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    Sam Kusswurm • William Blair & Company

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

    Sam Kusswurm's questions to Montrose Environmental Group Inc (MEG) leadership • Q2 2025

    Question

    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 Inc (ICFI) leadership

    Sam Kusswurm's questions to ICF International Inc (ICFI) leadership • Q2 2025

    Question

    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 Co (BCO) leadership

    Sam Kusswurm's questions to Brinks Co (BCO) leadership • Q4 2024

    Question

    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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