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    Joshua Chan • UBS Group AG

    Joshua Chan's questions to Gartner Inc (IT) leadership

    Joshua Chan's questions to Gartner Inc (IT) leadership • Q2 2025

    Question

    Joshua Chan asked for management's level of conviction that the business slowdown is specifically tariff-related rather than a broader pullback, and also inquired about the potential negative impact of AI on demand for Gartner's services.

    Answer

    CEO & Chairman Eugene Hall expressed high confidence, citing deal-level tracking where clients explicitly name tariff concerns and cost-cutting as reasons for purchase escalations. EVP & CFO Craig Safian added that performance in tariff-impacted industries is significantly worse than in non-impacted ones. This Q&A was interrupted by a technical issue.

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    Joshua Chan's questions to Gartner Inc (IT) leadership • Q1 2025

    Question

    Joshua Chan asked to reconcile comments about a more volatile selling environment with the relatively stable ex-federal contract value growth. He also questioned how margins were guided up despite a lower revenue outlook.

    Answer

    CEO Gene Hall explained that while the overall environment is stable, specific companies impacted by policy changes like tariffs are experiencing longer decision cycles. CFO Craig Safian added that the company is executing a 'slight belt tightening' on costs while protecting key investments like sales capacity, which allows for margin expansion.

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    Joshua Chan's questions to Gartner Inc (IT) leadership • Q4 2024

    Question

    Joshua Chan noted the improvement in GTS wallet retention and asked about the selling environment. He also questioned if a negative NCVI in Q1 could be ruled out this year, given the improving tech vendor situation.

    Answer

    Executive Eugene Hall attributed the improved performance to better execution, stating that the overall selling environment remains unchanged. CFO Craig Safian declined to guide on Q1 NCVI but emphasized that the company is executing better than in previous quarters and has planned prudently for what is a dynamic period. He did not rule out any specific outcome.

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    Joshua Chan's questions to Gartner Inc (IT) leadership • Q3 2024

    Question

    Joshua Chan asked for clarification on why the CV recovery path might be 'uneven' after bottoming in Q1. He also inquired about the sequential deceleration in Global Business Sales (GBS) CV growth and its expected trajectory.

    Answer

    CEO Gene Hall and CFO Craig Safian explained that the recovery path is uneven due to normal quarter-to-quarter variations in the timing and size of renewals and new business deals. Regarding GBS, Gene Hall clarified that the deceleration is primarily in legacy products from the CEB acquisition, which are renewing at lower rates, while newer GxL products continue to grow above the company's target range.

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    Joshua Chan's questions to Kindercare Learning Companies Inc (KLC) leadership

    Joshua Chan's questions to Kindercare Learning Companies Inc (KLC) leadership • Q1 2025

    Question

    Joshua Chan asked if the enrollment slowness differed between families using subsidies and private-pay families. He also questioned the path for pricing to reach the full-year guidance of 3-5% after a 2.5% increase in Q1.

    Answer

    CEO Paul Thompson explained that the enrollment hesitation is more pronounced among private-pay families, as subsidized families tend to enroll once they receive their voucher. CFO Tony Amandi clarified that the 2.5% Q1 pricing will accelerate through the year as new students enroll and existing children 'age-up' into higher-priced programs, giving them confidence in the full-year target.

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    Joshua Chan's questions to Kindercare Learning Companies Inc (KLC) leadership • Q4 2024

    Question

    Joshua Chan asked how fall enrollment trended compared to management's prior expectations and inquired about the expected cadence of business growth throughout 2025.

    Answer

    CEO Paul Thompson confirmed that fall enrollment through the fourth quarter was strong and tracked in line with expectations communicated during the IPO. CFO Tony Amandi advised that the cadence of growth in 2025 should follow historical patterns, with typical sequential EBITDA improvement from Q1 to Q3, and no significant deviations from past trends are expected.

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    Joshua Chan's questions to Kindercare Learning Companies Inc (KLC) leadership • Q3 2024

    Question

    Joshua Chan asked about factors constraining near-term same-center occupancy growth, which was flat, against the goal of 1% annual growth. He also sought context on the modest 10 basis point year-over-year margin improvement.

