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Sam Kusswurm

Sam Kusswurm

Research Analyst at William Blair Investment Management, LLC

Chicago, IL, US

Sam Kusswurm, CFA, CPA, is an Equity Research Analyst at William Blair & Company specializing in the Global Services and Consumer Services sectors. He covers companies such as NV5 Global Inc, ICF International Inc, and Ameresco Inc, actively participating in earnings calls and producing industry research. With certifications as both a CFA and a CPA, Kusswurm has demonstrated a rigorous analytical approach and professional expertise, though specific third-party performance rankings and return metrics are not publicly documented. He joined William Blair prior to July 2024, collaborating on sector reports and drawing on a network of extensive professional relationships developed through his analyst role.

Sam Kusswurm's questions to EMCOR Group (EME) leadership

Question · Q3 2025

Sam Kusswurm asked about the flat sequential revenue in the network and communications end market for total U.S. construction, seeking clarification on the pacing slowdown, and requested an update on the mechanical business footprint and future expansion plans.

Answer

Senior VP and CFO Jason Nalbandian and Chairman, President, and CEO Tony Guzzi clarified that year-over-year growth in network and communications was tremendous, attributing sequential flatness to project timing rather than a market slowdown. Mr. Guzzi stated plans to add one to two mechanical markets over the next year, emphasizing the greater investment required for workforce and prefabrication in mechanical expansion, and highlighted EMCOR's extensive fire protection presence across data center sites.

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Question · Q3 2025

Sam Kusswurm inquired about the flat sequential revenue in network and communications for total U.S. construction and sought an update on the mechanical business footprint and expansion plans.

Answer

Senior VP and CFO Jason Nalbandian and Chairman, President and CEO Tony Guzzi expressed surprise at the observation of flat sequential revenue, emphasizing strong year-over-year growth and significant RPO growth in network and communications, attributing any sequential flatness to project timing. Tony Guzzi stated plans to add one to two mechanical markets over the next year, noting the higher investment required for workforce and prefabrication in mechanical expansion. He also highlighted EMCOR's broad presence, with fire protection serving about 70% of data center sites nationwide.

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Sam Kusswurm's questions to Montrose Environmental Group (MEG) leadership

Question · Q2 2025

Sam Kusswurm from William Blair asked about the potential for the recent emergency response work to extend into the second half of the year and sought more detail on the drivers behind the strong organic growth in the core Assessment, Permitting & Response (APR) segment, excluding the emergency project.

Answer

President & CEO Vijay Manthripragada framed the $35 million in emergency response revenue as 'upside' or 'gravy' on top of a structurally growing core business. He emphasized that these response events serve as a fantastic funnel, leading to sustained, long-term work in air monitoring, testing, and remediation. He attributed the strength in the core APR business to broad demand tailwinds from regulatory shifts and increased client engagement, which are working hand-in-hand with the response-driven opportunities.

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Question · Q2 2025

Sam Kusswurm from William Blair & Company asked about the potential for recent emergency response work to continue into the second half of the year and sought more detail on the drivers of the strong core organic growth in the Assessment, Permitting & Response (APR) segment.

Answer

President & CEO Vijay Manthripragada characterized the $35 million in Q2 emergency response revenue as "upside" or "gravy" on top of a structurally stronger core business. He emphasized that these response events serve as a valuable funnel, leading to long-term, recurring work in air monitoring, testing, and remediation. Manthripragada added that the core APR business strength is driven by broad demand tailwinds from regulatory shifts and increased client engagement, which works hand-in-hand with the response services.

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Sam Kusswurm's questions to ICF International (ICFI) leadership

Question · Q2 2025

Sam Kusswurm of William Blair inquired about the composition of ICF's $3.4 billion backlog, specifically the mix of federal work and the timing and visibility of those contracts. He also asked if the company is experiencing a slowdown in converting awarded federal contracts into revenue-generating task orders, particularly heading into the federal government's fourth-quarter budget flush season.

Answer

CFO Barry Broadus responded, stating that the federal government constitutes the majority, over half, of the total backlog. He acknowledged that new procurement has been slow but noted that contract modifications and additional funding are getting back on track to a "normal battle rhythm." Broadus clarified that once contracts are activated, ICF has not seen a significant slowdown in executing the work and generating revenue.

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Sam Kusswurm's questions to BRINKS (BCO) leadership

Question · Q4 2024

Sam Kusswurm from William Blair & Company asked for a breakdown of the 2025 organic growth assumptions for the CIT and BGS businesses, the reason for the AMS/DRS growth moderation, and the impact of FX headwinds on free cash flow and share repurchases.

Answer

CFO Kurt McMaken indicated that the Cash and Valuables Management (CVM) segment, which includes CIT and BGS, is expected to grow in the low single digits, partially tempered by customer conversions to AMS/DRS. CEO Mark Eubanks added that the global services (BGS) business is accelerating. Regarding AMS/DRS, Eubanks attributed the moderation to the law of large numbers and moderating inflation in Argentina, while noting new wins with BP and Western Union. He explained that while FX is a headwind to free cash flow, it is offset by the capital efficiency benefits of AMS/DRS growth, such as network optimization.

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