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    Gregory Burns • Sidoti & Company, LLC

    Gregory Burns's questions to Scansource Inc (SCSC) leadership

    Gregory Burns's questions to Scansource Inc (SCSC) leadership • Q4 2025

    Question

    Gregory Burns asked about any specific detractors within the Specialty Technology Solutions segment despite its broad-based growth and requested an update on the business outlook for Brazil.

    Answer

    CFO Steve Jones identified the communications business as a profitable but slower-growing area within the technology segment. Regarding Brazil, Jones noted local currency growth is being offset by FX headwinds. CEO Mike Bauer added that Brazil's business model, with its focus on recurring revenue and converged solutions, serves as a template for the U.S. operations, and he praised the strong local management team despite macroeconomic challenges.

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    Gregory Burns's questions to Scansource Inc (SCSC) leadership • Q3 2025

    Question

    Gregory Burns asked for more detail on the demand trends causing weakness in Brazil and requested an update on the progress and traction of the Channel Exchange initiative for selling SaaS-type revenue streams.

    Answer

    CFO Stephen Jones attributed the weakness in Brazil to macroeconomic issues, FX headwinds, and a shift to reporting more revenue on a netted down basis, which impacts the top-line but not profitability as significantly. Chair and CEO Mike Baur clarified that Channel Exchange is a key transactional tool that enables business with new, smaller suppliers, particularly in the AI space, by handling billing complexities. He stated it has been instrumental in recruiting the 9 new suppliers added during the past year.

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    Gregory Burns's questions to Scansource Inc (SCSC) leadership • Q2 2025

    Question

    Gregory Burns of Sidoti & Company inquired about the demand environment, the sequential cadence of the quarter, the reasons for maintaining full-year guidance despite the Q2 miss, and the growth drivers within the Intelisys business.

    Answer

    Chair and CEO Mike Baur explained that the quarterly miss was driven by an unexpected double-digit decline in large deals, which typically close at the end of the December quarter. CFO Stephen Jones added that while top-line visibility is challenging due to a lack of hardware backlog, they remain confident in the full-year guidance based on expected second-half growth and predictable gross profit from recurring revenue. Regarding Intelisys, Mike Baur noted that while older technologies are not declining, growth is concentrated in newer areas like CX and SaaS. He stated that even older technologies have a long life and can still shift from direct sales to the channel.

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    Gregory Burns's questions to Scansource Inc (SCSC) leadership • Q1 2025

    Question

    Gregory Burns asked for more detail on product category performance within the Specialty Technology segment, inquired about the drivers of underperformance in Brazil, and questioned the competitive dynamics and margin trends in the Intelisys business.

    Answer

    Mike Baur, Chair and CEO, explained that the company will no longer provide granular detail on specific technologies to better align with its new segment-based reporting strategy. Stephen Jones, CFO, attributed Brazil's performance issues to foreign exchange headwinds. Regarding Intelisys, Mike Baur stated that there were no new changes to the competitive or margin pressure environment and highlighted the company's focus on partner segmentation to drive future growth.

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    Gregory Burns's questions to CSG Systems International Inc (CSGS) leadership

    Gregory Burns's questions to CSG Systems International Inc (CSGS) leadership • Q2 2025

    Question

    Gregory Burns from Sidoti & Company, LLC asked about the opportunity within the enterprise divisions of global telecom operators, highlighted by the Orange Business win, and whether these deals lead to broader cross-selling opportunities.

    Answer

    CFO Hai Tran explained that CSG's differentiated capability is in complex enterprise solutions, particularly its industry-leading CPQ offering, which was key to the competitive Orange win and is generating more Tier 1 and Tier 2 operator interest. CEO Brian Shepherd added that these enterprise wins can lead to cross-selling, providing past examples with MTN in South Africa and a customer in Asia Pacific where initial enterprise deals expanded into the consumer business.

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    Gregory Burns's questions to CSG Systems International Inc (CSGS) leadership • Q1 2025

    Question

    Gregory Burns inquired about the specific revenue trends for CSG's top customers, Charter and Comcast, and the general demand dynamics within the cable market.

    Answer

    CEO Brian Shepherd explained that while quarterly results can fluctuate, the medium- to long-term trend with its top two customers remains a 2.6% compound annual growth rate since 2017. He highlighted two factors affecting the Q1 comparison: a $10 million one-time revenue event with Comcast in the prior-year quarter and the absence of a price increase in the new 6-year Comcast contract for 2025.

