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    Andrew Scutt • ROTH Capital Partners

    Andrew Scutt's questions to CPI Card Group Inc (PMTS) leadership

    Andrew Scutt's questions to CPI Card Group Inc (PMTS) leadership • Q2 2025

    Question

    Andrew Scutt of Roth Capital Partners inquired about the ArrowEye (ROI) acquisition, asking about revenue synergies from larger customer orders and potential cost synergies related to chip procurement.

    Answer

    CEO John Lowe explained that while ArrowEye's initial performance exceeded expectations, it was not yet driven by significant revenue synergies, which he sees as a future opportunity. CFO Jeffrey Hochstadt confirmed that leveraging CPI's superior purchasing power for semiconductor chips is a key part of the planned synergies with ArrowEye.

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    Andrew Scutt's questions to CPI Card Group Inc (PMTS) leadership • Q4 2024

    Question

    Andrew Scutt asked for details on the strong performance of the prepaid segment, specifically questioning the drivers of its high gross margins and the success of verticals like healthcare payments and eco-friendly cards. He also requested additional color on the progress of inventory clearance.

    Answer

    President and CEO John Lowe attributed the prepaid segment's success to a shift toward higher-value, fraud-protection packaging and significant growth from the healthcare payments vertical. CFO Jeff Hochstadt added that while Q4 debit and credit margins saw some negative product mix, the overall business model continues to generate operating leverage. Regarding inventory, Hochstadt clarified that the balance sheet reflects the timing of committed chip purchases under a long-term agreement, which is expected to normalize.

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    Andrew Scutt's questions to CPI Card Group Inc (PMTS) leadership • Q3 2024

    Question

    Andrew Scutt from ROTH Capital Partners inquired about the momentum of the push provisioning solution with the MEA partnership and asked about the drivers behind the strong growth in the Prepaid segment.

    Answer

    CEO John Lowe stated that while push provisioning has strong momentum and a growing pipeline, its financial impact is still minor as it's in the early stages. He attributed the Prepaid segment's 13% growth to increased demand for high-value fraud protection packaging and successful expansion into adjacent verticals like healthcare.

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    Andrew Scutt's questions to EZCORP Inc (EZPW) leadership

    Andrew Scutt's questions to EZCORP Inc (EZPW) leadership • Q3 2025

    Question

    Andrew Scutt from ROTH Capital Partners inquired about the current stage of EZCORP's digital transformation journey and how these digital initiatives are enhancing operational efficiencies for in-store management and staff.

    Answer

    CEO Lachlan Given described the company's digital journey as still being in its early stages, despite several years of progress. He highlighted recent rollouts like 'View Online, Purchase in Store' and the testing of an 'Instant Quote' tool. He emphasized that digital channels like online payments and the EZ+ rewards program support the core physical store business by freeing up staff time to focus on customer-facing activities like making loans and sales. CFO Tim Jugmans added that the digital rollout is even earlier in Latin America, representing a significant future opportunity.

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    Andrew Scutt's questions to EZCORP Inc (EZPW) leadership • Q4 2024

    Question

    Andrew Scutt from ROTH Capital Partners asked for an update on the company's store acquisition pipeline as it heads into fiscal year 2025.

    Answer

    CEO Lachlan Given described the M&A pipeline as robust, with a primary focus on markets where EZCORP already operates, particularly in Latin America. He highlighted the potential for future acquisitions of strategic investments like Cash Converters and mentioned the strong returns from the de novo store program, which added 40 locations in Latin America in 2024. Mr. Given also noted significant long-term opportunities for expansion into new global markets.

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    Andrew Scutt's questions to A-Mark Precious Metals Inc (AMRK) leadership

    Andrew Scutt's questions to A-Mark Precious Metals Inc (AMRK) leadership • Q3 2025

    Question

    Andrew Scutt inquired about A-Mark's market activity and performance quarter-to-date in April following recent gold and silver price volatility. He also asked for an update on the progress and outlook for the company's expansion into the collectibles space after its recent acquisitions.

    Answer

    Executive Gregory Roberts responded that after a challenging Q3, the company saw a very solid April with increased activity, although it had moderated in the last week or two. Regarding collectibles, he stated that the integration of the SGI and Pinehurst acquisitions was progressing well, with the businesses operating as expected. He highlighted that the Stack's Bowers division had impressive auctions with great demand in April.

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    Andrew Scutt's questions to A-Mark Precious Metals Inc (AMRK) leadership • Q2 2025

    Question

    Andrew Scutt from ROTH Capital Partners questioned the drivers behind the strong recent profitability of Stack's Bowers, noting its impressive performance in the last six months. He also asked for an update on how A-Mark's marketing efforts are progressing in driving volume and customer growth in the DTC channel.

    Answer

    Executive Gregory Roberts clarified that Stack's Bowers' recent strong performance was somewhat front-loaded due to the cyclicality of its auction business, including its largest annual auction in August and the sale of a major coin collection. Regarding marketing, Roberts stated that the strategy to acquire new customers and re-engage past ones continues to yield very good results, allowing A-Mark to gain market share even in a slower environment.

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    Andrew Scutt's questions to A-Mark Precious Metals Inc (AMRK) leadership • Q4 2024

    Question

    Andrew Scutt from ROTH Capital Partners inquired about the drivers for the sequential increase in gross margin, asked for details on the automation enhancements at the Las Vegas (AMGL) facility, and questioned how the company is positioning its inventory for potential volatility around the upcoming election.

    Answer

    Executive Gregory Roberts explained that the margin improvement came from better performance across most business lines, including investments in DTC marketing and larger wholesale transactions. He detailed the Las Vegas facility expansion, which involves new automated 'Kardex' technology to modernize the pick-and-pack process and significantly increase shipping capacity. On inventory, Roberts expressed comfort with current positioning, noting the nimbleness of their mints (Silver Towne and SMI) to shift production quickly to meet specific product demands.

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    Andrew Scutt's questions to Versabank (VBNK) leadership

    Andrew Scutt's questions to Versabank (VBNK) leadership • Q1 2025

    Question

    Andrew Scutt of ROTH Capital Partners requested more detail on the net interest margin (NIM) trajectory for 2025 given the yield curve and deposit repricing, and asked for clarification on the quarter's provision for credit losses (PCL).

    Answer

    Executive David Taylor explained that NIM is expected to widen back towards its historical 3% level, benefiting from the roll-off of high-cost GICs and an influx of low-cost insolvency deposits. He clarified the PCL increase was not due to an accounting change but rather the bank's forward-looking models reflecting a more unstable credit environment, though provisions remain minimal.

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