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Brian McNamara

Managing Director and Senior Analyst specializing in the consumer sector at Canaccord Genuity - Global Capital Markets

Brian McNamara is a Managing Director and Senior Analyst specializing in the consumer sector at Canaccord Genuity, where he has been since 2022. He covers companies such as Hillman Solutions, Driven Brands Holdings, Middleby, Spectrum Brands Holdings, and Worthington Enterprises, with a recent documented analyst success rate of 53% and notable positive returns on several stock calls. McNamara began his finance career after earning a BS from SUNY Oswego and an MBA from Mercy College, previously holding senior analyst roles at Berenberg Capital Markets and Rockefeller Capital Management. He is professionally credentialed in equity research, holding relevant securities licenses, and is recognized for his expertise and leadership within the consumer coverage space.

Brian McNamara's questions to WORTHINGTON ENTERPRISES (WOR) leadership

Brian McNamara's questions to WORTHINGTON ENTERPRISES (WOR) leadership • Q1 2026

Question

Brian McNamara inquired about the breakdown of price versus volume growth for both segments in the quarter. He also asked if tariff impacts were translating into pricing changes or wider price gaps from internationally sourced competitors at the shelf. Finally, he sought insights into the outlook for gross margins in coming quarters, considering the 30% medium-term target and any influencing factors.

Answer

Joe Hayek (President and CEO) stated that building products saw higher volumes with stable prices, while consumer volumes were down but offset by a favorable mix shift towards celebrations. Colin Souza (CFO) noted that while tariffs directly impacted Worthington's consumer business, shelf pricing from competitors was mixed, as many companies are still assessing the situation. Colin Souza explained that Q1 gross margin was 27.1%, up year-over-year despite purchase accounting, driven by building product volumes and initiatives. He reiterated the annual goal of driving gross margins north of 30%, acknowledging Q1 and Q2 are seasonally weaker.

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Brian McNamara's questions to WORTHINGTON ENTERPRISES (WOR) leadership • Q1 2026

Question

Brian McNamara asked for a qualitative breakdown of price versus volume growth for both segments in the quarter. He also inquired if Worthington was observing tariff impacts on pricing from internationally sourced competitors, leading to wider price gaps. Finally, McNamara sought insight into the outlook for gross margins in coming quarters, considering the 30% medium-term target and any influencing factors.

Answer

CEO Joe Hayek and CFO Colin Souza stated that building products saw volume increases with stable pricing, while consumer volumes were down but offset by a favorable mix shift towards higher-cost celebration products. They clarified that specific volume data is not disclosed due to product complexity. Souza noted that while Worthington incurred tariff costs in the consumer business, they haven't yet observed significant tariff-driven price increases from international competitors at the shelf. Souza and Hayek explained that Q1 gross margin was 27%, with Q1 and Q2 typically being seasonally weaker, and reiterated the annual goal of driving gross margins north of 30% over time, with initiatives supporting this trend.

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Brian McNamara's questions to WORTHINGTON ENTERPRISES (WOR) leadership • Q1 2026

Question

Brian McNamara asked for a qualitative breakdown of price versus volume growth for both the consumer and building products segments in the quarter. He also inquired if Worthington was observing tariff impacts on pricing in its markets, specifically if internationally sourced competitors were increasing prices and widening price gaps. Finally, McNamara sought insight into the outlook for gross margins in coming quarters, considering the $2.2 million purchase accounting charge and the medium-term target of 30%.

Answer

Joseph Hayek (President, CEO & Director) and Colin Souza (VP & CFO) indicated that building products saw volume increases with stable pricing, while consumer volumes were down but offset by a favorable mix shift towards higher-cost celebration products. Colin Souza noted that while tariffs directly impacted Worthington, price increases from international competitors on the shelf were 'a bit mixed.' Colin Souza and Joseph Hayek discussed the 27% gross margin achieved, acknowledging the impact of purchase accounting and seasonal weakness in Q1/Q2, reiterating the long-term annual goal of driving gross margins north of 30%.

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Brian McNamara's questions to WORTHINGTON ENTERPRISES (WOR) leadership • Q4 2025

Question

Brian McNamara of Canaccord Genuity asked about the observed market impact of tariffs on competitors and Worthington's positioning as a domestic manufacturer. He also questioned the sustainability of the 29%+ gross margin level and sought specific details on the Elgin acquisition, including its seasonality, margin profile, and any sourcing from China.

Answer

CEO Joseph Hayek noted that competitors are employing various tariff mitigation strategies, and Worthington's domestic production provides an advantage. CFO Colin Souza indicated that while Q3 and Q4 are seasonally strong, the company does not expect a significant margin decline and is actively working toward its 30% goal. Regarding Elgin, Souza explained its seasonality is stronger in the second half of the calendar year and that Worthington's business system will be deployed to improve its margins. Hayek confirmed that Elgin has no sourcing from China.

