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    Chris Pierce

    Research Analyst at Needham & Company

    Chris Pierce is a Research Analyst at Needham & Company, specializing in Internet Services and Transportation Technology, with a focus on companies such as Archer Aviation and Solid Power. He has issued over 319 ratings across 18 stocks, achieving a 62.9% price target met ratio and an average potential price target upside of 44.99%, and once delivered a 138.6% return on ACVA. Pierce began his investment career in 2006, previously trading TMT and Healthcare at Balyasny Asset Management and spending 10 years at Ascend Capital LLC before joining Needham in 2020. He holds a B.B.A. in Marketing from UMASS-Amherst and an M.B.A. from Pepperdine University, and maintains FINRA registration and relevant securities licenses.

    Chris Pierce's questions to Blink Charging (BLNK) leadership

    Chris Pierce's questions to Blink Charging (BLNK) leadership • Q2 2025

    Question

    Chris Pierce asked for a deeper understanding of the Zometric acquisition, questioning which specific product gaps it fills, whether it generates charging revenue or just equipment sales, and how it will impact future growth. He also inquired about the competitiveness of the market segment Zometric serves.

    Answer

    President, CEO & Director, Michael Battaglia, explained that Zometric fills a critical gap for a cost-optimized charger for the price-sensitive fleet and multifamily segments, a deficiency previously identified by the company. He clarified that the acquisition brings a combination of product sales, recurring network fee revenue from its charge point operator (CPO) business, innovative network technology, and key executive talent. Battaglia also noted this market segment is less competitive than the residential charging market.

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    Chris Pierce's questions to Blink Charging (BLNK) leadership • Q2 2025

    Question

    Asked for a deeper explanation of the Zometric acquisition, including the specific product gaps it fills, its revenue model (equipment vs. services), and the competitiveness of its target market segment compared to home charging.

    Answer

    The Zometric acquisition was strategic to fill a critical gap in Blink's portfolio for a cost-optimized charger for the price-sensitive fleet and multifamily market segments. The deal brings a combination of product sales and a charge point operator (CPO) business with recurring network fees. It also added key technical talent to the leadership team. The target market is considered less competitive than the residential charging market.

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    Chris Pierce's questions to Blink Charging (BLNK) leadership • Q4 2024

    Question

    Questioned the strategic shift towards the owner-operator model, asking if it was a permanent change or a reaction to the market, and inquired about the impact on margins throughout the year.

    Answer

    The company clarified that becoming an owner-operator is a long-term strategic goal, not a short-term reaction, and that product sales will continue to be a part of the business. They do not expect the shift to negatively impact overall margins, noting that margins improved in 2024 despite lower product sales.

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    Chris Pierce's questions to Urgent.ly (ULY) leadership

    Chris Pierce's questions to Urgent.ly (ULY) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company inquired about the revenue timeline for the new premium insurance provider, asking when new contracts would materially impact growth. He also questioned if this new revenue could offset typical Q4 seasonality and sought clarity on the potential for further operating expense leverage.

    Answer

    CEO Matt Booth stated that revenue from new insurance partners should begin to contribute in late Q3 or early Q4, targeting 20% to 30% post-Autonomous growth. He also noted that AI initiatives are flattening the seasonality curve. Corporate Controller & Principal Accounting Officer, Andrea Makkai, added that ongoing OpEx costs from the Autonomous business are expected to be minimal, supporting the goal of non-GAAP breakeven.

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    Chris Pierce's questions to Urgent.ly (ULY) leadership • Q2 2025

    Question

    Chris Pierce inquired about the revenue timeline for the newly signed premium insurance provider and other mid-market companies, asking when these would contribute to growth. He also questioned if this new revenue could offset typical Q4 seasonality and sought clarity on the potential for further operating expense leverage.

    Answer

    CEO Matt Booth stated that revenue from new insurance partners should begin to materialize in late Q3 and early Q4, targeting 20% to 30% post-Autonomous growth. He also noted that AI initiatives are helping to flatten the seasonality curve. Corporate Controller Andrea Makkai added that a one-time historical compliance cost related to Autonomous was incurred in Q2, and ongoing OpEx is expected to be minimal, supporting the goal of non-GAAP breakeven.

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    Chris Pierce's questions to Urgent.ly (ULY) leadership • Q2 2025

    Question

    Chris Pierce asked about the timing of revenue contribution from the newly signed premium insurance provider and other mid-market companies, and whether this new revenue could offset typical Q4 seasonality. He also inquired about the potential for further GAAP OpEx leverage.

    Answer

    CEO Matthew Booth stated that revenue from new clients should begin to materialize in late Q3 and early Q4, reiterating a 20-30% growth target post-Autonimo. He added that AI initiatives are helping to flatten the seasonality curve. Corporate Controller Andrea Makkai clarified that a Q2 Autonimo-related cost was a one-time expense and that ongoing OpEx from that business will be minimal, keeping the company on track for non-GAAP breakeven.