    Answer

    CEO Paul Thompson explained that the flat Q3 occupancy reflects the lingering impact of a flat 2023 back-to-school season but expressed confidence in achieving the 1% annual target going forward. CFO Anthony Amandi advised against using a single quarter's margin as a guide, reaffirming confidence in long-term margin expansion drivers like enrollment growth and operating leverage.

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    Joshua Chan's questions to Ziprecruiter Inc (ZIP) leadership

    Joshua Chan's questions to Ziprecruiter Inc (ZIP) leadership • Q1 2025

    Question

    Joshua Chan inquired about how ZipRecruiter plans to manage its investment trajectory in a volatile macroeconomic environment and asked for a reminder of the typical seasonality that supports the company's confidence in achieving year-over-year growth in Q4.

    Answer

    CFO Timothy Yarbrough explained that ZipRecruiter uses a data-driven, flexible operating structure to quickly adjust sales and marketing investments up or down. He noted that typical seasonality involves sequential growth from Q1 to Q3, and the Q4 growth forecast is based on the continuation of trends observed so far in the year.

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    Joshua Chan's questions to Ziprecruiter Inc (ZIP) leadership • Q4 2024

    Question

    Joshua Chan sought to distinguish between improved employer sentiment and concrete actions, asking if account reactivations signal preparation to hire or actual increases in hiring activity. He also asked for clarification on the revenue recovery timeline, questioning if growth before Q4 2025 was being ruled out.

    Answer

    CFO Tim Yarbrough clarified that reactivations are from high-intent employers posting jobs, and the Q1 guidance reflects these actual behaviors, not just sentiment. Regarding the recovery timeline, Yarbrough stated that while achieving year-over-year growth by Q4 2025 is a likely scenario if positive trends continue, the chance of achieving it before Q4 is lower.

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    Joshua Chan's questions to Ziprecruiter Inc (ZIP) leadership • Q3 2024

    Question

    Joshua Chan asked for the company's perspective on what might cause the 'great stay' to end and how that might unfold. He also questioned if the Q4 guidance incorporates a typical amount of seasonal slowdown.

    Answer

    Executive Ian Siegel explained that the 'great stay' is driven by factors like employees holding onto above-market salaries from the post-COVID boom and low-interest mortgages, but expressed long-term confidence in the US labor market's recovery. Executive David Travers added that ZipRecruiter's job seeker growth is particularly strong in this low-quit-rate environment. CFO Timothy Yarbrough confirmed the Q4 guidance accounts for both a typical seasonal decline, especially from SMBs, and the ongoing softness in the broader labor market.

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    Joshua Chan's questions to Fiverr International Ltd (FVRR) leadership

    Joshua Chan's questions to Fiverr International Ltd (FVRR) leadership • Q1 2025

    Question

    Joshua Chan inquired about the common path for customers who signed six-figure deals, asking how they first encountered Fiverr. He also asked if the AutoDS business had seen any impact from recent tariffs.

    Answer

    CFO Ofer Katz explained that these large clients often start as occasional marketplace users. The key change was implementing a funnel to identify high-potential customers and engage them with high-touch account management to unlock their full spending potential. CEO Micha Kaufman added that this playbook builds confidence before scaling. Both executives confirmed no impact on AutoDS from tariffs, with Kaufman noting it's a software subscription business tied to seats, not volume.

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    Joshua Chan's questions to Fiverr International Ltd (FVRR) leadership • Q4 2024

    Question

    Joshua Chan asked about the expected time lag between an improvement in SMB sentiment and its impact on Fiverr's results, and whether there is any significant seasonality in the Services revenue segment.

    Answer

    CEO Micha Kaufman responded that the company has not yet seen a sustained trend of improvement in SMB sentiment to predict a lag. He also stated that Services revenue exhibits a relatively flat, straight-line behavior throughout the year with no significant seasonality to note.

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    Joshua Chan's questions to Fiverr International Ltd (FVRR) leadership • Q3 2024

    Question

    Joshua Chan from UBS Group AG inquired about the specific factors that drove the decision to raise the full-year take rate guidance. He also asked if the recently acquired AutoDS business has a particularly strong seasonal dynamic in Q4 due to the holidays.

