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    Alexander Paris • Barrington Research

    Alexander Paris's questions to Carriage Services Inc (CSV) leadership

    Alexander Paris's questions to Carriage Services Inc (CSV) leadership • Q2 2025

    Question

    Alexander Paris of Barrington Research Associates questioned the nature of newly announced acquisitions, their expected closing, and pricing multiples. He also sought updates on the divestiture program and the key assumptions driving the raised full-year guidance, including the expected second-half acceleration and specific financial model inputs like the cash tax rate.

    Answer

    President Steven Metzger confirmed the acquisitions involve multiple transactions with multiple businesses, priced in the high single-digit multiples, with more details to follow post-closing in Q3. He also noted divestitures are winding down. CEO Carlos Quezada added that divestitures focus on businesses in declining demographic areas to redeploy capital into premium properties. CFO John Enwright explained the guidance increase reflects acquisitions, divestitures, and expected organic growth, particularly in Q4. He also confirmed D&A and stock-based comp targets are unchanged and provided a revised full-year cash tax rate of 27-27.5%.

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    Alexander Paris's questions to Carriage Services Inc (CSV) leadership • Q1 2025

    Question

    Alexander Paris inquired about funeral segment performance trends for March and April, whether the 'COVID hangover' is now concluded, and the reasons for the year-over-year decline in preneed cemetery interment rights sales. He also asked for clarification on divestiture proceeds in relation to guidance and the expected timing for a return to M&A activity.

    Answer

    CEO Carlos Quezada confirmed that strong funeral volume and revenue momentum continued through April. He stated that while difficult to forecast, the company believes the 'COVID hangover' should level out this year. Quezada attributed the slower preneed cemetery growth to temporary inventory development delays at key properties, not a decline in consumer demand, and expects a return to the 10-20% growth range in Q2. CFO John Enwright clarified that Q1 divestiture proceeds were part of the guided amount, with another sale planned for Q2. Enwright and Executive Steve Metzger indicated that the company plans to resume acquisitions in the second half of the year, with more details expected in Q3 and Q4.

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    Alexander Paris's questions to Carriage Services Inc (CSV) leadership • Q3 2024

    Question

    Alexander Paris from Barrington Research questioned the updated full-year guidance, which implies a sequential decline in Q4 revenue despite a strong Q3. He asked about the underlying assumptions, what drove the Q3 outperformance, what it would take to reach the high end of the guidance range, Q3 funeral volume trends, recent divestiture activity, and the timeline for returning to M&A given the accelerated debt reduction.

    Answer

    CEO Carlos Quezada explained that Q3 benefited from unexpectedly large preneed cemetery sales, and the Q4 forecast is cautious due to upcoming elections and economic uncertainty, though he expects to finish at the high end of the range. He noted a slight uptick in funeral volume decline in October, partly due to closing two underperforming businesses. Executive Steve Metzger confirmed they are on track to achieve $20-$30 million in divestiture proceeds in 2024 with a minimal EBITDA impact. Carlos Quezada added that disciplined capital allocation and a favorable credit agreement amendment have accelerated debt paydown, and the company expects to resume M&A activity in 2025.

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    Alexander Paris's questions to Carriage Services Inc (CSV) leadership • Q2 2024

    Question

    Alexander Paris of Barrington Research Associates inquired about the outlook for funeral service volumes in the second half of 2024, the monthly trends during Q2, the interest rate on variable debt, and specifics of the recent credit agreement amendment.

    Answer

    CEO Carlos Quezada stated that he anticipates a slight decrease in funeral volumes for Q3 and Q4 due to the pull-forward effect, which should normalize by Q1 2025. He noted that July volumes were slightly above the prior year. Quezada also confirmed the interest rate on variable debt saw a similar year-over-year increase as in Q1 and detailed five key benefits of the amended credit facility, including a term extension to 2029, reduced rates, and increased M&A flexibility.

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    Alexander Paris's questions to Interface Inc (TILE) leadership

    Alexander Paris's questions to Interface Inc (TILE) leadership • Q2 2025

    Question

    Alexander Paris of Barrington Research Associates inquired about the monthly performance trend during Q2, the start of Q3, performance in smaller segments like government and retail, business conditions in Australia and Asia, and the company's capital allocation strategy regarding share repurchases.

