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    Hamed Khorsand

    Research Analyst at BWS Financial

    Hamed Khorsand is Principal and Director of Research at BWS Financial, specializing in independent equity research with a generalist approach, focusing on deep value, growth stocks, and companies experiencing tangible catalysts like restructurings or M&A. He regularly covers companies such as Arlo Technologies, Nebius Group, Ecovyst, Inspired Entertainment, Adeia, and Hawkins, providing actionable investment recommendations and updated price targets. Khorsand founded BWS Financial in 2000 after more than two decades of investment experience, previously serving as a board member at Stala and maintaining an active presence in equity research circles. His credentials include more than 20 years of institutional investment expertise and public track record of stock recommendations, though FINRA registration and securities license details are not explicitly listed in available public records.

    Hamed Khorsand's questions to MOVADO GROUP (MOV) leadership

    Hamed Khorsand's questions to MOVADO GROUP (MOV) leadership • Q2 2026

    Question

    Hamed Khorsand of BWS Financial inquired about the consumer trend driving the focus on 'mini' watches, the impact of Amazon's Prime Day, the significant inventory build-up related to tariffs, and the timeline for the conclusion of restructuring charges.

    Answer

    Chairman & CEO Efraim Grinberg explained that the shift to smaller watches is bringing young women back to the category and that the company's digital business is performing well globally. Regarding inventory, Grinberg and EVP & CFO Sallie DeMarsilis detailed that the $28 million increase was a strategic move to pre-empt tariffs on Swiss watches and that levels should normalize by year-end. Grinberg also stated that restructuring charges are now 'predominantly done,' with savings being offset by normal course-of-business cost increases.

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    Hamed Khorsand's questions to MOVADO GROUP (MOV) leadership • Q1 2026

    Question

    Hamed Khorsand of BWS Financial inquired about the current sales momentum relative to prior commentary, the impact of the marketing strategy, the sustainability of the dividend given current earnings, and the specifics of an unrealized foreign exchange loss.

    Answer

    Chairman & CEO Efraim Grinberg addressed sales by noting performance varies by market and that the brand-building strategy is a long-term initiative. He affirmed the dividend is supported by a strong balance sheet and expects improved cash flow in the second half. EVP, COO & CFO Sallie Demarsilis explained the unrealized FX loss was due to currency volatility at quarter-end and that the company will work to mitigate this risk going forward.

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    Hamed Khorsand's questions to MOVADO GROUP (MOV) leadership • Q4 2025

    Question

    Hamed Khorsand of BWS Financial Inc. inquired about Movado's strategy for navigating economic uncertainty, specifically asking which product lines or price points the company would emphasize. He also questioned the potential for further cost savings to ensure the generation of free cash flow in the upcoming fiscal year.

    Answer

    Efraim Grinberg, Chairman and CEO, explained that the company is currently focused on understanding the new tariff structure before making predictions. He stated they will implement selective price increases and maintain a 'good, better, best' product strategy to offer value at various price points. Grinberg confirmed the intention to generate free cash flow, noting that while marketing expenses are variable, the hope is that sales will sustain the planned spending levels.

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    Hamed Khorsand's questions to Arlo Technologies (ARLO) leadership

    Hamed Khorsand's questions to Arlo Technologies (ARLO) leadership • Q2 2025

    Question

    Hamed Khorsand from BWS Financial asked whether the growth in subscriber additions was due to higher unit sales or better conversion rates, and if the Q3 channel fill of new products implies a large spike in subscribers in Q4.

    Answer

    CEO Matthew McRae attributed the subscriber growth primarily to higher unit sales driven by aggressive promotions, rather than a significant change in conversion rates. He explained that the subscriber impact from Q3 shipments is smoothed out across Q4 and Q1 due to holiday purchasing and trial period timelines. However, he confirmed this acceleration is a key factor behind the increased full-year service revenue guidance to over $310 million.

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    Hamed Khorsand's questions to Arlo Technologies (ARLO) leadership • Q1 2025

    Question

    Hamed Khorsand asked for clarification on the primary drivers of the increase in Average Revenue Per User (ARPU), specifically questioning whether it was due to direct price increases or a natural mix shift from new customers in the retail channel.

    Answer

    CEO Matthew McRae explained that the ARPU growth is driven by two main factors. First, the launch of Arlo Secure 5 in late 2024 prompted a customer mix-shift towards more premium plans. Second, the simplification of service plans in January 2025, which eliminated the basic tier, further drove ARPU up. He noted that ARPU has risen from the $11-$12 range to nearly $13.50, with new subscribers coming in at an ARPU closer to $17, giving the company confidence in continued expansion.

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    Hamed Khorsand's questions to Arlo Technologies (ARLO) leadership • Q4 2024

    Question

    Hamed Khorsand from BWS Financial asked about the competitive environment, questioning if the increased promotional activity led to market share gains for Arlo. He also inquired if there was any change to the timing of new hardware customers converting to paid subscriptions.

    Answer

    CEO Matthew McRae stated that while the competitive landscape is stable, Q4 promotions were deeper than anticipated. He confirmed this strategy was successful, as Arlo gained significant market share during the holiday week when its pricing was most aggressive, demonstrating price elasticity. McRae also noted there is no change in the customer conversion timeline, which remains a mix of Q4 and Q1 conversions due to the 30-day free trial.

