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    Gary Prestopino

    Research Analyst at Barrington Research

    Gary Prestopino is Vice President and Senior Research Analyst at Barrington Research, specializing in business services, transaction processing, and industrial service companies. He provides coverage and ratings for firms including Stoneridge Inc. (SRI), Liquidity Services (LQDT), and OPENLANE (KAR), maintaining a track record with a 52% success rate and average returns of 13.4% per transaction on platforms like TipRanks. Prestopino began his career in 1990 at Mesirow Financial as Director of Research, held senior roles at Tucker Anthony from 1998 to 2001, and joined Barrington Research in 2001; he is a two-time winner of The Wall Street Journal's “Best on the Street” analyst survey. He holds an MBA in Finance from Tulane University, a BA in Economics from Ithaca College, the CFA designation, and is FINRA-registered.

    Gary Prestopino's questions to Powerfleet (AIOT) leadership

    Gary Prestopino's questions to Powerfleet (AIOT) leadership • Q4 2025

    Question

    Gary Prestopino of Barrington Research asked for clarification on the new EverDriven contract, questioning if it was a competitive takeaway and how significant it is for the company. He also sought to confirm the organic growth rate for the quarter.

    Answer

    CEO Steve Towe clarified that EverDriven was an existing customer that selected PowerFleet's AI video solutions after a competitive bid process to overhaul its technology. He described the multi-million dollar contract as a significant win. Towe also confirmed that the total company's organic growth was 7% for the quarter, noting the 9% figure mentioned in the presentation was specific to international operations.

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    Gary Prestopino's questions to Powerfleet (AIOT) leadership • Q1 2026

    Question

    Gary Prestopino from Barrington Research requested the subscriber and ARPU figures for the quarter and asked if the company might exceed its $18 million synergy target. He also explored whether the business mix is shifting towards more device-agnostic, pure-SaaS sales.

    Answer

    CFO David Wilson explained that services growth was primarily driven by higher ARPU, which is now above the previously stated $15 average, with a modest increase in subscribers. CEO Steve Towe added that high-value solutions are sweetening the ARPU mix. Regarding synergies, Chief Corporate Development Officer Melissa Ingram and CEO Steve Towe affirmed their focus on achieving the committed $18 million target for the year. Towe confirmed a strategic shift towards selling more modular, device-agnostic software is underway and successful.

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    Gary Prestopino's questions to Powerfleet (AIOT) leadership • Q1 2026

    Question

    Gary Prestopino requested the subscriber and ARPU figures for the quarter and asked if the company might exceed its stated $18 million synergy target for the year. He also questioned if the new business mix is shifting towards SaaS-only sales without hardware due to tariff impacts.

    Answer

    CFO David Wilson stated that services growth was primarily ARPU-driven, with average services ARPU rising above the previously noted $15 mark. CCO Melissa Ingram affirmed the company remains focused on achieving the $18 million synergy target. CEO Steve Towe confirmed a strategic shift towards selling more modular software applications without hardware, leveraging Unity's device-agnostic capabilities to navigate CapEx caution from customers.

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    Gary Prestopino's questions to Powerfleet (AIOT) leadership • Q4 2025

    Question

    Gary Prestopino asked whether the new EverDriven contract was a competitive takeaway and requested context on its size. He also sought to clarify the company's organic growth rate for the quarter, comparing it to the previous quarter's performance.

    Answer

    CEO Steve Towe clarified that the EverDriven deal was a significant win resulting from a competitive bid process with an existing customer looking to upgrade its technology. Regarding growth, Towe explained that the 9% figure mentioned in the presentation was specific to international operations, while the total company's organic growth for the quarter was 7%, consistent with the rate reported in Q3.

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    Gary Prestopino's questions to Powerfleet (AIOT) leadership • Q1 2025

    Question

    Asked for subscriber and ARPU metrics, the potential to exceed synergy savings targets, and whether the new business mix is shifting towards more software-only deals.

    Answer

    The quarter's growth was driven by increased ARPU (above $15), especially from high-value solutions, with only a modest rise in subscribers. The company is sticking to its $18M synergy target for now, reinvesting some savings into growth. The business mix is indeed shifting towards more software-centric, application-based sales that don't always require a hardware component, which aligns with their strategy.

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    Gary Prestopino's questions to Koppers Holdings (KOP) leadership

    Gary Prestopino's questions to Koppers Holdings (KOP) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research Associates asked for clarification on the new 'Catalyst' initiative, its relationship to the existing five-year plan, its EBITDA margin targets, and sought confirmation on the performance outlook for the PC and railroad businesses.

    Answer

    CEO Leroy Ball described 'Catalyst' as a new change management process designed to unlock sustainable opportunities by improving technology and skills, differentiating it from past cost-cutting efforts. He confirmed the mid-to-high teens EBITDA margin target, pointing to the current quarter's 15%+ margin as a preview of what's possible. Ball clarified that while the RUPS segment will have a very good year, it won't meet initial high forecasts, and the PC business has seen the most significant downward revision due to lower-than-expected volumes.

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    Gary Prestopino's questions to Koppers Holdings (KOP) leadership • Q1 2025

    Question

    Gary Prestopino of Barrington Research questioned the basis for the expected H2 2025 sales pickup in the RUPS business, the impact of tariff uncertainty on customer behavior, and the company's ability to meet its $280 million EBITDA target if sales fall at the low end of the guidance range.

    Answer

    CEO Leroy Ball clarified that the H2 forecast is based on customer feedback, though he acknowledged risks from economic uncertainty. He confirmed tariff discussions impacted the market and noted Koppers is managing direct and indirect consequences, such as those affecting sawmill suppliers. Ball expressed confidence in achieving the EBITDA target through ongoing cost reduction measures, even if sales are at the lower end of the forecast, though it would be more difficult.

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    Gary Prestopino's questions to Koppers Holdings (KOP) leadership • Q4 2024

    Question

    Gary Prestopino inquired about the progress of pursuing share growth in underpenetrated utility markets and asked for a quantification of the sales impact from the Stickney plant closure.

    Answer

    CEO Leroy M. Ball clarified that the company is already actively pursuing growth in Texas and the Midwest, leveraging recent investments and the Brown Wood acquisition, with further westward expansion planned for 2026-2027. Regarding the Stickney plant, he explained it processes a byproduct, and its closure would mean selling that material on the merchant market, estimating a sales impact of approximately $30 to $35 million.

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    Gary Prestopino's questions to Koppers Holdings (KOP) leadership • Q3 2024

    Question

    Gary Prestopino inquired about the potential scope of operational shutdowns, asking if it would be limited to manufacturing capacity or involve a more significant business restructuring. He also questioned Koppers' appetite for further acquisitions in 2025 after the Brown Wood deal.

