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    Jeff Van Sinderen

    Senior Equity Research Analyst at B. Riley Securities

    Jeff Van Sinderen is a Senior Equity Research Analyst at B. Riley Securities, specializing in consumer, specialty retail, and special situations across a wide array of consumer-facing sectors. He covers companies including Celsius Holdings, Herbalife Nutrition, Modine Manufacturing, JYNT, Tilly's, Universal Electronics, and Zumiez, with a strong performance record highlighted by an 800% return on a top-rated call and recognition among the best analysts by the Wall Street Journal, Financial Times, StarMine, and TipRanks. With over 30 years of experience, Van Sinderen began his analyst career at Imperial Capital before joining B. Riley Securities in 1997, where he has held his current role for nearly three decades. He holds a B.A. from Pepperdine University and is registered with FINRA, maintaining necessary securities licenses for research coverage.

    Jeff Van Sinderen's questions to INNOVATIVE SOLUTIONS & SUPPORT (ISSC) leadership

    Jeff Van Sinderen's questions to INNOVATIVE SOLUTIONS & SUPPORT (ISSC) leadership • Q3 2025

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about the normalized gross margin outlook, the company's target net leverage ratio, and the specifics of its acquisition strategy, including the M&A pipeline and target types.

    Answer

    CFO Jeffrey DiGiovanni stated that the company targets a gross margin in the mid-40% range, dependent on product mix, and is comfortable with a net leverage ratio around 3x for acquisitions. CEO Shahram Askarpour added that the M&A pipeline includes potential divestitures from Honeywell, which are typically auctions, as well as ongoing dialogues with smaller avionics companies.

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    Jeff Van Sinderen's questions to JOINT (JYNT) leadership

    Jeff Van Sinderen's questions to JOINT (JYNT) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities asked about the strategy to lean more into pain management, including adding new products or services, the timeline for completing the refranchising of remaining corporate clinics, and which Regional Developer (RD) rights are still outstanding.

    Answer

    CEO Sanjiv Razdan stated the company is using pain-focused messaging to attract patients and will explore new products and services as part of its 'Joint 3.0' evolution, expected in about 12 months. He reiterated the goal to become a pure-play franchisor by the end of 2025 and noted that 15 Regional Developers covering 52% of the system remain, with buybacks being considered opportunistically.

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    Jeff Van Sinderen's questions to JOINT (JYNT) leadership • Q1 2025

    Question

    Jeff Van Sinderen inquired about recent trends in new patient acquisition and retention metrics, the potential profitability and margin profile of the future pure-play franchise model, and the expected timeline for completing the refranchising process.

    Answer

    Executive Sanjiv Razdan acknowledged that new patient volumes have been affected by consumer sentiment, particularly organic leads, but noted that patient retention rates are holding steady. Regarding the future model, Razdan stated that while specific forward guidance isn't available, they expect higher profitability in 2026 by reducing G&A. He also confirmed the company's intent to complete the transition to a pure-play franchisor by the end of 2025.

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    Jeff Van Sinderen's questions to JOINT (JYNT) leadership • Q4 2024

    Question

    Jeff Van Sinderen inquired about potential slowness in Q1 consumer behavior, the expected quarterly progression of metrics for the year, trends in patient retention and churn, and the specific number and timeline for the corporate clinics being refranchised.

    Answer

    Sanjiv Razdan, an executive, acknowledged that consumers in their target demographic are responding to inflation, which is factored into the guidance. Executive Jake Singleton added that the quarterly sales cadence should be similar to past years, with attrition remaining relatively flat. Sanjiv Razdan confirmed the intent to refranchise all 125 corporate clinics, with the vast majority currently under letters of intent (LOI).

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    Jeff Van Sinderen's questions to JOINT (JYNT) leadership • Q3 2024

    Question

    Jeff Van Sinderen inquired about new CEO Sanjiv Razdan's key learnings and focus areas for his first 100 days, and asked for his early thoughts on innovation, new services, and the strategy to become a platform.

    Answer

    CEO Sanjiv Razdan outlined his four guiding principles: elevating patient care, strengthening clinic economics, driving innovation, and building culture. On innovation, Razdan acknowledged opportunities to add adjacent services by leveraging the company's infrastructure but stated he is still in the evaluation phase and will share more concrete plans after his 100-day business immersion.

