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    David Storms

    Research Analyst at Stonegate Capital Partners

    David Storms is the Director of Equity Research at Stonegate Capital Partners, specializing in small- and mid-cap equities with a focus on the consumer services and finance sectors. He covers companies such as Gladstone Commercial Corp (NASDAQ: GOOD), providing detailed valuation analysis and investment recommendations that utilize a combination of comp analysis and growth models. Storms began his career as an investment analyst at The Board of Pensions (PCUSA), followed by roles at Valuation Research Corporation, Beneficial Financial Group, and Goldman Sachs before joining Stonegate in September 2022. He holds the CFA charter, a Master’s in Investment Management from Temple University, and is registered with FINRA with Series SIE, 7, and 87 licenses.

    David Storms's questions to Alpha Cognition (ACOG) leadership

    David Storms's questions to Alpha Cognition (ACOG) leadership • Q1 2025

    Question

    David Storms asked about the expected patient penetration in targeted Tier 1 long-term care facilities and whether the current sales force is sufficient to scale. He also sought to clarify how much of the Q1 revenue represented initial stocking versus underlying demand. Lastly, he inquired about potential impacts from recent U.S. policy developments on long-term pricing.

    Answer

    COO Lauren D'Angelo explained that a significant portion of Alzheimer's patients in nursing homes are candidates for ZUNVEYL, as about half are untreated after failing previous therapies. CEO Michael McFadden stated the current sales force provides 80% coverage and any increases would be minor. D'Angelo clarified that initial stocking was minimal and has already been depleted for the 5mg dose, indicating strong underlying demand. McFadden addressed policy concerns, stating the company does not anticipate significant impacts from tariffs or reference pricing proposals on its U.S. business in the near term.

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    David Storms's questions to Alpha Cognition (ACOG) leadership • Q4 2024

    Question

    David Storms asked about plans for ex-U.S. partnerships beyond the existing CMS deal and the key variables required to achieve the company's cash flow breakeven target in year 3.

    Answer

    CEO Michael McFadden confirmed the company is actively pursuing another ex-U.S. partnership and expects to sign a deal in 2025. He explained that reaching the year 3 cash flow breakeven target depends on two key levers: successful sales execution driving a 'hockey stick' revenue curve and disciplined expense management.

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

    David Storms's questions to Information Services Group (III) leadership • Q1 2025

    Question

    David Storms inquired about the growth pace in the Americas for Q2 following a strong Q1, and asked which end markets in Europe are showing early signs of a rebound.

    Answer

    CEO Michael P. Connors stated that ISG expects continued double-digit growth in the Americas in Q2, driven by strong demand in both transformation and optimization. For Europe, he noted that ongoing uncertainty from tariffs, geopolitics, and election cycles is delaying a rebound. While the pipeline is increasing, he anticipates improvement in the second half of the year, specifically Q3 and Q4, rather than seeing growth in Q2.

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    David Storms's questions to Information Services Group (III) leadership • Q4 2024

    Question

    David Storms of Stonegate Capital Partners questioned the outlook for recurring revenue in 2025, including the impact of contract renewals and the pipeline. He also asked which other end markets, besides banking and APAC government, investors should watch in the coming year.

    Answer

    Michael Sherrick, EVP and CFO, explained that while recurring revenue was flat quarter-over-quarter, this was due to contract timing and he expects continued year-over-year absolute growth in 2025. Michael P. Connors, Chairman and CEO, highlighted energy, utilities, health sciences, and technology as strong end markets, while cautioning that automotive and consumer sectors could face weakness.

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    David Storms's questions to Information Services Group (III) leadership • Q3 2024

    Question

    David Storms questioned which pipeline segments might monetize the quickest, the future direction of headcount given high utilization, and whether any other parts of the portfolio are candidates for divestiture following the automation unit sale.

