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    Matthew Filek • William Blair

    Matthew Filek's questions to American Public Education Inc (APEI) leadership

    Matthew Filek's questions to American Public Education Inc (APEI) leadership • Q2 2025

    Question

    Matthew Filek, on for Stephen Sheldon of William Blair, inquired about the potential revenue and cost synergies from the planned consolidation of APUS, Rasmussen, and Hondros. He also asked about the company's minimum cash requirements and the pro forma balance sheet impact following the sale of Graduate School USA.

    Answer

    CEO Angela Selden explained that revenue synergies will come from cross-selling programs, such as offering Rasmussen's full nursing curriculum to Hondros students and APUS's catalog to all campus-based students, with specifics to be provided at the November Investor Day. CFO Richard Sunderland stated that the required cash level is managed to maintain a composite score above 1.5. He clarified the Graduate School sale primarily improved the balance sheet by transferring a $28 million lease liability, rather than significantly altering the cash position.

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    Matthew Filek's questions to American Public Education Inc (APEI) leadership • Q3 2024

    Question

    Matthew Filek, on for Stephen Sheldon, asked about the expected 2025 enrollment growth mix at Rasmussen between online and in-person, the comparative EBITDA margins for each, and for an update on APUS's revised marketing strategy.

    Answer

    CEO Angela Selden confirmed expectations for continued positive online enrollment growth at Rasmussen in 2025, with campus enrollments also rebounding due to improved NCLEX scores. SVP and Chief Strategy Officer Steve Somers explained that on-ground margins should accelerate as enrollment grows against a high fixed-cost base, reiterating a 5-10% overall Rasmussen margin target over 1-2 years. Regarding APUS marketing, Selden highlighted that an upgraded team, a refined local market strategy, and strengthened admissions processes are driving the strong 4-6% Q4 registration growth forecast. CFO Rick Sunderland noted this growth comes on top of a challenging prior-year comparison.

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    Matthew Filek's questions to eXp World Holdings Inc (EXPI) leadership

    Matthew Filek's questions to eXp World Holdings Inc (EXPI) leadership • Q2 2025

    Question

    Matthew Filek of William Blair asked for an update on the current international agent count, the expected cadence of growth towards the 2030 target of 50,000 agents, the point at which the international segment could become profitable, and the outlook for GAAP gross margins.

    Answer

    MD of International Felix Bravo stated the international agent count is approximately 5,000, with growth focused on productive agents and strong local leadership. Founder, Chairman, and CEO Glenn Sanford explained that due to ongoing investments in new markets, the international segment is not expected to show net profitability for at least two to three years. CFO Jesse Hill confirmed that expecting GAAP gross margins to remain in the low 7% range for the second half of the year is a reasonable assumption.

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    Matthew Filek's questions to eXp World Holdings Inc (EXPI) leadership • Q4 2024

    Question

    Matthew Filek from William Blair & Company asked about agent count trends for 2025, distinguishing between domestic and international markets. He also inquired about the expected timeline for new international countries to achieve profitability and sought details on the recent partnership with CoStar for the commercial brokerage division.

    Answer

    Glenn Sanford, Founder, Chairman and CEO, noted that while total agent count is down, the number of productive agents is at an all-time high, with international expected to be a key growth driver. He clarified that overall international profitability will take time due to aggressive expansion plans, though markets like the U.K. and France are already profitable. Leo Pareja, Chief Strategy Officer, added that the CoStar partnership is vital for providing a best-in-class tech stack for commercial agents, a strategy mirroring their residential approach. Kent Cheng, CFO, confirmed commercial agent count is not disclosed but is a small percentage of the total.

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    Matthew Filek's questions to Stride Inc (LRN) leadership

    Matthew Filek's questions to Stride Inc (LRN) leadership • Q2 2025

    Question

    Matthew Filek, on behalf of Stephen Sheldon at William Blair, asked about the impact of the political environment on opening new schools, the status of pilot programs for skilled trades, and whether any schools are approaching enrollment caps.

    Answer

    CEO James Rhyu stated that while the political tone supporting school choice is a positive 'halo effect,' the business remains state-focused and is not run based on federal administration changes. He noted that tests for skilled trades programs are underway but they are proceeding cautiously. Rhyu confirmed that Stride consistently manages enrollment caps and has a successful track record of getting them raised by demonstrating unmet student demand.

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    Matthew Filek's questions to Alarm.com Holdings Inc (ALRM) leadership

    Matthew Filek's questions to Alarm.com Holdings Inc (ALRM) leadership • Q3 2024

    Question

    Matthew Filek, on for Stephen Sheldon, asked what factors could lead to hardware revenue returning to growth in 2025, given the initial flat outlook. He also inquired about the key priorities for the R&D department over the coming year.

    Answer

    CEO Stephen Trundle responded that the company is currently sticking with its initial flat hardware revenue forecast for 2025. He noted that potential upside could come from unexpectedly strong performance in the commercial business or a slower-than-modeled rollout of the ADT Google platform. On R&D, Trundle stated the focus is on building out new capabilities within existing markets, particularly in video and analytics with new camera form factors and battery-powered technology, rather than expanding into entirely new markets.

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