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    Brian Drab

    Research Analyst at William Blair & Company

    Brian Drab is a Partner, Equity Research Analyst, and co-group head of Industrials at William Blair & Company, specializing in advanced manufacturing and industrial technology sectors. He consistently covers major companies including Vertiv Holdings, Valmont Industries, Modine Manufacturing, EnerSys, Generac Holdings, Stratasys, Novanta, Xometry, 3D Systems, and Thermon Group Holdings, with a track record reflected in a TipRanks success rate of approximately 69% and an average return of 33.5%, ranking him among the top third of global analysts. Drab began his analyst career at William Blair in 2006, after earlier work as a manufacturing engineer at Motorola, and holds an MBA from Harvard Business School as well as a summa cum laude BSME from Washington University in St. Louis. He is a CFA charterholder and is likely FINRA-registered for relevant equity research credentials.

    Brian Drab's questions to DONALDSON Co (DCI) leadership

    Brian Drab's questions to DONALDSON Co (DCI) leadership • Q4 2025

    Question

    Brian Drab of William Blair asked about the drivers behind the forecasted 40% incremental operating margin for fiscal 2026. He also inquired about the expected margin trend throughout the year, the quarterly progression of the 2% volume growth forecast, and the contribution of new distribution wins to the outlook.

    Answer

    CFO Brad Pogalz attributed the strong incremental margin to gross margin expansion, benefits from structural cost reductions, and lapping the heavy lift of footprint optimization work later in the year. He noted that profit margins will step up over the year and are typically more back-half weighted than sales. For volume, he pointed to the historical 48/52 first-half/second-half sales split as a guide. Chairman, CEO & President Tod Carpenter confirmed that new distribution wins are a factor in the positive outlook.

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    Brian Drab's questions to DONALDSON Co (DCI) leadership • Q2 2025

    Question

    Brian Drab sought clarification on the drivers behind the significant projected revenue step-up in the IFS segment for the second half and asked for more granularity on the sources of strength within the Aerospace and Defense business.

    Answer

    CEO Tod Carpenter confirmed the IFS second-half ramp is primarily due to the timing of large Power Generation projects that shifted from the first half into Q3 and Q4, noting the full-year guide for that business is unchanged. Regarding Aerospace and Defense, he stated that strength is present in both commercial aerospace and defense, and the outperformance stems from improved supplier execution, which allowed the company to better service its strong existing backlog.

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    Brian Drab's questions to DONALDSON Co (DCI) leadership • Q1 2025

    Question

    Brian Drab inquired about the post-election business environment, including customer sentiment, potential for delayed project releases, and concerns about tariffs. He also asked for more insight into the Industrial Filtration Solutions (IFS) business, which reported 1% growth in Q1 but is forecast to grow high-single-digits for the full year.

    Answer

    CEO Tod Carpenter noted that the election's impact tends to normalize across Donaldson's diverse portfolio. He highlighted potential upside in power generation but acknowledged risks from tariffs, particularly on steel. He mitigated this concern by stating that 75% of products are manufactured in-region. For IFS, Carpenter explained the soft quarter was due to project timing, and the business's strong backlog supports the full-year forecast. CFO Brad Pogalz added that IFS faced a tougher year-over-year comparison in Q1 than other segments.

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    Brian Drab's questions to DONALDSON Co (DCI) leadership • Q4 2024

    Question

    Brian Drab requested more specific details on the NAPA partnership win, including the product lines and end markets involved. He also asked if a recovery in the first-fit business could create a margin headwind due to a less favorable sales mix.

    Answer

    CEO Tod Carpenter stated the NAPA win was secured due to Donaldson's broad technology portfolio covering heavy-duty diesel engines and its strong customer service. CFO Scott Robinson acknowledged that a cyclical recovery in the lower-margin first-fit business does create a mix headwind, but affirmed this dynamic has been factored into the company's forward guidance and updated long-term margin targets.

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    Brian Drab's questions to Thermon Group Holdings (THR) leadership

    Brian Drab's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Brian Drab of William Blair inquired about a capital improvement project that caused production delays, the specific revenue impact of those delays, the emerging liquid load bank opportunity in data centers, and gross margin expectations for the remainder of the fiscal year.

    Answer

    President, CEO & Director Bruce Thames confirmed the capital project issue is resolved and, along with supply chain disruptions, accounted for about 60% of the $10 million in delayed revenue. He explained that liquid load banks test both thermal and electrical loads for new liquid-cooled data centers and that Thermon aims to capture 20-25% of this growing market. Thames also projected that while Q2 may face margin headwinds from tariffs, new pricing should fully offset these in the second half, with year-end gross margins expected to trend near the current trailing twelve-month figure of 44.8%.

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    Brian Drab's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Brian Drab of William Blair inquired about a capital improvement project that caused production delays, the specific revenue impact of these delays, the emerging liquid load bank opportunity in data centers, and the gross margin outlook for the remainder of the fiscal year.

    Answer

    President, CEO & Director Bruce Thames confirmed the capital project issue is resolved and, along with supply chain disruptions, accounted for about 60% of a $10 million revenue delay expected to be recognized in upcoming quarters. He explained that new liquid load banks test both thermal and electrical loads in data centers, a market projected to grow to $386 million by 2032, where Thermon aims for a 20-25% share. Thames also stated that while there may be margin headwinds in Q2, pricing actions should offset tariff impacts in the second half, with year-end gross margins expected to trend around the current trailing twelve-month rate of 44.8%.

