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    Daniel Moore • CJS Securities

    Daniel Moore's questions to Hillenbrand Inc (HI) leadership

    Daniel Moore's questions to Hillenbrand Inc (HI) leadership • Q3 2025

    Question

    Daniel Moore inquired about the recent uptick in Advanced Process Solutions (APS) orders post-quarter, asking for specifics on end markets and the backlog outlook. He also questioned the demand drivers in the Molding Technology Solutions (MTS) segment and the company's path to cash flow normalization and debt reduction.

    Answer

    CEO Kimberly Ryan confirmed the recent large APS orders were primarily in plastics from the U.S. and Asia, which provides confidence for Q4. For MTS, she highlighted new product momentum in India and China. Interim CFO Megan Walke and CEO Kim Ryan both addressed cash flow, stating debt paydown is the top priority and that cash flow should normalize as order advances are collected. They noted leverage improvement also depends heavily on returning EBITDA growth.

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    Daniel Moore's questions to Legacy Housing Corp (LEGH) leadership

    Daniel Moore's questions to Legacy Housing Corp (LEGH) leadership • Q2 2025

    Question

    Daniel Moore of CJS Securities asked if sales had slipped from Q1 into Q2, questioned the sustainability of strong retail store sales, sought clarity on gross margin dynamics, and inquired about the ongoing strategy for share repurchases.

    Answer

    President & CEO Duncan Bates acknowledged some community-side orders slipped from Q1, but the Q2 strength was genuinely driven by the dealer channel. He described the strong retail performance as representative of the company's potential, stemming from improved systems and personnel. Bates clarified that while overall gross margin was impacted by SG&A accruals, the core product gross margin actually improved. Regarding capital allocation, he stated that share buybacks will be opportunistic and weighed against other opportunities, such as lending.

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    Daniel Moore's questions to Primo Brands Corp (PRMB) leadership

    Daniel Moore's questions to Primo Brands Corp (PRMB) leadership • Q2 2025

    Question

    Daniel Moore from CJS Securities asked for a breakdown of the revised sales guidance into volume and price components and inquired whether the company might slow the pace of future integration phases given the recent challenges.

    Answer

    CFO David Hass explained that Q2 volume was negatively impacted by the tornado and delivery disruptions. He expects to exit Q4 with a more balanced volume and price mix. Hass stated that instead of slowing down, the company will proceed more cautiously by building up inventory (days on hand) ahead of future facility transitions to prevent similar product supply disruptions.

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    Daniel Moore's questions to Primo Brands Corp (PRMB) leadership • Q1 2025

    Question

    Daniel Moore asked about the expected revenue growth cadence for the year, particularly Q2, given the competing effects of the Easter benefit and the Hawkins facility disruption, and also inquired about the pace of deleveraging.

    Answer

    CFO David Hass indicated that Q2 and Q3 are seasonally stronger quarters and sales will build, but maintained the annual guidance. On deleveraging, he reaffirmed the goal of reducing leverage by half a turn, noting that adjusted free cash flow generation accelerates in Q2 and Q3 and that Q1 was impacted by a one-time refinancing interest payment.

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    Daniel Moore's questions to Primo Brands Corp (PRMB) leadership • Q4 2024

    Question

    Daniel Moore inquired about the progress and potential quantification of revenue synergies and sought clarification on the components of the 2025 adjusted free cash flow guidance.

    Answer

    CEO Robbert Rietbroek detailed revenue synergy opportunities, including expanding premium brands into new channels and formats and leveraging the combined distribution network, stating more details would come at the Investor Day. CFO David Hass clarified the free cash flow guidance is driven by after-tax synergy capture and base business EBITDA, and confirmed the primary capital allocation priority is top-line growth, followed by the dividend.

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    Daniel Moore's questions to Verra Mobility Corp (VRRM) leadership

    Daniel Moore's questions to Verra Mobility Corp (VRRM) leadership • Q2 2025

    Question

    Daniel Moore of CJS Securities asked for more detail on Government Solutions margins, specifically the impact of mix pressure and setup costs for new programs. He also inquired about the timing of the New York City contract finalization and the company's capital allocation priorities, particularly regarding M&A versus share buybacks.