    Answer

    CEO Michael P. Connors identified the consumer and manufacturing segments as moving aggressively, with significant potential in energy/utilities and private equity channels in 2025. CFO Michael Sherrick explained that future headcount additions will be opportunistic, focusing on AI skills. Connors concluded that no other divestitures are planned, expressing satisfaction with the current asset portfolio and its growth prospects.

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    David Storms's questions to GLADSTONE COMMERCIAL (GOOD) leadership

    David Storms's questions to GLADSTONE COMMERCIAL (GOOD) leadership • Q1 2025

    Question

    David Storms of Stonegate Capital Partners questioned management's perspective on the portfolio's average lease term duration ahead of 2026-2027 negotiations and inquired about the competitive landscape on the leasing front.

    Answer

    President Buzz Cooper stated he feels good about the lease term, expecting it to increase back over seven years with upcoming acquisitions. He emphasized a strategy that balances long-term deals with shorter-term leases on mission-critical assets to capture rent growth. Regarding leasing competition, he noted it's primarily from end-users and that Gladstone is very competitive in its markets.

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    David Storms's questions to GLADSTONE COMMERCIAL (GOOD) leadership • Q4 2024

    Question

    David Storms asked for the expected timing of the sales for the two assets currently held for sale. He also inquired about the spread in cap rates between the assets being sold and those in the acquisition pipeline.

    Answer

    President Arthur 'Buzz' Cooper stated that one held-for-sale asset is contracted to close on April 1, with the other expected to close in the second quarter. He noted that acquisition cap rates are in the 7.5% to 8% range, while disposition cap rates are 'somewhat a little bit higher' because they are office properties.

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    David Storms's questions to GLADSTONE COMMERCIAL (GOOD) leadership • Q3 2024

    Question

    David Storms asked for more details on a new property under contract, including its anticipated cap rate and closing timeline, and also inquired about the broader cap rate environment and the reason for a decrease in tenant count.

    Answer

    President Arthur Cooper stated the new property acquisition is set to close in Q4 with a cap rate over 9%. He noted that while the market remains competitive, cap rates appear to be declining slightly as seller expectations adjust. He clarified that the quarter-over-quarter drop in tenant count was a direct result of property sales, not tenant departures.

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    David Storms's questions to PARK OHIO HOLDINGS (PKOH) leadership

    David Storms's questions to PARK OHIO HOLDINGS (PKOH) leadership • Q1 2025

    Question

    David Joseph Storms of Stonegate Capital Markets questioned the potential to recover from the Q1 sales shortfall, the maturity of the favorable supply chain shifts, and the current state of the M&A market.

    Answer

    Executive Patrick Fogarty expressed confidence in making up for the slow January start, citing strong momentum in February and March. Executive Matthew V. Crawford described the supply chain shifts as happening quickly in automotive, with longer-term benefits in steel and defense expected in 2026 and beyond. Fogarty also noted a slowdown in M&A activity due to macro uncertainty and tighter credit, with both buyers and sellers taking a 'wait-and-see' approach.

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    David Storms's questions to PARK OHIO HOLDINGS (PKOH) leadership • Q4 2024

    Question

    David Joseph Storms inquired about the expected cadence for 2025, the impact of tariffs, potential standout end markets beyond aerospace, the sustainability of consolidated margins, and the current M&A environment.

    Answer

    Executive Matthew V. Crawford stated that while most of the business is insulated from tariffs, some segments like forging could benefit from reshoring. He also noted the main margin improvement opportunity lies within the underperforming Engineered Products group. Executive Patrick Fogarty added that they are actively mitigating tariff impacts in the Supply Technologies and Auto segments and highlighted heavy-duty truck and capital equipment as other growth areas. Regarding M&A, Fogarty described the deal volume as steady, with a focus on strategic bolt-on acquisitions for their most profitable businesses.

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    David Storms's questions to PARK OHIO HOLDINGS (PKOH) leadership • Q3 2024

    Question

    David Storms from Stonegate Capital Markets inquired about the operational improvement outlook for the Forged segment, the sustainability of growth in aerospace and defense, and the company's exposure to potential U.S. tariff increases.