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    Brian Drab's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Brian Drab of William Blair inquired about a capital improvement project that caused production delays, the specific revenue impact of these delays, the emerging liquid load bank opportunity in data centers, and gross margin expectations for the remainder of the fiscal year.

    Answer

    President, CEO & Director Bruce Thames confirmed the capital project issue is resolved and, along with supply chain disruptions, accounted for about 60% of the $10 million in delayed revenue. He explained that new liquid load banks test both thermal and electrical loads for liquid-cooled data centers, a nascent market where Thermon aims for a 20-25% share. Thames projected that while Q2 may see margin headwinds from tariffs, full-year gross margins should trend toward the current trailing twelve-month rate of 44.8% as pricing actions take full effect in the second half.

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    Brian Drab's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Brian Drab of William Blair inquired about a production delay from a capital project, the specifics of a $10 million revenue delay, the emerging liquid load bank opportunity in data centers, and gross margin expectations for the upcoming quarters.

    Answer

    President and CEO Bruce Thames confirmed the capital project and supply chain issues that caused about 60% of the $10 million revenue delay are now resolved, with revenue expected in Q2 and beyond. He explained that new liquid load banks test thermal and electrical loads for data centers, a nascent market where Thermon aims for 20-25% share. Thames also projected that while Q2 may see margin headwinds, new pricing should offset tariff impacts in the second half, with full-year margins likely trending near the current 44.8% TTM rate.

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    Brian Drab's questions to Thermon Group Holdings (THR) leadership • Q4 2025

    Question

    Brian Drab of William Blair asked for clarification on the fiscal 2026 forecast, specifically concerning the overtime project category, the OpEx spending mix, and other end markets besides LNG showing CapEx strength, including data centers. He also sought to confirm if the cautious guidance was a primary result of macro uncertainty despite strong internal momentum and asked about a one-time technology investment.

    Answer

    CEO Bruce Thames stated that while the engineering workload for overtime projects is at an all-time high, the forecast remains muted due to trade policy uncertainty. He noted strength in general industrial, petrochemical, and rail/transit, and confirmed data centers are a developing opportunity. Thames affirmed that the guidance range reflects caution amid macro uncertainty, with the high end of the range being achievable if trade issues clarify. CFO Jan Schott later clarified that the $5 million technology investment is a one-time expense that will be adjusted out for calculating adjusted EBITDA.

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    Brian Drab's questions to Thermon Group Holdings (THR) leadership • Q3 2025

    Question

    Brian Drab of William Blair & Company, L.L.C. inquired about the drivers behind the record point-in-time revenue, the potential for a rebound in large CapEx projects, and the outlook for gross margin. He also sought clarification on the full-year guidance dynamics, where lower revenue could still result in meeting the EPS target.

    Answer

    CEO Bruce Thames explained that record point-in-time revenue was driven by a normal heating season, a strategic focus on recurring revenue, and acquisition contributions, representing a 'step change' for the business. He noted growing momentum for large CapEx projects in LNG, combined cycle gas plants, and nuclear. Thames clarified that if project execution slows, Thermon would likely hit the low end of its revenue guidance but the midpoint of its EPS guidance due to a favorable margin mix and productivity gains.

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    Brian Drab's questions to Thermon Group Holdings (THR) leadership • Q2 2025

    Question

    Brian Drab from William Blair & Company, L.L.C. asked about the outlook for large project activity post-election, the potential impact of winter weather on the Canadian business, and requested clarification on the size of the decarbonization project pipeline.

    Answer

    CEO Bruce Thames responded that post-election clarity should positively impact project activity and noted that the pipeline of opportunities is growing. He mentioned that the company plans for a normalized winter and that the Canadian business, which sells higher-margin products, is already showing year-over-year improvement. Thames also clarified that the decarbonization pipeline has grown to approximately $320 million.

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    Brian Drab's questions to EnerSys (ENS) leadership

    Brian Drab's questions to EnerSys (ENS) leadership • Q1 2026

    Question

    Brian Drab of William Blair questioned if the new $1 billion share buyback authorization signals a change in capital allocation, possibly as a 'plan B' for 45X funds, and also asked for color on the expected gross margin improvement in the second quarter.

    Answer

    President & CEO Shawn O'Connell clarified that the buyback is an opportunistic tool and is separate from 45X funds, which are designated for domestic production investments like the planned lithium facility. He stressed the company remains confident in the lithium project and will continue to pursue strategic M&A. EVP & CFO Andrea Funk added that leverage will be kept low to maintain 'dry powder'. Regarding margins, Funk expects all business lines to see improvement in Q2 as tariff uncertainties dissipate, with Motive Power in particular closing its performance gap to the prior year.

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    Brian Drab's questions to EnerSys (ENS) leadership • Q4 2025

    Question

    Brian Drab requested calendar year-to-date order growth for the Energy Storage and Specialty segments, an update on the status of the Section 45X tax refund, and the company's latest thinking on its domestic lithium plant project.

