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    Luke McFadden • William Blair & Company

    Luke McFadden's questions to Vestis Corp (VSTS) leadership

    Luke McFadden's questions to Vestis Corp (VSTS) leadership • Q3 2025

    Question

    Luke McFadden, on for Tim Mulrooney, asked about the impact of macroeconomic hiring trends on customer behavior and whether net wear levels were a headwind. He also inquired about the free cash flow outlook, given working capital's role in prior quarters.

    Answer

    President, CEO & Director Jim Barber characterized the impact from the hiring environment as 'neutral.' EVP & CFO Kelly Janzen added that while Q3 saw strong working capital management contributing to positive cash flow, the company will continue to manage cash tightly, but did not provide specific forward-looking guidance for Q4 free cash flow.

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    Luke McFadden's questions to UniFirst Corp (UNF) leadership

    Luke McFadden's questions to UniFirst Corp (UNF) leadership • Q3 2025

    Question

    Luke McFadden of William Blair asked for an update on key initiatives, the reasons for reduced costs associated with them, the potential future cost impact from tariffs, and the drivers of strength in the First Aid segment.

    Answer

    EVP & CFO Shane O'Connor clarified that the reduction in key initiative costs is a timing issue related to the ERP project, with more current costs being capitalized rather than expensed. President & CEO Steven Sintros added that while tariffs could impact garment costs, UniFirst's diversified sourcing provides some mitigation. Sintros also highlighted strong, mid-double-digit growth in the First Aid van business, driven by successful penetration of both new and existing customers with a broader range of safety services.

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    Luke McFadden's questions to UniFirst Corp (UNF) leadership • Q2 2025

    Question

    Luke McFadden, on for Tim Mulrooney, asked if the raised full-year EPS guidance was primarily due to improved Core Laundry margins and questioned if any seasonality should be considered for the second half of the year.

    Answer

    EVP and CFO Shane O’Connor confirmed the improved outlook is mainly driven by anticipated improvements in Core Laundry Operations. He noted that while seasonality is consistent with prior years (Q2 being the least profitable), the fourth quarter of fiscal 2025 will face a tough year-over-year comparison due to the absence of the extra operational week that benefited Q4 2024's profitability.

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    Luke McFadden's questions to UniFirst Corp (UNF) leadership • Q4 2024

    Question

    Luke McFadden of William Blair & Company inquired if the slowdown in net wearer metrics was concentrated in particular end markets or was more broad-based. He also asked if the softer employment environment affecting wearer levels had similarly impacted new account growth.

    Answer

    President and CEO Steven Sintros responded that the decline in net wearer metrics is broad-based across the country and not concentrated in any specific end market. In contrast, he clarified that new account growth has remained solid, with the company finishing the year at record sales levels, and has not experienced the same fading trend as the wearer metrics.

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