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    James Carbonara • Unaffiliated Investor

    James Carbonara's questions to Kingsway Financial Services Inc (KFS) leadership

    James Carbonara's questions to Kingsway Financial Services Inc (KFS) leadership • Q2 2025

    Question

    James Carbonara of Hayden IR relayed several questions regarding Kingsway's M&A strategy, including its future acquisition pace after hitting 2025 targets, plans for the Operator in Residence (OIR) program, and key learnings from both past acquisitions and OIR hiring.

    Answer

    CEO & Director John T. Fitzgerald responded that the company will not slow its acquisition pace, viewing its annual target as a floor, not a ceiling. He confirmed plans to expand the OIR program back to 4-5 active searchers, citing a strong talent pipeline. Fitzgerald added that key learnings have led to a tighter focus on recurring revenue quality and that the firm has refined its OIR screening process to index more heavily on proven attributes of success.

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    James Carbonara's questions to Kingsway Financial Services Inc (KFS) leadership • Q3 2024

    Question

    James Carbonara of Hayden IR relayed a series of email questions covering a wide range of topics, including the reasons for moderating claims expense, the financial impact of Hurricane Helene on Image Solutions, diversification opportunities for Ravix and CSuite, the market dynamics for the SNS nurse staffing business, growth strategies for SPI, and future funding plans for DDI's expansion.

    Answer

    Executive John Fitzgerald addressed most questions, explaining that claims are moderating as the rate of inflation for vehicle repair slows. He clarified that the impact on Image Solutions is a revenue delay, not a loss. For Ravix and CSuite, the focus remains on penetrating their core PE/VC markets. He reiterated that the SNS business benefits from a long-term secular nurse shortage. For SPI, the focus is on strong organic growth before considering acquisitions. For DDI, expansion will be funded by cash flow, not new debt. Executive Kent Hansen added that the sale of the VA clinic generated approximately $1 million in cash.

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    James Carbonara's questions to TSS Inc (TSSI) leadership

    James Carbonara's questions to TSS Inc (TSSI) leadership • Q1 2025

    Question

    James Carbonara, on behalf of an investor, asked if NVIDIA could potentially become a customer, given its manufacturing presence in Texas and TSS's position as a U.S.-based integration company.

    Answer

    Executive Darryll Dewan provided a brief and forward-looking response, stating, "All the facts are friendly, possibly."

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