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    Gregory Burns's questions to CSG Systems International Inc (CSGS) leadership • Q3 2024

    Question

    Gregory Burns inquired about the structure of the Comcast renewal, specifically the absence of upfront price concessions and the inclusion of future price escalators, and asked for an outlook on the near-term slowdown in the core business and the health of the sales pipeline.

    Answer

    CEO Brian Shepherd explained the Comcast contract is a 'win-win' deal with no hidden step-downs, reflecting the significant value CSG has delivered through investments. He noted the renewal incentivizes Comcast to do more business with CSG. Regarding the slowdown, Shepherd attributed it to general 'belt-tightening' across the economy, which he expects to last a few quarters, but expressed confidence in the sales pipeline and a return to mid-range growth by mid-2025 or sooner.

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    Gregory Burns's questions to Douglas Dynamics Inc (PLOW) leadership

    Gregory Burns's questions to Douglas Dynamics Inc (PLOW) leadership • Q2 2025

    Question

    Gregory Burns of Sidoti & Company, LLC questioned the expected decline in Solutions segment margins in the second half of the year and inquired about the M&A pipeline and strategic focus as the company reactivates its acquisition efforts.

    Answer

    EVP & CFO Sarah Lauber clarified that while second-half margins will be lower than the first half's outperformance due to product mix, she expects full-year margins to show improvement and stabilization at a higher level. President and CEO Mark Van Genderen detailed the M&A strategy, stating the focus is on the work vehicle attachment space, seeking opportunities where the company can leverage its manufacturing, engineering, and marketing expertise, likely outside the core snow and ice industry.

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    Gregory Burns's questions to Douglas Dynamics Inc (PLOW) leadership • Q1 2025

    Question

    Gregory Burns of Sidoti & Company inquired about the timing and drivers for the planned capacity expansion in the Work Truck Solutions segment. He also asked for more details on the new product development pipeline for Work Truck Attachments.

    Answer

    CFO Sarah Lauber stated the capacity expansion is for the Henderson business, expected to add about 10% capacity in 2026 to support a strong backlog. CEO Mark Van Genderen discussed new product development, highlighting a focus on efficiency and mentioning the recent hopper line upgrades and new pusher plows as examples of meeting market demand, without revealing specific future products.

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    Gregory Burns's questions to Douglas Dynamics Inc (PLOW) leadership • Q4 2024

    Question

    Gregory Burns asked for a breakdown of the company's most important geographical markets for snow equipment and questioned what will drive future margin expansion in the Work Truck Solutions segment beyond current levels.

    Answer

    Mark Van Genderen, COO, identified the key markets as being east of the Mississippi River and north of Tennessee, specifically the Upper Midwest, Ohio Valley, Mid-Atlantic, and Northeast, adding that Canada is also a strong market. CFO Sarah Lauber addressed margins, stating that while the Solutions segment has reached the low end of its target range, achieving the higher end (up to 13%) will be primarily driven by increased volume and throughput, supplemented by ongoing efficiency initiatives.

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    Gregory Burns's questions to Douglas Dynamics Inc (PLOW) leadership • Q3 2024

    Question

    Gregory Burns from Sidoti & Co. questioned the nature of the demand slowdown at Dejana, asking if it was temporary or structural. He also inquired about Q4 cash generation expectations, year-end leverage targets, and whether the company has contingency plans for another below-average snowfall winter.

    Answer

    Chairman and Interim CEO James Janik attributed the Dejana softness to caution among local commercial customers, likely due to interest rates and election uncertainty, but expressed optimism for a rebound. CFO Sarah Lauber projected that the company's leverage ratio, 2.6x at quarter-end, would continue to decline through Q4, which is the strongest cash flow quarter. Regarding contingencies, Ms. Lauber stated that the 2024 Cost Savings Program and the recent sale-leaseback transaction have already optimized the business, and no further actions are currently planned as the company is well-positioned for various snowfall scenarios.

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    Gregory Burns's questions to ACCO Brands Corp (ACCO) leadership

    Gregory Burns's questions to ACCO Brands Corp (ACCO) leadership • Q2 2025

    Question

    Gregory Burns of Sidoti & Company, LLC inquired about the drivers behind the back-to-school sales decline, asking for a breakdown between early buying, tariff impacts, and general market demand. He also asked about retail channel inventory levels and the potential revenue contribution from new products in the second half of the year.

    Answer

    Thomas Tedford, President & CEO of ACCO Brands, explained that the decline was a mix of order shifts into Q1, customer order softness and cancellations, and minor shifts into Q3. He noted it's early in the season, but ACCO has sufficient inventory for potential replenishment orders, though retailers are managing inventory tightly. Tedford also stated that revenue benefits from new products would be modest in the second half, with a more significant impact expected in 2026 and beyond.

