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    Jasper Bibb • Truist Securities

    Jasper Bibb's questions to American Public Education Inc (APEI) leadership

    Jasper Bibb's questions to American Public Education Inc (APEI) leadership • Q2 2025

    Question

    Jasper Bibb of Truist Securities asked about the potential impact of the 'big beautiful bill,' specifically questioning if any of APEI's schools have exposure to the new accountability standards included in the legislation.

    Answer

    CEO Angela Selden stated the bill has a minimal negative impact and a positive one through the $100 million in additional Tuition Assistance funding, which should expand the market for military students. CFO Richard Sunderland added that APEI has always performed well against gainful employment-style metrics due to its focus on affordable programs in high-demand fields. He noted that lifetime loan caps are not a significant issue for APEI students due to the affordability of its programs.

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    Jasper Bibb's questions to American Public Education Inc (APEI) leadership • Q1 2025

    Question

    Jasper Bibb inquired about the margin and enrollment impact from the Tuition Assistance (TA) portal downtime at APUS in Q1, the potential EBITDA drag from Graduate School, and the number of Rasmussen nursing campuses that met the state NCLEX threshold during the quarter.

    Answer

    CFO Richard Sunderland stated that the APUS team minimized the impact of the portal outage, which had no material effect on the margin, and noted a sequential improvement in registration guidance for Q2. CEO Angela Selden added that the full-year guidance incorporates the expected downside from Graduate School, but specific guidance for the segment is not being provided as strategic options are explored. She also confirmed that NCLEX performance is now consistently strong, with 24 of 25 campus programs meeting benchmarks, so the company no longer reports it as a key metric.

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    Jasper Bibb's questions to American Public Education Inc (APEI) leadership • Q4 2024

    Question

    Jasper Bibb asked about the potential G&A savings from the planned institutional consolidation, the key drivers of Rasmussen's strong online enrollment growth, and the expected contribution from Rasmussen to the full-year 2025 EBITDA guidance.

    Answer

    CEO Angela Selden stated the institutional consolidation is primarily focused on accelerating growth and realizing revenue synergies, such as cross-selling programs, rather than significant cost reductions. She attributed Rasmussen's online growth to a successful shift toward organic lead generation and hyperlocal marketing for campuses. While not providing a specific margin breakout, Ms. Selden confirmed that Rasmussen's revenue improvements are expected to have a substantial positive flow-through to EBITDA in 2025.

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    Jasper Bibb's questions to American Public Education Inc (APEI) leadership • Q3 2024

    Question

    Jasper Bibb inquired about the recent pricing change for APUS Masters programs and its potential impact on 2025 revenue. He also asked about the long-term profitability path for the Hondros segment and its current enrollment capacity.

    Answer

    EVP and CFO Rick Sunderland stated the APUS pricing change affects a small graduate student population and was made to uphold the core value of no out-of-pocket costs for military members, with a negligible impact on overall revenue per student. CEO Angela Selden agreed. Regarding Hondros, Selden detailed that profitability improvements are expected from strategic campus relocations, new program launches, and a strong focus on student retention, which is now above a 70% benchmark at several Ohio campuses. She confirmed they expect EBITDA improvement at Hondros in 2025 and are optimizing the physical footprint for growth without providing a specific capacity number.

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    Jasper Bibb's questions to Universal Technical Institute Inc (UTI) leadership

    Jasper Bibb's questions to Universal Technical Institute Inc (UTI) leadership • Q3 2025

    Question

    Jasper Bibb of Truist Securities requested more detail on Q4 student interest levels, the program mix for incoming high school students, the potential size of the short-term training programs that could benefit from Pell Grant eligibility changes, and current capacity constraints at Concord campuses.

    Answer

    CEO Jerome Grant explained that roughly 50% of UTI division starts occur in Q4, driven by high school graduates who predominantly enroll in auto and diesel programs. He stated that short-term program revenue is currently minimal but the new Pell eligibility creates a future growth opportunity. For Concord, he clarified they are approaching 'soft caps' on student enrollment which they are now working to get raised, rather than facing hard capacity constraints.

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    Jasper Bibb's questions to Universal Technical Institute Inc (UTI) leadership • Q2 2025

    Question

    Jasper Bibb from Truist asked for a segment-level breakdown of enrollment growth expectations for the second half of the year and sought more specific framing on the expected moderation in EBITDA growth in fiscal 2026 and 2027.

