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    Ronan Kennedy • Barclays

    Ronan Kennedy's questions to Kindercare Learning Companies Inc (KLC) leadership

    Ronan Kennedy's questions to Kindercare Learning Companies Inc (KLC) leadership • Q2 2025

    Question

    Ronan Kennedy from Barclays questioned how broader macroeconomic factors beyond federal funding, such as a weakening labor market, could impact fundamental demand. He also asked what provides confidence that initiatives like the 'opportunity region' will effectively improve enrollment.

    Answer

    CEO Paul Thompson expressed confidence that overall demand for childcare still significantly outweighs supply, and pricing studies show affordability is not the primary concern. Regarding the 'opportunity region,' he explained that a localized, data-driven approach is being used to provide tailored support to underperforming centers, with early results showing encouraging performance. CFO Tony Amandy added that this initiative has not required significant additional spending.

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    Ronan Kennedy's questions to Kindercare Learning Companies Inc (KLC) leadership • Q4 2024

    Question

    Ronan Kennedy, on for Manav Patnaik, asked about the operational playbook for improving lower-performing center cohorts and for the key drivers that would lead to the high or low end of the 2025 revenue and margin guidance.

    Answer

    CEO Paul Thompson explained that the playbook for lower-quintile centers focuses on teacher and family engagement to boost retention, while for top-tier centers, it's about sustaining the experience and using pricing power. CFO Tony Amandi added that achieving the high end of guidance depends on occupancy gains and M&A, while the low end could be influenced by the same factors. He noted that EBITDA performance is also tied to cost controls, especially labor management.

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    Ronan Kennedy's questions to First Advantage Corp (FA) leadership

    Ronan Kennedy's questions to First Advantage Corp (FA) leadership • Q2 2025

    Question

    Ronan Kennedy of Barclays Investment Bank asked about the correlation between public labor market data (JOLTS, jobs reports) and the company's performance. He also questioned if maintaining guidance, despite a lower base growth forecast, implies an expectation of overperformance in new logos and upsell/cross-sell.

    Answer

    CEO Scott Staples explained that public labor data like JOLTS is not a direct correlate for their enterprise-focused business, and they rely more on their own order volumes and client conversations. CFO Steven Marks and Staples confirmed that to maintain guidance, they anticipate strong contributions from new logos and upsell/cross-sell, bolstered by large new deals coming online and faster-than-expected revenue realization from improved onboarding.

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    Ronan Kennedy's questions to Vestis Corp (VSTS) leadership

    Ronan Kennedy's questions to Vestis Corp (VSTS) leadership • Q3 2025

    Question

    Ronan Kennedy inquired about new CEO Jim Barber's initial assessment of Vestis's strengths and weaknesses, and asked about the strategic shift from volume to profitability ahead of the formal Q4 update.

    Answer

    President, CEO & Director Jim Barber explained that his experience in similar route-based, asset-intensive businesses is directly applicable to Vestis. He identified opportunities in improving plant reliability, reducing employee turnover, and implementing a value-based pricing model to enhance operating leverage. Barber emphasized that the focus is shifting to how well the company grows, not just how much, with a goal of creating significant value improvement starting in 2026.

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    Ronan Kennedy's questions to Vestis Corp (VSTS) leadership • Q1 2025

    Question

    Speaking for Manav Patnaik, Ronan Kennedy asked about the macro demand environment, performance across key verticals, potential impacts from new tariffs, and priorities for capital expenditures.

    Answer

    CEO Kimberly Scott described the demand environment as strong within a large addressable market, noting no specific vertical weakness due to end-market diversification. She confirmed Vestis is monitoring potential tariff impacts and has been de-risking its supply chain. CapEx is prioritized for general maintenance and investments supporting logistics and plant optimization efforts.

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    Ronan Kennedy's questions to WillScot Holdings Corp (WSC) leadership

    Ronan Kennedy's questions to WillScot Holdings Corp (WSC) leadership • Q2 2025

    Question

    On behalf of Manav Patnaik, Ronan Kennedy from Barclays asked about the macro assumptions in the updated guidance, particularly regarding interest rates and trade policy. He also inquired about the outlook for a positive inflection in units on rent (UOR).