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    Hamed Khorsand's questions to Arlo Technologies (ARLO) leadership • Q3 2024

    Question

    Hamed Khorsand questioned whether declining product Average Selling Prices (ASPs) would negatively impact the company's ability to attract new paid subscribers. He also asked about Arlo's competitive advantage in securing partnerships with insurance companies given the competitive landscape.

    Answer

    CEO Matthew McRae responded that based on past promotional performance, lower hardware price points have not historically hindered the company's ability to convert users to paid subscriptions, as they are viewed as independent consumer decisions. Regarding partnerships, he asserted that Arlo has a competitive advantage due to its focus on security and data privacy, its status as a U.S.-based company, and its dedicated innovation in the space, which is highly valued by partners like insurance companies.

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    Hamed Khorsand's questions to Ecovyst (ECVT) leadership

    Hamed Khorsand's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Hamed Khorsand inquired about the timeline for the newly acquired Wagaman facility to become free cash flow accretive and asked about the company's pricing power for sulfuric acid sold into the mining sector.

    Answer

    CFO Mike Feehan stated that the Wagaman facility is expected to generate positive free cash flow in 2026, following the earnings contribution. CEO Kurt Bitting added that for mining, their longer-term agreements contain pricing mechanisms that allow for price increases as demand rises, and the overall market momentum is creating a positive pricing environment.

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    Hamed Khorsand's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial asked for a timeline on when the Wagaman acquisition would become free cash flow positive and inquired about the company's pricing power for sulfuric acid sold into the mining sector.

    Answer

    CFO Mike Feehan stated that the Wagaman plant is expected to generate positive free cash flow in 2026 as synergies are realized. CEO Kurt Bitting added that while mining contracts are longer-term, they contain pricing mechanisms that allow for increases with demand, and the overall sector's rising demand is creating positive pricing momentum for sulfuric acid.

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    Hamed Khorsand's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Hamed Khorsand from BWS Financial asked for a timeline on when the Wagaman acquisition will become free cash flow positive and inquired about the company's pricing power for sulfuric acid sold to the mining industry.

    Answer

    CFO Mike Feehan stated that the Wagaman acquisition is expected to generate positive free cash flow in 2026, following the earnings contribution. CEO Kurt Bitting added that while mining contracts are longer-term, they contain pricing mechanisms that allow for increases with demand, and the overall rising demand for sulfuric acid in the sector creates positive pricing momentum.

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    Hamed Khorsand's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Hamed Khorsand from BWS Financial asked for a timeline on when the Wagaman acquisition will become accretive to free cash flow and inquired about the company's pricing power for sulfuric acid sold into the mining sector.

    Answer

    CFO Mike Feehan stated that the Wagaman acquisition is expected to be accretive to free cash flow in 2026, following its earnings contribution. CEO Kurt Bitting added that for sulfuric acid in mining, their long-term contracts include pricing mechanisms that benefit from rising demand, creating positive pricing momentum for the industry.

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    Hamed Khorsand's questions to Ecovyst (ECVT) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial asked for a timeline on when the Wagaman acquisition will become free cash flow accretive and inquired about the company's pricing power for sulfuric acid sold into the mining industry.

    Answer

    CFO Mike Feehan indicated that the Wagaman acquisition is expected to generate positive free cash flow in 2026, following earnings contributions. CEO Kurt Bitting explained that while mining contracts are typically longer-term, they contain pricing mechanisms that benefit from rising demand. He characterized the strong demand from mining as a 'tide that's lifting all boats,' creating positive pricing momentum for sulfuric acid.

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    Hamed Khorsand's questions to Ecovyst (ECVT) leadership • Q1 2025

    Question

    Hamed Khorsand of BWS Financial asked about the recent strength in hydrocracking catalysts, questioning if it was a natural cycle or inventory restocking. He also sought clarity on how fixed the contractual pricing is within the Ecoservices segment given current market dynamics.

    Answer

    CEO Kurt Bitting attributed the hydrocracking strength to two factors: the natural timing of refinery turnaround cycles and increased customer adoption of their new MACH product. Regarding pricing, Bitting stated that regeneration services are effectively 100% under contract with index-based adjustments. For virgin sulfuric acid, about 90% is contracted with pass-through mechanisms, while the remaining 10% is on 30-day or spot pricing, providing flexibility to respond to market conditions.

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    Hamed Khorsand's questions to Ecovyst (ECVT) leadership • Q4 2024

    Question

    Hamed Khorsand pressed for an explanation on the persistent 'timing issue' with Zeolyst's hydrocracking catalyst sales and asked if sales from emerging technologies are still expected to materialize in 2025.

    Answer

    CFO Michael Feehan clarified that the lumpy nature of hydrocracking orders, which occur on 3-4 year cycles, is a long-standing characteristic of the business and that large orders can easily shift between quarters. CEO Kurt Bitting confirmed that emerging technology sales are on track, with biocatalysis showing good customer uptake and advanced recycling sales expected to commence in late 2025 and into 2026 as customer plants are constructed.

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    Hamed Khorsand's questions to Ecovyst (ECVT) leadership • Q3 2024

    Question

    Hamed Khorsand of BWS Financial inquired about discussions with refinery customers amid declining crack spreads and asked whether 2022 could serve as a good performance baseline for 2025, excluding the Zeolyst joint venture.

    Answer

    CFO Michael Feehan explained that refiners often increase utilization of their highly profitable alkylation units even when overall crack spreads fall, which supports demand for Ecovyst's services. He advised against using 2022 as a direct baseline for 2025, noting that 2022 had its own unique dynamics, including different sustainable fuels trends and favorable Ecoservices pricing indexation that will not be repeated.

