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    Harold Antor • Jefferies Financial Group Inc.

    Harold Antor's questions to First Advantage Corp (FA) leadership

    Harold Antor's questions to First Advantage Corp (FA) leadership • Q2 2025

    Question

    Harold Antor of Jefferies LLC asked whether the company is adjusting its sales force size in response to weaker base volume forecasts, or if it is maintaining or building the team to capture future demand.

    Answer

    CFO Steven Marks and CEO Scott Staples stated they are not reducing the sales force. Marks noted that lower base volume reflects reduced hiring per client, not a loss of clients. Staples emphasized they are investing in the go-to-market team by combining top talent from both legacy companies and hiring new leadership (CMO, CPTO) to drive future growth, highlighting that the company is still growing year-over-year.

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    Harold Antor's questions to Aramark (ARMK) leadership

    Harold Antor's questions to Aramark (ARMK) leadership • Q3 2025

    Question

    Harold Antor of Jefferies LLC requested an update on the Avendra GPO business, including spend under management and margins, and asked for more details on the company's AI-driven initiatives in supply chain management.

    Answer

    CEO John Zillmer reported that Avendra's spend under management is now between $21-22 billion and that it continues to be a significant contributor to company profitability. CFO Jim Tarangelo highlighted a new AI tool that automates contract intelligence by reading supplier requests and verifying compliance, boosting efficiency.

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    Harold Antor's questions to Aramark (ARMK) leadership • Q1 2025

    Question

    Harold Antor, on for Stephen, asked about the M&A outlook for the year, whether it would focus on the GPO space, and if there was a target for total managed spend. He also asked about strategy in micro markets and trends in the sports and entertainment segment.

    Answer

    CEO John Zillmer stated there is no specific GPO spend target other than to keep growing it, and that M&A is a secondary strategy focused on bolt-ons, not a significant top-line driver. CFO James Tarangelo noted that convenience retail had a strong quarter. Zillmer added that the sports business had a good quarter with significant growth potential in both professional sports and NCAA athletics.

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    Harold Antor's questions to Aramark (ARMK) leadership • Q4 2024

    Question

    Representing Stephanie Moore, Harold Antor inquired about cross-selling opportunities with Avendra, particularly internationally. He also asked about client receptiveness to the new Hospitality IQ technology platform.

    Answer

    CEO John Zillmer emphasized the significant organic growth potential with existing Avendra clients both domestically and internationally, which contributed to over $1.2 billion in new spend last year. CFO Jim Tarangelo provided examples of Hospitality IQ's success, such as Culinary Copilot optimizing menus and supply chains, and AI tools aggregating SKUs to improve negotiations with suppliers.

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    Harold Antor's questions to Rollins Inc (ROL) leadership

    Harold Antor's questions to Rollins Inc (ROL) leadership • Q2 2025

    Question

    On for Stephanie Moore, Harold Antor of Jefferies asked for an update on the journey to reduce SG&A as a percentage of sales, a goal from Investor Day. He also inquired about any regulatory changes on the horizon, particularly at the state level.

    Answer

    EVP & CFO Kenneth Krause reiterated that about half of SG&A is selling and marketing, which will continue to be an area of investment, but the other half presents an opportunity that is being targeted by a 'value creation program.' President & CEO Jerry Gahlhoff addressed the regulatory question by stating that the company has a strong technical team that has managed state-level rule changes for years and is often ahead of any new requirements, viewing it as a normal part of business.

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    Harold Antor's questions to Cintas Corp (CTAS) leadership

    Harold Antor's questions to Cintas Corp (CTAS) leadership • Q3 2025

    Question

    Harold Antor inquired about the progress of technology investments like SAP and SmartTruck, and asked for an update on new business wins, particularly in key verticals and by customer size.

    Answer

    President and CEO Todd Schneider confirmed ongoing tech investments to enhance customer and employee experiences. He highlighted major wins in the healthcare vertical, including a privacy curtain service for a multi-state network and a scrub dispensing program for a 14-hospital network. He noted these wins improved compliance and saved the customers money, and that new business comes from all customer sizes.

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    Harold Antor's questions to UL Solutions Inc (ULS) leadership

    Harold Antor's questions to UL Solutions Inc (ULS) leadership • Q4 2024

    Question

    Harold Antor, on for Stephanie Moore from Jefferies, inquired about the M&A strategy for 2025, including potential deal size and target segments. He also asked about demand trends in HVAC and other megatrends, and for expectations on 2025 pricing versus internal inflation.

    Answer

    CEO Jennifer Scanlon stated that UL Solutions is active in M&A conversations across all segments and for any scale that fits its strategy around product safety and megatrends. She highlighted investments in battery labs and a new Global Fire Science Center. CFO Ryan Robinson noted that wage inflation has moderated and was successfully offset by pricing in 2024, with no material headwinds anticipated in 2025.

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    Harold Antor's questions to Republic Services Inc (RSG) leadership

    Harold Antor's questions to Republic Services Inc (RSG) leadership • Q4 2024

    Question

    Harold Antor, on for Stephanie Moore, asked about the progress of implementing fees for overflowing bins and converting contracts to alternative indices. He also inquired about the company's view on regulatory issues like PFAS and RIN pricing.

