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Industry Information Flashcards

1
Q

What size TAM does MetaField serve?

A

~$35-40M US TAM, of which ~$7-8M is currently served by SaaS vendors, with ~$1-
1.5M available to win each year as CMT labs adopt SaaS software

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2
Q

What is MetaField’s ARR goal by end of 2025?

A

$10-15 million

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3
Q

For MetaField to reach its ARR goal by the end of 2025, we must execute across three dimensions. What are those?

A
  1. Product
  2. GTM or Go to Market
  3. Price
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4
Q

MetaField Product Goal?

A

Product: Invest in improving (1) MF user experience, particularly lab and offline where customers &
prospects perceive weakness, and (2) workflow & forms/reports configurability to reduce effort
required to tailor to each labs’ needs, addressing implementation barriers

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5
Q

MetaField GTM Goal?

A

GTM: Refresh marketing messaging to more clearly define customer segments, pain points & needs,
benefits of SaaS, competitive distinction, compelling offer bundles – delivered via segmentappropriate GTM motion with a disciplined pricing approach (formal pricing committee)

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6
Q

MetaField Price Goal?

A

Price: Increase price paid by legacy customers as product enhancements delivered, starting with
~12 previously identified firms paying below market rates that, if brought to 25-30% of hard ROI,
would yield ~$1M of incremental ARR

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7
Q

95% of CM tests are performed during what phase of development?

A

95% of CM tests are performed during the construction phase of development to confirm materials used meet project specifications; small share of tests are
performed during planning phase, primarily on soil to understand composition (which informs site design), and during maintenance phase in cases where
problems with structure occur and forensic investigation is needed

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8
Q

CM tests performed during the construction phase are done for what purposes?

A

CM tests performed during construction phase are done for either QC (~65% of volume) or QA (35% of volume) purposes – QC tests are performed by materials vendors and contractors to ensure materials delivered to customers conform to required specs; QA tests are performed by engineering services firms and
captive gov’t labs on behalf of developers/owners to confirm materials delivered by vendors & contractors meets specs; req. before the vendor gets paid

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9
Q

Soil, concrete, and asphalt are the most commonly tested materials for what purpose?

A

Soil, concrete, and asphalt are the most commonly tested materials for QA purposes; they are tested for density, compression, workability, and durability at either
the construction site or in a local lab, depending on the test & firm

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10
Q

CMT for QA is used most heavily during development of what?

A

CMT for QA is used most heavily during development of infrastructure (power, air/rail, water) and highways & roads, which together account for ~70% of CMT
spend vs. 35% of construction overall; commercial projects (office buildings, multifamily residential, etc.) are minor portion of CMT market

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11
Q

CMT spend per project ranges from?

A

CMT spend per project ranges from 10-100bps of total construction costs, and is dependent on ownership horizon of developer, strictness of building codes, and
level of regulatory oversight, which varies by project type and location, with projects in more densely populated areas spending more on CMT

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12
Q

Why do highways & roads and infrastructure projects use CMT most heavily (75-100 bps)?

A

Highways & roads and infrastructure projects use CMT most heavily (75-100 bps) as tend to have strictest building specs, most regulatory oversight, and often
developed by LT owner of the asset (government and/or infrastructure operator)

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13
Q

How often do office & commercial buildings use CMT?

A

Office & commercial buildings use CMT more sparingly as generally have lighter building specs, subject to less regulatory oversight, and are often built by developers who build to sell rather than for LT ownership, buildings in urban areas do spend a bit more on CMT due to higher risk if structure fails

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14
Q

How is the CMT spend in single family residential & home improvement categories?

A

Limited CMT spend in single family residential & home improvement categories, since buildings are small, codes are light, and regulatory oversight is minimal

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15
Q

Where is CMT for QA used most often?

A

CMT for QA is used most often for government-funded projects, which represent ~60% of CMT spend vs. 35% of construction overall; commercial developers tend
to use CMT less, representing only 20% of spend vs. 50% of construction overall, with infrastructure developers/owners representing the remainder

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16
Q

What is the CMT breakdown (by%) for QA? Example State and Federal is 40%.