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Brian McNamara's questions to WORTHINGTON ENTERPRISES (WOR) leadership • Q3 2025

Question

Brian McNamara requested quantification of the organic sales growth excluding both SCS and the Ragasco acquisition. He also asked about quarter-to-date trends, whether gross margins are structurally higher now, and the progress on optimizing SG&A post-separation. Finally, he inquired about how the tariff situation is impacting M&A activity for targets with production in China.

Answer

CEO Joseph Hayek stated that organic sales growth, excluding Ragasco and SCS, was 4%. He commented that three weeks into Q4, business has not "dropped off a cliff." CFO Colin Souza and Hayek confirmed that margins are structurally higher post-SCS deconsolidation and that a return to normal mix in large heating tanks has also helped. They reiterated the goal of high 20s gross margins. On SG&A, Souza noted the run rate is in the mid-$60 million range per quarter, with ongoing efforts to improve efficiency. Hayek added that M&A uncertainty is not ideal, but it hasn't completely chilled the market for long-term acquirers like Worthington.

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Brian McNamara's questions to WORTHINGTON ENTERPRISES (WOR) leadership • Q2 2025

Question

Brian McNamara of Canaccord Genuity asked about the CEO succession plan, whether long-term financial targets like the 6-8% top-line growth goal would change, and sought confirmation on the forward-looking gross margin expectations. He also inquired about M&A priorities within the Consumer Products segment, specifically which end markets are most attractive.

Answer

CEO Joseph Hayek affirmed that while the 6-8% top-line growth target remains, achieving it is dependent on market conditions, which are currently flat to steady. He confirmed that the recent 27% gross margin is a reasonable expectation going forward, given the structural changes to the business. For M&A in the Consumer segment, Hayek indicated a focus on the value-added tools space, targeting companies that can leverage Worthington's existing retail and professional distribution channels, rather than other areas like celebrations or outdoor living.

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Brian McNamara's questions to WORTHINGTON ENTERPRISES (WOR) leadership • Q1 2025

Question

Brian McNamara of Canaccord Genuity asked what the largest deviation was from management's expectations 90 days prior. He also sought specific evidence supporting the view that the heating and cooking market has bottomed and inquired about any shift in customer sentiment in Building Products following the recent interest rate cut.

Answer

CEO Andy Rose identified the larger-than-expected margin compression at ClarkDietrich and the prolonged destocking in the heating business as the main drivers of the year-over-year decline. CFO and COO Joe Hayek added that an influx of aggressively priced gas grill cylinders from a competitor also impacted the quarter. Rose cited the completion of distributor destocking and the business moving into its seasonally stronger period as evidence for the market bottom. Hayek noted that the rate cut has improved the outlook for capital costs for customers.

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Brian McNamara's questions to LIFETIME BRANDS (LCUT) leadership

Brian McNamara's questions to LIFETIME BRANDS (LCUT) leadership • Q2 2025

Question

The analyst asked for a quantification of sales impacted by Q2 shipment halts, the reasoning for not providing guidance despite tariff clarity, the expected timing for price increases to reach consumers, and the anticipated price elasticity for their products.

Answer

Management estimated that over $30 million in sales were shifted or delayed due to tariff-related disruptions, but noted the bulk of the issue is now past. They are withholding guidance due to poor visibility into consumer reaction to price increases, which they expect will start hitting shelves in Q3. The company anticipates low price elasticity on most items due to their low average selling prices, though larger items like dinnerware sets could be more vulnerable.

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Brian McNamara's questions to LIFETIME BRANDS (LCUT) leadership • Q2 2025

Question

Brian McNamara of Canaccord Genuity - Global Capital Markets asked for a quantification of sales lost due to shipment stoppages in Q2, the rationale for not providing guidance despite improved tariff clarity, the expected timing for price increases to reach consumers, and the anticipated price elasticity on products.

Answer

CEO Robert Kay estimated that over $30 million in sales were delayed or shifted due to tariff-related disruptions, with the bulk of the issue now resolved. He explained that the company is withholding guidance due to poor visibility on the consumer response to upcoming price increases, which he expects will begin hitting shelves in Q3. Mr. Kay noted that historically, their products have shown low price elasticity due to low average selling prices, though larger items like dinnerware sets could be more vulnerable.

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Brian McNamara's questions to LIFETIME BRANDS (LCUT) leadership • Q1 2025

Question

Questioned the rationale for withdrawing financial guidance, the timeline for shifting manufacturing out of China, the expected demand elasticity following significant price increases, and the company's message to shareholders regarding the current stock valuation.

Answer

Guidance was withdrawn due to a lack of visibility in the volatile market. The shift from China has been an ongoing multi-year process, and the company believes it is ahead of the industry. Historically, demand for their low-priced essential products has been relatively inelastic. Management believes there is a significant intrinsic value gap in the stock and that the company's long-term fundamentals are very strong.

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Brian McNamara's questions to LIFETIME BRANDS (LCUT) leadership • Q4 2024

Question

Inquired about the specific quantification of tariff exposure, the outlook for top-line growth, details on the Dolly Parton program's expansion, and a performance breakdown of the company's various brands.