    Answer

    CEO Jerome Grant stated that Concorde's growth will likely moderate as it laps prior investments and nears capacity, while UTI's second-half growth will slow as the high school recruitment season is largely complete. CFO Bruce Schuman added that while revenue growth should remain linear, EBITDA margin expansion will be temporarily moderated in FY26-27 by strategic investments in new campuses before accelerating in FY28-29.

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    Jasper Bibb's questions to Universal Technical Institute Inc (UTI) leadership • Q1 2025

    Question

    Jasper Bibb asked about the relative new enrollment growth rates for the UTI and Concorde divisions, the amount of deferred expense from Q1, and the expected cadence of EBITDA margins for the rest of the fiscal year.

    Answer

    CEO Jerome Grant indicated that Concorde would likely see a larger organic growth increase, whereas UTI is operating more predictably. Management clarified that about $5-6 million in expenses were deferred from Q1 to Q2. Executive Matthew Kempton projected EBITDA margins would be in the low double digits for Q2 and Q3, with a seasonal jump to the upper teens in Q4.

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    Jasper Bibb's questions to Universal Technical Institute Inc (UTI) leadership • Q4 2024

    Question

    Jasper Bibb from Truist Securities asked about the expected fiscal 2025 EBITDA margin expansion, specifically whether it would be balanced between the UTI and Concorde segments or skewed by growth investments. He also sought confirmation on the number of new program launches for FY25 and whether this higher number represents a new baseline for the North Star strategy.

    Answer

    CEO Jerome Grant projected that EBITDA margin expansion would likely be stronger at the Concorde division. This is due to lower relative investment in new campuses for Concorde, as its Heartland co-branded campus is funded by the partner, and ongoing operational optimization efforts are beginning to pay dividends. He confirmed 9 full-length and 10 short-course programs are planned for FY25, stating the 'at least 6' target is a consistent baseline for UTI, with Concorde's program expansion expected to accelerate after 2026.

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    Jasper Bibb's questions to Aramark (ARMK) leadership

    Jasper Bibb's questions to Aramark (ARMK) leadership • Q3 2025

    Question

    Jasper Bibb of Truist Securities inquired about the competitive landscape in the education sector, given a competitor's weakness, and asked for more detail on the confidence behind an 8%+ organic growth run-rate heading into fiscal 2026.

    Answer

    CEO John Zillmer attributed Aramark's success and market share gains in education to superior leadership and operational performance. Both Zillmer and CFO Jim Tarangelo confirmed that the combination of new education contracts starting in the fall and strong sports business performance drives their confidence in exiting the year with a high growth run-rate.

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    Jasper Bibb's questions to Aramark (ARMK) leadership • Q2 2025

    Question

    Jasper Bibb inquired about discussions with healthcare clients facing potential subsidy changes and margin pressures. He also asked for the current percentage of net new business derived from first-time outsourcing.

    Answer

    CEO John Zillmer noted that cost pressure is a constant in the healthcare industry, which creates ongoing opportunities for Aramark to help clients by adding services and driving efficiencies. He stated that first-time outsourcing remains an elevated portion of net new business, currently in the 'mid-40s' percent range, with significant opportunities across healthcare, education, and corrections.

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    Jasper Bibb's questions to Aramark (ARMK) leadership • Q1 2025

    Question

    Jasper Bibb sought to clarify if the potential 30 basis point impact from tariffs included levies on goods from China, Mexico, and Canada. He also asked about the drivers of strength in the U.S. Business & Industry (B&I) segment and the impact of return-to-office trends.

    Answer

    CEO John Zillmer clarified the 30 basis point figure was an increase in food cost, not a margin decrement, from potential tariffs on goods from all three countries, prior to any mitigation actions. He also stated that the return-to-work trend continues to be a tailwind for the B&I segment, driving higher daily participation rates and significant new account wins.

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    Jasper Bibb's questions to Aramark (ARMK) leadership • Q4 2024

    Question

    Jasper Bibb asked about the expected quarterly cadence of organic growth in fiscal 2025, considering new contracts, exited work, and the 53rd week. He also inquired about the benefits of launching Avendra International.

    Answer

    CFO Jim Tarangelo projected that quarterly organic growth will accelerate through fiscal 2025, with Q4 likely being the highest due to the timing of new business and lapping contract losses. CEO John Zillmer clarified that the Avendra International launch is a rebranding of an already consolidated international GPO organization, whose benefits in supply chain management are already being realized.