    Answer

    Executive Matthew V. Crawford explained that improvements in the Forged segment are gradual due to challenges in replacing highly skilled labor, but he expects progress in 2025. On aerospace and defense, he noted broad exposure and good visibility with backlogs extending through 2025, though OEM build rates have some uncertainty. Regarding tariffs, Crawford stated their local production model minimizes risk, and he believes a strong North American manufacturing investment cycle, potentially spurred by trade policy, would be a net positive for the company. Executive Patrick Fogarty added that their Apollo Aerospace brand is focused on growth through Tier 1 supplier penetration.

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    David Storms's questions to OLYMPIC STEEL (ZEUS) leadership

    David Storms's questions to OLYMPIC STEEL (ZEUS) leadership • Q1 2025

    Question

    David Storms asked for the outlook for the pipe and tube segment beyond the second quarter and inquired about the company's strategy for working capital and inventory management, particularly for the 10% of its metal supply that is not domestically sourced.

    Answer

    President and COO Andrew Greiff stated that the pipe and tube segment will see continued opportunities from onshoring, especially in data centers, supported by significant investments in fabrication capabilities. CFO Richard Manson addressed working capital, noting a $37 million debt reduction in Q1 and expecting larger reductions in the second half of the year, targeting debt in the low $200 million range by year-end. Andrew Greiff added that inventory levels are appropriate and the domestic supply base is stable and sufficient for growth.

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    David Storms's questions to OLYMPIC STEEL (ZEUS) leadership • Q4 2024

    Question

    David Storms asked for details on expected synergies from the Metal Works acquisition, an assessment of the company's market share across its end markets for 2025, and any early market reactions observed from recent tariff discussions.

    Answer

    CEO Rick Marabito explained that Metal Works synergies are primarily from supply chain integration, including sourcing and first-stage processing, rather than back-office cost cuts. President and COO Andrew Greiff stated that market share has grown most significantly in coated products, particularly galvanized, and that they continue to gain share in stainless and aluminum. Greiff also detailed that tariff talks have caused an immediate jump in hot-rolled futures, extended mill lead times, and prompted domestic producers to raise spot prices.

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    David Storms's questions to OLYMPIC STEEL (ZEUS) leadership • Q3 2024

    Question

    David Storms inquired about the implementation timeline for new machinery, including employee training, and asked for an update on the M&A environment, specifically whether Olympic Steel is targeting more countercyclical companies.

    Answer

    President and COO Andrew Greiff explained that employee training for new equipment can occur before it arrives and that machinery will be operational very shortly after installation, with benefits expected in 2025. CEO Rick Marabito confirmed the company is actively pursuing acquisitions, aiming for about one per year, and is focused on countercyclical end-market companies, high-margin fabricators, and service centers.

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    David Storms's questions to MATERION (MTRN) leadership

    David Storms's questions to MATERION (MTRN) leadership • Q1 2025

    Question

    David Storms of Stonegate Capital Markets questioned if strong Q1 volumes were driven by customers pulling orders forward due to tariff concerns and asked if the projected Q2 EPS headwind could be recovered later in 2025 if the macro environment improves.

    Answer

    President and CEO Jugal Vijayvargiya responded that he does not attribute the Q1 strength to a net pull-forward, suggesting that any customers who accelerated orders were likely offset by others who paused. Regarding a potential recovery, he stated the company's goal would be to recapture as much of the lost business as possible within the year, but acknowledged that the outcome is dependent on the timing of any resolution.

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    David Storms's questions to MATERION (MTRN) leadership • Q4 2024

    Question

    David Storms from Stonegate asked for an estimate on the remaining timeline for the beryllium nickel inventory correction and the outlook for the industrial market. He also questioned whether future divestiture-related costs for facilities in Asia would be of a similar magnitude to the recent New Mexico charge.