Answer

The company aims to reduce its China production from 75% to under 50% by year-end. While growth drivers like foodservice and the Dolly Parton program are strong, official guidance is pending. The Dolly Parton program is expanding successfully. Brand performance varied, with Farberware and Mikasa growing while Taylor and Pfaltzgraff declined; strategies are in place to revive Taylor's growth.

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Brian McNamara's questions to Traeger (COOK) leadership

Brian McNamara's questions to Traeger (COOK) leadership • Q2 2025

Question

Brian McNamara from Canaccord Genuity questioned why the grill market was so tough in Q2, asked about the drivers behind MEATER's continued sales decline, and requested CEO Jeremy Andrus's message to shareholders on the investment merits of the stock.

Answer

CEO Jeremy Andrus attributed the tough Q2 grill market to poor consumer sentiment in April/May and the lingering effects of the pandemic pull-forward demand, noting this year felt like the start of normalization. Regarding MEATER, he cited intense low-price competition but noted the rate of decline has slowed. He explained the plan is to integrate MEATER's operations into Traeger's infrastructure to improve profitability and leverage Traeger's marketing expertise. Finally, he expressed strong personal belief in the company's long-term value, brand strength, and innovation pipeline as reasons for his optimism and continued stock purchases.

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Brian McNamara's questions to Traeger (COOK) leadership • Q1 2025

Question

Brian McNamara from Canaccord Genuity followed up on tariffs, asking for clarification on which products are affected by the highest rates, the proportion of COGS exposed to tariffs, and the extent of redundant, non-China sourcing for grill SKUs.

Answer

CEO Jeremy Andrus explained that grills from China are subject to the 45% rate, while certain accessories sourced from China could face a 145% tariff, prompting an urgent shift in sourcing for those items. CFO Dom Blosil declined to give a specific COGS breakdown but provided a proxy: consumables are domestic, 80% of grills are from China, and 75% of accessories are non-China. Jeremy Andrus added that while not all SKUs have redundant sourcing, the highest-volume ones do, and they are laser-focused on building more non-China capacity.

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Brian McNamara's questions to Traeger (COOK) leadership • Q4 2024

Question

Brian McNamara asked for management's view on the overall grill market for 2025 after three years of decline and where the market stands relative to 2019 levels. He also inquired about Traeger's strategy for the sub-$400 price point and whether the company built up inventory in Q4 ahead of potential tariffs.

Answer

CEO Jeremy Andrus stated that the industry appears to have bottomed out, with expectations for modest growth in 2025, though tariff impacts create uncertainty. He confirmed Traeger gained share in 2024 and that the market is still meaningfully down from 2019 levels. Andrus also affirmed the company's plan to continue leveraging the sub-$500 price point, citing strong consumer appetite. CFO Dominic Blosil clarified that the Q4 inventory increase was for the Woodridge launch, not tariff pre-buys, but that they have been building inventory in Q1 in anticipation of tariffs.

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Brian McNamara's questions to Traeger (COOK) leadership • Q3 2024

Question

Brian McNamara of Canaccord Genuity asked for the company's expectation for the grill market in 2025 and how it plans to mitigate risks from potentially rising freight costs.

Answer

CEO Jeremy Andrus stated that while it's hard to forecast specific growth, they believe the category has found a bottom and should see some growth in 2025. CFO Dom Blosil addressed freight, noting that the expiration of a high-rate, long-term contract next year will be a tailwind, and the growing direct import program also helps mitigate cost pressures.

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Brian McNamara's questions to MIDDLEBY (MIDD) leadership

Brian McNamara's questions to MIDDLEBY (MIDD) leadership • Q2 2025

Question

Brian McNamara of Canaccord Genuity asked about the timeline for a sustainable return to organic growth in the Commercial Foodservice segment and inquired about the market performance of recent innovations like Open Kitchen and FryBot, questioning if the sales cycle has lengthened.

Answer

CEO Timothy FitzGerald attributed recent declines to pressures on large chain customers but expressed confidence in a turnaround, citing strong strategic positioning and justifying the share repurchase program. CTO & COO James Pool noted that IoT solutions like Open Kitchen are gaining traction and winning rollouts, while newer automation products are seeding well for 2026. Both acknowledged that uncertainty from tariffs has extended sales cycles.

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Brian McNamara's questions to MIDDLEBY (MIDD) leadership • Q2 2025

Question

Brian McNamara of Canaccord Genuity asked about the timeline for a sustainable return to organic growth in Commercial Foodservice and the market performance of new innovations like Open Kitchen and automation solutions.

Answer

CEO Timothy FitzGerald explained that the CFS decline is concentrated in large chains, which he expects to recover, and expressed confidence by highlighting the share repurchase program. CTO & COO James Pool noted that new innovations are seeding well for future growth, with IoT and Open Kitchen already securing wins, and highlighted game-changing beverage technology as a key future driver.

