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    Steven Pawlak • Baird

    Steven Pawlak's questions to Kindercare Learning Companies Inc (KLC) leadership

    Steven Pawlak's questions to Kindercare Learning Companies Inc (KLC) leadership • Q2 2025

    Question

    Steven Pawlak from Baird asked how quickly the company can address the current enrollment challenges, referencing experience with lower quintile centers. He also inquired about the potential impact and timing of the increased 45F employer-provided childcare tax credit.

    Answer

    CEO Paul Thompson noted that the 'opportunity region' saw enrollment and occupancy improvements within a 13-week timeframe after being restructured in late March, indicating a potential for relatively quick turnarounds. Regarding the 45F tax credit, he explained that the current focus is on educating employers about the benefit, which takes effect in 2026, as part of a broader conversation about attracting and retaining talent through childcare benefits.

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    Steven Pawlak's questions to Adtalem Global Education Inc (ATGE) leadership

    Steven Pawlak's questions to Adtalem Global Education Inc (ATGE) leadership • Q4 2025

    Question

    Steven Pawlak requested more color on the specific factors driving success in Adtalem's marketing efforts. He also asked for an explanation for the diverging growth rates between Walden, which continues to accelerate, and Chamberlain.

    Answer

    Chairman & CEO Steve Beard explained that marketing success stems from an evolving brand strategy that now includes program-level and local-market campaigns, building on initial brand awareness. He also noted that high-profile partnerships, like the one with SSM Health, enhance student perception. Regarding the growth rates, Beard suggested not focusing on quarterly acceleration differences, stating that on an annual basis, the institutions perform at relatively equivalent rates and that Walden's greater number of intake cycles can affect quarterly momentum.

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    Steven Pawlak's questions to Adtalem Global Education Inc (ATGE) leadership • Q3 2025

    Question

    Steven Pawlak of Baird requested more detail on the 'digital innovation and analytics' driving strong growth and retention at Walden University. He also asked about the primary operational limitations to scaling program capacity to meet the high market demand.

    Answer

    CEO Stephen Beard explained that Walden has successfully implemented a predictive analytics tool that enhances student intervention and engagement, leading to near-record persistence. Regarding capacity, he stated that growth can come from both utilizing existing headroom in current programs and by adding new capacity through geographic expansion, acquisitions, or developing new programs to meet robust healthcare industry demand.

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    Steven Pawlak's questions to Adtalem Global Education Inc (ATGE) leadership • Q2 2025

    Question

    Steven Pawlak of Baird asked about the factors contributing to the implied deceleration in revenue growth for the second half of the fiscal year and sought details on the company's digital transformation initiatives and their relation to the 'growth with purpose' strategy.

    Answer

    CEO Stephen Beard explained that the second-half growth rate faces more challenging year-over-year comparisons, a dynamic that was previously signaled, and noted guidance is risk-adjusted. CFO Bob Phelan added that the guidance still implies a strong back half. Regarding digital transformation, Beard stated that it is a key part of executing the latter half of the 'growth with purpose' strategy, with Michael Betts's appointment intended to ensure strong execution of tech-dependent initiatives.

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    Steven Pawlak's questions to Adtalem Global Education Inc (ATGE) leadership • Q1 2025

    Question

    Steven Pawlak sought to clarify if the raised full-year guidance was solely due to the first-quarter outperformance or if it also reflected an improved outlook for the remainder of the year. He also asked about potential risk factors that could push results toward the low end of the guidance range.

    Answer

    CFO Bob Phelan confirmed the guidance increase reflects an improved revenue outlook for the rest of the year, although some of the EPS benefit is due to expense timing shifts from Q1. President and CEO Stephen Beard stated that he does not see significant risk factors, but rather views the current momentum as an opportunity for potential upside, particularly through targeted marketing investments.

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    Steven Pawlak's questions to Grand Canyon Education Inc (LOPE) leadership

    Steven Pawlak's questions to Grand Canyon Education Inc (LOPE) leadership • Q2 2025

    Question

    Steven Pawlak of Baird asked about the expected competitive response from other institutions due to the new regulatory environment and sought clarification on the potential upside drivers for the second half of the year.

    Answer

    President, CEO & Director Brian Mueller observed that aggressive tuition discounting from local competitors has decreased this year, which he believes benefits GCE's value-based model. CFO Dan Bachus added that any potential upside to the company's guidance would stem from exceeding their already aggressive internal goals for new online student starts in the second half of the year, despite facing difficult year-over-year comparisons.

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    Steven Pawlak's questions to Grand Canyon Education Inc (LOPE) leadership • Q1 2025

    Question

    Steven Pawlak asked for details on the conversion process for students moving from the prerequisite program into the hybrid ABSN programs and inquired about the timeline for scaling non-ABSN hybrid programs to financial contribution.

    Answer

    CEO Brian Mueller explained that the large prerequisite student pool (14,000+) is necessary to fill the ABSN program slots over time, as students take 6-18 months to complete the required courses. He noted a 'waterfall' report tracks their progress. Both Mueller and CFO Daniel Bachus conveyed that non-ABSN programs are expected to scale more quickly now, as partner institutions are under financial pressure and are more eager to adopt successful models. Bachus highlighted his excitement for new non-GCU partner programs launching in 2025.

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    Steven Pawlak's questions to Grand Canyon Education Inc (LOPE) leadership • Q3 2024

    Question

    Steven Pawlak of Robert W. Baird & Co. asked for clarification on the drivers of softness in new online enrollment and the specifics of the 2025 forecast for the hybrid segment to reach breakeven.

    Answer

    CEO Brian Mueller clarified that the low single-digit new online start growth was not due to market softness but rather a result of extremely difficult year-over-year comparisons after a period of significant over-performance in Q3 2023. He affirmed the company's commitment to its 5-6% annual growth target with high-quality students and expects a return to mid-single-digit growth in Q4. CFO Dan Bachus addressed the hybrid segment, stating the goal for 2025 is to get as close to breakeven for the full year as possible, likely starting with a small loss in the spring that improves throughout the year.

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    Steven Pawlak's questions to Udemy Inc (UDMY) leadership

    Steven Pawlak's questions to Udemy Inc (UDMY) leadership • Q2 2025

    Question

    Steven Pawlak, on for Jeff Meuler at Baird, asked for clarification on how Udemy measures its win rates and requested quantification of the recent improvement.

    Answer

    CFO Sarah Blanchard clarified that win rates are measured on a dollar-weighted basis and that the improvement is broad-based across both new business and upsell opportunities. She attributed the positive trend to the company's go-to-market transition and the introduction of new AI-focused SKUs, but did not provide a specific quantitative measure of the improvement.

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