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    Rajiv Sharma

    Senior Equity Research Analyst at B. Riley Securities

    Rajiv Sharma is a Senior Equity Research Analyst at B. Riley Securities, specializing in the education sector with coverage of companies such as Universal Technical Institute and Donnelley Financial Solutions. With a 53.85% success rate and an average return of 5.07% on his stock recommendations, Sharma has established a solid performance record, garnering a 2.74-star rating among analysts. He began his career in equity research prior to joining B. Riley Securities, and as of 2025, also appears to be affiliated with TCBI Securities. Sharma holds FINRA registration (CRD# 2502818), demonstrating compliance with professional securities standards and industry credentials.

    Rajiv Sharma's questions to UNIVERSAL TECHNICAL INSTITUTE (UTI) leadership

    Rajiv Sharma's questions to UNIVERSAL TECHNICAL INSTITUTE (UTI) leadership • Q4 2024

    Question

    Rajiv Sharma of B. Riley Securities inquired about several strategic topics, including potential changes to SG&A and lobbying efforts under a new administration, plans for new program areas like nursing for Concorde, and the use of cash from the robust free cash flow guidance. He also questioned if the fiscal 2025 student start guidance was conservative given recent momentum.

    Answer

    CEO Jerome Grant and Interim CFO Christine Kline responded. Grant does not anticipate significant changes to SG&A, noting lobbying efforts may simply shift from federal to state levels. He confirmed UTI is exploring complementary programs for Concorde but has no new launches planned for 2025 beyond what was announced. He clarified the plan is to launch three campuses in 2026, with Kline adding that the FY25 CapEx of $55 million reflects the necessary lead time. Grant explained the FY25 start guidance reflects the natural maturation cycle of prior program launches.

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    Rajiv Sharma's questions to AMERICAN PUBLIC EDUCATION (APEI) leadership

    Rajiv Sharma's questions to AMERICAN PUBLIC EDUCATION (APEI) leadership • Q3 2024

    Question

    Rajiv Sharma asked about the significant profitability disparity between the APUS segment and other divisions, the reasons for the increase in corporate costs, and for a specific Q4 EBITDA margin estimate for Rasmussen.

    Answer

    EVP and CFO Rick Sunderland explained that profitability differs due to distinct operating models (online vs. campus-based) and that the loss in other segments is magnified by unallocated corporate costs. He noted Rasmussen's margins are improving as guided. Sunderland attributed higher corporate costs to technology transition services and increased compensation, particularly variable comp, while also noting Graduate School USA's results are included in that segment. He declined to provide a specific Q4 Rasmussen margin but reiterated that it must be profitable enough to make the entire second half of 2024 EBITDA positive. SVP and Chief Strategy Officer Steve Somers added that the meaningful corporate expense makes other units appear less profitable than they are.

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    Rajiv Sharma's questions to LINCOLN EDUCATIONAL SERVICES (LINC) leadership

    Rajiv Sharma's questions to LINCOLN EDUCATIONAL SERVICES (LINC) leadership • Q3 2024

    Question

    Rajiv Sharma of B. Riley inquired about the sustainability of strong lead levels in a low unemployment environment and asked about the potential impact of the new political administration on regulations and SG&A expenses.

    Answer

    Executive Scott Shaw expressed confidence that strong interest is sustainable, attributing it to a fundamental shift where people view skilled trades as a faster, cheaper, and AI-resistant career path. Regarding the new administration, he anticipates less onerous regulations but emphasized that Lincoln's long-term strategy is not dependent on politics. While hoping for a more level playing field, he stated he could not quantify any specific reduction in expenses.

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    Rajiv Sharma's questions to NAPCO SECURITY TECHNOLOGIES (NSSC) leadership

    Rajiv Sharma's questions to NAPCO SECURITY TECHNOLOGIES (NSSC) leadership • Q1 2025

    Question

    Rajiv Sharma asked for a breakdown of the intrusion and access alarm segment, noting that the non-radio portion, including Prima, appeared to be down year-over-year, and questioned the outlook for its recovery. He also requested details on the new share buyback authorization, including its size and duration.

