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    William Sutherland • The Benchmark Company

    William Sutherland's questions to Oncology Institute Inc (TOI) leadership

    William Sutherland's questions to Oncology Institute Inc (TOI) leadership • Q1 2025

    Question

    William Sutherland questioned the reason for the slight decline in lives under value-based contracts, asked about any important upcoming contract renewals, and inquired if the full-year guidance is dependent on converting new contracts from the pipeline. He also asked for the company's perspective on the trend of moving more cancer care into the home.

    Answer

    CEO Dan Virnich explained the decline in lives was due to a terminated contract with many low-reimbursement lives, while new contracts have fewer but higher-reimbursement MA-only lives. He also noted there are no significant renewals upcoming. CFO Rob Carter confirmed that 2025 guidance does not depend on any new pipeline wins, which would represent upside. Virnich added that TOI views the home care trend positively, as it aligns with their mission to deliver care in the community.

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    William Sutherland's questions to Omnicell Inc (OMCL) leadership

    William Sutherland's questions to Omnicell Inc (OMCL) leadership • Q1 2025

    Question

    William Sutherland questioned the assumptions behind the high and low ends of the revised EBITDA guidance and asked for the most effective mitigation steps. He also asked if semiconductors and metal were the primary tariff drivers and requested an update on the IVX product's progress.

    Answer

    CFO Nchacha Etta and COO Nnamdi Njoku explained the guidance range reflects tariff uncertainty, with mitigation focused on reallocating the supply chain to regions like North America and potential pricing actions. Njoku clarified that subassemblies from China are the primary tariff driver, not specific raw materials. CEO Randall Lipps added that the IVX product had a successful Q1 release with positive customer feedback and a growing sales pipeline.

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    William Sutherland's questions to Omnicell Inc (OMCL) leadership • Q3 2024

    Question

    William Sutherland requested an update on the IVX solution following its redesign and asked about capital deployment plans, particularly concerning the convertible notes due next year.

    Answer

    CEO Randall Lipps described IVX progress as 'still slow, but optimistic,' with momentum building as new releases are rolled out. On capital deployment, CFO Nchacha Etta affirmed they are exploring strategic options for the convertible notes to avoid dilution, supported by a strong cash position. Executive Kathleen Nemeth reiterated the focus on disciplined capital deployment to improve ROIC and achieve consistent GAAP profitability.

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    William Sutherland's questions to Select Medical Holdings Corp (SEM) leadership

    William Sutherland's questions to Select Medical Holdings Corp (SEM) leadership • Q1 2025

    Question

    William Sutherland of The Benchmark Company inquired about startup costs for the year, sought clarity on how the LTAC challenges impacted guidance, and asked for an update on initiatives to improve margins in the outpatient rehab business.

    Answer

    Executive Martin Jackson stated that startup losses are expected to be similar to the prior year. He clarified that the guidance revision reflects the slow first six weeks in the LTAC segment and the significant increase in the high-cost outlier threshold. For outpatient rehab, he highlighted the rollout of new technology and continued success in commercial contracting, with rate increases in the 4% to 6% range.

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    William Sutherland's questions to Select Medical Holdings Corp (SEM) leadership • Q3 2024

    Question

    William Sutherland of The Benchmark Company questioned the reason for a reduction in the number of LTAC hospitals. He also asked about the potential for further improvement in the SWB (Salaries, Wages, and Benefits) to revenue ratio and the key drivers for future margin expansion in the outpatient rehab division.

    Answer

    Executive Martin Jackson confirmed the closure of one LTAC in Ohio was a strategic consolidation. He expressed confidence in further reducing the SWB-to-revenue ratio, driven by successful commercial contract negotiations and potential volume increases. For outpatient rehab, Jackson highlighted a significant technology release expected by year-end, which he believes will be a 'game changer' for improving clinical efficiency and margins.

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    William Sutherland's questions to Huron Consulting Group Inc (HURN) leadership

    William Sutherland's questions to Huron Consulting Group Inc (HURN) leadership • Q4 2024

    Question

    William Sutherland of The Benchmark Company sought details on the drivers of 2024's operating margin improvement, the expected 2025 revenue from the AXIA acquisition, and whether clients are pausing work due to market uncertainty. He also asked for the rationale behind the Healthcare segment's growth guidance.

    Answer

    CFO John D. Kelly clarified that 2024 margin improvement was driven by effective pricing, scaling of corporate SG&A, and strong utilization of global capabilities. He projected AXIA would contribute $35-$40 million in 2025 revenue. CEO C. Hussey stated that clients are not stopping large digital projects and that current challenges play to Huron's strengths. Regarding Healthcare guidance, Kelly explained the mid-single-digit forecast is a prudent start given strong recent growth and includes the impact of the Studer Education divestiture, noting strong demand could drive results higher.

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    William Sutherland's questions to Huron Consulting Group Inc (HURN) leadership • Q3 2024

    Question

    William Sutherland asked about Q4 utilization expectations compared to the prior year's high, headcount levels in the Commercial segment, and the current M&A environment and pipeline.

    Answer

    Chief Financial Officer John Kelly stated that while he expects sequential improvement in utilization from Q3, it may not reach the high watermark of Q4 2023. He noted that Commercial segment headcount is aligned with growth expectations and that the team is well-positioned. Executive C. Hussey addressed the M&A question, describing the pipeline as 'quite robust' with opportunities across all segments. He also noted that the company was less active on share repurchases in the quarter, suggesting a focus on potential acquisitions.

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    William Sutherland's questions to Premier Inc (PINC) leadership

    William Sutherland's questions to Premier Inc (PINC) leadership • Q2 2025

    Question

    William Sutherland of The Benchmark Company asked if Premier discloses its geographic sourcing percentages and inquired about the typical duration of the 'firm for term' pricing contracts.

    Answer

    CEO Michael Alkire stated that Premier does not disclose specific geographic sourcing percentages but emphasized a long-standing strategy of diversifying away from over-reliance on any single country, a focus that intensified post-COVID. He also clarified that GPO contracts are typically three years in length, though some may be shorter.

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    William Sutherland's questions to AMN Healthcare Services Inc (AMN) leadership

    William Sutherland's questions to AMN Healthcare Services Inc (AMN) leadership • Q3 2024

    Question

    William Sutherland asked about the hospital mindset heading into winter and whether recent SG&A levels required headcount actions.

    Answer

    President and CEO Cary Grace stated that the hospital mindset varies, but with traveler premiums at historical lows, contingent labor is an affordable option to meet demand. Regarding SG&A, she confirmed a headcount reduction was made at the beginning of Q3, and its effects will continue to play through. No further actions were included in the current outlook, as the company aims to balance cost prudence with readiness for demand.

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    William Sutherland's questions to Healthcare Services Group Inc (HCSG) leadership

    William Sutherland's questions to Healthcare Services Group Inc (HCSG) leadership • Q3 2024

    Question

    William Sutherland inquired if SNF clients were experiencing declines in skilled mix, asked about the strategy for managing SG&A expenses, questioned if the Education segment was showing seasonality, and asked about the operational impact from recent hurricanes.

    Answer

    Executive Matthew McKee noted that skilled mix varies by client but did not identify a broad trend. Executive Theodore Wahl explained the SG&A strategy is to leverage the fixed cost portion as revenue grows to achieve the 8.5% to 9.5% target range. McKee confirmed the Education segment has seasonality but is not yet large enough to materially impact total company results. He also detailed the company's effective response to recent hurricanes, stating there were no major service disruptions and that the performance strengthened client relationships.

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