    Answer

    CFO Craig Conti detailed the 250 basis point year-over-year margin decline in Government Solutions, attributing 100 bps to product mix, 100 bps to ERP costs, and 50 bps to incremental setup costs for new programs. CEO David Roberts addressed the New York City contract, stating they are working toward a resolution and will update the market upon finalization. Regarding capital allocation, Mr. Roberts noted that M&A activity is increasing, but the company will remain opportunistic with its share repurchase program if a suitable deal does not materialize.

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    Daniel Moore's questions to Verra Mobility Corp (VRRM) leadership • Q1 2025

    Question

    Daniel Moore from CJS Securities asked whether the cautious guidance was due to a real-time slowdown in travel or the anticipation of future softness. He also questioned if the outperformance of RAC tolling revenue versus TSA volume growth would continue and inquired about the long-term margin expansion opportunity in the Government Solutions segment.

    Answer

    CFO Craig Conti clarified that the guidance reflects anticipation of future softness based on airline forecasts more than a current material slowdown, though a very small decline is beginning to be visible. Regarding RAC tolling, he noted that outperformance versus TSA volumes can be inconsistent as Verra's revenue is concentrated in states with toll roads. CEO David Roberts added that strong legislative tailwinds and an expanding market set up the Government Solutions business for significant opportunity over the next few years.

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    Daniel Moore's questions to Verra Mobility Corp (VRRM) leadership • Q3 2024

    Question

    Daniel Moore inquired about the expected growth ranking for business segments in 2025, the impact of new red light camera legislation in New York, and capital allocation priorities as leverage approaches 2x.

    Answer

    Executive Craig Conti projected Government Solutions to grow at the high end of its long-term guide, with Commercial Services at the lower end. Executive David Roberts stated that New York City will likely finalize its new camera plans after the current RFP process concludes. Roberts also affirmed that growth, both organic and through M&A, remains the top capital priority, with Conti adding that the long-term net leverage target is still 3x.

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    Daniel Moore's questions to Gibraltar Industries Inc (ROCK) leadership

    Daniel Moore's questions to Gibraltar Industries Inc (ROCK) leadership • Q2 2025

    Question

    In a follow-up, Daniel Moore of CJS Securities questioned the long-term strategic fit of the Infrastructure business and asked for guidance on the quarterly revenue and earnings cadence for the second half of the year, post-renewables divestiture.

    Answer

    Chairman & CEO Bill Bosway stated that while the Infrastructure business's future role could change, the current strategy is to continue improving its strong performance. CFO Joe Lovechio guided that Q3 and Q4 would see normal seasonality in residential, with AgTech revenue being more weighted to Q4 due to project timing. Bosway added that long-term seasonality will likely mirror that of the building products market.

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    Daniel Moore's questions to Champion Homes Inc (SKY) leadership

    Daniel Moore's questions to Champion Homes Inc (SKY) leadership • Q1 2026

    Question

    Daniel Moore inquired about the anticipated moderation in the community channel, the outlook for backlog levels in Q2, the sustainability of the recovery in Canada, and the financial contribution of the Eiseman Homes acquisition.

    Answer

    President & CEO Tim Larson clarified that the community channel's robust Q1 growth rate is not expected to continue into Q2, though business remains steady. He anticipates backlogs will stay within the normal 4-12 week range. EVP, CFO & Treasurer Lori Hough noted the Eiseman acquisition contributed one month of revenue and, as a retail operation, does not impact the manufacturing backlog.

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    Daniel Moore's questions to Champion Homes Inc (SKY) leadership • Q3 2025

    Question

    Daniel Moore inquired about the confidence in order rate trajectory for Q4 and early fiscal '26, how the company manages backlogs, trends in penetrating top community developers, and the drivers behind the increase in SG&A.

    Answer

    CEO Tim Larson stated that early signs for the spring selling season are promising and the company is planning for continued profitable growth in fiscal '26. He noted that the builder-developer channel grew year-over-year and that the company is learning to accelerate project timelines. CFO Laurie Hough explained the SG&A increase was due to about 35% variable compensation tied to higher revenue, as well as ongoing investments in personnel for the captive retail organization and technology for the direct-to-consumer platform.

