George Sutton • Craig-Hallum Capital Group LLC

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CEO & President Scott Lang addressed the stock price by stating that a lack of announcements does not mean a lack of progress, as large utility contracts are methodical and take time. He confirmed that utilities view the accelerator program as a scarce resource compared to costly alternatives. Regarding strategic alternatives, Lang described the process as 'active but fairly passive' at current valuations, noting that strategic interest comes from parties who see the broader ecosystem value Anterix unlocks.

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CEO & President Scott Lang confirmed the program's success, noting strong demand from over a dozen utilities leading to active negotiations. He emphasized that the program validated the correlation between favorable economics and customer action. COO Ryan Gerbrandt added that partners like Ericsson, Nokia, and GE created unique offerings to support the initiative. Lang concluded that customers are not hesitating to adopt the current 3x3 MHz offering, as it is robust enough for current needs and the path to 5x5 MHz provides future confidence.

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President and CEO Scott Lang attributed the strategic interest to a combination of factors: Anterix's market leadership, its extensive ecosystem, successful customer deployments moving from lab to field, a strong sales pipeline, and the future potential of 5x5 spectrum. He added that the company's strong financial position, with no debt and significant contracted proceeds, also plays a role. Regarding the industry initiative, Lang explained that seeing early adopters succeed creates a wave of interest, and Anterix is now being aggressive on pricing and terms to make the adoption process 'frictionless' for the next group of utilities.

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CEO Scott Lang explained that while his past work at Silver Spring Networks established initial smart meter connectivity, Anterix is now enabling a more advanced smart grid with its secure, 5G-capable spectrum, a natural progression utilities understand. CFO Tim Gray added that accelerating spectrum delivery is driven by customer requests to deploy networks faster, which in turn accelerates cash receipts (e.g., an expected $35 million in Q4) to fund more aggressive share repurchases. Chief Regulatory and Communications Officer Chris Guttman-McCabe noted this delivery flexibility is a unique competitive advantage.

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CEO Savneet Singh clarified the slowdown was less about the sales process and more about the rollout of already-signed deals, which involves customer CapEx. He estimated the multi-product focus has a minor (10-15%) impact on timing. For ordering 2.0, he stated that bundling with loyalty increases conversion, basket size, and long-term customer value, offering examples like personalized menus based on declared allergies.

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CEO Savneet Singh confirmed the market is shifting towards consolidated buying decisions, where customers seek integrated outcomes rather than siloed products, which benefits PAR's platform strategy. He verified the strong multiproduct metrics: 100% of new Operator Solutions deals in the last two quarters were multiproduct, and 57% of new Engagement deals in Q1 were multiproduct, a significant increase from 14% a year prior, driven by the new PAR Ordering solution.

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CEO Savneet Singh noted that while it's still early, the TASK acquisition has already generated inbound interest from brands seeking an international solution, validating the strategy. Regarding capacity, Singh expressed confidence that PAR can currently take on other large opportunities and will likely maintain its implementation resources given the strong pipeline.

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CEO Alessio Artuffo explained that FedRAMP unlocks a $2.7B TAM and, due to a strengthening pipeline, he expects meaningful contributions by H2 2026, with potential wins this year. CFO Brandon Farber added that the state and local government sector is also performing well. Regarding the new CRO, Artuffo expects an immediate impact on execution and velocity, with a longer-term contribution from better integrating sales and customer success to improve retention metrics.

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CEO Alessio Artuffo agreed that the company is not being built for single-digit growth, stating the guidance is a prudent reflection of the current macro environment. He highlighted product innovation, AI enablement, and the 'Project Harmony' agentic AI initiative as key future growth levers. Artuffo clarified that Agentic AI adoption will be driven by a diverse set of stakeholders, including CMOs and CROs, not just the CLO, aligning with Docebo's multi-use case strategy.

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CEO Alessio Artuffo explained that Agentic AI aims to simplify platform use, automate complex tasks, and accelerate time-to-value, with a long-term vision to create a new UI for L&D professionals. He also addressed leadership changes, highlighting the strategy of blending new external talent with leaders promoted from within to preserve culture while equipping the company for future growth.