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    Hamed Khorsand's questions to Seadrill (SDRL) leadership

    Hamed Khorsand's questions to Seadrill (SDRL) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial asked for management's expectations on day rates for 2026, considering the commentary about a market recovery coinciding with increased rig availability.

    Answer

    EVP & Chief Commercial Officer Samir Ali responded that while the environment remains competitive, day rates are holding up well. He noted that rates for late 2026 are slightly lower than the 'five-handle' figures anticipated a year ago but remain strong, particularly in the U.S. Gulf of Mexico.

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    Hamed Khorsand's questions to Seadrill (SDRL) leadership • Q1 2025

    Question

    Hamed Khorsand of BWS Financial questioned the likelihood of Seadrill securing new contracts for the second half of 2025 and asked about the company's confidence level. He also inquired if Seadrill feels pressure to compete on price in the current volatile market.

    Answer

    Executive Samir Ali acknowledged the market is dynamic and volatile but stated the company feels confident in its ability to contract some of its assets. Executive Simon Johnson added that the decision not to cold stack rigs like the Capella, Louisiana, or Gemini signals confidence in their contracting outlook. On pricing, Ali asserted that performance and differentiation remain critical, and clients are willing to pay for them, while Johnson noted that competitive dynamics can vary by region.

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    Hamed Khorsand's questions to Seadrill (SDRL) leadership • Q3 2024

    Question

    Hamed Khorsand asked about the dynamics of customer negotiations, questioning if delays are due to customer-side issues like supply chains or oil price uncertainty. He also inquired about the status of special surveys scheduled for 2025.

    Answer

    EVP and CCO Samir Ali attributed customer delays to a 'big pot of uncertainty,' including commodity prices, supply chain issues, portfolio reallocations, and capital returns, which is causing project deferrals from 2025 into 2026. Regarding surveys, President and CEO Simon Johnson confirmed an ongoing SPS on the West Neptune and one scheduled for 2025, but also highlighted that out-of-service time can be driven by contract preparation needs for new long-term contracts.

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    Hamed Khorsand's questions to Xperi (XPER) leadership

    Hamed Khorsand's questions to Xperi (XPER) leadership • Q2 2025

    Question

    Hamed Khorsand from BWS Financial questioned how Xperi expects to grow its ad platform given the forecast for declining unit volumes in some areas. He also asked at what point the company would consider implementing its stock buyback strategy.

    Answer

    CEO Jon Kirchner clarified that the ad platform's growth is driven by its own monthly active user (MAU) footprint, which is on track to grow to over 5 million, independent of broader market unit declines. CFO Robert Andersen responded that the company has board authorization for stock buybacks and is actively discussing this as part of its capital allocation strategy, especially considering the current stock price.

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    Hamed Khorsand's questions to Xperi (XPER) leadership • Q1 2025

    Question

    Hamed Khorsand of BWS Financial inquired about the monetization timeline for the expanding IPTV user base, the company's capacity to manage a 50% increase in new operator wins, and the specific timing for achieving positive cash flow.

    Answer

    CEO Jon Kirchner explained that IPTV monetization involves both subscription revenue and longer-term advertising revenue from the TiVo One platform, adding that new operator rollouts are staggered and manageable. CFO Robert Andersen clarified that while Q1 is a seasonally weak quarter for cash flow due to annual bonus payments, the company expects to be cash flow positive for the balance of the year, particularly in the second half, to meet its annual guidance.

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    Hamed Khorsand's questions to Xperi (XPER) leadership • Q4 2024

    Question

    Hamed Khorsand of BWS Financial questioned the apparent shift in management's tone regarding market conditions from negative on the prior call to more confident now. He also asked about the progress in signing two new TV OEM partners for 2025 and their potential revenue impact, and inquired about the outlook for free cash flow.

    Answer

    CEO Jon Kirchner explained that while market uncertainty persists, it has been factored into the 2025 guidance, and the company's recent progress provides a clearer outlook. He confirmed a pipeline of potential OEM partners exists, with a possibility of a footprint impact in late 2025 from more advanced discussions. CFO Robert Andersen clarified the outlook is for 'slightly positive operating cash flow' and that positive free cash flow is possible but not formally guided.

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    Hamed Khorsand's questions to Xperi (XPER) leadership • Q3 2024

    Question

    Hamed Khorsand of BWS Financial Inc. questioned why the impact from known headwinds in the auto and consumer electronics markets was only being reflected in guidance now. He also asked for a more detailed explanation of the significant downward revision to the operating cash flow forecast.

    Answer

    CEO Jon Kirchner explained the guidance adjustment resulted from a combination of factors, including weaker-than-expected reports later in the year. CFO Robert Andersen provided a detailed bridge for the operating cash flow change, attributing it to three main factors: a higher volume of minimum guarantee deals where cash is collected over future periods; approximately $30 million in onetime costs related to divestitures and restructuring; and the impact of the lower revenue forecast.

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    Hamed Khorsand's questions to INTERPARFUMS (IPAR) leadership

    Hamed Khorsand's questions to INTERPARFUMS (IPAR) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial questioned the risk of revenue shifting into Q4 due to delayed retailer purchasing, asked about plans to manufacture smaller product sizes for e-commerce channels like Amazon and TikTok, and inquired about the reason for the increase in debt.

