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    Tim McHugh

    Managing Director and Partner in Investment Banking at William Blair & Company

    Tim McHugh is a Managing Director and Partner in Investment Banking at William Blair & Company, specializing in global services sectors including consulting, HR technology, information services, and staffing. He has led coverage on a range of tech-enabled and professional services companies, and was instrumental in major transactions such as the public offering of CTPartners. Having joined William Blair in 2002 after serving as a senior research analyst at the Federal Reserve Bank of Chicago, McHugh brings over two decades of industry experience, holding the CFA designation and recognized for leading high-impact teams in both equity research and investment banking. His analytical leadership and strategic involvement in numerous successful investments underscore his track record in capital-efficient, service-driven industries.

    Tim McHugh's questions to Neo-Concept International Group Holdings (NCI) leadership

    Tim McHugh's questions to Neo-Concept International Group Holdings (NCI) leadership • Q1 2019

    Question

    Tim McHugh sought clarification on the adjusted EPS calculation, specifically how the minority interest from the HSS joint venture was treated. He also asked about the magnitude of performance fees in the managed services business to understand the normalized trend, and questioned the reason for the sequential decline in the Energy segment's consultant headcount.

    Answer

    CFO Stephen Lieberman confirmed the adjusted EPS figure includes 100% of HSS operations, consistent with guidance, and explained how to back out the minority interest. He noted that while Q1 performance fees were exceptionally strong, the $1 million portion was a timing issue from 2018 and such high levels shouldn't be expected quarterly. CEO Julie Howard and Lieberman clarified the headcount change was a reclassification of analytics professionals into a new central group, not a reduction in staff.

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