ALPHAFORGE RESEARCH · COMPANY FILE · AI INFRASTRUCTURE & POWER

$PRIM

Primoris Services Corp · NYSE · SIC 1623 · CIK 1361538 · revision 4 as of 2026-09-19

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Business

Primoris provides construction, maintenance and engineering services through Utilities and Energy. Utilities serves power and communications networks; Energy includes renewables, industrial and other large projects, with PayneCrest adding electrical construction. Master service agreements support recurring work but do not guarantee purchase volumes. Project estimates, labor productivity, contract modifications and customer collections determine profit and cash.

Three drivers

Completion and cost control on troubled renewables projects
Utilities and Energy margins after contract estimate changes
Claim collections, acquired operations and working-capital recovery

Thesis

Our view

The immediate question is execution and liquidity, not the record backlog headline. Q2 revenue declined 10.7%, operating income turned negative and six renewables projects required material estimate changes. Two were substantially complete in Q2, three were expected in Q3 and one in Q4. Annual guidance requires a significant second-half margin recovery. Backlog includes $8.152B of estimated MSA demand, while recognized unapproved modifications create an additional collection test.

What changes it

Require evidence that the troubled projects close within updated estimates, new work earns acceptable margins and receivables become cash. Compare the June-reset net-income range with the actual remaining-year profit required, not with a repeated pre-loss margin.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	1,649.1¹	1,741.3¹	1,648.1²	1,890.7³	2,178.4¹	1,857.7¹	1,559.9²	1,688.2³
Gross profit ($M)	198.5⁴	184.6⁴	170.7⁵	231.7⁶	235.7⁴	175.0⁴	134.7⁵	82.4⁶
Operating income ($M)	99.5⁷	87.5†⁸	70.4⁹	126.6¹⁰	137.0⁷	77.5†⁸	24.4⁹	-26.8¹⁰
Net income ($M)	58.4¹¹	54.0¹¹	44.2¹²	84.3¹³	94.6¹¹	51.8¹¹	17.4¹²	-24.2¹³
EPS, diluted ($)	1.07¹⁴	0.99¹⁴	0.81¹⁵	1.54¹⁶	1.73¹⁴	0.95¹⁴	0.32¹⁵	-0.45¹⁶
Diluted shares (M)	54.7¹⁷	54.7¹⁷	54.7¹⁸	54.8¹⁹	54.8¹⁷	54.8¹⁷	54.8¹⁸	54.0¹⁹
Cash ($M)	352.7²⁰	455.8²¹	351.6²²	390.3²¹	431.4²⁰	535.5²¹	361.5²²	218.2²¹
Long-term debt ($M)	827.0²³	660.2²⁴	543.9²⁵	525.0²⁶	422.2²⁷	409.0²⁸	396.3²⁹	752.0²⁸
Cash from operations ($M)	222.5†³⁰	298.2†³¹	66.2³²	78.4†³³	182.9†³⁰	142.9†³¹	-122.6³²	-8.7†³³
Capex ($M)	63.7†³⁴	28.2†³⁵	40.6³⁶	33.1†³⁷	34.5†³⁴	21.7†³⁵	27.8³⁶	22.5†³⁷
Free cash flow ($M)	158.8†³⁸	270.1†³⁹	25.6†⁴⁰	45.3†⁴¹	148.5†³⁸	121.1†³⁹	-150.4†⁴⁰	-31.2†⁴¹

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	2,045.7	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	1,811.2	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	1,764.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	2,008.5	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Project recovery, claim collections and backlog quality

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Set separate annual Utilities and Energy segment revenue and gross-margin scenarios, then subtract reported H1 to derive the required second-half recovery. Remove intersegment revenue once. Split remaining gross profit independently from sales to make recovery timing explicit. FY2027 uses independent segment growth and margins. Deduct SG&A and transaction costs, interest and taxes; bridge earnings to CFO with ordinary working capital and a distinct drawdown of already-accrued contract losses. Backlog is a reference, never a second revenue stream.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2026 net income outlook midpoint	FY2026	86.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 adjusted EBITDA outlook midpoint	FY2026	300.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 net interest outlook midpoint	FY2026	45.00	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 CFO less gross capex	H1 2026	-181.60	derived. Excludes acquisition spending and asset-sale proceeds.
H1 negative estimate change	H1 2026	87.60	reported. Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Source · 2026-08-05
loss reserve	2026Q2	16.10	reported. Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Source · 2026-08-05
recognized modifications	2026Q2	205.90	reported. Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Source · 2026-08-05
unapproved modifications	2026Q2	244.00	reported. Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Source · 2026-08-05
fixed backlog	2026Q2	5,704.30	reported. Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Source · 2026-08-05
msa backlog	2026Q2	8,152.00	reported. Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Source · 2026-08-05
Total estimated backlog	2026Q2	13,856.30	derived. Fixed plus estimated MSA backlog; next-12-month amount is included, not additional.
next12 backlog	2026Q2	6,094.90	reported. Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Source · 2026-08-05
cash	2026Q2	218.20	reported. Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Source · 2026-08-05
debt carrying	2026Q2	797.00	reported. Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Source · 2026-08-05

Downside scenario

Period	Operating cash flow ($M)	CFO less gross capex ($M)	Gross PP&E purchases ($M)	Energy segment revenue ($M)	Consolidated revenue ($M)	Utilities segment revenue ($M)	Net income ($M)	GAAP gross profit ($M)	GAAP operating income ($M)
2026Q3	-57.94	-85.94	28.00	1,136.69	1,865.53	754.99	-23.88	105.15	-19.11
2026Q4	24.80	-3.20	28.00	1,008.01	1,651.37	669.51	-5.16	118.75	8.41
2027Q1	-57.70	-87.70	30.00	920.04	1,518.96	627.68	2.30	121.11	20.38
2027Q2	-15.80	-47.80	32.00	1,045.50	1,730.01	713.27	4.20	137.62	23.17
FY2026	-164.43	-270.73	106.30	4,100.00	6,765.00	2,770.00	-35.73	441.00	-13.00
FY2027	56.79	-63.21	120.00	4,182.00	6,920.04	2,853.10	16.79	550.50	92.69

Base scenario

Period	Operating cash flow ($M)	CFO less gross capex ($M)	Gross PP&E purchases ($M)	Energy segment revenue ($M)	Consolidated revenue ($M)	Utilities segment revenue ($M)	Net income ($M)	GAAP gross profit ($M)	GAAP operating income ($M)
2026Q3	71.17	41.17	30.00	1,274.49	2,045.73	797.38	25.23	179.30	51.46
2026Q4	179.69	149.99	29.70	1,130.21	1,811.17	707.12	59.73	214.75	101.46
2027Q1	1.22	-33.78	35.00	1,103.08	1,764.02	689.70	41.22	184.11	73.74
2027Q2	48.08	13.08	35.00	1,253.50	2,008.48	783.75	48.08	209.21	83.69
FY2026	119.55	9.55	110.00	4,360.00	7,105.00	2,850.00	78.25	611.15	150.62
FY2027	332.34	192.34	140.00	5,014.00	8,033.94	3,135.00	192.34	836.86	334.75

Upside scenario

Period	Operating cash flow ($M)	CFO less gross capex ($M)	Gross PP&E purchases ($M)	Energy segment revenue ($M)	Consolidated revenue ($M)	Utilities segment revenue ($M)	Net income ($M)	GAAP gross profit ($M)	GAAP operating income ($M)
2026Q3	112.02	80.02	32.00	1,364.59	2,166.63	829.19	46.08	212.99	79.83
2026Q4	238.75	206.75	32.00	1,210.11	1,918.27	735.31	88.79	258.86	140.84
2027Q1	34.61	-5.39	40.00	1,245.75	1,952.12	736.23	64.61	225.38	105.30
2027Q2	84.58	44.58	40.00	1,415.62	2,222.39	836.62	74.58	256.11	119.55
FY2026	219.47	105.17	114.30	4,530.00	7,333.00	2,910.00	128.17	688.95	218.37
FY2027	508.34	348.34	160.00	5,662.50	8,889.54	3,346.50	298.34	1,024.45	478.19