    Answer

    CFO Michel Atwood acknowledged the potential for sales to shift between Q3 and Q4 but stated that pent-up demand supports the full-year guidance. Chairman and CEO Jean Madar confirmed they are developing smaller, lower-priced SKUs specifically for platforms like TikTok and highlighted the strong double-digit growth on Amazon. Mr. Atwood explained the debt increase was primarily to fund asset purchases, including the Goutal brand and additional office space in Paris.

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    Hamed Khorsand's questions to INTERPARFUMS (IPAR) leadership • Q2 2025

    Question

    Hamed Khorsand questioned the risk of revenue shifting into Q4 due to delayed retailer purchasing, the strategy for producing smaller product sizes for e-commerce channels like TikTok, and the reason for the increase in debt from Q1 to Q2.

    Answer

    CFO Michel Atwood acknowledged the potential for sales to shift between Q3 and Q4 but stated the company is confident in its full-year guidance due to pent-up demand. Chairman & CEO Jean Madar explained that smaller sizes for platforms like TikTok are a targeted strategy for specific brands, functioning as 'paid sampling' with good margins. Atwood clarified the increase in debt was a conservative financing measure to fund recent asset purchases, including the Goutal brand and additional office space.

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    Hamed Khorsand's questions to INTERPARFUMS (IPAR) leadership • Q1 2025

    Question

    Hamed Khorsand asked whether price or rarity value drives consumer action in the luxury segment and questioned why the company's sales guidance remained flat despite market strength and planned price increases.

    Answer

    CEO Jean Madar and CFO Michel Atwood responded that consumer action is driven by a mix of quality, distinctiveness, and value, not just a higher price point. Regarding guidance, they cited the need for prudence due to significant market volatility, foreign exchange fluctuations, and uncertainty surrounding tariffs, stating it was too early in the year to make an upward revision.

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    Hamed Khorsand's questions to INTERPARFUMS (IPAR) leadership • Q3 2024

    Question

    Hamed Khorsand of BWS Financial asked for clarification on the projected 15% sequential sales decline from Q3 to Q4, the business impact of selling more gift sets, and an update on the proprietary luxury fragrance line planned for 2025.

    Answer

    CFO Michel Atwood addressed the sequential decline by stating that year-over-year comparisons are more meaningful due to seasonality and factors like new brand launches, noting the company is lapping a period of very high growth. Executive Jean Madar explained that gift sets are a value-add to thank loyal customers, a trend growing in Europe. Atwood added it's a healthier promotional tool than discounting. Regarding the luxury line, Atwood confirmed a summer 2025 launch but stressed it will be a small, strategic initiative initially and not a major revenue driver next year.

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    Hamed Khorsand's questions to Adeia (ADEA) leadership

    Hamed Khorsand's questions to Adeia (ADEA) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial inquired about the structure of a recent OTT renewal and sought clarification on the market segments for the new, high-potential opportunities Adeia has advanced.

    Answer

    CEO & Director Paul Davis explained that the OTT renewal was structurally in line with the previous agreement. He further stated that the new opportunities, originally planned for 2026 and beyond, are sizable deals that have been pulled into 2025, providing multiple paths to achieve the company's annual guidance.

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    Hamed Khorsand's questions to Adeia (ADEA) leadership • Q1 2025

    Question

    Hamed Khorsand asked if the recently announced semiconductor deal was the major one anticipated from the previous year. He also questioned where the company sees opportunities in the OTT market—internationally or domestically—and inquired about the remaining size of the social media market opportunity.

    Answer

    CEO Paul Davis clarified that the new semiconductor deal was not the large one previously discussed, which remains an active opportunity. On OTT, he stated that while international deals are being signed, the largest revenue opportunities are still domestic. For social media, Davis explained that with roughly 90% of the market now licensed, future growth will primarily come from renewals and expanding use cases with existing customers rather than new deals.

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    Hamed Khorsand's questions to Adeia (ADEA) leadership • Q4 2024

    Question

    Hamed Khorsand from BWS Financial asked for clarification on the semiconductor technology transfer agreement's value and an update on the timing of a major semiconductor deal.

    Answer

    CEO Paul Davis confirmed that technology transfer agreements are value-accretive, providing both cash from licensing and engineering know-how. Regarding the large, delayed semiconductor deal, Davis stated it remains a key objective for the year, emphasizing the company is focused on securing the right economics, even if it requires more time.

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    Hamed Khorsand's questions to A10 Networks (ATEN) leadership

    Hamed Khorsand's questions to A10 Networks (ATEN) leadership • Q2 2025

    Question

    Hamed Khorsand from BWS Financial requested elaboration on the 'AI global leaders' mentioned in the press release, asking if they were primarily North American or international. He also asked about the impact of foreign exchange on the quarter's results.

    Answer

    President, CEO & Board Chair Dhrupad Trivedi confirmed that the AI leaders include multiple customers, with some being North American players and others being large global companies in EMEA and Japan looking to build their own AI capabilities. Regarding foreign exchange, Trivedi stated that the only exposure is to the Japanese yen and that the impact in Q2 was a very small advantage, significantly less than 100 basis points.

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    Hamed Khorsand's questions to A10 Networks (ATEN) leadership • Q1 2025

    Question

    Hamed Khorsand questioned the drivers of the strong enterprise growth, the scope of caution within the service provider segment, and the reason for the year-over-year decrease in sales and marketing expenses.