    Answer

    CEO Leroy M. Ball clarified that any actions would likely involve smaller, non-core businesses or capacity rationalization, particularly in the North American Carbon Materials and Chemicals (CM&C) segment, rather than a major restructuring. Regarding M&A, Ball confirmed Koppers remains open to opportunities, especially in the utility business, but noted that the timing of any potential deal in 2025 is uncertain and dependent on the sellers.

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    Gary Prestopino's questions to LIQUIDITY SERVICES (LQDT) leadership

    Gary Prestopino's questions to LIQUIDITY SERVICES (LQDT) leadership • Q3 2025

    Question

    Gary Prestopino asked about the typical lag time for new client wins in the GovDeals segment to contribute to results, and sought clarification on the new Columbus, Ohio direct-to-consumer initiative, including its target market, product scope, and the business model for future expansion.

    Answer

    CEO William Angrick stated that the lag time for new clients can range from a few months to 4-5 months, but noted that recent business development wins are already impacting results, particularly in the heavy equipment category. He confirmed the Columbus initiative is the first deployment of their new consumer auction software, designed to sell higher-value returned goods directly to consumers, which is accretive to margins. Angrick elaborated on the expansion strategy, describing it as a 'business in a box' model where LSI will license its software and playbook to resale partners in other geographic markets, creating a new software-based revenue stream.

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    Gary Prestopino's questions to LIQUIDITY SERVICES (LQDT) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research inquired about the specific impact of weather on the GovDeals segment and sought an explanation for the significant decline in gross profit margins on purchase transactions despite higher revenue.

    Answer

    Chairman and CEO Bill Angrick explained that severe weather in the Southeast disrupted the asset listing process for rolling stock. Regarding margins, Angrick cited a mix of factors including revenue sharing with third parties, setup costs for new retail programs, and tempered consumer demand. EVP and CFO Jorge Celaya added that the prior year's Q2 had unusual benefits from delayed GMV, and that the current shift to 'lower touch' programs reduces operating expenses, creating leverage not apparent in direct profit alone. He also noted some transportation costs were incurred for inventory that will be sold in a future quarter.

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    Gary Prestopino's questions to LIQUIDITY SERVICES (LQDT) leadership • Q1 2025

    Question

    Gary Prestopino inquired about vehicle flow trends in the GovDeals segment, the mix of GMV growth from new versus existing clients, and the business model and strategic application of the Auction Software acquisition.

    Answer

    Chairman and CEO Bill Angrick stated that vehicle flow in GovDeals is healthy but not the primary growth driver, with strong performance also coming from non-vehicle capital goods and real estate. He clarified that GMV growth is a "good mix" of both new client acquisition and deeper penetration of existing relationships. For Auction Software, Angrick explained it uses a hybrid model of SaaS subscription fees and a percentage of GMV, and it will be leveraged to provide white-label auction platforms to resellers in the retail segment and dealers on the Machinio marketplace.

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    Gary Prestopino's questions to LIQUIDITY SERVICES (LQDT) leadership • Q4 2024

    Question

    Gary Prestopino inquired about the primary drivers of the strong growth in auction participants, the level of investment spending for fiscal 2025, and the expected timeframe to achieve the $2 billion GMV and $100 million EBITDA targets.

    Answer

    Chairman and CEO William Angrick explained that participant growth was broad-based, led by the Retail and GovDeals segments, and not specifically driven by the Sierra acquisition. He confirmed that prior years' investments are now being leveraged, with future spending focused on incremental AI-driven efficiencies. Angrick projected that the $2 billion GMV and $100 million EBITDA milestones are achievable 'in the next few years,' likely within a 2 to 4-year window, supported by organic growth, non-GMV services, and acquisitions.

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    Gary Prestopino's questions to Cars.com (CARS) leadership

    Gary Prestopino's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research Associates asked about the functionality of the Dealer Club integration for aged inventory, inquired about the conversion rate for AccuTrade appraisals, and questioned the current sentiment of the dealer market.

    Answer

    CEO Alex Vetter explained that the Dealer Club integration automatically surfaces a dealer's aged inventory with a one-click option to launch it into the wholesale channel. While he did not provide a specific AccuTrade conversion rate, he noted dealers acquire about 20 cars per month via the tool, with significant ROI from avoiding auction fees and hidden repair costs. He also stated that dealer sentiment is improving, evidenced by strong dealer additions in Q2 and July as they return to competing for volume.

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    Gary Prestopino's questions to Cars.com (CARS) leadership • Q4 2024

    Question

    Gary Prestopino inquired about the timeline for the full integration of DealerClub with AccuTrade and whether the unified vehicle lifecycle platform is a key point of excitement for dealers. He also asked about the potential bundling and pricing strategy for AccuTrade and DealerClub.

    Answer

    CEO Alex Vetter stated that the AccuTrade and DealerClub integration is expected to be completed in the first half of 2025, which he confirmed is a major differentiator and source of excitement for dealers. Regarding bundling, he noted it was premature to detail a specific strategy but confirmed they are exploring models that incentivize dealers to consolidate more technology onto the Cars Commerce platform, with testing planned for the first half of the year.

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    Gary Prestopino's questions to Cars.com (CARS) leadership • Q3 2024

    Question

    Gary Prestopino asked about the lagging impact of the CDK cyber incident, the specific benefits and subscriber numbers for the VIN Performance Media (VPM) product, and the post-election appetite for products among dealers.

    Answer

    CEO Alex Vetter explained that the VPM product helps dealers improve inventory turn by putting more media weight on aging vehicles. CFO Sonia Jain added that several hundred dealers are using the product. Regarding dealer sentiment, Mr. Vetter shared that recent discussions with dealer groups indicate a desire to invest more in technology to enhance efficiency and reduce costs as vehicle gross profits normalize.

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    Gary Prestopino's questions to DHI GROUP (DHX) leadership

    Gary Prestopino's questions to DHI GROUP (DHX) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research asked for clarification on the growth of AI-related job postings on Dice. He also questioned the financial details of the Agile ATS acquisition, including its revenue, potential impact on ClearanceJobs' EBITDA margins, pricing model, and a simple explanation of its core functionality.

    Answer

    CEO Art Zeile stated that the percentage of Dice job postings requiring AI skills surged from 10% at the start of the year to 36% by June. He confirmed Agile ATS had minimal revenue and was acquired for its technology. CFO Greg Schippers added that it would not meaningfully impact CJ's margins in the near term but is expected to be accretive over time. Zeile described the pricing as seat-based, averaging around $7,000 annually, and explained its function as a recruiter's pipeline management tool, similar to a CRM for candidates.