    Answer

    President and CEO Jugal Vijayvargiya stated that the beryllium nickel inventory correction is nearly complete, with orders returning to near-normal levels and normalcy expected by mid-year. He anticipates slow growth for the broader industrial market throughout the year, with more growth in the second half. VP and CFO Shelly Chadwick confirmed that any costs related to rightsizing facilities in Asia would not be of the same magnitude as the recent $7 million charge for the Albuquerque divestiture.

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    David Storms's questions to MATERION (MTRN) leadership • Q3 2024

    Question

    David Storms from Stonegate inquired about the remaining runway for significant cost reductions, asked if there were any positive signs in consumer electronics beyond the precision clad product, and questioned if any unusual seasonality is expected for 2025.

    Answer

    VP and CFO Shelly Chadwick described the cost actions as a thoughtful, step-by-step process rather than a single large program, emphasizing a continued balanced approach between cost management and growth investment. President and CEO Jugal Vijayvargiya stated that the broader consumer electronics market remains choppy with no other meaningful positive indicators at this time. He confirmed that for 2025, he expects the company's typical seasonality patterns to apply, with no abnormal factors anticipated.

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    David Storms's questions to Civeo (CVEO) leadership

    David Storms's questions to Civeo (CVEO) leadership • Q1 2025

    Question

    David Storms of Stonegate Capital Partners inquired about the impact of tariffs on the foodservice business and sought clarity on whether the updated 2025 guidance should be considered a worst-case, optimistic, or conservative scenario.

    Answer

    CEO Bradley Dodson explained that the company is actively managing Canadian tariff impacts by sourcing consumables locally and ensuring any unavoidable costs are passed through to customers. Regarding guidance, Dodson characterized it as a 'reasonably conservative outlook,' particularly for the Canadian market, noting that a worst-case scenario would involve a further significant deterioration in Canada and lower the EBITDA guidance by another $5 million.

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    David Storms's questions to Civeo (CVEO) leadership • Q4 2024

    Question

    David Storms of Stonegate Capital Partners asked if the attractive valuation of the Australian acquisition is indicative of the broader market, inquired about the opportunity to add integrated services at the new sites, and questioned what drove the resilience in Canada's asset-light business despite lower occupancy.

    Answer

    President and CEO Bradley Dodson explained that the favorable acquisition price was specific to the deal circumstances and not necessarily representative of all market assets. He confirmed Civeo will in-source the currently outsourced hospitality services at the acquired villages, adding to its integrated services revenue. Dodson clarified that the year-over-year resilience in Canada's asset-light segment was relative, as the larger decline was in the asset-intensive mobile camp business, which had significant activity in the prior year.

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    David Storms's questions to Civeo (CVEO) leadership • Q3 2024

    Question

    David Storms of Stonegate questioned the growth runway for existing integrated services customers, the current environment for Canadian contract renewals, and the potential for a Q4 activity catch-up after the wildfires.

    Answer

    President and CEO Bradley Dodson reiterated the goal to grow the Australian integrated services business to AUD 500 million by 2027, highlighting its rapid expansion from a base of AUD 240 million last year. He described the Canadian renewal environment as competitive but noted Civeo successfully maintained pricing and exclusivity due to strong operational performance. Both Dodson and CFO Collin Gerry clarified that a significant Q4 catch-up is unlikely to be visible, as typical holiday downtime will mask underlying activity levels.

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    David Storms's questions to STEPAN (SCL) leadership

    David Storms's questions to STEPAN (SCL) leadership • Q1 2025

    Question

    David Storms of Stonegate questioned whether the Q1 volume growth was driven by customer inventory pre-buying due to macro uncertainties. He also sought clarification on the improved customer mix, asking about the nature and loyalty of new Tier 2 and Tier 3 customers.

    Answer

    President and CEO Luis Rojo stated the company does not believe there was any significant customer overstocking in Q1, noting that high interest rates discourage holding excess inventory. He added that April dynamics remained strong, particularly with an acceleration in Polymers growth, which they are monitoring for any pre-tariff build. Rojo explained the positive mix is driven by both new Tier 2/3 customers and growth in higher-margin end markets like agriculture and oilfield, which helped offset the margin drag from rising oleochemical raw material costs in Surfactants.