    Answer

    An executive, likely Dhrupad Trivedi, clarified that the high enterprise growth percentage was primarily due to a soft comparison to Q1 of the prior year, and that the 12% trailing twelve-month growth is more indicative of the trend. Trivedi added that caution among service providers is broad-based due to macro conditions, though a few customers remain aggressive. He explained that sales and marketing spend was managed down to offset increased R&D investment, thereby maintaining the company's target EBITDA margin.

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    Hamed Khorsand's questions to A10 Networks (ATEN) leadership • Q4 2024

    Question

    Hamed Khorsand asked if recent orders from North American service providers were simple upgrades or represented new sales and expansion. He also questioned whether enterprise demand for AI solutions was customer-driven or a preemptive competitive move by A10, and inquired about the reason for the increase in accounts receivable.

    Answer

    CEO Dhrupad Trivedi confirmed that service provider orders were a mix of both upgrades and new build-outs, with a notable increase in new build-out orders in Q4. He clarified that AI capabilities are being integrated into the product roadmap in partnership with customers, rather than being a purely competitive reaction. CFO Brian Becker attributed the higher accounts receivable balance to normal Q4 linearity, with a significant portion of revenue recognized in the back half of the quarter.

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    Hamed Khorsand's questions to A10 Networks (ATEN) leadership • Q3 2024

    Question

    Hamed Khorsand asked about the significant increase in accounts receivable compared to Q2 and the plan to manage it. He also requested clarification on the seemingly conflicting commentary about ongoing service provider volatility versus optimism that the worst is over, and whether A10 can grow from current levels.

    Answer

    Executive Brian Becker stated the rise in accounts receivable was due to timing of orders within the quarter and is not a concern, noting the health of the aging is strong. Executive Dhrupad Trivedi bridged the service provider comments by explaining that volatility is concentrated in North America, while the overall trend, based on sales funnels and customer conversations, is more favorable than it was 6-12 months ago. He confirmed they expect the business to grow from here, despite potential quarterly fluctuations.

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    Hamed Khorsand's questions to INNODATA (INOD) leadership

    Hamed Khorsand's questions to INNODATA (INOD) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial asked for the reasoning behind emphasizing 'organic growth', whether the company is facing competitive pricing pressures, and for an update on the status of customer relationships and pipeline opportunities that were discussed in the previous quarter.

    Answer

    CEO Jack Abuhoff explained that highlighting 'organic growth' differentiates Innodata from peers growing through acquisitions and showcases the strength of their internal capabilities. On pricing, he stated that while the market is competitive, customers are less price-sensitive because they prioritize the high quality and holistic service Innodata provides. He confirmed the current opportunity pipeline is larger than a quarter ago, and that most previously mentioned opportunities have either closed and are in the forecast or are progressing well.

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    Hamed Khorsand's questions to INNODATA (INOD) leadership • Q1 2025

    Question

    Hamed Khorsand questioned why Innodata is maintaining its 40% growth guidance despite discussing a significant funnel of new projects and revenue opportunities, asking what factors contribute to this cautious outlook.

    Answer

    CEO Jack Abuhoff explained that the guidance remains conservative due to the inherent uncertainty in forecasting the ramp-up speed of new customer engagements and the highly dynamic demand signals from its largest accounts. He stated that the company prefers to be cautious and not get 'ahead of its skis,' aiming to surprise on the upside rather than miss expectations, noting that many of the newest customer relationships are not yet fully baked into the forecast.

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    Hamed Khorsand's questions to INNODATA (INOD) leadership • Q4 2024

    Question

    Hamed Khorsand questioned the primary drivers for planned investments and headcount expansion, whether pilot projects represent competitive takeaways or new business, and if the current cash position is sufficient given the higher revenue run rate.

    Answer

    CEO Jack Abuhoff explained that investments in SG&A are driven by ambition to seize a large market opportunity, distinct from COGS headcount which scales with revenue. He clarified that the company's strategy is focused on capturing a disproportionate share of the rapidly expanding market (new projects) rather than taking business from competitors. Abuhoff concluded that the company is very well-positioned with its current cash balance and undrawn credit facility, providing the flexibility to execute its ambitious growth strategy.

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    Hamed Khorsand's questions to INNODATA (INOD) leadership • Q3 2024

    Question

    Hamed Khorsand of BWS Financial questioned the progress of conversations with other large tech companies regarding Innodata's ability to scale services for them as rapidly and successfully as it did for its largest customer.

    Answer

    CEO Jack Abuhoff responded that all Big Tech customers have significant ambitions and Innodata is competing effectively against the same set of competitors. He expressed confidence that the successful playbooks and capabilities demonstrated with the largest customer will be valued by others. Abuhoff noted that positive momentum in relationships, new wins, and pilots indicates that these other customers will become a more significant part of revenue next year.

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    Hamed Khorsand's questions to SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN) leadership

    Hamed Khorsand's questions to SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial inquired about competitive pressures impacting GloFiber expansion, the rationale for accelerating capital expenditures from 2026 into 2025, and the reason for initiating annual guidance mid-year.

    Answer

    EVP & COO Edward McKay stated that despite some competitors offering new rate plans, Shentel's advantages in speed, service, and reliability continue to drive growth, with net adds up 20% year-over-year. He explained the CapEx acceleration was due to faster-than-expected construction on government grant projects, which will bring forward future revenue. SVP & CFO James Volk added that initiating annual guidance is a new practice to provide greater transparency for investors.

