Brayden Dennis

And they're having trouble doing it, too.

So I think what I'm showing here for a joint TCI is the backlog that's going to be realized in the next year.

Right.

And it's dropped from being in the mid 30s, high 40s, even in the 40s prior to their big backlog jump last year to low 40s.

Double digits, 10, 12 percent.

So what I think there is some risk of, OK, some of those backlogs, maybe some of the customers say like, OK, this is taking too long.

We're just going to shift that somewhere else.

I don't know how ironclad these contracts are or not.

So that is one of the risks.

And I mean, can they really execute?

We've been.

You know, hearing more and more about bottlenecks, not in my backyards, that NIMBYs in terms of data centers being built, you know, the electricity that's required for that.

Like, will the percentage that they can fulfill in the next year, is that going to go up or is it going to trend down because of those bottlenecks?

Like there's real questions on their ability to fulfill that.

Well, yeah, exactly.

And what we're seeing is these companies now have, like you mentioned, they have to issue equity, they're issuing debt to fulfill that.

And I'm just showing here, it's pretty amazing looking at this chart where you looked at the annual free cash flow compared to the CapEx spend, and they had been free cash flow positive for decades.

I mean, I'm going back here.

They spent $2 billion.

Prior to 2025, they had been cash flow positive since at least 2007.