    Answer

    CEO Micha Kaufman explained that the take rate guidance was raised because the underlying products are "working a little bit better" than expected, with AutoDS having a slightly better quarter and other take rate drivers also performing well. Regarding AutoDS seasonality, he acknowledged that all businesses, including Fiverr, have seasonality, but did not provide specific guidance for AutoDS, noting it is a small but growing SaaS contributor to the overall business.

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    Joshua Chan's questions to UL Solutions Inc (ULS) leadership

    Joshua Chan's questions to UL Solutions Inc (ULS) leadership • Q1 2025

    Question

    Joshua Chan from UBS requested context on the significant Q1 margin expansion, particularly in the Industrial segment, and asked about the source of caution given the reiterated guidance amid macro uncertainty.

    Answer

    CFO Ryan Robinson attributed the strong margin flow-through to disproportional operating leverage on revenue growth in a seasonally lower quarter. CEO Jennifer Scanlon noted that while the business is resilient, potential moderation in the consumer segment in Q2 is a factor they are monitoring.

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    Joshua Chan's questions to UL Solutions Inc (ULS) leadership • Q4 2024

    Question

    Joshua Chan of UBS asked for a bigger-picture view on what is enabling the company to achieve 24% EBITDA margins, a level well above its pre-IPO performance. He also sought color on the drivers (volume vs. price vs. capacity) behind the 2025 mid-single-digit organic growth guidance.

    Answer

    CEO Jennifer Scanlon attributed the margin improvement to a long-term focus on continuous improvement, including technology implementation, process enhancements, and location consolidation. CFO Ryan Robinson stated that the drivers for 2025 revenue growth are expected to be a continuation of 2024's trends, with contributions from pricing, capacity expansion, and improved go-to-market processes.

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    Joshua Chan's questions to Aramark (ARMK) leadership

    Joshua Chan's questions to Aramark (ARMK) leadership • Q2 2025

    Question

    Joshua Chan asked how a potential future high-inflation environment would compare to the post-COVID period and about the company's ability to manage it. He also asked for clarification on whether the 6% April revenue growth figure was a 'clean' number.

    Answer

    CEO John Zillmer expressed confidence in the company's ability to manage any inflation spike, citing the 'muscle memory' and systems developed, though he does not anticipate a significant increase. CFO Jim Tarangelo confirmed that the 6% April growth was a 'clean' month, with the only caveat being that the company has not yet lapped the impact of prior-year facilities exits.

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    Joshua Chan's questions to Aramark (ARMK) leadership • Q1 2025

    Question

    Joshua Chan asked about the drivers behind the strong U.S. margin improvement and whether any one-time items contributed. He also inquired about current trends in labor availability and wage inflation.

    Answer

    CEO John Zillmer confirmed there were no one-time items, attributing the U.S. margin improvement to fundamental execution of their strategy, including supply chain economics, purchasing compliance, and new account maturity. He added that labor availability is very good and wage inflation is moderating to a manageable 4-5% range.

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    Joshua Chan's questions to Aramark (ARMK) leadership • Q4 2024

    Question

    Joshua Chan asked for a breakdown of net new business performance between the U.S. and international segments. He also inquired about the level of pricing embedded in the fiscal 2025 guidance, particularly as prior-year increases in Education are lapped.

    Answer

    CEO John Zillmer stated that both domestic and international segments had record new account wins and that overall net new was strong despite facility-side retention losses. He also noted some large wins slipped into Q1 2025. CFO Jim Tarangelo added that as inflation normalizes, pricing for fiscal 2025 is expected to be in the 2% to 3% range.

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    Joshua Chan's questions to Bright Horizons Family Solutions Inc (BFAM) leadership

    Joshua Chan's questions to Bright Horizons Family Solutions Inc (BFAM) leadership • Q1 2025

    Question

    Joshua Chan asked what Q1 usage trends in backup care provided conviction for the strong Q2 guidance and whether the slower full-service enrollment also included a decline in prospective center visits.

