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    Alice Wycklendt • Robert W. Baird & Co. Incorporated

    Alice Wycklendt's questions to Patrick Industries Inc (PATK) leadership

    Alice Wycklendt's questions to Patrick Industries Inc (PATK) leadership • Q1 2025

    Question

    Alice Wycklendt of Baird focused on the manufactured housing (MH) segment, asking about the key drivers behind the strong content per unit performance and the outlook for that metric for the rest of the year. She also inquired about the current state of the M&A pipeline.

    Answer

    President, RV, Jeff Rodino attributed the record MH content growth to the team's success in identifying and capitalizing on new product category opportunities. CEO Andy L. Nemeth expressed optimism about the M&A pipeline, stating that the company is actively cultivating opportunities internally and expects to be in a position to opportunistically deploy capital in the second half of the year, supported by strong cash flow generation.

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    Alice Wycklendt's questions to Polaris Inc (PII) leadership

    Alice Wycklendt's questions to Polaris Inc (PII) leadership • Q1 2025

    Question

    Alice Wycklendt inquired about the drivers behind the significant month-to-month retail volatility in Q1, trends seen in April, and the potential long-term margin benefit from improved warranty performance.

    Answer

    CEO Mike Speetzen attributed Q1 retail volatility to high consumer uncertainty, inflation, and interest rates, noting April trends were similar to March with no significant weakening but no "green shoots" either. CFO Bob Mack added that interest rate buydowns were effective but expensive. Regarding warranty, Speetzen confirmed it will be a tailwind for margins but not the largest contributor compared to factory efficiencies and sourcing. He emphasized that the primary benefit is improved customer satisfaction and dealer relationships, where Polaris is now considered top-tier.

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    Alice Wycklendt's questions to LCI Industries (LCII) leadership

    Alice Wycklendt's questions to LCI Industries (LCII) leadership • Q4 2024

    Question

    Alice Wycklendt of Baird questioned the rationale for the 2025 outlook where retail sales guidance exceeds wholesale shipment guidance, which would imply further dealer destocking. She also asked for more detail on the company's M&A pipeline.

    Answer

    CEO Jason Lippert did not directly address the inventory implication but reiterated his confidence in the retail range of 345,000 to 360,000 units for the year. On M&A, he confirmed the company is now in a position to pursue deals after focusing on cash generation, stating, "we're having a lot of conversations right now" and that the pipeline is full with targets across all business segments.

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    Alice Wycklendt's questions to Copart Inc (CPRT) leadership

    Alice Wycklendt's questions to Copart Inc (CPRT) leadership • Q1 2025

    Question

    Alice Wycklendt asked for clarification on the performance of the Dealer Services (CDS) business, noting that its volume was down just under 1% and appeared to be a slowdown from prior trends.

    Answer

    CFO Leah Stearns confirmed the figure and attributed the slight decline to a temporary pause in September related to specific accounts, which was in line with softness in the broader wholesale market. She indicated that volumes recovered in October and that she does not view it as a persistent headwind.

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