well-positioned to support projects in high-growth sectors like power and data centers, which represents an expansion of its pipeline.

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    Michael Dudas's questions to AECOM (ACM) leadership • Q4 2024

    Question

    Michael Dudas asked about the new Water and Environment Advisory business, specifically whether its growth would be driven primarily by expanding services to the current client base or by capturing new clients.

    Answer

    President Lara Poloni stated the strategy is 'both.' She sees significant opportunity to deepen engagement with existing municipal and federal clients, particularly around digital modernization. She also highlighted the potential to win new clients in the U.S. and capitalize on the upcoming AMP8 investment cycle in the U.K., where the advisory services will be highly relevant for both incumbent and new frameworks.

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    Michael Dudas's questions to Fluor Corp (FLR) leadership

    Michael Dudas's questions to Fluor Corp (FLR) leadership • Q2 2025

    Question

    Michael Dudas of Vertical Research Partners asked for an update on the three underperforming infrastructure projects, their completion status, and whether the issues are now contained. He also inquired about the performance of the broader project portfolio and if the current client hesitation on new awards could extend into 2026.

    Answer

    CEO Jim Breuer expressed disappointment with the infrastructure results but noted the projects are 97%, 78%, and 58% complete, respectively, and that the issues are specific to them. He stated the rest of the portfolio is performing very well. CFO John Regan added that potential recoveries on these projects are substantially larger than what is currently forecasted. Regarding 2026, Breuer said the project outlook depends on the economic environment settling down, giving clients certainty on costs and supply chains, particularly for commodities affected by tariffs.

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    Michael Dudas's questions to Fluor Corp (FLR) leadership • Q1 2025

    Question

    Michael Dudas asked about the recent evolution of client sentiment, distinguishing between time-to-market driven clients and those more sensitive to cost, and the significance of having 90% of the new award pipeline already under some form of service contract.

    Answer

    CEO James Breuer explained that time-to-market projects, especially in the ATLS (Advanced Technologies & Life Sciences) space, are moving forward, while energy and copper projects await more market certainty. He noted that the 90% figure for pipeline engagement is high, reflecting a strategic focus on quality pursuits with a strong likelihood of converting to full EPC/EPCM awards, and that the procurement group is actively refreshing pricing for clients nearing final investment decisions.

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    Michael Dudas's questions to Fluor Corp (FLR) leadership • Q4 2024

    Question

    Michael Dudas inquired about Fluor's 2025 book-to-bill outlook, asking for more detail on the timing and the specific business segments, particularly comparing the prospects in Urban Solutions versus the reloading Energy Solutions. He also asked about the potential scale and scope of upcoming data center projects.

    Answer

    Chairman and CEO David Constable confirmed expectations for a book-to-bill ratio 'significantly above 1' in 2025, noting Urban Solutions' backlog strength. COO James Breuer added that growth will be driven by ATLS (pharma, semiconductors, data centers), mining, and government work. Regarding data centers, Breuer stated Fluor is in the 'early phases' of a massive cycle, has signed a master agreement with a major provider, and is positioned for projects ranging from $0.5 billion to multi-billion dollar hyperscalers. Constable also highlighted the related opportunity in power generation to support data center demand.

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    Michael Dudas's questions to Fluor Corp (FLR) leadership • Q3 2024

    Question

    Michael Dudas asked about Fluor's risk mitigation strategy for new conventional nuclear opportunities and inquired about the timeline for a U.S. NuScale plant and how Fluor plans to balance its ownership stake versus monetization.

    Answer

    Chairman and CEO David Constable and COO Jim Breuer confirmed Fluor is actively pursuing conventional nuclear projects, such as one in Romania, but will strictly adhere to its risk-averse profile, targeting reimbursable contracts. Regarding NuScale, Constable highlighted its leadership position due to its NRC approval. Chief Financial Officer Joe Brennan added that Fluor aims to capture value for its shareholders from the investment while ensuring NuScale's long-term success, with a clear strategy to be outlined in the future.

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    Michael Dudas's questions to Vulcan Materials Co (VMC) leadership

    Michael Dudas's questions to Vulcan Materials Co (VMC) leadership • Q2 2025

    Question

    Michael Dudas from Vertical Research Partners asked for the company's perspective on the impact of recent tax legislation and the prospects for a successor bill to the Infrastructure Investment and Jobs Act (IIJA).

    Answer

    Senior VP & CFO Mary Carlisle detailed a 2025 cash tax benefit approaching $100 million from the new legislation. Chair & CEO J. Thomas Hill noted that Congress is already working on a new, larger highway bill. He also stressed that with 60% of IIJA funds still unspent, there is a significant tail of work that provides a buffer.

