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    Raj Sharma • Texas Capital Bancshares, Inc.

    Raj Sharma's questions to CoreCivic Inc (CXW) leadership

    Raj Sharma's questions to CoreCivic Inc (CXW) leadership • Q2 2025

    Question

    Raj Sharma of Texas Capital inquired about the future of the electronic monitoring (ISAP) business and CoreCivic's capacity to compete for it. He also asked about the current EBITDA contribution from newly reactivated facilities and their timeline to reach mature margins.

    Answer

    CEO Damon Hininger and President & COO Patrick Swindle reiterated that ICE's clear priority is detention, not monitoring, for the foreseeable future. They confirmed CoreCivic is well-prepared to compete for the ISAP contract but does not expect a shift in ICE's focus soon. The executives declined to provide facility-specific economics but noted that facilities like South Texas would be fully ramped in Q4, contributing to the company's projected $400M+ EBITDA run rate.

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    Raj Sharma's questions to American Public Education Inc (APEI) leadership

    Raj Sharma's questions to American Public Education Inc (APEI) leadership • Q2 2025

    Question

    Raj Sharma of Texas Capital inquired about the growth outlook for the military business, specifically seeking clarity on the $100 million in new DoD tuition assistance. He also asked about the reasons for Rasmussen's sequential margin decline and the expected operating leverage from Rasmussen and Hondros as they reach breakeven.

    Answer

    CFO Richard Sunderland explained the $100M in tuition assistance is authorized over four years and signals elevated DoD commitment to education, positioning APUS well. He attributed Rasmussen's Q2 margin dip to the end of a one-time Q1 vendor discount and annual Q2 salary increases. CEO Angela Selden confirmed that significant EBITDA flow-through of over 75% is now occurring at Rasmussen and is expected to continue with enrollment growth, with no major fixed G&A increases planned.

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    Raj Sharma's questions to American Public Education Inc (APEI) leadership • Q1 2025

    Question

    Raj Sharma asked about Rasmussen's cost structure and EBITDA flow-through potential, the stability of overall OpEx levels in 2025, the reason for Hondros' lower EBITDA despite revenue growth, and any potential working capital impact from the recent military portal outage.

    Answer

    CEO Angela Selden stated that Rasmussen is seeing about 60% flow-through on incremental revenue, which could improve with further optimization. She noted OpEx will include targeted marketing investments to fuel growth, offset by technology savings from AI initiatives later in the year. The Hondros EBITDA dip was attributed to a program mix shift to shorter LPN programs. CFO Richard Sunderland confirmed the recent Air Force portal outage was a minor maintenance issue with no impact on invoicing or collections.

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    Raj Sharma's questions to Universal Technical Institute Inc (UTI) leadership

    Raj Sharma's questions to Universal Technical Institute Inc (UTI) leadership • Q3 2025

    Question

    Raj Sharma from Texas Capital asked about Universal Technical Institute's operational readiness for Concord's accelerated growth, including faculty hiring and site development. He also sought clarification on the expected strength of Q4 student starts and inquired about capital allocation priorities beyond organic campus expansion.

    Answer

    CEO Jerome Grant affirmed that UTI is well-prepared for Concord's growth, having already worked on site selection and program portfolios. He confirmed strong Q4 visibility supports the raised student starts guidance. On capital allocation, both CEO Jerome Grant and CFO Bruce Schuman stressed that the primary focus is on organic growth through new campuses and programs, with Schuman highlighting the significant CapEx budget dedicated to these initiatives.

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    Raj Sharma's questions to Universal Technical Institute Inc (UTI) leadership • Q2 2025

    Question

    An analyst from Texas Capital Bank, on behalf of Raj Sharma, asked if student start gains were related to economic uncertainty, inquired about the drivers of military student growth, and questioned if the raised guidance was conservative.

    Answer

    CEO Jerome Grant attributed the start gains to targeted marketing and strong program demand, not economic factors. He noted military growth is due to an expanded recruiting team and better outreach to veterans about GI Bill benefits. He expressed confidence in the new guidance, explaining that while pulling starts forward from Q4 to Q3 helps monetization, it creates tougher comparisons that justify the projected growth rates.

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    Raj Sharma's questions to Geo Group Inc (GEO) leadership

    Raj Sharma's questions to Geo Group Inc (GEO) leadership • Q2 2025

    Question

    Raj Sharma of Texas Capital questioned the dynamics behind the stable Q3 and Q4 outlook for ICE monitoring and supervision, asked for the financial contribution from newly ramping facilities in Q2, and inquired when those facilities would reach mature margin profiles.

    Answer

    Executive Chairman George Zoley explained the stable ISAP outlook is due to ICE's intense focus on maximizing detention capacity through the end of the year. CFO Mark Suchinski declined to provide facility-specific contributions but reiterated the 25-30% margin target for owned facilities once fully ramped. He projected the recently activated facilities should reach normal, recurring operational profitability by the fourth quarter of 2025.

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    Raj Sharma's questions to Geo Group Inc (GEO) leadership • Q1 2025

    Question

    Raj Sharma of B. Riley Securities questioned the potential timeline to return to peak ISAP monitoring levels of 370,000 participants, whether higher Q1 G&A expenses would persist, and the number of net new beds assumed in the full-year guidance.

    Answer

    CEO Dave Donahue stated that a return to higher ISAP levels is directly correlated to congressional budget approval, which he anticipates will provide clarity in the second half of the year after the current focus on detention. CFO Mark Suchinski explained that while G&A costs should tick down, the significant second-half profitability improvement will be driven by revenue growth from new activations. He reiterated that guidance includes the roughly 2,800 beds from the Delaney Hall and Northlake contracts, with another 6,000-7,000 beds available in the idle portfolio.

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    Raj Sharma's questions to EZCORP Inc (EZPW) leadership

    Raj Sharma's questions to EZCORP Inc (EZPW) leadership • Q3 2025

    Question

    Raj Sharma of Texas Capital Bank sought details on the acquisition strategy, including geographic focus and size, and capital return priorities like dividends. He also asked about the divergence in retail margins between the U.S. and LatAm, the sensitivity of scrap revenue to gold prices, and EZCORP's competitive standing in Latin America.

    Answer

    CEO Lachlan Given stated the acquisition focus is balanced between the U.S. and Latin America, with opportunities ranging from single stores to large chains, and reiterated that scale is the priority over dividends. CFO Tim Jugmans explained that LTVs are constantly adjusted based on market dynamics, contributing to margin performance. He also noted that while scrap margins would decline if gold prices stabilize, the underlying customer need for cash persists regardless of the gold price.

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    Raj Sharma's questions to EZCORP Inc (EZPW) leadership • Q2 2024

    Question

    Raj Sharma from Texas Capital Bank asked for clarification on the potential shares outstanding after the convertible note takeout, the performance of the Founders Group (Simple), and whether there were plans to use the off-balance-sheet vehicle structure for other growth initiatives.

    Answer

    Chief Financial Officer Timothy Jugmans directed the question on share count to the earnings presentation, noting 6.5 million shares are associated with the 2025 converts. Executive Lachlan Given reported that the Founders Group (Simple) is performing very well, seeing strong trends similar to EZCORP's core business. He clarified that the off-balance-sheet structure was designed specifically for the Simple transaction and is not a vehicle intended for other partnerships, though EZCORP will continue to assess its long-term strategic relationship with Simple.

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