A

State & federal (40%): Regional & national gov’t funding state-wide & interstate highway and large infra. projects, incl. airports, rail stations, water plants, etc.
* City & county (20%): Small municipalities that use federal grants & local gas tax revenue to fund construction of schools, water / waste facilities, & local roads
* Infrastructure (25%): Private owners who build & operate large infra. projects such as hydro, nuclear, wind/solar, airports, etc. – often public/private partnership
* Commercial (10%): Private developers who build office/commercial and multi-family residential buildings; often sell to new owner shortly after completion

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17
Q

Number of CMT personnel and labs?

A

CMT services are delivered by the ~60k personnel employed by the ~3k CMT labs serving local markets across the country

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18
Q

What do CMT labs provide?

A

Labs provide mix of geotechnical consulting, materials testing, and non-destructive examination services for construction projects within a 1-2 hour drive;
difficult for lab to serve wider area as cost to transport samples from job site back to lab increases as distance grows

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19
Q

How many individuals work in each lab?

A
  • Each lab is comprised of (1) 10-12 technicians who collect samples and perform tests in both the lab and field (roles can also be separated between lab/field);
    (2) 3-5 special inspectors who perform non-destructive examinations on steel, rebar, tendons, bolts, etc.; (3) 1 lab manager who runs day to day operations in
    lab; (4) 1 scheduler who organizes technician/special inspector activities each day; (5) 2-3 engineers who provide consulting services and review
    tests/examinations before sent to clients; and (6) 1-2 admin staff that help with data entry and various office tasks
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20
Q

How much revenue does each lab generate annually?

A
  • Each lab generates $2-4M of revenue annually, with ~50% from CMT (~$1.5M), 25% from NDE, and 25% from geo-tech consulting service
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21
Q

How does CMT vendor win business?

A

Vendor will typically build relationship with developer/owner by providing inexpensive site assessment reports as part of property diligence during purchase process; after site is acquired, will angle to be invited to consult on site design, which is then carried through to materials testing and examinations during
construction phase

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22
Q

CMT labs are operated by two categories of vendors. What are they?

A

CMT labs are operated by two categories of vendors, (1) geotechnical engineering firms who provide QA services to both private developers/owners and
government institutions (as well as some QC to contractors/materials vendors), and (2) government entities who perform captive QA testing services on the
projects they fund; each of these segments can be further broken out into several subsegments

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23
Q

What is the CMT lab and size breakdown?

A
  • Local (1,000): SMBs with 1-2 labs serving local municipalities primarily, focusing on school, water, and road projects; many qualify as DBEs and subcontract
    from larger firms on state/federal projects to meet diversity requirements; ~60% of revenue generated by CMT services
  • Regional/national (60): Operate 5-100+ labs within a regional or nationally, supporting higher mix of infrastructure and state/federal projects, particularly power,
    air/rail, and highway; subcontract share of CMT work to local DBEs to meet diversity requirements; often provide environmental services to accompany
    CMT/geotech, and generate smaller share of revenue (30-40%) from CMT services; grew primarily through M&A during prior periods of industry consolidation
  • Diversified (15): Provide range of engineering services, often focusing on site design/planning for construction, or a horizontal testing & inspection firm serving
    multiple end markets in addition to construction (i.e. healthcare, manufacturing, etc.); tend to serve higher mix of infrastructure owners and state & federal
    governments on air/rail/power projects and roads & highways; can have from 5-100 CMT labs, but CMT services typically represent <5% of firm revenue
  • City & county (250): Operate 1 local lab serving projects funded directly by the municipality, namely local schools, water & waste plants, and roads
  • State & federal (65): Operate 3-75 labs across state or geographic area serving projects funded by the entity (state DoT, Army Corps of Engineers, FAA, etc.);
    primarily highways and larger infrastructure projects (dams, power plants, airports, etc.)
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24
Q

Construction materials tests can be categorized across four dimensions. What are they?

A
  1. Construction Phase
  2. Material Tested
  3. Property Tested
  4. Location Tested
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25
Q

What are the three Construction Phases?

A
  1. Planning
  2. Construction
  3. Maintenance
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26
Q

How would you define “Planning” in the Construction Phase?