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    Michael Dudas's questions to Vulcan Materials Co (VMC) leadership • Q1 2025

    Question

    Michael Dudas from Vertical Research inquired about the outlook for cash conversion, the split between growth and maintenance CapEx, and whether share repurchases are being considered given market volatility.

    Answer

    CFO Mary Andrews Carlisle stated that she expects the company's attractive cash conversion to continue. She confirmed the 2025 CapEx plan of $750 million to $800 million, noting the increase is for large plant rebuilds but that overall reinvestment is at appropriate levels. While not directly addressing share repurchases, she emphasized that there are no changes to the company's disciplined capital allocation approach, which prioritizes evaluating growth opportunities that deliver attractive returns.

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    Michael Dudas's questions to Vulcan Materials Co (VMC) leadership • Q4 2024

    Question

    Michael Dudas of Vertical Research Partners also asked if the 2025 pricing outlook represents a more normalized level or if there is still room for further upside.

    Answer

    CEO Tom Hill responded that there is 'always upside on price,' which must be earned through customer service. He credited the 'Vulcan Way of selling' for enabling the company to achieve strong pricing even in a flat volume environment, as demonstrated by the 2024 results and 2025 guidance, suggesting performance is not solely dependent on market demand growth.

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    Michael Dudas's questions to Vulcan Materials Co (VMC) leadership • Q3 2024

    Question

    Michael Dudas asked about the private non-residential sector, specifically the backlog for manufacturing and industrial projects, and whether election uncertainty or interest rates were causing delays.

    Answer

    Chairman and CEO James Hill observed that while warehouse construction is a headwind, it is being offset by robust demand from heavy manufacturing and data centers. He confirmed that customers are bidding work but delaying final commitments. He believes a resolution to the election and an easing of interest rates could unlock this pent-up demand, with a potential impact in the second half of 2025 and more so in 2026.

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    Michael Dudas's questions to Quanta Services Inc (PWR) leadership

    Michael Dudas's questions to Quanta Services Inc (PWR) leadership • Q2 2025

    Question

    Michael Dudas of Vertical Research Partners asked if the large-scale transmission build-out plans in Texas are prompting other RTOs to accelerate their plans, and whether utilities continue to underestimate the potential of transmission.

    Answer

    President & CEO Duke Austin agreed, noting that 765kV projects are being planned in MISO and PJM, as AC lines are often easier to build than DC. He stated that the need for transmission and generation is on every utility's radar, evidenced by debt and equity offerings. He believes utilities are seeing the need, and Quanta is positioned in the middle of this activity, which is often incremental to utilities' stated capital budgets.

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    Michael Dudas's questions to Quanta Services Inc (PWR) leadership • Q1 2025

    Question

    Michael Dudas inquired about the strategic benefits from Quanta's increased control over its supply chain, such as through transformer manufacturing, and the competitive dynamics in that area.

    Answer

    President and CEO Duke Austin stated the acquisition of a U.S.-based transformer manufacturer was a purposeful move to mitigate risks associated with foreign components. He described this as a core competency that provides a solution-based approach for clients, enhancing their ability to secure project pull-through, though Quanta does not aim to be solely a manufacturer.

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    Michael Dudas's questions to Quanta Services Inc (PWR) leadership • Q3 2024

    Question

    Michael Dudas from Vertical Research Partners asked about capital allocation and M&A strategy, inquiring if high industry demand is driving consolidation and creating opportunities for Quanta to acquire companies, particularly in front-end engineering.

    Answer

    President and CEO Earl "Duke" Austin confirmed that front-end engineering is a strategic focus for growth, but they will remain disciplined on M&A pricing. He emphasized Quanta's strategy of acquiring multi-decade, family-owned businesses where owners seek to perpetuate their culture and ensure stability for their employees. He cited Cupertino as a prime example of this culturally-aligned, relationship-based approach to acquisitions.

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    Michael Dudas's questions to KBR Inc (KBR) leadership

    Michael Dudas's questions to KBR Inc (KBR) leadership • Q2 2025

    Question

    Michael Dudas of Vertical Research Partners requested more detail on the 'new normal' for the Sustainable Technologies (STS) segment, asking how KBR is adjusting its strategy to maintain strong revenue and margin targets amidst geopolitical shifts and changing market dynamics.