    Answer

    CFO Elizabeth Boland cited strong insight into client usage patterns and solid early bookings for summer camp programs as drivers for the confident Q2 backup care outlook. CEO Stephen Kramer clarified that actual center visits, a key metric, remain 'reasonably strong,' and the primary issue is a delay in start dates for committed families, not a drop in initial interest.

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    Joshua Chan's questions to Bright Horizons Family Solutions Inc (BFAM) leadership • Q4 2024

    Question

    Joshua Chan asked about the significance of the return-to-office trend as a potential tailwind for occupancy. He also inquired about the specific initiatives driving the U.K. business toward its breakeven target in 2025.

    Answer

    CEO Stephen Kramer clarified that while return-to-office is not the primary driver of overall enrollment, it is a potential catalyst for a select group of underperforming centers in urban business districts like NYC and Seattle. For the U.K., he attributed the path to breakeven to continued enrollment growth, improved staffing efficiency reducing agency costs, and an expected demand increase from expanded government funding for childcare in the second half of 2025.

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

    Question

    Joshua Chan asked if Bright Horizons tracks metrics on the utilization of allowed backup care days and inquired about how fall enrollment trends compared to initial expectations.

    Answer

    CFO Elizabeth Boland responded that while they track various metrics, the public focus is on broad-based use, as many contracts are pay-per-use and not limited by a set number of days. She noted that Q3 enrollment came in as expected, but the outlook remains cautious as enrolling the remaining, less-full centers is more challenging, informing the low-single-digit growth forecast.

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    Joshua Chan's questions to Exponent Inc (EXPO) leadership

    Joshua Chan's questions to Exponent Inc (EXPO) leadership • Q1 2025

    Question

    Joshua Chan of UBS inquired about the impact of the broader macroeconomic environment on customer decisions, beyond specific government policies. He also asked about the company's strategy for full-time equivalent (FTE) employee growth amid potential market uncertainty.

    Answer

    Executive Richard Schlenker highlighted the resilience of the business model, noting that 60% of work is reactive and less susceptible to economic cycles, while proactive work is often driven by non-discretionary factors like risk and regulation. Executive Catherine Corrigan added that long-term industry transformations will continue to drive demand. Regarding hiring, she stated that Exponent is strategically adding talent in high-demand areas like automated vehicles and digital health, and projects a 4% net increase in headcount by year-end.

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    Joshua Chan's questions to Exponent Inc (EXPO) leadership • Q4 2024

    Question

    Joshua Chan sought to clarify the full scope of Exponent's regulatory work, asking for the total percentage of revenue tied to regulatory concerns, and questioned the potential to accelerate recruiting to overcome staffing constraints on growth.

    Answer

    Executive Richard Schlenker stated that total regulatory-related work is approximately 10% of the business, spanning proactive support (e.g., FDA approvals) and reactive responses (e.g., CPSC, NHTSA investigations). He noted U.S. exposure is between 5-7%. Executive Catherine Corrigan addressed recruiting, explaining that while the company can surge hiring to meet demand, the current pace is intentionally aligned with the demand profile to ensure sustainable growth. The goal is to overcome the initial headcount deficit and achieve the 1-2% quarterly growth needed for their long-term targets.

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    Joshua Chan's questions to Exponent Inc (EXPO) leadership • Q3 2024

    Question

    Joshua Chan of UBS asked about the expected trajectory for the reactive business in the coming quarters and into 2025. He also questioned if the lower-than-expected FTE count could begin to impact future growth potential, despite the current benefit to utilization.

    Answer

    Executive Richard Schlenker noted that while reactive business comparisons remain challenging for Q4, the hurdle is lower than in Q3, and he expects a return to year-over-year growth in the future due to increasing issue complexity. Regarding headcount, Catherine Corrigan stated that the company can handle near-term demand surges through higher utilization. Richard Schlenker added that while this is sustainable in the short term, long-term growth will ultimately require hiring more people to meet demand.

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    Joshua Chan's questions to APi Group Corp (APG) leadership

    Joshua Chan's questions to APi Group Corp (APG) leadership • Q1 2025

    Question

    Joshua Chan of UBS Group AG asked how APi is positioned for a potential recession, particularly on the project side of the business. He also inquired about the margin outlook for the Specialty Services segment as it returns to growth in Q2.