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    Hamed Khorsand's questions to SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial inquired about competitive pressures impacting GloFiber expansion, the rationale for accelerating capital expenditures into 2025, and the reason for initiating mid-year financial guidance.

    Answer

    EVP & COO Edward McKay stated that while cable competitors have adjusted rate plans, Shentel's superior speed, local service, and network reliability provide a competitive edge, noting a 20% year-over-year increase in net adds. He explained that CapEx was accelerated due to the construction team's efficiency on government grant projects, which is expected to boost future revenue. SVP & CFO James Volk added that initiating guidance aims to enhance transparency for investors.

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    Hamed Khorsand's questions to SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial inquired about the competitive landscape for GloFiber expansion, the rationale for accelerating CapEx from 2026 into 2025, and the reason for initiating annual guidance mid-year.

    Answer

    EVP & COO Edward McKay addressed the competitive environment, noting that while cable competitors have new rate plans, Shentel's speed and service advantages are driving growth, with net adds up 20% YoY. He explained that CapEx was accelerated due to efficient construction on grant projects, which should positively impact future revenue. SVP & CFO James Volk added that the new guidance aims to increase transparency for investors.

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    Hamed Khorsand's questions to SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN) leadership • Q1 2025

    Question

    Hamed Khorsand asked about the difficulty of acquiring incremental Glo Fiber subscribers and the level of competitive pressure in those markets. He also questioned if the CapEx strategy was being altered due to competition and sought clarity on the costs and internal efforts required for the business restructuring needed to facilitate the planned refinancing.

    Answer

    EVP and COO, Edward McKay, responded that the company is not yet facing difficulty in adding subscribers, noting that even mature markets continue to show strong growth. He stated that competitive overlap is minimal and the company's strategy is to build where it can be the sole fiber provider. Regarding the refinancing, SVP of Finance and CFO, Jim Volk, clarified that the effort involves internal projects that are well worth the significant interest savings of roughly $7 million annually. He expects to access the ABS market in the second half of the year.

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    Hamed Khorsand's questions to SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN) leadership • Q4 2024

    Question

    Hamed Khorsand from BWS Financial asked about the nature of competitive pressures in overlapping markets and whether Glo Fiber's market entry strategy relies on aggressive promotional offers.

    Answer

    EVP and COO Edward McKay explained that competitors are primarily offering discounts on lower-end products, allowing Shentel to succeed with its mid-to-high tier offerings. He stated that Glo Fiber does not typically launch with heavily discounted pricing, instead using modest initial offers and saving more targeted promotions for later to boost penetration in mature areas.

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    Hamed Khorsand's questions to SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN) leadership • Q3 2024

    Question

    Hamed Khorsand asked for clarification on the source of the 6,000 quarterly net additions, the timeline for realizing revenue synergies from the Horizon acquisition, and whether the expanding footprint would introduce seasonality to Glo Fiber's net adds.

    Answer

    Edward McKay, Executive Vice President and Chief Operating Officer, clarified that the record 6,000 net adds were primarily from legacy Shentel markets, which have a larger base of fiber passings. He explained that Horizon revenue growth will accelerate as the company ramps up fiber construction in those markets, which has already restarted. McKay also confirmed that seasonality is typical, with the third quarter usually being a strong period for growth.

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    Hamed Khorsand's questions to TRIMAS (TRS) leadership

    Hamed Khorsand's questions to TRIMAS (TRS) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial asked about the primary drivers of the strong growth in the Aerospace segment, questioning the impact of competitor capacity issues versus market share gains. He also inquired about capacity adjustments in Aerospace, the progress on resolving bottlenecks and improving efficiency in the Packaging segment, and the expected future run-rate for accounts receivable.

    Answer

    CFO Teresa Finley attributed the Aerospace growth to broad market penetration and new product innovation, stating that competitor issues had an insignificant impact. She noted that the primary capacity constraint is finding skilled labor, not machine capacity. Regarding the Packaging segment, both Finley and President & CEO Thomas Snyder confirmed that significant opportunities for efficiency gains remain, with Snyder highlighting the need for better integration and standardization across recent acquisitions. Finley also mentioned that accounts receivable are currently slightly high but are expected to improve over time.

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    Hamed Khorsand's questions to TRIMAS (TRS) leadership • Q1 2025

    Question

    Hamed Khorsand of BWS Financial questioned the company's conservative Aerospace guidance given positive catalysts like the GMT acquisition, increased European defense spending, and a competitor's supply disruption. He also asked about the status of Packaging CapEx investments and the specific drivers for growth in the beauty and personal care product lines.

    Answer

    President and CEO Thomas Amato acknowledged the positive dynamics in Aerospace, including better positioning with Airbus via the GMT acquisition, but cited overall tariff uncertainty as the reason for maintaining a cautious outlook, promising a re-evaluation after Q2. On Packaging, Amato clarified that CapEx is ongoing but will be more moderate than in prior years. He attributed beauty and personal care growth to both market share gains in Latin America and strong demand for a specific larger-dose dispensing pump.

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    Hamed Khorsand's questions to TRIMAS (TRS) leadership • Q4 2024

    Question

    Hamed Khorsand of BWS Financial questioned the TriMas Packaging segment's performance, seeking clarity on demand dynamics in 2024 and asking why 2025 margin improvements are not projected to be higher given recent investments and cost actions.