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    Jasper Bibb's questions to APi Group Corp (APG) leadership

    Jasper Bibb's questions to APi Group Corp (APG) leadership • Q2 2025

    Question

    Jasper Bibb of Truist Securities asked for more detail on the Specialty projects pipeline and the expected organic growth composition for the third quarter.

    Answer

    President and CEO Russ Becker described the pipeline as very solid, with record backlog now exceeding $4 billion and strong margins embedded within it. EVP & CFO David Jackola provided Q3 guidance, expecting mid-single-digit organic growth in Safety Services and high-single-digit organic growth in Specialty Services.

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    Jasper Bibb's questions to APi Group Corp (APG) leadership • Q1 2025

    Question

    Jasper Bibb of Truist Securities, Inc. sought to confirm if the revenue mix directly exposed to tariffs is around 15-20% and asked if the company is currently seeing increased material costs or just managing future risk. He also requested an update on the rural broadband program's progress and its impact on guidance.

    Answer

    EVP and CFO Glenn Jackola confirmed the 15% estimate for tariff-exposed revenue is fair. President and CEO Russell Becker noted that hot-rolled coil prices, which affect pipe costs, had peaked earlier in the year but have recently moderated. He reiterated that APi has contractual protections for cost increases. Regarding the rural broadband program, Becker described its cadence as 'choppy' but affirmed that this variability is already factored into the company's forecast and guidance.

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    Jasper Bibb's questions to Strategic Education Inc (STRA) leadership

    Jasper Bibb's questions to Strategic Education Inc (STRA) leadership • Q2 2025

    Question

    Jasper Bibb of Truist Securities sought more detail on the enrollment weakness at Strayer University, including leading indicators. He also asked for confirmation of the 2025 outlook relative to the Investor Day model and an update on the progress of a major new employer partnership within the Education Technology Services (ETS) segment.

    Answer

    President & CEO Karl McDonnell characterized the pressure on unaffiliated undergraduate students at Strayer as a familiar cycle and affirmed that the company remains on track with its 2025 trajectory outlined at Investor Day. Regarding the new ETS partnership, he reported that the onboarding is progressing very well, the client is pleased, and it is driving significant revenue growth that will continue through the second half of the year.

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    Jasper Bibb's questions to Strategic Education Inc (STRA) leadership • Q1 2025

    Question

    Jasper Bibb asked for details on the ANZ segment's enrollment mix between domestic and international students, an update on the launch of a new large employer partner in the ETS segment, and confirmation of the company's confidence in its long-term revenue growth model.

    Answer

    Karl McDonnell, President and CEO, stated that the ANZ enrollment mix is shifting more toward domestic students, in line with the company's strategy. He reported that the new ETS partner launch is proceeding well, with demand for Sophia Learning from that client's employees exceeding initial plans. McDonnell also confirmed that the company remains confident that its 2025 revenue growth will align with the 4% to 6% range outlined in its notional model.

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    Jasper Bibb's questions to Strategic Education Inc (STRA) leadership • Q4 2024

    Question

    Jasper Bibb sought to confirm the 2025 framework, asking about the expected cadence of margin expansion and the reasons for the Q4 decline in revenue per student in U.S. Higher Education.

    Answer

    President and CEO Karl McDonnell affirmed the company's confidence in its five-year notional model, including 200 basis points of margin expansion, but did not provide specific quarterly guidance. Executive Vice President and CFO Daniel Jackson explained that margin improvement would likely occur throughout the year and attributed the Q4 revenue per student decline to the mix shift toward employer-affiliated students and higher scholarships, expecting it to be stable in 2025. Chairman Robert Silberman added that the company's strategy is to lower student costs, not aggressively raise prices.

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    Jasper Bibb's questions to Strategic Education Inc (STRA) leadership • Q3 2024

    Question

    Jasper Bibb of Truist Securities sought clarification on the full-year 2024 operating margin outlook, the potential impact of Australian student caps on Torrens University, capital allocation priorities after debt repayment, and the drivers of the decline in U.S. higher education revenue per student.