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	3,248.10 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 utilities h1_utilities	H1 2026 / shared	1,345.50 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 energy h1_energy	H1 2026 / shared	1,955.30 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 elimination h1_elimination	H1 2026 / shared	52.70 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 utilities gross h1_utilities_gross	H1 2026 / shared	147.10 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 energy gross h1_energy_gross	H1 2026 / shared	70.00 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 gross profit h1_gross_profit	H1 2026 / shared	217.10 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 operating income h1_operating_income	H1 2026 / shared	-2.30 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 net income h1_net_income	H1 2026 / shared	-6.70 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 cfo h1_cfo	H1 2026 / shared	-131.30 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 capex h1_capex	H1 2026 / shared	50.30 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 acquisition cash h1_acquisition_cash	H1 2026 / shared	401.40 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 sbc withholding h1_sbc_withholding	H1 2026 / shared	19.80 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 negative estimate change h1_negative_estimate_change	H1 2026 / shared	87.60 USD_millions	reported: Reported in millions. The $87.6M revenue reduction concerns obligations satisfied before December 31, 2025; it is not the entire Q2 project-loss amount. Primary source · 2026-08-05
H1 CFO less gross capex h1_fcf	H1 2026 / shared	-181.60 USD_millions	derived: Excludes acquisition spending and asset-sale proceeds. Formula: subtract(h1_cfo, h1_capex).
cash cash	2026Q2 / shared	218.20 USD_millions	reported: Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Primary source · 2026-08-05
debt carrying debt_carrying	2026Q2 / shared	797.00 USD_millions	reported: Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Primary source · 2026-08-05
loss reserve loss_reserve	2026Q2 / shared	16.10 USD_millions	reported: Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Primary source · 2026-08-05
unapproved modifications unapproved_modifications	2026Q2 / shared	244.00 USD_millions	reported: Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Primary source · 2026-08-05
recognized modifications recognized_modifications	2026Q2 / shared	205.90 USD_millions	reported: Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Primary source · 2026-08-05
fixed backlog fixed_backlog	2026Q2 / shared	5,704.30 USD_millions	reported: Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Primary source · 2026-08-05
msa backlog msa_backlog	2026Q2 / shared	8,152.00 USD_millions	reported: Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Primary source · 2026-08-05
next12 backlog next12_backlog	2026Q2 / shared	6,094.90 USD_millions	reported: Reported millions. Debt is balance-sheet carrying amount, not a principal maturity schedule; backlog and modifications are not cash. Primary source · 2026-08-05
Total estimated backlog total_backlog	2026Q2 / shared	13,856.30 USD_millions	derived: Fixed plus estimated MSA backlog; next-12-month amount is included, not additional. Formula: sum(fixed_backlog, msa_backlog).
FY2026 net income outlook low fy26_income_guide_low	FY2026 / shared	71.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 net income outlook high fy26_income_guide_high	FY2026 / shared	101.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2026 net income outlook endpoint sum fy26_income_guide_sum	FY2026 / shared	172.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_income_guide_low, fy26_income_guide_high).
FY2026 net income outlook midpoint fy26_income_guide	FY2026 / shared	86.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_income_guide_sum, two).
FY2026 adjusted EBITDA outlook low fy26_ebitda_guide_low	FY2026 / shared	275.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 adjusted EBITDA outlook high fy26_ebitda_guide_high	FY2026 / shared	325.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 adjusted EBITDA outlook endpoint sum fy26_ebitda_guide_sum	FY2026 / shared	600.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_ebitda_guide_low, fy26_ebitda_guide_high).
FY2026 adjusted EBITDA outlook midpoint fy26_ebitda_guide	FY2026 / shared	300.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_ebitda_guide_sum, two).
FY2026 net interest outlook low fy26_interest_guide_low	FY2026 / shared	43.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 net interest outlook high fy26_interest_guide_high	FY2026 / shared	47.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 net interest outlook endpoint sum fy26_interest_guide_sum	FY2026 / shared	90.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_interest_guide_low, fy26_interest_guide_high).
FY2026 net interest outlook midpoint fy26_interest_guide	FY2026 / shared	45.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_interest_guide_sum, two).
FY2026 utilities margin low guide_utilities_margin_low	FY2026 / shared	10.0% ratio	management guidance: Company annual segment gross-margin range; not an H2 margin. Primary source · 2026-08-04
FY2026 utilities margin high guide_utilities_margin_high	FY2026 / shared	12.0% ratio	management guidance: Company annual segment gross-margin range; not an H2 margin. Primary source · 2026-08-04
FY2026 energy margin low guide_energy_margin_low	FY2026 / shared	6.0% ratio	management guidance: Company annual segment gross-margin range; not an H2 margin. Primary source · 2026-08-04
FY2026 energy margin high guide_energy_margin_high	FY2026 / shared	8.0% ratio	management guidance: Company annual segment gross-margin range; not an H2 margin. Primary source · 2026-08-04
FY2026 utilities revenue downside_fy26_utilities_target	FY2026 / downside	2,770.00 USD_millions	assumption: Desk annual segment revenue, including intersegment sales; not management revenue guidance.
FY2026 utilities gross margin downside_fy26_utilities_margin	FY2026 / downside	10.0% ratio	assumption: Annual margin scenario including actual H1 project losses.
FY2026 utilities gross profit downside_fy26_utilities_gross	FY2026 / downside	277.00 USD_millions	derived: Annual margin times annual segment sales. Formula: multiply(downside_fy26_utilities_target, downside_fy26_utilities_margin).
Required H2 utilities sales downside_h2_utilities_sales	H2 2026 / downside	1,424.50 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(downside_fy26_utilities_target, h1_utilities).
Required H2 utilities gross downside_h2_utilities_gross	H2 2026 / downside	129.90 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(downside_fy26_utilities_gross, h1_utilities_gross).
FY2027 utilities growth multiplier downside_utilities_growth	FY2027 / downside	103.0% ratio	assumption: Desk extension, not company guidance.
FY2027 utilities revenue downside_fy27_utilities_target	FY2027 / downside	2,853.10 USD_millions	derived: Next-year segment growth scenario. Formula: multiply(downside_fy26_utilities_target, downside_utilities_growth).
FY2026 energy revenue downside_fy26_energy_target	FY2026 / downside	4,100.00 USD_millions	assumption: Desk annual segment revenue, including intersegment sales; not management revenue guidance.
FY2026 energy gross margin downside_fy26_energy_margin	FY2026 / downside	4.0% ratio	assumption: Annual margin scenario including actual H1 project losses.
FY2026 energy gross profit downside_fy26_energy_gross	FY2026 / downside	164.00 USD_millions	derived: Annual margin times annual segment sales. Formula: multiply(downside_fy26_energy_target, downside_fy26_energy_margin).
Required H2 energy sales downside_h2_energy_sales	H2 2026 / downside	2,144.70 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(downside_fy26_energy_target, h1_energy).
Required H2 energy gross downside_h2_energy_gross	H2 2026 / downside	94.00 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(downside_fy26_energy_gross, h1_energy_gross).
FY2027 energy growth multiplier downside_energy_growth	FY2027 / downside	102.0% ratio	assumption: Desk extension, not company guidance.
FY2027 energy revenue downside_fy27_energy_target	FY2027 / downside	4,182.00 USD_millions	derived: Next-year segment growth scenario. Formula: multiply(downside_fy26_energy_target, downside_energy_growth).
FY2026 intersegment revenue eliminated downside_fy26_elimination_target	FY2026 / downside	105.00 USD_millions	assumption: Desk gross intersegment amount to subtract exactly once.
H2 intersegment revenue elimination downside_h2_elimination	H2 2026 / downside	52.30 USD_millions	derived: Full year less actual H1. Formula: subtract(downside_fy26_elimination_target, h1_elimination).
Share of H2 segment sales downside_2026q3_utilities_sales_weight	2026Q3 / downside	53.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue downside_2026q3_utilities	2026Q3 / downside	754.99 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(downside_h2_utilities_sales, downside_2026q3_utilities_sales_weight).
Share of H2 segment gross profit downside_2026q3_utilities_gross_weight	2026Q3 / downside	52.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
utilities gross profit downside_2026q3_utilities_gross	2026Q3 / downside	67.55 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(downside_h2_utilities_gross, downside_2026q3_utilities_gross_weight).
Share of H2 segment sales downside_2026q3_energy_sales_weight	2026Q3 / downside	53.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue downside_2026q3_energy	2026Q3 / downside	1,136.69 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(downside_h2_energy_sales, downside_2026q3_energy_sales_weight).
Share of H2 segment gross profit downside_2026q3_energy_gross_weight	2026Q3 / downside	40.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
energy gross profit downside_2026q3_energy_gross	2026Q3 / downside	37.60 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(downside_h2_energy_gross, downside_2026q3_energy_gross_weight).
Combined segment sales before eliminations downside_2026q3_gross_segment_sales	2026Q3 / downside	1,891.68 USD_millions	derived: Includes intersegment sales. Formula: sum(downside_2026q3_utilities, downside_2026q3_energy).
Share of H2 elimination downside_2026q3_elim_weight	2026Q3 / downside	50.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination downside_2026q3_elimination	2026Q3 / downside	26.15 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(downside_h2_elimination, downside_2026q3_elim_weight).
Consolidated revenue downside_2026q3_revenue	2026Q3 / downside	1,865.53 USD_millions	derived: Net external revenue. Formula: subtract(downside_2026q3_gross_segment_sales, downside_2026q3_elimination).
Consolidated gross profit downside_2026q3_gross_profit	2026Q3 / downside	105.15 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(downside_2026q3_utilities_gross, downside_2026q3_energy_gross).
SG&A / consolidated revenue downside_2026q3_sga_rate	2026Q3 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
SG&A downside_2026q3_sga	2026Q3 / downside	121.26 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(downside_2026q3_revenue, downside_2026q3_sga_rate).
Transaction and related costs downside_2026q3_transaction_costs	2026Q3 / downside	3.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs downside_2026q3_operating_expenses	2026Q3 / downside	124.26 USD_millions	derived: Forecast GAAP expenses. Formula: sum(downside_2026q3_sga, downside_2026q3_transaction_costs).
Operating income downside_2026q3_operating_income	2026Q3 / downside	-19.11 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(downside_2026q3_gross_profit, downside_2026q3_operating_expenses).
Net interest expense downside_2026q3_interest	2026Q3 / downside	16.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings downside_2026q3_pretax	2026Q3 / downside	-35.11 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(downside_2026q3_operating_income, downside_2026q3_interest).
Normalized tax rate downside_2026q3_tax_rate	2026Q3 / downside	32.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit downside_2026q3_tax	2026Q3 / downside	-11.24 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(downside_2026q3_pretax, downside_2026q3_tax_rate).
Net income downside_2026q3_net_income	2026Q3 / downside	-23.88 USD_millions	derived: After tax earnings proxy. Formula: subtract(downside_2026q3_pretax, downside_2026q3_tax).
Depreciation and amortization downside_2026q3_da	2026Q3 / downside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2026q3_sbc	2026Q3 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges downside_2026q3_before_wc	2026Q3 / downside	12.12 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(downside_2026q3_net_income, downside_2026q3_da, downside_2026q3_sbc).
Share of June reserve spent downside_2026q3_reserve_draw_share	2026Q3 / downside	62.5% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve downside_2026q3_reserve_cash	2026Q3 / downside	10.06 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, downside_2026q3_reserve_draw_share).
Ordinary net working-capital use downside_2026q3_ordinary_wc	2026Q3 / downside	60.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use downside_2026q3_wc_total	2026Q3 / downside	70.06 USD_millions	derived: Reserve cash is included once. Formula: sum(downside_2026q3_ordinary_wc, downside_2026q3_reserve_cash).
Operating cash flow downside_2026q3_cfo	2026Q3 / downside	-57.94 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(downside_2026q3_before_wc, downside_2026q3_wc_total).
Gross PP&E purchases downside_2026q3_capex	2026Q3 / downside	28.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2026q3_fcf	2026Q3 / downside	-85.94 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Share of H2 segment sales downside_2026q4_utilities_sales_weight	2026Q4 / downside	47.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue downside_2026q4_utilities	2026Q4 / downside	669.51 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(downside_h2_utilities_sales, downside_2026q4_utilities_sales_weight).
Share of H2 segment gross profit downside_2026q4_utilities_gross_weight	2026Q4 / downside	48.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
utilities gross profit downside_2026q4_utilities_gross	2026Q4 / downside	62.35 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(downside_h2_utilities_gross, downside_2026q4_utilities_gross_weight).
Share of H2 segment sales downside_2026q4_energy_sales_weight	2026Q4 / downside	47.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue downside_2026q4_energy	2026Q4 / downside	1,008.01 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(downside_h2_energy_sales, downside_2026q4_energy_sales_weight).
Share of H2 segment gross profit downside_2026q4_energy_gross_weight	2026Q4 / downside	60.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
energy gross profit downside_2026q4_energy_gross	2026Q4 / downside	56.40 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(downside_h2_energy_gross, downside_2026q4_energy_gross_weight).
Combined segment sales before eliminations downside_2026q4_gross_segment_sales	2026Q4 / downside	1,677.52 USD_millions	derived: Includes intersegment sales. Formula: sum(downside_2026q4_utilities, downside_2026q4_energy).
Share of H2 elimination downside_2026q4_elim_weight	2026Q4 / downside	50.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination downside_2026q4_elimination	2026Q4 / downside	26.15 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(downside_h2_elimination, downside_2026q4_elim_weight).
Consolidated revenue downside_2026q4_revenue	2026Q4 / downside	1,651.37 USD_millions	derived: Net external revenue. Formula: subtract(downside_2026q4_gross_segment_sales, downside_2026q4_elimination).
Consolidated gross profit downside_2026q4_gross_profit	2026Q4 / downside	118.75 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(downside_2026q4_utilities_gross, downside_2026q4_energy_gross).
SG&A / consolidated revenue downside_2026q4_sga_rate	2026Q4 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
SG&A downside_2026q4_sga	2026Q4 / downside	107.34 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(downside_2026q4_revenue, downside_2026q4_sga_rate).
Transaction and related costs downside_2026q4_transaction_costs	2026Q4 / downside	3.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs downside_2026q4_operating_expenses	2026Q4 / downside	110.34 USD_millions	derived: Forecast GAAP expenses. Formula: sum(downside_2026q4_sga, downside_2026q4_transaction_costs).
Operating income downside_2026q4_operating_income	2026Q4 / downside	8.41 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(downside_2026q4_gross_profit, downside_2026q4_operating_expenses).
Net interest expense downside_2026q4_interest	2026Q4 / downside	16.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings downside_2026q4_pretax	2026Q4 / downside	-7.59 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(downside_2026q4_operating_income, downside_2026q4_interest).
Normalized tax rate downside_2026q4_tax_rate	2026Q4 / downside	32.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit downside_2026q4_tax	2026Q4 / downside	-2.43 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(downside_2026q4_pretax, downside_2026q4_tax_rate).
Net income downside_2026q4_net_income	2026Q4 / downside	-5.16 USD_millions	derived: After tax earnings proxy. Formula: subtract(downside_2026q4_pretax, downside_2026q4_tax).
Depreciation and amortization downside_2026q4_da	2026Q4 / downside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2026q4_sbc	2026Q4 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges downside_2026q4_before_wc	2026Q4 / downside	30.84 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(downside_2026q4_net_income, downside_2026q4_da, downside_2026q4_sbc).
Share of June reserve spent downside_2026q4_reserve_draw_share	2026Q4 / downside	37.5% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve downside_2026q4_reserve_cash	2026Q4 / downside	6.04 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, downside_2026q4_reserve_draw_share).
Ordinary net working-capital use downside_2026q4_ordinary_wc	2026Q4 / downside	0.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use downside_2026q4_wc_total	2026Q4 / downside	6.04 USD_millions	derived: Reserve cash is included once. Formula: sum(downside_2026q4_ordinary_wc, downside_2026q4_reserve_cash).
