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    Brian DiRubbio • Robert W. Baird & Co. Incorporated

    Brian DiRubbio's questions to Kodiak Gas Services Inc (KGS) leadership

    Brian DiRubbio's questions to Kodiak Gas Services Inc (KGS) leadership • Q2 2025

    Question

    Brian Dirubbio from Baird asked about labor availability in the Permian, the economics of acquiring assets directly from operators, and the strategy for the smaller, non-compression businesses acquired from CSI.

    Answer

    President & CEO Mickey McKee acknowledged the tight Permian labor market, highlighting Kodiak's "Bears Academy" training program as a key mitigation strategy. EVP & CFO John Griggs stated that asset acquisition economics are compelling when they add operational density. Mr. McKee added that the small, non-compression CSI businesses are currently being operated for cash flow with no immediate plans for expansion or divestiture.

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    Brian DiRubbio's questions to Kodiak Gas Services Inc (KGS) leadership • Q1 2025

    Question

    Brian DiRubbio from Baird inquired about the current availability and lead times for new compression equipment from packagers. He also asked for a breakdown of the drivers behind the strong contract compression results, separating organic pricing, fleet mix shift, and recontracting.

    Answer

    CEO Mickey McKee reported that equipment lead times remain extended at 45-50 weeks for engines, with packager shop space also being a year-out bottleneck. He explained the margin improvement was a mix of factors: recontracting churned units at a 15-20% premium, deploying new horsepower at higher spot prices, and achieving 10-15% pricing uplifts on large bulk renewals during the quarter.

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    Brian DiRubbio's questions to Titan International Inc (TWI) leadership

    Brian DiRubbio's questions to Titan International Inc (TWI) leadership • Q4 2024

    Question

    Brian DiRubbio of Robert W. Baird & Co. asked for the current sales mix between aftermarket and OE, the company's long-term goal for this mix, and inquired about U.S. liquidity, including the ability to repatriate cash. He also questioned the impact of production ramps on profitability and operating rates.

    Answer

    CEO Paul Reitz stated that aftermarket sales now constitute about 45% of the business, up from 25% a decade ago, and expressed interest in setting a future target above 50%. CFO David Martin confirmed that the company has already moved cash to the U.S. in Q1 2025 and has the flexibility to manage liquidity as needed for an inventory build. He also noted that while facility utilization was low, he does not anticipate significant P&L volatility from capitalization variances as production increases.

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    Brian DiRubbio's questions to Titan International Inc (TWI) leadership • Q3 2024

    Question

    Brian DiRubbio inquired about the margin impact from lower-than-expected volumes and rising raw material costs. He also asked about the remaining potential for working capital reduction, the location of cash balances used for share repurchases, and whether the Italtractor (ITM) business is still considered a potential divestiture.

    Answer

    CFO David Martin stated that lower volumes were the primary driver of margin pressure, with a smaller impact from raw material costs. He affirmed a relentless focus on optimizing inventory. Martin also confirmed that while most cash is held offshore, the company has mechanisms to move it without significant tax impact. CEO Paul Reitz described ITM as a core business from a management perspective but noted the Board would likely engage in divestiture talks if approached, consistent with past positions.

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    Brian DiRubbio's questions to CVR Partners LP (UAN) leadership

    Brian DiRubbio's questions to CVR Partners LP (UAN) leadership • Q4 2024

    Question

    Brian DiRubbio of Daniel Energy Partners inquired about shifts in customer ordering patterns due to changing interest rates and sought details on the timeline and operational mechanics of the Coffeyville plant's dual-feedstock (natural gas and pet coke) project.

    Answer

    CEO Mark Pytosh stated that customer ordering has remained 'ratable' and has not significantly changed, as the interest rate adjustments were not substantial enough to alter inventory strategies. Regarding the Coffeyville project, Pytosh clarified that if approved, construction would occur in 2025 to enable a feedstock decision for 2026. He explained the plant would operate both a pet coke and a natural gas gasifier, allowing for feedstock changes over months, not on a daily or weekly basis.

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    Brian DiRubbio's questions to CVR Partners LP (UAN) leadership • Q3 2024

    Question

    Brian DiRubbio inquired about the impact of low Mississippi River levels on fertilizer prices, the estimated cost and funding for the Coffeyville natural gas project, and any updates on the 13D filing concerning CVR Partners.

    Answer

    CEO Mark Pytosh explained that low river levels have not significantly impacted fertilizer prices, as products primarily move by pipeline and rail. He stated the Coffeyville project is estimated to cost around $10 million, funded by existing capital reserves. Pytosh also noted there were no new developments to report regarding the 13D filing.

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