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    Stephen Percoco

    Research Analyst at Lark Research

    Stephen Percoco is the Founder and Managing Director of Lark Research, specializing in independent investment research across real estate, utilities, oil & gas, industrials, fixed income, and equity sectors. He analyzes a diverse range of publicly-traded securities, spanning investment-grade, high yield, distressed bonds, and common stocks, serving institutional clients with published research and actionable investment insights. With a career starting at Bank of Boston (1983-1987), followed by Vice President at Salomon Brothers focusing on high yield corporate bond research (1987-1990), Percoco established Lark Research in 1991 and has significant experience in industry thought leadership, including award-winning service to the CFA Society New York. He is a Chartered Financial Analyst (CFA) and Harvard Business School graduate, recognized for his contributions to corporate reporting and investor education.

    Stephen Percoco's questions to MATTHEWS INTERNATIONAL (MATW) leadership

    Stephen Percoco's questions to MATTHEWS INTERNATIONAL (MATW) leadership • Q1 2025

    Question

    Stephen Percoco asked for the outlook on restructuring expenses, clarification on whether the $15 million in post-SGK corporate savings is additional to the $50 million program, and the expected impact on operating cash flow for the year.

    Answer

    CFO Steven Nicola confirmed that additional restructuring costs are expected but should decline. He clarified that the potential $15 million in corporate savings is additive to the current $50 million program but would be realized after the SGK transaction closes and transition services end. He also affirmed the expectation for positive operating cash flow for the remainder of the fiscal year, noting Q1 is seasonally the slowest quarter.

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