Paramed - volumes will have a blip this quarter due to Omicron (workers got it and had to stay home) but unlike the first wave of Covid, they are seeing workers coming back after a few days and while Jan/Feb were impacted, trends in March look good.   Incremental margin (profit per incremental dollar of sales) will benefit from the ERP spend over past few years, in that you can onload more volume without additional general and administrative (back office) costs, thereby driving up margin.  Expecting strong volume growth from March to December 2022, and staffing helped by the college partnership and in=house training.   Sounded very +.

Other business - they don't talk about this much but when questioned, were very bullish about additional sources of profit going forward.  I came away thinking that annual run rate of $16million in NOI could be far exceeded in future periods. 

Will they spend the RETIREMENT proceeds on LTC acquisitions?  No, prefer to go organic route, which is longer in duration but fewer surprises and lots of greenfield opportunities.  Again brings back to the question of what you do with the excess capital in the business??? 

General wage inflation in LTC - suggested that government needs to (and will) factor in wage inflation in determining LTC subsidies looking ahead, given the dramatic demand need and not addressing wage inflation would be a headwind to meeting such demand.   Similar to what I had believed before, a big chunk of LTC inflation should be covered by government.   

In general, no change to original thesis, but think that NOI from both Paramed (Home Healthcare) and Other business could exceed what I initially thought. 

think stock is good value here.  EXE is relatively immune from business cycle, has inflation offsets (thru subsidy funding increases), underlevered, secular growth in underlying business and very low multiple as compared to peers.   For any larger US peer looking to expand into Canada, EXE has got to be interesting, as would it be to a private equity buyer (can lever up the business materiallly from its post retirement-sale level).