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    Allen Klee • Maxim Group

    Allen Klee's questions to Emerald Holding Inc (EEX) leadership

    Allen Klee's questions to Emerald Holding Inc (EEX) leadership • Q2 2025

    Question

    Allen Klee of Maxim Group asked for details on the GRC World acquisition, the implied second-half revenue from recent M&A, rebooking trends for 2026, a clarification on adjusted free cash flow, the Q4 impact of the Las Vegas construction, updates on internal AI initiatives, and the company's positioning within its full-year guidance range.

    Answer

    CFO David Doft explained that GRC World was a small 2024 acquisition included for pro forma comparison and confirmed the math on second-half acquisition revenue. He noted that while it's early for a 2026 rebooking figure, trends are positive, and 2025 is 90% booked. Doft clarified that adjusted free cash flow for the quarter was $17 million higher due to pre-acquisition cash collections. CEO Hervé Sedky and Doft confirmed a Q4 event is also affected by construction but the overall quarterly impact will be smaller. Sedky detailed AI pilots yielding efficiencies, and Doft reiterated that the full-year guidance range remains appropriate given remaining uncertainties.

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    Allen Klee's questions to Emerald Holding Inc (EEX) leadership • Q1 2025

    Question

    Allen Klee of Maxim Group sought details on the financial contribution and event schedules for the InsurTech and This is Beyond acquisitions, future quarterly seasonality, and the specific drivers behind the company's expense discipline and AI initiatives.

    Answer

    CFO David Doft detailed that the InsurTech acquisition contributed approximately $5 million in Q1 revenue and that all 'This is Beyond' events will be captured in 2025. He outlined the year's seasonality, with Q2 and Q3 being the smallest quarters. CEO Herve Sedky attributed expense discipline to platform consolidation, AI implementation, and centralized procurement, but noted it's too early to share specific AI metrics.

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    Allen Klee's questions to Emerald Holding Inc (EEX) leadership • Q4 2024

    Question

    Allen Klee of Maxim Group inquired about the financial mechanics of Emerald's recent acquisitions, including funding, deferred payments, and their annualized impact on revenue, EBITDA, and quarterly seasonality. He also asked for clarification on management's confidence in their outlook based on first-half pacing, the impact of the Las Vegas Convention Center construction, and the potential for further portfolio optimization in 2025.

    Answer

    CFO David Doft explained the acquisitions are funded with cash on hand, with performance-based deferred payments through 2027. He confirmed the guided $40 million in revenue and $15 million in EBITDA represent the full annualized impact. He noted a moderate seasonality shift from Q1 to Q2, which also factors in pruned events. Both CFO David Doft and executive Herve Sedky attributed their confidence to strong real-time pacing. They clarified that while the Las Vegas construction is a near-term drag, its completion this year is a positive for 2026. Herve Sedky affirmed that portfolio optimization is a continuous process and they will continue to prune underperforming assets.

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    Allen Klee's questions to Innodata Inc (INOD) leadership

    Allen Klee's questions to Innodata Inc (INOD) leadership • Q2 2025

    Question

    Allen Klee from Maxim Group inquired about the drivers of Q2 revenue outperformance relative to prior expectations, the go-to-market strategy for the enterprise segment, the planned investment scale for the second half of the year, and sought more detail on the concept of making data 'smarter' for customers.

    Answer

    CEO Jack Abuhoff clarified that previous commentary was about managing expectations due to external dependencies, not a forecast for a decline, and highlighted a very strong current pipeline. SVP Aneesh Pendharkar added that revenue from their largest customer was $33.9 million in Q2. Regarding enterprise strategy, Abuhoff noted that Agentic AI will be a catalyst, and Innodata is positioned to help companies adopt this new 'economic infrastructure'. Pendharkar stated that after investing ~$1.4M in Q2, they plan to increase investment spending by another ~$1.5M in Q3. Abuhoff explained that 'smart data' involves deep scientific analysis to correlate model performance with specific datasets needed for remediation, elevating Innodata's role to a strategic partner.

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    Allen Klee's questions to Innodata Inc (INOD) leadership • Q1 2025

    Question

    Allen Klee sought clarification on the largest customer's revenue dynamics, specifically the ~$135 million annual run rate and the forecasted 5% sequential decline in Q2. He also asked how customer spending on AI training and safety services is evolving.

    Answer

    CEO Jack Abuhoff reiterated that the company is intentionally embracing customer concentration as a strategic choice for long-term growth, which can lead to quarter-to-quarter volatility. He confirmed the ~$135M run rate was exceeded in Q1 but might be lower in Q2 due to dynamic demand. Abuhoff highlighted that trust and safety services are a significant, recurring revenue opportunity, and Innodata's competitive advantage lies in productizing its advanced evaluation techniques into an automated platform.

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    Allen Klee's questions to Innodata Inc (INOD) leadership • Q4 2024

    Question

    Allen Klee asked for clarification on the competitive threat from data distillation techniques like those used by DeepSeek, the sustainability of high Q4 gross margins, and the expected impact of planned reinvestments on 2025 EBITDA.