    Answer

    CFO Brian DelGhiaccio reported that 63% of relevant contracts have been moved to alternative indices or favorable fixed rates. CEO Jon Vander Ark stated the company used conservative RIN price assumptions and views PFAS as both a manageable issue and a long-term business opportunity for its ES segment.

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    Harold Antor's questions to Avis Budget Group Inc (CAR) leadership

    Harold Antor's questions to Avis Budget Group Inc (CAR) leadership • Q4 2024

    Question

    Harold Antor, on behalf of Stephanie Moore at Jefferies, asked for details on the expected improvement in Direct Operating Expenses (DOE) in 2025. He also inquired about the competitive landscape and incoming CEO Brian Choi's initial focus.

    Answer

    CFO Izilda Martins explained that the Q4 2024 increase in DOE was due to non-recurring costs tied to the accelerated fleet rotation and that expenses are expected to return to normalized levels in 2025 due to operational efficiencies. CEO Joseph Ferraro stated that Avis's aggressive fleet refresh, prompted by favorable 2025 model year pricing, provides a competitive advantage through lower costs, better utilization, and an enhanced customer experience. He also emphasized the stability of the leadership transition.

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    Harold Antor's questions to Brightview Holdings Inc (BV) leadership

    Harold Antor's questions to Brightview Holdings Inc (BV) leadership • Q1 2025

    Question

    Harold Antor inquired about the scale and timing of the sales force ramp-up and asked for details on the fleet investment, including its impact on costs, service levels, and overall capital allocation.

    Answer

    CEO Dale Asplund stated that while they will add 'significant resources' to the sales force, the timing is dependent on first stabilizing customer retention. CFO Brett Urban highlighted a key fleet initiative: by spring, all 7,500 core mowers will have been replaced, with none being older than 15 months. This creates a 'virtuous cycle' of lower maintenance costs, higher employee satisfaction, and better asset residual values.

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    Harold Antor's questions to Brightview Holdings Inc (BV) leadership • Q4 2024

    Question

    Harold Antor, on behalf of Stephanie Moore at Jefferies, asked about the expected cadence of free cash flow throughout fiscal 2025, considering the $51 million timing difference in capital expenditures.

    Answer

    CFO Brett Urban clarified the timing impact, stating that the reported $145M free cash flow in fiscal 2024 normalizes to ~$95M, while the fiscal 2025 guidance of $40M-$60M normalizes to ~$90M-$110M. He emphasized that this represents a strong ~30% cash flow conversion over three years. President and CEO Dale Asplund added that the company made record investments in its fleet in 2024 and will continue to do so, which is critical to the brand and employee satisfaction.

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    Harold Antor's questions to Vestis Corp (VSTS) leadership

    Harold Antor's questions to Vestis Corp (VSTS) leadership • Q1 2025

    Question

    Speaking for Stephanie Moore, Harold Antor asked about the factors contributing to the recent improvement in customer retention and the outlook for this metric for the remainder of the year.

    Answer

    CEO Kimberly Scott attributed the improved retention to a 'hyper-focused' effort on enhancing the customer experience, including better on-time performance and reduced shortages, coupled with a balanced and thoughtful pricing strategy. She stated that Vestis expects to maintain these retention improvements throughout the fiscal year.

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    Harold Antor's questions to Robert Half Inc (RHI) leadership

    Harold Antor's questions to Robert Half Inc (RHI) leadership • Q4 2024

    Question

    Harold Antor, on behalf of Stephanie Moore from Jefferies, asked about the company's strategy for hiring internal recruiters as business optimism potentially translates into new orders. He also inquired about the candidate perspective, including their willingness to change jobs, demand for remote work, and the resulting impact on bill rate growth.

    Answer

    Executive M. Waddell stated that while current productivity levels suggest they could grow 20-30% without adding staff, they would likely hire ahead of a sustained recovery. On the candidate side, Waddell noted that caution typically eases as the macro environment improves and suggested there is pent-up turnover, partly due to frustration over return-to-office mandates. He indicated that bill rate growth has been stable in the low-3% range and expects that to continue.

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    Harold Antor's questions to Bright Horizons Family Solutions Inc (BFAM) leadership

    Harold Antor's questions to Bright Horizons Family Solutions Inc (BFAM) leadership • Q3 2024

    Question

    Harold Antor, on for Stephanie Moore, requested an update on the U.K. business, including performance trends, wage inflation, and the number of centers. He also asked about the pricing strategy in the U.K. compared to the U.S.

    Answer

    CEO Stephen Kramer noted the U.K. showed nice year-over-year improvement, cutting its full-service business loss in half from 2023. Executive commentary confirmed the U.K. is over-represented in the bottom-performing cohort and is a focus of the company's center closure strategy. CFO Elizabeth Boland added that the pricing outlook is a global average, and while U.K. inflation is tapering, labor pressures remain a key factor in setting tuition.

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