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Brian McNamara's questions to MIDDLEBY (MIDD) leadership • Q1 2025

Question

Brian McNamara asked about observed competitive price increases in response to tariffs, any nuances in how tariffs are applied, and for an update on Open Kitchen rollouts and new products gaining traction.

Answer

Executive Steve Spittle noted that competitors have implemented price increases ranging from 10% to 25%+, whereas Middleby's planned mid-to-high single-digit increase is lower and more thoughtfully timed. Executive Timothy FitzGerald added that all tariff complexities are factored into their estimates. Executive James K. Pool reported good momentum and pipeline activity for Open Kitchen, which is driving rollouts. He highlighted new products like the torque fryer, Invoq combi ovens, and the invection oven as key innovations gaining traction.

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Brian McNamara's questions to MIDDLEBY (MIDD) leadership • Q4 2024

Question

Brian McNamara questioned the timing of the strategic review, the plan for the Residential business, the price versus volume expectations for Commercial Foodservice in 2025, and the confidence in chain customers' store opening plans.

Answer

Executive Timothy FitzGerald stated the portfolio review is continuous, with a formal process starting mid-last year, and described the Residential business as a platform with high recovery potential. Executive Bryan Mittelman noted 2025 growth will be more volume-driven. Executive Steve Spittle expressed confidence in chain plans, citing international expansion and technology adoption as key drivers despite recent delays.

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Brian McNamara's questions to MIDDLEBY (MIDD) leadership • Q3 2024

Question

Brian McNamara questioned which restaurant concepts are driving closures, the company's confidence in a return to unit growth in 2025, and whether aggressive industry pricing has negatively impacted Middleby's commercial volumes.

Answer

Executive Timothy FitzGerald expressed confidence in a 2025 recovery based on industry forecasts and direct chain customer conversations, noting closures are concentrated in independents and some casual dining chains. Executive Steve Spittle added that demand is also driven by the need to improve unit economics, separate from new openings. Regarding volumes, CFO Bryan Mittelman confirmed they are down, but Steve Spittle added that the company also strategically exited numerous low-margin SKUs, which impacted the metric.

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Brian McNamara's questions to Holley (HLLY) leadership

Brian McNamara's questions to Holley (HLLY) leadership • Q2 2025

Question

Brian McNamara asked about the market's reaction to recent price increases, current reseller and consumer sentiment, and the impact of tariff certainty. He also followed up on the specifics of the tariff mitigation plan, particularly the shift in sourcing away from China, and questioned the conservative H2 sales growth guidance given easier comps and internal improvements.

Answer

President and CEO Matthew Stevenson stated that feedback on pricing was positive, with Holley's prices being in line with or lower than competitors. He noted that the strategy for tariff mitigation involves shifting to countries with more stable long-term relationships with the U.S. to reduce China exposure. CFO Jesse Weaver addressed the H2 guidance, explaining that the company is taking a conservative view on unit volumes due to broader economic uncertainties, the flow-through of price increases across the economy, and employment trends, deeming it prudent to wait for more visibility.

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Brian McNamara's questions to Holley (HLLY) leadership • Q1 2025

Question

Brian McNamara of Canaccord Genuity questioned the company's confidence that there was no pre-buying ahead of tariff announcements, given the sales surge in late March. He also asked a technical question about the interaction between Section 232 steel tariffs and reciprocal tariffs from China.

Answer

CEO Matt Stevenson attributed the strong March sales to pent-up consumer demand following a slow, weather-impacted January and February, a view supported by feedback from B2B partners. On the technical tariff question, Stevenson acknowledged the complexity, confirming that different tariffs can apply and that the rules are constantly changing. He stated that Holley uses external expert firms to navigate these complexities on a product-by-product basis.

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Brian McNamara's questions to Holley (HLLY) leadership • Q4 2024

Question

Brian McNamara of Canaccord Genuity questioned the sales outlook for Q1 2025, the impact of the changing consumer mood since SEMA on guidance, and asked for an estimate of the overall market's performance in 2024.

Answer

Executive Matthew Stevenson stated that Q1 core business sales were trending flat year-over-year, with a potential variance of 1-2%. He confirmed the post-SEMA optimism has faded, which is factored into the cautious 2025 guidance. Stevenson estimated the total market was down 5-7% in 2024, with Holley's results impacted more significantly by distributor inventory normalization, a situation that has since improved.

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Brian McNamara's questions to Holley (HLLY) leadership • Q3 2024

Question

Brian McNamara questioned the potential impact of the recent election results on Holley's business and requested commentary on the company's significantly enhanced presence at the SEMA trade show.

Answer

CEO Matt Stevenson stated that the removal of election uncertainty should be a positive, noting a palpable 'buzz' at SEMA post-election. He described Holley's SEMA presence as a 'dramatic change' that showcased all four consumer verticals and received overwhelmingly positive feedback from distributors on the company's new partnership-focused approach, culminating in 10 awards.