    Answer

    EVP & CFO Matthew Jacobsen stated that the outlook does not assume a significant change from interest rates this year, with any potential stimulus from rate cuts more likely in 2026. CEO Bradley Soultz added that due to seasonality, any macro improvement would likely benefit 2026 rather than the remainder of 2025. Regarding UOR, Jacobsen confirmed they no longer expect a positive inflection by year-end and are not in the business of forecasting non-residential starts, but will monitor trends for 2026.

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    Ronan Kennedy's questions to WillScot Holdings Corp (WSC) leadership • Q4 2024

    Question

    Ronan Kennedy, on behalf of Manav Patnaik at Barclays, asked for more detail on the dichotomy between customer optimism post-election and caution around interest rates and tariffs. He also inquired about the potential impact of fiscal policy, immigration, and the contribution from mega-projects to the business.

    Answer

    President & COO Timothy Boswell described the market sentiment as 'bipolar,' citing mixed data like a low ABI but rising contractor backlogs, especially for larger firms, which aligns with WillScot's experience. He noted strong performance in education and utility sectors. Boswell discussed potential puts and takes from policy changes, such as immigration enforcement potentially causing project delays but also creating demand for support facilities. He confirmed that mega-projects remain a prominent and consistent source of demand across geographies, particularly for complex and FLEX units.

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    Ronan Kennedy's questions to ADT Inc (ADT) leadership

    Ronan Kennedy's questions to ADT Inc (ADT) leadership • Q2 2025

    Question

    Ronan Kennedy from Barclays asked for an update on go-to-market optimization initiatives and sales channel expansion. He also questioned the drivers of customer attrition and the impact of the housing market on both churn and gross additions.

    Answer

    CEO Jim DeVries highlighted a process change to use 'tech engineers' who both sell and install equipment, which has boosted installation revenue. Regarding attrition, DeVries detailed the Q2 drivers, noting that lower relocation losses helped attrition but created a headwind for gross adds. He expressed long-term optimism for retention, citing improving NPS scores and call center metrics.

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    Ronan Kennedy's questions to ADT Inc (ADT) leadership • Q4 2024

    Question

    Ronan Kennedy from Barclays asked for an update on initiatives to optimize the sales process and go-to-market strategy, including offer structures and pricing. He also inquired about progress on digitization and AI, specifically in virtual service and call center efficiency.

    Answer

    CFO Jeff Likosar explained that with the new ADT+ platform, the company is actively learning how to optimize its new bundled offers, pricing, and financing for different customer segments. CEO Jim DeVries added that on the AI front, 50% of customer service chats are now handled by AI agents, with a goal of 90% by the end of Q1, and AI for voice calls is now being rolled out. He also noted that over 50% of service jobs are now addressed virtually.

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    Ronan Kennedy's questions to Rollins Inc (ROL) leadership

    Ronan Kennedy's questions to Rollins Inc (ROL) leadership • Q2 2025

    Question

    Ronan Kennedy of Barclays inquired about the components of organic growth, specifically the contributions from pricing versus volume. He also asked for clarification on margin impacts from investments and the updated guidance for incremental margins.

    Answer

    EVP & CFO Kenneth Krause explained that pricing is targeted in the 3-4% range, with the remainder of the 7.3% organic growth coming from volume. He stated that excluding legacy auto claims, incremental margins were roughly 25%, and would have been closer to 28-30% without peak season investments. Krause reiterated confidence in the business model's ability to deliver double-digit earnings growth and strong cash flow, framing the 25-30% incremental margin guidance within that context.

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    Ronan Kennedy's questions to Robert Half Inc (RHI) leadership

    Ronan Kennedy's questions to Robert Half Inc (RHI) leadership • Q2 2025

    Question

    Ronan Kennedy sought clarification on recent macro demand trends, reconciling comments on stabilization with reported declines, and asked about the key drivers for the guided Q3 margins.

    Answer

    President & CEO M. Keith Waddell clarified that their focus is on sequential trends, which stabilized in June after a modest fall, and noted an improved tone in client conversations. Regarding margins, he stated Talent Solutions SG&A has stabilized, while Protiviti's seasonal margin lift in Q3 will be muted by lower revenue from large projects completing.

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    Ronan Kennedy's questions to Cintas Corp (CTAS) leadership

    Ronan Kennedy's questions to Cintas Corp (CTAS) leadership • Q4 2025

    Question

    Ronan Kennedy from Barclays Capital sought more granular detail on the drivers of the fiscal 2026 guidance, including the puts and takes for incremental margins and the expected revenue contributions from different segments and pricing.