    Answer

    CEO Laurel Hurd confirmed that Q2 momentum was strong, with a solid start to July, and noted broad-based growth across nearly all market segments. She also stated that the Australia and Asia businesses are performing well without negative macro impacts due to strong local teams. CFO Bruce Hausmann added that the last share repurchase was in 2022 and the current strategy remains balanced between investing for growth and returning capital to shareholders, valuing the flexibility of a strong balance sheet.

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    Alexander Paris's questions to Interface Inc (TILE) leadership • Q1 2025

    Question

    Alexander Paris asked for a breakdown of geographic growth within the EAAA segment, particularly in Asia, and inquired about the government market. He also questioned potential changes to capital allocation given the strong balance sheet and followed up on the financial impact of tariffs.

    Answer

    CFO Bruce Hausmann stated that on a currency-neutral basis, Asia was strong with double-digit sales growth, while Europe and Australia were softer. CEO Laurel Hurd noted the government segment is small but grew in Q1 due to churn. Regarding capital allocation, Bruce Hausmann emphasized that the priority is investing in the business for growth and margin expansion. He also confirmed the tariff impact is minimal, representing less than 15% of product cost, and that mitigation plans via pricing and productivity are already reflected in the company's guidance.

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    Alexander Paris's questions to Interface Inc (TILE) leadership • Q4 2024

    Question

    Alexander Paris of Barrington Research asked for a breakdown of the 2025 CapEx budget, the company's exposure to the government sector, recent performance in the retail segment, and potential impacts from new tariffs.

    Answer

    CFO Bruce Hausman detailed that the $45M CapEx consists of ~$10M for growth investments and ~$35M for maintenance. CEO Laurel Hurd stated that U.S. government business is a low-single-digit, diverse part of their portfolio. On tariffs, management explained their sourcing strategy—local-for-local carpet manufacturing, LVT from South Korea, and rubber from Germany—limits direct exposure, though they continue to monitor the dynamic situation.

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    Alexander Paris's questions to Interface Inc (TILE) leadership • Q3 2024

    Question

    Alexander Paris asked for additional details on billings performance, particularly in the retail and healthcare segments, and sought clarification on the drivers behind the strong adjusted gross margin and the company's long-term target.

    Answer

    CEO Laurel Hurd explained that the retail rebound was anticipated due to prior-year project delays and that the healthcare segment's strong double-digit order growth signals future revenue, despite a longer sales cycle. CFO Bruce Hausmann confirmed that billings for all three product categories were up year-to-date in both price and volume. Regarding margins, Laurel Hurd reiterated the long-term goal of 38% to 38.5%, while Bruce Hausmann highlighted that the full-year guidance for adjusted gross margin was raised to 36.6% due to strong performance.

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    Alexander Paris's questions to Strategic Education Inc (STRA) leadership

    Alexander Paris's questions to Strategic Education Inc (STRA) leadership • Q2 2025

    Question

    Alexander Paris of Barrington Research Associates inquired about the specifics of the decline in unaffiliated enrollment within U.S. Higher Education, the changing mix of domestic versus international students in the Australia/New Zealand segment, and the potential impact of recent legislative and regulatory changes.

    Answer

    President & CEO Karl McDonnell acknowledged the softness in new unaffiliated student enrollment, primarily at Strayer University, but noted the rate of decline improved in Q2. For the ANZ segment, he explained the mix is skewing more domestic due to international restrictions, but expects a return to growth in early 2026 after anniversarying the declines. Regarding regulations, McDonnell stated that based on current understanding, SEI does not expect a material adverse impact from the "one big beautiful bill."

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    Alexander Paris's questions to Strategic Education Inc (STRA) leadership • Q1 2025

    Question

    Alexander Paris inquired about student persistence trends in U.S. Higher Education, the reasons for the early decline in international enrollment in Australia/New Zealand (ANZ), and the factors contributing to operating expense leverage in the quarter.

    Answer

    President and CEO Karl McDonnell noted that student persistence remains stable and slightly improved. He attributed the ANZ international enrollment decline to a new regulation requiring stricter verification for onshore transfer students. EVP and CFO Daniel Jackson added that operating expense favorability was due to the timing of headcount additions, with planned investments still on track for the year. McDonnell also reaffirmed confidence in the company's long-term operating margin targets.

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    Alexander Paris's questions to Strategic Education Inc (STRA) leadership • Q4 2024

    Question

    Alexander Paris inquired about the domestic vs. international student mix in Australia/New Zealand (ANZ), the drivers of operating expenses, and expectations for operating margin expansion and enrollment growth in 2025.