    Answer

    CEO Jack Abuhoff addressed the DeepSeek question, stating that data distillation ultimately leads to 'model collapse' and is not a viable long-term strategy for achieving AGI. SVP Aneesh Pendharkar clarified that while Q4 gross margin was strong due to project mix, the company targets around a 40% adjusted gross margin for new opportunities. Abuhoff added that the company will reinvest operating cash flow in a disciplined manner, primarily in talent, with the goal of exceeding 2024's adjusted EBITDA.

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    Allen Klee's questions to Innodata Inc (INOD) leadership • Q3 2024

    Question

    Allen Klee of Maxim Group LLC inquired about the sustainability of direct costs and recruiting expenses, the potential for continued operating leverage, and the company's methods for ensuring top-tier service quality. He also asked for an update on strategic initiatives for the Agility platform.

    Answer

    CEO Jack Abuhoff explained that recruiting costs will align with growth but are being managed down via internal capabilities. He affirmed strong operating leverage, citing an efficient go-to-market model for Big Tech. Abuhoff emphasized that data quality and agility are key differentiators maintained through robust processes. Regarding the Agility platform, he noted that integrating generative AI has significantly boosted win rates and market position.

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    Allen Klee's questions to Healwell Al Inc (HWAIF) leadership

    Allen Klee's questions to Healwell Al Inc (HWAIF) leadership • Q1 2025

    Question

    Allen Klee from Maxim Group followed up on the CRO business, asking if the outlook for a lighter first half and stronger second half still holds, and sought to confirm a simplified pro forma EBITDA calculation following the Orion acquisition.

    Answer

    Executive Alexander Dobranowski confirmed the CRO business performed as expected in Q1 and the outlook remains consistent with previous comments. CFO Anthony Lam addressed the EBITDA question by reiterating that Orion adds approximately CAD 100 million in annualized revenue and will help the company achieve positive adjusted EBITDA for the full year 2025, without confirming a specific quarterly run-rate.

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    Allen Klee's questions to Healwell Al Inc (HWAIF) leadership • Q4 2024

    Question

    Allen Klee asked for the current share count and pro forma cash and debt figures following the Orion-related financing, and also requested an update on the clinical trial business's progression toward later-stage trials.

    Answer

    CEO Dr. Alexander Dobranowski deferred the question on specific capitalization figures for a later follow-up. Regarding the clinical trial business, he detailed the strategy to reorient the BioPharma unit from its early-stage focus towards later-stage trials by leveraging the extensive WELL Health clinic network, with progress updates to be provided in future quarters.

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    Allen Klee's questions to Mitek Systems Inc (MITK) leadership

    Allen Klee's questions to Mitek Systems Inc (MITK) leadership • Q4 2024

    Question

    Allen Klee questioned the fiscal 2025 revenue guidance, which implies modest growth, asking for the rationale behind the flat outlook for deposits and muted growth for identity. He also asked about the timeline to reach the $80-$85 million revenue 'fulcrum point' for identity profitability, suggesting it seemed to be a fiscal 2026 event.

    Answer

    CFO David Lyle explained the wide revenue guidance range reflects conservatism around large biometric deals, with potential upside from the MiVIP platform. He noted that headwinds from the ICAR product sunset and Mobile Verify pricing pressure are offsetting growth. CEO Edward West confirmed that achieving the identity profitability fulcrum point is a target for the fiscal 2026 period, representing a fully burdened contribution goal that the company is executing against.

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    Allen Klee's questions to Mitek Systems Inc (MITK) leadership • Q1 2025

    Question

    Allen Klee of Maxim Group inquired about the reduced pricing pressure for the Mobile Verify product, the competitive environment, and the push towards the MiVIP platform. He also asked for confirmation on a modeling scenario for the Identity segment reaching its profitability fulcrum point in fiscal 2026.

    Answer

    CEO Ed West stated that the company's primary focus is on growing the higher-value MiVIP platform, which should mitigate pricing pressures over time as the business mix shifts. CFO David Lyle confirmed the logic that if current operational optimizations continue, the Identity segment could cease to be a drag on EBITDA margins upon reaching its $80M-$85M revenue target.

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    Allen Klee's questions to Ituran Location and Control Ltd (ITRN) leadership

    Allen Klee's questions to Ituran Location and Control Ltd (ITRN) leadership • Q3 2024

    Question

    Allen Klee of Maxim Group asked about the primary hurdles and key selling points in securing partnerships with automakers, financing firms, and insurance companies. He also inquired about the attractive market dynamics in Ituran's key countries, the opportunity in usage-based insurance (UBI), and the potential scale of the Santander partnership.

    Answer

    Executive Eyal Sheratzky detailed the long B2B sales cycle, which involves aligning with a partner's strategy, extensive technology validation, and complex contract negotiations. He highlighted that the high demand for security in Latin America makes it an attractive market. Regarding UBI, he described its success in Israel and early-stage efforts in Argentina and Mexico. For the Santander contract, he noted it's a multi-year deal in Brazil expected to maintain a net base of 100,000-150,000 subscribers annually, with ambitions to expand to other regions.

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