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    Gregory Burns's questions to ACCO Brands Corp (ACCO) leadership • Q1 2025

    Question

    Gregory Burns of Sidoti & Company asked about the company's appetite for future acquisitions, the timing and revenue contribution of new products, and the underlying dynamics of Q1 segment performance, particularly in the International segment.

    Answer

    President and CEO Tom Tedford stated that while acquisitions are a long-term goal, the company will be cautious near-term due to trade dynamics. He noted new products are launching now, including for the Nintendo Switch 2, and a formal vitality metric is in development. Tedford attributed the slow start in the International segment to customer pull-ins at the end of 2024 and softness in Germany. CFO Deb O'Connor added that International is expected to improve slightly in Q2.

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    Gregory Burns's questions to ACCO Brands Corp (ACCO) leadership • Q4 2024

    Question

    Gregory Burns asked for the expected timing of the remaining $75 million in cost savings over the next two years. He also questioned the company's M&A focus, specifically whether it would target near-adjacent categories or new markets, and how much leverage the company would be willing to take on for a transaction.

    Answer

    EVP and CFO Deb O'Connor projected approximately $40 million in savings for 2025, with the remainder in 2026. President and CEO Tom Tedford stated that the M&A focus is on highly accretive, relatively low-risk opportunities. O'Connor added that while an acquisition might temporarily increase leverage, they are seeking deals with quick paybacks and are very cognizant of keeping the leverage ratio manageable.

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    Gregory Burns's questions to ACCO Brands Corp (ACCO) leadership • Q3 2024

    Question

    Gregory Burns inquired about the drivers of the slowdown in Brazil and Mexico, asking if it was macro-related or due to secular headwinds. He also asked about the typical Q4/Q1 sales split for Brazil's back-to-school season and whether the new, more conservative retailer buying patterns in North America represent a 'new normal'.

    Answer

    President and CEO Tom Tedford explained the Latin America slowdown is due to local issues, tough year-over-year comparisons, and retailer conservatism, rather than accelerating secular trends. EVP and CFO Deb O'Connor noted that buying in Brazil is shifting more into Q1 this year compared to last year's earlier Q4 purchasing. Regarding North America, Tom Tedford confirmed that lower retailer inventory and reduced replenishment orders are the new reality, and ACCO is adapting its sell-in strategies accordingly.

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    Gregory Burns's questions to Federal Signal Corp (FSS) leadership

    Gregory Burns's questions to Federal Signal Corp (FSS) leadership • Q2 2025

    Question

    Gregory Burns of Sidoti & Company, LLC questioned the disparity between strong SSG orders and revenue recognition, the nature of the order book, and the company's M&A strategy for entering new markets or scaling in existing ones.

    Answer

    SVP & CFO Ian Hudson clarified that the order-to-revenue gap in SSG was a matter of timing, as orders are often received and shipped within the same quarter, and confirmed no unusually large fleet orders. President & CEO Jennifer Sherman described the M&A pipeline as very active, with a focus on growing the SSG business and pursuing new verticals and geographic expansion for ESG.

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    Gregory Burns's questions to Federal Signal Corp (FSS) leadership • Q1 2025

    Question

    Gregory Burns of Sidoti & Co. asked about the tangible benefits seen from the federal infrastructure bill on industrial demand and inquired about the company's need to invest further in its rental fleet.

    Answer

    President and CEO Jennifer Sherman explained that the impact from the infrastructure bill has been nominal to date, with current order strength attributable to market share gains, and that benefits are expected over a multi-year period. CFO Ian Hudson added that the rental fleet is monitored closely and invested in as needed, particularly in Q1 ahead of the busy season, which also provides production flexibility.

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    Gregory Burns's questions to Federal Signal Corp (FSS) leadership • Q4 2024

    Question

    Gregory Burns asked about future plans for the dealer network, including the mix of direct sales versus third-party dealers, the specific goals of the current transition, and the primary bottlenecks hindering production ramp-ups.

    Answer

    President and CEO Jennifer Sherman clarified that the current transition focuses on the exclusive dealer network (30% of business) and aims to increase market share and aftermarket sales. She identified the main production bottleneck at the Elgin facility, where fundamental changes to line setup and material flow are taking longer than anticipated, while the Vactor facility has seen better progress.