    Answer

    EVP & CFO Daniel Jackson confirmed that 2024 operating margin expansion would likely be at the higher end of the previously guided 150-175 basis point range. He and CEO Karl McDonnell noted the uncertainty around Australian student caps but highlighted Torrens' past success in growing domestic enrollment. Chairman Robert Silberman detailed the capital allocation framework, prioritizing internal investments first. Daniel Jackson attributed the lower revenue per student to the continued mix shift toward employer-affiliated students.

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    Jasper Bibb's questions to Cintas Corp (CTAS) leadership

    Jasper Bibb's questions to Cintas Corp (CTAS) leadership • Q4 2025

    Question

    Jasper Bibb from Truist Securities asked for more detail on the expected cadence of the fiscal 2026 outlook, particularly concerning difficult comparisons for incremental margins, and inquired about trends in ad/stops.

    Answer

    President & CEO Todd Schneider stated the FY26 revenue guidance of 6.4%-7.8% reflects strong business momentum. He noted the EPS guidance of 7%-10.2% implies margin expansion, with the midpoint representing an operating margin above 23% and high-20s incrementals. On ad/stops, Schneider commented that the customer base is performing well, especially the 70% in the services sector, but did not provide specific metrics.

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    Jasper Bibb's questions to Cintas Corp (CTAS) leadership • Q4 2025

    Question

    Jasper Bibb of Truist Securities asked for more detail on the expected cadence of the fiscal 2026 outlook, particularly regarding margin comparisons, and inquired about recent trends in customer additions versus losses ('ad stops').

    Answer

    President & CEO Todd Schneider outlined the fiscal 2026 guidance, which implies margin expansion and incrementals in the high 20s at the midpoint, consistent with prior years. Regarding customer trends, Mr. Schneider stated that the customer base is performing well and expressed confidence in the business momentum, though he did not provide a specific 'ad stop' metric.

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    Jasper Bibb's questions to Cintas Corp (CTAS) leadership • Q3 2025

    Question

    Jasper Bibb asked for an update on the cost of goods sold (COGS) impact from potential tariffs on Mexico and China, and separately, about the M&A pipeline for midsized private platforms.

    Answer

    President and CEO Todd Schneider stated it was too early to quantify tariff impacts but highlighted Cintas's strategic supply chain, with less than 10% of products being sole-sourced, as a key advantage. On M&A, he affirmed that tuck-in acquisitions are a highly attractive and active part of their strategy across all route-based segments to gain efficiencies and customers, though the timing is often unpredictable.

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    Jasper Bibb's questions to Cintas Corp (CTAS) leadership • Q2 2025

    Question

    Jasper Bibb asked about the potential impact of proposed administrative tariffs on material costs and whether the company's sourcing from Mexico, Canada, or China could be affected.

    Answer

    CEO Todd Schneider stated that while it's too early to know the exact impact, Cintas's global supply chain is well-positioned to pivot, sourcing over 90% of products from diverse geographic locations. CFO Mike Hansen added that the amortization of rental material costs over time provides a buffer against immediate P&L impacts from tariff changes.

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    Jasper Bibb's questions to Cintas Corp (CTAS) leadership • Q1 2025

    Question

    Jasper Bibb from Truist Securities inquired about the progress of the SmartTruck technology and the Google partnership, associated margin benefits, and the performance of the Fire Protection business, including its operating margin and the status of its SAP implementation.

    Answer

    President and CEO Todd Schneider highlighted that the SmartTruck and Google/SAP partnerships are creating efficiencies and allowing more time with customers. EVP and CFO Mike Hansen added that the Fire business achieved a 50% gross margin for the second consecutive quarter, though SG&A is seeing some pressure from the ongoing SAP implementation, which is factored into the annual guidance.

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    Jasper Bibb's questions to ABM Industries Inc (ABM) leadership

    Jasper Bibb's questions to ABM Industries Inc (ABM) leadership • Q2 2025

    Question

    Jasper Bibb of Truist Securities asked if mid-single-digit organic growth was achievable for the company in the second half of the year. He also requested more detail on the recently announced battery energy storage contract win and the broader pipeline for that service offering within the ATS segment.

    Answer

    President and CEO Scott Salmirs declined to provide specific revenue growth guidance but emphasized the positive trend of all industry groups returning to organic growth. Regarding the ATS segment, he highlighted a record-high backlog of $700 million and noted that while the company is monitoring potential impacts from tariffs and energy tax credit legislation, the microgrid business remains strong and clients are still moving forward with projects.