    Answer

    CFO Andrea Funk addressed order volatility, noting Q4 orders were pressured but rebounded in Q1, leading to flat year-to-date performance in Motive Power. She confirmed other companies have received the 45X refund and attributed EnerSys's delay to IRS staffing issues. Incoming CEO Shawn O'Connell stated that DOE support for the lithium plant remains strong, cell development has not slowed, and the financial model is being updated for new cost inputs and 45X benefits.

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    Brian Drab's questions to EnerSys (ENS) leadership • Q3 2025

    Question

    Brian Drab of William Blair & Company sought clarification on the $100 million reduction in the full-year sales outlook, asking for the primary reasons. He also asked for help reconciling the commentary about a 'slow return to normal' in Communications with the reported 40% year-over-year order growth in the Americas for that segment.

    Answer

    CFO Andrea Funk explained the revenue guidance was lowered due to a Q3 miss, driven by FX headwinds and a customer plant disruption, and a tempered Q4 outlook reflecting a slower-than-anticipated recovery in communications and transportation markets. She clarified that the strong 40% year-over-year order growth in Communications is off a very low base from the prior year when the market crashed. While the trajectory is positive, the sequential recovery is more gradual, with Q4 revenue expected to be near normalized levels but not yet showing robust growth.

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    Brian Drab's questions to EnerSys (ENS) leadership • Q2 2025

    Question

    Brian Drab inquired about the delays impacting the fast charging and storage business, including unit shipments and the fiscal 2027 outlook, and also asked for details on the order recovery in the communications market.

    Answer

    CEO David Shaffer attributed fast charge delays to the 'bureaucratic part' of the UL certification process and customer site prep issues, confirming one unit is installed with a goal of 15 ready this fiscal year. For communications, Executive Lisa Hartman reported that orders were up 30% year-over-year, with the book-to-bill ratio improving to 1.09 from 0.57 a year ago, driven by network resilience spending. COO Shawn O'Connell added color on early-stage network expansion projects.

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    Brian Drab's questions to Kornit Digital (KRNT) leadership

    Brian Drab's questions to Kornit Digital (KRNT) leadership • Q2 2025

    Question

    Brian Drab of William Blair asked for an update on large deals that had been pushed from earlier in 2025, specifically referencing a customer with seven Apollos who had been considering ten more. He also questioned if accelerated depreciation legislation in the U.S. could spur year-end demand.

    Answer

    CEO Ronen Samuel noted that while system shipments have doubled, large deals with new screen-printing customers face longer sales cycles as Kornit builds 'lighthouse' accounts to prove the technology. Regarding the specific customer, he said their seven Apollos are performing incredibly well but expansion plans were delayed by a site move. He confirmed that accelerated depreciation is a positive factor that could influence H2 deals in North America.

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    Brian Drab's questions to Kornit Digital (KRNT) leadership • Q1 2025

    Question

    Brian Drab from William Blair requested clarification on a "one-time materials recovery effort" that boosted service margins. He also asked about the number of Apollo systems placed in 2025 to date, the potential for adding new customers, and whether placements would be more weighted towards the second half of the year. He later followed up to clarify the ARR calculation methodology.

    Answer

    CFO Lauri Hanover described the materials recovery as a completed service effort. CEO Ronen Samuel did not disclose the exact number of Apollo placements but reiterated the full-year target of ~30 systems, noting a shift towards a more diverse customer base. He confirmed that Apollo shipments were always planned to be stronger in the second half. Samuel also clarified that ARR reflects the minimum contractual commitment, and any upside from higher usage would appear in actual reported AIC revenue, not the ARR metric itself.

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    Brian Drab's questions to Kornit Digital (KRNT) leadership • Q4 2024

    Question

    Brian Drab inquired about the roll-to-roll market opportunity in 2025, seeking reasons for its 2024 softness and the drivers of renewed optimism. He also asked for feedback on the Apollo system's performance during the recent holiday season.

    Answer

    CEO Ronen Samuel attributed the 2024 roll-to-roll softness to a weak fashion market. He expressed optimism for 2025 due to the new Vivido ink, a recovering market, and successful penetration into footwear and home decor. Regarding the Apollo, he stated its peak season performance exceeded expectations, calling it the best new platform introduction in Kornit's history. He confirmed high customer satisfaction, evidenced by repeat orders, and noted a strong pipeline to deliver 30 systems in 2025.

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    Brian Drab's questions to Kornit Digital (KRNT) leadership • Q3 2024

    Question

    Brian Drab from William Blair inquired why services revenue was flat year-over-year, asking about the contribution from upgrades, and also questioned the company's manufacturing confidence for the Apollo systems given the regional conflict in Israel.

    Answer

    CEO Ronen Samuel explained that service revenue appeared flat because the prior year's quarter included significantly higher revenue from Atlas-to-MAX upgrades, which masked underlying growth in areas like service contracts this quarter. He expressed full confidence in their ability to deliver 30 Apollo systems, citing robust contingency plans including regional ink inventory, US production capabilities, and redundant global contract manufacturers.

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    Brian Drab's questions to NOVANTA (NOVT) leadership

    Brian Drab's questions to NOVANTA (NOVT) leadership • Q2 2025

    Question

    Brian Drab of William Blair inquired about the status of the $35 million in China revenue at risk from tariffs, the market segments for new design wins in China, and specifics of the major warehouse robotics contract.