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    Gregory Burns's questions to Federal Signal Corp (FSS) leadership • Q3 2024

    Question

    Gregory Burns questioned if the strong demand for rentals was creating constraints and if more investment was needed in the rental fleet. He also asked about any production disruptions from the recent hurricane season and if there was any change in demand patterns due to the upcoming election.

    Answer

    CFO Ian Hudson responded that the company closely monitors fleet utilization and confirmed a previously announced $20 million investment in the used and rental fleet is being deployed in the second half of the year. He stated they feel comfortable with the current fleet size, which is also supported by rental partners. President and CEO Jennifer Sherman noted a service center in Tampa was down for a couple of days due to a hurricane but there were no major disruptions. She stated they have seen no impact from the election and feel well-positioned regarding potential tariffs, as less than 5% of direct material purchases are from outside North America.

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    Gregory Burns's questions to Steelcase Inc (SCS) leadership

    Gregory Burns's questions to Steelcase Inc (SCS) leadership • Q1 2026

    Question

    Gregory Burns asked about the International segment's path to profitability, questioning if the planned restructuring is sufficient at current demand levels, and also inquired about the key drivers behind the resilient demand from large corporate customers.

    Answer

    SVP & CFO David Sylvester stated that the company is targeting consistent profitability in its International segment and the restructuring actions in Europe are designed for the current, softer demand environment. He noted Asia was profitable in the quarter. President & CEO Sara Armbruster attributed strong corporate demand to clients needing to reshape their workplaces to support new hybrid work models focused on collaboration and privacy, a trend validated by customer reactions at the recent Design Days event.

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    Gregory Burns's questions to Steelcase Inc (SCS) leadership • Q4 2025

    Question

    Gregory Burns of Sidoti & Company inquired about the order pacing through the fourth quarter and into early Q1, and asked about the specific actions being taken to achieve breakeven profitability in the International segment for fiscal 2026.

    Answer

    SVP and CFO David Sylvester explained that order patterns followed normal seasonality, with a likely pull-forward of orders ahead of a new tariff recovery charge. For the International segment, he stated that achieving profitability relies on modest revenue growth and an ongoing evaluation of the cost structure, building on actions taken in the second half of fiscal 2025.

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    Gregory Burns's questions to Steelcase Inc (SCS) leadership • Q3 2025

    Question

    Gregory Burns questioned the company's exposure to potential tariffs and if it was reflected in FY26 guidance. He also sought clarification on comments about slower-than-expected industry growth and asked if the second half of the fiscal year was performing in line with expectations, considering timing shifts.

    Answer

    CFO Dave Sylvester detailed a three-part tariff exposure strategy, noting it is not built into guidance. CEO Sara Armbruster clarified her comment on slower growth was relative to initial, more optimistic BIFMA industry projections for the year. CFO Dave Sylvester added that while the second half is softer than initial annual forecasts, it's closer to recent expectations, and the company is on track to exceed its full-year adjusted EPS target.

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    Gregory Burns's questions to Steelcase Inc (SCS) leadership • Q2 2025

    Question

    Gregory Burns from Sidoti & Company, LLC asked for more detail on the company's confidence in a corporate order pickup in the second half of the year and inquired about the drivers behind operating expenses coming in lower than guided.

    Answer

    David Sylvester, Senior Vice President & CFO, explained that confidence in the second-half order growth is based on strong pipeline visibility from the sales team focused on large corporate accounts, with some Q2 orders merely shifting in timing. Regarding operating expenses, he clarified that after adjusting for the net gain on a land sale, as detailed in the non-GAAP reconciliation, OpEx was in line with the company's guidance.

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    Gregory Burns's questions to MillerKnoll Inc (MLKN) leadership

    Gregory Burns's questions to MillerKnoll Inc (MLKN) leadership • Q4 2025

    Question

    Gregory Burns of Sidoti & Company, LLC inquired about the impact of the Q4 order pull-forward on the current quarter's order trends, the strategy behind the accelerated retail store expansion amid soft demand, the time for new stores to mature, and near-term margin expectations for the retail segment.

    Answer

    CFO Jeff Stutz confirmed that early Q1 orders were down mid-single digits, as expected after the pull-forward. CEO Andi Owen expressed confidence in the retail expansion, citing an under-penetrated market position. President of Global Retail Debbie Propst added that stores become profitable within their first year and that the long-term segment operating margin goal is mid-teens. CEO Andi Owen advised that near-term retail margins would likely remain at current levels during this investment phase.

