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    Eric Martinuzzi • Lake Street Capital Markets, LLC

    Eric Martinuzzi's questions to Evolv Technologies Holdings Inc (EVLV) leadership

    Eric Martinuzzi's questions to Evolv Technologies Holdings Inc (EVLV) leadership • Q2 2025

    Question

    Eric Martinuzzi of Lake Street Capital Markets asked for an update on early customer renewal trends, specifically regarding gross renewal rates and net revenue retention for the initial cohorts of contracts.

    Answer

    CEO John Kedzierski reported that of the 400 units up for natural renewal in 2025, about 200 were actioned in the first half. He noted that due to customer expansions alongside renewals, the company saw a net unit retention rate of over 100%. Kedzierski emphasized that these figures still represent a very small portion of the total installed base but that the company is pleased with the early signs.

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    Eric Martinuzzi's questions to Evolv Technologies Holdings Inc (EVLV) leadership • Q1 2025

    Question

    Eric Martinuzzi asked for the expected range of Evolv Express unit shipments for 2025 that supports the revenue guidance. He also questioned the expected revenue progression for the year, asking if a sequential step-down should be expected in Q2, and inquired about the timing of the planned $2 million in near-term investments.

    Answer

    CEO John Kedzierski projected deploying at least as many units as in 2024, ending 2025 with approximately 8,000 total deployed units, while noting the company will de-emphasize new unit shipments as a key metric. CFO Chris Kutsor did not provide specific Q2 guidance but advised that a shift to pure subscription models defers revenue recognition, which informs the full-year outlook. He also stated the $2 million investment spend has begun and will be slightly more weighted to the second half of the year.

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    Eric Martinuzzi's questions to Evolv Technologies Holdings Inc (EVLV) leadership • Q2 2024

    Question

    Eric Martinuzzi from Lake Street Capital Markets asked about business trends in July given the improved linearity in Q2, and also inquired about the current competitive landscape and pricing environment in the education sector.

    Answer

    President and CEO Peter George confirmed that the positive momentum and improved linearity seen in Q2 continued into the start of Q3. Regarding the competitive landscape, he stated it remains largely unchanged, with a legacy screening company as the main competitor. However, he noted a positive long-term trend of schools incorporating security technology into their operating budgets rather than relying on grant funding.

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    Eric Martinuzzi's questions to Evolv Technologies Holdings Inc (EVLV) leadership • Q1 2024

    Question

    Eric Martinuzzi of Lake Street Capital Markets questioned the current pricing environment, specifically in the education and healthcare verticals, and asked if the revised 2024 outlook accounts for potential price reductions. He also asked for the expected cash balance when the company reaches adjusted EBITDA breakeven.

    Answer

    CFO Mark Donohue acknowledged seeing increased pricing competition, particularly in high-volume education deals where the company has been amenable to working with customers. He confirmed that this pricing model is fully reflected in the revised 2024 outlook. Donohue also projected a cash balance in the $65 million to $75 million range when the company achieves adjusted EBITDA positivity in the first half of 2025.

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    Eric Martinuzzi's questions to Cellebrite DI Ltd (CLBT) leadership

    Eric Martinuzzi's questions to Cellebrite DI Ltd (CLBT) leadership • Q2 2025

    Question

    Eric Martinuzzi of Lake Street Capital Markets followed up on prior commentary about European pipeline issues, asking if those challenges were resolved and if the defense and intelligence pipeline in Europe was back on track.

    Answer

    CEO Thomas Hogan and CRO Marcus Jewell confirmed that the European business has seen a strong recovery. They attributed this to a successful strategic pivot towards the Defense and Intelligence (D&I) market, which is benefiting from increased NATO spending priorities and funding to address the regional migrant crisis. They also noted the first Keryllium resale was to a European intelligence agency.

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    Eric Martinuzzi's questions to Cellebrite DI Ltd (CLBT) leadership • Q1 2025

    Question

    Eric Martinuzzi asked if the company is stepping away from its long-term $1 billion revenue target for 2028, given the current year's guidance. He also sought more detail on the softness in the EMEA region.