    Answer

    CFO Robert Buckley confirmed the $35 million risk is still factored into guidance with caution, but highlighted strong 'in China for China' growth and accelerating design wins, mostly in industrial and robotics. Chair and CEO Matthijs Glastra detailed the warehouse robotics win, explaining it involves providing a sense of touch via force torque sensing and fast, safe motion via servo drives. He framed the long-term opportunity as part of a potential $1 billion addressable market by 2030.

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    Brian Drab's questions to NOVANTA (NOVT) leadership • Q1 2025

    Question

    Brian Drab sought clarification on whether Novanta was trending toward the high end of its Q2 revenue guidance. He also asked for details on customer and end-market deferrals, the status of the $50 million new product revenue goal, and the company's exposure to NIH spending cuts.

    Answer

    CFO Robert Buckley confirmed that revenue is currently trending toward the high end of the Q2 guidance range ($240 million), but a wider range was provided due to market volatility. CEO Matthijs Glastra identified the largest deferral as U.S. production to China ($35 million impact) and noted weakness in life sciences and industrial markets. However, he reaffirmed confidence in the $50 million new product revenue goal, driven by strong performance in the medical device market.

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    Brian Drab's questions to NOVANTA (NOVT) leadership • Q4 2024

    Question

    Brian Drab of William Blair inquired about new EUV/DUV subsystem orders, their impact on customer content, and revenue timing. He also asked about order trends in the humanoid robotics business and followed up on a previously discussed sales pause in robotic surgery and customer diversification in that market.

    Answer

    Chair and CEO Matthijs Glastra confirmed the EUV/DUV subsystem is an intelligent product that will increase customer content, with the revenue ramp geared toward the second half of 2025. He noted that while the humanoid robotics category is small, it is growing rapidly and showcases Novanta's technology in high-precision applications. CFO Robert Buckley added that the robotic surgery shipment issue from the prior quarter has been resolved and that broader customer diversification depends on the commercial success of other OEMs, as Novanta is designed into multiple platforms.

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    Brian Drab's questions to NOVANTA (NOVT) leadership • Q3 2024

    Question

    Brian Drab of William Blair & Company questioned the reasons for the significant sequential decline in Q4 EPS guidance, given the relatively flat revenue outlook. He also sought more detail on the new product technology for the EUV/DUV lithography application and requested an update on the full-year revenue expectation for the Motion Solutions acquisition.

    Answer

    CFO Robert Buckley attributed the lower Q4 EPS to a higher-than-anticipated tax rate due to jurisdictional sales mix and a sequential increase in operating expenses related to R&D project timing and compensation. CEO Matthijs Glastra clarified the EUV/DUV product involves a new technology for Novanta and the delay is related to customer timing, not a design loss. Buckley confirmed the full-year revenue expectation for Motion Solutions remains approximately $80 million.

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    Brian Drab's questions to Xometry (XMTR) leadership

    Brian Drab's questions to Xometry (XMTR) leadership • Q2 2025

    Question

    Brian Drab asked about the significant rebound in gross margin from Q1, whether there were any unusual factors in Q2, and if the current high level is sustainable. He also questioned how Xometry is outperforming despite a weak ISM index and the potential for growth to accelerate in a better macro environment.

    Answer

    CFO James Miln attributed the record 35.4% marketplace gross margin to AI-driven improvements in pricing and sourcing, noting a normalization from Q1's proactive investments. He expects year-over-year margin improvement to continue but noted it may not be linear quarter-over-quarter. CEO Randy Altschuler stated that Xometry's strong growth is due to market share gains and increased adoption of its digital marketplace, which would benefit from a macro tailwind, but current guidance does not assume any macro improvement.

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    Brian Drab's questions to Xometry (XMTR) leadership • Q1 2025

    Question

    Brian Drab inquired about the impact of recent tariff announcements on customer behavior and questioned the Q2 incremental EBITDA margin guidance, which appeared slightly below the company's long-term target.

    Answer

    CEO Randy Altschuler confirmed robust Q2 demand and a slight mix shift to domestic sourcing as enterprise customers re-evaluate strategies. CFO James Miln acknowledged the Q2 incremental margin is slightly below 20% but noted the first-half average is in the low 20s, reaffirming the full-year target of 20% as they balance growth and profitability annually.

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    Brian Drab's questions to Xometry (XMTR) leadership • Q4 2024

    Question

    Brian Drab questioned the trend in order growth for Q4 and 2024 and asked about the current relationship between the Thomas platform and the core Xometry marketplace, specifically regarding lead generation.

    Answer

    CEO Randolph Altschuler declined to provide specific order growth metrics but highlighted the record quarterly addition of over 3,400 active buyers in Q4 as a strong indicator of momentum. Regarding Thomas, he stated the current focus is on integrating a new ad server to increase advertiser penetration from its current 1% level, with deeper platform synergies planned for the future.

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    Brian Drab's questions to Xometry (XMTR) leadership • Q3 2024

    Question

    Brian Drab questioned the timeline for the international business to reach profitability and commented on the impressive active buyer growth, asking for long-term expectations for this metric, especially given the soft operating environment.