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Brian McNamara's questions to EZCORP (EZPW) leadership

Brian McNamara's questions to EZCORP (EZPW) leadership • Q3 2025

Question

Brian McNamara from Canaccord Genuity pressed management on why the company isn't repurchasing more stock, the expected pace of acquisitions, the strategy behind its loan to Founders One, U.S. PLO growth versus peers, and the drivers of declining merchandise margins in Latin America.

Answer

CEO Lachlan Given reiterated that the primary strategy is scaling the business through acquisitions and de novo growth, viewing the current cash balance as insufficient for the global opportunity, though he acknowledged the stock's value and the need for a balanced approach. He described the Founders One investment as a successful deployment of early-stage capital into a proven team, with its future structure under board review. CFO Tim Jugmans addressed the LatAm margins, noting that aged inventory is immaterial and that the company is focused on driving sales through new incentives.

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Brian McNamara's questions to EZCORP (EZPW) leadership • Q1 2025

Question

Brian McNamara of Canaccord Genuity asked about the recent dip in merchandise margin below 35%, the company's exposure to undocumented immigrants, plans for the upcoming tax refund season, the status of the Auto Dinero acquisition, and the refinancing strategy for the convertible notes due in May.

Answer

CFO Timothy Jugmans explained that strong loan growth led to increased customer negotiations and discounts, impacting margins. Executive Lachlan Given stated there has been no discernible impact from immigration-related issues and the company remains focused on operational execution. Regarding seasonality, Mr. Jugmans noted that recent tax seasons, with shorter refund periods, may represent a 'new normal'. Mr. Given added that the Auto Dinero acquisition is still in due diligence and that the company is under no pressure to refinance its convertible notes, having the liquidity to pay with cash while exploring all options to fuel future growth.

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Brian McNamara's questions to EZCORP (EZPW) leadership • Q4 2024

Question

Brian McNamara from Canaccord Genuity asked for details on the recently announced auto pawn acquisition in Mexico, the expected impact of the recent election on the regulatory environment, projections for PLO seasonality in fiscal 2025, the progress of the operational turnaround in Latin America, and the timeline for refinancing the 2025 convertible notes.

Answer

CEO Lachlan Given stated that the company is finalizing diligence on the 53-store auto pawn acquisition in Mexico, a move to enter a key collateral market. He anticipates a stable regulatory environment post-election. Regarding Latin America, Mr. Given credited a people-led cultural transformation for the strong momentum and noted that while margins can improve, the focus is on PLO growth and inventory turns. On capital allocation, he emphasized that the company has multiple options for the 2025 convertible notes and will maintain flexibility to secure the best long-term solution. CFO Timothy Jugmans added that he expects a return to more normal PLO seasonality in fiscal 2025.

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Brian McNamara's questions to EZCORP (EZPW) leadership • Q2 2024

Question

Brian McNamara from Canaccord Genuity Group Inc. asked about the sustainability of the lower sequential Pawn Loan Office (PLO) decline during tax season, the impact of tariffs on merchandise pricing, the reasons for merchandise margins being below historical levels, and the company's capital allocation priorities following its recent $300 million debt offering.

Answer

Chief Financial Officer Timothy Jugmans stated the smaller 9% PLO decline appears to be a 'new normal' as consumer costs outpace tax refund growth. He also noted that while tariffs have a delayed impact, general merchandise values are rising. On margins, he explained the focus is on maximizing total gross profit dollars, which can involve higher loan amounts that boost Pawn Service Charges (PSC) even if it slightly lowers merchandise margins on forfeited items. Executive Lachlan Given added that the new capital provides flexibility for disciplined M&A while maintaining a conservative, liquid balance sheet.

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Brian McNamara's questions to Hillman Solutions (HLMN) leadership

Brian McNamara's questions to Hillman Solutions (HLMN) leadership • Q2 2025

Question

Brian McNamara of Canaccord Genuity inquired about the timing of when tariff-related price increases would be visible on retail shelves. He also asked what level of existing home sales would be needed to materially improve Hillman's market volumes.

Answer

CFO Robert Kraft stated the full-year 2025 guide assumes about 6.5% total price. President & CEO Jon Michael Adinolfi deferred to retailers on the timing of shelf price changes but stated that a return to 4.5 to 5.0 million existing home sales would be a more normalized level that would benefit certain categories.

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Brian McNamara's questions to Hillman Solutions (HLMN) leadership • Q4 2024

Question

Brian McNamara questioned the long-term, sustainable growth drivers for the Robotics and Digital Solutions (RDS) business, specifically why the MinuteKey 3.5 rollout would provide growth beyond an initial uplift. He also inquired about the impact of container shipping rates on the 2025 gross margin guidance.

Answer

CFO Robert Kraft and CEO Jon Adinolfi explained that RDS growth will be driven by new capabilities in MinuteKey 3.5 machines, such as duplicating auto fobs and transponders, which opens new markets. They noted a healthy revenue lift from existing 3.5 machines and expressed confidence that when the housing market turns, the upgraded fleet will capitalize on that tailwind. Regarding shipping, Adinolfi stated that while they expect an increase in contract rates, the impact on 2025 will be limited due to P&L timing and favorable shipping flow.