    Answer

    CFO Dana Gerner affirmed that the company is not changing its trajectory to $1 billion, explaining that the current year's softness is a timing issue expected to be caught up in 2026. CRO Marcus Jewell attributed the EMEA softness to a combination of a slowdown in public safety spending and a strategic pivot toward larger, longer-cycle deals in the Defense & Intelligence sector. He expressed confidence in the regional team to manage the transition and deliver future growth.

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    Eric Martinuzzi's questions to Cellebrite DI Ltd (CLBT) leadership • Q4 2024

    Question

    Eric Martinuzzi questioned the initiatives and lessons learned from 2024 that will help Cellebrite achieve its 2025 goal of increasing Case-to-Closure (C2C) platform penetration from approximately 20% to over 50% of the installed base.

    Answer

    CFO Dana Gerner highlighted the natural connectivity the Inseyets product provides across the C2C platform. Chief Revenue Officer Marcus Jewell added that the strategy includes investing in specialist sales teams focused on the 'investigator persona,' hosting successful company-led events to generate demand, and using vertical experts to clearly demonstrate the platform's value in speeding up investigations.

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    Eric Martinuzzi's questions to SoundThinking Inc (SSTI) leadership

    Eric Martinuzzi's questions to SoundThinking Inc (SSTI) leadership • Q2 2025

    Question

    Eric Martinuzzi from Lake Street Capital asked about common themes among new Q2 customer wins and the current competitive landscape for gunshot detection.

    Answer

    CEO Ralph Clark stated that new customers, like New Orleans, share a common need to address persistent gun violence. Regarding competition, he noted that while they hear about some competitors, they do not encounter them directly very often and remain confident in their market position. Clark also detailed technological advancements, including a new sensor platform that enables 'angle of arrival' detection, which supports a new perimeter-based sniper detection solution for critical infrastructure.

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    Eric Martinuzzi's questions to SoundThinking Inc (SSTI) leadership • Q1 2025

    Question

    Eric Martinuzzi sought clarity on the expected quarterly revenue progression for the remainder of the year, given the $3.5 million in catch-up revenue in Q1, and asked about the gross margin implications of the reduced full-year adjusted EBITDA guidance.

    Answer

    Executive Alan Stewart advised that Q2 revenue would likely see a reduction from Q1 before ramping up in Q3 and more significantly in Q4. He clarified that the full-year gross margin is still expected to be around 59%, with the adjusted EBITDA reduction stemming from a mix of COGS impacts (e.g., sensor costs) and operating expenses related to AI investments.

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    Eric Martinuzzi's questions to SoundThinking Inc (SSTI) leadership • Q3 2024

    Question

    Eric Martinuzzi asked for the specific revenue contribution from the Chicago contract in fiscal 2024 and questioned whether the sales cycle elongation for ShotSpotter, mentioned in the prior quarter, had changed.

    Answer

    CFO Alan Stewart clarified that the Chicago contract's revenue contribution in 2024 is approximately $9.2 million. CEO Ralph Clark responded that the ShotSpotter sales cycle has stabilized at 12-18 months. He noted this is being offset by a more favorable mix across the portfolio, with much shorter sales cycles for the commercial SafePointe solution and an expected intermediate cycle for the new PlateRanger offering.

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    Eric Martinuzzi's questions to TechTarget Inc (TTGT) leadership

    Eric Martinuzzi's questions to TechTarget Inc (TTGT) leadership • Q2 2025

    Question

    Eric Martinuzzi of Lake Street Capital Markets questioned the revenue contribution from the Canalys conference business, whether macro demand weakness was consistent geographically, and for examples of platform integrations.

    Answer

    CEO Gary Nugent estimated the Q4 Canalys Forums business contributes between $5 million and $10 million in revenue. He noted that while macro demand patterns are broadly consistent, the APAC market has been particularly challenging. Nugent also detailed that platform integrations span CRMs like Salesforce, marketing automation like HubSpot, and sales enablement platforms like Demandbase, with a goal of reaching 13 total integrations by the fall.

