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    Alexander Rygiel

    Managing Director and Senior Equity Research Analyst at B. Riley Securities

    Alexander Rygiel is a Managing Director and Senior Equity Research Analyst at B. Riley Securities, specializing in coverage of the industrials, homebuilders, and building products sectors. He covers companies such as Atkore Inc and Beazer Homes USA, with a track record that includes a 65% success rate and an average return of over 46% per recommendation, consistently ranking him in the top 100 Wall Street analysts for performance. Rygiel began his financial services career prior to joining B. Riley and has accumulated over two decades of experience across major investment research firms, joining B. Riley Securities as a senior analyst in the late 2010s. He holds relevant FINRA registrations and securities licenses required for senior analyst roles in US equities research.

    Alexander Rygiel's questions to Atkore (ATKR) leadership

    Alexander Rygiel's questions to Atkore (ATKR) leadership • Q4 2024

    Question

    Alexander Rygiel of B. Riley Securities requested an update on the success and future timeline for mega project opportunities and asked for clarification on the pricing trends for steel versus PVC.

    Answer

    CEO Bill Waltz reported strong double-digit growth and a rising backlog for mega projects, noting their long-cycle nature means significant revenue impact is expected in late FY25 and into FY26. CFO John Deitzer added that the metal framing and construction services business is now Atkore's second-largest product area. Regarding pricing, Waltz clarified that while both steel and PVC are declining, the forecast for PVC has worsened more significantly than previously expected.

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    Alexander Rygiel's questions to BEAZER HOMES USA (BZH) leadership

    Alexander Rygiel's questions to BEAZER HOMES USA (BZH) leadership • Q4 2024

    Question

    Alexander Rygiel asked for a geographic overview of market strengths and weaknesses and requested a reconciliation of the recent pickup in to-be-built sales with the full-year forecast for a high spec home mix.

    Answer

    Chairman and CEO Allan Merrill highlighted strong Q4 performance in Virginia, Myrtle Beach, Atlanta, Las Vegas, and Northern California, while noting they had addressed earlier struggles in Texas. He explained that while the to-be-built sales trend improved from its summer lows, specs still constituted a majority of sales in September and October. The full-year 60% spec forecast reflects this reality, which is a higher mix than normal for Beazer but an improvement from the peak.

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    Alexander Rygiel's questions to Legacy Housing (LEGH) leadership

    Alexander Rygiel's questions to Legacy Housing (LEGH) leadership • Q3 2024

    Question

    Alexander Rygiel from B. Riley Securities sought clarification on the Q4 gross margin target, asked about the timeline for improving occupancy at the two newly acquired mobile home parks before a sale, and questioned if the fall show's success exceeded expectations.

    Answer

    Executive Robert Bates stated the goal is to get product gross margins back toward 30% in Q4, noting the Q3 dip was due to labor under-absorption. He estimated occupancy at the two new parks could be raised to a sellable level (50-70%) within one quarter. Bates confirmed the fall show was a 'big success,' driven by significant product updates that modernized the homes, which led to strong orders for the new models.

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    Alexander Rygiel's questions to Legacy Housing (LEGH) leadership • Q2 2024

    Question

    Alexander Rygiel of B. Riley Securities asked whether the positive inflection in demand is company-specific or a broader macro improvement, and if Legacy would consider sacrificing its strong margins to drive incremental volume, similar to competitors.

    Answer

    Executive Robert Bates believes the market is improving overall, citing strong reports from competitors, but emphasized that Legacy is also benefiting from resolving company-specific challenges that had been a distraction. He described the current moment as an inflection point for Legacy. On the topic of margins, Bates acknowledged that while competitors have used price as a lever, Legacy has maintained discipline. He stated that the company is currently discussing its pricing strategy ahead of its fall show but is mindful that labor costs are not decreasing.

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    Alexander Rygiel's questions to NR leadership

    Alexander Rygiel's questions to NR leadership • Q3 2024

    Question

    Asked for the market value of the Katy facility, details on the working capital true-up from the Fluid divestiture, and clarification on the company's 'neutral to positive' outlook regarding the election's impact on different business segments.

    Answer

    The company does not have a current market valuation for the Katy facility but noted its book value is ~$23 million and a sale is an option. The working capital true-up is in the 'low teens' of millions and expected to be resolved in the next few months. The 'neutral to positive' election outlook is based on a view of being negative-to-neutral on renewables, neutral on transmission due to bipartisan support, and positive on traditional oil and gas.

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    Alexander Rygiel's questions to NR leadership • Q2 2024

    Question

    Asked for a breakdown of mat sales growth drivers, the current working capital in the fluids business, and how the 2025 outlook for the utility space has changed given recent project delays.

    Answer

    Mat sales growth is viewed against an 8-10% market growth rate; anything above that is considered market share gain, primarily from timber. The working capital in the fluids business is about $160 million. The outlook for 2025 remains robust and is expected to be a solid year, as the current delays are specific to a few projects and not indicative of a broader trend.

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    Alexander Rygiel's questions to RCM TECHNOLOGIES (RCMT) leadership

    Alexander Rygiel's questions to RCM TECHNOLOGIES (RCMT) leadership • Q3 2024

    Question

    Alexander Rygiel of B. Riley Securities asked for a big-picture view on 2025 EBITDA growth, the company's appetite for more aggressive share buybacks, and the potential business impact from the recent U.S. election.