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Brian McNamara's questions to Hillman Solutions (HLMN) leadership • Q3 2024

Question

Brian McNamara questioned the strategic necessity of the Robotics and Digital Solutions (RDS) segment given its recent weakness and asked about the company's willingness to divest the asset. He also inquired about the Intex integration progress relative to Koch and the current state of the M&A pipeline.

Answer

CEO Doug Cahill responded that while they don't 'need' to be in RDS, it's a high-margin business they are actively turning around. The goal is to make it valuable to either keep or sell, thereby creating strategic options. CFO Rocky Kraft noted the Intex integration is proceeding as quickly as Koch's. Cahill and COO John Michael Adinolfi affirmed the M&A pipeline is healthy, with a target of two deals per year, noting that Hillman is an attractive acquirer for many companies.

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Brian McNamara's questions to Driven Brands Holdings (DRVN) leadership

Brian McNamara's questions to Driven Brands Holdings (DRVN) leadership • Q2 2025

Question

Represented by Madison Callinan, Brian McNamara of Canaccord Genuity asked for more color on the softness in the collision industry and questioned the remaining upside in ticket versus car count at Take 5, including any signs of service deferrals.

Answer

President & CEO Danny Rivera attributed collision industry softness to consumer claim avoidance and high total loss rates, but emphasized that Driven is gaining market share. For Take 5, he stated there has been no material change in service frequency and sees plenty of ceiling for ticket growth by adding new services and increasing attachment rates, which are currently in the mid-to-high 40s but reach the 60s in some stores.

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Brian McNamara's questions to Driven Brands Holdings (DRVN) leadership • Q1 2025

Question

Brian McNamara asked if the company has observed any signs of customers deferring oil changes due to declining consumer confidence and requested a general update on the auto glass business.

Answer

EVP and COO Danny Rivera stated that Take 5's 8% same-store sales growth indicates strong demand with no signs of service deferral, attributing this to effective brand and performance marketing. On auto glass, he reiterated that it is a small, incubating business with a multi-year growth plan focused on building its insurance and commercial partnerships.

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Brian McNamara's questions to ENERGIZER HOLDINGS (ENR) leadership

Brian McNamara's questions to ENERGIZER HOLDINGS (ENR) leadership • Q3 2025

Question

Brian McNamara of Canaccord Genuity inquired about current inventory levels at retailers and in consumer pantries. He also asked for an assessment of consumer health, noting the counterintuitive stability of private label share, and questioned when tariff-related price increases would reach consumers.

Answer

President and CEO Mark LaVigne stated that consumer pantry inventories are likely light as purchase cycles stretch, while retailer inventories are slightly elevated, which is factored into the Q4 guidance. He described the consumer as cautious and value-seeking, with behavior varying by category. He clarified that the timing of price increases on the shelf is a decision made by individual retailers.

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Brian McNamara's questions to ENERGIZER HOLDINGS (ENR) leadership • Q1 2025

Question

Brian McNamara sought more clarity on the consistent distribution gains, asking if they are coming from retailers expanding shelf space for the categories or if Energizer is displacing specific competitors, such as branded or private label products.

Answer

Mark LaVigne, President and CEO, explained that the nature of the gains is specific to each retailer and situation, encompassing expanded distribution, new listings, and displacements of both branded competitors and private label. He emphasized that the company leverages its full portfolio to achieve these wins and prefers to let retail partners announce the changes as they appear on shelves. He pointed to the nearly 4% organic growth in the quarter as evidence of the strategy's success.

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Brian McNamara's questions to ENERGIZER HOLDINGS (ENR) leadership • Q4 2024

Question

Brian McNamara asked about the outlook for the Auto Care business for 2025 and beyond, given its past growth challenges and margin potential. He also asked if a half-turn annual reduction in net leverage is still the correct target.

Answer

CEO Mark LaVigne expressed strong confidence in Auto Care, highlighting its 2% growth in 2024, the 1-2% growth outlook for 2025, and the upcoming Armor All Podium series launch. CFO John Drabik confirmed that targeting a half-turn of leverage reduction per year remains the goal, supported by a planned $150-$200 million debt paydown in 2025.

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Brian McNamara's questions to NEWELL BRANDS (NWL) leadership

Brian McNamara's questions to NEWELL BRANDS (NWL) leadership • Q2 2025

Question

Brian McNamara questioned why core sales trends decelerated despite the turnaround progress, asking what isn't working and why investors should remain confident when some peers are growing.

Answer

CEO Chris Peterson explained that core sales have improved dramatically since the strategy's launch and attributed the quarterly deceleration to retailer shipment timing and challenging category dynamics. CFO Mark Erceg added that the company is delivering on its financial commitments, with significant margin expansion, double-digit adjusted EPS growth, and deleveraging. He reiterated that sales would be the last metric to recover and noted guidance implies a flat core sales run-rate for Q4.