Operating cash flow downside_2026q4_cfo	2026Q4 / downside	24.80 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(downside_2026q4_before_wc, downside_2026q4_wc_total).
Gross PP&E purchases downside_2026q4_capex	2026Q4 / downside	28.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2026q4_fcf	2026Q4 / downside	-3.20 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Share of FY2027 segment sales downside_2027q1_utilities_sales_weight	2027Q1 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue downside_2027q1_utilities	2027Q1 / downside	627.68 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(downside_fy27_utilities_target, downside_2027q1_utilities_sales_weight).
utilities gross margin downside_2027q1_utilities_margin	2027Q1 / downside	10.5% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit downside_2027q1_utilities_gross	2027Q1 / downside	65.91 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(downside_2027q1_utilities, downside_2027q1_utilities_margin).
Share of FY2027 segment sales downside_2027q1_energy_sales_weight	2027Q1 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue downside_2027q1_energy	2027Q1 / downside	920.04 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(downside_fy27_energy_target, downside_2027q1_energy_sales_weight).
energy gross margin downside_2027q1_energy_margin	2027Q1 / downside	6.0% ratio	assumption: Desk assumption, not company guidance.
energy gross profit downside_2027q1_energy_gross	2027Q1 / downside	55.20 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(downside_2027q1_energy, downside_2027q1_energy_margin).
Combined segment sales before eliminations downside_2027q1_gross_segment_sales	2027Q1 / downside	1,547.72 USD_millions	derived: Includes intersegment sales. Formula: sum(downside_2027q1_utilities, downside_2027q1_energy).
Share of H2 elimination downside_2027q1_elim_weight	2027Q1 / downside	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination downside_2027q1_elimination	2027Q1 / downside	28.77 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(downside_h2_elimination, downside_2027q1_elim_weight).
Consolidated revenue downside_2027q1_revenue	2027Q1 / downside	1,518.96 USD_millions	derived: Net external revenue. Formula: subtract(downside_2027q1_gross_segment_sales, downside_2027q1_elimination).
Consolidated gross profit downside_2027q1_gross_profit	2027Q1 / downside	121.11 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(downside_2027q1_utilities_gross, downside_2027q1_energy_gross).
SG&A / consolidated revenue downside_2027q1_sga_rate	2027Q1 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
SG&A downside_2027q1_sga	2027Q1 / downside	98.73 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(downside_2027q1_revenue, downside_2027q1_sga_rate).
Transaction and related costs downside_2027q1_transaction_costs	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs downside_2027q1_operating_expenses	2027Q1 / downside	100.73 USD_millions	derived: Forecast GAAP expenses. Formula: sum(downside_2027q1_sga, downside_2027q1_transaction_costs).
Operating income downside_2027q1_operating_income	2027Q1 / downside	20.38 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(downside_2027q1_gross_profit, downside_2027q1_operating_expenses).
Net interest expense downside_2027q1_interest	2027Q1 / downside	17.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings downside_2027q1_pretax	2027Q1 / downside	3.38 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(downside_2027q1_operating_income, downside_2027q1_interest).
Normalized tax rate downside_2027q1_tax_rate	2027Q1 / downside	32.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit downside_2027q1_tax	2027Q1 / downside	1.08 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(downside_2027q1_pretax, downside_2027q1_tax_rate).
Net income downside_2027q1_net_income	2027Q1 / downside	2.30 USD_millions	derived: After tax earnings proxy. Formula: subtract(downside_2027q1_pretax, downside_2027q1_tax).
Depreciation and amortization downside_2027q1_da	2027Q1 / downside	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2027q1_sbc	2027Q1 / downside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges downside_2027q1_before_wc	2027Q1 / downside	42.30 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(downside_2027q1_net_income, downside_2027q1_da, downside_2027q1_sbc).
Share of June reserve spent downside_2027q1_reserve_draw_share	2027Q1 / downside	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve downside_2027q1_reserve_cash	2027Q1 / downside	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, downside_2027q1_reserve_draw_share).
Ordinary net working-capital use downside_2027q1_ordinary_wc	2027Q1 / downside	100.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use downside_2027q1_wc_total	2027Q1 / downside	100.00 USD_millions	derived: Reserve cash is included once. Formula: sum(downside_2027q1_ordinary_wc, downside_2027q1_reserve_cash).
Operating cash flow downside_2027q1_cfo	2027Q1 / downside	-57.70 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(downside_2027q1_before_wc, downside_2027q1_wc_total).
Gross PP&E purchases downside_2027q1_capex	2027Q1 / downside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2027q1_fcf	2027Q1 / downside	-87.70 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Share of FY2027 segment sales downside_2027q2_utilities_sales_weight	2027Q2 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue downside_2027q2_utilities	2027Q2 / downside	713.27 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(downside_fy27_utilities_target, downside_2027q2_utilities_sales_weight).
utilities gross margin downside_2027q2_utilities_margin	2027Q2 / downside	10.5% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit downside_2027q2_utilities_gross	2027Q2 / downside	74.89 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(downside_2027q2_utilities, downside_2027q2_utilities_margin).
Share of FY2027 segment sales downside_2027q2_energy_sales_weight	2027Q2 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue downside_2027q2_energy	2027Q2 / downside	1,045.50 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(downside_fy27_energy_target, downside_2027q2_energy_sales_weight).
energy gross margin downside_2027q2_energy_margin	2027Q2 / downside	6.0% ratio	assumption: Desk assumption, not company guidance.
energy gross profit downside_2027q2_energy_gross	2027Q2 / downside	62.73 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(downside_2027q2_energy, downside_2027q2_energy_margin).
Combined segment sales before eliminations downside_2027q2_gross_segment_sales	2027Q2 / downside	1,758.78 USD_millions	derived: Includes intersegment sales. Formula: sum(downside_2027q2_utilities, downside_2027q2_energy).
Share of H2 elimination downside_2027q2_elim_weight	2027Q2 / downside	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination downside_2027q2_elimination	2027Q2 / downside	28.77 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(downside_h2_elimination, downside_2027q2_elim_weight).
Consolidated revenue downside_2027q2_revenue	2027Q2 / downside	1,730.01 USD_millions	derived: Net external revenue. Formula: subtract(downside_2027q2_gross_segment_sales, downside_2027q2_elimination).
Consolidated gross profit downside_2027q2_gross_profit	2027Q2 / downside	137.62 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(downside_2027q2_utilities_gross, downside_2027q2_energy_gross).
SG&A / consolidated revenue downside_2027q2_sga_rate	2027Q2 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
SG&A downside_2027q2_sga	2027Q2 / downside	112.45 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(downside_2027q2_revenue, downside_2027q2_sga_rate).
Transaction and related costs downside_2027q2_transaction_costs	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs downside_2027q2_operating_expenses	2027Q2 / downside	114.45 USD_millions	derived: Forecast GAAP expenses. Formula: sum(downside_2027q2_sga, downside_2027q2_transaction_costs).
Operating income downside_2027q2_operating_income	2027Q2 / downside	23.17 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(downside_2027q2_gross_profit, downside_2027q2_operating_expenses).
Net interest expense downside_2027q2_interest	2027Q2 / downside	17.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings downside_2027q2_pretax	2027Q2 / downside	6.17 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(downside_2027q2_operating_income, downside_2027q2_interest).
Normalized tax rate downside_2027q2_tax_rate	2027Q2 / downside	32.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit downside_2027q2_tax	2027Q2 / downside	1.98 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(downside_2027q2_pretax, downside_2027q2_tax_rate).
Net income downside_2027q2_net_income	2027Q2 / downside	4.20 USD_millions	derived: After tax earnings proxy. Formula: subtract(downside_2027q2_pretax, downside_2027q2_tax).
Depreciation and amortization downside_2027q2_da	2027Q2 / downside	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2027q2_sbc	2027Q2 / downside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges downside_2027q2_before_wc	2027Q2 / downside	44.20 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(downside_2027q2_net_income, downside_2027q2_da, downside_2027q2_sbc).
Share of June reserve spent downside_2027q2_reserve_draw_share	2027Q2 / downside	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve downside_2027q2_reserve_cash	2027Q2 / downside	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, downside_2027q2_reserve_draw_share).
Ordinary net working-capital use downside_2027q2_ordinary_wc	2027Q2 / downside	60.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use downside_2027q2_wc_total	2027Q2 / downside	60.00 USD_millions	derived: Reserve cash is included once. Formula: sum(downside_2027q2_ordinary_wc, downside_2027q2_reserve_cash).
Operating cash flow downside_2027q2_cfo	2027Q2 / downside	-15.80 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(downside_2027q2_before_wc, downside_2027q2_wc_total).
Gross PP&E purchases downside_2027q2_capex	2027Q2 / downside	32.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2027q2_fcf	2027Q2 / downside	-47.80 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Share of FY2027 segment sales downside_2027q3_utilities_sales_weight	2027Q3 / downside	28.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue downside_2027q3_utilities	2027Q3 / downside	798.87 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(downside_fy27_utilities_target, downside_2027q3_utilities_sales_weight).
utilities gross margin downside_2027q3_utilities_margin	2027Q3 / downside	10.5% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit downside_2027q3_utilities_gross	2027Q3 / downside	83.88 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(downside_2027q3_utilities, downside_2027q3_utilities_margin).
Share of FY2027 segment sales downside_2027q3_energy_sales_weight	2027Q3 / downside	28.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue downside_2027q3_energy	2027Q3 / downside	1,170.96 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(downside_fy27_energy_target, downside_2027q3_energy_sales_weight).
energy gross margin downside_2027q3_energy_margin	2027Q3 / downside	6.0% ratio	assumption: Desk assumption, not company guidance.
energy gross profit downside_2027q3_energy_gross	2027Q3 / downside	70.26 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(downside_2027q3_energy, downside_2027q3_energy_margin).
Combined segment sales before eliminations downside_2027q3_gross_segment_sales	2027Q3 / downside	1,969.83 USD_millions	derived: Includes intersegment sales. Formula: sum(downside_2027q3_utilities, downside_2027q3_energy).
Share of H2 elimination downside_2027q3_elim_weight	2027Q3 / downside	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination downside_2027q3_elimination	2027Q3 / downside	28.77 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(downside_h2_elimination, downside_2027q3_elim_weight).
Consolidated revenue downside_2027q3_revenue	2027Q3 / downside	1,941.06 USD_millions	derived: Net external revenue. Formula: subtract(downside_2027q3_gross_segment_sales, downside_2027q3_elimination).
Consolidated gross profit downside_2027q3_gross_profit	2027Q3 / downside	154.14 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(downside_2027q3_utilities_gross, downside_2027q3_energy_gross).
SG&A / consolidated revenue downside_2027q3_sga_rate	2027Q3 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
SG&A downside_2027q3_sga	2027Q3 / downside	126.17 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(downside_2027q3_revenue, downside_2027q3_sga_rate).
Transaction and related costs downside_2027q3_transaction_costs	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs downside_2027q3_operating_expenses	2027Q3 / downside	128.17 USD_millions	derived: Forecast GAAP expenses. Formula: sum(downside_2027q3_sga, downside_2027q3_transaction_costs).
Operating income downside_2027q3_operating_income	2027Q3 / downside	25.97 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_operating_expenses).
Net interest expense downside_2027q3_interest	2027Q3 / downside	17.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings downside_2027q3_pretax	2027Q3 / downside	8.97 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(downside_2027q3_operating_income, downside_2027q3_interest).
Normalized tax rate downside_2027q3_tax_rate	2027Q3 / downside	32.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit downside_2027q3_tax	2027Q3 / downside	2.87 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(downside_2027q3_pretax, downside_2027q3_tax_rate).
Net income downside_2027q3_net_income	2027Q3 / downside	6.10 USD_millions	derived: After tax earnings proxy. Formula: subtract(downside_2027q3_pretax, downside_2027q3_tax).
Depreciation and amortization downside_2027q3_da	2027Q3 / downside	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2027q3_sbc	2027Q3 / downside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges downside_2027q3_before_wc	2027Q3 / downside	46.10 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(downside_2027q3_net_income, downside_2027q3_da, downside_2027q3_sbc).
Share of June reserve spent downside_2027q3_reserve_draw_share	2027Q3 / downside	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve downside_2027q3_reserve_cash	2027Q3 / downside	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, downside_2027q3_reserve_draw_share).
Ordinary net working-capital use downside_2027q3_ordinary_wc	2027Q3 / downside	10.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use downside_2027q3_wc_total	2027Q3 / downside	10.00 USD_millions	derived: Reserve cash is included once. Formula: sum(downside_2027q3_ordinary_wc, downside_2027q3_reserve_cash).
Operating cash flow downside_2027q3_cfo	2027Q3 / downside	36.10 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(downside_2027q3_before_wc, downside_2027q3_wc_total).
Gross PP&E purchases downside_2027q3_capex	2027Q3 / downside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2027q3_fcf	2027Q3 / downside	6.10 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Share of FY2027 segment sales downside_2027q4_utilities_sales_weight	2027Q4 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue downside_2027q4_utilities	2027Q4 / downside	713.27 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(downside_fy27_utilities_target, downside_2027q4_utilities_sales_weight).
utilities gross margin downside_2027q4_utilities_margin	2027Q4 / downside	10.5% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit downside_2027q4_utilities_gross	2027Q4 / downside	74.89 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(downside_2027q4_utilities, downside_2027q4_utilities_margin).
Share of FY2027 segment sales downside_2027q4_energy_sales_weight	2027Q4 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue downside_2027q4_energy	2027Q4 / downside	1,045.50 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(downside_fy27_energy_target, downside_2027q4_energy_sales_weight).
energy gross margin downside_2027q4_energy_margin	2027Q4 / downside	6.0% ratio	assumption: Desk assumption, not company guidance.
energy gross profit downside_2027q4_energy_gross	2027Q4 / downside	62.73 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(downside_2027q4_energy, downside_2027q4_energy_margin).
Combined segment sales before eliminations downside_2027q4_gross_segment_sales	2027Q4 / downside	1,758.78 USD_millions	derived: Includes intersegment sales. Formula: sum(downside_2027q4_utilities, downside_2027q4_energy).
Share of H2 elimination downside_2027q4_elim_weight	2027Q4 / downside	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination downside_2027q4_elimination	2027Q4 / downside	28.77 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(downside_h2_elimination, downside_2027q4_elim_weight).
Consolidated revenue downside_2027q4_revenue	2027Q4 / downside	1,730.01 USD_millions	derived: Net external revenue. Formula: subtract(downside_2027q4_gross_segment_sales, downside_2027q4_elimination).
Consolidated gross profit downside_2027q4_gross_profit	2027Q4 / downside	137.62 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(downside_2027q4_utilities_gross, downside_2027q4_energy_gross).
SG&A / consolidated revenue downside_2027q4_sga_rate	2027Q4 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
SG&A downside_2027q4_sga	2027Q4 / downside	112.45 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(downside_2027q4_revenue, downside_2027q4_sga_rate).
Transaction and related costs downside_2027q4_transaction_costs	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs downside_2027q4_operating_expenses	2027Q4 / downside	114.45 USD_millions	derived: Forecast GAAP expenses. Formula: sum(downside_2027q4_sga, downside_2027q4_transaction_costs).
Operating income downside_2027q4_operating_income	2027Q4 / downside	23.17 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_operating_expenses).
Net interest expense downside_2027q4_interest	2027Q4 / downside	17.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings downside_2027q4_pretax	2027Q4 / downside	6.17 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(downside_2027q4_operating_income, downside_2027q4_interest).