    Answer

    President and CEO Russell Becker highlighted the business's resilience, pointing to its variable cost structure (70%+), proven ability to flex and expand margins during the 2020 pandemic, and strong cash generation during slowdowns. He noted the inspection and service business is durable, and the project business has a backlog to work through. Regarding Specialty margins, Becker stated that while organic growth will return in Q2, year-over-year margin expansion is expected in the second half, with full-year margins still modestly down before becoming accretive again in 2026.

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    Joshua Chan's questions to APi Group Corp (APG) leadership • Q4 2024

    Question

    Joshua Chan from UBS asked for clarification on the Q1 guidance, specifically the impact of weather on the Specialty segment, and inquired about the key differentiators of high-performing branches.

    Answer

    Interim CFO David Jackola confirmed the Q1 outlook is similar to Q4, with the Specialty business expected to return to growth in subsequent quarters, while the Safety segment's growth formula remains consistent. President and CEO Russ Becker added that the key factors for high-margin branches are, first, a strong branch leader, followed by the adoption of an 'inspection first' mindset and disciplined customer selection.

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    Joshua Chan's questions to APi Group Corp (APG) leadership • Q3 2024

    Question

    Joshua Chan asked if the expected 2025 organic growth acceleration is primarily due to lapping 2024 project delays and what the growth composition between service and project might be. He also questioned if the next set of long-term targets will include an organic growth component.

    Answer

    EVP and CFO Kevin Krumm projected 2025 would be a 'normal year,' with low-to-mid single-digit organic growth for projects and mid-to-high single-digit growth for services. President and CEO Russ Becker confirmed that organic growth is a key component of their '2025 and beyond' planning and that they would consider how to formally publish such a target.

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    Joshua Chan's questions to Kforce Inc (KFRC) leadership

    Joshua Chan's questions to Kforce Inc (KFRC) leadership • Q1 2025

    Question

    Joshua Chan sought to clarify if the improvement in leading indicators through April was simply normal seasonality. He also asked whether the recent spike in healthcare costs is viewed as a random event or something Kforce will actively price into future client bids.

    Answer

    COO David Kelly explained that while some growth in March and April is typical, the subsequent flattening of that trend led to guidance that assumes stability, not the sustained growth of a strong market. CFO Jeff Hackman addressed healthcare costs, noting that while the last two quarters were higher than expected, they followed several quarters of stable or lower costs. He confirmed that Kforce does factor annual healthcare cost trends into its pricing models, though severe claims are difficult to predict.

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    Joshua Chan's questions to Kforce Inc (KFRC) leadership • Q4 2024

    Question

    Joshua Chan asked for a reconciliation between the commentary on a 'stable' demand environment and the observation that client visits and job orders are up. He also inquired whether the technology direct hire market appears to be bottoming out.

    Answer

    Executive Joseph Liberatore clarified that increased client visits and job orders are positive front-end indicators not seen in the last few years, but they have not yet translated into actual placements or project wins, hence the 'stable' description. He noted the direct hire market is also stable, without acceleration or deceleration, but pointed to an increase in conversions as a positive sign. COO David Kelly added that because the uptick in activity hasn't yet converted to new starts, the Q1 outlook assumes a continuation of recent trends.

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    Joshua Chan's questions to Kforce Inc (KFRC) leadership • Q3 2024

    Question

    Joshua Chan inquired about the criticality of the project backlog and whether its release depends more on time or an improved economy. He also asked if the Q4 guidance included a conservative assumption for holiday-related shutdowns.

    Answer

    COO David Kelly explained the backlog consists of "mission-critical" projects that require improved client foresight and confidence in the economy to be unlocked, not just the passage of time. CFO Jeff Hackman described the Q4 guidance as "balanced," not conservative, stating it is based on a scientific approach using historical data for holiday impacts and recent stable performance trends.

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    Joshua Chan's questions to Comfort Systems USA Inc (FIX) leadership

    Joshua Chan's questions to Comfort Systems USA Inc (FIX) leadership • Q1 2025

    Question

    Joshua Chan of UBS inquired about the project bidding pipeline and the key drivers behind the strong backlog growth in the first quarter. He also asked about the typical seasonal trajectory for backlog throughout the year and how orders have been trending since the recent tariff announcements.