    Answer

    CFO James Miln noted that while international is a key investment area showing strong returns, it is still early. CEO Randy Altschuler added that technology investments are driving growth in Europe, and the recent traction in Asia-Pacific, including a first 7-figure deal, will be crucial for achieving overall international profitability. Regarding buyer growth, Altschuler stated there are millions of potential buyers and significant room to grow by penetrating larger customers with tools like Teamspace, broadening the service menu, and expanding internationally.

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    Brian Drab's questions to ZEBRA TECHNOLOGIES (ZBRA) leadership

    Brian Drab's questions to ZEBRA TECHNOLOGIES (ZBRA) leadership • Q2 2025

    Question

    Brian Drab asked about the expected trajectory for gross margin sequentially into the third quarter and the second half. He also requested commentary on the outlook for the government and healthcare end markets.

    Answer

    CFO Nathan Winters stated that Q3 gross margin is expected to be relatively flat compared to Q2, as tariff impact, volume, and mix are all similar. CEO Bill Burns expressed confidence in the healthcare vertical despite tough comps, citing global growth opportunities in electronic medical records and clinical mobility. He also noted opportunities in government, particularly around inventory tracking and public safety in Europe.

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    Brian Drab's questions to ZEBRA TECHNOLOGIES (ZBRA) leadership • Q4 2024

    Question

    Brian Drab of William Blair & Company asked about the expected growth dynamics between the Asset Intelligence and Tracking (AIT) and Enterprise Visibility & Mobility (EVM) segments in 2025. He also inquired about the company's strategy for potentially moving production in response to tariffs.

    Answer

    CFO Nathan Winters stated that he expects fairly consistent growth across both the AIT and EVM segments for the full year, though quarterly results may vary. He also detailed significant progress in diversifying the supply chain, reducing North American imports from China from 85% historically to a planned one-third by year-end through partnerships with global manufacturers.

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    Brian Drab's questions to ZEBRA TECHNOLOGIES (ZBRA) leadership • Q3 2024

    Question

    Brian Drab noted the improved tone on demand and asked about the specific timing of the recovery in Q3. He also inquired about the company's preparations for potential future tariffs related to the U.S. election.

    Answer

    CFO Nathan Winters clarified that the confidence to raise guidance came from seeing actual POs and pipeline conversions accelerate in the latter half of Q3 and early Q4. Regarding tariffs, he stated the company is actively working on mitigation plans and continuing its long-standing strategy of supply chain diversification to improve overall resiliency.

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    Brian Drab's questions to nVent Electric (NVT) leadership

    Brian Drab's questions to nVent Electric (NVT) leadership • Q2 2025

    Question

    Brian Drab of William Blair asked about the potential margins for nVent's modular data center offerings compared to its existing business. He also sought clarification on whether Tracte's business is now being reported within the data center vertical and requested an estimate of the total business exposure to the data center industry.

    Answer

    CEO Beth Wozniak stated that margins for modular enclosures are expected to be in line with the existing portfolios of the acquired businesses (Tracte and Avail EPG), with standardized liquid cooling products potentially offering higher margins over time. She clarified that the company's stated 20% data center exposure is inclusive of contributions from the Tracte and Avail EPG acquisitions.

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    Brian Drab's questions to nVent Electric (NVT) leadership • Q1 2025

    Question

    Brian Drab asked about the potential upside to guidance if the tariff situation were to be reversed and requested a more detailed breakdown of the strong organic order growth by segment.

    Answer

    CEO Beth Wozniak stated that the company's goal is to remain neutral to tariffs through a combination of pricing, productivity, and supply chain actions, making it difficult to quantify a potential upside from a reversal. She reiterated that Q1 organic orders were up mid-teens, driven by strong double-digit growth in Data Solutions, with the rest of the business growing mid-single digits, primarily in the infrastructure vertical.

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    Brian Drab's questions to nVent Electric (NVT) leadership • Q4 2024

    Question

    Brian Drab requested more specific growth expectations for the power utilities and data solutions businesses in 2025, asking for the 2024 growth rate for data solutions. He also probed for the potential organic growth contribution from the Trachte acquisition in the second half of the year.

    Answer

    CEO Beth Wozniak reiterated double-digit growth expectations for power utilities, driven by the Trachte acquisition and core products. She confirmed that data solutions grew approximately 30% in 2024 and is expected to see double-digit growth again in 2025. CFO Sara Zawoyski noted Trachte was a ~$250M business that exceeded expectations in Q4 and that the company's total backlog, including Trachte, ended 2024 at $750 million, providing visibility for H2 growth.

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    Brian Drab's questions to nVent Electric (NVT) leadership • Q3 2024

    Question

    Brian Drab requested more granularity on the $575 million Data Solutions business, specifically the mix and growth of power and cooling. He also asked for an update on the Thermal Management deal's closing timeline and the interest rate nVent earns on its cash.

    Answer

    CEO Beth Wozniak confirmed power and cooling now represents "a little more than 50%" of the Data Solutions business and is expected to grow as a percentage of the mix. She reiterated the thermal deal is expected to close by early 2025. CFO Sara Zawoyski estimated a blended interest rate of 4% to 5% could be earned on cash or used to prepay debt.