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    Jeff Van Sinderen's questions to Celsius Holdings (CELH) leadership

    Jeff Van Sinderen's questions to Celsius Holdings (CELH) leadership • Q2 2025

    Question

    Jeff Van Sinderen asked about the company's plans for further international expansion during the second half of 2025.

    Answer

    CEO John Fieldly stated that while international is a significant opportunity with 27% growth and approaching a $100M run rate, the focus for the remainder of 2025 is on disciplined execution in existing markets like the UK, Ireland, and Australia. He indicated that new market expansion is being planned for 2026 and beyond, after the company has solidified its position in current territories.

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    Jeff Van Sinderen's questions to Celsius Holdings (CELH) leadership • Q4 2024

    Question

    Jeff Van Sinderen asked for Alani Nu's current ACV, the extent of its international penetration, and how the acquisition might change Celsius's overall marketing strategy.

    Answer

    CEO John Fieldly did not provide a specific ACV figure for Alani Nu but stated that its international presence is currently small, representing a 'massive' growth opportunity. He framed the future marketing strategy as a combined effort where both brands will capitalize on the growing global health and wellness trends within the large, expanding energy drink category, which has gone mainstream.

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    Jeff Van Sinderen's questions to biote (BTMD) leadership

    Jeff Van Sinderen's questions to biote (BTMD) leadership • Q2 2025

    Question

    Jeff Van Sinderen from B. Riley Securities inquired about the progress of biote's vertical integration for pellet manufacturing, the specific decline in the absolute number of procedures, and the necessary catalysts and timeline for key metrics like clinic attrition and new additions to improve.

    Answer

    CFO Bob Peterson stated that vertical integration penetration is holding in the 40-50% range and has been paused to avoid commercial disruption during the restructuring, with plans to resume in Q3. CEO Bret Christensen explained that the procedure revenue decline is volume-related, driven by clinic attrition and lower volumes within existing clinics. He attributed these headwinds to disruptions from the CDSS software launch in 2024 and the recent organizational restructuring in May 2025, noting it is too early to project a timeline for a turnaround.

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    Jeff Van Sinderen's questions to biote (BTMD) leadership • Q1 2025

    Question

    Jeff Van Sinderen asked about CEO Bret Christensen's key learnings in his first quarter, specific inefficiencies uncovered, and the rationale for guiding to slower sequential growth in the supplements business after a strong Q1.

    Answer

    CEO Bret Christensen stated he has gained clarity on the need for a cultural and structural shift toward growth, including territory realignments and new compensation plans to better incentivize new clinic acquisition. CFO Robert Peterson addressed the guidance, explaining that while Q1 supplement performance was solid, the outlook accounts for tougher year-over-year comparisons in the second half of 2025 as the company begins to lap the launch of its Amazon e-commerce platform.

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    Jeff Van Sinderen's questions to biote (BTMD) leadership • Q4 2024

    Question

    Jeff Van Sinderen sought to clarify if the slowdown in new practitioner additions was due to a lack of focus or an inability to onboard them. He also asked about the traction of the BioteRx platform beyond core pellets and whether acquisitions could be used to expand it, along with the current status of the new software rollout.

    Answer

    CEO Bret Christensen clarified that the field's focus shifted to managing the CDSS launch for existing accounts, which slowed the flow of new practitioners but did not impact training capacity. He positioned Biote's offering as a complete practice-building platform, not just individual products, and confirmed they could add to it over time. Christensen stated the software rollout is complete but will be a continuous improvement project.

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    Jeff Van Sinderen's questions to biote (BTMD) leadership • Q3 2024

    Question

    Jeff Van Sinderen asked for more details on the disruption caused by the new Clinical Decision Support software, how the company is helping clinics adapt, and the expected net outcome. He also inquired about the progress in securing state licenses for Asteria Health.

    Answer

    CEO Teresa Weber described the software issue as a temporary workflow adjustment for their 7,100 clinics, noting a recent rebound in activity. CFO Bob Peterson quantified the headwind at approximately 2.5 percentage points on procedure revenue growth but stressed that patient demand remains strong. Regarding Asteria, Peterson confirmed they have secured around 30 state licenses and have converted about 50% of their volume, which contributed to a 100 basis point margin improvement in Q3.