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    David Storms's questions to STEPAN (SCL) leadership • Q4 2024

    Question

    David Storms inquired about the remaining growth potential for Stepan's agricultural (Ag) business through 2025 and asked for an assessment of the Polymers segment, seeking to identify any specific areas of strength or 'green shoots' within the challenged division.

    Answer

    Luis Rojo, President and CEO, explained that after 30% growth in H2 2024, he expects double-digit growth in the Ag business to continue into H1 2025. For Polymers, Rojo acknowledged the overall sluggish demand but highlighted positive performance in the specialty polymers business and strong growth in China. He also pointed to the upcoming launch into the spray foam market as a key growth initiative for 2025.

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    David Storms's questions to STEPAN (SCL) leadership • Q3 2024

    Question

    David Storms asked about potential catalysts for a rebound in the polymers business, the remaining opportunity for improving the customer mix in surfactants, and whether to expect any significant planned plant shutdowns in the fourth quarter.

    Answer

    CEO Luis Rojo identified a moderation in interest rates in 2025 as a key catalyst for the construction-linked polymers business, citing strong long-term fundamentals like reroofing demand. In surfactants, he described a significant growth runway with Tier 2/3 customers, a market of over 40,000, through a strategy of new customer acquisition, cross-selling, and mix sweetening. Rojo also confirmed two planned turnarounds for the polymers business in Q4, which explains the inventory build-up seen in Q3.

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    David Storms's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership

    David Storms's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q1 2025

    Question

    David Storms asked about Alliance Resource Partners' production capacity levels in light of strong volumes and commitments, and whether the decline in industry-wide coal inventories might lead to a catch-up buying spree from utilities.

    Answer

    Chairman, President and CEO Joseph Craft clarified that ARLP's 2025 production capacity is reflected in the current guidance, with potential for a slight increase. He projected that for 2026, capacity could grow by another 1 million tons from Tunnel Ridge and potentially 1-1.5 million tons from Riverview, market permitting. Regarding inventories, Craft stated that utilities are not looking to build stockpiles but are buying to meet current consumption, which remains strong. He sees this as a normalization of buying patterns to meet demand rather than a precursor to a buying spree.

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    David Storms's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q1 2025

    Question

    David Storms from Stonegate inquired about Alliance Resource Partners' production capacity levels in light of strong volumes and commitments, and also asked for an outlook on industry-wide coal inventories and future utility buying patterns.

    Answer

    Joseph Craft, Chairman, President and CEO, clarified that ARLP's current production capacity is reflected in the 2025 guidance, though some upside may exist. He projected a potential capacity increase in 2026 of 1 million tons from Tunnel Ridge and 1-1.5 million tons from Riverview due to better mining conditions and new reserves. Regarding inventories, Craft stated that utilities are not looking to build stockpiles but are buying to meet strong current demand, driven by a favorable natural gas market, and are focused on filling contracts for 2026 and beyond.

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    David Storms's questions to Third Coast Bancshares (TCBX) leadership

    David Storms's questions to Third Coast Bancshares (TCBX) leadership • Q1 2025

    Question

    David Storms of Stonegate Capital Partners inquired if the current macroeconomic environment presents opportunities for hiring key bankers and asked for an update on the M&A environment.

    Answer

    CEO Bart Caraway stated that the bank has become a 'talent magnet' but is being selective with new hires to manage expenses. Executive John McWhorter commented on M&A, noting that while they continue discussions, completing deals is currently very difficult. He emphasized that the bank can achieve its growth targets organically and is not reliant on M&A, though they remain open to a 'unicorn' opportunity.

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    David Storms's questions to Third Coast Bancshares (TCBX) leadership • Q4 2024

    Question

    David Storms sought more information on the technology improvements planned for the second half of 2025 and asked if the 8% loan growth outlook for 2025 would follow seasonal patterns similar to 2024.