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Brian McNamara's questions to NEWELL BRANDS (NWL) leadership • Q1 2025

Question

Brian McNamara asked why the China tariff sensitivity appeared high given Newell's low exposure and whether it could lead to market consolidation in categories like small kitchen appliances, widening Newell's competitive moat.

Answer

CEO Christopher Peterson confirmed the sensitivity is primarily driven by the baby gear category, which accounts for 70% of China imports. Both Peterson and CFO Mark Erceg stated they would prefer the tariffs remain, as it would accelerate market consolidation and drive share gains for Newell's advantaged, domestically-produced brands over the long term, despite some near-term disruption.

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Brian McNamara's questions to NEWELL BRANDS (NWL) leadership • Q4 2024

Question

Brian McNamara sought clarification on Newell's 'practical' tariff exposure to China, specifically asking how the existing exemptions for Graco baby products affect the stated exposure figures. He also asked for a rank-ordering of the key drivers for the company's projected return to core sales growth.

Answer

CEO Christopher Peterson clarified that of the 10% year-end China exposure, the majority is baby-related and currently exempt from 301 tariffs, though the newest tariff announcement may apply to all goods. He ranked the drivers for core sales growth as: 1) category improvement, 2) a ramped-up innovation pipeline, 3) a shift to positive net distribution, and 4) improved mix and pricing. CFO Mark Erceg added that increased A&P spending is also crucial.

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Brian McNamara's questions to NEWELL BRANDS (NWL) leadership • Q3 2024

Question

Brian McNamara from Canaccord Genuity asked what should give investors confidence in Newell's ability to achieve its long-term growth targets. He also questioned whether a prominent, innovative competitor represents a headwind or a positive for Newell's categories.

Answer

CEO Christopher Peterson pointed to investments in front-end capabilities, the new operating model, sequential top-line improvement, and market share gains as reasons for confidence, expecting a return to growth in 2025. He views the competitor positively, stating it proves that the categories respond to the innovation-led strategy Newell is now implementing.

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Brian McNamara's questions to Reynolds Consumer Products (REYN) leadership

Brian McNamara's questions to Reynolds Consumer Products (REYN) leadership • Q2 2025

Question

Brian McNamara asked for an update on retailer destocking's impact on volumes, questioned the dynamic of gross margin pressure being offset by SG&A cuts, and inquired about the market performance of recent innovations like parchment cooking bags and air fryer cups.

Answer

CEO Scott Huckins clarified that destocking was a neutral event in Q2, with the Q1 reduction holding steady. CFO Nathan Lowe explained the Q2 gross margin was impacted by the timing of pricing actions relative to cost increases, not just SG&A leverage, and reiterated the full-year guide contemplates recovery. Huckins also confirmed the company is pleased with the strong performance of its new cooking and baking innovations.

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Brian McNamara's questions to Reynolds Consumer Products (REYN) leadership • Q1 2025

Question

Brian McNamara asked about the pricing mechanics and lag times for aluminum foil, the impact of destocking on this timeline, and whether private label is expected to gain share in the current environment.

Answer

CEO Scott Huckins stated that private label share has been stable, noting that in Reynolds' three largest categories (foil, waste bags, food bags), the company grew retail takeaway in Q1 while store brands lost share. CFO Nathan Lowe added that cost pass-through and pricing implementation both occur within a two to six-month timeframe, which aligns conveniently.

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Brian McNamara's questions to Reynolds Consumer Products (REYN) leadership • Q4 2024

Question

Brian McNamara asked about the key factors delaying the return to low-single-digit category growth outlined at the previous Investor Day. He also inquired about the company's pricing philosophy and requested a breakdown of the $25 million to $35 million in CEO transition and strategic investment costs.

Answer

President and CEO Scott Huckins attributed the muted category growth to headwinds in foam products and a challenged consumer facing record levels of debt. On pricing, he emphasized a thoughtful approach considering price gaps and thresholds, using it as a complement to productivity initiatives. Huckins broke down the one-time costs as roughly half for CEO transition and half for targeted investments in revenue growth management and cost-out programs, intended to drive future growth.

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Brian McNamara's questions to Reynolds Consumer Products (REYN) leadership • Q3 2024

Question

Brian McNamara asked why Reynolds Cooking & Baking volumes weren't stronger given increased at-home consumption and whether the company still expects to return to low single-digit volume growth next year.

Answer

CFO Scott Huckins explained that Q3 volumes were impacted by an estimated $15 million retail volume pull-forward into Q2 due to promotion timing. President and CEO Lance Mitchell confirmed that the company's long-term growth algorithm remains low single-digit growth, as stated at Investor Day, but declined to provide specific guidance for 2025 at this time.

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Brian McNamara's questions to ROLLINS (ROL) leadership

Brian McNamara's questions to ROLLINS (ROL) leadership • Q2 2025

Question

Brian McNamara from Canaccord Genuity asked for an update on retention efforts for first-year technicians and any other notable labor market dynamics.