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    Jeff Van Sinderen's questions to XPEL (XPEL) leadership

    Jeff Van Sinderen's questions to XPEL (XPEL) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about recent trends in the dealer service business, the development of the company's personalization platform, and any notable considerations for product mix, gross margin, or operating expenses in the second half of the year.

    Answer

    Ryan Pape, Chairman, President & CEO, described the dealer service business as a "bright spot" growing faster than the aftermarket channel, with July setting an all-time record. He explained the personalization platform is a key initiative to boost consumer awareness and product attach rates by facilitating online sales referrals to the installer network. For the second half of 2025, Pape stated that the overall cost structure and gross margin profile are expected to remain stable, absent any unexpected tariff impacts.

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    Jeff Van Sinderen's questions to XPEL (XPEL) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about recent trends in the dealer service business, the development of the company's personalization platform, and any notable factors affecting gross margin, product mix, or operating expenses for the second half of the year.

    Answer

    Chairman, President & CEO Ryan Pape described the dealer service business as a "bright spot" growing faster than the aftermarket channel, with July setting an all-time record. He explained the personalization platform aims to increase product awareness and attach rates by reaching consumers online. For the second half, Pape stated that the cost structure and gross margin profile are expected to remain stable, with no major movements anticipated absent unexpected tariff issues.

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    Jeff Van Sinderen's questions to XPEL (XPEL) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about current trends in the dealer service business, the strategic initiatives for the personalization platform, and the outlook for gross margin and operating expenses in the second half of the year.

    Answer

    President & CEO Ryan Pape highlighted that the dealer service business is a significant growth area, outpacing the aftermarket channel with July marking a record month. Pape explained that the personalization platform is designed to boost consumer awareness and sales for their 'invisible' products through an online, direct-to-consumer model. He also confirmed expectations for a stable gross margin profile and cost structure for the remainder of the year, barring any major tariff impacts.

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    Jeff Van Sinderen's questions to XPEL (XPEL) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about recent trends in the dealer service business, the development of the company's personalization platform, and the outlook for gross margin and operating expenses in the second half of the year.

    Answer

    Ryan Pape, Chairman, President & CEO, described the dealer service business as a 'bright spot' with growth outpacing the aftermarket channel and a record July. He elaborated on the personalization platform, highlighting its role in overcoming product awareness challenges by facilitating online sales and increasing vehicle attach rates. Regarding the second-half outlook, Pape noted a stable cost structure and consistent gross margin profile, with no major changes anticipated.

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    Jeff Van Sinderen's questions to XPEL (XPEL) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about recent trends in the dealer service business, the development of the company's new personalization platform, and any notable considerations for product mix, gross margin, or operating expenses for the second half of the year.

    Answer

    President and CEO Ryan Pape described the dealer service business as a 'bright spot' growing faster than the aftermarket channel, with July setting an all-time record. He explained that the personalization platform is a key initiative to boost product awareness and increase attach rates by facilitating online sales. For the second half of the year, Pape stated that the overall cost structure and gross margin profile are expected to remain stable and consistent with recent performance, with no major shifts anticipated.

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    Jeff Van Sinderen's questions to XPEL (XPEL) leadership • Q1 2025

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about the sentiment from the U.S. dealer network, the potential for demand pull-forward, expectations for the China business, and the potential impact of tariffs on operations in China.

    Answer

    Ryan Pape, an executive, noted that while the strong March SAAR suggests some demand pull-ahead in the U.S., feedback from dealerships is mixed. Regarding China, he explained that revenue has normalized due to a more efficient supply chain and the company is actively pursuing a more direct-to-market model. Pape emphasized that the tariff situation is a 'nonfactor' for their China business because XPEL's diversified global manufacturing allows them to supply the Chinese market from other countries, mitigating the impact of retaliatory tariffs on U.S. goods.

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    Jeff Van Sinderen's questions to XPEL (XPEL) leadership • Q4 2024

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about the on-the-ground situation in China regarding sell-through dynamics and the potential timing for transitioning to a direct business model. He also asked for the outlook on Q1 gross margin, operating expenses, the potential quarterly progression of metrics for the year, plans to mitigate tariffs, and the strategy for launching and marketing new color films.

