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    Bill Kirk • Roth MKM

    Bill Kirk's questions to Innovative Industrial Properties Inc (IIPR) leadership

    Bill Kirk's questions to Innovative Industrial Properties Inc (IIPR) leadership • Q2 2025

    Question

    Bill Kirk from Roth Capital Partners, LLC questioned the opportunity cost of the 14% yielding IQHQ investment versus buying back IIPR stock, which had a dividend yield above 16%, and asked about the funding flexibility.

    Answer

    Executive Chairman Alan Gold responded that decisions are based on overall cost of capital, not daily stock volatility, and that deploying cash earning 3-4% into a 14% yielding investment is highly accretive. CFO David Smith added that the funding occurs over time until Q2 2027 and that diversifying into the life science sector should improve IIPR's overall access to capital markets.

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    Bill Kirk's questions to Grocery Outlet Holding Corp (GO) leadership

    Bill Kirk's questions to Grocery Outlet Holding Corp (GO) leadership • Q2 2025

    Question

    Bill Kirk from Roth Capital Partners, LLC asked if the company was considering allowing more scale at the Independent Operator (IO) level, such as multi-store ownership, and inquired about the quantified impact of the Easter holiday shift.

    Answer

    President and CEO Jason Potter confirmed that the company has continued its practice of allowing its most competent and successful IOs to take on additional stores, noting some were added this quarter. Regarding the Easter shift, Potter referred back to the previous quarter's discussion, stating that the impact was recognized and that the Q2 reported comp of 1.1% was in line with the guidance provided.

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    Bill Kirk's questions to Molson Coors Beverage Co (TAP) leadership

    Bill Kirk's questions to Molson Coors Beverage Co (TAP) leadership • Q2 2025

    Question

    Bill Kirk from ROTH Capital Partners, LLC questioned why the company's stock price doesn't reflect its improved market share and EPS since 2019, asking if a strategic change is needed. He also asked why pricing is limited to 1-2% when COGS are rising more significantly.

    Answer

    President and CEO Gavin Hattersley responded that the company views its stock as an attractive investment, evidenced by its aggressive share repurchase program. On pricing, he explained that their strategy is not based solely on input costs but on a sophisticated, market-by-market revenue management program that considers brand health and consumer receptivity.

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    Bill Kirk's questions to Tilray Brands Inc (TLRY) leadership

    Bill Kirk's questions to Tilray Brands Inc (TLRY) leadership • Q4 2025

    Question

    Nik, on behalf of Bill Kirk from Roth Capital Partners, asked about the potential for proposed German legislation to inhibit telemedicine and whether Tilray is becoming more bullish on the U.S. cannabis reform opportunity.

    Answer

    Chief Strategy Officer Denise Faltischek addressed the German issue, clarifying it is only a proposal and that Tilray is actively working with industry groups to prevent changes that could push patients to the illicit market. CEO & Chairman Irwin Simon added that he expects significant pushback. On U.S. reform, Simon expressed cautious optimism, calling the new DEA appointment a 'good step' but reiterating that the company is diversified to succeed regardless of the outcome.

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    Bill Kirk's questions to Tilray Brands Inc (TLRY) leadership • Q1 2025

    Question

    Bill Kirk of Roth MKM sought confirmation of the fiscal 2025 revenue guidance of $950 million to $1 billion and asked if the recent Molson Coors brand acquisition was the M&A contemplated in that guidance. He also questioned what factors were offsetting positive developments in the international business, given its relatively flat quarterly revenue.

    Answer

    CEO Irwin Simon confirmed the fiscal 2025 revenue guidance remains $950 million to $1 billion and clarified that it does not yet include the impact of the Molson Coors acquisition. Chief Strategy Officer Denise Faltischek and Simon explained that international revenue was impacted by the strategic discontinuation of sizable but unprofitable sales to Israel, which has been offset by entry into new, more profitable markets like Poland and the U.K.

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    Bill Kirk's questions to Boston Beer Company Inc (SAM) leadership

    Bill Kirk's questions to Boston Beer Company Inc (SAM) leadership • Q2 2025

    Question

    Bill Kirk asked if negative earnings were a real possibility for the second half of the year based on the guidance, and also inquired about the company's plans for D9 THC products and observations on competitive trade practices in that space.

    Answer

    CFO Diego Reynoso confirmed that negative earnings are a possibility, particularly in the seasonally slow fourth quarter, depending on summer depletion trends. Founder & Chairman C. James Koch addressed D9 THC, stating that despite experience in Canada, the extreme political and regulatory volatility in the U.S. makes it too risky to enter at this time. He added he has not seen D9 competitors engaging in large-scale slotting fee practices.

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    Bill Kirk's questions to United Natural Foods Inc (UNFI) leadership

    Bill Kirk's questions to United Natural Foods Inc (UNFI) leadership • Q3 2025

    Question

    Bill Kirk of Roth Capital Partners, LLC asked for clarification on whether UNFI's non-GAAP guidance was being reiterated or simply not updated, and questioned the strategic rationale behind ending the distribution agreement with Key Food.

    Answer

    CEO Sandy Douglas provided context on the ongoing IT security incident, after which President & CFO Giorgio Matteo Tarditi confirmed that guidance was left unchanged due to the incident's uncertainty, despite performance that would have otherwise warranted a raise. Douglas explained the Key Food exit was a mutual decision to leave an unprofitable relationship, driven by post-COVID operational factors. Tarditi added that the net cash impact would be offset by working capital release and expense reduction, with a payback period under one year.

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