    Answer

    President, COO, and CFO Kevin Buchel explained that the non-radio segment's decline was due to a tough comparison with the prior year's launch quarter for the Prima product. He noted that sales had stalled due to a lack of a full accessory line, which is now available, leading him to be confident that Prima sales will grow in the remaining quarters of the fiscal year. Regarding the buyback, Buchel clarified that the Board authorized an additional 1 million shares, bringing the total available for repurchase to nearly 1.4 million shares with no expiration date.

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    Rajiv Sharma's questions to NAPCO SECURITY TECHNOLOGIES (NSSC) leadership • Q4 2024

    Question

    Rajiv Sharma of B. Riley Securities asked for a breakdown of the Intrusion & Access Alarm segment's performance, given the decline in non-radio products, and inquired about modeling this segment's growth and future expectations for service revenue.

    Answer

    Kevin Buchel, President, COO & CFO, clarified that while the company doesn't break out fire vs. non-fire radio sales, the overall radio sales decrease was driven by non-fire radios working through post-3G sunset inventory. He expects the segment to improve in fiscal 2025 due to easier comps and inventory normalization. For service revenue, he aims to maintain growth in the mid-20% range, with potential upside from new initiatives like Prima and Air Access.

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    Rajiv Sharma's questions to Donnelley Financial Solutions (DFIN) leadership

    Rajiv Sharma's questions to Donnelley Financial Solutions (DFIN) leadership • Q3 2024

    Question

    Rajiv Sharma asked for more color on Arc Suite's expected Q4 growth, trends in software-related operating expenses, clarification on the Q3 tax impact, a reiteration of Q4 guidance, and the current transaction business cadence.

    Answer

    CFO David Gardella clarified that Arc Suite's strong Q3 growth, driven by tailored shareholder reports, is expected to continue in Q4. He stated software spending should maintain a similar run rate. He broke down the EPS impact into a ~$0.09 tax adjustment and a ~$0.08 asset write-down. He reiterated Q4 revenue guidance of $165M-$175M and confirmed the transactional environment remains soft, consistent with recent trends.

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    Rajiv Sharma's questions to ALTISOURCE PORTFOLIO SOLUTIONS (ASPS) leadership

    Rajiv Sharma's questions to ALTISOURCE PORTFOLIO SOLUTIONS (ASPS) leadership • Q3 2024

    Question

    Rajiv Sharma of B. Riley Securities inquired about Altisource's pre-foreclosure and loss mitigation activities, the revenue contribution and details of the new Renovation business, the drivers behind higher SG&A costs, and the outlook for both the originations and foreclosure markets.

    Answer

    Chairman and CEO William Shepro explained that while the overall default market is weaker than anticipated, the company is offsetting this through sales wins and market share gains in trustee and title services. He detailed the rapid ramp-up of the Renovation business, which launched in April 2024 and generated $1.5 million in Q3. Executive Michelle Esterman confirmed this figure. Shepro attributed higher SG&A to legacy indemnity claims and a specific bad debt expense he believes is collectible. He noted the originations business is adding clients but faces headwinds from high rates, and that while the foreclosure market has not yet normalized, he believes it is cyclical and the company is positioned for its eventual recovery.

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    Rajiv Sharma's questions to ALTISOURCE PORTFOLIO SOLUTIONS (ASPS) leadership • Q3 2024

    Question

    Inquired about the performance and composition of the pre-foreclosure and Renovation businesses, the drivers of higher SG&A expenses, the outlook for the originations segment, and the company's view on the broader foreclosure and delinquency market trends.

    Answer

    The executive explained that while the default market is weaker than expected, the new Renovation business is ramping up significantly and is expected to be a major future contributor. Higher SG&A was due to legacy legal claims and a specific bad debt issue. The originations business is growing by adding new clients and products. The company believes the default market is cyclical and will eventually recover, and in the meantime, they are gaining market share with new and existing clients to offset market weakness.

