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    Dave Storms • Stonegate Capital Partners

    Dave Storms's questions to Metallus Inc (MTUS) leadership

    Dave Storms's questions to Metallus Inc (MTUS) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners questioned whether the upcoming planned downtime would focus on technology implementation or maintenance, and asked about the composition of the current order book given lead times extending to October.

    Answer

    CEO Mike Williams clarified that the planned shutdown is primarily for maintenance and reliability-focused investments, with major efficiency gains expected from new capital projects and a separate optimization initiative. Regarding the order book, he noted it is double the size of the previous year, which allows for better scheduling. He sees stability in automotive and defense markets and expects modest price appreciation as previously announced increases are realized in shipments.

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    Dave Storms's questions to NU Skin Enterprises Inc (NUS) leadership

    Dave Storms's questions to NU Skin Enterprises Inc (NUS) leadership • Q2 2025

    Question

    Dave Storms from Stonegate Capital Partners inquired about the key factors influencing the narrowed guidance, the drivers of success and future runway in Latin America, the remaining levers for cost optimization, and the company's capital allocation priorities following its achievement of a net cash positive balance sheet.

    Answer

    CEO Ryan Napierski highlighted Latin America's continued outperformance and challenges in North America as key variables for guidance, while noting Prism.io will further boost the successful, simplified strategy in Latin America. CFO James Thomas confirmed that after four sequential quarters of gross margin improvement, further opportunities exist in cost optimization across G&A and selling expenses. Regarding capital allocation, Napierski prioritized growth investments in Prism.io and the India market entry, while Thomas reiterated the strategy of funding the business, servicing debt, and returning value to shareholders via dividends and opportunistic share repurchases.

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    Dave Storms's questions to Information Services Group Inc (III) leadership

    Dave Storms's questions to Information Services Group Inc (III) leadership • Q2 2025

    Question

    Dave Storms inquired about the sustainability of the strong quarterly cash generation and whether the acceleration in the sales pipeline indicates a reversal of previously elongated cycles.

    Answer

    EVP & CFO Michael Sherrick explained that the strong cash flow was partly due to timing from Q1 and a ten-day drop in DSO, noting that while strong cash flow should continue, it won't be at this record level. Chairman & CEO Michael Connors added that the pipeline has accelerated, driven by industry verticals like energy and healthcare, as clients seek cost optimization to fund AI initiatives, leading to faster decision-making on large projects.

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    Dave Storms's questions to Gladstone Commercial Corp (GOOD) leadership

    Dave Storms's questions to Gladstone Commercial Corp (GOOD) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners questioned the outlook for acquisition cap rates, asking if they could reach 9%, and whether the current macroeconomic environment is causing changes to the company's underwriting process.

    Answer

    President Buzz Cooper stated he does not foresee cap rates reaching 9% but expects them to average 8.5% or higher, noting significant competition for assets. He confirmed that Gladstone is not seeing any meaningful negative impact on its tenants and will not alter its stringent underwriting criteria, maintaining a focus on tenant quality despite macro uncertainties like tariffs.

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    Dave Storms's questions to OppFi Inc (OPFI) leadership

    Dave Storms's questions to OppFi Inc (OPFI) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners asked about the rollout and success metrics for the new LOLA loan origination system and whether any macroeconomic factors might disrupt the typical seasonal patterns in the second half of the year.

    Answer

    Founder, CEO & Executive Chairman Todd Schwartz explained that the primary goal for the LOLA system rollout is to maintain current strong performance while building a foundation for future innovation, particularly seamless integration with AI tools and improved data analysis. He clarified that success is measured by this future optionality rather than immediate changes to metrics. Regarding seasonality, he stated that the company expects a standard seasonal progression for the second half of the year, with no unusual macro disruptions anticipated in the current guidance.

