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    John Ronan Kennedy • Barclays

    John Ronan Kennedy's questions to Kindercare Learning Companies Inc (KLC) leadership

    John Ronan Kennedy's questions to Kindercare Learning Companies Inc (KLC) leadership • Q1 2025

    Question

    John Ronan Kennedy, on for Manav Patnaik, questioned how the full-year guidance accounts for macro uncertainty and whether the company has previously observed similar delays in enrollment decisions. He also asked if the contribution mix from various growth levers is expected to change.

    Answer

    CEO Paul Thompson stated that the company remains confident in its full-year guidance due to its ability to manage expenses effectively. He explained that the current macro environment primarily impacts occupancy, while other growth levers like B2B, Champions, and new center openings are performing as expected, providing flexibility to the business model.

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    John Ronan Kennedy's questions to ADT Inc (ADT) leadership

    John Ronan Kennedy's questions to ADT Inc (ADT) leadership • Q1 2025

    Question

    John Ronan Kennedy of Barclays asked for an assessment of the current macroeconomic demand environment, including the dual impact of the housing market on attrition and gross additions, and inquired about consumer strength indicators. He also followed up on the potential impact of tariffs and the company's mitigation strategies.

    Answer

    CEO Jim DeVries described the business as 'exceptionally resilient,' noting that factors that pressure new subscriber additions, such as fewer home relocations, conversely benefit customer retention. CFO Jeff Likosar added that while there's a slight uptick in slower payments, it's not material, and it's offset by positive trends like higher average pricing and record-low attrition. Regarding tariffs, DeVries outlined mitigation plans including supplier negotiations and potential price adjustments, while Likosar confirmed that any net exposure could be managed within the existing full-year guidance ranges.

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

    John Ronan Kennedy's questions to WillScot Holdings Corp (WSC) leadership • Q1 2025

    Question

    John Ronan Kennedy, on for Manav Patnaik, asked about the historical correlation of the pending order book to activations and units on rent (UOR), and its reliability as a leading indicator. He also requested clarification on the guidance's underlying assumptions for volume inflection and AMR growth.

    Answer

    President and COO Timothy Boswell explained that the current order book is weighted more toward the near-term than last year, giving them confidence in Q2 activations. CFO Matthew Jacobsen added that the guidance assumes the volume headwind will ease throughout the year, approaching flattish by year-end, with AMR for modulars moving up in the 5-10% range and storage rates also improving.

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    John Ronan Kennedy's questions to Cintas Corp (CTAS) leadership

    John Ronan Kennedy's questions to Cintas Corp (CTAS) leadership • Q3 2025

    Question

    John Ronan Kennedy asked for confirmation of the primary drivers behind the impressive gross margins, their sustainability, and a more granular view of operating and incremental margins by segment.

    Answer

    President and CEO Todd Schneider reaffirmed the 25% to 35% incremental margin target, attributing the strong performance to solid execution, revenue leverage, material cost improvements, and technology. He detailed segment drivers, including garment-sharing tech in Rental, a favorable sales mix in First Aid, and leverage from growth and tech deployment in Fire, where an SAP implementation is also expected to yield future benefits.

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    John Ronan Kennedy's questions to Cintas Corp (CTAS) leadership • Q1 2025

    Question

    Speaking for Manav Patnaik, Ronan Kennedy of Barclays asked if any one-time factors contributed to the strong margin expansion and questioned how recent industry activity might influence Cintas's views on competitive dynamics and capital allocation.

    Answer

    President and CEO Todd Schneider confirmed there were no one-time factors in the margin performance and that the company sees further opportunities for efficiency gains. Regarding M&A and competition, he stated that M&A remains an important component of their strategy and that Cintas is well-positioned to compete, continuously investing to maintain its strong market position.

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    John Ronan Kennedy's questions to Ecolab Inc (ECL) leadership

    John Ronan Kennedy's questions to Ecolab Inc (ECL) leadership • Q3 2024

    Question

    John Ronan Kennedy, on for Manav Patnaik, asked how the drivers and pace of margin expansion will evolve as delivered product cost (DPC) deflationary tailwinds fade and inflation normalizes.

    Answer

    CEO Christophe Beck stated that DPC is expected to return to a normal, low single-digit inflationary trend starting in Q4. He explained that future margin expansion will be driven by continued volume growth, value pricing, and consistent SG&A productivity improvements of 20-30 basis points annually. This strategy underpins his confidence in delivering 12-15% EPS growth and reaching a 20% operating income margin within three years.

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