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    Brian Drab's questions to MODINE MANUFACTURING (MOD) leadership

    Brian Drab's questions to MODINE MANUFACTURING (MOD) leadership • Q1 2026

    Question

    Brian Drab inquired about the specifics of the data center capacity expansion, asking how much revenue the $100 million investment is expected to add and questioning the implied return on invested capital (ROIC). He also asked if the near-term incremental EBITDA margin of 15% is indicative of the long-term margin profile for this new capacity.

    Answer

    President & CEO Neil Brinker stated that to reach the $2B revenue goal in FY28, they need about $2.5B in capacity, which the investment supports. EVP & CFO Michael Lucareli confirmed the ROIC is exceptionally high, well above 50%. He clarified that the 15% margin is a temporary figure during the ramp-up phase and that long-term margins for data center products at normal capacity are at or above the segment average. The current priority is capturing growth over near-term margin optimization.

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    Brian Drab's questions to MODINE MANUFACTURING (MOD) leadership • Q4 2025

    Question

    Brian Drab questioned the fiscal 2025 data center revenue split between the U.S. and Europe and asked about the expected revenue cadence for the data center business in fiscal 2026, specifically if it would be back-end loaded.

    Answer

    EVP and CFO Mick Lucareli confirmed the fiscal 2025 data center revenue split was approximately 75% North America and 25% Europe. He also stated that fiscal 2026 revenue is expected to ramp throughout the year, with Q1 being the softest quarter due to market conditions in Europe and the ongoing capacity ramp-up in North America. He anticipates being able to meet demand by the second half of the year.

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    Brian Drab's questions to MODINE MANUFACTURING (MOD) leadership • Q3 2025

    Question

    Brian Drab of William Blair & Company requested an update on the company's path to achieving the 16-18% EBITDA margin target by fiscal 2027. He also asked for more specific details on what 'gaining share' in the data center market entails and inquired about the scale of opportunities Modine is pursuing with its new facility in India.

    Answer

    EVP and CFO Mick Lucareli stated that the company expects to exit the fiscal year with a strong Q4 margin in the 15-16% range and remains confident in the fiscal '27 target, driven by outperformance in Climate Solutions and eventual recovery in Performance Technologies. He clarified that data center share gains are primarily in North America, where Modine now offers a full product portfolio. CEO Neil Brinker added that the India expansion is to follow customers into Southeast Asia, targeting a range of projects.

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    Brian Drab's questions to MODINE MANUFACTURING (MOD) leadership • Q2 2025

    Question

    Brian Drab of William Blair & Company requested details on the downward revenue revision for the Advanced Solutions business and asked for an update on the visibility for a recovery in the European heat pump market.

    Answer

    EVP and CFO Mick Lucareli explained the Advanced Solutions outlook was lowered due to weakness in the non-strategic auto EV component side, while the strategic battery thermal management systems are still expected to grow over 30%. President and CEO Neil Brinker commented that the heat pump market recovery is dependent on regulations and incentives, which he anticipates being 'several quarters out.'

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    Brian Drab's questions to Proto Labs (PRLB) leadership

    Brian Drab's questions to Proto Labs (PRLB) leadership • Q2 2025

    Question

    Brian Drab from William Blair inquired about the drivers of the significant strength in the CNC machining business, asking if it was concentrated in the factory or network and whether it was more production or prototype-oriented. He also asked about the outlook for CNC into Q3 and the pressures affecting the injection molding segment.

    Answer

    CFO Dan Schumacher stated that CNC growth was strong across both the factory and the network, with US CNC revenue up 30%. CEO Suresh Krishna attributed this to a successful go-to-market reorganization and the agility of their production teams. Regarding injection molding, Schumacher explained the decline was due to tough year-over-year comparisons in automotive and current weakness in the medical sector.

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    Brian Drab's questions to Proto Labs (PRLB) leadership • Q1 2025

    Question

    Brian Drab from William Blair & Company inquired about the drivers behind the Q1 sequential gross margin improvement, its sustainability, and whether the current tariff situation poses challenges for the Protolabs Network.

    Answer

    CFO Dan Schumacher attributed the margin increase to higher factory volume and guided for Q2 margins to be flat to slightly down due to a higher mix of network-fulfilled revenue. CEO Rob Bodor added that the company's strategic pivot to production is driving growth in key metrics. Regarding tariffs, Bodor emphasized the network's adaptability, which allows it to shift work and mitigate impacts, viewing the dynamic as a strength.

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    Brian Drab's questions to Proto Labs (PRLB) leadership • Q4 2024

    Question

    Brian Drab inquired about the quantifiable impact of increased spending on marketing and sales, the current revenue mix between production and prototyping, and the performance outlook for the Injection Molding business.

    Answer

    CFO Dan Schumacher quantified the sequential non-GAAP operating expense increase at approximately $2.5 million, linking it to growth investments. CEO Robert Bodor clarified the revenue mix is roughly two-thirds prototyping and one-third production, with production growing faster. Bodor attributed the recent softness in Injection Molding to macroeconomic headwinds impacting prototyping, not operational changes.

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    Brian Drab's questions to Proto Labs (PRLB) leadership • Q3 2024

    Question

    Brian Drab inquired about the sustainability of Proto Labs' strong gross margins, the potential for growth rate convergence between the Factory and Network segments, the current adoption rate of blended services, and the traction gained from enhanced inspection capabilities for higher-volume production work.