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    Eric Martinuzzi's questions to TechTarget Inc (TTGT) leadership • Q1 2025

    Question

    Eric Martinuzzi questioned if the strategic shift towards large customer accounts has yielded an incremental pipeline lift. He also asked how the company is executing on 'artificial intelligence engine optimization' with platforms like ChatGPT, and requested color on the expected adjusted EBITDA margin progression needed to meet the full-year guidance after a low Q1 result.

    Answer

    CEO Gary Nugent confirmed a positive response and pipeline growth from the large account focus, noting they are uncovering more budget opportunities across the customer lifecycle. On AI optimization, Nugent explained that the company is actively testing and learning in the evolving space, believing its existing search authority and focus on quality content are advantageous. CFO Dan Noreck addressed margins, stating that Q1 would be the trough and that sequential revenue growth throughout the year would drive the necessary margin expansion to hit full-year targets.

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    Eric Martinuzzi's questions to TechTarget Inc (TTGT) leadership • Q4 2024

    Question

    Eric Martinuzzi of Lake Street Capital Markets questioned the performance of the subscription business, the repositioning of the Netline product, the reshaping of the intelligence portfolio, and the latest cash and debt balances.

    Answer

    CEO Gary Nugent reported that value-based renewal rates in the core intelligence and advisory subscription business are holding flat year-over-year. He expressed encouragement with the Q1 market acceptance of the repositioned Netline product. Nugent also detailed the reshaping of the intelligence portfolio, which involved creating fewer, larger product packages and establishing two distinct consulting capabilities. CFO Dan Noreck added that the company's net debt position is fundamentally unchanged after repaying convertible notes.

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    Eric Martinuzzi's questions to PAR Technology Corp (PAR) leadership

    Eric Martinuzzi's questions to PAR Technology Corp (PAR) leadership • Q2 2025

    Question

    Eric Martinuzzi asked if the recent macro trend of lower foot traffic at QSRs has led to an increase in demand or pipeline for PAR's Engagement Cloud products as restaurants seek to drive customer loyalty.

    Answer

    CEO Savneet Singh confirmed that PAR is 'absolutely' seeing more demand and interest in its loyalty and engagement products in the current volatile macro environment. He noted that the value of these programs is undeniable in both good and bad markets, as they focus on building lasting personal connections with consumers, which in turn allows PAR to connect other products like ordering and wallets.

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    Eric Martinuzzi's questions to PAR Technology Corp (PAR) leadership • Q1 2025

    Question

    Eric Martinuzzi of Lake Street Capital Markets, LLC asked about the ARR contribution of the new PAR OPS product line, combining Data Central and Delaget, and inquired if customers pulled forward hardware orders in Q1 ahead of potential tariffs.

    Answer

    CEO Savneet Singh detailed that the legacy Data Central product had an ARR of about $1,500 per year, and the newly acquired Delaget modules can add another $500 to $1,400 annually. Regarding hardware, he noted that some order pull-forward was observed in Q2, not Q1, and expects a strong Q2 for hardware. He reiterated confidence in managing tariff impacts due to a diversified supply chain with minimal China exposure.

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    Eric Martinuzzi's questions to PAR Technology Corp (PAR) leadership • Q4 2024

    Question

    Eric Martinuzzi questioned the non-GAAP Subscription Service gross margin of 64.7%, asking if this represented a trough and what the outlook was for 2025. He also requested the pro forma share count following the Delaget acquisition.

    Answer

    CFO Bryan Menar explained that the margin dip was due to recent acquisitions resetting the baseline. He stated that he expects the margin to improve by 50 to 150 basis points quarterly from this new level. He also confirmed the pro forma share count is just over 40 million.