Normalized tax rate downside_2027q4_tax_rate	2027Q4 / downside	32.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit downside_2027q4_tax	2027Q4 / downside	1.98 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(downside_2027q4_pretax, downside_2027q4_tax_rate).
Net income downside_2027q4_net_income	2027Q4 / downside	4.20 USD_millions	derived: After tax earnings proxy. Formula: subtract(downside_2027q4_pretax, downside_2027q4_tax).
Depreciation and amortization downside_2027q4_da	2027Q4 / downside	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation downside_2027q4_sbc	2027Q4 / downside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges downside_2027q4_before_wc	2027Q4 / downside	44.20 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(downside_2027q4_net_income, downside_2027q4_da, downside_2027q4_sbc).
Share of June reserve spent downside_2027q4_reserve_draw_share	2027Q4 / downside	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve downside_2027q4_reserve_cash	2027Q4 / downside	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, downside_2027q4_reserve_draw_share).
Ordinary net working-capital use downside_2027q4_ordinary_wc	2027Q4 / downside	-50.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use downside_2027q4_wc_total	2027Q4 / downside	-50.00 USD_millions	derived: Reserve cash is included once. Formula: sum(downside_2027q4_ordinary_wc, downside_2027q4_reserve_cash).
Operating cash flow downside_2027q4_cfo	2027Q4 / downside	94.20 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(downside_2027q4_before_wc, downside_2027q4_wc_total).
Gross PP&E purchases downside_2027q4_capex	2027Q4 / downside	28.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2027q4_fcf	2027Q4 / downside	66.20 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Consolidated revenue ($M) downside_fy2026_revenue	FY2026 / downside	6,765.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Utilities segment revenue ($M) downside_fy2026_utilities	FY2026 / downside	2,770.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_utilities, downside_2026q3_utilities, downside_2026q4_utilities).
Energy segment revenue ($M) downside_fy2026_energy	FY2026 / downside	4,100.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_energy, downside_2026q3_energy, downside_2026q4_energy).
GAAP gross profit ($M) downside_fy2026_gross_profit	FY2026 / downside	441.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit).
GAAP operating income ($M) downside_fy2026_operating_income	FY2026 / downside	-13.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Net income ($M) downside_fy2026_net_income	FY2026 / downside	-35.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_income, downside_2026q3_net_income, downside_2026q4_net_income).
Operating cash flow ($M) downside_fy2026_cfo	FY2026 / downside	-164.43 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Gross PP&E purchases ($M) downside_fy2026_capex	FY2026 / downside	106.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less gross capex ($M) downside_fy2026_fcf	FY2026 / downside	-270.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Consolidated revenue ($M) downside_fy2027_revenue	FY2027 / downside	6,920.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Utilities segment revenue ($M) downside_fy2027_utilities	FY2027 / downside	2,853.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_utilities, downside_2027q2_utilities, downside_2027q3_utilities, downside_2027q4_utilities).
Energy segment revenue ($M) downside_fy2027_energy	FY2027 / downside	4,182.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_energy, downside_2027q2_energy, downside_2027q3_energy, downside_2027q4_energy).
GAAP gross profit ($M) downside_fy2027_gross_profit	FY2027 / downside	550.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
GAAP operating income ($M) downside_fy2027_operating_income	FY2027 / downside	92.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Net income ($M) downside_fy2027_net_income	FY2027 / downside	16.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_net_income, downside_2027q2_net_income, downside_2027q3_net_income, downside_2027q4_net_income).
Operating cash flow ($M) downside_fy2027_cfo	FY2027 / downside	56.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Gross PP&E purchases ($M) downside_fy2027_capex	FY2027 / downside	120.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less gross capex ($M) downside_fy2027_fcf	FY2027 / downside	-63.21 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
FY2026 utilities revenue base_fy26_utilities_target	FY2026 / base	2,850.00 USD_millions	assumption: Desk annual segment revenue, including intersegment sales; not management revenue guidance.
FY2026 utilities gross margin base_fy26_utilities_margin	FY2026 / base	11.5% ratio	assumption: Annual margin scenario including actual H1 project losses.
FY2026 utilities gross profit base_fy26_utilities_gross	FY2026 / base	327.75 USD_millions	derived: Annual margin times annual segment sales. Formula: multiply(base_fy26_utilities_target, base_fy26_utilities_margin).
Required H2 utilities sales base_h2_utilities_sales	H2 2026 / base	1,504.50 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(base_fy26_utilities_target, h1_utilities).
Required H2 utilities gross base_h2_utilities_gross	H2 2026 / base	180.65 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(base_fy26_utilities_gross, h1_utilities_gross).
FY2027 utilities growth multiplier base_utilities_growth	FY2027 / base	110.0% ratio	assumption: Desk extension, not company guidance.
FY2027 utilities revenue base_fy27_utilities_target	FY2027 / base	3,135.00 USD_millions	derived: Next-year segment growth scenario. Formula: multiply(base_fy26_utilities_target, base_utilities_growth).
FY2026 energy revenue base_fy26_energy_target	FY2026 / base	4,360.00 USD_millions	assumption: Desk annual segment revenue, including intersegment sales; not management revenue guidance.
FY2026 energy gross margin base_fy26_energy_margin	FY2026 / base	6.5% ratio	assumption: Annual margin scenario including actual H1 project losses.
FY2026 energy gross profit base_fy26_energy_gross	FY2026 / base	283.40 USD_millions	derived: Annual margin times annual segment sales. Formula: multiply(base_fy26_energy_target, base_fy26_energy_margin).
Required H2 energy sales base_h2_energy_sales	H2 2026 / base	2,404.70 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(base_fy26_energy_target, h1_energy).
Required H2 energy gross base_h2_energy_gross	H2 2026 / base	213.40 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(base_fy26_energy_gross, h1_energy_gross).
FY2027 energy growth multiplier base_energy_growth	FY2027 / base	115.0% ratio	assumption: Desk extension, not company guidance.
FY2027 energy revenue base_fy27_energy_target	FY2027 / base	5,014.00 USD_millions	derived: Next-year segment growth scenario. Formula: multiply(base_fy26_energy_target, base_energy_growth).
FY2026 intersegment revenue eliminated base_fy26_elimination_target	FY2026 / base	105.00 USD_millions	assumption: Desk gross intersegment amount to subtract exactly once.
H2 intersegment revenue elimination base_h2_elimination	H2 2026 / base	52.30 USD_millions	derived: Full year less actual H1. Formula: subtract(base_fy26_elimination_target, h1_elimination).
Share of H2 segment sales base_2026q3_utilities_sales_weight	2026Q3 / base	53.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue base_2026q3_utilities	2026Q3 / base	797.38 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(base_h2_utilities_sales, base_2026q3_utilities_sales_weight).
Share of H2 segment gross profit base_2026q3_utilities_gross_weight	2026Q3 / base	52.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
utilities gross profit base_2026q3_utilities_gross	2026Q3 / base	93.94 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(base_h2_utilities_gross, base_2026q3_utilities_gross_weight).
Share of H2 segment sales base_2026q3_energy_sales_weight	2026Q3 / base	53.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue base_2026q3_energy	2026Q3 / base	1,274.49 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(base_h2_energy_sales, base_2026q3_energy_sales_weight).
Share of H2 segment gross profit base_2026q3_energy_gross_weight	2026Q3 / base	40.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
energy gross profit base_2026q3_energy_gross	2026Q3 / base	85.36 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(base_h2_energy_gross, base_2026q3_energy_gross_weight).
Combined segment sales before eliminations base_2026q3_gross_segment_sales	2026Q3 / base	2,071.88 USD_millions	derived: Includes intersegment sales. Formula: sum(base_2026q3_utilities, base_2026q3_energy).
Share of H2 elimination base_2026q3_elim_weight	2026Q3 / base	50.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination base_2026q3_elimination	2026Q3 / base	26.15 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(base_h2_elimination, base_2026q3_elim_weight).
Consolidated revenue base_2026q3_revenue	2026Q3 / base	2,045.73 USD_millions	derived: Net external revenue. Formula: subtract(base_2026q3_gross_segment_sales, base_2026q3_elimination).
Consolidated gross profit base_2026q3_gross_profit	2026Q3 / base	179.30 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(base_2026q3_utilities_gross, base_2026q3_energy_gross).
SG&A / consolidated revenue base_2026q3_sga_rate	2026Q3 / base	6.2% ratio	assumption: Desk assumption, not company guidance.
SG&A base_2026q3_sga	2026Q3 / base	126.84 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(base_2026q3_revenue, base_2026q3_sga_rate).
Transaction and related costs base_2026q3_transaction_costs	2026Q3 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs base_2026q3_operating_expenses	2026Q3 / base	127.84 USD_millions	derived: Forecast GAAP expenses. Formula: sum(base_2026q3_sga, base_2026q3_transaction_costs).
Operating income base_2026q3_operating_income	2026Q3 / base	51.46 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(base_2026q3_gross_profit, base_2026q3_operating_expenses).
Net interest expense base_2026q3_interest	2026Q3 / base	14.90 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings base_2026q3_pretax	2026Q3 / base	36.56 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(base_2026q3_operating_income, base_2026q3_interest).
Normalized tax rate base_2026q3_tax_rate	2026Q3 / base	31.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit base_2026q3_tax	2026Q3 / base	11.33 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(base_2026q3_pretax, base_2026q3_tax_rate).
Net income base_2026q3_net_income	2026Q3 / base	25.23 USD_millions	derived: After tax earnings proxy. Formula: subtract(base_2026q3_pretax, base_2026q3_tax).
Depreciation and amortization base_2026q3_da	2026Q3 / base	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2026q3_sbc	2026Q3 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges base_2026q3_before_wc	2026Q3 / base	61.23 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(base_2026q3_net_income, base_2026q3_da, base_2026q3_sbc).
Share of June reserve spent base_2026q3_reserve_draw_share	2026Q3 / base	62.5% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve base_2026q3_reserve_cash	2026Q3 / base	10.06 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, base_2026q3_reserve_draw_share).
Ordinary net working-capital use base_2026q3_ordinary_wc	2026Q3 / base	-20.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use base_2026q3_wc_total	2026Q3 / base	-9.94 USD_millions	derived: Reserve cash is included once. Formula: sum(base_2026q3_ordinary_wc, base_2026q3_reserve_cash).
Operating cash flow base_2026q3_cfo	2026Q3 / base	71.17 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(base_2026q3_before_wc, base_2026q3_wc_total).
Gross PP&E purchases base_2026q3_capex	2026Q3 / base	30.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2026q3_fcf	2026Q3 / base	41.17 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Share of H2 segment sales base_2026q4_utilities_sales_weight	2026Q4 / base	47.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue base_2026q4_utilities	2026Q4 / base	707.12 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(base_h2_utilities_sales, base_2026q4_utilities_sales_weight).
Share of H2 segment gross profit base_2026q4_utilities_gross_weight	2026Q4 / base	48.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
utilities gross profit base_2026q4_utilities_gross	2026Q4 / base	86.71 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(base_h2_utilities_gross, base_2026q4_utilities_gross_weight).
Share of H2 segment sales base_2026q4_energy_sales_weight	2026Q4 / base	47.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue base_2026q4_energy	2026Q4 / base	1,130.21 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(base_h2_energy_sales, base_2026q4_energy_sales_weight).
Share of H2 segment gross profit base_2026q4_energy_gross_weight	2026Q4 / base	60.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
energy gross profit base_2026q4_energy_gross	2026Q4 / base	128.04 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(base_h2_energy_gross, base_2026q4_energy_gross_weight).
Combined segment sales before eliminations base_2026q4_gross_segment_sales	2026Q4 / base	1,837.32 USD_millions	derived: Includes intersegment sales. Formula: sum(base_2026q4_utilities, base_2026q4_energy).
Share of H2 elimination base_2026q4_elim_weight	2026Q4 / base	50.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination base_2026q4_elimination	2026Q4 / base	26.15 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(base_h2_elimination, base_2026q4_elim_weight).
Consolidated revenue base_2026q4_revenue	2026Q4 / base	1,811.17 USD_millions	derived: Net external revenue. Formula: subtract(base_2026q4_gross_segment_sales, base_2026q4_elimination).
Consolidated gross profit base_2026q4_gross_profit	2026Q4 / base	214.75 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(base_2026q4_utilities_gross, base_2026q4_energy_gross).
SG&A / consolidated revenue base_2026q4_sga_rate	2026Q4 / base	6.2% ratio	assumption: Desk assumption, not company guidance.
SG&A base_2026q4_sga	2026Q4 / base	112.29 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(base_2026q4_revenue, base_2026q4_sga_rate).
Transaction and related costs base_2026q4_transaction_costs	2026Q4 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs base_2026q4_operating_expenses	2026Q4 / base	113.29 USD_millions	derived: Forecast GAAP expenses. Formula: sum(base_2026q4_sga, base_2026q4_transaction_costs).
Operating income base_2026q4_operating_income	2026Q4 / base	101.46 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(base_2026q4_gross_profit, base_2026q4_operating_expenses).
Net interest expense base_2026q4_interest	2026Q4 / base	14.90 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings base_2026q4_pretax	2026Q4 / base	86.56 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(base_2026q4_operating_income, base_2026q4_interest).
Normalized tax rate base_2026q4_tax_rate	2026Q4 / base	31.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit base_2026q4_tax	2026Q4 / base	26.83 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(base_2026q4_pretax, base_2026q4_tax_rate).
Net income base_2026q4_net_income	2026Q4 / base	59.73 USD_millions	derived: After tax earnings proxy. Formula: subtract(base_2026q4_pretax, base_2026q4_tax).
Depreciation and amortization base_2026q4_da	2026Q4 / base	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2026q4_sbc	2026Q4 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges base_2026q4_before_wc	2026Q4 / base	95.73 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(base_2026q4_net_income, base_2026q4_da, base_2026q4_sbc).
Share of June reserve spent base_2026q4_reserve_draw_share	2026Q4 / base	37.5% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve base_2026q4_reserve_cash	2026Q4 / base	6.04 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, base_2026q4_reserve_draw_share).
Ordinary net working-capital use base_2026q4_ordinary_wc	2026Q4 / base	-90.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use base_2026q4_wc_total	2026Q4 / base	-83.96 USD_millions	derived: Reserve cash is included once. Formula: sum(base_2026q4_ordinary_wc, base_2026q4_reserve_cash).
Operating cash flow base_2026q4_cfo	2026Q4 / base	179.69 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(base_2026q4_before_wc, base_2026q4_wc_total).
Gross PP&E purchases base_2026q4_capex	2026Q4 / base	29.70 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2026q4_fcf	2026Q4 / base	149.99 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Share of FY2027 segment sales base_2027q1_utilities_sales_weight	2027Q1 / base	22.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue base_2027q1_utilities	2027Q1 / base	689.70 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(base_fy27_utilities_target, base_2027q1_utilities_sales_weight).
utilities gross margin base_2027q1_utilities_margin	2027Q1 / base	11.5% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit base_2027q1_utilities_gross	2027Q1 / base	79.32 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(base_2027q1_utilities, base_2027q1_utilities_margin).
Share of FY2027 segment sales base_2027q1_energy_sales_weight	2027Q1 / base	22.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue base_2027q1_energy	2027Q1 / base	1,103.08 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(base_fy27_energy_target, base_2027q1_energy_sales_weight).
energy gross margin base_2027q1_energy_margin	2027Q1 / base	9.5% ratio	assumption: Desk assumption, not company guidance.
energy gross profit base_2027q1_energy_gross	2027Q1 / base	104.79 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(base_2027q1_energy, base_2027q1_energy_margin).
Combined segment sales before eliminations base_2027q1_gross_segment_sales	2027Q1 / base	1,792.78 USD_millions	derived: Includes intersegment sales. Formula: sum(base_2027q1_utilities, base_2027q1_energy).
Share of H2 elimination base_2027q1_elim_weight	2027Q1 / base	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination base_2027q1_elimination	2027Q1 / base	28.77 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(base_h2_elimination, base_2027q1_elim_weight).