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Interim CEO Alessio Artuffo stated that FedRAMP efforts are on track, with systems and processes ready for a sponsor agency, highlighting a market with over $200 million in new LMS initiatives in the past three years. Regarding the Communities module, Artuffo explained it supports the customer experience (CX) use case by enabling deeper collaboration, a pervasive need identified from customer feedback, with encouraging results from beta programs.

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CFO Dave Lyle and CEO Ed West confirmed the $75 million LTM identity revenue figure and explained that cost efficiencies have lowered the breakeven 'fulcrum point' to below $80 million, with durable profitability being very close. West affirmed the strategy is to migrate customers to the MyVIP platform, which is seeing the most transactional growth. He described the enterprise fraud platform as an evolution beyond checks, leveraging Mitek's deep FI relationships to address fraud across various payment types. Lyle specified that positive KPIs include improved gross profit per journey and rapid growth in transaction volumes.

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CFO David Lyle confirmed that large, complex identity deals pushed from late fiscal 2024 are now anticipated in the latter half of fiscal 2025 and into 2026, with the opportunities remaining viable. CEO Edward West explained that CFD's value is in its network effect, where data from a small number of FIs enriches the dataset for all participants. West drew parallels between Mitek and Cardtronics, highlighting the similar opportunity to leverage strong financial institution relationships and build a network effect to drive organic growth.

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CFO Robert Leibrock drew parallels between ACI's customer trust and Red Hat's model, highlighting an opportunity at ACI to improve operational execution and investor transparency to accelerate growth. CEO Thomas Warsop differentiated ACI from FIS and Fiserv, noting their business drivers are different and that ACI's business model is performing very well, with strong sales execution and solidifying customer relationships, insulating it from the specific headwinds affecting those peers.

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CEO Thomas Warsop gave an example of how the combined segment structure enabled a more comprehensive fraud solution discussion with a bank client and its merchant customers, creating a new pipeline opportunity. CFO Scott Behrens explained that real-time payments constitute about 10% of the business and grow at a double-digit rate, but quarterly revenue can be volatile due to the timing of on-premise license deals and renewals.

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CEO Thomas Warsop clarified that the sales force is already selling 'Kinetic' now that a functional demo is available. The initial functionality focuses on account-to-account payments, with card and ACH functionality to follow. He emphasized that the Merchant segment is not being de-emphasized; rather, the combination creates leverage as the 'Kinetic' platform's payment orchestration capabilities are highly relevant to large merchants, not just banks.

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CEO Francis Soistman explained that eHealth is awaiting more visibility from carrier meetings before fully incorporating the commission rate increase, though he is cautiously optimistic they will exceed the forecast. He described the AI voice agent as a highly effective screening tool that gathers customer data before an immediate transfer to a licensed agent, which has received positive feedback. Regarding capital structure, he confirmed the priority is addressing the term loan and gaining financial agility by leveraging the commission receivable asset, but a solution for the convertible preferred is not expected at this time. SVP & Chief Revenue Officer Michelle Barbeau added that the AI screening process transfers immediately to a live adviser.

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CEO Fran Soistman expressed cautious optimism, noting that the absence of new burdensome regulations is a positive. He is awaiting the final broker commission rates from CMS, which often correlate with carrier rates but are not yet factored into forecasts. Regarding Amplify, Soistman believes it will continue to grow irrespective of the rate environment, as the complexity and seasonality of call center operations motivate carriers to seek outsourced solutions to avoid fixed costs.

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CEO Fran Soistman clarified the outlook is 'pragmatic' due to uncertainties with the new administration, pending the final MA rates in April. Executive Kate Sidorovich added that the prior year's record-high member switching rate is unlikely to repeat. Regarding brand extension, Soistman explained the goal is to replicate the successful brand-building from Medicare Advantage (which saw a 23% awareness increase) across its E&I and Med Supp products to create a unified consumer experience.

