Sangita Jain

Venk confirmed the SG&A leverage is structural, reflecting a commitment to grow OpEx below revenue, with more operating leverage expected in Q4.

Pragada confirmed minimal disruption in Middle East with focus on time-based mission-critical programs in Saudi and Emirates (transportation, water, venue-based), supported by global delivery model enabling remote service delivery. Team operating with crisis management and recently shifted to work-from-home.

Pragada confirmed life sciences pipeline up 81% year-on-year with reshoring activity from 1-2 years ago now maturing into field execution over coming quarters, plus emerging European build activity.

Pragada confirmed UK enabling works and program management engagement continuing through FY2026 with potential for further scope growth based on strong client relationship.

Nathamuni explained Q1 cash flow strength was primarily working capital performance plus a one-time data center customer collection-payment timing mismatch reversing in Q2, with cash tax payment also a Q2 item, but first-half free cash flow still expected positive.

Pragada confirmed PA acquisition negotiations are progressing and on track for decision on or before March 2026 timeline.

Pragada confirmed no impact from government shutdown on FY2026 bookings, noting federal awards were completed before the shutdown commenced.

Pragada outlined backlog mix: Advanced Facilities and Water growing fastest with multi-quarter burns, transportation and consultancy spanning 4-6 years. Nathamuni added 150+ data center engagements.

Pragada detailed expansion from pure design into full lifecycle including power, water, and EPCM, plus NVIDIA digital twin partnership creating reference design for global customers.

Pragada emphasized a portfolio approach embedded in clients' capital budgets rather than strategic pursuit of longer-duration work specifically.

Nathamuni confirmed I&AF will drive the larger margin improvement in Q3, aided by mix improvement, global delivery, and absence of the JV reserve impact.

Nathamuni reiterated organic growth as top priority, share buybacks second, M&A as an accelerant but not immediate focus. Full strategy at Investor Day.

Pragada attributed PA revenue lag to slow UK government procurement finalization, with U.S. growing strong double digits and hiring resuming.

Pragada noted the geographic mix of employees does not map to revenue mix, enabling global talent deployment and resilience to regional spending shifts.

Pragada clarified international infrastructure is inflecting positive while U.S. has been consistently positive, with U.S. expected to grow faster.

Bill said selling directly to hyperscalers gives a clear view of their plans and there is no sign of a demand letdown.

Bill confirmed labor is the primary constraint. Headcount grew by 3,000-4,000 YoY. Materials and equipment as a percentage of revenue up a couple hundred basis points. Confident in mid-to-high 20s guidance.

Bill described the target as in their sweet spot in the West, where they already have a mechanical presence. Limited specifics pending announcement, but expressed high conviction in fit.

CFO confirmed expansion is primarily to serve two largest hyperscaler customers who would buy more if capacity existed. New floor space planned for these two partners.

CFO said customers releasing early purchasing commitments, sometimes before work enters backlog. Labor is the main risk; no price locks available. Legal team ensures strong contract terms.

COO clarified modular bookings extend further out while traditional construction bookings are all slated to begin in 2026.

CFO said no extraordinary cash event; just a big catch-up after being behind through H1. Fantastic payment terms and fundamentally a cash business.

CFO dismissed DC vs AC concern as irrelevant, electricians are needed regardless. The real driver is scale: unprecedented amounts of copper, switchgear, and cooling density.

CFO favors measured incremental buildout with productivity focus. Third location not high priority given two well-located facilities in Mid-Atlantic and Houston.

CFO said bonus depreciation helps marginally but is not an important driver when demand already vastly exceeds capacity.

Duke said Percheron is a right-of-way and land-acquisition front-end business serving utilities and hyperscalers, almost none of it prior Quanta revenue, enabling faster and more economical routing to get crews to the field.

Jayshree said it is early in the year with a wide $500M cash flow range, but expressed greater confidence in the higher end.

Duke firmly declined investing in data center assets to avoid competing with utility customers. Prefers deploying capital in core construction business.

Duke clarified it's a full turnkey project including CCGTs and batteries, not just high-voltage. Expects stacking of additional NiSource opportunities.

Duke gave a one-word answer on Boardman-Hemingway backlog size. On safe harbor, emphasized portfolio derisking from 20 different labor sources.

Duke confirmed capability to build gas generation but emphasized risk avoidance on combined cycle turbines, preferring growth without that risk.

Nalbandian noted it depends on individual jobs, comfort with labor and design, and customer preferences. Some customers simply prefer GMP structures.

Nalbandian quantified the slight extension in RPO duration from 82% to 78% within 12 months, with roughly $6-6.5B extending into 2027.

Guzzi confirmed larger project sizes but noted GMP contract structure means only funded phases appear in RPOs, unlike some peers who may book differently.

Nalbandian confirmed Danforth EPS impact is negligible in 2025 due to backlog amortization offsetting operating contribution.