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    Eric Martinuzzi's questions to PAR Technology Corp (PAR) leadership • Q3 2024

    Question

    Eric Martinuzzi asked if the company was seeing any macro-level changes in its top-of-funnel pipeline. He also asked for growth rate expectations over the next few years, comparing the Operator and Engagement Cloud segments.

    Answer

    CEO Savneet Singh reported no negative macro changes to the pipeline, noting the only shift has been positive momentum for Data Central attachment to Brink POS deals. He expects Operator Cloud to continue growing faster than Engagement Cloud, citing its larger addressable market and a broader suite of products to cross-sell.

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    Eric Martinuzzi's questions to Backblaze Inc (BLZE) leadership

    Eric Martinuzzi's questions to Backblaze Inc (BLZE) leadership • Q2 2025

    Question

    Eric Martinuzzi asked about the potential revenue uplift from the new Enterprise Security Suite and the overall health of the core SMB customer base, separate from the AI-driven growth.

    Answer

    CEO Gleb Budman explained that some security features like the enterprise console are included to drive adoption, while others like anomaly alerts will be fee-based per terabyte. He emphasized that the core business remains strong across various sectors like MSPs, education, and media, with AI acting as an accelerant. CFO Marc Suidan added that all four B2 growth drivers, including self-serve and organic growth, are improving, indicating broad-based health.

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    Eric Martinuzzi's questions to Backblaze Inc (BLZE) leadership • Q3 2024

    Question

    Eric Martinuzzi questioned if the new Canadian data center investment would negatively impact the 78% gross margin and whether the record pipeline build was due to recent go-to-market changes or from deals already in progress.

    Answer

    CEO Gleb Budman responded that he does not expect a significant impact on gross margin from the new data center, viewing the 78% level as a permanent shift. He also clarified that the new CRO, Jason Wakeam, had scrubbed the existing pipeline and instituted more rigorous controls, meaning the current record pipeline is both larger and of higher quality as a direct result of the new strategy.

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    Eric Martinuzzi's questions to Extreme Networks Inc (EXTR) leadership

    Eric Martinuzzi's questions to Extreme Networks Inc (EXTR) leadership • Q4 2025

    Question

    Eric Martinuzzi from Lake Street Capital Markets asked about the sustainability of strong growth in EMEA and APAC, and whether stable pricing amid tariff uncertainty led to a pull-forward of orders in Q4.

    Answer

    President & CEO Ed Meyercord stated that momentum in both EMEA and APAC is expected to continue. He cited a stabilizing political environment in EMEA and significant new partner engagement in APAC following a major Japanese government win. Meyercord also clarified that there was minimal order pull-forward, as Extreme's products were largely exempt from recent tariffs, a fact that was communicated to customers.

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    Eric Martinuzzi's questions to Extreme Networks Inc (EXTR) leadership • Q3 2025

    Question

    Eric Martinuzzi asked if Extreme Networks was building its own inventory ahead of potential tariffs and questioned the drivers behind the guided sequential increase in Q4 operating expenses.

    Answer

    CFO Kevin Rhodes clarified that the company is not buying ahead and is instead working to reduce its own inventory levels to improve working capital. He attributed the Q4 OpEx increase primarily to two factors: the costs associated with the large 'Connect' user conference in Paris and higher sales commissions tied to the expected increase in quarterly revenue.

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    Eric Martinuzzi's questions to Extreme Networks Inc (EXTR) leadership • Q2 2025

    Question

    Eric Martinuzzi asked for management's view on the overall networking industry growth rate and for a specific explanation for the slight step-down in the gross margin outlook for the second half of the fiscal year.

    Answer

    CEO Ed Meyercord and CFO Kevin Rhodes positioned the industry as a mid-single-digit grower, with Extreme targeting high-single-digit growth through market share gains. Rhodes explained that the guided gross margin dip to a 62-63% range is primarily due to a product mix shift. As revenue growth accelerates in the second half, it will be driven more by lower-margin product sales compared to higher-margin subscription and support revenue. He also noted a minor impact from payroll tax resets.