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Chairman and CEO Ted Fernandez clarified that while GenAI-related services revenue is up significantly, the AI Explorer platform is not yet licensed as it's undergoing major innovation for an upcoming release. He announced a new strategic alliance with Salonis and mentioned ongoing talks with other potential partners. Fernandez explained the headcount reduction in the Oracle practice was due to a slower-than-expected replacement of a large engagement and expected productivity gains from their GenAI-assisted 'Accelerator' platform.

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Ted Fernandez, Chairman and CEO, explained that economic uncertainty has led them to re-emphasize strategic cost reduction services for clients. He clarified that the "consequential impact" from AI XPLR involves material GenAI revenue growth, the start of licensing revenues for both XPLR and ZBrain, and the potential for the JV to attract capital or channel partners. An ideal client scenario, he detailed, involves a top-down, enterprise-wide GenAI strategy that leads to the client licensing the AI XPLR and ZBrain platforms for their own AI Center of Innovation.

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Chairman and CEO Ted Fernandez explained that Gen AI is dominating client conversations and that the company's AI XPLR and LeewayHertz capabilities position them at the 'tip of the spear.' He viewed declining compute costs as a positive catalyst for adoption. Regarding SAP, Fernandez clarified that the exceptional Q4 results were heavily influenced by large, year-end software sales not expected to repeat at the same level in Q1, but he anticipates strong underlying SAP demand throughout 2025.

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Ted Fernandez, Chairman and CEO, explained that AI XPLR version 2, combined with the capabilities from the LeewayHertz acquisition, has significantly increased client conversion rates. He detailed that the platform can now simulate enterprise-wide use cases and calculate ROI, which is driving client engagement. Fernandez stated that while 2024 was about AI awareness, 2025 will see specific budget allocations for GenAI projects. He clarified that the 40% halo effect was downstream revenue from traditional IP offerings and expects the AI XPLR platform to expand this effect significantly.

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CEO Jonathan Steinberg confirmed they will actively seek to integrate farmland allocations into models and ETFs, emphasizing the unique competitive landscape. President & COO R. Jarrett Lilien stated that while the models business is outperforming, the focus remains on execution rather than updating guidance. Head of Digital Assets Will Peck outlined a prudent marketing ramp-up for WisdomTree Prime in the fall, focusing on new on-chain functionality and the growing stablecoin ecosystem.

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William Peck, Head of Digital Assets, described on- and off-ramps as a critical feature for interacting with public blockchains, noting a measured rollout over the summer leading to a larger marketing push in September. He mentioned ongoing partnership discussions but offered no specific guidance. Jonathan Steinberg, executive, and Robert Lilien, executive, explained that AI is being deployed across the company to enhance customer experience, improve growth and efficiency, and aid in decision-making, with every employee involved in the initiative.

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Executive Robert Lilien established a baseline expectation of adding 1,000 advisors annually to the models platform, with ambitions to exceed that figure. CEO Jonathan Steinberg explained the reduced spending guidance is a result of both finding new operational efficiencies and a slower-than-planned national rollout of WisdomTree Prime, which defers some marketing costs. Head of Digital Assets Will Peck added that the new WisdomTree Connect platform is not reliant on marketing spend, contributing to a high ROI.

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CEO Jack Abuhoff responded that Scale.ai's success validates the importance of data in AI and believes their new focus will accelerate market opportunities for Innodata. He confirmed that Innodata has increased its outreach to certain companies following the event. Regarding robotics, Abuhoff explained that deploying advanced LLMs on edge hardware will create highly capable robots, opening up a significant new market for simulation data, training, and evaluation services which he believes could eventually dwarf the current market for frontier model training.

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CEO Jack Abuhoff explained that the new SOW opens up a new, significantly larger budget category within the largest customer's organization. He clarified that while Q2 revenue from this customer might fluctuate, the new SOW represents a long-term growth opportunity. Regarding win rates, Abuhoff stated that their 'land and expand' strategy is proving successful, with a very high win rate on projects that move past the pilot stage, as evidenced by recent expansions with several Big Tech clients.

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CEO Jack Abuhoff explained that the large-scale pilots originate from both the expanding big tech customer group and a key enterprise client. He used a 'football vs. dime' analogy to illustrate the vast amount of data still required for AGI, suggesting a long growth runway with major clients. Abuhoff confirmed that Innodata sees significant opportunities with both closed and open-source models, highlighting open-source as a key enabler for future enterprise agentic ecosystems.