    Answer

    President & CEO Todd Schneider confirmed the guidance accounts for investments like the SAP implementation in the Fire business and other potential input costs. For revenue, he stated the goal is mid-to-high single-digit growth overall, with the Rental business growing similarly, Fire and First Aid segments in the double digits, and Uniform Direct Sale in the low single digits.

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    Ronan Kennedy's questions to Cintas Corp (CTAS) leadership • Q4 2025

    Question

    Ronan Kennedy from Barclays Investment Bank, on for Manav Patnaik, requested a more granular breakdown of the drivers for the fiscal 2026 incremental margin and revenue guidance, including puts and takes from technology, supply chain, and segment performance.

    Answer

    President & CEO Todd Schneider affirmed the incremental margin guidance is within their target range and already accounts for investments like the SAP implementation in the Fire business and other potential input costs. For revenue, he outlined expectations for mid-to-high single-digit growth overall, with the Rental business growing similarly, Fire and First Aid in the double digits, and Uniform Direct Sale in the low single digits.

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    Ronan Kennedy's questions to UniFirst Corp (UNF) leadership

    Ronan Kennedy's questions to UniFirst Corp (UNF) leadership • Q3 2025

    Question

    Ronan Kennedy of Barclays asked for a deeper analysis of UniFirst's organic growth, questioning the balance between new business wins, improved retention, challenging pricing, and softer wearer levels, and also inquired about the current demand environment and specific pricing dynamics.

    Answer

    President & CEO Steven Sintros explained that a cautious customer base, particularly in some manufacturing sectors, has led to targeted employment cutbacks and softer wearer levels. This softness has partially offset gains from solid new business sales and improved retention. Regarding pricing, Sintros described the environment as a fluid, "in-between state" as the market transitions from a high-inflationary period to one with potential tariff impacts, making the near-term outlook uncertain.

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    Ronan Kennedy's questions to UniFirst Corp (UNF) leadership • Q2 2025

    Question

    Ronan Kennedy asked for clarification on UniFirst's strategy to create shareholder value equivalent to the rejected Cintas offer, including the timeframe for achieving its goals and the near-term margin impact of its strategic initiatives.

    Answer

    President and CEO Steven Sintros reiterated the company's long-term goals of achieving mid-single-digit top-line growth and high-teens EBITDA margins. He stated that while the journey will take time, with full benefits from technology investments expected post-ERP deployment around fiscal '27, the company is already making steady progress and expects to see continued improvements.

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    Ronan Kennedy's questions to UniFirst Corp (UNF) leadership • Q1 2025

    Question

    Ronan Kennedy from Barclays inquired about the expected sequential revenue trends for the remainder of the fiscal year and into 2026, given the challenging pricing environment. He also asked for an update on the company's position in its overall transformation journey and the timing of potential inflection points for growth and margins.

    Answer

    CEO Steven Sintros stated that while the company doesn't provide quarterly guidance, the goal is to build momentum by year-end for fiscal 2026. CFO Shane O'Connor added that Q1's 1.7% organic growth was in line with the full-year forecast. Regarding the transformation, Mr. Sintros described it as a multi-year investment in technology, people, and capabilities, with long-term goals of mid-single-digit growth and high-teens EBITDA margins, but did not provide a specific timeline for an inflection point.

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    Ronan Kennedy's questions to UniFirst Corp (UNF) leadership • Q4 2024

    Question

    Ronan Kennedy of Barclays inquired about recent industry activity, including potential new entrants to the U.S. market, and asked for an assessment of the current competitive landscape. He also requested clarification on the dynamic between a challenging pricing environment impacting retention and the simultaneous success in renewing contracts at improved rates and seeing higher NPS scores.

    Answer

    President and CEO Steven Sintros stated he could not comment on industry activity beyond public statements, but reiterated UniFirst's untapped potential. He explained that the market is transitioning from a high-inflation period. As a result, customers are more cost-conscious, leading to more contracts going to bid and impacting retention. However, he noted that recent positive trends in contract renewal rates and NPS scores indicate the company is successfully navigating this cyclical challenge and is positioned for future improvement.

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