    Answer

    President and CEO Karl McDonnell stated that while historically 50-50, they are pivoting marketing to focus more on domestic students in Australia. Executive Vice President and CFO Daniel Jackson confirmed that the Q4 2024 expense level is a good run rate for 2025, with expected seasonality. McDonnell reiterated the company's long-term notional model goal of approximately 200 basis points of margin expansion annually, expressing confidence in their five-year plan.

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    Alexander Paris's questions to Strategic Education Inc (STRA) leadership • Q3 2024

    Question

    Alexander Paris from Barrington Research asked for more detail on lower-than-expected expenses, the specific investments being made in the ETS and Australia/New Zealand segments, and the overall demand environment for U.S. higher education.

    Answer

    EVP & CFO Daniel Jackson clarified that lower expenses were due to timing and some bad debt benefits, and the current expense run rate is expected to hold for the rest of the year. President and CEO Karl McDonnell specified that investments included marketing in Australia and hiring staff to support a new large Workforce Edge partner. He also characterized the demand environment as healthy, with student acquisition costs trending down year-over-year.

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    Alexander Paris's questions to American Public Education Inc (APEI) leadership

    Alexander Paris's questions to American Public Education Inc (APEI) leadership • Q1 2025

    Question

    Alexander Paris sought clarification on several financial items, including the nature of a $1.4 million timing of expenses, the impact of a $2.9 million redemption premium and $1.7 million in combination costs on Q2 guidance, and the financial impact from contract issues at Graduate School.

    Answer

    CFO Richard Sunderland explained the $1.4 million in expenses were delayed from Q1 to Q2. He clarified the $2.9 million redemption premium impacts net income guidance, not adjusted EBITDA, while the $1.7 million in combination costs are for Q2 and part of a previously guided annual total. He also noted the Graduate School revenue impact was limited in Q1 but is more pronounced starting in Q2, and this headwind is fully incorporated into the maintained full-year revenue guidance.

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    Alexander Paris's questions to Adtalem Global Education Inc (ATGE) leadership

    Alexander Paris's questions to Adtalem Global Education Inc (ATGE) leadership • Q3 2025

    Question

    Alexander Paris of Barrington Research sought confirmation on margin guidance, asking if the fiscal 2026 outlook for 100 basis points of expansion still holds. He also inquired about the nature of the asset impairment and strategic advisory costs, and asked for commentary on the current tone and efficiency of the Department of Education.

    Answer

    CFO Robert Phelan confirmed no change to the fiscal 2026 margin expansion outlook. He clarified the asset impairment was for a former headquarters property and strategic advisory costs are for developing plans to expand capacity. CEO Stephen Beard described interactions with the Department of Education as 'extremely constructive' and responsive, aligning with reports of a more business-friendly tone.

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    Alexander Paris's questions to Adtalem Global Education Inc (ATGE) leadership • Q2 2025

    Question

    Alexander Paris of Barrington Research inquired about the sustainability of adjusted EBITDA margin expansion into fiscal 2026, the potential regulatory changes under the new administration, and an update on the Med/Vet segment's remediation and enrollment trends.

    Answer

    CFO Bob Phelan confirmed the company still anticipates over 100 basis points of adjusted EBITDA margin expansion in fiscal 2026, on top of the raised fiscal 2025 guidance. CEO Stephen Beard commented that while the general consensus points to a lighter regulatory environment, the company looks forward to engaging with the new leadership on key issues. Beard also noted that January enrollment demand for the Med/Vet segment was encouraging.

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    Alexander Paris's questions to Adtalem Global Education Inc (ATGE) leadership • Q1 2025

    Question

    Alexander Paris questioned the rationale for increasing marketing investment given the already strong enrollment performance. He also asked if marketing costs would be leveraged for the full year and whether the company planned to revise its long-term fiscal 2026 targets.

    Answer

    President and CEO Stephen Beard clarified that the marketing strategy includes a mix of short-term performance marketing and long-term brand building to ensure future growth. CFO Bob Phelan confirmed that marketing costs are expected to be leveraged for the full year, consistent with the prior year's efficiency. Regarding long-term targets, Stephen Beard stated that fiscal 2026 guidance would be provided in the ordinary course, with multi-year targets to be shared at the next Investor Day.