A

(Geotechnical) Feasibility study, initial building design, contractor bid/selection, site prep work (incl. soil testing), final budget, regulatory approval

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27
Q

How would you define “Construction” in the Construction Phase?

A

Materials, tools & services procured, structure built by (sub)contractors, quality control inspections (incl. CMT) performed by architect & engineer

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28
Q

How would you define “Maintenance” in the Construction Phase?

A

Final paperwork completed, occupancy taken by owner, forensic inspections take place if structure/systems not performing as expected

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29
Q

What are the six most common materials tested?

A
  1. Aggregate
  2. Cement
  3. Bitumen
  4. Soil
  5. Concrete
  6. Asphalt
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30
Q

How would you define “Aggregate” in Material Tested?

A

Raw materials extracted from pits and quarries including gravel, crushed stone & sand; used to form compound materials like asphalt & concrete

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31
Q

How would you define “Cement” in Material Tested?

A

Powdery substance made with calcined lime and clay that is mixed with sand, gravel, and water to make concrete

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32
Q

How would you define “Bitumen” in Material Tested?

A

Adhesive substance formed by distilling crude oil & separating from lighter components (gas/diesel); mixed with sand & gravel to form asphalt

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33
Q

How would you define “Soil” in Material Tested?

A

Understand suitability for the type of construction in planning phase, & density to corroborate earlier tests during construction phase

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34
Q

How would you define “Concrete” in Material Tested?

A

Composite material composed of aggregate bound with cement paste & water that hardens over time; used in many structures including roads

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35
Q

How would you define “Asphalt” in Material Tested?

A

Composite material composed of aggregate bound with bitumen and compacted; used to surface roads, parking lots, airports, etc.

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36
Q

What are the five “Property Tested” in CMT testing?

A
  1. Composition
  2. Density
  3. Strength
  4. Workability
  5. Durability
37
Q

How would you define “Composition” in Property Tested?

A

Understand the physical and chemical properties of a material sample to predict how it will behave in specific situations

38
Q

How would you define “Density” in Property Tested?

A

Understand bearing capacity and sinking property of material to determine load it can be expected to bear

39
Q

How would you define “Strength” in Property Tested?

A

Determine the capacity of a material to resist failure caused by loads acting on it

40
Q

How would you define “Workability” in Property Tested?

A

Determine effort required to manipulate a freshly mixed quantity of material (primarily concrete) while maintaining consistency across the batch

41
Q

How would you define “Durability” in Property Tested?

A

Understand length of time a material is expected to last based on ingredients, proportioning, placing & curing practices, and service environment

42
Q

What are the three “Location Tested” in CMT testing?

A
  1. Field
  2. Local Lab
  3. Regional Lab
43
Q

In association with “Location Tested” how would you describe “Field?”

A

Performed by certified technicians on-site using either primitive tools (i.e. sand cone) or specialized mobile equip. (i.e. nuclear gauge)

44
Q

In association with “Location Tested” how would you describe “Local Lab?”

A

Simple tests performed on difficult to transport samples (i.e. concrete cylinders), typically using larger and non-mobile equipment

45
Q

In association with “Location Tested” how would you describe “Regional Lab?”

A

Complex tests performed on easier to transport samples (i.e. soil) using more sophisticated & expensive equipment

46
Q

During the “Planning (Geotechnical) Phase” what material is tested, what property is looked at, and what type of lab will be used for the testing?

A
  1. Soil
  2. Composition
  3. Regional Lab
47
Q

During the “Construction Phase” what material is tested, what property is looked at, and what type of lab will be used for the testing?

A
  1. All six main materials
  2. All five main properties
  3. Field Lab and Local Lab
48
Q

During the “Maintenance Phase” what material is tested, what property is looked at, and what type of lab will be used for the testing?

A
  1. Concrete & Asphalt
  2. All five main properties
  3. Field Lab and Local Lab
49
Q

What are some example tests conducted in the Planning (Geotechnical) Phase?

A
  1. Triaxial
  2. Permeability
  3. Unconfined Compression
50
Q

What are some example tests conducted in the Construction Phase?(4)

A
  1. Concrete Cylinder
  2. Nuclear Gauge
  3. Air Content
  4. Unit Weight
51
Q

What are some example tests conducted in the Maintenance Phase?