    Answer

    CFO Dan Schumacher explained that while a seasonal dip is expected in Q4, gross margins have improved in both the Factory (due to automation) and the Network (due to sourcing algorithms), with Network margins currently exceeding their target range. CEO Rob Bodor added that the Network remains a strong growth engine, and the adoption of the comprehensive Factory and Network offer is still in its "early innings" at less than 5% of customers, representing a significant opportunity. Bodor also confirmed that enhanced inspection capabilities are crucial for winning production business and driving up revenue per customer.

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    Brian Drab's questions to GENERAC HOLDINGS (GNRC) leadership

    Brian Drab's questions to GENERAC HOLDINGS (GNRC) leadership • Q2 2025

    Question

    Brian Drab of William Blair asked about the market reception to the recent 7-8% price increase, its effect on demand, and how pricing plans for the new product line are evolving with the changing tariff landscape.

    Answer

    Chairman, President & CEO Aaron Jagdfeld explained that the price increase, implemented in response to anticipated tariffs, did not have a material impact on demand beyond the demand destruction already factored into guidance. He announced that the new next-generation home standby products, starting with the 14kW and 18kW units, will carry an additional 5-7% price increase due to enhanced features and some tariff rebalancing. Pricing for the larger nodes of the new product line has not yet been released as the company continues to monitor the tariff environment.

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    Brian Drab's questions to GENERAC HOLDINGS (GNRC) leadership • Q1 2025

    Question

    Brian Drab requested more specific details on the impact of the 145% China tariff, seeking to understand how guidance might change if the tariff situation were reversed or significantly mitigated.

    Answer

    President and CEO Aaron P. Jagdfeld clarified that approximately two-thirds of the potential $125 million tariff impact is related to China. He stated that any change in the tariff rate would alter the financial impact accordingly. He stressed that the company is being cautious about passing on full costs through price increases, given the potential for trade policies to change.

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    Brian Drab's questions to GENERAC HOLDINGS (GNRC) leadership • Q4 2024

    Question

    Brian Drab shifted focus to the C&I business, asking for more detail on the drivers behind the improvement in the telecom market and what factors could reignite growth in the rental equipment market.

    Answer

    CEO Aaron P. Jagdfeld stated that the telecom market bottomed in mid-2024, with recent high-profile outages prompting carriers to reinvest in network hardening. Regarding the rental market, he noted it was impacted by lower capital spending from customers and that while fleets are aging, the company's 2025 guidance assumes a moderating decline rather than a recovery, not factoring in potential tailwinds from infrastructure or energy policy shifts.

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    Brian Drab's questions to GENERAC HOLDINGS (GNRC) leadership • Q3 2024

    Question

    Brian Drab from William Blair questioned the assumption that a large portion of hurricane-related demand would be fulfilled in 2024, suggesting the timing implies the demand wave is just beginning.

    Answer

    President and CEO Aaron P. Jagdfeld clarified that the 2024 fulfillment is gated by what the company can produce and ship, noting that production began ramping after an early-season storm. He agreed that it is still early in the demand cycle and that the key variables to watch are the duration of the demand surge and the level of the 'new and higher baseline' of demand that will ultimately emerge post-storms.

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    Brian Drab's questions to VALMONT INDUSTRIES (VMI) leadership

    Brian Drab's questions to VALMONT INDUSTRIES (VMI) leadership • Q2 2025

    Question

    Brian Drab of William Blair asked for tangible evidence of the infrastructure demand wave justifying Valmont's capacity expansion. He also inquired about the outlook for the lighting and transportation business, including potential tailwinds from the infrastructure bill, and sought to confirm the long-term financial model implies low-double-digit EPS growth.

    Answer

    CEO Avner Applbaum cited close customer collaboration on their strategic capital plans, an industry-wide capacity shortage, and a $1.5 billion backlog as tangible signs of demand. For L&T, he acknowledged recent softness but noted strong DOT spending and a long-term housing need should drive steady improvement. CFO Thomas Liguori confirmed that Drab's calculation of low-double-digit long-term EPS growth is aligned with the company's expectations.

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    Brian Drab's questions to VALMONT INDUSTRIES (VMI) leadership • Q1 2025

    Question

    Brian Drab of William Blair requested more precise volume growth expectations for the Utility and Lighting & Transportation (L&T) businesses for 2025, asked if the impact from the U.S. infrastructure bill is now being seen, and inquired about how the company's understanding of its tariff situation and USMCA compliance has evolved.

    Answer

    CEO Avner Applbaum projected mid-single-digit volume growth for the overall Infrastructure segment (excluding solar), supported by a $1.5 billion backlog and new capacity coming online. He noted that while it's hard to quantify the direct impact, the infrastructure bill supports solid demand in transportation. Regarding tariffs, Applbaum stated their Mexico operations are USMCA compliant and that the company is focused on managing near-term issues while executing its long-term strategy, including accretive share repurchases and capacity expansions.

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    Brian Drab's questions to VALMONT INDUSTRIES (VMI) leadership • Q4 2024

    Question

    Brian Drab of William Blair questioned the gross margin outlook for 2025, the impact of start-up costs from new capacity, the growth drivers for the utility substation business, and the location of a new $45 million EMEA project.