    Answer

    COO Trent McKenna attributed the record backlog to broad-based strength across the business, led by the advanced technology and industrial sectors, and noted strong forward visibility. CEO Brian Lane highlighted that the healthcare sector has also shown increased activity. CFO William George explained the historical pattern where backlog tends to build in Q4 and Q1 and is then worked down in Q2 and Q3 as revenue recognition accelerates. He stressed that the company has 'all the work we can possibly do' and a very strong pipeline.

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    Joshua Chan's questions to Comfort Systems USA Inc (FIX) leadership • Q4 2024

    Question

    Joshua Chan of UBS Group AG asked for context on the magnitude of the Q4 gross margin strength, seeking to understand if any unusual closeouts contributed. He also inquired about progress on hiring and training, and the current M&A pipeline.

    Answer

    CEO Brian Lane and CFO William George both emphasized that the record Q4 gross margin was the result of broad-based, superb execution across the business, not specific one-time project closeouts. Lane highlighted ongoing recruitment, extensive training programs, and access to temporary labor to meet demand. George described the M&A pipeline as 'very healthy' but stressed the company remains disciplined and will not rush deals to fill a quota.

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    Joshua Chan's questions to Comfort Systems USA Inc (FIX) leadership • Q3 2024

    Question

    Joshua Chan inquired about the company's ability to drive further field productivity gains, its priorities for deploying cash, and sought clarification on expected margin seasonality.

    Answer

    CFO William George credited technology, particularly better drawings that enable prefabrication and reduce rework, and high workforce utilization as key productivity drivers. On capital allocation, he stated that disciplined M&A remains the top priority, but strong cash flow has prompted an increase in share repurchases. George also confirmed the company's typical margin seasonality, with Q1 being the lowest quarter and Q2/Q3 being the peak due to higher volumes and a favorable service mix.

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    Joshua Chan's questions to Rollins Inc (ROL) leadership

    Joshua Chan's questions to Rollins Inc (ROL) leadership • Q1 2025

    Question

    Joshua Chan asked about the strategy for acquiring new commercial accounts and displacing competitors. He also requested a reconciliation between the nearly 10% recurring commercial organic growth and the total 7.4% organic growth for the segment.

    Answer

    CEO Jerry Gahlhoff explained that the commercial strategy relies on well-defined territories, trained teams, strong sales management, and leveraging the company's brand and scale to expand its presence. CFO Ken Krause clarified that the difference in commercial growth rates was due to weaker onetime business in the quarter, such as commodity fumigation, with the single lost business day being a primary factor.

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    Joshua Chan's questions to ManpowerGroup Inc (MAN) leadership

    Joshua Chan's questions to ManpowerGroup Inc (MAN) leadership • Q1 2025

    Question

    Joshua Chan asked for insight into why permanent recruitment weakness was concentrated in France and a few other European countries, and requested more color on the Q1 cash flow outflow.

    Answer

    CEO Jonas Prising explained the perm weakness was tied to country-specific factors, like the budget uncertainty in France, and a broader employer pullback on lower-skilled roles rather than a single global issue. CFO Jack McGinnis attributed the Q1 free cash flow outflow of $167 million to typical seasonality, where the first half sees outflows, and the timing of payables within their large MSP business, stating it should normalize over the year.

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    Joshua Chan's questions to ManpowerGroup Inc (MAN) leadership • Q4 2024

    Question

    Joshua Chan asked if steepening losses in certain countries affect their long-term viability in the portfolio and inquired about the sustainability of the current lower level of corporate expense.

    Answer

    Chief Executive Officer Jonas Prising reiterated that portfolio decisions are part of a continuous evaluation of market potential and risk, with franchising being a viable alternative to direct ownership. Chief Financial Officer John McGinnis stated that while transformation investments continue, other spending has been curtailed. He expects 2025 corporate expense levels to be broadly in line with 2024, excluding an abnormally low Q3 2024.