Answer

President & CEO Jerry Gahlhoff described the double-digit improvement in short-term turnover as one of his 'proudest accomplishments' of the year. He explained that this success directly contributed to leveraging service wages, as the company hired fewer people and reduced costs associated with training employees who leave quickly. He noted that best practices are being shared across the organization to continue this positive trend, which benefits both financial performance and customer consistency.

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Brian McNamara's questions to ROLLINS (ROL) leadership • Q1 2025

Question

Brian McNamara asked for an estimate of the pest control industry's overall growth rate in Q1 and requested an update on employee retention efforts, particularly for first-year technicians.

Answer

CEO Jerry Gahlhoff deferred to third-party reports for a precise industry growth rate, while CFO Ken Krause added that they feel the market is healthy and they are likely gaining share. Regarding retention, Jerry Gahlhoff reported 'marked improvement' with double-digit percentage gains in first-year technician retention, resulting in fewer new hires. Ken Krause echoed this, citing a note from the head of Orkin highlighting significant progress.

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Brian McNamara's questions to CENTRAL GARDEN & PET (CENT) leadership

Brian McNamara's questions to CENTRAL GARDEN & PET (CENT) leadership • Q2 2025

Question

Brian McNamara from Canaccord Genuity inquired about how tariffs are impacting the M&A environment, specifically deal flow and the bid-ask spread. He also asked if the company's margins are now structurally higher due to its cost and efficiency programs.

Answer

CEO Niko Lahanas stated that tariffs are not helping the M&A environment, which is at its slowest since 2009, with a persistent disconnect in bid-ask spreads. CFO Brad Smith added that evaluating deals remains a top priority. Regarding margins, Lahanas confirmed they are structurally higher due to intentional mix shifts, SKU rationalization, and broad efficiency gains from the 'Cost and Simplicity' program, crediting the business units for excellent execution.

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Brian McNamara's questions to CENTRAL GARDEN & PET (CENT) leadership • Q1 2025

Question

Brian McNamara of Canaccord Genuity asked management to present the investment thesis for Central, considering the series of external headwinds the company has faced, such as weather and shifts in pet ownership.

Answer

CEO Nicholas Lahanas acknowledged recent challenges but highlighted the team's strong execution, which has maintained a healthy margin profile and a strong balance sheet. He stated that the business is in a cycle but showing signs of recovery, emphasizing the strong management team, attractive categories, and a robust balance sheet for accretive M&A as key reasons for investor confidence.

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Brian McNamara's questions to CENTRAL GARDEN & PET (CENT) leadership • Q4 2024

Question

Brian McNamara asked for Central's perspective on a competitor's forecast for the pet industry to return to mid-single-digit growth and what is needed for that to happen. He also inquired about what constitutes ideal weather for the Garden business and any efforts to mitigate weather-related risks.

Answer

CEO Nicholas Lahanas stated that meaningful pet category growth is contingent on an increase in live animal sales and household penetration, which he sees as the current rate-limiting factor. J.D. Walker, President of Garden Consumer Products, described ideal weather as warm, moderate temperatures with timely precipitation. He noted that the wild bird feed business provides a counter-seasonal offset to mitigate some weather risk.

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Brian McNamara's questions to SharkNinja (SN) leadership

Brian McNamara's questions to SharkNinja (SN) leadership • Q4 2024

Question

Brian McNamara asked about the definition of a 'normal growth year' for SharkNinja, the key drivers behind 2024's significant outperformance versus initial guidance, and the expected ranking of growth drivers for 2025.

Answer

CEO Mark Adam Barrocas explained that SharkNinja is a long-term double-digit growth company, pointing to the 10-12% growth guided for 2025. He attributed 2024's success to broad-based strength across all three growth pillars: market share gains in existing categories, expansion into new categories, and 50% growth internationally. For 2025, he expects continued strong international expansion (especially in Europe), the full-year impact of 2024's new products, and a robust pipeline of new launches like CryoGlow and FlexFlame, all supported by a healthy core business.

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Brian McNamara's questions to Spectrum Brands Holdings (SPB) leadership

Brian McNamara's questions to Spectrum Brands Holdings (SPB) leadership • Q1 2025

Question

Brian McNamara asked about retailer commitment to the Home & Garden category for the upcoming spring season and whether the delay in the Home and Personal Care (HPC) strategic transaction could be a 'blessing in disguise' for the asset's valuation.

Answer

CFO Jeremy Smeltser stated that retailer commitment to Home & Garden feels similar to last year, with some incremental off-shelf space, and noted the strong Q1 sales were a pull-forward from Q2. CEO David Maura added that the division's turnaround is remarkable, driven by innovation and product efficacy. Regarding HPC, Maura agreed that while geopolitical factors have slowed the M&A process, the continued operational improvements, with a goal of growing EBITDA toward $100 million, will ultimately create more value in a category ripe for consolidation.

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