    Answer

    CEO Ryan Pape explained that the sell-in, sell-through dynamic in China is now evenly matched and the previous imbalance is resolved. While he confirmed that going direct in China is a top strategic priority, he did not provide a specific timeline. Pape suggested using the full-year 42% gross margin as a run rate, acknowledging pressure from the strong dollar. He described the overall 2025 outlook as uncertain due to tariffs, currency, and interest rates, but noted the company is working to build in optionality to mitigate these risks. Regarding the new color films, Pape expressed excitement, noting strong customer interest and the marketing advantages of a visible product.

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    Jeff Van Sinderen's questions to XPEL (XPEL) leadership • Q3 2024

    Question

    Jeff Van Sinderen from B. Riley asked for more details on the company's plans for Japan following the distributor acquisition, the strategy for the new windshield protection film, and the potential to expand the Tesla referral program.

    Answer

    Executive Ryan Pape detailed that direct ownership in Japan allows for better product representation, pricing control, and higher growth, noting it also strengthens their value proposition to OEMs globally. He positioned the new windshield protection film as a 'gateway product' to attract new consumer segments. Pape confirmed the Tesla referral program is a model they aim to scale and apply to other manufacturers and channels to reach a broader pool of new car buyers.

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    Jeff Van Sinderen's questions to Cadre Holdings (CDRE) leadership

    Jeff Van Sinderen's questions to Cadre Holdings (CDRE) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities sought confirmation that the guidance change was solely due to order timing and requested further details on the second-half sales mix, margin progression, and opportunities within the Nuclear business, including the Cars acquisition integration.

    Answer

    President Brad Williams confirmed the guidance change was strictly a matter of timing with no lost business. CFO Blaine Browers projected Q3 gross margins to be similar to Q2, with Q4 being slightly higher due to increased volume and a stronger, higher-margin EOD mix. Williams added that the Cars integration is in its early stages, focusing on functional areas like finance and IT, with initial strategic discussions underway among the nuclear business leaders.

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    Jeff Van Sinderen's questions to Cadre Holdings (CDRE) leadership • Q1 2025

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about any observed procurement delays from government agencies and asked for an updated outlook on the nuclear segment, including its organic growth prospects and M&A focus relative to the law enforcement vertical.

    Answer

    CFO Blaine Browers confirmed that the company has not seen any major procurement disruptions or delays from federal agencies. Executive Warren Kanders added that Cadre maintains a robust M&A pipeline for both its public safety and nuclear verticals, with no particular weighting on either. He reiterated the nuclear market's long-term growth estimate of 4-6%, supported by strong global demand for nuclear energy and favorable administrative priorities.

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    Jeff Van Sinderen's questions to Cadre Holdings (CDRE) leadership • Q4 2024

    Question

    Jeff Van Sinderen inquired about the expected level of SG&A for 2025, whether the Carr's Group acquisition is included in the guidance, and sought more detail on the complementary nature and cross-selling opportunities of the Carr's business.

    Answer

    CFO Blaine Browers confirmed that the Carr's acquisition is not included in the current 2025 guidance and that an update will be provided upon closing. He advised using Q4 SG&A, excluding transaction costs, as a baseline, with an incremental $3 million increase for IT spend. President Brad Williams elaborated on the Carr's acquisition, noting the strong brand recognition and excitement from customers. He highlighted opportunities for synergy, such as leveraging the UK entities' relationships to expand the installed base of engineered products and solutions in the U.S.

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    Jeff Van Sinderen's questions to Cadre Holdings (CDRE) leadership • Q3 2024

    Question

    Jeff Van Sinderen of B. Riley Securities inquired about the financial impact of the cybersecurity incidents, asking if delayed Q3 revenue would fully shift to Q4 and if there were other business impacts. He also asked about the M&A pipeline, particularly for the Alpha Safety nuclear business, and whether it was affected by the cyber incidents.

    Answer

    Executive Warren Kanders clarified that due to a second cyber incident, some revenue would be pushed into 2025, necessitating the guidance change, but confirmed no other business impacts beyond Q3 margins and the revenue shift. President Brad Williams added that the M&A funnel for Alpha Safety is "more than solid," focusing on engineered systems and product manufacturers in the U.S. and Europe, and confirmed the M&A strategy was not impacted by the incidents.

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    Jeff Van Sinderen's questions to MSA Safety (MSA) leadership

    Jeff Van Sinderen's questions to MSA Safety (MSA) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities asked for more detail on the timing and milestones related to the new NFPA fire standard. He also inquired about the margin benefit from MSA+, the expected progression of gross margin and SG&A in the second half, and the organic growth rate of the newly acquired M&C business.