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    Gary Prestopino's questions to DHI GROUP (DHX) leadership • Q2 2025

    Question

    Inquired about the growth of AI-related job postings, the financial details of the Agile ATS acquisition (revenue, impact on margins), its pricing model, and its core functionality.

    Answer

    Management confirmed a significant surge in AI-related job postings on Dice, from 10% to 36% in about 18 months. Regarding Agile ATS, it had minimal revenue (<$1M) and will not materially impact CJ's margins in the near term but is expected to be accretive long-term. It's a SaaS platform sold on a per-seat basis (averaging $7,000/year) and functions like a CRM or pipeline management tool for recruiters to track candidates.

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    Gary Prestopino's questions to DHI GROUP (DHX) leadership • Q1 2025

    Question

    Inquired about the significant difference in EBITDA margins between ClearanceJobs and Dice, the run-rate for corporate expenses, the reasons for Dice's booking decline, the impact of EU defense spending, and the outlook for operating expense ratios for the remainder of the year.

    Answer

    The EBITDA margin difference is due to higher revenue per employee at ClearanceJobs, as Dice required more tech investment to fix legacy code. Corporate expenses are around $7M annually, not quarterly. Dice's booking decline was driven by large multiyear contracts from the 2022 boom renewing at lower levels to reflect current demand. It is still too early to see a direct flow of funds from EU defense spending. Operating expense ratios are expected to remain steady relative to Q1 levels, with capitalized development costs decreasing year-over-year.

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    Gary Prestopino's questions to DHI GROUP (DHX) leadership • Q4 2024

    Question

    Inquired about the use of cash for debt paydown, the timing and P&L impact of the announced $20 million in cost savings, and the timeline for introducing detailed segment reporting by brand.

    Answer

    The CFO confirmed that cash was used for debt paydown and share repurchases. The cost savings impact is staggered, with the full effect of recent cuts to be realized in 2025. The company plans to begin work on providing segment reporting and aims to release it in the first half of the year.

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    Gary Prestopino's questions to OPENLANE (KAR) leadership

    Gary Prestopino's questions to OPENLANE (KAR) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research Associates asked for a breakdown of dealer consignment growth between new and existing dealers, the outlook for commercial volume declines in the second half, and if lower floor plan curtailments signal a market equilibrium.

    Answer

    CEO Peter Kelly explained that while he lacked a precise breakdown, the growth was a mix of new dealer sign-ups and increased volume from existing customers, including major dealer groups. He expects the commercial volume decline in H2 to be similar to or slightly better than the 9% seen in Q2. Kelly agreed that lower curtailments indicate a strong retail environment, characterizing the current used vehicle market as 'normal to somewhat robust.'

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    Gary Prestopino's questions to OPENLANE (KAR) leadership • Q3 2024

    Question

    Gary Prestopino requested specific metrics on the reported increase in dealer participation and recruitment, asking whether the growth was driven by proactive efforts or organic word-of-mouth.

    Answer

    CEO Peter Kelly responded that it's a combination of both. He confirmed OPENLANE has increased investments in its go-to-market teams to be more proactive. He also noted that positive word-of-mouth is spreading as the new brand gains traction, citing a recent unsolicited endorsement from a dealer customer on a popular industry podcast. CFO Brad Lakhia added that the company is also optimizing the deployment of its existing field resources to drive engagement.

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    Gary Prestopino's questions to OPENLANE (KAR) leadership • Q3 2024

    Question

    Gary Prestopino requested specific metrics on increased dealer participation and recruitment, asking whether the growth was driven more by proactive company efforts or by organic word-of-mouth.

    Answer

    CEO Peter Kelly stated that it was a combination of both. He confirmed OPENLANE has made increased investments in proactive go-to-market efforts to spread the word about the platform's value. He also noted that word-of-mouth is growing, citing a recent unsolicited positive mention of OPENLANE by a dealer customer on a well-known industry podcast. CFO Brad Lakhia added that the company is also optimizing the deployment of its existing field resources to drive engagement.

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    Gary Prestopino's questions to Paysign (PAYS) leadership

    Gary Prestopino's questions to Paysign (PAYS) leadership • Q2 2025

    Question

    Gary Prestopino from Barrington Research Associates asked about the expected revenue from new plasma centers and the strategy for retaining donors from the 22 centers that are closing.

    Answer

    CFO Jeffery Baker stated that the new plasma centers are from an existing customer and are expected to perform in line with the current average revenue per center. CEO Mark Newcomer explained that donors from closing centers are likely to be retained as they migrate to other nearby centers operated by the same client or other PaySign partners. Baker recalled a similar event in 2023 where donor retention was high and average revenue per center increased.

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    Gary Prestopino's questions to Paysign (PAYS) leadership • Q1 2025

    Question

    Gary Prestopino from Barrington Research Associates, Inc. questioned the drivers behind the significant gross margin expansion in Q1 and sought details on the operational synergies from the Gamma acquisition.

    Answer

    CFO Jeff Baker attributed the gross margin expansion to the increased revenue contribution from the higher-margin patient affordability business, confirming the full-year gross margin guidance is now 62% to 64%. Baker also detailed that the Gamma acquisition will reduce reliance on third-party services, leading to an expected annual run rate of $4 million to $5 million in cash cost savings by the end of Q2.

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    Gary Prestopino's questions to Paysign (PAYS) leadership • Q4 2024

    Question

    Inquired about the reasons for the plasma business slowdown, the nature of new plasma center additions, the outlook for new patient affordability program additions in 2025, and the customer mix for these new programs.

    Answer

    The plasma slowdown is due to industry-wide oversupply from post-COVID expansion and increased donation yields from new hardware. New plasma centers are expansions from their existing client base, not competitive takeaways. They've already added 14 pharma programs in Q1 and aim for continued strong growth. The new pharma programs are a healthy mix of new and existing customers.

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    Gary Prestopino's questions to Paysign (PAYS) leadership • Q3 2024

    Question

    Gary Prestopino asked about the reasons for plasma center staffing shortages, the market size and competitive landscape of the patient affordability business, the nature of new client wins, and details regarding a Q4 legal expense and its impact on guidance.

    Answer

    Executives attributed plasma staffing shortages to increased competition for labor. The patient affordability Total Addressable Market (TAM) is estimated at over $500 million. New business is a mix of competitive takeaways ("transition programs") and new drug launches, driven by Paysign's innovative solutions. Competitors include ConnectiveRx, TrialCard, and IQVIA, but Paysign differentiates itself as a specialist. A six-figure legal expense will be incurred in Q4, but the company maintained its full-year adjusted EBITDA guidance of $9M-$10M.