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    Joshua Chan's questions to ManpowerGroup Inc (MAN) leadership • Q3 2024

    Question

    Joshua Chan asked how customer demand might be catalyzed as macro uncertainties resolve and questioned the reasons for the guided sequential margin decline from Q3 to Q4.

    Answer

    CEO Jonas Prising stated that while factors like rate cuts are positive catalysts, a material change in demand is not expected in Q4. CFO John McGinnis attributed the guided Q4 margin decline to the non-recurrence of favorable Q3 corporate costs and an anticipated softer December with extended holiday shutdowns.

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    Joshua Chan's questions to UniFirst Corp (UNF) leadership

    Joshua Chan's questions to UniFirst Corp (UNF) leadership • Q2 2025

    Question

    Joshua Chan asked for the specific factors driving the increased confidence in the Core Laundry margin outlook and requested details on the timeline of customer retention trends, particularly when they hit a trough and began to improve.

    Answer

    President and CEO Steven Sintros attributed margin confidence to tangible improvements in core expenses, especially merchandise and plant operations, which benefit from better sourcing, supply chain investments, and significantly improved staffing stability. Regarding retention, he noted it had been elevated for about 18 months but is now showing real improvement, confirming the positive trend suggested by leading indicators in previous quarters.

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    Joshua Chan's questions to UniFirst Corp (UNF) leadership • Q1 2025

    Question

    Joshua Chan from UBS asked for the rationale behind the slight narrowing of the full-year revenue guidance. He also requested elaboration on the company's standalone growth and value creation opportunities, particularly in light of the rejected Cintas offer.

    Answer

    CEO Steven Sintros attributed the tightening of the revenue guidance range to the observed weakness in customer wearer levels during the quarter. Regarding value creation, Mr. Sintros reiterated that the company is on a multi-year journey and sees significant opportunity to unlock value through investments in technology, sourcing, supply chain, strategic pricing, and its First Aid and Safety segment.

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    Joshua Chan's questions to UniFirst Corp (UNF) leadership • Q4 2024

    Question

    Joshua Chan from UBS asked if the projected slower growth in fiscal 2025 is a direct result of the retention challenges faced in 2024. He also questioned the factors pressuring the Core Laundry business margins in the upcoming year's guidance.

    Answer

    President and CEO Steven Sintros confirmed that the 2025 growth outlook is heavily influenced by the 2024 pricing and retention environment due to the recurring nature of the business. Regarding margins, both Sintros and CFO Shane O’Connor explained that the operating margin decline is primarily due to non-cash items like higher depreciation and amortization from technology investments and acquisitions. O'Connor highlighted that the adjusted EBITDA margin, a metric they believe better reflects profitability, is expected to be stable year-over-year.

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    Joshua Chan's questions to ABM Industries Inc (ABM) leadership

    Joshua Chan's questions to ABM Industries Inc (ABM) leadership • Q1 2025

    Question

    Joshua Chan inquired about ABM's strategy for managing potential accelerations in spot labor costs and asked about the operational plan to recover the free cash flow shortfall from the ERP implementation within the fiscal year.

    Answer

    President and CEO Scott Salmirs stated that with 50% of labor being unionized with fixed rates and a history of passing on non-union cost increases, the company is well-positioned. CFO Earl Ellis added that the cash flow delay was a deliberate quality control measure for the new ERP system's invoicing, and they are confident in catching up in subsequent quarters to meet full-year targets.

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    Joshua Chan's questions to ABM Industries Inc (ABM) leadership • Q4 2024

    Question

    Joshua Chan questioned if productivity gains would continue in 2025 and their contribution to margin improvement, and also asked about the margin volatility and normalized trajectory for the Technical Solutions (ATS) segment.

    Answer

    President and CEO Scott Salmirs confirmed that productivity, driven by new workforce optimization tools, is a key tailwind for margin expansion. EVP and CFO Earl Ellis attributed the ATS margin volatility to the mix of business, particularly high-margin microgrid projects, and stated that normalized margins for the segment are expected to be in the high single-digit range.

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    Joshua Chan's questions to ABM Industries Inc (ABM) leadership • Q3 2024

    Question

    Joshua Chan of UBS requested a quantification of ABM's exposure to the data center market. He also asked about the strong margin performance in the Manufacturing & Distribution (M&D) segment, questioning its sustainability given the ongoing customer rebalancing.