    Answer

    Executive John McWhorter disclosed that the company is changing its core system from Jack Henry to FIS, a move expected to reduce costs and enhance functionality, particularly for treasury products. Regarding loan growth, Executive Bart Caraway cautioned against expecting similar seasonal patterns to prior years, describing growth as 'lumpy.' He emphasized that while quarterly performance may vary, the bank is confident in achieving its full-year loan growth target of approximately 8%.

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    David Storms's questions to Third Coast Bancshares (TCBX) leadership • Q3 2024

    Question

    David Storms asked for clarification on the strong commercial and industrial (C&I) loan growth, questioning if it was from a single large customer or a broader strategic refinement. He also inquired about the remaining runway for paying down debt.

    Answer

    Executive Audrey Duncan clarified that the C&I loan growth was broad-based, stemming from the corporate lending group's activity in the middle market, not a single loan. On debt, Executive John McWhorter stated no further paydowns are expected in the current year but that they will reevaluate in Q1, potentially paying down $5 million per quarter next year depending on growth and earnings, as it is their highest-cost funding.

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    David Storms's questions to FRANKLIN COVEY (FC) leadership

    David Storms's questions to FRANKLIN COVEY (FC) leadership • Q2 2025

    Question

    David Storms questioned if the company would shift focus more internally toward product development and AI amid external pressures, and how they plan to balance the hiring of 'lander' versus 'expander' sales roles as the new strategy matures.

    Answer

    CEO Paul Walker responded that the company continues to execute its product development roadmap, which includes AI integration, and will seek internal efficiencies in non-growth areas. Regarding sales roles, he explained that the primary growth engine will be adding more 'landers' to capture a vast market of new clients. The 'expander' side has existing capacity and will grow at a slower rate, creating operating leverage as more new accounts are passed to them.

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    David Storms's questions to FRANKLIN COVEY (FC) leadership • Q1 2025

    Question

    David Storms of Stonegate Capital Markets questioned the company's client penetration metric, asking if the 100% total addressable market (TAM) potential per client is based only on current offerings or includes future solutions. He also asked how the new "landing" team's capabilities would shift the target profile for new client acquisitions.

    Answer

    CEO Paul Walker clarified that the path to greater than 10% penetration is driven by both existing and new solutions, citing the "Speed of Trust" offering's expansion to all employees and the Impact Platform's scalability. Chief Revenue Officer Holly Procter explained the new sales model is organized by client size segments (SMB, Major, Enterprise, Key Accounts), allowing for tailored sales approaches, from high-velocity sales for SMBs to complex global solutions for the largest enterprises.

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    David Storms's questions to FRANKLIN COVEY (FC) leadership • Q1 2025

    Question

    David Storms sought clarity on the client penetration metric, asking if the potential to grow beyond the current 10% is based on existing solutions or requires new ones. He also asked about the target client profile for the new 'landing' team.

    Answer

    CEO Paul Walker explained that growth from 10% penetration is achievable with the current solution set, which has been redesigned for broader scalability, and will be further supported by new offerings. Chief Revenue Officer Holly Procter detailed that the new landing team is now organized by company size segments (SMB, Major, Enterprise, Key Accounts), allowing for a more tailored approach to win new logos of all sizes.

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    David Storms's questions to FRANKLIN COVEY (FC) leadership • Q4 2024

    Question

    David Storms of Stonegate Capital Markets asked about the margin cadence for fiscal 2025, questioning if Q1 would represent the low point. He also inquired how the new sales structure would affect the ramp-up time for new client partners, which was previously about five years.

    Answer

    CFO Stephen D. Young clarified that while the investment is front-loaded, the costs are ongoing, and the margin impact will be felt throughout the year as revenue recognition lags invoicing. CEO Paul Walker added that he expects the client partner ramp-up time to decrease significantly. The new, specialized 'Land' and 'Expand' roles are narrower and more focused, which should enable new hires to become proficient more quickly than in the previous, broader role.

