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    Alex Rygiel • B. Riley Securities

    Alex Rygiel's questions to LSI Industries Inc (LYTS) leadership

    Alex Rygiel's questions to LSI Industries Inc (LYTS) leadership • Q4 2025

    Question

    Alex Rygiel asked about management's confidence in sustaining EBITDA margins above the 10% level and questioned the size of the total addressable market for LSI in the bakery and checkout areas of the grocery channel.

    Answer

    President and CEO Jim Clark expressed confidence in the company's ability to consistently achieve EBITDA margins of 11% or higher, in line with the Fast Forward 2028 plan, while acknowledging that strategic decisions like acquisitions may cause temporary variations. He described the addressable market in grocery for bakery and checkout solutions as 'massive' and well beyond the company's current ability to serve, representing a significant, long-term growth opportunity.

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    Alex Rygiel's questions to Legacy Housing Corp (LEGH) leadership

    Alex Rygiel's questions to Legacy Housing Corp (LEGH) leadership • Q2 2025

    Question

    Alex Rygiel from Texas Capital Securities inquired about the factors driving discussions for large orders with community owners, the sustainability of the current average selling price (ASP), and sought more detail on the market slowdown in Georgia.

    Answer

    President & CEO Duncan Bates explained that interest from large community customers is reviving as they acquire new properties and as financing markets improve, allowing them to monetize stabilized parks. He attributed the higher ASP primarily to a sales mix shift toward company-owned retail stores and expects it to remain elevated. Bates confirmed the Southeast market, particularly out of the Georgia plant, is slower, reflecting a broader trend and a higher reliance on the currently subdued community customer channel.

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    Alex Rygiel's questions to NPK International Inc (NPKI) leadership

    Alex Rygiel's questions to NPK International Inc (NPKI) leadership • Q2 2025

    Question

    Alex Rygiel of Texas Capital Securities asked if the year-to-date fleet expansion is on track with plans and what scenarios might trigger an acceleration. He also asked which geographic markets are currently receiving the most investment.

    Answer

    SVP & CFO Gregg Piontek confirmed that CapEx is proceeding as planned, with revenue growth benefiting from higher utilization, and noted that an acceleration would depend on second-half demand. President and CEO Matthew Lanigan identified the South, including the Gulf Coast and Texas, as key investment areas in the first half, with the Midwest expected to be a focus going forward.

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    Alex Rygiel's questions to LGI Homes Inc (LGIH) leadership

    Alex Rygiel's questions to LGI Homes Inc (LGIH) leadership • Q2 2025

    Question

    Alex Rygiel of Texas Capital Securities inquired about the outlook for finished lot sales to other builders. He also asked for an explanation of the high cancellation rate in the quarter and what actions were being taken to mitigate it.

    Answer

    CFO & Treasurer Charles Merdian described finished lot sales as unpredictable but noted that the company is evaluating opportunities to sell excess lots to manage leverage and inventory. Regarding the cancellation rate, Merdian explained that it was inflated by a declining gross order pace and, most significantly, the cancellation of a large wholesale contract booked in Q1. Without that single event, the rate would have been in a more normalized range.

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    Alex Rygiel's questions to Beazer Homes USA Inc (BZH) leadership

    Alex Rygiel's questions to Beazer Homes USA Inc (BZH) leadership • Q3 2025

    Question

    Alex Rygiel of Texas Capital Securities asked for details on Beazer's cancellation rate, how it compares to peers, and if there are opportunities for better retention. He also questioned whether the Q4 closing ASP guidance could serve as a reliable baseline for fiscal 2026.

    Answer

    SVP and CFO David Goldberg stated that the cancellation rate is within the normal 15-20% range, though at the higher end due to consumer confidence issues, and that there was 'nothing to see there.' He declined to provide guidance on the 2026 ASP, stating that the company would address it on a future call.

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    Alex Rygiel's questions to Green Brick Partners Inc (GRBK) leadership

    Alex Rygiel's questions to Green Brick Partners Inc (GRBK) leadership • Q2 2025

    Question

    Alex Rygiel from Texas Capital Securities inquired about the outlook for housing starts, the specific components of the gross margin decline beyond incentives, and the company's current inventory levels relative to the broader market.