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    Gary Prestopino's questions to Commercial Vehicle Group (CVGI) leadership

    Gary Prestopino's questions to Commercial Vehicle Group (CVGI) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research Associates questioned the status of potential rollbacks for truck emission standards, the dynamics of the natural replacement cycle for Class 8 trucks, and the expected timeline for the company's leverage ratio to step down under its new debt agreement.

    Answer

    James Ray, President and CEO, stated there is no definitive decision on emission standards, and the company is planning for a scenario with no pre-buy activity. He explained that large fleets are delaying truck purchases due to economic uncertainty, which could positively impact aftermarket sales. Andy Cheung, EVP and CFO, added that the long-term average for North American Class 8 production is just under 300,000 units annually. Regarding leverage, Cheung reiterated the long-term target of 2.0x, noting the new financing agreement provides flexibility with a covenant starting above 7.0x. He emphasized that the top priority is using free cash flow to pay down debt.

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    Gary Prestopino's questions to Commercial Vehicle Group (CVGI) leadership • Q1 2025

    Question

    Gary Prestopino of Barrington Research asked for clarification on the significant downward revision of the Class 8 truck build forecast, the specific impact of tariffs on cost of goods sold (COGS), and the company's current debt covenant levels.

    Answer

    President and CEO James Ray attributed the truck forecast revision to customers adopting a 'wait-and-see' approach due to tariffs and geopolitical uncertainty, leading to inventory corrections. On tariffs, Ray noted the main exposure is from Mexico and Canada, which is largely mitigated by USMCA agreements and customer negotiations. Executive Andy Cheung specified that China-related tariff exposure affects less than 10% of the cost structure for the North American seating business. Cheung also confirmed that CVG is compliant with its debt covenants, which are around 4x leverage and step down over the year, and that the company is already exploring refinancing options for its 2027 debt maturity.

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    Gary Prestopino's questions to Commercial Vehicle Group (CVGI) leadership • Q4 2024

    Question

    Gary Prestopino of Barrington Research asked if the full $15-$20 million in cost savings is included in the 2025 guidance. He also sought clarity on the strategy for new facilities and whether the company required debt covenant relief.

    Answer

    President and CEO James Ray and executive Andy Cheung confirmed the $15-$20 million in cost savings is fully embedded in the 2025 guidance and is expected to drive margin expansion, primarily from Q2 onwards. Mr. Ray explained that new facilities are launching new business and absorbing some existing production, providing needed capacity for an expected market recovery. Mr. Cheung confirmed that CVG secured an amendment to its debt covenants in December 2024, providing flexibility through 2025, and that the company is already exploring refinancing options.

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    Gary Prestopino's questions to Commercial Vehicle Group (CVGI) leadership • Q3 2024

    Question

    Gary Prestopino requested historical Q1/Q2 financial data for continuing operations, asked about the expected timeline for new leadership to make an impact, inquired about future restructuring expenses, and sought to confirm the new centralized operating model under Carlos Jimenez.

    Answer

    Executive Andy Cheung provided a high-level split for Q1/Q2 results and noted that major restructuring is complete, with a new focus on enterprise-wide cost optimization. CEO James Ray expects an immediate impact from the new leaders, confirming that operations and supply chain will be centralized under Carlos Jimenez to drive efficiency through a combination of new talent and existing resources.

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    Gary Prestopino's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership

    Gary Prestopino's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership • Q4 2025

    Question

    Gary Prestopino asked about the allocation of new product sales to fast-growth markets, the incremental margin benefit from those markets, the key drivers of recent new product success, and the company's appetite for further M&A.

    Answer

    CEO David Dunbar explained that about 30% of new products are directed towards fast-growth markets. He and CFO Ademir Sarcevic confirmed these markets carry margins 300-400 basis points higher than the company average, which is critical to achieving long-term margin targets. Dunbar identified Engineering Technologies' sales into commercial space as the biggest new product driver in FY25. He also stated that Standex is always active in the M&A pipeline and is rapidly rebuilding its balance sheet capacity for future deals.

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    Gary Prestopino's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership • Q3 2025

    Question

    Gary Prestopino sought clarification on whether the Q4 organic sales decline would be similar to Q3's. He also asked about the margin impact of the Amran/Narayan acquisition on the fast-growth markets category and inquired about customer reactions to tariff-related price increases.

    Answer

    CFO Ademir Sarcevic clarified that the Q4 organic decline is expected to be less severe than Q3's, driven by anticipated improvement in the Electronics segment. CEO David Dunbar stated that the high-margin Amran/Narayan business has added a couple of hundred basis points to the fast-growth market's margin profile. Regarding pricing, Dunbar and Sarcevic explained that mitigation is a combination of pricing, productivity, and sourcing, and while customer discussions are ongoing, they are confident in their ability to cover the impact outside of the more challenged Scientific business.

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    Gary Prestopino's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research Associates inquired about Standex's new fiscal 2028 financial targets, the expected quarterly depreciation and amortization following the Amran/Narayan acquisition, and the competitive landscape for a potential major grid project.

    Answer

    Chief Financial Officer Ademir Sarcevic clarified that the 2028 targets are for the full fiscal year, not an exit rate. He projected post-acquisition quarterly amortization at $4-5 million and annual depreciation at $20-22 million, while also confirming Amran/Narayan's ~40% adjusted EBITDA margin. CEO David Dunbar added that for large grid projects, Standex is well-positioned as a supplier to all major equipment providers like Eaton, GE, and Schneider, making the company agnostic to the final contract winner.

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    Gary Prestopino's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership • Q1 2025

    Question

    Gary Prestopino inquired about the timing of financial consolidation for the acquisition, its geographic revenue breakdown, foreign exchange risk, the total addressable market size, the typical sales process, and the interest rate on the associated debt.

    Answer

    CFO Ademir Sarcevic confirmed the acquisition is closed and consolidated immediately, with a minor ownership stake pending regulatory approval. He and CEO David Dunbar detailed the geographic split (roughly 45% US, 55% Asia) and clarified the addressable market is $2 billion. Dunbar explained the sales process is a customer intimacy model and that FX risk is minimal due to in-country operations. Sarcevic outlined the borrowing rate, expecting it to be 6.5-7% initially before declining to the low-5% range.

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    Gary Prestopino's questions to CCC Intelligent Solutions Holdings (CCCS) leadership

    Gary Prestopino's questions to CCC Intelligent Solutions Holdings (CCCS) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research asked if the lower revenue outlook for EvolutionIQ would change its expected 200 basis point impact on adjusted EBITDA margins. He also inquired how much of the decline in claims volume could be attributed to ADAS proliferation versus economic factors.