    Answer

    Executive Chairman Brad Vizi reiterated the company's long-term goal of at least low double-digit earnings growth and expressed optimism for a potential record year in 2025. On capital allocation, Vizi stated that while buybacks are an option, the focus remains on a disciplined approach and maintaining a strong balance sheet. He viewed the election's outcome as a positive, citing tailwinds from expected investments in hard and social infrastructure, defense, and aerospace.

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    Alexander Rygiel's questions to Tecnoglass (TGLS) leadership

    Alexander Rygiel's questions to Tecnoglass (TGLS) leadership • Q3 2024

    Question

    Alexander Rygiel of B. Riley FBR asked for a quantification of the revenue pull-forward from the Florida sales tax waiver expiration, the likelihood of its reauthorization, and the demand impact from recent hurricanes.

    Answer

    Executive Santiago Giraldo estimated that approximately $10 million to $15 million of Q3 revenue was due to the pull-forward effect, with more to be invoiced in Q4. He was hopeful but uncertain about the waiver's reauthorization, noting it is a legislative decision. Executive Jose Daes added that hurricane-related repair work has been slow due to insurance claim processing but is expected to increase next year.

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    Alexander Rygiel's questions to TUTOR PERINI (TPC) leadership

    Alexander Rygiel's questions to TUTOR PERINI (TPC) leadership • Q3 2024

    Question

    Alexander Rygiel from B. Riley Securities questioned the potential value of remaining unresolved disputes, the CapEx and working capital needs for the growing backlog, and the company's optimal long-term capital structure.

    Answer

    CEO Ronald Tutor estimated the value of remaining disputes to be resolved over the next 12-18 months is between $450 million and $500 million. He clarified that new contracts include upfront owner payments, minimizing working capital needs, and that CapEx will remain stable at $25-$30 million annually. Tutor stated his optimal capital structure involves paying off all debt, with future decisions on excess cash to be made by the Board.

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    Alexander Rygiel's questions to Builders FirstSource (BLDR) leadership

    Alexander Rygiel's questions to Builders FirstSource (BLDR) leadership • Q3 2024

    Question

    Alexander Rygiel asked about the 11% increase in installed sales, requesting its current percentage of total net sales and its impact on gross margin. He also inquired about the marketing and customer receptivity of the company's digital tools in the current housing environment.

    Answer

    An executive clarified that the 11% growth in installed sales was a year-to-date figure and that its margin profile is complementary to the overall business mix. CEO Designate Peter Jackson then addressed digital tools, acknowledging that adoption is challenging in a tech-resistant industry, especially as their target builder segment is under pressure. However, he remains confident in the platform's long-term potential to drive efficiency and competitiveness for customers.

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    Alexander Rygiel's questions to QUANTA SERVICES (PWR) leadership

    Alexander Rygiel's questions to QUANTA SERVICES (PWR) leadership • Q3 2024

    Question

    Alexander Rygiel of B. Riley Securities inquired about Quanta's potential opportunities in nuclear power, particularly with small modular reactors (SMRs). He also asked how the company's overall risk profile has evolved with its growth.

    Answer

    President and CEO Earl "Duke" Austin positioned Quanta's role in SMRs as being focused on substations and interconnections, viewing large-scale SMR deployment as a decade away. Regarding risk, he explained that Quanta's high degree of self-perform capabilities (85%) and vertical integration on critical path items significantly de-risks its EPC projects, turning potential risks into margin opportunities.

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

    Alexander Rygiel's questions to Green Brick Partners (GRBK) leadership • Q3 2024

    Question

    Alexander Rygiel of B. Riley Securities inquired about Green Brick's projected community count growth for 2025, potential for future SG&A leverage, and how the company's expansion into Austin, Texas aligns with its infill and infill-adjacent land strategy.

    Answer

    CEO Jim Brickman and CFO Rick Costello addressed the questions. Costello explained that community count growth is directly tied to the starts pace, which has been averaging over 1,100 homes in recent quarters. Brickman added that the addition of larger Trophy communities will likely increase sales pace, making historical correlations less direct. Regarding SG&A, Brickman stated it is expected to remain 'pretty much constant' with some potential leverage from top-line growth. On the Austin expansion, Brickman confirmed it fits their strategy, highlighting a significant land purchase in the desirable Georgetown area as an 'A+ location'.

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    Alexander Rygiel's questions to Century Communities (CCS) leadership

    Alexander Rygiel's questions to Century Communities (CCS) leadership • Q3 2024

    Question

    Alexander Rygiel questioned why adjusted gross margin only compressed by 40 basis points when incentives rose 100 basis points, asked for the Q4 margin outlook, and inquired about any notable changes in new communities or cancellation rates.

    Answer

    CFO John Dixon attributed the margin change primarily to incentives, noting stable land and direct costs provided an offset. He stated future margin variability will be mainly driven by incentives. He confirmed no significant changes in community or product mix and that cancellation rates have remained consistently low due to the company's spec building model and captive mortgage operations.

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    Alexander Rygiel's questions to CENTRUS ENERGY (LEU) leadership

    Alexander Rygiel's questions to CENTRUS ENERGY (LEU) leadership • Q2 2024

    Question

    Alexander Rygiel asked about the competitive environment for the submitted and planned LEU and HALEU bids. He also questioned if the very strong Q2 SWU revenue was a pull-forward from later quarters and how to think about demand for the rest of the year.

    Answer

    President and CEO Amir Vexler positioned Centrus as uniquely competitive, being the only U.S.-owned company with a proven, operational U.S. enrichment technology licensed for HALEU, which can serve both commercial and national security needs. CFO Kevin Harrill confirmed that the strong Q2 revenue was in line with annual expectations and not a pull-forward, thus no fall-off in revenue is anticipated in subsequent quarters.

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