    Answer

    CFO Tom Liguori projected that 2025 gross margin would be flat to slightly up, with new capacity adding depreciation expense in the second half but improving efficiency over time. President and CEO Avner Applbaum identified data centers and renewables as key drivers for the high-margin substation business. He also confirmed the new EMEA project is in a country where Valmont has an existing presence.

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    Brian Drab's questions to VALMONT INDUSTRIES (VMI) leadership • Q3 2024

    Question

    Brian Drab from William Blair & Company requested a specific update on the large irrigation project in Egypt, including its progress and any impact from the regional economic environment. He also asked for the updated volume growth forecast for the infrastructure business for the full year 2024.

    Answer

    President and CEO Avner Applbaum stated that the Middle East and Africa irrigation projects, including the one in Egypt, are progressing well with a strong pipeline for 2025, and that the current regional situation is not impacting the business. He cautioned that timing on large projects can always vary. Regarding infrastructure volume, CFO Tom Liguori clarified that TD&S utility volumes are up, but overall segment volumes are down due to the strategic exit from lower-margin solar businesses, with other areas being relatively flat.

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    Brian Drab's questions to LINDSAY (LNN) leadership

    Brian Drab's questions to LINDSAY (LNN) leadership • Q3 2025

    Question

    Brian Drab questioned if the new $20M project's smaller size indicates a new trend for MENA projects and asked for an assessment of the near-term outlook in Brazil, given rising interest rates.

    Answer

    President and CEO Randy Wood clarified that the smaller project size is not a trend of large projects shrinking, but rather reflects the natural composition of the sales funnel, which contains more projects of this size. Regarding Brazil, he acknowledged near-term caution due to interest rates but noted the market is awaiting the July crop plan, which could quickly change sentiment, while long-term fundamentals remain strong.

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    Brian Drab's questions to LINDSAY (LNN) leadership • Q2 2025

    Question

    Brian Drab of William Blair inquired about the timing of international irrigation revenue, asking if any was pulled forward from future quarters. He also asked for a deeper analysis of the company's exposure to new tariffs, the specific mitigation strategies beyond price increases, and the potential impact on both the Irrigation and Infrastructure segments.

    Answer

    Chief Financial Officer Brian Ketcham acknowledged that revenue from the large MENA project was slightly higher than anticipated in Q2 but stated it does not alter the expected cadence for Q3 and Q4. Regarding tariffs, he noted the primary impact is on the Irrigation business and that the company is managing it through inventory builds and supplier adjustments for components like electrical parts. He estimated the total cost of goods impact would be in the mid-single-digit range.

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    Brian Drab's questions to 3D SYSTEMS (DDD) leadership

    Brian Drab's questions to 3D SYSTEMS (DDD) leadership • Q1 2025

    Question

    Brian Drab asked about the company's options for addressing its 2026 debt maturity and expressed concern that the incremental cost-cutting plans could potentially hinder future growth prospects.

    Answer

    CEO Jeffrey Graves responded that all options are being considered for the debt maturity, including a cash payoff or refinancing, with a decision to be made soon now that the Geomagic sale proceeds are secured. Regarding cost cuts, Graves argued that after a three-year cycle of intense R&D investment to refresh the product portfolio, the company can now reduce spending without sacrificing core growth initiatives in healthcare, dental, and high-reliability industrial markets. He noted the cuts would be split between cost of goods sold and operating expenses.

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    Brian Drab's questions to STRATASYS (SSYS) leadership

    Brian Drab's questions to STRATASYS (SSYS) leadership • Q1 2025

    Question

    Brian Drab of William Blair & Company inquired about the specific impact of U.S. tariffs on systems imported from Israel and the economic assumptions underpinning the company's second-half forecast.

    Answer

    CEO Yoav Zeif clarified that tariffs are paid on the cost of goods sold and that the current 10% tariff is not considered material. CFO Eitan Zamir explained the guidance assumes a seasonal uptick in H2 revenue, similar to prior years, but emphasized the primary focus is on securing the 8% EBITDA target amidst market uncertainty. Yoav Zeif added that the company is focused on its internal cost structure to be prepared for when manufacturing demand recovers.

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    Brian Drab's questions to STRATASYS (SSYS) leadership • Q4 2024

    Question

    Tyler Hutin, on behalf of Brian Drab, asked about any significant FX headwinds or divestitures affecting the 2025 organic revenue outlook. He also inquired about the denture market opportunity, its current TAM, and Stratasys's competitive differentiators.

    Answer

    CEO Yoav Zeif stated that aside from a minor impact from a past divestiture, there are no significant inorganic factors for 2025, and FX exposure is largely hedged. Regarding the dental market, he highlighted Stratasys's innovative monoblock denture solution as a key differentiator in a large addressable market, noting plans to lead through technology and potential strategic moves.

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    Brian Drab's questions to STRATASYS (SSYS) leadership • Q3 2024

    Question

    Brian Drab from William Blair requested an update on the F3300 industrial platform rollout and its customer adoption. He also asked how the company views the recent U.S. election results in the context of onshoring trends and potential customer activity.

    Answer

    CEO Dr. Yoav Zeif reported that the F3300 rollout is 'going well,' with shipments to key customers like Toyota, BAE Systems, and Nissan expected to create a flywheel effect due to its superior performance. He stated that the election results are viewed as a tailwind that reinforces mega-trends like localized manufacturing and onshoring, which is optimistic for the business.

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