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    Rajiv Sharma's questions to LESAKA TECHNOLOGIES (LSAK) leadership

    Rajiv Sharma's questions to LESAKA TECHNOLOGIES (LSAK) leadership • Q4 2024

    Question

    Rajiv Sharma inquired about Lesaka's M&A strategy, particularly regarding further bolt-on and transformative acquisitions, and how the company plans to fund these opportunities.

    Answer

    Executive Steven Heilbron responded, emphasizing the company's disciplined approach to maintaining a net debt to EBITDA ratio around 2x. He noted that all M&A is accretive and highlighted the support of the shareholder base, suggesting funding would not be an issue. He pointed to the recent Adumo transaction, funded with both shares and cash, as a model for future deals.

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    Rajiv Sharma's questions to Skillsoft (SKIL) leadership

    Rajiv Sharma's questions to Skillsoft (SKIL) leadership • Q2 2025

    Question

    The analyst asked whether the ongoing cost restructuring is a response to an excess cost base or an alignment to a perceived structural decline in the Talent and Development Solutions (TDS) market. He also requested an update on the progress of the Global Knowledge (GK) business turnaround.

    Answer

    The company clarified that the cost restructuring is not due to a perceived market decline in TDS; on the contrary, they see growth opportunities in selected sub-segments. The Global Knowledge turnaround is still in its early stages under new leadership, but the company is optimistic about opportunities in blended and virtual learning. The expense discipline is a proactive measure to reallocate resources towards growth initiatives, not a reaction to a shrinking market.

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    Rajiv Sharma's questions to Limoneira (LMNR) leadership

    Rajiv Sharma's questions to Limoneira (LMNR) leadership • Q3 2024

    Question

    Asked for details on the ongoing strategic review, including its scope and potential timeline, and also inquired about the reasons for the decline in farm management revenues and the structure of its profitability.

    Answer

    Regarding the strategic review, the board is considering all options, including a full sale, a split into operating and property companies, or sales of specific assets like citrus, avocados, land, or water rights. The timeline is uncertain as the board is being deliberate. The decline in farm management revenue was due to lower input costs (like pesticides and pruning) in the quarter; however, profitability is unaffected as it's based on a fixed per-acre fee, not revenue.

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    Rajiv Sharma's questions to Limoneira (LMNR) leadership • Q3 2024

    Question

    Rajiv Sharma of B. Riley Securities asked for details on the ongoing strategic review, including the potential treatment of various business segments and assets, and its expected timeline. He also questioned the reasons for the decline in farm management revenue and the drivers of its profitability.

    Answer

    Executive Harold Edwards explained that the Board's strategic review is comprehensive, considering all options from a full sale of the company to splitting it into an operating and property company, or selling individual assets like citrus, avocados, land, or water rights. While noting significant interest, he stated it was too early to provide a timeline. Regarding farm management, Edwards clarified that the quarterly revenue decline was due to lower input usage (e.g., pesticides, pruning) during the period. He emphasized that profitability is driven by a fixed per-acre fee on total acres managed, which remain unchanged, and the company aims to grow this segment in fiscal 2025.

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    Rajiv Sharma's questions to ASPEN GROUP (ASPU) leadership

    Rajiv Sharma's questions to ASPEN GROUP (ASPU) leadership • Q4 2022

    Question

    Rajiv Sharma of B. Riley Securities asked about enrollment trends at the Tampa and Austin campuses, whether negative headlines from Phoenix impacted other locations, the outlook for marketing spend and enrollment recovery, and the company's focus on achieving breakeven.

    Answer

    Chairman & CEO Michael Mathews described enrollment in Nashville and Austin as 'humming along pretty good,' while Tampa remains 'slow.' He asserted there has been no negative fallout at other campuses from the Phoenix issues, citing feedback from another state's Board of Nursing. He confirmed marketing spend was restored to Q3 levels and expects enrollments to normalize in Q2. Mathews also reiterated the goal to reach breakeven before the end of fiscal 2024.

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