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    David Storms's questions to SURF AIR MOBILITY (SRFM) leadership

    David Storms's questions to SURF AIR MOBILITY (SRFM) leadership • Q4 2024

    Question

    David Storms of Stonegate Capital Markets inquired about early feedback from the SurfOS beta launch and the expected cadence for working through the aircraft maintenance backlog.

    Answer

    Executive Sudhin Shahani reported positive early feedback on SurfOS, particularly on its direct-to-consumer capabilities, and highlighted internal efficiency gains like a 50% reduction in the on-demand sales team. Executive Deanna White added that new talent finds the tools advanced. Regarding maintenance, Executive Oliver Reeves explained that the Q1 2025 guidance already accounts for resolving a substantial portion of the backlog, with the impact expected to decrease thereafter.

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    David Storms's questions to BlackSky Technology (BKSY) leadership

    David Storms's questions to BlackSky Technology (BKSY) leadership • Q4 2024

    Question

    David Storms asked about the burn rate of the increased backlog, questioning if a critical mass of Gen-3 satellites would trigger a rapid revenue conversion. He also inquired if Gen-3 contracts include more favorable terms, such as upfront payments, compared to Gen-2 contracts.

    Answer

    CFO Henry Dubois clarified that there won't be a single step-up; instead, the ~$390 million backlog will be recognized steadily, with about $100 million expected in 2025. CEO Brian O'Toole confirmed that Gen-3's high demand is leading to more favorable terms, citing the recent $100 million contract that included guaranteed annual minimums and a $32 million upfront payment from the customer to secure priority tasking rights.

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    David Storms's questions to BlackSky Technology (BKSY) leadership • Q3 2024

    Question

    David Storms asked about the remaining operational life of the Gen-2 satellite constellation, any associated decommissioning costs, and whether the new non-Earth imaging (NEI) services have different technological, contractual, or margin profiles.

    Answer

    CEO Brian O'Toole stated that the Gen-2 constellation is expected to perform well through 2025 and into 2026, with no material decommissioning costs anticipated. He explained that the new NEI offering is an exciting, high-margin incremental revenue stream that leverages existing on-orbit satellite capacity and agility, monetized through the company's core imagery and analytics services.

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    David Storms's questions to OppFi (OPFI) leadership

    David Storms's questions to OppFi (OPFI) leadership • Q4 2024

    Question

    David Joseph Storms asked for more detail on the drivers behind the expected reduction in earnings seasonality for 2025 and questioned the potential upper limit for automation in the loan approval process.

    Answer

    CEO Todd Schwartz explained that the company's new model incorporates seasonal credit loss performance, which is expected to smooth out earnings throughout 2025. Regarding automation, he stated that while reaching 100% is likely impossible, they will continuously work to improve the metric due to its significant benefits for operational efficiency, funnel metrics, and customer satisfaction.

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    David Storms's questions to GoHealth (GOCO) leadership

    David Storms's questions to GoHealth (GOCO) leadership • Q4 2024

    Question

    David Storms asked if the expectation of fewer plan exits would alter LTV model assumptions and whether GoHealth sees opportunities to expand its business beyond the Medicare Advantage market.

    Answer

    CEO Vijay Kotte explained that LTV models are based on long-term historical averages and are not adjusted based on short-term expectations for a single enrollment period. Regarding expansion, Kotte noted that while the company is focused on the large Medicare opportunity where it has a proven advantage, it would consider expanding to other populations only if it had a clear 'right to be successful' and could offer a differentiated service, rather than diversifying for its own sake.

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    David Storms's questions to Valens Semiconductor (VLN) leadership

    David Storms's questions to Valens Semiconductor (VLN) leadership • Q4 2024

    Question

    David Storms asked about the expected revenue cadence for 2025 and the current environment for new customer acquisition in the cross-industry business (CIB) as inventory digestion subsides.

    Answer

    CFO Guy Nathanzon stated that while specific quarterly guidance beyond Q1 is not provided, a revenue ramp is generally expected in the second half of 2025 as new VS6320-based designs are commercialized. CEO Gideon Ben-Zvi added that the inventory crisis is largely behind them, with the market recovering and customer inventory levels normalizing, which supports new customer activity.