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    Eric Martinuzzi's questions to Extreme Networks Inc (EXTR) leadership • Q1 2025

    Question

    Eric Martinuzzi questioned whether the robust recovery in the middle market was a near-term event and if the full-year outlook anticipates a recovery in the larger enterprise segment. He also asked about the lag time between budget approvals in Europe and their impact on procurement.

    Answer

    CEO Ed Meyercord affirmed that the company anticipates a return of larger projects, with confidence based on the existing sales funnel. Regarding Europe, he explained that the timing varies by agency but noted that Germany's budget is expected by the end of November and the U.K.'s new government is focused on infrastructure spending, with funds likely to be released before their new fiscal year begins on March 1.

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    Eric Martinuzzi's questions to Red Violet Inc (RDVT) leadership

    Eric Martinuzzi's questions to Red Violet Inc (RDVT) leadership • Q2 2025

    Question

    Eric Martinuzzi of Lake Street Capital Markets asked for details on the extended agreement with a key data supplier, the drivers behind the strong 97% gross revenue retention rate, and the company's capital allocation priorities given its robust cash flow.

    Answer

    CFO Dan MacLachlan explained the data supplier agreement was extended to 2031 on similar terms with minimal cost escalation, a standard practice they initiate 12-18 months before renewal. He attributed the high retention rate to product stickiness and a recovery in the collections vertical, expecting it to remain around 95-96%. Chairman & CEO Derek Dubner outlined a multi-faceted capital allocation strategy that includes investing in AI and platform capabilities, evaluating small, accretive bolt-on acquisitions, and potentially utilizing the share buyback program.

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    Eric Martinuzzi's questions to Asure Software Inc (ASUR) leadership

    Eric Martinuzzi's questions to Asure Software Inc (ASUR) leadership • Q2 2025

    Question

    Eric Martinuzzi from Lake Street Capital Markets inquired about the degree of customer overlap between Asure and the newly acquired Latham. He also asked for an update on the macro demand environment for Asure's core payroll and HCM products over the last 90 days.

    Answer

    CFO John Pence responded that there is 'very little' customer overlap between Asure and Latham, presenting a significant greenfield opportunity. CEO Pat Goepel added that the macro demand environment remains strong, citing a recent record for marketing qualified leads. While Q2 bookings were soft against a tough comparison, he expressed confidence in the sales pipeline going forward.

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    Eric Martinuzzi's questions to Asure Software Inc (ASUR) leadership • Q1 2025

    Question

    Eric Martinuzzi inquired about any potential slowdown in the small and medium-sized business (SMB) pipeline due to macroeconomic uncertainty, such as tariffs.

    Answer

    CEO Patrick Goepel responded that despite negative headlines, "Main Street America" feels solid. He noted that while sales cycles may have lengthened slightly, the sales pipeline and key lead metrics (MQLs and SQLs) are up. The company has modeled flat employment growth and sees no abnormal negative trends in its customer base at this time.

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    Eric Martinuzzi's questions to Asure Software Inc (ASUR) leadership • Q4 2024

    Question

    Eric Martinuzzi asked for a breakdown of the Q1 revenue outlook, specifically separating recurring revenues from seasonal components like W-2 and ACA processing, and sought clarification on the sequential recurring revenue growth from Q4.

    Answer

    CFO John Pence estimated the seasonal W-2 and ACA revenue would be about $5 million, similar to the prior year. CEO Pat Goepel added that this figure is partially masked by a strategic shift to annualized pricing models. He confirmed the Q1 recurring revenue guide implies roughly $29 million, noting that Q4 is often seasonally stronger due to bonus payroll runs.

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    Eric Martinuzzi's questions to Asure Software Inc (ASUR) leadership • Q3 2024

    Question

    Eric Martinuzzi requested a breakdown of the $6 million downward revision to the 2024 revenue guidance, asking to categorize the shortfall between new product rollouts, delayed enterprise tax deals, and professional services. He also sought clarification on the amount of ERTC revenue recognized in Q3.