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    Chris Pierce's questions to Urgent.ly (ULY) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company inquired about the timing for new revenue from the recently signed premium insurance provider and when Urgently expects to see a significant impact on growth. He also asked if this new revenue could offset typical Q4 seasonality and questioned how much further operating expense leverage could be achieved.

    Answer

    CEO Matt Booth stated that revenue from new insurance partners should begin to materialize in late Q3 and early Q4 2025, reiterating the company's target of 20-30% growth after cycling the Autonomo business. He noted that AI initiatives are helping to flatten the seasonality curve. Corporate Controller Andrea Makkai added that the Q2 Autonomo-related operating expense was a one-time cost and that the company expects ongoing OpEx to be minimal, keeping them on track for non-GAAP breakeven.

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    Chris Pierce's questions to ACV Auctions (ACVA) leadership

    Chris Pierce's questions to ACV Auctions (ACVA) leadership • Q2 2025

    Question

    Chris Pierce from Needham & Company asked for clarification on the 500 basis point unit growth headwind, questioning if it was driven by dealers retaining more vehicles or by lower platform conversion rates, and inquired about the competitive landscape.

    Answer

    CEO George Chamoun and CFO Bill Zarella clarified that the headwind was primarily due to lower-than-expected conversion rates in the back half of the quarter, a trend they saw across the industry. They noted that dealer inventory retention is a separate, ongoing industry challenge. Chamoun added that conversion rates began improving in July, partly due to ACV's own initiatives like no-reserve sales.

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    Chris Pierce's questions to CarGurus (CARG) leadership

    Chris Pierce's questions to CarGurus (CARG) leadership • Q2 2025

    Question

    Chris Pierce from Needham & Company inquired about the key drivers of Marketplace revenue growth, specifically the balance between dealer count and revenue per dealer, and the remaining whitespace for the current product suite. He also asked about the macro impact of increasing used car supply on the business.

    Answer

    CEO Jason Trevisan explained that significant growth runway exists for both core and add-on products, with over 50% penetration opportunity for most cross-sell items. He noted that while used inventory is up, it remains below pre-COVID levels, highlighting the importance of the sourcing intelligence technology developed at CarOffer. This technology helps dealers 'buy right,' which is crucial in the current market, and CarGurus plans to leverage it across its broader dealer base.

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    Chris Pierce's questions to TrueCar (TRUE) leadership

    Chris Pierce's questions to TrueCar (TRUE) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company questioned the drivers behind the sequential momentum in dealer revenue, asking if it was due to units, pricing, or dealer quality. He also asked about the decision to pull back on investments while showing growth and sought clarity on the outlook for OEM incentive revenue.

    Answer

    President & CEO Jantoon Reigersman attributed the momentum to simultaneous improvements in both network and marketing efficiency. CFO Oliver Foley added that ancillary dealer revenues from sourcing and marketing solutions also contributed. Foley clarified that investments were shifted from field sales to product enhancements that lift close rates, creating more leverage for future growth. Reigersman affirmed that the company remains very bullish on the long-term opportunity in OEM incentive revenue.

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    Chris Pierce's questions to Joby Aviation (JOBY) leadership

    Chris Pierce's questions to Joby Aviation (JOBY) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company asked for an update on the Ohio manufacturing facility and the timeline for scaled production. He also inquired about the infrastructure build-out required for higher tempo flights in Dubai and whether the Blade acquisition provides exclusive assets or just a first-mover advantage.

    Answer

    Founder and CEO JoeBen Bevirt highlighted the progress at the Marina facility, which is doubling capacity, and noted the Dayton, Ohio facility is now coming online as part of a horizontal scaling strategy. For Dubai, he cited strong interest from real estate developers and progress from their partner Skyports. He confirmed the Blade deal includes valuable assets like exclusive lounges and a large network of landing locations.

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    Chris Pierce's questions to Blue Bird (BLBD) leadership

    Chris Pierce's questions to Blue Bird (BLBD) leadership • Q3 2025

    Question

    Chris Pierce of Needham & Company, LLC asked if Blue Bird's recent pricing action was a competitive move or an industry-wide trend. He also inquired if the new commercial chassis is additive to margins in the long-term outlook and whether future EPA funding would be additive to total units or just a mix shift.

    Answer

    CFO Razvan Radulescu stated that competitors had matched initial tariff-related price increases, but Blue Bird's latest move to ensure stability through March was recent and its competitive impact was still being assessed. He confirmed the new commercial chassis is a profitable growth driver that is additive to both revenue and margins. Regarding EPA funds, he explained it would be a mix shift in the medium term but could be additive to total volume in the long term once the new plant expands capacity.

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    Chris Pierce's questions to EVgo (EVGO) leadership

    Chris Pierce's questions to EVgo (EVGO) leadership • Q2 2025

    Question

    Chris Pierce from Needham & Company asked if EVgo is seeing increased competition for rideshare drivers and inquired about the factors driving the recent increase in average selling price per kilowatt-hour.

    Answer

    CEO Badar Khan responded that rideshare has remained a steady and significant contributor, consistently making up 20-25% of total kilowatt-hours. CFO Paul Dobson explained that the higher revenue per kWh is due to ongoing pricing tests, dynamic pricing initiatives, and a focus on maintaining a healthy margin over energy costs. He noted the spread widened to 32¢ per kWh, which is within the company's long-term target range.