    Answer

    CFO Brian Herb confirmed that the margin impact from EvolutionIQ remains in a similar range, noting that the core CCC business is on track for about 100 basis points of margin expansion for the year. CEO Githesh Ramamurthy stated the company's fundamental belief is that the claims decline is driven by economic factors causing a gap between accident frequency and filed claims, rather than a material impact from ADAS technology.

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    Gary Prestopino's questions to CCC Intelligent Solutions Holdings (CCCS) leadership • Q3 2024

    Question

    Gary Prestopino asked if new, highly efficient products allow for better-than-usual pricing and whether the proliferation of ADAS technology is contributing to the decline in claim volumes.

    Answer

    CFO Brian Herb explained that while new solutions have a compelling ROI, the company's general pricing philosophy remains around a 5:1 value ratio for carriers. CEO Githesh Ramamurthy stated that ADAS is not seen as a primary driver of lower claim frequency, as factors like distracted driving persist. He reiterated that feedback points to consumer economic behavior as the main cause.

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    Gary Prestopino's questions to KADANT (KAI) leadership

    Gary Prestopino's questions to KADANT (KAI) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research Associates requested specific balance sheet figures and a detailed breakdown of the parts and consumables revenue mix by segment for the current and prior-year quarters. He explored how the expected increase in capital equipment shipments would affect the revenue mix and gross margins in the second half of 2025 and into 2026. Prestopino also asked about the split between replacement and new greenfield projects in the current bookings and whether new equipment technology could reduce future aftermarket demand.

    Answer

    EVP & CFO Michael McKenney provided the requested figures for current assets ($475M) and liabilities ($200M) and detailed the parts mix for each segment, noting the overall mix increased to 71% from 63% year-over-year. He confirmed that as capital revenue picks up in the back half of the year, the parts mix will moderate, likely causing gross margins to decline from the 46% level to the 44% range. President & CEO Jeffrey Powell explained that bookings are more heavily weighted towards replacement capital, especially with a slowdown in Asia. He clarified that new equipment, particularly in engineered wood, often incorporates technology that can increase the aftermarket opportunity and that the harsh operating environments prevent any significant reduction in parts demand.

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    Gary Prestopino's questions to KADANT (KAI) leadership • Q1 2025

    Question

    Gary Prestopino of Barrington Research asked for a breakdown of prior-year Q1 consumables revenue by segment. He also questioned whether discretionary capital projects would proceed once tariff issues are resolved or if they face cancellation risk, and which business segment is most affected by these delays.

    Answer

    Executive Michael McKenney provided the prior-year Q1 aftermarket revenue percentages: 74% for Flow Control, 69% for Industrial Processing, and 62% for Material Handling. President and CEO Jeffrey Powell added that project cancellations are rare and that Kadant's global footprint allows it to adapt to shifting trade patterns. Both executives confirmed that the Industrial Processing segment is experiencing the most significant impact from the current delays in capital projects.

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    Gary Prestopino's questions to KADANT (KAI) leadership • Q4 2024

    Question

    Gary Prestopino questioned which of the three business lines are experiencing the most sluggishness in capital projects for the first half of 2025 and which are expected to see the most significant snapback in the second half. He also asked for commentary on the M&A pipeline and whether valuations are reflecting the strengthening economic outlook.

    Answer

    Michael McKenney, Executive, identified the Industrial Processing segment, led by wood and stock prep, as having the most favorable outlook, followed by a recovery in Material Handling in the second half. Jeffrey Powell, President and CEO, noted that the M&A pipeline is very active but pricing is driven more by private equity leverage and interest rates than economic sentiment. He added that Kadant remains disciplined on pricing.

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    Gary Prestopino's questions to KADANT (KAI) leadership • Q3 2024

    Question

    Gary Prestopino of Barrington Research inquired about the year-over-year growth in aftermarket parts as a percentage of revenue for each segment, the key factors influencing the Q4 outlook, and the current state of the M&A pipeline.

    Answer

    Michael McKenney, Executive, provided a detailed breakdown of the year-over-year increase in aftermarket parts revenue percentages: Flow Control (70% vs 68%), Industrial Processing (67% vs 60%), and Material Handling (55% vs 53%). He noted the Q4 outlook is conservative due to potential capital project shipment delays and variability in parts demand based on customer maintenance budgets. CEO Jeffrey Powell described the M&A pipeline as very active, with the primary challenge being valuation and finding assets at a reasonable price.

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    Gary Prestopino's questions to LKQ (LKQ) leadership

    Gary Prestopino's questions to LKQ (LKQ) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research inquired about the status of personnel changes in Europe, the timeline for cost-cutting benefits to appear on the P&L, the EPS impact from tariffs, and any changes to the outlook on ADAS's effect on accident volumes.

    Answer

    President & CEO Justin Jude expressed confidence in the new European leadership team to execute a three-year transformation plan. Senior VP & CFO Rick Galloway added that the $75 million in cost cuts should be implemented by year-end, with the full benefit realized in 2026. On ADAS, Jude confirmed the long-term outlook is unchanged, with the overall collision market still expected to grow despite ADAS headwinds on accident frequency.

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    Gary Prestopino's questions to LKQ (LKQ) leadership • Q1 2025

    Question

    Gary Prestopino asked for a reminder of the specific targets for LKQ's SKU rationalization program in Europe.

    Answer

    CFO Rick Galloway detailed the targets, stating the goal is to reduce SKUs from a starting point of 750 million down to approximately 600 million by the end of 2027. He noted that the company has reviewed over 60% of its product brands and aims to have reviewed 80% by the end of 2025 as part of the multi-year initiative.

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    Gary Prestopino's questions to LKQ (LKQ) leadership • Q4 2024

    Question

    Gary Prestopino sought clarification on several points, including the size of the onetime legal gain in North America, the nature of the nonrecurring impact in Europe, LKQ's activities in the EV space, and the puts and takes affecting Q4 collision claims.

    Answer

    CFO Rick Galloway clarified that the net impact of a legal settlement and a cyber incident in North America was about 50 basis points on the full-year margin. He also confirmed the prior-year European impact was from items like severance. President and CEO Justin Jude discussed EV initiatives, including battery remanufacturing and selling collision parts from salvaged EVs. Jude also reiterated that headwinds like falling used car prices are moderating, with improvements expected in the back half of 2025.

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    Gary Prestopino's questions to LKQ (LKQ) leadership • Q3 2024

    Question

    Gary Prestopino asked for the completion timeline of the European SKU rationalization project and when its benefits would be realized. He also inquired if the recent divestitures in Poland and Bosnia signaled the end of closing smaller, non-core operations in Europe.