    Answer

    President and CEO Scott Salmirs clarified that data center and mission-critical services are a nascent, sub-$250 million business for ABM, but a key growth area spanning the ATS and M&D segments. EVP and CFO Earl Ellis noted that while M&D margins will see some compression in Q4 from the rebalancing, the underlying business is performing very well due to onshoring and semiconductor trends, and they are already winning new work with that same large client.

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    Joshua Chan's questions to Xometry Inc (XMTR) leadership

    Joshua Chan's questions to Xometry Inc (XMTR) leadership • Q4 2024

    Question

    Joshua Chan asked what drove the record addition of 3,400 active buyers in Q4 and questioned the company's confidence that the gross margin headwind would be limited to just one quarter.

    Answer

    CEO Randolph Altschuler attributed the record buyer growth to 'product-led growth,' driven by technology enhancements that reduce friction, alongside smarter, more personalized marketing efforts. He reiterated confidence in a Q2 margin rebound, emphasizing that the Q1 dip was a conscious, strategic investment to meet customer demand for geographic diversification in an unsteady environment.

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    Joshua Chan's questions to Upwork Inc (UPWK) leadership

    Joshua Chan's questions to Upwork Inc (UPWK) leadership • Q4 2024

    Question

    Joshua Chan from UBS inquired about the specific factors driving the improvement in the Enterprise business. He also asked if the strong Q4 adjusted EBITDA margin included any one-time benefits and if there was potential upside to the 2025 margin guidance.

    Answer

    CEO Hayden Brown attributed the Enterprise improvement to focusing resources on top clients, strong performance from the Managed Services offering (up 12% YoY), and a YoY increase in GSV per active enterprise account. CFO Erica Gessert stated there were no one-time benefits in the Q4 margin and that the 2025 guidance is firm, though longer-term cost opportunities exist for 2026. She also noted the Objective AI acquisition has a slight offsetting impact on 2025 R&D.

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    Joshua Chan's questions to Cintas Corp (CTAS) leadership

    Joshua Chan's questions to Cintas Corp (CTAS) leadership • Q2 2025

    Question

    Joshua Chan rephrased the guidance question, asking what factor failed to materialize that would have allowed Cintas to maintain the high end of its previous guidance. He also asked if there were any abnormalities in the Fire Protection segment's 10% growth, which was slightly below prior quarters.

    Answer

    CEO Todd Schneider pointed to the more challenging pricing environment, which has returned to historical levels, as the reason for tightening the guidance. He confirmed there were no abnormalities in the Fire segment, attributing the growth rate to lapping a very strong prior-year comparison and expressing confidence in its continued double-digit growth.

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    Joshua Chan's questions to Cintas Corp (CTAS) leadership • Q1 2025

    Question

    Joshua Chan from UBS inquired about trends in customer wearer levels, Cintas's strategy if employment were to moderate, and whether the strong Q1 performance exceeded internal expectations, prompting the full-year guidance increase.

    Answer

    President and CEO Todd Schneider noted no significant change in wearer levels and stressed that the business is not reliant on job growth, having a history of growth in various economic cycles. EVP and CFO Mike Hansen added that the guidance was raised because the strong first quarter provided more confidence to lift the low end of the annual forecast.

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    Joshua Chan's questions to Korn Ferry (KFY) leadership

    Joshua Chan's questions to Korn Ferry (KFY) leadership • Q2 2025

    Question

    Joshua Chan from UBS questioned whether reduced labor turnover was negatively impacting business and asked why positive "green shoots" were appearing in the RPO business first, rather than in the interim business as might be expected.

    Answer

    Executive Gary Burnison characterized the labor cycle as highly unusual but stated he sees no structural changes that would negatively affect the business long-term. Regarding RPO's strength, he explained that after a period of "labor hoarding," companies are now turning back to outsourcing for efficiency as hiring needs stabilize, driving new logo wins. He believes the interim market will eventually recover. Executive Robert Rozek added that recent RPO strength was also driven by strategic expansion into the healthcare vertical.

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