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    Dave Storms's questions to Olympic Steel Inc (ZEUS) leadership

    Dave Storms's questions to Olympic Steel Inc (ZEUS) leadership • Q2 2025

    Question

    Dave Storms from Stonegate Capital Partners asked about the primary drivers of the flat roll margin improvement, any other leading indicators for the business, and the potential impacts of recent tax legislation beyond bonus depreciation.

    Answer

    CFO Richard Manson attributed the margin improvement to selling lower-cost inventory at higher index prices following tariff announcements. CEO Rick Marabito added that a strategic shift to a richer product mix, more fabrication, and accretive acquisitions also contributed. Marabito identified strong quoting activity for fabrication work and data center business as positive leading indicators. Regarding tax legislation, Manson and Marabito agreed the main benefit is for their customers, which should help drive demand, especially when combined with future interest rate cuts.

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    Dave Storms's questions to Materion Corp (MTRN) leadership

    Dave Storms's questions to Materion Corp (MTRN) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners asked for the outlook on the automotive market for the remainder of the year and requested more details on the defense backlog, including its timeline, burn rate, and margin profile.

    Answer

    CEO Jugal Vijayvargiya characterized the automotive market as choppy and expects it to be flat to slightly up in the second half of the year, noting its smaller impact on the company's overall results. For the defense market, he described it as a 'very positive mix market' with higher margins. He highlighted record bookings of $75 million in the first half, up nearly 30% year-over-year, and expects the high level of activity and new inquiries to continue through the rest of the year.

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    Dave Storms's questions to Stepan Co (SCL) leadership

    Dave Storms's questions to Stepan Co (SCL) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners asked about the strategic beneficiaries of the recently announced AOS expansion, potential future asset optimization opportunities following the Philippines sale, and for confirmation that the quarter's tax benefit was a one-time event.

    Answer

    President, CEO & Director Luis Rojo explained that the AOS expansion is a strategic move to aggressively pursue the growing sulfate-free market, particularly in beauty care, making Stepan a 'one-stop shop' for customers. Regarding asset optimization, he confirmed the company is continuously evaluating its global footprint to improve returns, hinting at future actions. Rojo also affirmed the Q2 tax benefit was a one-time event and the normal effective tax rate remains 24-26%.

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    Dave Storms's questions to Alliance Resource Partners LP (ARLP) leadership

    Dave Storms's questions to Alliance Resource Partners LP (ARLP) leadership • Q2 2025

    Question

    Dave Storms from Stonegate Capital Partners asked about the directional impact of recent trade deals on the business, the expected pacing of demand growth given that utility inventories are at equilibrium, and whether ARLP is comfortable with its own inventory levels.

    Answer

    Joseph Craft, Chairman, CEO, and President, responded that while he couldn't detail the latest trade deal, the administration's overall strategy to boost U.S. manufacturing is expected to increase electricity demand in ARLP's service areas. Regarding demand pacing, he explained that with utility inventories now at equilibrium, coal purchases will correlate directly with consumption increases, suggesting a steady rise rather than a sudden restocking wave. He confirmed that ARLP is comfortable with its current inventory of 1.2 million tons, which is expected to remain stable through year-end based on consistent shipment schedules.

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    Dave Storms's questions to Forum Energy Technologies Inc (FET) leadership

    Dave Storms's questions to Forum Energy Technologies Inc (FET) leadership • Q1 2025

    Question

    Dave Storms of Stonegate Capital Markets inquired about the potential for demand recovery if tariffs were to decrease, the level of competition for alternative supply sources, and the potential duration of the customer 'buyer strike' on valves.

    Answer

    CFO Lyle Williams stated that while maintenance-related demand would likely rebound, capital project demand might be permanently deferred, though they don't expect tariffs to wane. President and CEO Neal Lux added that FET faces little competition for alternative supply chains as they built resiliency years ago. Regarding the 'buyer strike,' Lux was uncertain on the duration but believes customers running lean inventories will eventually need to resume purchasing, at least for minimum requirements, once tariff levels stabilize.

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