    Answer

    CEO Justin Jude stated that the complex SKU rationalization analysis is expected to be completed in early 2025, with tangible benefits beginning to materialize in the second half of 2025. Regarding divestitures, he emphasized that the company's portfolio review is a continuous, ongoing process across all geographies and that there could be more transactions, but he prefers to announce them upon completion rather than speculate.

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    Gary Prestopino's questions to METHODE ELECTRONICS (MEI) leadership

    Gary Prestopino's questions to METHODE ELECTRONICS (MEI) leadership • Q4 2025

    Question

    Gary Prestopino of Barrington Research Associates questioned why the $15.2 million in inventory charges were not adjusted out of EBITDA and requested a detailed list of all one-time expenses from fiscal 2025. He also asked about the EV mix of new awards, the specifics of the massive revenue reduction from Stellantis, the rationale behind the dividend cut, and the expected sequential sales trend for fiscal 2026.

    Answer

    CEO Jonathan DeGaynor clarified that inventory charges are considered operational issues and are therefore not adjusted out. He listed over $50 million in one-time or historic charges for FY25, including inventory reserves, warranty, legal, and restructuring costs. He confirmed new EV awards are not with Stellantis and detailed how Stellantis's production forecasts dropped dramatically, causing a nearly $200 million negative swing from original projections. The dividend cut was explained as a move to align the yield with peers and increase capital flexibility. He also confirmed that sales and performance are expected to be stronger in the second half of fiscal 2026.

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    Gary Prestopino's questions to METHODE ELECTRONICS (MEI) leadership • Q4 2025

    Question

    Gary Prestopino of Barrington Research Associates sought clarification on why the $15.2 million inventory charge was not backed out of adjusted EBITDA, requested a detailed list of all one-time expenses from fiscal 2025, and asked about the customer mix for new EV awards. He also probed for details on the nearly $200 million negative swing in Stellantis revenue expectations and the rationale for the dividend cut.

    Answer

    CEO Jonathan DeGaynor stated the inventory charge is considered an operational issue and is not adjusted out. He detailed over $50 million in one-time fiscal 2025 costs, including inventory reserves, warranty charges, and legal fees. DeGaynor confirmed new EV awards are not with Stellantis and attributed the revenue shortfall to drastic, sequential production forecast cuts by the customer. He explained the dividend reduction aligns the yield with peers and enhances capital flexibility.

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    Gary Prestopino's questions to METHODE ELECTRONICS (MEI) leadership • Q3 2025

    Question

    Gary Prestopino of Barrington Research Associates, Inc. sought clarification on the significantly revised sales expectations for the Stellantis programs, asking if any programs were canceled. He also inquired about the company's process for identifying new growth opportunities and whether debt covenants restrict stock buybacks.

    Answer

    President and CEO Jonathan DeGaynor confirmed the previous, higher sales forecasts for the Stellantis programs and attributed the downward revision to launch delays and lower take rates, emphasizing there have been no cancellations. He noted the programs are for EV and Hybrid vehicles. On growth strategy, DeGaynor highlighted a shift toward organic growth driven by core competencies, with a new Chief Strategy Officer focusing on non-transportation areas like data centers. Regarding capital allocation, he stated that it is a regular topic for the Board but declined to comment specifically on share buybacks, noting an upcoming Board meeting.

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    Gary Prestopino's questions to METHODE ELECTRONICS (MEI) leadership • Q3 2025

    Question

    Gary Prestopino of Barrington Research sought clarification on the reduced sales expectations for the major Stellantis programs, asking if any were canceled. He also inquired about the company's process for exploring new non-transportation opportunities and whether debt covenants restrict stock buybacks.

    Answer

    President and CEO Jonathan DeGaynor confirmed the lowered expectations for the Stellantis programs were due to delays and revised take rates, not cancellations, and that the launches are for EV and Hybrid vehicles. He explained that the company's strategy is shifting to focus on organic growth, led by the new Chief Strategy Officer. Regarding capital allocation, DeGaynor stated that while the board regularly discusses options like buybacks, it would be inappropriate to comment on specific future actions.

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    Gary Prestopino's questions to METHODE ELECTRONICS (MEI) leadership • Q2 2025

    Question

    Gary Prestopino asked about the interest expense run rate, the size of an inventory reserve reversal, and whether premium freight costs have normalized. He also sought details on OEMs for new business beyond Stellantis and questioned how Methode validates its EV sales forecasts amid market softening.

    Answer

    CFO Laura Kowalchik confirmed the current interest expense is the expected run rate and quantified the inventory reserve reversal at approximately $0.5 million. CEO Jonathan DeGaynor stated that premium freight costs have not yet normalized and expects further improvement, noting a $7 million quarter-over-quarter reduction. He declined to name specific new customers but said business was balanced across North American, European, and Japanese OEMs. DeGaynor explained that Methode validates OEM forecasts by cross-referencing them with third-party data and considering regional differences in EV penetration to manage inventory and CapEx.

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    Gary Prestopino's questions to METHODE ELECTRONICS (MEI) leadership • Q1 2025

    Question

    Gary Prestopino of Barrington Research asked for clarification on whether guidance was on a GAAP or adjusted basis, questioned the reasons for the significant sequential increase in inventory despite lower sales, and sought details on the upcoming Stellantis program launches, including risk assessment given market conditions and potential for operational improvements at the company's plants.

    Answer

    Interim CFO David Rawden confirmed the pretax income guidance is on an adjusted basis. CEO Jonathan DeGaynor explained that the inventory increase was due to a mismatch between planned production for new launches and subsequent customer delays, requiring them to hold long-lead-time materials. Regarding the Stellantis EV programs, he noted that forecasts are risk-adjusted and that Methode's global footprint mitigates some North American market softness. DeGaynor also praised the Mexican plants for significant recent improvements in scrap and freight costs, expressing confidence in their continued progress.

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    Gary Prestopino's questions to METHODE ELECTRONICS (MEI) leadership • Q4 2025

    Question

    Gary Prestopino inquired why significant inventory charges were not adjusted out of EBITDA, requested a detailed list of all one-time expenses in fiscal 2025, and asked about the nature of the 30 new program awards, specifically their relation to the EV market and Stellantis. He also sought to understand the magnitude of the Stellantis revenue shortfall and the rationale behind the dividend cut.

    Answer

    CEO Jonathan DeGaynor clarified that inventory charges are considered operational issues and are therefore not adjusted out of non-GAAP metrics. He detailed over $50 million in one-time or historic charges in fiscal 2025, including inventory reserves, warranty costs, and legal fees. He confirmed new EV awards are with other OEMs, not Stellantis, and that the revenue expectation from Stellantis saw a nearly $200 million negative swing from initial projections. DeGaynor explained the dividend reduction aligns the yield with peers and enhances capital flexibility. He also indicated that sales are expected to improve sequentially through fiscal 2026.