Consolidated revenue base_2027q1_revenue	2027Q1 / base	1,764.02 USD_millions	derived: Net external revenue. Formula: subtract(base_2027q1_gross_segment_sales, base_2027q1_elimination).
Consolidated gross profit base_2027q1_gross_profit	2027Q1 / base	184.11 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(base_2027q1_utilities_gross, base_2027q1_energy_gross).
SG&A / consolidated revenue base_2027q1_sga_rate	2027Q1 / base	6.2% ratio	assumption: Desk assumption, not company guidance.
SG&A base_2027q1_sga	2027Q1 / base	109.37 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(base_2027q1_revenue, base_2027q1_sga_rate).
Transaction and related costs base_2027q1_transaction_costs	2027Q1 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs base_2027q1_operating_expenses	2027Q1 / base	110.37 USD_millions	derived: Forecast GAAP expenses. Formula: sum(base_2027q1_sga, base_2027q1_transaction_costs).
Operating income base_2027q1_operating_income	2027Q1 / base	73.74 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(base_2027q1_gross_profit, base_2027q1_operating_expenses).
Net interest expense base_2027q1_interest	2027Q1 / base	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings base_2027q1_pretax	2027Q1 / base	59.74 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(base_2027q1_operating_income, base_2027q1_interest).
Normalized tax rate base_2027q1_tax_rate	2027Q1 / base	31.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit base_2027q1_tax	2027Q1 / base	18.52 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(base_2027q1_pretax, base_2027q1_tax_rate).
Net income base_2027q1_net_income	2027Q1 / base	41.22 USD_millions	derived: After tax earnings proxy. Formula: subtract(base_2027q1_pretax, base_2027q1_tax).
Depreciation and amortization base_2027q1_da	2027Q1 / base	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2027q1_sbc	2027Q1 / base	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges base_2027q1_before_wc	2027Q1 / base	81.22 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(base_2027q1_net_income, base_2027q1_da, base_2027q1_sbc).
Share of June reserve spent base_2027q1_reserve_draw_share	2027Q1 / base	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve base_2027q1_reserve_cash	2027Q1 / base	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, base_2027q1_reserve_draw_share).
Ordinary net working-capital use base_2027q1_ordinary_wc	2027Q1 / base	80.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use base_2027q1_wc_total	2027Q1 / base	80.00 USD_millions	derived: Reserve cash is included once. Formula: sum(base_2027q1_ordinary_wc, base_2027q1_reserve_cash).
Operating cash flow base_2027q1_cfo	2027Q1 / base	1.22 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(base_2027q1_before_wc, base_2027q1_wc_total).
Gross PP&E purchases base_2027q1_capex	2027Q1 / base	35.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2027q1_fcf	2027Q1 / base	-33.78 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Share of FY2027 segment sales base_2027q2_utilities_sales_weight	2027Q2 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue base_2027q2_utilities	2027Q2 / base	783.75 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(base_fy27_utilities_target, base_2027q2_utilities_sales_weight).
utilities gross margin base_2027q2_utilities_margin	2027Q2 / base	11.5% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit base_2027q2_utilities_gross	2027Q2 / base	90.13 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(base_2027q2_utilities, base_2027q2_utilities_margin).
Share of FY2027 segment sales base_2027q2_energy_sales_weight	2027Q2 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue base_2027q2_energy	2027Q2 / base	1,253.50 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(base_fy27_energy_target, base_2027q2_energy_sales_weight).
energy gross margin base_2027q2_energy_margin	2027Q2 / base	9.5% ratio	assumption: Desk assumption, not company guidance.
energy gross profit base_2027q2_energy_gross	2027Q2 / base	119.08 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(base_2027q2_energy, base_2027q2_energy_margin).
Combined segment sales before eliminations base_2027q2_gross_segment_sales	2027Q2 / base	2,037.25 USD_millions	derived: Includes intersegment sales. Formula: sum(base_2027q2_utilities, base_2027q2_energy).
Share of H2 elimination base_2027q2_elim_weight	2027Q2 / base	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination base_2027q2_elimination	2027Q2 / base	28.77 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(base_h2_elimination, base_2027q2_elim_weight).
Consolidated revenue base_2027q2_revenue	2027Q2 / base	2,008.48 USD_millions	derived: Net external revenue. Formula: subtract(base_2027q2_gross_segment_sales, base_2027q2_elimination).
Consolidated gross profit base_2027q2_gross_profit	2027Q2 / base	209.21 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(base_2027q2_utilities_gross, base_2027q2_energy_gross).
SG&A / consolidated revenue base_2027q2_sga_rate	2027Q2 / base	6.2% ratio	assumption: Desk assumption, not company guidance.
SG&A base_2027q2_sga	2027Q2 / base	124.53 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(base_2027q2_revenue, base_2027q2_sga_rate).
Transaction and related costs base_2027q2_transaction_costs	2027Q2 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs base_2027q2_operating_expenses	2027Q2 / base	125.53 USD_millions	derived: Forecast GAAP expenses. Formula: sum(base_2027q2_sga, base_2027q2_transaction_costs).
Operating income base_2027q2_operating_income	2027Q2 / base	83.69 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(base_2027q2_gross_profit, base_2027q2_operating_expenses).
Net interest expense base_2027q2_interest	2027Q2 / base	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings base_2027q2_pretax	2027Q2 / base	69.69 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(base_2027q2_operating_income, base_2027q2_interest).
Normalized tax rate base_2027q2_tax_rate	2027Q2 / base	31.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit base_2027q2_tax	2027Q2 / base	21.60 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(base_2027q2_pretax, base_2027q2_tax_rate).
Net income base_2027q2_net_income	2027Q2 / base	48.08 USD_millions	derived: After tax earnings proxy. Formula: subtract(base_2027q2_pretax, base_2027q2_tax).
Depreciation and amortization base_2027q2_da	2027Q2 / base	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2027q2_sbc	2027Q2 / base	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges base_2027q2_before_wc	2027Q2 / base	88.08 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(base_2027q2_net_income, base_2027q2_da, base_2027q2_sbc).
Share of June reserve spent base_2027q2_reserve_draw_share	2027Q2 / base	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve base_2027q2_reserve_cash	2027Q2 / base	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, base_2027q2_reserve_draw_share).
Ordinary net working-capital use base_2027q2_ordinary_wc	2027Q2 / base	40.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use base_2027q2_wc_total	2027Q2 / base	40.00 USD_millions	derived: Reserve cash is included once. Formula: sum(base_2027q2_ordinary_wc, base_2027q2_reserve_cash).
Operating cash flow base_2027q2_cfo	2027Q2 / base	48.08 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(base_2027q2_before_wc, base_2027q2_wc_total).
Gross PP&E purchases base_2027q2_capex	2027Q2 / base	35.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2027q2_fcf	2027Q2 / base	13.08 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Share of FY2027 segment sales base_2027q3_utilities_sales_weight	2027Q3 / base	28.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue base_2027q3_utilities	2027Q3 / base	877.80 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(base_fy27_utilities_target, base_2027q3_utilities_sales_weight).
utilities gross margin base_2027q3_utilities_margin	2027Q3 / base	11.5% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit base_2027q3_utilities_gross	2027Q3 / base	100.95 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(base_2027q3_utilities, base_2027q3_utilities_margin).
Share of FY2027 segment sales base_2027q3_energy_sales_weight	2027Q3 / base	28.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue base_2027q3_energy	2027Q3 / base	1,403.92 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(base_fy27_energy_target, base_2027q3_energy_sales_weight).
energy gross margin base_2027q3_energy_margin	2027Q3 / base	9.5% ratio	assumption: Desk assumption, not company guidance.
energy gross profit base_2027q3_energy_gross	2027Q3 / base	133.37 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(base_2027q3_energy, base_2027q3_energy_margin).
Combined segment sales before eliminations base_2027q3_gross_segment_sales	2027Q3 / base	2,281.72 USD_millions	derived: Includes intersegment sales. Formula: sum(base_2027q3_utilities, base_2027q3_energy).
Share of H2 elimination base_2027q3_elim_weight	2027Q3 / base	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination base_2027q3_elimination	2027Q3 / base	28.77 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(base_h2_elimination, base_2027q3_elim_weight).
Consolidated revenue base_2027q3_revenue	2027Q3 / base	2,252.96 USD_millions	derived: Net external revenue. Formula: subtract(base_2027q3_gross_segment_sales, base_2027q3_elimination).
Consolidated gross profit base_2027q3_gross_profit	2027Q3 / base	234.32 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(base_2027q3_utilities_gross, base_2027q3_energy_gross).
SG&A / consolidated revenue base_2027q3_sga_rate	2027Q3 / base	6.2% ratio	assumption: Desk assumption, not company guidance.
SG&A base_2027q3_sga	2027Q3 / base	139.68 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(base_2027q3_revenue, base_2027q3_sga_rate).
Transaction and related costs base_2027q3_transaction_costs	2027Q3 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs base_2027q3_operating_expenses	2027Q3 / base	140.68 USD_millions	derived: Forecast GAAP expenses. Formula: sum(base_2027q3_sga, base_2027q3_transaction_costs).
Operating income base_2027q3_operating_income	2027Q3 / base	93.64 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(base_2027q3_gross_profit, base_2027q3_operating_expenses).
Net interest expense base_2027q3_interest	2027Q3 / base	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings base_2027q3_pretax	2027Q3 / base	79.64 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(base_2027q3_operating_income, base_2027q3_interest).
Normalized tax rate base_2027q3_tax_rate	2027Q3 / base	31.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit base_2027q3_tax	2027Q3 / base	24.69 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(base_2027q3_pretax, base_2027q3_tax_rate).
Net income base_2027q3_net_income	2027Q3 / base	54.95 USD_millions	derived: After tax earnings proxy. Formula: subtract(base_2027q3_pretax, base_2027q3_tax).
Depreciation and amortization base_2027q3_da	2027Q3 / base	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2027q3_sbc	2027Q3 / base	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges base_2027q3_before_wc	2027Q3 / base	94.95 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(base_2027q3_net_income, base_2027q3_da, base_2027q3_sbc).
Share of June reserve spent base_2027q3_reserve_draw_share	2027Q3 / base	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve base_2027q3_reserve_cash	2027Q3 / base	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, base_2027q3_reserve_draw_share).
Ordinary net working-capital use base_2027q3_ordinary_wc	2027Q3 / base	-10.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use base_2027q3_wc_total	2027Q3 / base	-10.00 USD_millions	derived: Reserve cash is included once. Formula: sum(base_2027q3_ordinary_wc, base_2027q3_reserve_cash).
Operating cash flow base_2027q3_cfo	2027Q3 / base	104.95 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(base_2027q3_before_wc, base_2027q3_wc_total).
Gross PP&E purchases base_2027q3_capex	2027Q3 / base	35.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2027q3_fcf	2027Q3 / base	69.95 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Share of FY2027 segment sales base_2027q4_utilities_sales_weight	2027Q4 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue base_2027q4_utilities	2027Q4 / base	783.75 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(base_fy27_utilities_target, base_2027q4_utilities_sales_weight).
utilities gross margin base_2027q4_utilities_margin	2027Q4 / base	11.5% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit base_2027q4_utilities_gross	2027Q4 / base	90.13 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(base_2027q4_utilities, base_2027q4_utilities_margin).
Share of FY2027 segment sales base_2027q4_energy_sales_weight	2027Q4 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue base_2027q4_energy	2027Q4 / base	1,253.50 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(base_fy27_energy_target, base_2027q4_energy_sales_weight).
energy gross margin base_2027q4_energy_margin	2027Q4 / base	9.5% ratio	assumption: Desk assumption, not company guidance.
energy gross profit base_2027q4_energy_gross	2027Q4 / base	119.08 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(base_2027q4_energy, base_2027q4_energy_margin).
Combined segment sales before eliminations base_2027q4_gross_segment_sales	2027Q4 / base	2,037.25 USD_millions	derived: Includes intersegment sales. Formula: sum(base_2027q4_utilities, base_2027q4_energy).
Share of H2 elimination base_2027q4_elim_weight	2027Q4 / base	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination base_2027q4_elimination	2027Q4 / base	28.77 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(base_h2_elimination, base_2027q4_elim_weight).
Consolidated revenue base_2027q4_revenue	2027Q4 / base	2,008.48 USD_millions	derived: Net external revenue. Formula: subtract(base_2027q4_gross_segment_sales, base_2027q4_elimination).
Consolidated gross profit base_2027q4_gross_profit	2027Q4 / base	209.21 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(base_2027q4_utilities_gross, base_2027q4_energy_gross).
SG&A / consolidated revenue base_2027q4_sga_rate	2027Q4 / base	6.2% ratio	assumption: Desk assumption, not company guidance.
SG&A base_2027q4_sga	2027Q4 / base	124.53 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(base_2027q4_revenue, base_2027q4_sga_rate).
Transaction and related costs base_2027q4_transaction_costs	2027Q4 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs base_2027q4_operating_expenses	2027Q4 / base	125.53 USD_millions	derived: Forecast GAAP expenses. Formula: sum(base_2027q4_sga, base_2027q4_transaction_costs).
Operating income base_2027q4_operating_income	2027Q4 / base	83.69 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(base_2027q4_gross_profit, base_2027q4_operating_expenses).
Net interest expense base_2027q4_interest	2027Q4 / base	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings base_2027q4_pretax	2027Q4 / base	69.69 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(base_2027q4_operating_income, base_2027q4_interest).
Normalized tax rate base_2027q4_tax_rate	2027Q4 / base	31.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit base_2027q4_tax	2027Q4 / base	21.60 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(base_2027q4_pretax, base_2027q4_tax_rate).
Net income base_2027q4_net_income	2027Q4 / base	48.08 USD_millions	derived: After tax earnings proxy. Formula: subtract(base_2027q4_pretax, base_2027q4_tax).
Depreciation and amortization base_2027q4_da	2027Q4 / base	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation base_2027q4_sbc	2027Q4 / base	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges base_2027q4_before_wc	2027Q4 / base	88.08 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(base_2027q4_net_income, base_2027q4_da, base_2027q4_sbc).
Share of June reserve spent base_2027q4_reserve_draw_share	2027Q4 / base	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve base_2027q4_reserve_cash	2027Q4 / base	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, base_2027q4_reserve_draw_share).
Ordinary net working-capital use base_2027q4_ordinary_wc	2027Q4 / base	-90.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use base_2027q4_wc_total	2027Q4 / base	-90.00 USD_millions	derived: Reserve cash is included once. Formula: sum(base_2027q4_ordinary_wc, base_2027q4_reserve_cash).
Operating cash flow base_2027q4_cfo	2027Q4 / base	178.08 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(base_2027q4_before_wc, base_2027q4_wc_total).
Gross PP&E purchases base_2027q4_capex	2027Q4 / base	35.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2027q4_fcf	2027Q4 / base	143.08 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Consolidated revenue ($M) base_fy2026_revenue	FY2026 / base	7,105.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Utilities segment revenue ($M) base_fy2026_utilities	FY2026 / base	2,850.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_utilities, base_2026q3_utilities, base_2026q4_utilities).
Energy segment revenue ($M) base_fy2026_energy	FY2026 / base	4,360.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_energy, base_2026q3_energy, base_2026q4_energy).
GAAP gross profit ($M) base_fy2026_gross_profit	FY2026 / base	611.15 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit).
GAAP operating income ($M) base_fy2026_operating_income	FY2026 / base	150.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Net income ($M) base_fy2026_net_income	FY2026 / base	78.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_income, base_2026q3_net_income, base_2026q4_net_income).
Operating cash flow ($M) base_fy2026_cfo	FY2026 / base	119.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Gross PP&E purchases ($M) base_fy2026_capex	FY2026 / base	110.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less gross capex ($M) base_fy2026_fcf	FY2026 / base	9.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Consolidated revenue ($M) base_fy2027_revenue	FY2027 / base	8,033.94 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Utilities segment revenue ($M) base_fy2027_utilities	FY2027 / base	3,135.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_utilities, base_2027q2_utilities, base_2027q3_utilities, base_2027q4_utilities).
