John Ronan Kennedy • Barclays PLC

Question 1

John Ronan Kennedy's questions to Vestis Corp (VSTS) leadership • Q2 2025

May 7, 2025

Question

John Ronan Kennedy, on for Manav Patnaik, sought to confirm if the suspension of annual guidance was due to internal challenges, asked for a timeline on the company's cultural transformation, and requested an update on the previously mentioned evaluation of strategic alternatives.

Answer

CFO Kelly Janzen attributed the shift to quarterly guidance to a combination of internal forecasting realignment and caution regarding the uncertain macro environment. Interim CEO Phillip Holloman stated there is 'no active activity' regarding strategic alternatives. On culture, Holloman described the transformation as an ongoing process focused on accountability and customer-centricity that will take time and be shaped by the incoming CEO.

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Question 2

John Ronan Kennedy's questions to WillScot Holdings Corp (WSC) leadership • Q3 2024

Oct 30, 2024

Question

Speaking for Manav Patnaik, Ronan Kennedy asked a multi-part question on capital allocation, covering CapEx breakdown, M&A strategy post-McGrath, and buyback cadence. He also inquired about the company's assessment of political risks from the upcoming election.

Answer

CEO Brad Soultz indicated past M&A (~25% modular, 75% storage/adjacencies) is a good guide for the future and the company feels unconstrained. President and CFO Timothy Boswell added that customers are more concerned with political and economic certainty than a specific election outcome, as demand drivers exist under either party.