28 questions identified across 8 categories. 3 critical, 9 high priority.
“Revenue grew 3% but EBITDA margin compressed to 11.8%. Excluding Infrastructure's DOT contracts, what does organic margin look like?”
“We've missed plan 3 consecutive quarters. What gives you confidence the FY2026 forecast is achievable?”
“I notice Technology & Digital had an $8.2M spike in incident response costs in Q4. What exactly happened?”
“Customer retention dropped from 94% to 91%. What's driving attrition and what's the revenue at risk?”
“Project Atlas has consumed $180M. What specific, measurable outcomes can you point to?”
“Our net debt increased $700M over 2 years while FCF declined. At what point does leverage become a constraint?”
“Employee turnover hit 17% — highest in five years. What's our talent retention strategy?”
“The Infrastructure segment is carrying the company. What happens if the DOT funding cycle turns?”
“I see AI operations spending of $25M. What's the measurable productivity gain to date?”
“Our restructuring charges have been running $15-20M per quarter for a year. When does restructuring end and organic improvement begin?”
“Energy & Industrial Services margin is 11.4% and declining. Is this segment a strategic fit long-term?”
“Our safety incident rate improved to 1.18. Can you walk through what drove the improvement and whether it's sustainable?”
“Backlog increased to $15.1B. What's the quality of that backlog — margin profile, customer concentration, and execution risk?”
“What's the status of the Southeast expansion? It's our largest capital commitment at $380M.”
“The board approved a $150M Energy Transition portfolio investment. We're only at $95M and 45% complete — what's the delay?”
“How are we performing against the $45M procurement optimization target?”
“We're spending $28M on supply chain optimization. When does the board see returns?”
“What's our M&A pipeline? Are we considering acquisitions despite elevated leverage?”
“The Technology & Digital segment has 22% turnover. Is this a leadership issue?”
“How are we thinking about the macro environment — interest rates, infrastructure spending, and regulatory risks?”
“Can you comment on the competitive landscape? Are we losing share?”
“The executive compensation structure was revised. How are we aligning pay with the performance we've discussed today?”
“What's the dividend sustainability given the FCF decline?”
“What's the board's exposure to ESG and climate-related risks? Are we adequately disclosing?”
“Are there any pending litigation matters or regulatory investigations the board should be aware of?”
“We approved the AI operations pilot at $25M. Walk me through the governance framework — who owns AI risk?”
“Our working capital increased $85M year-over-year. What's driving the increase and is it temporary?”
“Looking at the full picture — are we playing offense or defense right now?”