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    David Storms's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership

    David Storms's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q4 2024

    Question

    David Storms asked for details on the assumptions driving the 2025 EBITDA guidance, which projects a slight decrease despite the 'Beat the Market' strategy, and inquired about any specific pockets of market strength.

    Answer

    President and CEO Neal Lux clarified that the EBITDA guidance range accounts for a potential overall market activity decline of 2% to 5%. The final result within that range will depend on how successfully the company's market share gains can offset this decline. Lux identified consumables and international markets—specifically Canada, Kuwait, Oman, and Abu Dhabi—as current bright spots.

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    David Storms's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q3 2024

    Question

    David Storms asked about the primary drivers for the increased free cash flow guidance, the profile of potential M&A targets, and the possible impact of U.S. election tariffs on international business.

    Answer

    CFO Lyle Williams explained that the raised free cash flow forecast is based on fixed cash obligations (interest, taxes, CapEx) and assumes stable EBITDA and working capital, with upside potential from growth. CEO Neal Lux added that ideal M&A targets would resemble the successful Variperm acquisition—differentiated, high-margin, niche businesses. Regarding tariffs, Lux stated the company is more focused on managing raw material supply chains, a process they have refined by diversifying suppliers since the last administration.

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    David Storms's questions to HOOKER FURNISHINGS (HOFT) leadership

    David Storms's questions to HOOKER FURNISHINGS (HOFT) leadership • Q3 2025

    Question

    David Joseph Storms of Stonegate Capital Markets asked about the potential for holiday season discounting, the risk of further customer bankruptcies, the logistics and expected early wins from the Margaritaville license, and the timing of future cost savings and severance charges.

    Answer

    CEO Jeremy Hoff and executive Paul Huckfeldt indicated that holiday discounting would be limited to normal, targeted promotions. Huckfeldt addressed the recent customer bankruptcy, stating there is limited recourse and no significant change in the pace of other distressed receivables. Regarding the Margaritaville license, Hoff emphasized a focus on 'getting it right' for an October launch by coordinating logistics across multiple divisions. Huckfeldt also noted that significant additional restructuring costs are not expected, and the anticipated $10 million in savings should be realized evenly over the next fiscal year.

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    David Storms's questions to NCS Multistage Holdings (NCSM) leadership

    David Storms's questions to NCS Multistage Holdings (NCSM) leadership • Q3 2024

    Question

    David Joseph Storms inquired about the nature of product sales growth in North America, the timing of tracer work in the Middle East, remaining opportunities for expense reduction, and the potential for unusual seasonal trends in 2025.

    Answer

    CEO Ryan Hummer clarified that North American sales represent normal, short-cycle business, not customer inventory building. He explained that Middle East tracer revenue recognition occurs in phases and the project is largely on schedule. Hummer noted that significant cost reductions were made in 2023, and current efforts are focused on diligent cost maintenance rather than capturing 'low-hanging fruit.' For 2025, he anticipates stable U.S. activity, growth in Canada driven by new pipeline capacity, and strong international growth in Argentina, Norway, and the Middle East.

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    David Storms's questions to AEMETIS (AMTX) leadership

    David Storms's questions to AEMETIS (AMTX) leadership • Q1 2025

    Question

    David Storms from Stonegate asked a modeling question about the quantity of investment tax credits (ITCs) left to sell in 2025. He also inquired if there is a look-back period for LCFS credits generated before final digester pathway approval.

    Answer

    Chairman and CEO Eric McAfee confirmed that another ITC sale is already in process and expects a couple more during 2025 as projects come online, but noted that the monetization of 45Z production tax credits will be even more important to cash flow. Executive Andrew Foster clarified that there is a one-quarter look-back period for LCFS credits upon final approval. McAfee added that while approval is expected in Q2, the cash and revenue from these credits will be recognized in Q3 2025.

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