Global Infrastructure Solutions Inc.

Overview Key strengths Key risks Robust backlog and good track record of revenue conversion, providing good visibility of top-line growth. Business model based on the use of subcontractors for construction services platform, resulting in thin EBITDA margins. High cash conversion rate resulting in healthy free operating cash flow (FOCF) generation. Employee-owned structure subject to unpredictable share repurchases that could reduce discretionary cash flows. Capital structure is largely fixed rate, mitigating earnings impact from rising interest rates. Exposure to the corporate interiors segment, which we think will continue to face headwinds from broad adoption of remote working. We expect GISI's strategic focus on the professional services segment will grow steadily over the next few years. We think GISI?s scale and its

...Global Infrastructure Solutions Inc. will see organic revenue growth of mid- to high-single- digit percent over the next two years supported by an accelerated growth in its global professional services and its expanded reach into more resilient end markets. We expect GISI's strategic focus on the professional services segment will grow steadily over the next few years. We think GISI's scale and its expanded product offering will allow it to better capture...

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