Energy segment revenue ($M) base_fy2027_energy	FY2027 / base	5,014.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_energy, base_2027q2_energy, base_2027q3_energy, base_2027q4_energy).
GAAP gross profit ($M) base_fy2027_gross_profit	FY2027 / base	836.86 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
GAAP operating income ($M) base_fy2027_operating_income	FY2027 / base	334.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Net income ($M) base_fy2027_net_income	FY2027 / base	192.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_net_income, base_2027q2_net_income, base_2027q3_net_income, base_2027q4_net_income).
Operating cash flow ($M) base_fy2027_cfo	FY2027 / base	332.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Gross PP&E purchases ($M) base_fy2027_capex	FY2027 / base	140.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less gross capex ($M) base_fy2027_fcf	FY2027 / base	192.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
FY2026 utilities revenue upside_fy26_utilities_target	FY2026 / upside	2,910.00 USD_millions	assumption: Desk annual segment revenue, including intersegment sales; not management revenue guidance.
FY2026 utilities gross margin upside_fy26_utilities_margin	FY2026 / upside	12.0% ratio	assumption: Annual margin scenario including actual H1 project losses.
FY2026 utilities gross profit upside_fy26_utilities_gross	FY2026 / upside	349.20 USD_millions	derived: Annual margin times annual segment sales. Formula: multiply(upside_fy26_utilities_target, upside_fy26_utilities_margin).
Required H2 utilities sales upside_h2_utilities_sales	H2 2026 / upside	1,564.50 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(upside_fy26_utilities_target, h1_utilities).
Required H2 utilities gross upside_h2_utilities_gross	H2 2026 / upside	202.10 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(upside_fy26_utilities_gross, h1_utilities_gross).
FY2027 utilities growth multiplier upside_utilities_growth	FY2027 / upside	115.0% ratio	assumption: Desk extension, not company guidance.
FY2027 utilities revenue upside_fy27_utilities_target	FY2027 / upside	3,346.50 USD_millions	derived: Next-year segment growth scenario. Formula: multiply(upside_fy26_utilities_target, upside_utilities_growth).
FY2026 energy revenue upside_fy26_energy_target	FY2026 / upside	4,530.00 USD_millions	assumption: Desk annual segment revenue, including intersegment sales; not management revenue guidance.
FY2026 energy gross margin upside_fy26_energy_margin	FY2026 / upside	7.5% ratio	assumption: Annual margin scenario including actual H1 project losses.
FY2026 energy gross profit upside_fy26_energy_gross	FY2026 / upside	339.75 USD_millions	derived: Annual margin times annual segment sales. Formula: multiply(upside_fy26_energy_target, upside_fy26_energy_margin).
Required H2 energy sales upside_h2_energy_sales	H2 2026 / upside	2,574.70 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(upside_fy26_energy_target, h1_energy).
Required H2 energy gross upside_h2_energy_gross	H2 2026 / upside	269.75 USD_millions	derived: Annual scenario less actual H1; preserves the realized loss. Formula: subtract(upside_fy26_energy_gross, h1_energy_gross).
FY2027 energy growth multiplier upside_energy_growth	FY2027 / upside	125.0% ratio	assumption: Desk extension, not company guidance.
FY2027 energy revenue upside_fy27_energy_target	FY2027 / upside	5,662.50 USD_millions	derived: Next-year segment growth scenario. Formula: multiply(upside_fy26_energy_target, upside_energy_growth).
FY2026 intersegment revenue eliminated upside_fy26_elimination_target	FY2026 / upside	107.00 USD_millions	assumption: Desk gross intersegment amount to subtract exactly once.
H2 intersegment revenue elimination upside_h2_elimination	H2 2026 / upside	54.30 USD_millions	derived: Full year less actual H1. Formula: subtract(upside_fy26_elimination_target, h1_elimination).
Share of H2 segment sales upside_2026q3_utilities_sales_weight	2026Q3 / upside	53.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue upside_2026q3_utilities	2026Q3 / upside	829.19 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(upside_h2_utilities_sales, upside_2026q3_utilities_sales_weight).
Share of H2 segment gross profit upside_2026q3_utilities_gross_weight	2026Q3 / upside	52.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
utilities gross profit upside_2026q3_utilities_gross	2026Q3 / upside	105.09 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(upside_h2_utilities_gross, upside_2026q3_utilities_gross_weight).
Share of H2 segment sales upside_2026q3_energy_sales_weight	2026Q3 / upside	53.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue upside_2026q3_energy	2026Q3 / upside	1,364.59 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(upside_h2_energy_sales, upside_2026q3_energy_sales_weight).
Share of H2 segment gross profit upside_2026q3_energy_gross_weight	2026Q3 / upside	40.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
energy gross profit upside_2026q3_energy_gross	2026Q3 / upside	107.90 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(upside_h2_energy_gross, upside_2026q3_energy_gross_weight).
Combined segment sales before eliminations upside_2026q3_gross_segment_sales	2026Q3 / upside	2,193.78 USD_millions	derived: Includes intersegment sales. Formula: sum(upside_2026q3_utilities, upside_2026q3_energy).
Share of H2 elimination upside_2026q3_elim_weight	2026Q3 / upside	50.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination upside_2026q3_elimination	2026Q3 / upside	27.15 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(upside_h2_elimination, upside_2026q3_elim_weight).
Consolidated revenue upside_2026q3_revenue	2026Q3 / upside	2,166.63 USD_millions	derived: Net external revenue. Formula: subtract(upside_2026q3_gross_segment_sales, upside_2026q3_elimination).
Consolidated gross profit upside_2026q3_gross_profit	2026Q3 / upside	212.99 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(upside_2026q3_utilities_gross, upside_2026q3_energy_gross).
SG&A / consolidated revenue upside_2026q3_sga_rate	2026Q3 / upside	6.1% ratio	assumption: Desk assumption, not company guidance.
SG&A upside_2026q3_sga	2026Q3 / upside	132.16 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(upside_2026q3_revenue, upside_2026q3_sga_rate).
Transaction and related costs upside_2026q3_transaction_costs	2026Q3 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs upside_2026q3_operating_expenses	2026Q3 / upside	133.16 USD_millions	derived: Forecast GAAP expenses. Formula: sum(upside_2026q3_sga, upside_2026q3_transaction_costs).
Operating income upside_2026q3_operating_income	2026Q3 / upside	79.83 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(upside_2026q3_gross_profit, upside_2026q3_operating_expenses).
Net interest expense upside_2026q3_interest	2026Q3 / upside	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings upside_2026q3_pretax	2026Q3 / upside	65.83 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(upside_2026q3_operating_income, upside_2026q3_interest).
Normalized tax rate upside_2026q3_tax_rate	2026Q3 / upside	30.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit upside_2026q3_tax	2026Q3 / upside	19.75 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(upside_2026q3_pretax, upside_2026q3_tax_rate).
Net income upside_2026q3_net_income	2026Q3 / upside	46.08 USD_millions	derived: After tax earnings proxy. Formula: subtract(upside_2026q3_pretax, upside_2026q3_tax).
Depreciation and amortization upside_2026q3_da	2026Q3 / upside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2026q3_sbc	2026Q3 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges upside_2026q3_before_wc	2026Q3 / upside	82.08 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(upside_2026q3_net_income, upside_2026q3_da, upside_2026q3_sbc).
Share of June reserve spent upside_2026q3_reserve_draw_share	2026Q3 / upside	62.5% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve upside_2026q3_reserve_cash	2026Q3 / upside	10.06 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, upside_2026q3_reserve_draw_share).
Ordinary net working-capital use upside_2026q3_ordinary_wc	2026Q3 / upside	-40.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use upside_2026q3_wc_total	2026Q3 / upside	-29.94 USD_millions	derived: Reserve cash is included once. Formula: sum(upside_2026q3_ordinary_wc, upside_2026q3_reserve_cash).
Operating cash flow upside_2026q3_cfo	2026Q3 / upside	112.02 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(upside_2026q3_before_wc, upside_2026q3_wc_total).
Gross PP&E purchases upside_2026q3_capex	2026Q3 / upside	32.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2026q3_fcf	2026Q3 / upside	80.02 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Share of H2 segment sales upside_2026q4_utilities_sales_weight	2026Q4 / upside	47.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue upside_2026q4_utilities	2026Q4 / upside	735.31 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(upside_h2_utilities_sales, upside_2026q4_utilities_sales_weight).
Share of H2 segment gross profit upside_2026q4_utilities_gross_weight	2026Q4 / upside	48.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
utilities gross profit upside_2026q4_utilities_gross	2026Q4 / upside	97.01 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(upside_h2_utilities_gross, upside_2026q4_utilities_gross_weight).
Share of H2 segment sales upside_2026q4_energy_sales_weight	2026Q4 / upside	47.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue upside_2026q4_energy	2026Q4 / upside	1,210.11 USD_millions	derived: Remaining annual revenue allocated by delivery timing. Formula: multiply(upside_h2_energy_sales, upside_2026q4_energy_sales_weight).
Share of H2 segment gross profit upside_2026q4_energy_gross_weight	2026Q4 / upside	60.0% ratio	assumption: Energy recovery is weighted toward Q4 as troubled projects complete; not a promise of claim recoveries.
energy gross profit upside_2026q4_energy_gross	2026Q4 / upside	161.85 USD_millions	derived: Required H2 profit allocated separately from sales; no second addback of Q2 losses. Formula: multiply(upside_h2_energy_gross, upside_2026q4_energy_gross_weight).
Combined segment sales before eliminations upside_2026q4_gross_segment_sales	2026Q4 / upside	1,945.42 USD_millions	derived: Includes intersegment sales. Formula: sum(upside_2026q4_utilities, upside_2026q4_energy).
Share of H2 elimination upside_2026q4_elim_weight	2026Q4 / upside	50.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination upside_2026q4_elimination	2026Q4 / upside	27.15 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(upside_h2_elimination, upside_2026q4_elim_weight).
Consolidated revenue upside_2026q4_revenue	2026Q4 / upside	1,918.27 USD_millions	derived: Net external revenue. Formula: subtract(upside_2026q4_gross_segment_sales, upside_2026q4_elimination).
Consolidated gross profit upside_2026q4_gross_profit	2026Q4 / upside	258.86 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(upside_2026q4_utilities_gross, upside_2026q4_energy_gross).
SG&A / consolidated revenue upside_2026q4_sga_rate	2026Q4 / upside	6.1% ratio	assumption: Desk assumption, not company guidance.
SG&A upside_2026q4_sga	2026Q4 / upside	117.01 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(upside_2026q4_revenue, upside_2026q4_sga_rate).
Transaction and related costs upside_2026q4_transaction_costs	2026Q4 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs upside_2026q4_operating_expenses	2026Q4 / upside	118.01 USD_millions	derived: Forecast GAAP expenses. Formula: sum(upside_2026q4_sga, upside_2026q4_transaction_costs).
Operating income upside_2026q4_operating_income	2026Q4 / upside	140.84 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(upside_2026q4_gross_profit, upside_2026q4_operating_expenses).
Net interest expense upside_2026q4_interest	2026Q4 / upside	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings upside_2026q4_pretax	2026Q4 / upside	126.84 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(upside_2026q4_operating_income, upside_2026q4_interest).
Normalized tax rate upside_2026q4_tax_rate	2026Q4 / upside	30.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit upside_2026q4_tax	2026Q4 / upside	38.05 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(upside_2026q4_pretax, upside_2026q4_tax_rate).
Net income upside_2026q4_net_income	2026Q4 / upside	88.79 USD_millions	derived: After tax earnings proxy. Formula: subtract(upside_2026q4_pretax, upside_2026q4_tax).
Depreciation and amortization upside_2026q4_da	2026Q4 / upside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2026q4_sbc	2026Q4 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges upside_2026q4_before_wc	2026Q4 / upside	124.79 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(upside_2026q4_net_income, upside_2026q4_da, upside_2026q4_sbc).
Share of June reserve spent upside_2026q4_reserve_draw_share	2026Q4 / upside	37.5% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve upside_2026q4_reserve_cash	2026Q4 / upside	6.04 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, upside_2026q4_reserve_draw_share).
Ordinary net working-capital use upside_2026q4_ordinary_wc	2026Q4 / upside	-120.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use upside_2026q4_wc_total	2026Q4 / upside	-113.96 USD_millions	derived: Reserve cash is included once. Formula: sum(upside_2026q4_ordinary_wc, upside_2026q4_reserve_cash).
Operating cash flow upside_2026q4_cfo	2026Q4 / upside	238.75 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(upside_2026q4_before_wc, upside_2026q4_wc_total).
Gross PP&E purchases upside_2026q4_capex	2026Q4 / upside	32.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2026q4_fcf	2026Q4 / upside	206.75 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Share of FY2027 segment sales upside_2027q1_utilities_sales_weight	2027Q1 / upside	22.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue upside_2027q1_utilities	2027Q1 / upside	736.23 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(upside_fy27_utilities_target, upside_2027q1_utilities_sales_weight).
utilities gross margin upside_2027q1_utilities_margin	2027Q1 / upside	12.0% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit upside_2027q1_utilities_gross	2027Q1 / upside	88.35 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(upside_2027q1_utilities, upside_2027q1_utilities_margin).
Share of FY2027 segment sales upside_2027q1_energy_sales_weight	2027Q1 / upside	22.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue upside_2027q1_energy	2027Q1 / upside	1,245.75 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(upside_fy27_energy_target, upside_2027q1_energy_sales_weight).
energy gross margin upside_2027q1_energy_margin	2027Q1 / upside	11.0% ratio	assumption: Desk assumption, not company guidance.
energy gross profit upside_2027q1_energy_gross	2027Q1 / upside	137.03 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(upside_2027q1_energy, upside_2027q1_energy_margin).
Combined segment sales before eliminations upside_2027q1_gross_segment_sales	2027Q1 / upside	1,981.98 USD_millions	derived: Includes intersegment sales. Formula: sum(upside_2027q1_utilities, upside_2027q1_energy).
Share of H2 elimination upside_2027q1_elim_weight	2027Q1 / upside	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination upside_2027q1_elimination	2027Q1 / upside	29.87 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(upside_h2_elimination, upside_2027q1_elim_weight).
Consolidated revenue upside_2027q1_revenue	2027Q1 / upside	1,952.12 USD_millions	derived: Net external revenue. Formula: subtract(upside_2027q1_gross_segment_sales, upside_2027q1_elimination).
Consolidated gross profit upside_2027q1_gross_profit	2027Q1 / upside	225.38 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(upside_2027q1_utilities_gross, upside_2027q1_energy_gross).
SG&A / consolidated revenue upside_2027q1_sga_rate	2027Q1 / upside	6.1% ratio	assumption: Desk assumption, not company guidance.
SG&A upside_2027q1_sga	2027Q1 / upside	119.08 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(upside_2027q1_revenue, upside_2027q1_sga_rate).
Transaction and related costs upside_2027q1_transaction_costs	2027Q1 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs upside_2027q1_operating_expenses	2027Q1 / upside	120.08 USD_millions	derived: Forecast GAAP expenses. Formula: sum(upside_2027q1_sga, upside_2027q1_transaction_costs).
Operating income upside_2027q1_operating_income	2027Q1 / upside	105.30 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(upside_2027q1_gross_profit, upside_2027q1_operating_expenses).
Net interest expense upside_2027q1_interest	2027Q1 / upside	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings upside_2027q1_pretax	2027Q1 / upside	92.30 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(upside_2027q1_operating_income, upside_2027q1_interest).
Normalized tax rate upside_2027q1_tax_rate	2027Q1 / upside	30.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit upside_2027q1_tax	2027Q1 / upside	27.69 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(upside_2027q1_pretax, upside_2027q1_tax_rate).
Net income upside_2027q1_net_income	2027Q1 / upside	64.61 USD_millions	derived: After tax earnings proxy. Formula: subtract(upside_2027q1_pretax, upside_2027q1_tax).
Depreciation and amortization upside_2027q1_da	2027Q1 / upside	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2027q1_sbc	2027Q1 / upside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges upside_2027q1_before_wc	2027Q1 / upside	104.61 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(upside_2027q1_net_income, upside_2027q1_da, upside_2027q1_sbc).
Share of June reserve spent upside_2027q1_reserve_draw_share	2027Q1 / upside	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve upside_2027q1_reserve_cash	2027Q1 / upside	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, upside_2027q1_reserve_draw_share).
Ordinary net working-capital use upside_2027q1_ordinary_wc	2027Q1 / upside	70.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use upside_2027q1_wc_total	2027Q1 / upside	70.00 USD_millions	derived: Reserve cash is included once. Formula: sum(upside_2027q1_ordinary_wc, upside_2027q1_reserve_cash).
Operating cash flow upside_2027q1_cfo	2027Q1 / upside	34.61 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(upside_2027q1_before_wc, upside_2027q1_wc_total).