    Answer

    President & CEO Steven Blanco explained that the NFPA approval process involves milestones like testing completion, but the final timing remains uncertain, with expectations for approval between now and early 2026. Interim CFO Elyse Brody noted that MSA+ had a positive but not overly meaningful impact on mix. She guided for a more pronounced tariff impact in H2, offset by pricing, and suggested an organic SG&A run rate of $107-109 million per quarter. Brody also stated that M&C is a mid-single-digit organic grower.

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    Jeff Van Sinderen's questions to MSA Safety (MSA) leadership • Q1 2025

    Question

    Jeff Van Sinderen asked for a precise quantification of the sales pulled forward into Q1 and its product composition. He also requested more detail on tariff mitigation efforts, what is controllable, and how the company is evolving its supply chain strategy.

    Answer

    Interim CFO Elyse Brody stated the pull-forward was just under $10 million with a product mix slightly more weighted to Fire Service. President and CEO Steven Blanco detailed a two-pronged mitigation strategy of targeted price increases and cost management through the MSA Business System. He emphasized a long-term, strategic approach to avoid short-term reactionary decisions, acknowledging that this could cause some choppiness but would position the company for strength once the situation stabilizes.

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    Jeff Van Sinderen's questions to MSA Safety (MSA) leadership • Q4 2024

    Question

    Jeff Van Sinderen questioned the company's product innovation pipeline for 2025 and 2026, specifically its potential to drive replacement demand in the Detection segment, and asked for the expected normalization timeline for the fire service business under the new NFPA standard.

    Answer

    Steven Blanco, President and CEO, emphasized that innovation is a key differentiator, highlighting the upcoming next-generation G1 SCBA and a robust plan for the MSA+ connected platform. He stated the NFPA standard change is a normal, cyclical event with relatively minor changes this time. Blanco anticipates the new standard will be promulgated in early 2026, which aligns perfectly with the replacement cycle for the first G1 units launched in 2014, positioning MSA well for the future despite some choppiness in 2025.

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    Jeff Van Sinderen's questions to SPX Technologies (SPXC) leadership

    Jeff Van Sinderen's questions to SPX Technologies (SPXC) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities asked about customer decision factors for the VMAX product, the primary growth drivers for the D&M business, including drone detection demand, and the current focus of the M&A pipeline.

    Answer

    President & CEO Gene Lowe explained that data center customers prioritize large-scale, reliable partners and that VMAX competes on efficiency, flexibility, and engineering support. He identified strong project activity in transportation and Comtech as key D&M drivers, with drone detection being a significant application. Lowe noted the M&A pipeline is 'very robust,' with a primary focus on Engineered Air Movement and opportunities in D&M.

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    Jeff Van Sinderen's questions to MODINE MANUFACTURING (MOD) leadership

    Jeff Van Sinderen's questions to MODINE MANUFACTURING (MOD) leadership • Q1 2026

    Question

    Jeff Van Sinderen inquired if Modine is expanding its data center service capabilities in tandem with production. He also asked if there are other potential large orders similar in size to a previously announced $180 million deal, and what areas the company might target for M&A after its announced pause.

    Answer

    President & CEO Neil Brinker confirmed they are actively building out service and controls capabilities to support the rapid equipment sales growth. He stated that a 'collection of orders of that magnitude' is what underpins the confidence to invest in reaching the $2 billion revenue goal. For future M&A, he mentioned a focus on HVAC Technologies and potential vertical supply chain integration.

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    Jeff Van Sinderen's questions to MODINE MANUFACTURING (MOD) leadership • Q3 2025

    Question

    Jeff Van Sinderen of B. Riley Securities asked if Modine is currently working with all major hyperscalers, the potential size and timing of initial orders for its Coolant Distribution Units (CDUs), and for more details on the strategy and scale of its data center service business.

    Answer

    President and CEO Neil Brinker confirmed that Modine is in discussions with all hyperscalers, with relationships at varying stages. He anticipates initial CDU revenue by the middle of the next fiscal year, noting the focus is on developing a differentiated, high-value product. Regarding services, Brinker explained the strategy is to replicate its successful UK model in North America by building local service teams in key hubs to provide comprehensive support and strengthen customer relationships.