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CEO Jack Abuhoff confirmed that the largest customer is expected to continue its significant contribution with potential for growth in 2025. He highlighted that momentum with the other seven Big Tech customers is building and they will become a more significant part of the revenue mix next year. Abuhoff affirmed that Innodata's supervised fine-tuning data is exactly what Big Tech needs for complex AI model training, positioning the company to capitalize on this trend.

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CEO Wes Cummins stated that the company is exclusively focused on a full-stack model where they own and operate the facilities, viewing it as a better business model than powered shells for a public company. He also reported no new progress on the South Dakota sales tax issue, indicating it would likely be addressed in the next legislative session.

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Executive Wesley Cummins clarified that there are no hard requirements from tenants regarding the sale process, emphasizing it is the right time to separate the businesses. He highlighted that the existing third-party data center capacity, secured at 2023 pricing, is a valuable asset in the potential sale, offering immediate growth potential to a buyer.

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Executive Wesley Cummins clarified that the February 15 date is for other items and is not a lease signing deadline. He confirmed the deal represents the equity component for project finance. Both Cummins and CFO Mohammad Saidal Mohmand explained that Macquarie's 15% ownership applies on an asset-by-asset basis, only for projects they choose to fund.

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Executive Wesley Cummins explained that very little remains on the lease and described the delay as a process issue, estimating it could be finalized within days or up to 6-8 weeks. For buildings 2 and 3, he clarified that while minor earthwork has begun, significant capital expenditure will not occur until a lease and project-level financing are secured.

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President & CEO Ramesh Srinivasan described the international opportunity as a 'massive growth area' where Agilysys's product ecosystem faces less competition. He characterized the Book4time acquisition as highly successful, adding talent and a respected brand. He also noted that the cross-selling of the full Agilysys product suite by the Book4time team is now beginning as planned for fiscal 2026.

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President and CEO Ramesh Srinivasan confirmed the Marriott project is on plan with no major changes, having moved from development to the testing and deployment planning phase, with pilot sites expected in H2 calendar 2025. He noted that potential record international sales depend on a few large deals, highlighting the need to build a more consistent pipeline of smaller wins. Srinivasan also explained that building the "new Agilysys" brand is an easier task domestically where the company is already known, whereas internationally they must first establish the brand itself.

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CEO Ramesh Srinivasan explained the cross-sell opportunity is broad, encompassing hundreds of independent properties where the Book4Time team has strong relationships, in addition to larger chains where new CCO Joe Youssef adds influence. Regarding G2E, Srinivasan reported it was a 'very busy' and 'uniformly positive' show, with a notable absence of customer complaints and strong interest in the Agilysys ecosystem. He expressed such confidence in customer sentiment that he invited analysts to the company's next user conference.

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Benjamin Lamson, Head of Revenue for Cloud, responded that the rebrand has been very well received, highlighted by a recently launched new website. He indicated that news on first-to-market technology, supported by third-party benchmarks, would be released in the coming weeks, and teased a revolutionary technology for cross-data center workloads planned for later in the year.

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President Bob Grant explained that a smaller but more tenured agent force was more efficient at identifying customer needs and driving transfers to Healthcare Services, resulting in a stronger attachment rate for SelectRx. CEO Tim Danker added that while he is pleased with the synergy, Healthcare Services growth will lag Senior's seasonality. Regarding agent growth, Danker noted their improved capital position creates an opportunity, and Grant confirmed hiring is underway. CFO Ryan Clement stated that receivable securitization is a potential path being explored with Jefferies, among other options, to optimize the capital structure.

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CFO Ryan Clement detailed that after using ~$260 million to retire term debt, the company will have approximately $100 million in liquidity and will reduce annual cash interest obligations by about $30 million. CEO Tim Danker added this capital enables 'measured and responsible growth' in the MA platform and allows for exploration of new healthcare service opportunities. Regarding growth, executives confirmed they were capital-constrained during AEP and that the new structure allows them to return to growth, supported by a more favorable regulatory outlook.