    Answer

    CEO Patrick Goepel provided a rough breakdown of the $6 million guidance reduction, attributing approximately one-third to the timing of professional services revenue tied to large deals, one-third to a slower-than-modeled rollout of new products, and the remaining third to general deal timing and one acquisition that may slip into 2025. CFO John Pence confirmed that ERTC revenue in Q3 was de minimis, around $100,000 to $150,000.

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    Eric Martinuzzi's questions to American Public Education Inc (APEI) leadership

    Eric Martinuzzi's questions to American Public Education Inc (APEI) leadership • Q1 2025

    Question

    Eric Martinuzzi asked about the sustainability of Rasmussen's strong enrollment growth for the remainder of 2025, the status of Department of Education approval for Rasmussen's potential expansion, and the expected quarterly cadence for the full-year CapEx guidance.

    Answer

    CEO Angela Selden expressed confidence in Rasmussen's momentum, highlighting that Q2 marks the fourth consecutive quarter of positive growth with no visible headwinds, but she did not provide segment-specific guidance beyond the next quarter. She also shared that she recently had a productive meeting with a senior Department of Education official regarding the pending approval of audited financials. CFO Richard Sunderland advised that for modeling purposes, the remaining CapEx could be spread evenly across the remaining quarters, though actual spending depends on project timing.

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    Eric Martinuzzi's questions to Genius Sports Ltd (GENI) leadership

    Eric Martinuzzi's questions to Genius Sports Ltd (GENI) leadership • Q1 2025

    Question

    Eric Martinuzzi asked for a reconciliation between the significant cash use reported in Q1 and the company's full-year guidance for increased annual cash flow.

    Answer

    CFO Nicholas Taylor explained that the company's cash flow has a distinct seasonal pattern, with working capital outflows in the first half of the year and significant inflows in the second half. He reiterated that the full-year 2025 cash flow is expected to be positive and meaningfully higher than in 2024, consistent with this pattern and proportionate to EBITDA growth.

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    Eric Martinuzzi's questions to Genius Sports Ltd (GENI) leadership • Q4 2024

    Question

    Eric Martinuzzi noted the Media tech segment's 4% growth in Q4 was below expectations and asked where its growth rate would fall relative to the overall 2025 company guidance of 21%.

    Answer

    CFO Nicholas Taylor acknowledged the Q4 result but emphasized the segment's 15% full-year growth in 2024 and its consistent history of double-digit growth. He confirmed expectations for another year of double-digit growth for the Media segment in 2025, driven by new initiatives like FanHub.

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    Eric Martinuzzi's questions to Genius Sports Ltd (GENI) leadership • Q3 2024

    Question

    Eric Martinuzzi inquired about the strategy behind staggering the sportsbook renewal terms, asking how Genius decided which partners would receive shorter or longer-term contracts.

    Answer

    CEO Mark Locke confirmed that staggering the contract terms was a 'Genius-led' initiative to de-risk the business and address shareholder concerns about a renewal 'cliff effect.' He stated that while they work collaboratively with customers, the company successfully achieved its goal of creating a more balanced renewal cycle across its larger sportsbook partners, though he did not comment on the specifics of any individual deal.

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    Eric Martinuzzi's questions to Magnite Inc (MGNI) leadership

    Eric Martinuzzi's questions to Magnite Inc (MGNI) leadership • Q4 2024

    Question

    Eric Martinuzzi asked for a clarifying data point regarding the political spend contribution ex-TAC for the full year 2024, following the disclosure of the Q4 figure.

    Answer

    CFO David Day provided the specific figure, stating that for the full year 2024, political ad spend constituted 3.2% of contribution ex-TAC.

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    Eric Martinuzzi's questions to Olo Inc (OLO) leadership

    Eric Martinuzzi's questions to Olo Inc (OLO) leadership • Q4 2024

    Question

    Eric Martinuzzi asked about the impetus for enterprise brands like Jack in the Box to adopt Olo modules such as Rails, and what happens to their internal IT resources after implementation.

