The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Darrin Peller - Wolfe Research, LLC - Analyst
: Frank, first of all, congrats. I can't imagine anyone being in a role to do this better than you, so congrats on it. I guess, maybe just to start off, a
couple of quick questions. Number one is, if you could just give us a sense of what the actual actions and moving parts are in terms of the way the
company will handle progression in terms of leadership now? Just what's the thought process around it? When should we hear more color on that?
And then I guess the second piece, a couple of others would just be whether or not your positions have to be divested. I don't know if you can
comment on that or not. But from a stock standpoint, I know there's obviously some tax-free opportunities for anyone that moves to government.
So what are the thought process around whether you want to, have to?
And then lastly, just in terms of the position that you can put at the company in to make sure, just give us a couple of steps you'll take to ensure
that everything is running as smoothly as possible over the next couple of years?
Question: Darrin Peller - Wolfe Research, LLC - Analyst
: Thanks, Frank.
Question: Jason Kupferberg - BofA Global Research (US) - Analyst
: Good morning. Frank, I'll add my congratulations as well. Pretty exciting. I know you mentioned you weren't necessarily looking to join government.
Can you just talk a little bit more about how the opportunity came about and how those conversations proceeded?
And then maybe just one for Bob, I'll ask upfront. I know you were speaking publicly yesterday at a conference. It sounded like you were pretty
upbeat about the business, but just wanted to confirm you remain comfortable with your guidance for this quarter as well as the medium-term
outlook. Thanks, guys.
Question: Jason Kupferberg - BofA Global Research (US) - Analyst
: Sure, yeah.
Question: Jason Kupferberg - BofA Global Research (US) - Analyst
: Perfect. Thanks, guys.
Question: Jason Kupferberg - BofA Global Research (US) - Analyst
: Look forward to it. Thanks, Frank.
Question: Ramsey El-Assal - Barclays - Analyst
: Hi, Frank and Bob. And Frank, a bittersweet congratulations from me as well.
Question: Ramsey El-Assal - Barclays - Analyst
: Do you have any further thoughts on timing? Is this the type of thing where it just kicks to Congress and who knows how long it is? Or do you -- is
there any timeline or plans that you can kind of point to in terms of when that might kind of come up?
And I guess, just secondarily, I'll just ask them both at once here. You kind of mentioned a strong succession plan. That sounds to me like an internal
candidate is the most likely successor. There's not an opportunity here to open it up to an external search. I'm just wondering if that's --
Question: Ramsey El-Assal - Barclays - Analyst
: Right. And then any thoughts on timing for you, Frank?
Question: Ramsey El-Assal - Barclays - Analyst
: All right. Thanks, Frank. I appreciate that.
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Question: Dave Koning - Robert W. Baird & Co., Inc. - Analyst
: Yeah. Hey, guys. Congrats, Frank. I feel a lot better about my kids getting their social security someday, so thank you for this.
Question: Dave Koning - Robert W. Baird & Co., Inc. - Analyst
: Thank you. Thank you for that. And I guess just a couple of numbers questions. Just a follow-up from Jason's question. So you feel good about
medium-term guidance. The $11.60 number for 2026, is that still the target?
And then secondly, is there any government work that could be at risk, I guess, either of going away? Or maybe on a positive side, with you being
in government, does anything change some of your government education type business or anything like that?
Question: Dave Koning - Robert W. Baird & Co., Inc. - Analyst
: Yeah. And the $11.60 EPS number?
Question: Dave Koning - Robert W. Baird & Co., Inc. - Analyst
: Yeah, sounds great. Thanks, guys.
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