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CEO Tim Danker stated that carriers increasingly value SelectQuote's high-quality, differentiated distribution, which includes value-added services like SelectRx. William Grant explained that the company's reduced reliance on TV advertising has mitigated the impact of political ads. Regarding capacity, Robert Grant noted that while they can't add agents mid-season, the high efficiency of their tenured agents allows them to be more selective with marketing sources to capitalize on excess demand.

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Chairman and CEO Bill Angrick confirmed that tariffs historically drive buyers to the used equipment market, stimulating activity. Regarding federal agencies, he described the process as slow and complex but noted the company has run successful pilots and is well-positioned. On software, Angrick detailed numerous enhancements, including AI-assisted asset descriptions, improved buyer matching, mobile upload simplification, personalized seller landing pages, and new third-party selling tools for international e-commerce partners, highlighting that the recent acquisition was for talent and engineering capacity.

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Chairman and CEO Bill Angrick attributed growth to operational execution, or "blocking and tackling," rather than just market conditions, noting that persistent inflation drives buyers to their platform. He explained that tariffs can be a "neutral positive" by increasing the value of used equipment already in the U.S. Regarding the acquisition, Angrick described it as an "acqui-hire" for software talent and a strategic move to provide SaaS tools to their B2B buyer base, many of whom are resellers, thereby expanding their ecosystem in an asset-light way.

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CEO Adam Sullivan expressed confidence based on close relationships with utilities, forged during their time as a Bitcoin miner. He stated they are in discussions for future contracts and believe they can achieve the target. Regarding new deals, he explained they involve a trade-off between the non-recurring charge (NRC) for CapEx and the monthly recurring charge (MRC), and that large enterprise deals offer attractive return profiles and can serve as anchor tenants for new sites.

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CEO Paul Jacobs explained that 2-way IoT enables command-and-control of remote assets and highlighted a future use case involving on-device AI for intelligent monitoring and alerts. For the Parsons partnership, he stated the go-to-market strategy leverages Parsons' established government channels. The primary application is providing resilient communications for government and defense clients in RF-challenged environments, with initial tests proving highly successful.

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CEO Ravi Venkatesan distinguished that Cantaloupe One is for scaling their full solution, whereas the new micro-lending is a broader tool for customers to fund working capital or other equipment. He described feedback from Vendex as 'exceedingly positive,' with the Smart Store's theft-prevention capabilities being a key driver. For advertising, he outlined two models: a standard marketplace-based per-impression model and a custom campaign model, both designed to share revenue with customers.

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Executive Ravi Venkatesan stated he is now more bullish on Europe and Latin America, citing strong reception for 'Smart Stores' and traction in new verticals like convenience stores. He confirmed that partnerships are a key part of the expansion strategy. Executive Scott Stewart addressed revenue per connection, stating it is expected to continue increasing, driven by higher average transaction prices and the launch of new add-on modules like digital advertising management.

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CEO Asher Genoot confirmed the GPU-as-a-service structure remains a 5-year contract with a fixed base payment and a revenue-sharing model. He stated that future growth is being planned in parallel with project-level financing. Regarding the fleet, Genoot emphasized the significant efficiency gains possible by upgrading to 12 joules/terahash machines, which would dramatically lower the cost to mine a Bitcoin from the current $26,232, and noted active discussions are underway for a fleet refresh.

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CEO Asher Genoot confirmed the pipeline has grown beyond 1,100 megawatts and projects have advanced, reinforcing the company's long-term vision as an energy infrastructure provider focused on Bitcoin mining and high-density compute. Regarding the GPU deal, he described it as a joint-venture-like structure with a revenue share designed to capture more upside from on-demand pricing, but declined to share further competitive details.

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CEO Asher Genoot confirmed the pipeline has grown beyond 1,100 megawatts and projects have advanced, reinforcing the company's vision as an energy infrastructure platform targeting Bitcoin mining and high-density compute. Regarding the GPU deal, Genoot explained that the joint venture structure includes a revenue share to capture more upside from on-demand pricing, creating a levered return profile. He remained intentionally discreet on further details to maintain a competitive edge.

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