Gross PP&E purchases upside_2027q1_capex	2027Q1 / upside	40.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2027q1_fcf	2027Q1 / upside	-5.39 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Share of FY2027 segment sales upside_2027q2_utilities_sales_weight	2027Q2 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue upside_2027q2_utilities	2027Q2 / upside	836.62 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(upside_fy27_utilities_target, upside_2027q2_utilities_sales_weight).
utilities gross margin upside_2027q2_utilities_margin	2027Q2 / upside	12.0% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit upside_2027q2_utilities_gross	2027Q2 / upside	100.39 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(upside_2027q2_utilities, upside_2027q2_utilities_margin).
Share of FY2027 segment sales upside_2027q2_energy_sales_weight	2027Q2 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue upside_2027q2_energy	2027Q2 / upside	1,415.62 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(upside_fy27_energy_target, upside_2027q2_energy_sales_weight).
energy gross margin upside_2027q2_energy_margin	2027Q2 / upside	11.0% ratio	assumption: Desk assumption, not company guidance.
energy gross profit upside_2027q2_energy_gross	2027Q2 / upside	155.72 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(upside_2027q2_energy, upside_2027q2_energy_margin).
Combined segment sales before eliminations upside_2027q2_gross_segment_sales	2027Q2 / upside	2,252.25 USD_millions	derived: Includes intersegment sales. Formula: sum(upside_2027q2_utilities, upside_2027q2_energy).
Share of H2 elimination upside_2027q2_elim_weight	2027Q2 / upside	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination upside_2027q2_elimination	2027Q2 / upside	29.87 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(upside_h2_elimination, upside_2027q2_elim_weight).
Consolidated revenue upside_2027q2_revenue	2027Q2 / upside	2,222.39 USD_millions	derived: Net external revenue. Formula: subtract(upside_2027q2_gross_segment_sales, upside_2027q2_elimination).
Consolidated gross profit upside_2027q2_gross_profit	2027Q2 / upside	256.11 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(upside_2027q2_utilities_gross, upside_2027q2_energy_gross).
SG&A / consolidated revenue upside_2027q2_sga_rate	2027Q2 / upside	6.1% ratio	assumption: Desk assumption, not company guidance.
SG&A upside_2027q2_sga	2027Q2 / upside	135.57 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(upside_2027q2_revenue, upside_2027q2_sga_rate).
Transaction and related costs upside_2027q2_transaction_costs	2027Q2 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs upside_2027q2_operating_expenses	2027Q2 / upside	136.57 USD_millions	derived: Forecast GAAP expenses. Formula: sum(upside_2027q2_sga, upside_2027q2_transaction_costs).
Operating income upside_2027q2_operating_income	2027Q2 / upside	119.55 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(upside_2027q2_gross_profit, upside_2027q2_operating_expenses).
Net interest expense upside_2027q2_interest	2027Q2 / upside	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings upside_2027q2_pretax	2027Q2 / upside	106.55 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(upside_2027q2_operating_income, upside_2027q2_interest).
Normalized tax rate upside_2027q2_tax_rate	2027Q2 / upside	30.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit upside_2027q2_tax	2027Q2 / upside	31.96 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(upside_2027q2_pretax, upside_2027q2_tax_rate).
Net income upside_2027q2_net_income	2027Q2 / upside	74.58 USD_millions	derived: After tax earnings proxy. Formula: subtract(upside_2027q2_pretax, upside_2027q2_tax).
Depreciation and amortization upside_2027q2_da	2027Q2 / upside	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2027q2_sbc	2027Q2 / upside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges upside_2027q2_before_wc	2027Q2 / upside	114.58 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(upside_2027q2_net_income, upside_2027q2_da, upside_2027q2_sbc).
Share of June reserve spent upside_2027q2_reserve_draw_share	2027Q2 / upside	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve upside_2027q2_reserve_cash	2027Q2 / upside	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, upside_2027q2_reserve_draw_share).
Ordinary net working-capital use upside_2027q2_ordinary_wc	2027Q2 / upside	30.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use upside_2027q2_wc_total	2027Q2 / upside	30.00 USD_millions	derived: Reserve cash is included once. Formula: sum(upside_2027q2_ordinary_wc, upside_2027q2_reserve_cash).
Operating cash flow upside_2027q2_cfo	2027Q2 / upside	84.58 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(upside_2027q2_before_wc, upside_2027q2_wc_total).
Gross PP&E purchases upside_2027q2_capex	2027Q2 / upside	40.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2027q2_fcf	2027Q2 / upside	44.58 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Share of FY2027 segment sales upside_2027q3_utilities_sales_weight	2027Q3 / upside	28.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue upside_2027q3_utilities	2027Q3 / upside	937.02 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(upside_fy27_utilities_target, upside_2027q3_utilities_sales_weight).
utilities gross margin upside_2027q3_utilities_margin	2027Q3 / upside	12.0% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit upside_2027q3_utilities_gross	2027Q3 / upside	112.44 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(upside_2027q3_utilities, upside_2027q3_utilities_margin).
Share of FY2027 segment sales upside_2027q3_energy_sales_weight	2027Q3 / upside	28.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue upside_2027q3_energy	2027Q3 / upside	1,585.50 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(upside_fy27_energy_target, upside_2027q3_energy_sales_weight).
energy gross margin upside_2027q3_energy_margin	2027Q3 / upside	11.0% ratio	assumption: Desk assumption, not company guidance.
energy gross profit upside_2027q3_energy_gross	2027Q3 / upside	174.41 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(upside_2027q3_energy, upside_2027q3_energy_margin).
Combined segment sales before eliminations upside_2027q3_gross_segment_sales	2027Q3 / upside	2,522.52 USD_millions	derived: Includes intersegment sales. Formula: sum(upside_2027q3_utilities, upside_2027q3_energy).
Share of H2 elimination upside_2027q3_elim_weight	2027Q3 / upside	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination upside_2027q3_elimination	2027Q3 / upside	29.87 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(upside_h2_elimination, upside_2027q3_elim_weight).
Consolidated revenue upside_2027q3_revenue	2027Q3 / upside	2,492.66 USD_millions	derived: Net external revenue. Formula: subtract(upside_2027q3_gross_segment_sales, upside_2027q3_elimination).
Consolidated gross profit upside_2027q3_gross_profit	2027Q3 / upside	286.85 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(upside_2027q3_utilities_gross, upside_2027q3_energy_gross).
SG&A / consolidated revenue upside_2027q3_sga_rate	2027Q3 / upside	6.1% ratio	assumption: Desk assumption, not company guidance.
SG&A upside_2027q3_sga	2027Q3 / upside	152.05 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(upside_2027q3_revenue, upside_2027q3_sga_rate).
Transaction and related costs upside_2027q3_transaction_costs	2027Q3 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs upside_2027q3_operating_expenses	2027Q3 / upside	153.05 USD_millions	derived: Forecast GAAP expenses. Formula: sum(upside_2027q3_sga, upside_2027q3_transaction_costs).
Operating income upside_2027q3_operating_income	2027Q3 / upside	133.80 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_operating_expenses).
Net interest expense upside_2027q3_interest	2027Q3 / upside	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings upside_2027q3_pretax	2027Q3 / upside	120.80 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(upside_2027q3_operating_income, upside_2027q3_interest).
Normalized tax rate upside_2027q3_tax_rate	2027Q3 / upside	30.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit upside_2027q3_tax	2027Q3 / upside	36.24 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(upside_2027q3_pretax, upside_2027q3_tax_rate).
Net income upside_2027q3_net_income	2027Q3 / upside	84.56 USD_millions	derived: After tax earnings proxy. Formula: subtract(upside_2027q3_pretax, upside_2027q3_tax).
Depreciation and amortization upside_2027q3_da	2027Q3 / upside	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2027q3_sbc	2027Q3 / upside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges upside_2027q3_before_wc	2027Q3 / upside	124.56 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(upside_2027q3_net_income, upside_2027q3_da, upside_2027q3_sbc).
Share of June reserve spent upside_2027q3_reserve_draw_share	2027Q3 / upside	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve upside_2027q3_reserve_cash	2027Q3 / upside	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, upside_2027q3_reserve_draw_share).
Ordinary net working-capital use upside_2027q3_ordinary_wc	2027Q3 / upside	-30.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use upside_2027q3_wc_total	2027Q3 / upside	-30.00 USD_millions	derived: Reserve cash is included once. Formula: sum(upside_2027q3_ordinary_wc, upside_2027q3_reserve_cash).
Operating cash flow upside_2027q3_cfo	2027Q3 / upside	154.56 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(upside_2027q3_before_wc, upside_2027q3_wc_total).
Gross PP&E purchases upside_2027q3_capex	2027Q3 / upside	40.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2027q3_fcf	2027Q3 / upside	114.56 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Share of FY2027 segment sales upside_2027q4_utilities_sales_weight	2027Q4 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
utilities revenue upside_2027q4_utilities	2027Q4 / upside	836.62 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(upside_fy27_utilities_target, upside_2027q4_utilities_sales_weight).
utilities gross margin upside_2027q4_utilities_margin	2027Q4 / upside	12.0% ratio	assumption: Desk assumption, not company guidance.
utilities gross profit upside_2027q4_utilities_gross	2027Q4 / upside	100.39 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(upside_2027q4_utilities, upside_2027q4_utilities_margin).
Share of FY2027 segment sales upside_2027q4_energy_sales_weight	2027Q4 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
energy revenue upside_2027q4_energy	2027Q4 / upside	1,415.62 USD_millions	derived: Annual desk revenue times seasonal share; four quarters sum to one. Formula: multiply(upside_fy27_energy_target, upside_2027q4_energy_sales_weight).
energy gross margin upside_2027q4_energy_margin	2027Q4 / upside	11.0% ratio	assumption: Desk assumption, not company guidance.
energy gross profit upside_2027q4_energy_gross	2027Q4 / upside	155.72 USD_millions	derived: Independent next-year margin scenario. Formula: multiply(upside_2027q4_energy, upside_2027q4_energy_margin).
Combined segment sales before eliminations upside_2027q4_gross_segment_sales	2027Q4 / upside	2,252.25 USD_millions	derived: Includes intersegment sales. Formula: sum(upside_2027q4_utilities, upside_2027q4_energy).
Share of H2 elimination upside_2027q4_elim_weight	2027Q4 / upside	55.0% ratio	assumption: For FY2027 each quarter uses 55% of H2 2026 elimination as an explicit scale assumption.
Intersegment revenue elimination upside_2027q4_elimination	2027Q4 / upside	29.87 USD_millions	derived: Deducted once from consolidated revenue; matching intersegment cost elimination leaves gross profit unchanged. Formula: multiply(upside_h2_elimination, upside_2027q4_elim_weight).
Consolidated revenue upside_2027q4_revenue	2027Q4 / upside	2,222.39 USD_millions	derived: Net external revenue. Formula: subtract(upside_2027q4_gross_segment_sales, upside_2027q4_elimination).
Consolidated gross profit upside_2027q4_gross_profit	2027Q4 / upside	256.11 USD_millions	derived: Intersegment sales and costs eliminate together. Formula: sum(upside_2027q4_utilities_gross, upside_2027q4_energy_gross).
SG&A / consolidated revenue upside_2027q4_sga_rate	2027Q4 / upside	6.1% ratio	assumption: Desk assumption, not company guidance.
SG&A upside_2027q4_sga	2027Q4 / upside	135.57 USD_millions	derived: Includes corporate and segment costs; no duplicate corporate deduction. Formula: multiply(upside_2027q4_revenue, upside_2027q4_sga_rate).
Transaction and related costs upside_2027q4_transaction_costs	2027Q4 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
SG&A and transaction costs upside_2027q4_operating_expenses	2027Q4 / upside	136.57 USD_millions	derived: Forecast GAAP expenses. Formula: sum(upside_2027q4_sga, upside_2027q4_transaction_costs).
Operating income upside_2027q4_operating_income	2027Q4 / upside	119.55 USD_millions	derived: Reported H1 loss remains in full-year totals. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_operating_expenses).
Net interest expense upside_2027q4_interest	2027Q4 / upside	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Pretax earnings upside_2027q4_pretax	2027Q4 / upside	106.55 USD_millions	derived: No FX gains, asset sale income or disputed claim gains assumed. Formula: subtract(upside_2027q4_operating_income, upside_2027q4_interest).
Normalized tax rate upside_2027q4_tax_rate	2027Q4 / upside	30.0% ratio	assumption: Expense/benefit proxy; negative tax allowance is not a forecast immediate cash refund.
Income tax expense or benefit upside_2027q4_tax	2027Q4 / upside	31.96 USD_millions	derived: No repetition of exceptional equity-award tax benefits. Formula: multiply(upside_2027q4_pretax, upside_2027q4_tax_rate).
Net income upside_2027q4_net_income	2027Q4 / upside	74.58 USD_millions	derived: After tax earnings proxy. Formula: subtract(upside_2027q4_pretax, upside_2027q4_tax).
Depreciation and amortization upside_2027q4_da	2027Q4 / upside	33.00 USD_millions	assumption: Desk assumption, not company guidance.
Stock compensation upside_2027q4_sbc	2027Q4 / upside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Earnings plus noncash charges upside_2027q4_before_wc	2027Q4 / upside	114.58 USD_millions	derived: No addback of already-incurred project losses to recurring earnings. Formula: sum(upside_2027q4_net_income, upside_2027q4_da, upside_2027q4_sbc).
Share of June reserve spent upside_2027q4_reserve_draw_share	2027Q4 / upside	0.0% ratio	assumption: Desk timing; total remaining modeled draw equals the existing reserve. New losses are reflected in case margins and ordinary working capital.
Cash use of existing accrued loss reserve upside_2027q4_reserve_cash	2027Q4 / upside	0.00 USD_millions	derived: Settlement of costs accrued earlier affects cash without another earnings charge. Formula: multiply(loss_reserve, upside_2027q4_reserve_draw_share).
Ordinary net working-capital use upside_2027q4_ordinary_wc	2027Q4 / upside	-120.00 USD_millions	assumption: Positive use, negative release; excludes the separately modeled existing loss-reserve settlement.
Working capital and accrued-loss cash use upside_2027q4_wc_total	2027Q4 / upside	-120.00 USD_millions	derived: Reserve cash is included once. Formula: sum(upside_2027q4_ordinary_wc, upside_2027q4_reserve_cash).
Operating cash flow upside_2027q4_cfo	2027Q4 / upside	234.58 USD_millions	derived: Includes contract collection and accrued loss cash timing; excludes acquisition funding. Formula: subtract(upside_2027q4_before_wc, upside_2027q4_wc_total).
Gross PP&E purchases upside_2027q4_capex	2027Q4 / upside	40.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2027q4_fcf	2027Q4 / upside	194.58 USD_millions	derived: Before asset sales, acquisitions and financing transactions. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Consolidated revenue ($M) upside_fy2026_revenue	FY2026 / upside	7,333.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Utilities segment revenue ($M) upside_fy2026_utilities	FY2026 / upside	2,910.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_utilities, upside_2026q3_utilities, upside_2026q4_utilities).
Energy segment revenue ($M) upside_fy2026_energy	FY2026 / upside	4,530.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_energy, upside_2026q3_energy, upside_2026q4_energy).
GAAP gross profit ($M) upside_fy2026_gross_profit	FY2026 / upside	688.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit).
GAAP operating income ($M) upside_fy2026_operating_income	FY2026 / upside	218.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Net income ($M) upside_fy2026_net_income	FY2026 / upside	128.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_net_income, upside_2026q3_net_income, upside_2026q4_net_income).
Operating cash flow ($M) upside_fy2026_cfo	FY2026 / upside	219.47 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Gross PP&E purchases ($M) upside_fy2026_capex	FY2026 / upside	114.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less gross capex ($M) upside_fy2026_fcf	FY2026 / upside	105.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Consolidated revenue ($M) upside_fy2027_revenue	FY2027 / upside	8,889.54 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Utilities segment revenue ($M) upside_fy2027_utilities	FY2027 / upside	3,346.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_utilities, upside_2027q2_utilities, upside_2027q3_utilities, upside_2027q4_utilities).
Energy segment revenue ($M) upside_fy2027_energy	FY2027 / upside	5,662.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_energy, upside_2027q2_energy, upside_2027q3_energy, upside_2027q4_energy).
GAAP gross profit ($M) upside_fy2027_gross_profit	FY2027 / upside	1,024.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
GAAP operating income ($M) upside_fy2027_operating_income	FY2027 / upside	478.19 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Net income ($M) upside_fy2027_net_income	FY2027 / upside	298.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_net_income, upside_2027q2_net_income, upside_2027q3_net_income, upside_2027q4_net_income).
Operating cash flow ($M) upside_fy2027_cfo	FY2027 / upside	508.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Gross PP&E purchases ($M) upside_fy2027_capex	FY2027 / upside	160.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less gross capex ($M) upside_fy2027_fcf	FY2027 / upside	348.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).