A
  1. Hardened Concrete Core
52
Q

Why are material tests conducted in the Planning (Geotechnical) Phase?

A

Understand characteristics of soil to determine if site can accommodate planned structure; testing often
conducted in different lab than other CMT – requires specialized equipment

53
Q

Why are material tests conducted in the Construction Phase?

A

Determine if materials used to build structure meet project specifications; performed by materials suppliers for quality control purposes, and eng. firms/building owners for quality assurance & to meet regulatory req

54
Q

Why are material tests conducted in the Maintenance Phase?

A

Forensic problem solving to
understand why structure & material
not performing as expected; completed
by engineers rather than technicians

55
Q

Who are the Majority of “construction phase” materials completed for?

A

Majority of “construction phase” materials tests are completed for materials suppliers and contractors for internal QC purposes; ~1/3 are performed for building owners for QA

56
Q

What “Materials” are considered Raw?

A
  1. Aggregates
  2. Cement
  3. Bitument
57
Q

What “Materials” are considered Finished?

A
  1. Concrete
  2. Asphalt
58
Q

What “Materials” are considered Soil?

A
  1. Soil
59
Q

When are Raw Materials (Aggregates, Cement, Bitument) tested?

A

Raw material leaves supplier for
construction contractor facility

60
Q

When are Finished Materials (Concrete, Asphalt) tested?

A

When concrete/asphalt is laid by
construction contractor at construction site

61
Q

When are Soil Materials tested?

A

Site is being prepped ahead of
when concrete / asphalt is laid

62
Q

Why are Raw Materials (Aggregates, Cement, Bitument) tested?

A

Ensure raw materials leaving vendor’s facility conform to specs required by contractor (customer)

63
Q

Why are Finished Materials (Concrete, Asphalt) tested?

A

Ensure finished materials poured by contractor conform to specs required by site design

64
Q

Why are Soil Materials tested?

A

Ensure soil density matches specs required by site design & site ready for concrete/asphalt

65
Q

Who are material tests performed by?

A

Materials tests are performed by technicians who work as part of a lab unit, typically comprised of ~20 people and generating ~$1.5M of CMT revenue per year

66
Q

Engineer(s) in a Lab
1. # per lab
2. Description
3. Revenue generated per person
4. Expense per individual

A
  1. 2-3 per lab
  2. Senior eng. with 5-10+ years exp. + 1-2 staff eng.
    * Generate revenue by providing geotechnical
    consulting services to clients on hourly basis
    * Also oversee/review/approve testing and inspection
    work completed by technicians & inspectors
  3. 300k generated
  4. 200k expense
67
Q

Technician(s) field/lab in a Lab
1. # per lab
2. Description
3. Revenue generated per person
4. Expense per individual

A
  1. 10-12 per lab
  2. Description - Blue collar worker with HSD/GED & <5 years exp.
    * Perform materials testing that takes place in both field & lab and recording results, 80% for QA, 20% QC
    * Work overseen by senior engineer(s) on team
  3. Revenue generated per person - 150k
  4. Expense per individual - 50k
68
Q

Special Inspector(s) in a Lab
1. # per lab
2. Description
3. Revenue generated per person
4. Expense per individual

A
  1. 3-5 per lab
  2. Description - Blue collar worker with HSD/GED & +5 years exp.; often a tenured tech that was promoted to inspector
    * Inspect steel, rebar, tendons, bolts, anchor plates,
    masonry, etc.
    * Work overseen by senior engineer(s) on team
  3. Revenue generated per person - 200k
  4. Expense per individual - 80k
69
Q

Lab Manager(s) in a Lab
1. # per lab
2. Description
3. Revenue generated per person
4. Expense per individual

A
  1. 1 per lab
  2. Description - Blue collar worker with HSD/GED & +5 years exp.;often a tenured tech that was promoted to inspector
    * Inspect steel, rebar, tendons, bolts, anchor plates,
    masonry, etc.
    * Work overseen by senior engineer(s) on team
  3. Revenue generated per person - 200k
  4. Expense per individual - 80k
70
Q