    Answer

    President & CEO Stuart Bradie explained that the 'new normal' refers to adapting to geopolitical shifts, evolving market flows, and the impact of tariffs on capital spending. He noted that while there was a temporary pause in awards in the Middle East, KBR is confident that the award cadence will accelerate in the second half of the year, pointing to several wins announced in July as evidence of this trend.

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    Michael Dudas's questions to KBR Inc (KBR) leadership • Q1 2025

    Question

    Michael Dudas questioned KBR's outlook on new LNG capacity opportunities and its strategy for structuring future contracts. He also asked for insights into the business activity of the Brown & Root joint venture.

    Answer

    President and CEO Stuart Bradie noted high LNG activity levels globally and reaffirmed KBR's commercial discipline, stating they would not enter into contracts with unfavorable risk profiles. EVP and CFO Mark Sopp and Stuart Bradie highlighted the strong performance of the Brown & Root JV, which has grown to ~$1.4 billion in annualized revenue, providing stable OpEx-related business that complements KBR's project-based work.

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    Michael Dudas's questions to KBR Inc (KBR) leadership • Q4 2024

    Question

    Michael Dudas from Vertical Research Partners asked about the progress and synergy realization since the recent business realignment and inquired about the capital allocation strategy, particularly the balance between M&A and share repurchases.

    Answer

    President & CEO Stuart Bradie confirmed the realignment and LinQuest integration are substantially complete, with $30 million in cost-out achieved, positioning the company to be more competitive. EVP & CFO Mark Sopp stated that while disciplined M&A remains an option, the current priority is returning capital to shareholders. He highlighted a bias towards more share buybacks, supported by a newly increased $750 million authorization, given the company's valuation and strong cash flow outlook.

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    Michael Dudas's questions to KBR Inc (KBR) leadership • Q3 2024

    Question

    Michael Dudas asked about the workforce staffing and global office involvement for the new energy projects in the Middle East, and whether KBR anticipates further bookings from these opportunities. He also questioned if the upcoming U.S. election changes KBR's outlook for its Government Solutions business.

    Answer

    President and CEO Stuart Bradie detailed that the LTC program is led from Houston and supported by Saudi Arabia, while offshore gas developments are led from the U.K. office, demonstrating a global, de-risked approach. He affirmed that early-stage involvement positions KBR for future roles. On the government side, Bradie stated there would be no material change, citing strong bipartisan support for defense spending in KBR's key areas like military space, cyber, and hypersonics, regardless of the election outcome.

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    Michael Dudas's questions to Solaris Energy Infrastructure Inc (SEI) leadership

    Michael Dudas's questions to Solaris Energy Infrastructure Inc (SEI) leadership • Q2 2025

    Question

    Michael Dudas asked how recent regulatory developments, such as Texas Senate Bill 6 and the PJM auction results, are impacting customer negotiations and accelerating the market's acceptance of distributed generation.

    Answer

    Chairman & CEO William Zartler explained that these events are revealing the true cost of reliable, firm power, making Solaris's modular solutions more cost-competitive. He noted that regulatory frameworks are increasingly acknowledging the need for clean, reliable gas-fired generation to support the broad 'electrification of everything' theme, which creates a positive backdrop for the business.

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    Michael Dudas's questions to Tetra Tech Inc (TTEK) leadership

    Michael Dudas's questions to Tetra Tech Inc (TTEK) leadership • Q2 2025

    Question

    Michael Dudas asked for an outlook on Tetra Tech's international business, questioning the growth prospects for the second half of the year and beyond, particularly in Australia and the U.K.

    Answer

    CEO Dan Batrack responded that international growth rates are currently tempered, primarily due to client uncertainty surrounding international trade policies and potential tariffs, which has slowed the start of new commercial projects. However, he noted that long-term government programs in Australia, Canada, and the U.K. remain unaffected and are experiencing nice growth, providing a stable foundation for the international segment.

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    Michael Dudas's questions to Tetra Tech Inc (TTEK) leadership • Q1 2025

    Question

    Michael Dudas asked for a reminder of the long-term targets from the last Investor Day and whether recent market volatility impacts them. He also questioned if capital allocation might shift more towards share buybacks given the stock's performance.

    Answer

    CEO Dan Batrack reaffirmed the 2030 targets of 6-10% organic growth and 50 bps annual margin expansion, stating the company's long-term investment thesis is 'fully intact' and unimpacted by short-term 'noise.' He confirmed that the capital allocation strategy remains consistent: prioritize dividends and accretive M&A, but that the company would be 'constructive' with share buybacks given the stock's volatility and the company's low leverage, consistent with past statements.