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    Jasper Bibb's questions to ABM Industries Inc (ABM) leadership • Q1 2025

    Question

    Jasper Bibb inquired about the Manufacturing & Distribution (M&D) segment, asking for visibility on the impact of a large client exit and the outlook for the second half. He also asked for quantification of deferred collections and the potential for ERP-driven cost savings.

    Answer

    President and CEO Scott Salmirs noted that the impact of client exits in M&D has been lapped or will be lapped, and he expects the segment to return to growth in the second half, driven by a strong pipeline. CFO Earl Ellis stated they expect to recover deferred cash flow in Q2 and meet full-year targets, with full ERP cost savings to be realized in the next fiscal year after legacy systems are retired.

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    Jasper Bibb's questions to ABM Industries Inc (ABM) leadership • Q3 2024

    Question

    Jasper Bibb from Truist Securities asked for an update on the revenue expectations for the Business & Industry (B&I) segment for the remainder of fiscal 2024. He also requested details on the ramp-up of the large $180 million microgrid contract within the ATS segment.

    Answer

    President and CEO Scott Salmirs stated that while the B&I segment has shown great resilience, the company is not yet ready to call a full recovery in the commercial real estate market but remains optimistic. Regarding the large contract, he confirmed it is progressing on a steady cadence across its 180+ sites and is expected to run through at least the beginning of fiscal 2026.

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    Jasper Bibb's questions to Exponent Inc (EXPO) leadership

    Jasper Bibb's questions to Exponent Inc (EXPO) leadership • Q1 2025

    Question

    Jasper Bibb of William Blair inquired about the comparative growth rates of Exponent's proactive and reactive business segments during the quarter, the current portfolio mix, and any recent changes in proactive work driven by supply chain shifts.

    Answer

    Executive Richard Schlenker stated that reactive business grew in the low single digits, offset by a slight decline in proactive services. Executive Catherine Corrigan confirmed the business mix is approximately 60% reactive and 40% proactive. Both executives noted that while supply chain diversification is creating opportunities in areas like electronics and medical devices, the impact is still emerging and has not yet significantly moved the needle on overall results.

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    Jasper Bibb's questions to Exponent Inc (EXPO) leadership • Q3 2024

    Question

    Jasper Bibb of Truist Securities asked for clarification on the expected cadence of full-time equivalent (FTE) employee growth in 2025, the reasons for weaker reactive business performance in the quarter, and the outlook for key industry groups like consumer electronics and chemicals.

    Answer

    Executive Richard Schlenker stated that Exponent expects FTEs to grow 1-2% sequentially each quarter in 2025. Executive Catherine Corrigan explained that the reactive business slowdown was due to difficult year-over-year comparisons and the completion of several large projects, not a fundamental market shift. She added that the consumer electronics sector is showing healthy signs of growth driven by new product pipelines and AI features, while the chemicals sector faces near-term headwinds from industry restructuring but retains strong long-term drivers.

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    Jasper Bibb's questions to AMN Healthcare Services Inc (AMN) leadership

    Jasper Bibb's questions to AMN Healthcare Services Inc (AMN) leadership • Q4 2024

    Question

    Jasper Bibb of Truist Securities inquired about the Q1 outlook for Nurse and Allied gross margins, the impact of labor disruption revenue, and the market catalysts needed for sequential volume growth.

    Answer

    CFO and COO Brian Scott explained that the underlying Q4 Nurse and Allied gross margin was closer to 22.5% after excluding certain reserve reversals, and Q1 is expected to be similar due to stabilizing bill rates. CEO Caroline Grace added that for volume growth, they are watching for the projected 3-4% increase in patient demand to translate into higher order fill rates, as the premium for travel nurses has normalized.

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    Jasper Bibb's questions to Insperity Inc (NSP) leadership

    Jasper Bibb's questions to Insperity Inc (NSP) leadership • Q4 2024

    Question

    Jasper Bibb, on for Tobey Sommer, asked for more detail on mid-market client retention during Q4 and the specific impact of the Workday partnership. He also questioned the magnitude and timing of the assumed improvement in net client hiring for the 2025 outlook.

    Answer

    CEO Paul Sarvadi highlighted a dramatic improvement in large account retention, with attrition down significantly, attributing this directly to the Workday partnership and noting some large clients are already lined up for beta testing. He clarified that the 2025 guidance assumes a conservative improvement in net hiring, remaining below historical norms and weighted toward the second half of the year.