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    Gary Prestopino's questions to Snap-on (SNA) leadership

    Gary Prestopino's questions to Snap-on (SNA) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research Associates inquired about the foreign exchange impact on earnings per share, sought details on the new Triton diagnostic platform's pricing and features, and asked if the sluggishness in C&I's international operations was mirrored in the U.S.

    Answer

    Nicholas Pinchuk, Chairman & CEO, stated the negative FX impact was 6 cents per share. He detailed that the new Triton platform is priced around $4,500-$5,000 and features wireless speed, a waveform zoom capability, long battery life, and increased memory. He also explained that C&I's international weakness was pronounced due to turbulence in Asia and slowness in Europe, while the U.S. was primarily impacted by project delays from trade uncertainty.

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    Gary Prestopino's questions to Snap-on (SNA) leadership • Q2 2025

    Question

    Gary Prestopino of Barrington Research Associates asked for the foreign exchange impact on EPS, details on the new Triton diagnostics platform, and whether the US C&I business mirrored the sluggishness seen in international operations.

    Answer

    CEO Nicholas Pinchuk stated the negative FX impact was 6 cents per share. He detailed that the new Triton platform, priced around $4,500-$5,000, offers wireless speed and a unique zoom feature. He clarified that C&I's weakness was more pronounced internationally due to turbulence in Asia and Europe, while the US was impacted by project delays from trade policy uncertainty.

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    Gary Prestopino's questions to Snap-on (SNA) leadership • Q1 2025

    Question

    Gary Prestopino of Barrington Research asked if the recent decline in technician hours worked was due to less elective maintenance and whether the negative sentiment from tariff uncertainty accelerated specifically in March.

    Answer

    CEO Nicholas Pinchuk suggested that a pullback in elective repairs was plausible, noting that lower-credit customers are showing more reticence. He clarified that the negative sentiment was a continuous issue throughout the quarter, driven by broad uncertainty from the new administration's actions, not just an acceleration of tariff concerns in March. He described it as a pervasive worry that 'the world is going to come off the rails.'

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    Gary Prestopino's questions to Snap-on (SNA) leadership • Q3 2024

    Question

    Gary Prestopino inquired about the extent to which the Tools Group's sequential sales increase was driven by its strategic pivot to quicker payback items and asked about the secular trends fueling growth in the C&I segment's specialty torque products.

    Answer

    CEO Nicholas Pinchuk confirmed the pivot was a primary driver, highlighting that hand tools were the strongest category and represented a larger portion of the sales mix. He noted this was supported by new products and promotions. For the C&I segment, he explained that the growing demand for torque products is driven by increasing complexity and the need for precision and documentation in critical industries like aviation.

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    Gary Prestopino's questions to CANTALOUPE (CTLP) leadership

    Gary Prestopino's questions to CANTALOUPE (CTLP) leadership • Q3 2025

    Question

    Gary Prestopino of Barrington Research Associates sought clarification on the specific timing and location of weather events that impacted transaction revenue and asked whether the slowdown in equipment sales affected the in-demand Smart Store product.

    Answer

    Executive Scott Stewart identified two key storm periods that caused widespread school and business closures: January 20-21 and February 13-17. Executive Ravi Venkatesan added that the equipment sales slowdown was driven by economic uncertainty affecting micro markets and vending, but not Smart Stores, which were actually supply-constrained rather than demand-constrained. He noted that equipment purchasing has since rebounded in Q4 as market uncertainty has eased.

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    Gary Prestopino's questions to CANTALOUPE (CTLP) leadership • Q2 2025

    Question

    Gary Prestopino asked for details on the new Cantaloupe Capital micro-lending program, specifically about its operational mechanics and whether Cantaloupe holds the loan paper. He also sought to identify the primary product lines driving the company's growth.

    Answer

    CEO Ravi Venkatesan clarified that the micro-lending program is operated through a partner, Fundbox, and Cantaloupe does not underwrite or hold any loan paper. He explained the initiative is designed to alleviate capital constraints for SMB customers, enabling them to purchase more equipment. Venkatesan confirmed that growth is healthy across both transaction and subscription revenues, driven significantly by the expanded footprint of micro markets, the new Smart Store product, and placement in new, higher-value locations.

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    Gary Prestopino's questions to CANTALOUPE (CTLP) leadership • Q1 2025

    Question

    Gary Prestopino from Barrington Research inquired about the primary applications for Cantaloupe's Smart Stores, the company's role in providing the hardware, and the future trajectory of the average transaction ticket price given the current business mix.

    Answer

    CEO Ravi Venkatesan identified the prevention of retail theft ('shrink') as the main driver for Smart Store adoption, with deployments in fitness centers, corporate breakrooms, and hospitals. He confirmed Cantaloupe provides an end-to-end solution, working with partners for components. Both Venkatesan and CFO Scott Stewart stated the average ticket price is expected to continue rising, driven by a shift to higher-value food and non-food items, though they did not provide a specific breakdown of transaction types.

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    Gary Prestopino's questions to CANTALOUPE (CTLP) leadership • Q4 2024

    Question

    Gary Prestopino of Barrington Research Associates questioned the potential to expand SB Software's solutions into continental Europe, whether previous implementation delays due to manpower shortages have been resolved, and the reasons for the flat gross margin in the subscription and transaction segment in Q4.

    Answer

    Executive Ravi Venkatesan explained that SB Software's product is ready for continental Europe, and Cantaloupe's larger sales and distribution channels will now facilitate that expansion. He also confirmed that implementation cycle times have returned to the normal 6-week trend. Executive Scott Stewart clarified that Q4 gross margins were consistent with the prior three quarters and highlighted the significant year-over-year margin expansion for fiscal 2024, with total adjusted gross margin increasing from 33% in FY23 to 38% in FY24.

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    Gary Prestopino's questions to DAVE leadership

    Gary Prestopino's questions to DAVE leadership • Q1 2025

    Question

    Gary Prestopino sought to understand the repeat usage patterns of monthly transacting members and the extent to which they use Dave as a primary bank. He also asked if the company's guidance accounts for increased spending on product development and hiring.

    Answer

    Executive Kyle Beilman clarified that ExtraCash usage is tied to pay cycles and that 97-98% of origination value goes to repeat customers, many of whom have transacted 20-30 times. Executive Jason Wilk added that while direct deposit penetration is still below 10%, Dave is winning significant essential spending. Beilman confirmed that the guidance includes disciplined investments in product development and data, along with a planned ramp-up in marketing spend.

