Revenue Guidance

FY 2024

$944 million to $950 million "

$1 billion revenue run rate by the end of FY 2024 " "

raised

Backlog

FY 2024

no prior guidance

$914 million "

no prior guidance

Future Guidance

FY 2025

no prior guidance

New revenue guidance for FY 2025 "

no prior guidance

Caution in Guidance

FY 2024

no prior guidance

Revised guidance citing conservatism due to weather delays and winter conditions " "

no prior guidance

Impact of Adjustments

FY 2024

no prior guidance

$0.06 adjustment " "

no prior guidance

Data Center Services Growth and Expansion

Q2 emphasized a revenue target ($400M over 5 years), 30% organic growth, acquisitions and power delivery challenges. " " " Q1 and Q4 focused on international leadership, domestic expansion, and addressing power delivery needs via expertise in MEP. " " " " "

Q3 highlighted domestic growth driven by strong hyperscaler relationships, strategic acquisitions (adding new hyperscale clients), leadership in Asia Pacific, and significant emphasis on power delivery—with a volume milestone of 1 gigawatt load assessed. " " "

Consistent focus with enhanced emphasis on strategic acquisitions and power delivery as a growth lever.

Real Estate Transactions and Construction Business Performance

Q2 noted a $60M annual business with improvements expected as rates ease. " Q1 reported strong quarter‐over‐quarter organic growth and a rebound in transactional volumes. " " Q4 described a turnaround marked by increased volume, assignments, and profitability in real estate and CQA. "

Q3 discussed positive impact from easing interest rates with strong operating results across both transactional groups, reinforcing growth trends. "

Consistent and strengthening performance as market conditions improve.

Government Contract Uncertainty Affecting the Geospatial Segment

Q2 explained that resolution of the continuing resolution revived federal contracts, while Q1 mentioned delays due to the resolution and subsequent recovery. " " " " Q4 focused on federal budget delays, margin dilution, and dependency on federal spending. " " " "

Q3 described a "quiet period" with federal clients due to the continuing resolution but highlighted a strong backlog and bullish future outlook. "

Ongoing cautious sentiment with persistent uncertainty yet improved outlook through a robust backlog.

Mergers & Acquisitions Strategy and Integration Challenges

Q2 and Q1 detailed active acquisition targets, contribution to revenue, and noted integration and transactional costs impacting margins. " " " " " " " Q4 reiterated an active, opportunistic M&A approach with acquisitions (Axim, VIS, CHW) and integration challenges affecting margins. " " " " " "

Q3 emphasized strategic acquisitions that strengthen service platforms, citing examples such as California Water Resources Group and myBIMteam, without calling out integration challenges. "

Consistent strategic focus on acquisitions with reduced emphasis on integration challenges in Q3.

Organic Revenue Growth Targets and EBITDA Margin Trends

Q2 set a 6%–10% organic growth target with margins around 16.3% and expectations to reach 17% for full year. " " " Q1 highlighted 8% organic growth with an EBITDA margin of 13.5% expected to improve to 17%+. " " " Q4 noted modest organic growth and anticipated margin improvements constrained by acquisition integrations. " " "

Q3 reported 6% organic growth and an adjusted EBITDA margin of 18%—an expansion of 230 basis points from the prior year. " "

Consistent growth targets with a progressively positive margin trend.

Electrification Initiatives and Utility Services Demand

Q2 discussed grid modernization costs of $42B, renewables growth drivers, and efficiency in undergrounding transmission lines. " Q1 emphasized grid hardening, underground design, and leveraging geospatial tech for utility services. " Q4 highlighted widespread electrification initiatives, weather-related grid hardening, and new EV charging station contracts driving demand. " " "

Q3 reiterated the importance of utility services, noting that the vertical contributed 28% of revenues, record project awards ($33M), and strong demand from data centers for enhanced power delivery solutions. "

Consistent and robust focus, with enduring strategic cross‐selling and growing project wins.

Backlog Strength as an Indicator of Future Growth

Q2 reported an increased backlog at $877M, with significant contributions from Geospatial and Building Technology segments. " " Q1’s backlog was noted at $838M, reflecting a solid pipeline with major awards. " Q4 maintained a backlog of $838M with around one-third linked to geospatial, expecting future growth if resolution delays ease. " "

Q3 reported a strengthened backlog of $914M and highlighted encouraging budgets for 2025 as a positive indicator for meeting a $1B revenue run rate by year-end. " "

Increasing backlog strength reinforces a positive long‐term growth outlook.

Accounting Controls and Restatement Issues

Q4 (and earlier Q1/Q2) did not prominently address these matters; they were not a focal point in earlier calls [—].

Q3 included a brief discussion on a small restatement ($0.06) and outlined that detailed adjustments would be provided in the Form 10-Q, with overall confidence expressed in resolution. " " "

A new minor focus in Q3, indicating resolution and low prominence compared to earlier periods.

Cash Flow and Liquidity Concerns from Unbilled Receivables and Tax Changes

Q4 discussed concerns about $15M drawdown in unbilled receivables and the impact of Section 174(d) leading to $19M extra tax payments. " Q1 and Q2 addressed cash flow performance, with Q1 showing strong operational cash flow and Q2 noting working capital impacts as receivables converted to cash. " " "

Q3 did not mention cash flow or liquidity concerns relating to unbilled receivables or tax changes.

No current period mention; the topic appears to have diminished in focus.