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    Goshi Sri • Singular Research

    Goshi Sri's questions to Apogee Enterprises Inc (APOG) leadership

    Goshi Sri's questions to Apogee Enterprises Inc (APOG) leadership • Q1 2026

    Question

    Goshi Sri from Singular Research asked for a breakdown of the reduced tariff impact between operational shifts and commodity pricing. He also questioned if the lower Services backlog reflected a strategy of rejecting low-margin projects, inquired about the ability to pass on tariff costs in existing contracts, and asked if M&A valuation multiples have been adjusted.

    Answer

    CFO Matt Osberg explained that the reduced tariff impact is due to a combination of more effective operational execution and favorable input cost management. CEO Ty Silberhorn clarified that the lower Services backlog is more a reflection of general market softness than a change in project selectivity, noting the team is pursuing smaller jobs and new service models. He confirmed it is very difficult to pass on tariff costs for existing projects. Regarding M&A, Silberhorn stated that target valuation multiples have not seen a significant step-down, but Apogee, as a strategic buyer, may have an advantage in the current interest rate environment.

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    Goshi Sri's questions to Oportun Financial Corp (OPRT) leadership

    Goshi Sri's questions to Oportun Financial Corp (OPRT) leadership • Q3 2024

    Question

    Goshi Sri from Singular Research asked for insight into the drivers of the significant reduction in customer acquisition costs (CAC) and the primary factors determining the range of the 2025 adjusted EPS forecast.

    Answer

    CEO Raul Vazquez explained that the record low CAC of $118 was a product of reduced sales and marketing expenses combined with strong loan growth. However, he noted that the company plans to increase marketing investment to fuel future growth rather than focusing on keeping CAC at its lowest level. For the 2025 adjusted EPS forecast of $1.00 to $1.25, Vazquez cited three key drivers: a return to originations growth to boost revenue, a continued decline in net charge-offs to the 11-12% range, and sustained discipline in operating expenses.

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