    Answer

    Noah Glass, Founder and CEO, explained that large brands adopt modules like Rails to streamline third-party marketplace operations, moving away from inefficient 'Tablet Hell' to gain control and better data integration. He noted that after adopting Olo, brands typically redeploy their internal IT teams to focus on unique, brand-differentiating projects rather than maintaining foundational technology, thereby leveraging Olo's proven scale and reliability.

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    Eric Martinuzzi's questions to Olo Inc (OLO) leadership • Q2 2024

    Question

    Eric Martinuzzi from Lake Street Capital Markets inquired about the specifics of the one-time revenue benefit in Q2, particularly the Wingstop outperformance, and sought an update on the timeline for the Olo Pay card-present revenue ramp.

    Answer

    CFO Peter Benavides clarified that the Wingstop benefit was due to the brand remaining on the platform longer than expected with strong performance, and another item related to revenue recognition timing for a new brand. CEO Noah Glass confirmed the card-present timeline is on track for a 2025 revenue impact, highlighting the Honeygrow case study where Olo's gross profit per location is 6x higher due to full-stack payment processing, signaling significant potential for gross profit acceleration.

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    Eric Martinuzzi's questions to Quantum Corp (QMCO) leadership

    Eric Martinuzzi's questions to Quantum Corp (QMCO) leadership • Q3 2025

    Question

    Eric Martinuzzi from Lake Street Capital Markets asked about the mechanics of the standby equity purchase agreement with Yorkville and whether the manufacturing headwinds mentioned in guidance were a continuation of prior issues or related to new tariffs.

    Answer

    Chairman and CEO Jamie Lerner explained the equity agreement is a tool to raise capital efficiently to become debt-free and fuel growth, with specific actions to be decided by the board. He also attributed manufacturing headwinds to long lead times for the new i7 product and general geopolitical concerns around potential tariffs, though he noted operations have been smooth so far. CFO Ken Gianella added that the equity agreement is a great tool for managing liquidity and paying down debt.

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    Eric Martinuzzi's questions to Quantum Corp (QMCO) leadership • Q2 2025

    Question

    Eric Martinuzzi asked about the Q2 revenue shortfall, its connection to supply chain issues, the elevated backlog, and the decline in primary storage. He also requested key performance indicators for Myriad and ActiveScale and clarification on the company's cash flow targets for the second half of the fiscal year.

    Answer

    Chairman and CEO Jamie Lerner attributed the revenue shortfall to extended lead times for high-speed all-flash systems, which constitute their primary storage offerings, noting that pre-ordering is risky due to changing configurations. He highlighted that the company surpassed 1,000 subscription customers. CFO Ken Gianella added that supply chain headwinds were more persistent than planned. Regarding cash flow, Gianella explained that significant one-time expenses for an ERP system, a new R&D facility, and restructuring are now largely complete, paving the way for positive operating cash flow in the second half of fiscal 2025.

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    Eric Martinuzzi's questions to QuinStreet Inc (QNST) leadership

    Eric Martinuzzi's questions to QuinStreet Inc (QNST) leadership • Q2 2025

    Question

    Eric Martinuzzi questioned the potential impact of new tariffs on auto carrier rates and whether carriers would seek re-rating from states if tariffs were implemented.

    Answer

    CEO Doug Valenti responded that QuinStreet has not had any conversations with clients about potential tariffs and it is not a factor in their current planning. He speculated that if tariffs were enacted, carriers would likely be able to get rate increases, as regulators have learned that carriers must be able to rate economically to provide coverage for their citizens.

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    Eric Martinuzzi's questions to QuinStreet Inc (QNST) leadership • Q1 2025

    Question

    Eric Martinuzzi asked for the specific revenue concentration of QuinStreet's largest client, Progressive, in Q1. He also questioned whether other insurance carriers are becoming more analytically sophisticated in their spending. Finally, he sought to confirm the full-year CapEx forecast to refine free cash flow estimates.