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    Daniel Moore's questions to LCI Industries (LCII) leadership

    Daniel Moore's questions to LCI Industries (LCII) leadership • Q2 2025

    Question

    Daniel Moore of CJS Securities inquired about RV and marine dealer inventory levels, the potential impact of a future restock, and sought clarification on the Q3 EBIT margin guidance in light of increased tariff impacts.

    Answer

    President and CEO Jason Lippert noted that both dealers and OEMs remain cautious, with the marine market in the "middle innings" of destocking compared to RV. He anticipates a slow, gradual recovery. EVP & CFO Lillian Etzkorn explained that tariff mitigation focuses on offsetting dollar costs, not preserving margin percentages, which causes some mathematical compression. She also cited integration costs from recent acquisitions as a near-term margin headwind but reaffirmed the full-year target of an 85 basis point overhead reduction.

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    Daniel Moore's questions to LCI Industries (LCII) leadership • Q3 2024

    Question

    Daniel Moore inquired about the expected cadence of wholesale shipments in 2025 (H1 vs. H2) and the feasibility of achieving 3-5% content growth. He also asked about the potential for operating margin uplift in 2025 and the outlook for the M&A pipeline over the next 6-12 months.

    Answer

    CEO Jason Lippert noted that content growth is dependent on product mix but feels more optimistic about a rebound sooner rather than later, driven by low dealer inventories. He anticipates more M&A activity in the next calendar year. VP of Finance and Treasurer Lillian Etzkorn projected a modest operating margin increase for 2025, supported by higher volume, facility consolidation, and overhead cost reductions.

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    Daniel Moore's questions to Cavco Industries Inc (CVCO) leadership

    Daniel Moore's questions to Cavco Industries Inc (CVCO) leadership • Q1 2026

    Question

    Daniel Moore from CJS Securities inquired about current order trends for Q2, regional softness in the Southeast, drivers for the increase in average selling price (ASP), the impact of Texas flooding on insurance claims, the divergence of manufactured housing growth from site-built homes, and the strategy behind the American HomeStar acquisition.

    Answer

    President and CEO William Boor noted that while uncertainty remains, high-level positive order trends are continuing. He clarified that the Southeast was lagging in growth rather than declining and that the ASP increase was driven by true price appreciation. Boor also stated that recent Texas floods did not generate significant claims. He attributed manufactured housing's outperformance to resolving prior inventory issues and a strong affordability advantage. Regarding the American HomeStar deal, he expressed long-term confidence in the Texas market and highlighted opportunities for significant value creation.

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    Daniel Moore's questions to Rogers Corp (ROG) leadership

    Daniel Moore's questions to Rogers Corp (ROG) leadership • Q2 2025

    Question

    Daniel Moore of CJS Securities asked about Interim CEO Ali El-Haj's top strategic and financial priorities for the next 6-12 months, the path back to year-over-year organic revenue growth, and midterm gross margin targets considering the updated outlook for the ceramics business.

    Answer

    Interim President & CEO Ali El-Haj stated his priorities are internal operational improvements to increase execution speed and aggressively pursuing short- and mid-term top-line growth opportunities. SVP, CFO & Treasurer Laura Russell added that margin expansion will be driven by top-line growth, improved capacity utilization, and the benefits from announced cost-saving initiatives.

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    Daniel Moore's questions to Patrick Industries Inc (PATK) leadership

    Daniel Moore's questions to Patrick Industries Inc (PATK) leadership • Q2 2025

    Question

    Daniel Moore asked about the powersports market outlook, requested more detail on new product systems, and questioned the company's M&A strategy and willingness to increase leverage.

    Answer

    CEO Andy Nemeth noted that powersports inventories are stabilizing and attachment rates are rising. President - RV, Jeffrey Rodino, detailed new solutions like a composite RV roof and a proprietary Power Bimini system. CEO Nemeth also confirmed the M&A pipeline is active and the company would consider leverage above 3x for a strategic deal, with a plan to delever quickly.

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    Daniel Moore's questions to Patrick Industries Inc (PATK) leadership • Q1 2025

    Question

    Daniel Moore of CJS Securities asked if the revised margin guidance includes steps to reduce capacity or if the company is maintaining capacity for a potential short-term rebound. He also inquired about the outlook for manufactured housing gaining share from site-built homes and the share gain opportunity for Sportech in the Powersports market.