    Answer

    President and CEO Thomas Amato clarified that 2024 saw a demand 'snapback' from under-ordering in 2023, not a pull-in, particularly for a high-growth dispensing line. CFO Scott Mell explained that margin conversion was impacted by a 100 bps hit from IT cost allocations and 150 bps from operational inefficiencies like expedited freight and labor costs needed to meet the demand surge. Mr. Mell stated these headwinds subsided in Q4 and that the projected 100-150 bps margin enhancement for 2025 would be a top-quartile performance given industry headwinds.

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    Hamed Khorsand's questions to TRIMAS (TRS) leadership • Q3 2024

    Question

    Hamed Khorsand of BWS Financial asked about the reasons for the extended timeline in resolving operational bottlenecks in the Packaging segment and questioned the order and quoting activity given the strong Q4 outlook. He also sought details on the purchase price for the GMT Aerospace acquisition and inquired about the company's broader portfolio divestiture strategy beyond the Aero Engine business.

    Answer

    President and CEO Thomas Amato explained that the Packaging segment's capacity constraints are being resolved but were delayed by long lead times (40+ weeks) for new equipment, which is now being installed in Q4. He characterized current quoting activity, especially in beauty and life sciences, as "exceptional," supporting optimism for 2025 growth. Amato declined to disclose the GMT acquisition price, citing closing conditions, but noted its annual revenue is approximately EUR 20 million. He affirmed that the company continuously evaluates its entire portfolio for long-term strategic value.

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    Hamed Khorsand's questions to Garrett Motion (GTX) leadership

    Hamed Khorsand's questions to Garrett Motion (GTX) leadership • Q2 2025

    Question

    Hamed Khorsand of BWS Financial asked for clarification on the unfavorable sales mix impacting the business and questioned why the company did not repurchase more stock given its significant cash balance.

    Answer

    CEO Olivier Rabiller explained the unfavorable mix is driven by two factors: rapid growth in lower-margin gasoline products, which is a positive development, and softness in higher-margin aftermarket and off-highway segments in North America. CFO Sean Deason addressed the share repurchase question, stating that the buyback program is "not linear" but reiterated the company's commitment to returning 75% or more of free cash flow to shareholders over time.

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    Hamed Khorsand's questions to Garrett Motion (GTX) leadership • Q3 2024

    Question

    Hamed Khorsand asked about the factors that led to the Q4 guidance adjustment, the impact of customer activity in China, the timeline for benefits from the growing hybrid vehicle market, and the current product mix trends.

    Answer

    President and CEO Olivier Rabiller explained the guidance change was due to greater-than-anticipated softness in the automotive industry, particularly in Europe and China. He noted that while China's passenger vehicle market is soft, the commercial vehicle segment shows signs of recovery. Rabiller confirmed that automakers are increasingly considering plug-in hybrids, a positive trend for Garrett. He also stated that new U.S. emissions regulations are driving demand for more advanced turbo technology in both pure and hybrid powertrains.

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    Hamed Khorsand's questions to Eventbrite (EB) leadership

    Hamed Khorsand's questions to Eventbrite (EB) leadership • Q1 2025

    Question

    Hamed Khorsand asked for more insight into Eventbrite's strategy to increase its paid creator count, noting the number declined in the first quarter despite previous optimism.

    Answer

    CEO Julia Hartz addressed the question by explaining that while the headline creator count is still recovering, the company is seeing growth in the most important segments, specifically large and frequent creators (100-1,000 attendees). She emphasized that this higher-quality supply is more monetizable, adopts new features, and retains at higher rates, which is the core of their strategy.

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    Hamed Khorsand's questions to Eventbrite (EB) leadership • Q4 2024

    Question

    Hamed Khorsand asked if Eventbrite needs to grow headcount to achieve its growth targets or if the current structure is efficient enough. He also inquired about the specific strategies being used to win back high-volume creators from competitors.

    Answer

    CFO Anand Gandhi asserted that the company feels good about current staffing levels and that future growth is not dependent on increasing headcount, which will enable significant operating leverage. CEO Julia Hartz added that winning back high-volume creators involves a targeted sales approach and showcasing an improved product with superior marketing tools like Eventbrite Ads. She cited the return of NYC venue 'Elsewhere' as an example of a creator won back by the platform's superior audience reach and discovery capabilities.

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    Hamed Khorsand's questions to Endo (NDOI) leadership

    Hamed Khorsand's questions to Endo (NDOI) leadership • Q1 2025

    Question

    Hamed Khorsand asked about the competitive pressures within the Sterile Injectables segment and the company's strategy to manage them. He also sought clarity on the primary goal of the XIAFLEX marketing campaign, questioning if it was aimed at new patient awareness or taking market share from competitors.

    Answer

    Scott Hirsch, Interim CEO, explained that the strategy for Sterile Injectables is to launch differentiated, ready-to-use (RTU) products like the ADRENALIN RTU bag. He stated that expanding the hospital footprint and adding more dosage forms for these RTU products helps offset generic competition. Regarding XIAFLEX, Hirsch clarified that since patient adoption rates are very low, the marketing campaigns are focused on increasing patient awareness of a nonsurgical option, which in turn drives patients to ask physicians for the treatment.

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    Hamed Khorsand's questions to Endo (NDOI) leadership • Q1 2025

    Question

    Inquired about the competitive pressures in the Sterile Injectables segment and the primary goal of the XIAFLEX marketing campaign.