Scheduler(s) in a Lab
1. # per lab
2. Description
3. Revenue generated per person
4. Expense per individual

A
  1. # per lab
  2. Description - Highschool graduate – “short order cook” profile
    * Runs day to day operations of lab similar to how office
    manager oversees office
  3. Revenue generated per person - NA
  4. Expense per individual - 50k
71
Q

Scheduler(s) in a Lab
1. # per lab
2. Description
3. Revenue generated per person
4. Expense per individual

A
  1. 1 per lab
  2. Description - Typically project assistant/receptionist w/ HS diploma
    * Responsible for scheduling work each day for the field
    techs & inspectors – which job sites to visit, samples
    to pick up, etc
  3. Revenue generated per person - NA
  4. Expense per individual - 50k
72
Q

Support Staff(s) in a Lab
1. # per lab
2. Description
3. Revenue generated per person
4. Expense per individual

A
  1. 2 per lab
  2. Description - Various support personnel to help with data entry and general lab/office/field tasks
  3. Revenue generated per person - NA
  4. Expense per individual - 50k
73
Q

How does a project manager at Terracon bill for their CMT Techs?

A

$150k per tech/year
“Our CMT technicians are billed at
~$150k per year, or ~$70 per hour; we
aim to bill at ~3.5x salary, which is ~$45-
50k fully loaded”

74
Q

What are the three most common CMT Soil tests performed during the construction phase for QA?

A
  1. Proctor - Density (Local Lab)
  2. Nuclear Guage - Density (Field)
  3. Sand Cone - Density (Field)
75
Q

What are the five most common CMT Concrete tests performed during the construction phase for QA?

A
  1. Cylinder - Compression (Local Lab)
  2. Slump - Workability (Field)
  3. Temperature - Durability (Field)
  4. Air Content - Durability (Field)
  5. Unit Weight - Durability (Field)
76
Q

What are the six most common CMT Asphalt tests performed during the construction phase for QA?

A
  1. Cylinder - Density (Local Lab)
  2. Bulk Specific Gravity - Density (Local Lab)
  3. Nuclear Gauge - Density (Field)
  4. Temperature - Composition (Field)
  5. Extracted Gradation - Composition (Local Lab)
  6. Rice Test - Durability (Local Lab)
77
Q

Why is a Soil Proctor test completed?

A

Determine optimal moisture content at which soil will become most dense & achieve max dry density

78
Q

Why is a Soil Nuclear Gauge test completed?

A

Radiography machine that measures moisture & density of soil to ensure consistent & conforms to specs

79
Q

Why is a Soil Sand Cone test completed?

A

Cost-effective alternative to nuclear gauge to determine if soil density at construction site meets specs

80
Q

Why is a Concrete Cylinder test completed?

A

Cylinders of fresh concrete are poured then the amount of force required to break is measured

81
Q

Why is a Concrete Slump test completed?

A

Measures consistency of fresh concrete before it is poured to understand how easily it will flow

82
Q

Why is a Concrete Temperature test completed?

A

Calibrated thermometer used to test temperature during mixing & placing to ensue cures at right temp.

83
Q

Why is a Concrete Air Control test completed?

A

Tests entrainment to ensure air pockets evenly spread for max durability across freeze/thaw cycles

84
Q

Why is a Concrete Unit Weight test completed?

A

Measures the weight of concrete required to fill a container of a specified unit volume

85
Q

Why is an Asphalt Bulk Specific Gravity test completed?

A

Measures the weight of asphalt to the weight of an equal volume of water to estimate air content

86
Q

Why is an Asphalt Nuclear Gauge test completed?

A

Radiography machine that measures moisture/density of asphalt to ensure consistent & conforms to specs

87
Q

Why is an Asphalt Temperature test completed?

A

Calibrated thermometer used to test temperature during mixing & placing to ensue cures at right temp.

88
Q

Why is an Asphalt Extracted Gradation test completed?

A

Determine the percentage of bitumen content present in the asphaltic pavement by cold solvent extraction

89
Q

Why is an Asphalt Rice test completed?

A

Determine maximum specific gravity of asphalt mixtures for mix design and construction quality control

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