    Answer

    CEO Andy L. Nemeth and CFO Andrew Roeder explained that while they are undertaking thoughtful facility consolidations, they are strategically maintaining overall capacity to remain nimble and support customers during a potential inflection point. They reaffirmed the long-term value proposition for MH. Nemeth also highlighted that Sportech continues to see strong take rates for its cabin enclosures, particularly in the more resilient utility side-by-side vehicle market.

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    Daniel Moore's questions to Patrick Industries Inc (PATK) leadership • Q4 2024

    Question

    Dan Moore asked about the primary opportunities for driving organic growth, expectations for Q1 revenue and margins, and the company's capital allocation priorities.

    Answer

    CEO Andy L. Nemeth highlighted new product innovation and prototyping as key organic growth drivers. He corrected his initial statement to confirm that Q1 revenue and margins are expected to be up from Q4. Regarding capital allocation, Nemeth noted the M&A pipeline remains full and the company will be opportunistic while remaining disciplined across all priorities.

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    Daniel Moore's questions to Patrick Industries Inc (PATK) leadership • Q3 2024

    Question

    Daniel Moore questioned the 2025 RV outlook, asking why a dealer restock wasn't assumed if retail is flat. He also inquired about the potential for larger M&A given the company's liquidity and its ability to outpace the broader Powersports market decline.

    Answer

    CEO Andy L. Nemeth stated the 2025 RV forecast is intentionally cautious, assuming current low inventory levels, but acknowledged a restock is likely needed. He confirmed the company is seeing and has an appetite for larger M&A deals. President, Powersports Kip Ellis added that Patrick expects to offset the market decline through organic growth, particularly in premium UTV cab attachment rates.

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    Daniel Moore's questions to Materion Corp (MTRN) leadership

    Daniel Moore's questions to Materion Corp (MTRN) leadership • Q2 2025

    Question

    Daniel Moore of CJS Securities asked for more details on the Conasol acquisition, including its capabilities and financial opportunity. He also inquired about trends in the China semiconductor market and sought an update on the timing for the Phase II Precision Clad Strip project related to Philip Morris International (PMI).

    Answer

    CEO Jugal Vijayvargiya described the Conasol acquisition as a strategic expansion of its semiconductor footprint in Asia, providing a full value stream for its tantalum business. He noted that customer qualifications will take 6-12 months, with sales expected to begin in 2026. Regarding the China semi market, he acknowledged that China is developing its own supply chain, creating local competition, but noted Materion is seeing strong growth in semi subsectors outside of China. For the PMI project, he stated the full-year outlook is unchanged and that Materion is fully prepared to support increased volumes upon potential FDA approval for its customer's product.

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    Daniel Moore's questions to Materion Corp (MTRN) leadership • Q4 2024

    Question

    Dan Moore of CJS Securities asked about the new 23% adjusted EBITDA margin target, questioning the expected timeframe and the level of organic top-line growth needed to achieve it. He also requested more details on a new deposition material being developed in partnership with an equipment manufacturer.

    Answer

    President and CEO Jugal Vijayvargiya stated that reaching the 23% midterm EBITDA margin target will be achieved over the next several years through organic growth outpacing underlying markets by 200-300 basis points, potential bolt-on M&A, and continued disciplined execution on cost and operational excellence. Regarding the new material, he described it as a partnership with a leading equipment manufacturer to support a next-generation deposition technology beyond PVD and ALD, which could provide meaningful growth if successful.

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    Daniel Moore's questions to Materion Corp (MTRN) leadership • Q3 2024

    Question

    Daniel Moore of CJS Securities asked for the 2025 outlook for the semiconductor market, inquired about milestones for the next phase of the Precision Clad Strip product ramp, and questioned if other non-core businesses might be divested.

    Answer

    President and CEO Jugal Vijayvargiya described the semiconductor market recovery as slower than expected and difficult to forecast, with potential improvement in the second half of 2025, but noted they are monitoring it month-by-month. He identified potential FDA approval in late 2025 or 2026 as a key milestone for the Clad Strip product's entry into the large U.S. market. He also stated that while the company is happy with its current portfolio alignment to megatrends, they will continue to study it for minor changes.