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    Jasper Bibb's questions to Korn Ferry (KFY) leadership

    Jasper Bibb's questions to Korn Ferry (KFY) leadership • Q2 2025

    Question

    Jasper Bibb from Truist Securities sought to confirm if underlying demand is stable, suggesting that adjusted for working days and the Trilogy acquisition, Q3 revenue guidance is effectively flat sequentially. He also inquired about the correlation between M&A activity and Korn Ferry's business.

    Answer

    Executive Gary Burnison confirmed that the sequential outlook is impacted by holiday timing affecting the consulting and interim businesses. He highlighted a positive indicator or "green shoot" in the RPO business, where new business shifted significantly to new logos (60% in Q2, and even higher in November), suggesting strong momentum. Regarding M&A, Burnison stated that inorganic growth has historically accounted for about 40% of their expansion and that the company will continue its systematic approach to acquisitions, leveraging its robust capital base.

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    Jasper Bibb's questions to Brinks Co (BCO) leadership

    Jasper Bibb's questions to Brinks Co (BCO) leadership • Q3 2024

    Question

    Jasper Bibb from Truist Securities inquired about the drivers behind the revised organic growth guidance, specifically the balance between softer Global Services demand and stronger AMS/DRS performance. He also questioned the timeline for achieving the long-term free cash flow conversion target and asked about potential incremental FX headwinds.

    Answer

    CEO Mark Eubanks explained that the Global Services headwind was due to low volatility in precious metals markets, and the company is not forecasting a significant change in Q4. CFO Kurt McMaken confirmed the long-term free cash flow conversion target of nearly 50% remains intact, but declined to provide a specific timeline for achieving it. Eubanks also acknowledged that recent U.S. dollar strength, occurring after the quarter's end, would likely be an incremental headwind to the current guidance.

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    Jasper Bibb's questions to Huron Consulting Group Inc (HURN) leadership

    Jasper Bibb's questions to Huron Consulting Group Inc (HURN) leadership • Q3 2024

    Question

    Jasper Bibb, on behalf of Tobey Sommer, asked for a breakdown of performance drivers in the Healthcare segment, including pricing and utilization, and its impact on margins. He also questioned the achievability of the mid-teens EBITDA margin target for 2025.

    Answer

    Chief Financial Officer John Kelly explained that while Q3 Healthcare growth was driven by digital and managed services, the sales pipeline is well-balanced and includes significant performance improvement projects. He expects the segment's full-year margin to land at the upper end of the guided range. Regarding the 2025 EBITDA margin target, Kelly expressed strong confidence, highlighting the consistent margin improvement trajectory and the potential for further gains as utilization, which is currently not fully optimized, improves.

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    Jasper Bibb's questions to Kforce Inc (KFRC) leadership

    Jasper Bibb's questions to Kforce Inc (KFRC) leadership • Q3 2024

    Question

    Jasper Bibb, on for Tobey Sommer, asked if Kforce expects any F&A project work related to recent hurricanes and requested a framing of the incremental addressable market unlocked by the new in-house offshore delivery capability in India.

    Answer

    COO David Kelly clarified that Kforce will not be pursuing hurricane-related project work, as the company strategically shifted its F&A business towards higher-skilled areas synergistic with technology about two years ago. Regarding the India center, he stated that while difficult to quantify, it unlocks a "significant amount" of incremental opportunity, especially in managed solutions, by allowing Kforce to bid on projects it was previously precluded from.

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    Jasper Bibb's questions to KBR Inc (KBR) leadership

    Jasper Bibb's questions to KBR Inc (KBR) leadership • Q3 2024

    Question

    Jasper Bibb, on for Tobey Sommer, inquired how the mix of new LNG and recycling projects might impact STS segment margins relative to the flattish view from Investor Day. He also sought clarification on whether the 2025 assumptions for HomeSafe revenue remain on track despite the slower 2024 start.

    Answer

    President and CEO Stuart Bradie reiterated that KBR is holding to its long-term STS margin targets of circa 20%, acknowledging quarterly mix volatility but affirming the overall guide through 2027 remains unchanged. Regarding HomeSafe, he confirmed the 2025 revenue assumptions are still on target, as the company took a conservative view in its long-term plan, and sees potential upside as domestic moves ramp up.

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