    Answer

    President & COO Jed Dolson stated that housing starts will be managed to match the sales pace and that the company is focused on maintaining an adequate supply of finished homes to meet current buyer demand. Interim CFO Jeffery Cox confirmed the remaining gross margin pressure was due to a product mix shift toward the Trophy brand. CEO James Brickman added that Green Brick's strong balance sheet provides a competitive advantage, allowing them to build spec homes when more leveraged peers cannot.

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    Alex Rygiel's questions to Builders FirstSource Inc (BLDR) leadership

    Alex Rygiel's questions to Builders FirstSource Inc (BLDR) leadership • Q2 2025

    Question

    Alex Rygiel of Texas Capital Bank asked if competitors were pulling back or if suppliers were taking notable actions to reduce supply, and questioned what specific factors changed from the prior plan to cause the reduction in guidance.

    Answer

    CEO Peter Jackson stated he has not seen any dramatic pullbacks from competitors or suppliers, noting everyone is managing the downturn but no one has made major moves. He then specified that the guidance was trimmed primarily due to a weaker-than-forecasted market for single-family starts and lower OSB commodity prices.

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    Alex Rygiel's questions to Century Communities Inc (CCS) leadership

    Alex Rygiel's questions to Century Communities Inc (CCS) leadership • Q2 2025

    Question

    Alex Rygiel of Texas Capital Securities inquired about Century's land investment plans for the second half of 2025 and the types of mortgage products, including ARMs, that homebuyers are currently utilizing.

    Answer

    CEO Robert Francescon stated that the company will reduce its land investment, having already dropped 12,000 lots in Q2, and is now focused on pushing out terms into 2026. CFO J. Scott Dixon added that their land-light strategy provides flexibility and noted that mortgages are about 70% government and 30% conventional, with increasing buyer acceptance of ARMs since late Q1.

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    Alex Rygiel's questions to DR Horton Inc (DHI) leadership

    Alex Rygiel's questions to DR Horton Inc (DHI) leadership • Q3 2025

    Question

    Alex Rygiel of Texas Capital Securities asked for commentary on geographic demand trends and any market outliers. He also inquired what the company's low cancellation rate indicates about the economy, consumer confidence, and buyer quality.

    Answer

    EVP & COO Michael Murray mentioned dynamic changes in Florida markets, while SVP Jessica Hansen pointed to the Pacific Northwest as lagging slightly. President and CEO Paul Romanowski interpreted the low cancellation rate as a sign of committed buyers who are able to qualify, with Michael Murray adding that over 12,000 first-time homebuyers closed in the quarter.

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    Alex Rygiel's questions to DR Horton Inc (DHI) leadership • Q3 2025

    Question

    Alex Rygiel of Texas Capital Securities asked for commentary on geographic demand trends and any market outliers. He also inquired what the company's low cancellation rate indicates about the broader economy, consumer confidence, and buyer credit quality.

    Answer

    EVP and COO Michael Murray mentioned dynamic changes in Florida but consistent performance elsewhere. SVP Jessica Hansen added that the Northwest was a slight laggard. President and CEO Paul Romanowski interpreted the low cancellation rate as a sign of committed, qualified buyers. Michael Murray highlighted that over 12,000 first-time homebuyers closed in the quarter, indicating strong underlying motivation.

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    Alex Rygiel's questions to Bowman Consulting Group Ltd (BWMN) leadership

    Alex Rygiel's questions to Bowman Consulting Group Ltd (BWMN) leadership • Q3 2024

    Question

    Alex Rygiel from B. Riley inquired about the rationale for stock-based compensation declining as a percentage of revenue and requested updates on the data center market, particularly for AI, and whether multifamily housing opportunities are reaccelerating.

    Answer

    Executive Gary Bowman explained that the decline in stock-based compensation as a percentage of revenue results from several factors: more metered use of stock awards, the burn-off of pre-IPO grants, a potential shift to more cash-based compensation, and revenue growth outpacing the expense. Both executives confirmed robust activity in the data center market, with opportunities in site engineering and future potential for interior MEP work. They also affirmed seeing "significant movement" and a high degree of optimism for an acceleration in the multifamily market.

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