    Answer

    The company is managing competitive pressure in Sterile Injectables by launching differentiated, ready-to-use (RTU) products like the ADRENALIN RTU bag, which are attractive to hospitals. The XIAFLEX marketing campaign is focused on increasing patient awareness of a nonsurgical option to grow the overall market, as current adoption rates for its indications are very low.

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    Hamed Khorsand's questions to Iridium Communications (IRDM) leadership

    Hamed Khorsand's questions to Iridium Communications (IRDM) leadership • Q1 2025

    Question

    Hamed Khorsand from BWS Financial inquired about the response from partners regarding equipment stocking in light of potential tariffs and asked for more detail on the consistency of engineering revenue, which has been elevated for two consecutive quarters.

    Answer

    CEO Matt Desch stated that Iridium has not seen or encouraged partners to stock up on equipment, and not passing on tariff costs has likely prevented such behavior. CFO Vince O'Neill indicated that the current elevated level of engineering revenue is a good assumption for the rest of the year. Matt Desch added that this revenue is driven by the Space Development Agency (SDA) contract, which is nearing its maximum spend rate as the network becomes operational.

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    Hamed Khorsand's questions to Iridium Communications (IRDM) leadership • Q4 2024

    Question

    Hamed Khorsand from BWS Financial questioned the sequential decline in hosted payload revenue, the outlook for 2025, and the path to the projected $100 million revenue from the PNT service. He also asked about the company's comfortable cash balance level and assumptions for share buyback activity.

    Answer

    CFO Vince O'Neill attributed the sequential revenue decline to a prior-year one-time benefit and confirmed that PNT (from the Satelles acquisition) is expected to be a key growth driver in 2025. CEO Matt Desch added he is very bullish on PNT's trajectory. Vince O'Neill stated the operational cash balance comfort level is $50-$60 million, which, along with leverage targets, will guide the pace of share repurchases.

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    Hamed Khorsand's questions to Iridium Communications (IRDM) leadership • Q3 2024

    Question

    Hamed Khorsand asked if the new contract with General Dynamics Mission Systems (GDMS) for the Space Development Agency (SDA) is incremental and if it involves more services. He also inquired about any changes in the end-market customer profile for IoT.

    Answer

    CEO Matt Desch explained that the new SDA contract is an expansion of scope on an existing strategic project, increasing Iridium's total work value to approximately $400 million. Regarding IoT, he noted that new technologies like Certus IoT are expanding use cases for personal communication devices to include features like sending pictures and voice snippets, but these products are just now being introduced and have not yet impacted financials.

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    Hamed Khorsand's questions to ATN International (ATNI) leadership

    Hamed Khorsand's questions to ATN International (ATNI) leadership • Q4 2024

    Question

    Hamed Khorsand inquired about the 2025 capital expenditure budget appearing higher than previous targets, asked for metrics on enterprise and carrier customer traction, and questioned the cause of the recent decline in international prepaid mobile subscribers.

    Answer

    CFO Carlos Doglioli clarified that the CapEx guidance is in line with the 10-15% of revenue target and reflects continued spending reduction. CEO Brad Martin added that reimbursable grant-funded CapEx is a key factor. Martin also noted that enterprise and carrier services are a long-term focus, citing 6.5% growth in the business base in 2024 and a growing pipeline. He attributed the international prepaid subscriber drop to increased competition in Guyana, emphasizing a strategic shift to higher-value data plan customers, who grew 26% year-over-year.

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    Hamed Khorsand's questions to ATN International (ATNI) leadership • Q3 2024

    Question

    Hamed Khorsand of BWS Financial Inc. questioned why the impact from the end of the ECF and ACP programs was not better anticipated, asked if the Alaska enterprise market is saturated, and sought clarity on the mobile strategy in Guyana.

    Answer

    CEO Brad Martin clarified that while the ACP subscriber loss was anticipated, the operational effort required to retain those customers was underestimated, impacting new sales. For ECF, the challenge was backfilling the revenue pipeline. He asserted that the Alaska market is not saturated and that performance issues stem from internal execution and delivery delays. Regarding Guyana, Martin stated the strategy is to upgrade customers to higher-value data plans, capitalizing on strong data consumption trends, while accepting the loss of low-ARPU voice-only customers to a competitor.

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    Hamed Khorsand's questions to Talen Energy (TLN) leadership

    Hamed Khorsand's questions to Talen Energy (TLN) leadership • Q1 2024

    Question

    Hamed Khorsand asked about the risk of regulatory action increasing power supply in response to high demand forecasts and inquired about potential increased CapEx for plants being asked to remain online past their retirement dates.

    Answer

    CEO Mark McFarland explained that while the PJM capacity market is designed to signal for new generation, regulatory hurdles and transmission constraints create long lead times for new supply. He confirmed that keeping a plant like Brandon online under an RMR agreement would require additional capital, but stated those costs are filed with FERC and would be included in the RMR cost recovery.

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    Hamed Khorsand's questions to Talen Energy (TLN) leadership • Q1 2024

    Question

    Hamed Khorsand inquired about the risk of regulatory actions aimed at increasing power supply, which could temper market tightness, and asked if keeping a previously retiring plant online would necessitate higher capital expenditures.

    Answer

    CEO Mark McFarland explained that PJM's capacity market is designed to signal for new generation, but new builds face regulatory, transmission, and financing hurdles, creating long lead times. Regarding the plant kept online via an RMR, he confirmed there would be increased CapEx to ensure reliability, but these costs would be included in the cost-of-service recovery under the RMR agreement filed with FERC.

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