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    Gregory Burns's questions to MillerKnoll Inc (MLKN) leadership • Q3 2025

    Question

    Gregory Burns inquired about MillerKnoll's ability to fully offset future tariff impacts, the reasoning behind the conservative Q4 revenue guidance despite a higher backlog and accelerating orders, and the specific trends in pipeline metrics for the North American contract segment.

    Answer

    CFO Jeff Stutz stated that based on current information, the company believes it can offset active tariffs through pricing and mitigation, though future policy changes remain a wildcard. CEO Andrea Owen attributed the conservative guidance to prudence amid macroeconomic uncertainty. John Michael, President of North America Contract, confirmed that leading indicators like the 12-month funnel and awarded projects remain strong, up 7% and 27% YoY respectively, but take time to convert to orders.

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    Gregory Burns's questions to MillerKnoll Inc (MLKN) leadership • Q2 2025

    Question

    Gregory Burns asked about MillerKnoll's potential exposure to proposed tariffs, particularly from China and Canada, and inquired about the reasons for slower-than-expected order development in the Americas segment. He also questioned the demand dynamics and integration progress within the international business.

    Answer

    CFO Jeff Stutz identified China and Canada as the primary regions of tariff exposure and detailed a mitigation playbook including alternative sourcing, advance purchasing, and potential pricing actions. CEO Andrea Owen added that the company is less exposed to China than in the past and attributed the recent order slowdown to pre-election uncertainty, which has since subsided. Regarding international orders, she described the business as inherently 'lumpier' due to its project-based nature.

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    Gregory Burns's questions to MillerKnoll Inc (MLKN) leadership • Q1 2025

    Question

    Gregory Burns inquired about the Q2 fiscal 2025 guidance, questioning the drivers behind the implied year-over-year decline in operating margins despite revenue forecasts being ahead of consensus. He also asked for an outlook on the retail segment, referencing positive commentary from competitors like RH.

    Answer

    Executive Vice President and CFO Jeff Stutz explained that the Q2 margin outlook is impacted by two main factors: a business and product mix shift away from higher-margin retail and specialty sales, and the front-loading of marketing expenses for the cyber promotional period, with the associated revenue being split between Q2 and Q3. CEO Andi Owen reinforced that the cyber timing shift is a significant factor. Debbie Propst, President of Global Retail, added that the retail outlook is optimistic, citing a recent interest rate cut, strong Q1 marketing efficiency, and plans for new awareness campaigns to capture demand as consumer confidence rebounds.

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    Gregory Burns's questions to Alamo Group Inc (ALG) leadership

    Gregory Burns's questions to Alamo Group Inc (ALG) leadership • Q1 2025

    Question

    Gregory Burns of Sidoti & Company questioned whether the cost reduction initiatives in the Vegetation Management division are complete and what future efficiencies can be expected. He also asked about the division's potential margin profile during a market recovery compared to previous peaks.

    Answer

    CFO Agnes Kamps stated that while the announced cost initiatives are complete, further efficiencies are expected from optimizing processes in the newly consolidated factories. CEO Jeff Leonard added that more restructuring is underway, including two additional plant consolidations, to hedge against potential recession risks. Leonard expressed confidence that the division's margin percentage should at least return to prior peak levels, and potentially exceed them, due to the permanent removal of fixed costs and under-absorption from closed facilities, aligning with the company's overall 15% operating margin target.

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    Gregory Burns's questions to Alamo Group Inc (ALG) leadership • Q4 2024

    Question

    Gregory Burns questioned the specifics of order activity declines within the Industrial division and asked about current lead times for sweepers and vacuum trucks, and if they provide a competitive advantage.

    Answer

    President and CEO Jeff Leonard explained that while the vacuum truck market remained strong, street sweeper orders saw a slight decline, which he attributed to a typical slowdown during a national election year. Snow removal orders were also down slightly, partly due to their own lead times which are now improving. Leonard confirmed their lead times of 3-4 months are advantageous and that they have available capacity to capitalize on this.

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    Gregory Burns's questions to Alamo Group Inc (ALG) leadership • Q3 2024

    Question

    Gregory Burns of Sidoti & Company asked about the company's M&A strategy and pipeline, given its strong cash flow, declining leverage, and the recent implementation of a share buyback program.

    Answer

    President and CEO Jeff Leonard described the M&A pipeline for 2025 as "interesting," with a "couple of big opportunities" directly in the company's sweet spot. He explained that they are conserving cash for these potential deals and that the share buyback is opportunistic. The strategy is to maintain a strong balance sheet to act quickly on both small tuck-in and larger M&A opportunities.

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