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    Daniel Moore's questions to Simpson Manufacturing Co Inc (SSD) leadership

    Daniel Moore's questions to Simpson Manufacturing Co Inc (SSD) leadership • Q2 2025

    Question

    Daniel Moore of CJS Securities inquired about the key drivers of Q2 revenue growth, the apparent conservatism in the full-year operating margin guidance despite a strong first half, the reason for an expense reclassification, and the outlook for working capital and share repurchases.

    Answer

    CFO & Treasurer Matt Dunn confirmed that revenue growth was driven by $9 million from acquisitions, $7 million from favorable currency exchange, and pricing, with volumes being largely flat. CEO Michael Olosky explained the margin guidance reflects significant second-half uncertainty, including the impact of new tariffs. Matt Dunn clarified the expense reclassification was an internal 'housekeeping' change with no impact on overall spending. Regarding capital allocation, he noted the company remains opportunistic with its buyback authorization and manages working capital by using inventory to hedge steel prices.

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    Daniel Moore's questions to Worthington Enterprises Inc (WOR) leadership

    Daniel Moore's questions to Worthington Enterprises Inc (WOR) leadership • Q4 2025

    Question

    Daniel Moore of CJS Securities asked for the specific revenue and EBITDA contributions from the Regasco acquisition and questioned the outlook for organic top-line growth in fiscal 2026. He also requested more detail on the recently announced Elgin acquisition, including its strategic fit, customer base, and potential synergies.

    Answer

    CFO Colin Souza reported that Regasco contributed approximately $16.5 million in revenue and $2 million in EBITDA. CEO Joseph Hayek refrained from giving specific FY26 guidance due to macro uncertainties but expressed cautious optimism. Regarding Elgin, Hayek described it as a strong strategic fit, highlighting its leadership in a niche market (HVAC components), its use of roll-formed steel (a core competency for Worthington), and its similar go-to-market channels, which present significant synergy opportunities. Souza added that the softer M&A market contributed to an attractive purchase price.

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    Daniel Moore's questions to Worthington Enterprises Inc (WOR) leadership • Q3 2025

    Question

    Daniel Moore asked about the drivers behind the spike in consolidated gross margin to over 29%, its sustainability, and the mix between restocking and end-market demand in the Consumer segment's volume growth. He also questioned the outlook for free cash flow conversion and the cadence of share repurchases.

    Answer

    CEO Joseph Hayek explained that the 620 basis point gross margin expansion was partly due to the deconsolidation of the lower-margin SES business (~300 bps) and positive mix shifts. He noted the goal is to sustain margins in the high 20s. Regarding consumer volume, Hayek indicated the company worked to prevent overstocking and that point-of-sale data is tracking with orders, though weather likely provided a small positive impact. Hayek also stated the capital allocation strategy remains balanced with a bias toward growth, with buybacks used to offset dilution and opportunistically. He mentioned a significant CapEx project will continue for 6-8 quarters, with the bulk of spending in fiscal 2026.

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    Daniel Moore's questions to John Wiley & Sons Inc (WLY) leadership

    Daniel Moore's questions to John Wiley & Sons Inc (WLY) leadership • Q4 2025

    Question

    Daniel Moore of CJS Securities asked about Wiley's fiscal 2026 revenue guidance, seeking clarity on the drivers for organic growth excluding AI and the factors influencing the high versus low end of the range. He also inquired about the potential future contribution from recurring corporate AI partnerships, the disparity between strong article submission growth and output growth, the company's planning amidst macroeconomic uncertainty, and the capital allocation strategy following the collection of divestiture proceeds, particularly regarding share buybacks versus deleveraging.

    Answer

    President & CEO Matthew Kissner, Interim CFO Christopher Caridi, and EVP & GM for Research & Learning Jay Flynn collectively addressed the questions. They attributed the organic growth outlook to continued strength in Open Access, solid calendar 2025 subscription renewals, and growth in Learning's inclusive access and courseware. Regarding AI, they positioned the current $1 million in recurring revenue as the start of a strategic shift to SaaS-like models, emphasizing the value of learning from these early partnerships. Jay Flynn explained that high submission growth supports the value of subscriptions and has a natural lag before impacting output. On the macro environment, management expressed confidence due to global diversification, recurring revenue, and cost discipline, while actively modeling scenarios. Christopher Caridi stated that capital allocation will be a 'mixed approach,' balancing investments with shareholder returns, and noted that buybacks remain opportunistic.

