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    Bill Dezellem • Tieton Capital Management

    Bill Dezellem's questions to American Coastal Insurance Corp (ACIC) leadership

    Bill Dezellem's questions to American Coastal Insurance Corp (ACIC) leadership • Q2 2025

    Question

    Bill Dezellem of Tieton Capital Management followed up on the apartment business, asking for the drivers behind the high 45% quote-to-bind ratio in June and the directional outlook for this metric. He also requested more detail on the comment that the Southeast Florida market is 'firmer' than the rest of the state, and asked for confirmation on the status of the Employee Retention Tax Credit (ERTC) receipts.

    Answer

    President & CEO Bennett Bradford Martz attributed the June binding ratio spike to a mix of growing experience, seasonality, and some randomness, while stating the company will remain opportunistic rather than committing to a future trend. He clarified that Southeast Florida's firmness is due to it being the world's peak hurricane exposure zone, creating more demand than supply. Martz, with confirmation from CFO Svetlana Castle, stated that all expected ERTC refunds have now been received.

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    Bill Dezellem's questions to NPK International Inc (NPKI) leadership

    Bill Dezellem's questions to NPK International Inc (NPKI) leadership • Q2 2025

    Question

    Bill Dezellem from Tieton Capital Management questioned the source of NPKI's reported strength in the pipeline sector, noting it seems to contrast with broader industry trends. He also requested specific examples of large-scale customer conversions from wood to composite mats.

    Answer

    President and CEO Matthew Lanigan clarified that NPKI's pipeline activity, focused on access routes and laydown areas, is experiencing a 'healthy rebound.' For conversions, he pointed to direct sales to utilities who are increasingly purchasing composite mats, shifting away from traditional timber to achieve better long-term life cycle economics.

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    Bill Dezellem's questions to ADTRAN Holdings Inc (ADTN) leadership

    Bill Dezellem's questions to ADTRAN Holdings Inc (ADTN) leadership • Q2 2025

    Question

    Bill Dezellem of Tieton Capital Management asked to identify the primary drivers of global demand and inquired about the potential to penetrate US Tier 1 carriers, including large MSOs.

    Answer

    CEO & Chairman Tom Stanton identified network upgrades for residential broadband as the single biggest driver, followed by the recovery and new applications in the optical segment. Regarding US Tier 1s, Stanton sees no major near-term change with telcos but noted that ADTRAN is well-positioned with products for large MSOs, has received approvals, and is "ready to go" pending a large purchase order.

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