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    Alexander Paris's questions to H & R Block Inc (HRB) leadership

    Alexander Paris's questions to H & R Block Inc (HRB) leadership • Q3 2025

    Question

    Alexander Paris asked a series of follow-up questions, seeking confirmation that franchise volume declines were due to buybacks, inquiring about the Net Average Charge (NAC) difference between company and franchise stores, the impact of state-level filing extensions, the effect of 1099 form changes, and the company's dividend policy and target payout ratio.

    Answer

    CFO Tiffany Mason confirmed franchise volume decline was primarily due to the 123 buybacks year-to-date. Executive Jeffrey Jones explained that NAC differences stem from franchisees setting their own prices and serving varied client mixes. Mason noted that filing extensions would cause a minor volume shift from Q3 to Q4 but were not material to full-year guidance. Jones stated 1099 changes had no material impact. Regarding the dividend, Mason affirmed the Board reviews the payout ratio annually, and Jones reiterated that the dividend is the top capital priority after business reinvestment.

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    Alexander Paris's questions to H & R Block Inc (HRB) leadership • Q2 2025

    Question

    Alexander Paris of Barrington Research posed several questions regarding the potential upside from the 1099-K reporting threshold change, the status of the IRS's Direct File program, H&R Block's pricing strategy for both assisted and DIY services, the increase in the Refund Advance loan, and the factors behind lower Emerald Advance revenue.

    Answer

    President and CEO Jeff Jones confirmed the 1099-K change could represent upside but is not in the forecast. He reiterated that Direct File is not a major concern and that H&R Block's pricing involves low single-digit increases for assisted services and dynamic pricing for DIY. Jones noted the Refund Advance loan increased from $3,500 to $4,000 and attributed the Emerald Advance weakness to tightened underwriting guidelines to balance approval and repayment rates.

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    Alexander Paris's questions to H & R Block Inc (HRB) leadership • Q1 2025

    Question

    Alexander Paris requested clarification on the fiscal 2025 tax rate guidance, specifically the timing of the onetime benefit, asked for more color on the quarter's legal expenses, and sought updated thoughts on the government's expanded Direct File program.

    Answer

    CFO Tiffany Mason reiterated the full-year effective tax rate outlook of 13%, which includes a ~$0.50 EPS onetime benefit, but noted the exact timing is uncertain as it depends on the IRS settlement process. She confirmed the higher legal expense relates to a proposed FTC settlement that is fully accrued for. President and CEO Jeff Jones addressed the Direct File program, stating that despite its expansion, H&R Block has not seen and does not anticipate a material impact, as it primarily competes with other free offerings where H&R Block has a strong product.

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    Alexander Paris's questions to Grand Canyon Education Inc (LOPE) leadership

    Alexander Paris's questions to Grand Canyon Education Inc (LOPE) leadership • Q1 2025

    Question

    Alexander Paris requested an update on long-term enrollment targets by business segment, sought confirmation on enrollment guidance for the remainder of 2025, and asked about the company's current perspective on M&A.

    Answer

    CEO Brian Mueller reiterated the company's overall long-term enrollment growth target of 7% but did not break it down by segment, though he noted online and hybrid were running ahead of plan. He confirmed that 2025 guidance for mid- to high-single-digit online start growth and low- to mid-teens hybrid growth remains intact. On M&A, Mueller stated that the company strongly prefers organic growth and building its own capabilities, particularly in workforce development, rather than pursuing acquisitions.

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    Alexander Paris's questions to Grand Canyon Education Inc (LOPE) leadership • Q4 2024

    Question

    Alexander Paris of Barrington Research inquired about the potential impact of new leadership at the Department of Education, sought an update on the Ninth Circuit court ruling regarding GCU's non-profit status, and asked if the hybrid pillar is expected to return to profitability in 2025.

    Answer

    CEO Brian Mueller stated that the new administration's focus on outcomes should be very positive for GCE's model. Regarding the court case, he noted GCU was 'elated' with the unanimous ruling that the Department of Education acted outside its authority, calling it a 'major milestone'. CFO Dan Bachus confirmed that while not formally tracked, it is an 'appropriate expectation' for the hybrid pillar to cross back to profitability in 2025 based on improving site-level margins.

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    Alexander Paris's questions to Stride Inc (LRN) leadership

    Alexander Paris's questions to Stride Inc (LRN) leadership • Q3 2025

    Question

    Alexander Paris of Barrington Research asked for a recap of comments on enrollment trends and the outlook for fiscal 2026. He also sought clarification on the timing of fall applications, the improved guidance for revenue per enrollment, and how to calculate diluted EPS using the provided convertible note data.