Model boundaries

FY2026 segment margin ranges are annual guidance. They are not applied unadjusted to H2: the model subtracts the actual H1 gross profit to calculate the required remaining contribution.
Revenue and project mix are desk assumptions; management did not provide the annual segment revenue amounts used here. Forecast margins can fall outside guidance in the downside.
Existing accrued contract losses are not added back to operating earnings. Their assumed cash settlement reduces CFO once, separately from ordinary working capital. Further project losses are represented by weaker aggregate margins.
MSA backlog is estimated demand over agreement terms, potentially including renewals, without a customer obligation to purchase the stated volume. Next-twelve-month backlog is a subset of total backlog.
CFO is an earnings/noncash/working-capital approximation. It is not a full claim-by-claim collection model or a covenant forecast. Unapproved modifications create collection and earnings risk.
FCF excludes acquisitions, debt principal, dividends, repurchases and financing-classified equity-award withholding. No forward EPS, valuation or full share-count model is provided.

A project-loss recovery with an explicit cash and claims test

Research reviewed 2026-09-19

Can the remaining projects finish within revised estimates and release cash without relying on uncertain claims?

H1 revenue was $3,248.1M, gross profit $217.1M and operating loss $2.3M. Utilities earned $147.1M gross profit on $1,345.5M segment sales; Energy earned $70.0M on $1,955.3M. Intersegment revenue of $52.7M is eliminated once. The model derives H2 profit by subtracting those actuals from annual segment margin scenarios. H1 CFO was negative $131.3M; $50.3M gross capex left negative $181.6M before $401.4M acquisition cash. June cash was $218.2M, debt carrying amount $797.0M, and accrued contract losses $16.1M. Unapproved modifications totaled $244.0M, of which $205.9M had been recognized as revenue cumulatively. A separate $87.6M H1 revenue reduction related to estimate changes on obligations satisfied before 2026; it is not a complete measure of Q2 project overruns. Total backlog of $13,856.3M includes $5,704.3M fixed work and $8,152.0M estimated MSA work; $6,094.9M is the next-twelve-month subset.

The competing explanation

Completion dates can slip and claims may fail to convert into cash. Even a recovery in reported margins can leave liquidity constrained by suppliers, contract assets, acquisitions and debt. Aggregate backlog growth does not establish project profitability or customer purchase commitments.

Risks to track

Further renewables project estimate changes can reduce profit immediately.
Unapproved contract modifications may be disputed or collected late.
MSA backlog is estimated demand, including possible renewals, rather than guaranteed sales.
Acquisition integration and debt service compete with working capital.
Labor, weather, subsurface conditions and sequencing can change completion costs.
Tax benefits and contract provisions can separate accounting earnings from cash.

Next checkpoints

Troubled-project completion · Q3 and Q4 2026 management targets (estimated). Check the three Q3 and one Q4 expected completions against cost estimates and remaining accrued losses.
Full-year recovery · FY2026 results (estimated). Test the $71M-$101M net-income outlook against the remaining profit required after H1 loss.
Collections and liquidity · Each quarterly filing (estimated). Track recognized unapproved modifications, contract assets, reserve settlement and available cash.

Data coverage and open work

FY2026 segment margin ranges are annual guidance. They are not applied unadjusted to H2: the model subtracts the actual H1 gross profit to calculate the required remaining contribution.
Revenue and project mix are desk assumptions; management did not provide the annual segment revenue amounts used here. Forecast margins can fall outside guidance in the downside.
Existing accrued contract losses are not added back to operating earnings. Their assumed cash settlement reduces CFO once, separately from ordinary working capital. Further project losses are represented by weaker aggregate margins.
MSA backlog is estimated demand over agreement terms, potentially including renewals, without a customer obligation to purchase the stated volume. Next-twelve-month backlog is a subset of total backlog.
CFO is an earnings/noncash/working-capital approximation. It is not a full claim-by-claim collection model or a covenant forecast. Unapproved modifications create collection and earnings risk.
FCF excludes acquisitions, debt principal, dividends, repurchases and financing-classified equity-award withholding. No forward EPS, valuation or full share-count model is provided.

This review: First sourced recovery scenarios preserving the H1 loss, distinguishing annual versus H2 margins, and separating MSA estimates and accrued-loss cash.

What the memory says

State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, heavy volume, closed mid-range, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-2.9	+0.1	+3.4	53%
5 sessions	-5.9	+0.5	+7.8	56%
10 sessions	-7.2	+0.3	+10.5	51%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-03 (source: estimated from 10-Q filed 2026-08-05 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[2] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[4] reported: GrossProfit, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[5] reported: GrossProfit, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[6] reported: GrossProfit, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[7] reported: OperatingIncomeLoss, accession 0001104659-25-105706, 10-Q filed 2025-11-04; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[8] derived: OperatingIncomeLoss, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[9] reported: OperatingIncomeLoss, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[10] reported: OperatingIncomeLoss, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[11] reported: NetIncomeLoss, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[12] reported: NetIncomeLoss, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[13] reported: NetIncomeLoss, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[14] reported: EarningsPerShareDiluted, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[15] reported: EarningsPerShareDiluted, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[16] reported: EarningsPerShareDiluted, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[19] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001104659-25-105706, 10-Q filed 2025-11-04; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[23] reported: LongTermDebtNoncurrent, accession 0001558370-24-014294, 10-Q filed 2024-11-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[24] reported: LongTermDebtNoncurrent, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[25] reported: LongTermDebtNoncurrent, accession 0001558370-25-006332, 10-Q filed 2025-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[26] reported: LongTermDebtNoncurrent, accession 0001558370-25-010123, 10-Q filed 2025-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[27] reported: LongTermDebtNoncurrent, accession 0001104659-25-105706, 10-Q filed 2025-11-04; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[28] reported: LongTermDebtNoncurrent, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[29] reported: LongTermDebtNoncurrent, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[30] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001104659-25-105706, 10-Q filed 2025-11-04; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[32] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[33] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[34] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-25-105706, 10-Q filed 2025-11-04; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[35] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[36] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[37] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[38] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-25-105706, 10-Q filed 2025-11-04; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[39] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-26-018677, 10-K filed 2026-02-24; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[40] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-26-055741, 10-Q filed 2026-05-06; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json
[41] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001104659-26-090540, 10-Q filed 2026-08-05; retrieved 2026-09-19T19:25:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001361538.json

What the author read

August 4 Q2 results and June-reset annual outlook · retrieved 2026-09-19
August 5 Form 10-Q: contract estimates, segments, backlog and cash · retrieved 2026-09-19

Compiled 2026-09-19T19:25:14.527276+00:00 · authored 9ae1acac6db0 · generated 67ca40473981 · JSON

Daily notes · Scorecard