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    Chris Pierce's questions to CARVANA (CVNA) leadership

    Chris Pierce's questions to CARVANA (CVNA) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company asked about the drivers of the higher VSC attach rate and the runway for ancillary products. He also posed a broader question about whether finding new loan investors creates a pricing power tailwind for the industry.

    Answer

    CFO Mark Jenkins stated that VSC gains come from continuous testing and data analysis, with more opportunity ahead. CEO Ernie Garcia explained that as Carvana grows, it expands the total buyer base for auto loans. He noted that empirically, it has become easier to sell loans as they've scaled, suggesting a favorable dynamic.

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    Chris Pierce's questions to CARVANA (CVNA) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company asked about the progress and runway for vehicle service contract (VSC) attach rates. He also inquired about the gain-on-sale market, asking if Carvana is uncovering new investors and gaining pricing power for its loans.

    Answer

    CFO Mark Jenkins stated that VSC attach rates have improved through testing and there are future opportunities to leverage data for further gains. CEO Ernie Garcia explained that as Carvana has scaled, it has become easier to attract a broad base of investors for its high-quality loan receivables, which he believes is a positive dynamic for the business.

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    Chris Pierce's questions to Aurora Innovation (AUR) leadership

    Chris Pierce's questions to Aurora Innovation (AUR) leadership • Q2 2025

    Question

    Chris Pierce from Needham & Company sought clarification on the alignment between PACCAR's comments on "validated production" and Aurora's development with prototype parts. He also asked for Aurora's view on the future competitive landscape, specifically whether OEMs will work with multiple autonomous partners.

    Answer

    CEO Chris Urmson distinguished between the OEM's vehicle platform development and Aurora's driver development, stating they are parallel processes. He explained that Aurora's hardware is advancing while supporting OEM partners as they mature their truck platforms. On industry structure, Urmson stated Aurora's aspiration is to "drive every truck," but acknowledged the market is large enough for competition, expressing confidence in Aurora's current leadership position.

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    Chris Pierce's questions to Aurora Innovation (AUR) leadership • Q1 2025

    Question

    Chris Pierce inquired about Aurora's strategy of leaning into mapping technology and asked for quantification of the increased truck utilization and service life benefits from autonomous operation.

    Answer

    CEO Chris Urmson defended their use of maps, comparing it to the strategic advantage of having deep local knowledge, calling it a light operational lift for a massive benefit. CFO David Maday addressed utilization by explaining that the consistency of the Aurora Driver—lacking aggressive or unpredictable behaviors—leads to more predictable wear and tear, which is a key advantage for service, reliability, and warranty, beyond just extended operating hours.

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    Chris Pierce's questions to SONIC AUTOMOTIVE (SAH) leadership

    Chris Pierce's questions to SONIC AUTOMOTIVE (SAH) leadership • Q2 2025

    Question

    Chris Pierce of Needham & Company sought to clarify if EchoPark's focus on front-end gross is a strategic change or a temporary market condition. He also asked if new lenders are entering the market, contributing to F&I strength, and questioned the drivers behind the unchanged EchoPark unit guidance for the full year.

    Answer

    President Jeff Dyke explained that higher front-end gross at EchoPark is partly due to sourcing more vehicles directly from consumers, though he anticipates some margin pressure ahead. VP of IR Danny Wyland added that the guidance now focuses on total GPU because strong F&I performance provides flexibility to offset front-end volatility. Dyke clarified that F&I gains stem from renegotiating with product providers, not new lenders entering the market. Wyland attributed the implied second-half unit growth to a combination of easier prior-year comparisons and their market outlook.

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    Chris Pierce's questions to SONIC AUTOMOTIVE (SAH) leadership • Q3 2024

    Question

    An analyst from Needham & Company asked about the outlook for EchoPark's retail gross profit per unit, sought a deeper explanation for the Denver market's outperformance, and inquired about current inventory levels.

    Answer

    President Jeff Dyke explained that while Q3 front-end gross was compressed by auction prices, he expects seasonal improvements. He attributed Denver's success to market maturity and brand equity, a model they plan to replicate. CEO David Smith highlighted the significant volume capacity upside at existing stores. Jeff Dyke confirmed inventory is at the target level of 20 days on lot plus 10-12 days in the pipeline.

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    Chris Pierce's questions to CARMAX (KMX) leadership

    Chris Pierce's questions to CARMAX (KMX) leadership • Q1 2026

    Question

    Chris Pierce of Needham & Company asked for an explanation of the significant year-over-year improvement in 'other gross profit,' particularly from service, and questioned the outlook for SG&A leverage.

    Answer

    EVP and CFO Enrique Mayor-Mora attributed the $30 million improvement in service margin to cost coverage, volume-based leverage, and efficiency gains. He and CEO Bill Nash noted that Q1 is seasonally the strongest for service and that the company remains committed to levering SG&A, with continued opportunities for efficiency across the business.

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