    Answer

    CEO James Rhyu confirmed that Stride expects to end the year with higher enrollment than it started, which provides a strong base for growth next year. He noted it is too early for fall application data. CFO Donna Blackman confirmed the improved revenue per enrollment guidance (now down less than 1% for the year) and explained that the diluted share count is calculated by adding shares based on the quarter's average stock price, as shown on the investor presentation slide.

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    Alexander Paris's questions to Stride Inc (LRN) leadership • Q2 2025

    Question

    Alexander Paris sought clarification on several points: whether enrollment strength was from new students versus retention, the context for weak career funnels despite strong growth, the drivers of softness in the Adult Learning segment, and the composition of the sub-5% federal funding exposure.

    Answer

    CEO James Rhyu clarified that retention is stable year-over-year after post-pandemic structural gains. He explained the career learning commentary reflects a belief that the market opportunity is much larger than current results. The Adult Learning softness is partly due to a strategic pivot of the MedCerts business to a B2B model. Finally, he confirmed the federal funding exposure includes various small streams beyond the now-immaterial ESSER funds.

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    Alexander Paris's questions to Stride Inc (LRN) leadership • Q1 2025

    Question

    Alexander Paris questioned if FY25 guidance includes new states or cap lifts, asked about plans for new Career Learning programs, and sought clarification on the ESSER fund flow and its impact on revenue per enrollment guidance.

    Answer

    CFO Donna Blackman confirmed guidance includes known cap increases but no new states. CEO James Rhyu noted no new Career Learning programs are planned for FY25 but maybe next year. Rhyu reiterated that the ESSER headwind is offset by state funding, resulting in expected flat to slightly down revenue per enrollment.

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    Alexander Paris's questions to Proficient Auto Logistics Inc (PAL) leadership

    Alexander Paris's questions to Proficient Auto Logistics Inc (PAL) leadership • Q4 2024

    Question

    Alexander Paris of Barrington Research asked for an analogy between the current auto hauling market disruption and the LTL industry's experience with a major bankruptcy, inquiring about the expected timeline and impact. He followed up by asking if Proficient has seen an initial impact from the disruption and if it expects to gain its 'fair share' of the reallocated volume.

    Answer

    Chairman and CEO Richard O'Dell explained that displaced volume would likely go to backup carriers first before being re-bid, creating a two-stage opportunity. He confirmed that some near-term impact is already being seen and is factored into the Q1 forecast, which anticipates a volume recovery in March. President and COO Amy Rice added that Proficient is well-positioned to participate in any volume reallocation, though its ability to capture share is influenced by its specific geographic network density, which does not overlap with all competitors.

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    Alexander Paris's questions to Universal Technical Institute Inc (UTI) leadership

    Alexander Paris's questions to Universal Technical Institute Inc (UTI) leadership • Q1 2025

    Question

    Alexander Paris inquired about Universal Technical Institute's new campus expansion, the non-linear nature of EBITDA margin expansion under the North Star 2 strategy, and details on the M&A pipeline for healthcare acquisitions.

    Answer

    CEO Jerome Grant confirmed the new Atlanta campus is a greenfield expansion into Georgia and will be a comprehensive UTI campus. He affirmed that EBITDA margin expansion will not be linear, with heavier investment in FY25-27 before accretion accelerates in FY28-29. Regarding M&A, Grant noted the primary focus is on acquiring nursing programs to complement Concorde's portfolio.

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    Alexander Paris's questions to Universal Technical Institute Inc (UTI) leadership • Q4 2024

    Question

    Alexander Paris of Barrington Research inquired about the future run rate for marketing and admissions costs, asking if recent levels represent a new normal. He also asked for follow-up details on the regulatory front, specifically UTI's 90/10 calculation under the new rules and whether any programs were at risk under the gainful employment regulation.

    Answer

    CEO Jerome Grant responded that he expects continued efficiency gains in marketing and admissions spend, driven by scale and the ability to attract more students to a wider variety of programs on existing campuses. On regulatory matters, he stated UTI's 90/10 ratio is approximately 78% under the new calculation, which is safely below the limit. He also confirmed that no programs were at risk from gainful employment rules, though a few small Concorde programs were close to the threshold due to the exclusion of tips from earnings calculations.

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