    Answer

    CFO Greg Wong confirmed that the largest client represented 20% of revenue in Q1. CEO Doug Valenti added that a key driver of market growth is that other carriers are indeed becoming much more sophisticated and analytic in their spending, following a similar path. Greg Wong also affirmed that the company's full-year CapEx forecast of approximately $15 million remains unchanged.

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    Eric Martinuzzi's questions to Universal Technical Institute Inc (UTI) leadership

    Eric Martinuzzi's questions to Universal Technical Institute Inc (UTI) leadership • Q1 2025

    Question

    Eric Martinuzzi asked for details on the new Atlanta campus size, sought confirmation on the implied Q2 revenue guidance, and requested the dollar amount of strategic investment expenses deferred from Q1 into Q2.

    Answer

    CEO Jerome Grant explained that the 150,000 sq. ft. Atlanta campus is larger than the typical target to accommodate a full suite of programs and provides flexibility for future capacity increases. Interim CFO Christine Kline confirmed the analyst's Q2 revenue math was in the right neighborhood but slightly high, and clarified that the quarter-over-quarter operating expense increase would be about $10 million.

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    Eric Martinuzzi's questions to Universal Technical Institute Inc (UTI) leadership • Q4 2024

    Question

    Eric Martinuzzi from Lake Street Capital Markets asked about the key drivers for the increased fiscal 2025 revenue guidance, questioning whether it stemmed from recent marketing investments or the rollout of new programs. He also sought management's perspective on the potential timeline and fundamental benefits for UTI following the recent election results.

    Answer

    CEO Jerome Grant explained that the FY2025 guidance increase was driven equally by two factors: stronger-than-anticipated student start potential at the Concorde division and a higher number of new program launches (19 total) than the previously stated minimum. Regarding the political environment, Grant stated the company focuses on delivering superior student outcomes but acknowledged the potential for a more favorable regulatory environment focused on an "even playing field" where outcomes, not an institution's tax status, are the primary measure of success.

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    Eric Martinuzzi's questions to Pure Storage Inc (PSTG) leadership

    Eric Martinuzzi's questions to Pure Storage Inc (PSTG) leadership • Q3 2025

    Question

    Eric Martinuzzi questioned the nature of the deepened Kioxia relationship, asking how it works if Pure is not selling hardware to the hyperscaler and whether this arrangement means Pure is being disintermediated from the hardware supply chain.

    Answer

    CEO Charles Giancarlo clarified that Pure is not being disintermediated; it maintains the relationship with all NAND vendors, handling qualification and the design of the DirectFlash modules. The hyperscaler's integrator will purchase the hardware modules. CTO Rob Lee added the collaboration with Kioxia is also technological, involving co-designing modules with their latest NAND for the customer.

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    Eric Martinuzzi's questions to Pure Storage Inc (PSTG) leadership • Q2 2025

    Question

    Eric Martinuzzi requested more detail on the commentary about a 'modest strategic decline' in product gross margin for the second half of the year.

    Answer

    CFO Kevan Krysler described this as a positive development, reflecting the success and strong sales momentum of the E family and FlashArray//C solutions. These products target cost-sensitive workloads and carry lower margins, and their success in displacing disk is driving the expected modest margin decline, which is in line with the company's strategy.

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    Eric Martinuzzi's questions to Expensify Inc (EXFY) leadership

    Eric Martinuzzi's questions to Expensify Inc (EXFY) leadership • Q3 2024

    Question

    Eric Martinuzzi questioned if the Expensify Travel offering was contributing to the growth in interchange revenue. He also asked if the increased free cash flow guidance was a result of cost-cutting measures like a reduction in force or from other operational efficiencies.

    Answer

    Executive Anuradha Muralidharan clarified that interchange from travel bookings is not a meaningful contributor, a point echoed by CEO David Barrett who highlighted the platform's card-agnostic nature. Muralidharan confirmed the improved free cash flow was driven by a higher interchange take rate and ongoing operational efficiencies, not by a reduction in force.

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