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    Michael Dudas's questions to Tetra Tech Inc (TTEK) leadership • Q4 2024

    Question

    Michael Dudas inquired about the company's acquisition strategy, specifically asking if accelerating the software business is a priority, whether it's capital-intensive, and if the size or pace of M&A needs to change to meet long-term targets.

    Answer

    CEO Dan Batrack responded that the proprietary software business (3S) is not capital-intensive and is a key focus. He outlined M&A priorities as: 1) software/AI technology, 2) automation, and 3) Australian water utility firms. He stated that their model favors multiple deals in the $10M-$100M revenue range rather than large transformative acquisitions, and that they have a full pipeline sourced through existing industry relationships.

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    Michael Dudas's questions to Freeport-McMoRan Inc (FCX) leadership

    Michael Dudas's questions to Freeport-McMoRan Inc (FCX) leadership • Q4 2024

    Question

    Michael Dudas inquired about the financial strategy behind maintaining a very low net debt level, asking if the plan is to keep this tight profile or if there's room to be more opportunistic with capital allocation.

    Answer

    President and CEO Kathleen Quirk explained that the company's financial policy allocates 50% of available cash to shareholders and 50% to debt reduction or project investment. The current low net debt provides capacity to fund the growing pipeline of discretionary projects. She reiterated that maintaining a strong balance sheet is prudent, but the current structure allows for value-enhancing investments.

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    Michael Dudas's questions to Freeport-McMoRan Inc (FCX) leadership • Q3 2024

    Question

    Michael Dudas asked about the pace of cost-saving initiatives in North America, the current labor market situation, and what a normalized cost level might look like, excluding the benefits from the innovative leach initiative.

    Answer

    President and CEO Kathleen Quirk outlined a multi-faceted strategy to lower North American costs, including improving asset productivity, reducing contractor use by about 10%, and pushing back on supplier price increases. She expects these efforts to result in lower unit costs in 2025. Executive Joshua Olmsted added that the team has a 'laser focus' on efficiencies, productivity, and maintenance reliability to drive costs down.

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    Michael Dudas's questions to Alcoa Corp (AA) leadership

    Michael Dudas's questions to Alcoa Corp (AA) leadership • Q4 2024

    Question

    Michael Dudas of Vertical Research Partners asked for Alcoa's outlook on the aluminum demand cycle for 2025 and whether the market appeared to be pricing in the risk of potential U.S. tariffs.

    Answer

    President and CEO William Oplinger projected global aluminum demand growth of about 2%, with strength in packaging and electrical sectors. He noted that while the Midwest premium has risen, it does not reflect the full impact of a potential 25% tariff, suggesting significant market uncertainty remains among customers.

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    Michael Dudas's questions to Alcoa Corp (AA) leadership • Q3 2024

    Question

    Michael Dudas asked about the demand side of the alumina market, questioning if high prices could lead to production cuts at higher-cost aluminum smelters, which would in turn tighten the aluminum market.

    Answer

    CEO William Oplinger acknowledged that Alcoa regularly reviews the profitability of its own marginal smelters in light of high input costs. However, he noted that overall aluminum demand has remained strong, partly due to smelter restarts in Europe, and did not speculate on potential actions by competitors.

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    Michael Dudas's questions to Everus Construction Group Inc (ECG) leadership

    Michael Dudas's questions to Everus Construction Group Inc (ECG) leadership • Q3 2024

    Question

    Michael Dudas of Vertical Research Partners inquired how customer demands for speed and Everus's union labor access contribute to market share gains, and also asked about specific internal capital investment opportunities like prefabrication.

    Answer

    Executive Jeff Thiede explained that the company's highly skilled, 82% unionized workforce is a key differentiator that helps meet customer demands for speed and safety on complex projects. Executive Maximillian Marcy added that early project involvement allows the company to maximize prefabrication, which adds significant value by reducing on-site congestion and moving hours to a controlled, safer environment, improving project outcomes.

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    Michael Dudas's questions to Evercore Inc (EVR) leadership

    Michael Dudas's questions to Evercore Inc (EVR) leadership • Q3 2024

    Question

    Michael Dudas asked how customer demands for speed and Everus's union labor access help drive market share, and what internal growth opportunities, like prefabrication, the company is investing in.

    Answer

    CEO Jeff Thiede confirmed that its highly skilled union workforce is a key differentiator, enabling Everus to meet customer demands for speed and safety on complex projects. Executive Maximillian Marcy added that early project involvement allows for increased prefabrication, which moves labor hours into a controlled environment, reduces site congestion, and provides value that customers recognize during the selection process.

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