Donald McKenna asked if the announced settlement was a one-time payment and requested details on the quarter's share repurchase activity.
CEO Patrizio Vinciarelli stated he could not comment on the specifics of the settlement. CFO James Schmidt confirmed the company repurchased approximately $17.5 million worth of stock, representing around 200,000 shares, during the quarter.
Don McKenna of D.B. McKenna & Co. asked for clarification on previous comments that 2025 would be a record year, questioning if this meant surpassing the record EPS of $1.26 set in 2021.
CEO Patrizio Vinciarelli affirmed his expectation, stating that "under reasonable scenarios," 2025 would be a record year for both revenues and profitability.
Donald McKenna of D.B. McKenna & Company asked for clarification on the relationship between the quarter's revenue growth and the change in backlog. He also inquired about any plans for an investor tour of the new, fully operational manufacturing facility.
CEO Patrizio Vinciarelli and Corporate VP Philip Davies clarified the backlog change by stating the company shipped approximately $94 million while booking about $92 million. Regarding a facility tour, CEO Patrizio Vinciarelli noted no immediate plans due to a busy schedule, including an upcoming SAP implementation, but would take it under advisement. CFO Jim Schmidt added that customer visits are the current priority.