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    Gary Prestopino's questions to DAVE leadership • Q4 2024

    Question

    Gary Prestopino asked for a Q4 breakdown of service-based revenues, inquired about plans to incentivize deposits onto the Dave Card, and questioned how new accounts would be handled with the new sponsor bank, Coastal Community Bank.

    Answer

    CFO Kyle Beilman deferred the service revenue breakdown to the upcoming 10-K filing. CEO Jason Wilk stated that while the Dave Card has grown naturally, the company plans more R&D investment this year into loyalty and incentives to drive further adoption. Wilk also clarified that starting in Q2, all new customers will be onboarded exclusively to Coastal, with a plan to migrate the existing user base over time.

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    Gary Prestopino's questions to DAVE leadership • Q3 2024

    Question

    Gary Prestopino asked about trends in direct deposits to the Dave Card, whether ExtraCash advances to the card remained steady, and if the FTC lawsuit could be dropped following a change in administration without going to court.

    Answer

    Executive Jason Wilk reiterated that the company does not disclose direct deposit metrics but focuses on total card spend, and confirmed that ExtraCash advances to the Dave Card remained steady at around 30% of originations. Regarding the FTC matter, Wilk stated that the legal process is uncertain, and while the FTC could decide not to invest resources in litigation, Dave is currently preparing to defend itself in court. Executive Kyle Beilman added that the company feels good about its facts in the case.

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    Gary Prestopino's questions to Dorman Products (DORM) leadership

    Gary Prestopino's questions to Dorman Products (DORM) leadership • Q1 2025

    Question

    Gary Prestopino of Barrington Research inquired about the quarterly interest expense run rate, the company's current sourcing from China compared to the 2018-2019 tariff period, and the contribution of new products to recent growth.

    Answer

    CFO David Hession confirmed the current quarter's interest expense is a good run rate for modeling, attributing the decrease to significant debt paydown. CEO Kevin Olsen contrasted the current 30-40% China sourcing with the 70%+ figure from 2018-2019, noting the key lesson was supply chain diversification. Olsen declined to quantify new product contribution but stated the outperformance versus the market was largely driven by new product success.

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    Gary Prestopino's questions to Dorman Products (DORM) leadership • Q3 2024

    Question

    Gary Prestopino from Barrington Research requested clarification on a $1.6 million 'other income' item, asked for specific metrics on new product contribution to sales and margins, and inquired about the 2025 outlook for the Heavy Duty segment.

    Answer

    CFO David Hession identified the 'other income' as income from a joint venture. CEO Kevin Olsen explained that while the company does not release specific sales dollar metrics for new products, new product sales dollars increased year-over-year due to a focus on more complex, higher-priced parts. Regarding the Heavy Duty outlook, Olsen stated that Dorman is not planning for a significant growth inflection in 2025, instead focusing on new product development and productivity initiatives.

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    Gary Prestopino's questions to STONERIDGE (SRI) leadership

    Gary Prestopino's questions to STONERIDGE (SRI) leadership • Q1 2025

    Question

    Gary Prestopino of Barrington Research inquired about the resolution of quality-related costs, the production location of European products to assess tariff risk, the outlook for MirrorEye revenue, the progress of the connected trailer suite, and how the company's internal forecasts compare to lower third-party estimates.

    Answer

    CFO Matt Horvath stated that improved processes led to a $2.5 million quarter-over-quarter reduction in quality-related costs, with President and CEO Jim Zizelman adding that proactive measures are now in place. Zizelman confirmed that MirrorEye and Tachograph products for Europe are produced in Europe, avoiding U.S. tariff issues. He also maintained a positive outlook for MirrorEye revenue growth and noted the connected trailer suite is on track for customer evaluations in late 2025. Horvath affirmed that the company's conservative internal forecasts allow them to maintain full-year guidance despite lower external market projections.

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    Gary Prestopino's questions to STONERIDGE (SRI) leadership • Q3 2024

    Question

    Gary Prestopino of Barrington Research requested a simplified explanation of the new Leak Detection Module (LDM) for hybrid vehicles and its market necessity. He also asked for clarification on the drivers behind the significant reduction in full-year revenue and EBITDA guidance, questioning the impact from Control Devices versus other segments and the change in MirrorEye revenue expectations.

    Answer

    President and CEO James Zizelman explained that the LDM addresses a key pain point for hybrid vehicles by managing evaporative fuel emissions when the electric motor is in use, describing it as a highly integrated, high-value solution that will become a 'must-have' as emissions standards tighten. CFO Matthew Horvath addressed the guidance reduction, stating it was driven by headwinds in both the Control Devices and Electronics segments, not just one. He noted the commercial vehicle recovery has been slower than expected. For MirrorEye, the revenue forecast was lowered due to a slower ramp-up and a strategic shift in demand from aftermarket retrofits to upcoming OEM factory installations, as fleets are now waiting for the OE launches.

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    Gary Prestopino's questions to SUP leadership

    Gary Prestopino's questions to SUP leadership • Q4 2024

    Question

    Inquired about the company's guidance outperforming the broader market forecast, the nature of new "short-term" business contracts, and the specific leverage ratio covenants under the new debt structure.

    Answer

    The outperformance is driven by good product mix, aftermarket growth, and the full-year benefit of plant consolidation, and does not yet include potential new business from localization. "Short-term" wins refer to a quick production start, but the contracts are long-term (5+ years). The debt covenant for leverage ratio is 3.75x, dropping to 3.5x in Q2, and is separate from the preferred equity situation.

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    Gary Prestopino's questions to SUP leadership • Q2 2024

    Question

    Inquired about the structure of new pricing agreements with OEMs, specifically if they are indexed to inflation. Also asked for details on the new Volvo program, including its duration and whether it's for an EV, and sought conceptual information on the upcoming debt retirement.

    Answer

    The new pricing increases are mostly permanent to cover labor and inflation, not indexed, though a small portion in Europe is indexed to energy. Aluminum costs remain a direct pass-through. The Volvo program is for an EV and will run for a typical 3-5 year term. The company declined to provide details on the debt refinancing structure as discussions are still in advanced stages.

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    Gary Prestopino's questions to RB GLOBAL (RBA) leadership

    Gary Prestopino's questions to RB GLOBAL (RBA) leadership • Q4 2024

    Question

    Gary Prestopino from Barrington asked for quantifiable improvements in cycle times and salvage returns since the IAA acquisition and questioned the potential impact of proposed tariffs on international salvage buyers.

    Answer

    CEO Jim Kessler declined to provide specific metrics on performance improvements, but highlighted that the company issues a quarterly KPI report to insurance partners and expressed confidence in exceeding committed SLAs. Regarding tariffs, Kessler stated that while the specifics are unclear, any short-term disruption could be a long-term tailwind for asset prices, and the company is well-positioned to help partners navigate the environment.

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