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    David Joseph Storms • Stonegate Capital Partners

    David Joseph Storms's questions to OppFi Inc (OPFI) leadership

    David Joseph Storms's questions to OppFi Inc (OPFI) leadership • Q1 2025

    Question

    David Joseph Storms asked about current customer borrowing patterns and whether there was any pull-forward of activity due to forecasted macro events. He also inquired about the remaining levers for cost discipline and requested examples.

    Answer

    CEO Todd Schwartz reported that the consumer base has remained stable, with no significant changes in behavior observed, noting that Model 6 was developed specifically to manage through macro volatility. Regarding cost discipline, Schwartz emphasized it is an ingrained part of the culture, highlighting the year-over-year increase in the auto-approval rate as a key efficiency driver. He added that OppFi is exploring AI to further enhance customer experience and operational efficiency, rather than simply for cost-cutting.

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    David Joseph Storms's questions to OppFi Inc (OPFI) leadership • Q3 2024

    Question

    David Joseph Storms of Stonegate Capital Partners asked for details on the target profile for potential strategic M&A, the specific factors driving the confidence to raise profitability guidance, and any macro catalysts the company is monitoring.

    Answer

    Executive Chairman and CEO Todd Schwartz explained that M&A targets must be highly accretive and align with OppFi's vision to be a platform for digital alternative financial services, with the company prepared for both equity stakes and full acquisitions. He noted that confidence in the raised guidance stems from strong credit performance, particularly in the existing customer book, which provides optionality for growth in 2025. On macro factors, Schwartz acknowledged the benefit of lower interest costs but stated the company does not plan for Fed rate cuts, though they would enhance returns.

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

    David Joseph Storms's questions to Alliance Resource Partners LP (ARLP) leadership • Q4 2024

    Question

    David Joseph Storms of Stonegate Capital Markets, Inc. asked about domestic coal inventory levels, specifically how much further they need to decline to boost pricing and what non-weather factors could contribute. He also inquired if the regulatory environment was changing demand or competition for acquiring oil and gas properties.

    Answer

    Joseph Craft, Chairman, President, and CEO, explained that domestic customer inventories are nearing a balanced level, which should support increased deliveries in 2025. He noted that any price increase is primarily a supply-side issue dependent on competitor actions, but he sees potential for higher prices in the second half of the year. Regarding oil and gas assets, Mr. Craft stated that the acquisition market has always been competitive, and he anticipates significant opportunities in 2025 in which ARLP plans to actively participate.

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    David Joseph Storms's questions to Alliance Resource Partners LP (ARLP) leadership • Q4 2024

    Question

    David Joseph Storms from Stonegate Capital Markets questioned how much further domestic coal inventories need to fall to boost pricing and what non-weather factors could help. He also asked if the regulatory environment is changing competition for acquiring oil and gas properties.

    Answer

    CEO Joseph Craft responded that domestic inventories are nearing a proper balance, which should increase delivery demand in 2025. He believes any price increase later in the year will depend on competitor supply actions. On the oil and gas front, Craft acknowledged that the acquisitions market has always been competitive but stated that ARLP anticipates significant opportunities in 2025 and plans to participate actively in auctions.

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    David Joseph Storms's questions to Federal Signal Corp (FSS) leadership

    David Joseph Storms's questions to Federal Signal Corp (FSS) leadership • Q3 2024

    Question

    David Joseph Storms asked if the company's strong cash position made any new growth initiatives feasible that weren't planned at the start of the year. He also inquired about the current state of capacity levels, including labor and facility square footage, relative to the backlog burn rate.

    Answer

    CFO Ian Hudson replied that the full-year CapEx range of $35-$40 million remains appropriate, with about half dedicated to growth, and that priorities haven't changed mid-year but will be re-evaluated for 2025. President and CEO Jennifer Sherman affirmed that significant capacity was added between 2019 and 2022 through major investments at their Streator, Elgin, and University Park facilities, among others. She stated that the company currently has sufficient capacity to support future growth and is well-positioned to leverage these past investments to increase production.

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