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    Daniel Moore's questions to Thryv Holdings Inc (THRY) leadership

    Daniel Moore's questions to Thryv Holdings Inc (THRY) leadership • Q1 2025

    Question

    Speaking for Daniel Moore, an analyst asked if Thryv would consider raising its long-term 100% net revenue retention goal given the new sales focus on expansion. He also asked about the company's target leverage range over the next few years.

    Answer

    CEO Joe Walsh explained that while NRR may be higher in the near term due to the focus on the existing base, the 100% target remains appropriate long-term to reflect the inherent churn of the VSB market. He prefers to remain conservative for now. CFO Paul Rouse added that the plan is to continue paying down debt, leading to consistent improvement in the leverage ratio over time.

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    Daniel Moore's questions to Thryv Holdings Inc (THRY) leadership • Q4 2024

    Question

    Daniel Moore sought an update on the timeline for SaaS EBITDA to exceed that of Marketing Services and asked about the future cadence of new "center" launches versus the focus on Keap integration.

    Answer

    CEO Joe Walsh reiterated the company's projection that SaaS will become the majority source of EBITDA in 2026, leading to overall top-line growth in 2027. He confirmed the upcoming launch of the "Workforce Center" in 2025 but stated that the primary focus for subsequent years will be on integrating the existing platform and Keap, enhancing interoperability, and ensuring ease of use, rather than promising a new center each year.

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    Daniel Moore's questions to Janus International Group Inc (JBI) leadership

    Daniel Moore's questions to Janus International Group Inc (JBI) leadership • Q4 2024

    Question

    Daniel Moore from CJS Securities requested more specific details on the expected cadence for Q1 revenue and EBITDA, using Q4 as a baseline. He also asked for a breakdown of the full-year 2025 revenue guidance, seeking clarity on the expected performance of Self-Storage versus New Construction and the Commercial segment.

    Answer

    CFO Anselm Wong advised using the Q4 adjusted EBITDA margin of approximately 19% as the starting point for Q1, with sequential margin improvement expected throughout 2025 as cost savings are realized. For the Q1 top line, he indicated a return to normal seasonality, which could be slightly lower due to weather impacts. For the full year, Wong stated that New Construction will see a slow decline as R3 grows, and the Commercial segment is expected to return to growth, aided by new locations.

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    Daniel Moore's questions to Janus International Group Inc (JBI) leadership • Q3 2024

    Question

    Daniel Moore asked for more detail on customer sentiment, specifically the balance between interest rate concerns and supply-demand dynamics. He also inquired about the Q3 credit loss, whether more are expected in Q4, the magnitude of 2025 commercial actions, and the appetite for further share repurchases.

    Answer

    CFO Anselm Wong stated that customer hesitation is a mix of waiting for further interest rate cuts and election uncertainty. He confirmed the Q3 credit loss was due to a large, long-time customer's bankruptcy and that an additional reserve was taken for other accounts, with no further material losses assumed in Q4 guidance. Wong reiterated the previously disclosed impact of commercial actions and affirmed the company's intent to continue share repurchases, feeling the stock is undervalued.

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    Daniel Moore's questions to Matthews International Corp (MATW) leadership

    Daniel Moore's questions to Matthews International Corp (MATW) leadership • Q1 2025

    Question

    Daniel Moore asked for details on the Memorialization segment's sales decline, the drivers of the Industrial segment's performance, potential next steps in the Tesla arbitration, and the expected timing of realizing the company's cost savings program.

    Answer

    CFO Steven Nicola and CEO Joseph Bartolacci attributed the Memorialization decline to working down prior-year granite backlogs and exiting an unprofitable European business. Bartolacci noted the Industrial decline was overwhelmingly from the energy business. Regarding the arbitration, he stated they have a definitive ruling and will defend it. Nicola projected achieving a $25-$30 million cost savings run rate by the end of fiscal 2025.

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