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    Jeff Van Sinderen's questions to MODINE MANUFACTURING (MOD) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities, Inc. asked about potential capacity constraints in the data center business, the status of a third hyperscaler relationship, and the potential to add more. He also inquired about plans for further portfolio rationalization or divestitures in the Performance Technologies (PT) business.

    Answer

    President and CEO Neil Brinker confirmed they have sufficient capacity to meet demand and have officially signed a master sales agreement with a third hyperscaler, with orders expected soon. He also noted conversations are ongoing with other potential customers. EVP and CFO Mick Lucareli reiterated the plan outlined at the Investor Day to deemphasize approximately $300 million of non-strategic PT business over the next few years.

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    Jeff Van Sinderen's questions to VSE (VSEC) leadership

    Jeff Van Sinderen's questions to VSE (VSEC) leadership • Q2 2025

    Question

    Jeff Van Sinderen of B. Riley Securities followed up on the Kaelstrom synergies, asking about remaining opportunities for the second half, and also requested the latest thinking on opportunities for the Honeywell licensed fuel control business.

    Answer

    President & CEO John Cuomo explained that with many cost synergies already captured, the future focus for Kaelstrom is on top-line initiatives like insourcing work, improving product margins, and growing revenue to leverage the existing operating expense base. Regarding the Honeywell program, he reiterated that the priority is perfecting its execution and achieving full implementation, which is expected by early 2026, before considering any new, similar programs.

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    Jeff Van Sinderen's questions to VSE (VSEC) leadership • Q1 2025

    Question

    Jeff Van Sinderen of B. Riley Securities, Inc. asked for more detail on the accelerated integration of recent acquisitions and inquired about which new program wins would be the most significant contributors to the P&L.

    Answer

    CEO John Cuomo stated that while VSE is accelerating specific high-value integration activities to drive synergies faster, the overall timeline for completing all integrations remains mid-2026. He clarified that the financial impact from new programs, like the one with Eaton, is already factored into the existing 2025 guidance, with more color on 2026 organic growth to be provided later in the year.

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    Jeff Van Sinderen's questions to VSE (VSEC) leadership • Q4 2024

    Question

    Jeff Van Sinderen followed up on the topic of Boeing, asking if VSE sees opportunities related to Boeing potentially exiting certain businesses, even if VSE isn't the acquirer. He also sought clarification on the expected progression of Aviation segment margins throughout 2025 and the remaining hurdles for closing the Fleet segment sale.

    Answer

    President and CEO John Cuomo noted that the only publicly discussed Boeing asset for sale is not a strategic fit for VSE. CFO Adam Cohn confirmed that Aviation margins are expected to ramp throughout 2025, consistent with historical patterns. Regarding the Fleet sale, Cohn stated the only remaining steps are a standard HSR review and other light closing conditions, with a Q2 close anticipated.

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    Jeff Van Sinderen's questions to VSE (VSEC) leadership • Q3 2024

    Question

    Jeff Van Sinderen sought an update on the OEM-licensed fuel control business, asking what was driving its outperformance and the timeline for burning off high-cost inventory. He also inquired about current MRO margins and the integration plan for Kellstrom.

    Answer

    CEO John Cuomo explained the fuel control program's outperformance is tied to how quickly the company can burn through higher-cost legacy inventory, a process dependent on supply chain performance for new parts. While not breaking out specific margins, he confirmed that overall MRO profitability is improving due to operational efficiencies. He also stated that the Kellstrom integration would likely be prioritized in 2025 to capture synergies quickly.

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    Jeff Van Sinderen's questions to Byrna Technologies (BYRN) leadership

    Jeff Van Sinderen's questions to Byrna Technologies (BYRN) leadership • Q2 2025

    Question

    Jeff Van Sinderen asked about the expected evolution of the channel mix in the second half of the year, sought clarification on the performance differences between Sportsman's Warehouse stores with pods versus those using archery ranges, and requested more details on the planned new iterations of the Compact Launcher (CL).

    Answer

    CEO Bryan Ganz projected that brick-and-mortar sales will continue to be the fastest-growing channel, with Amazon outpacing byrna.com within the direct-to-consumer segment. He clarified that while it's too early for conclusive data, he expects stores with dedicated shooting pods to outperform other formats eventually. Ganz also detailed plans to expand the CL product line with both higher-end versions featuring advanced sights and a more basic, lower-priced kit to broaden its market appeal.

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    Jeff Van Sinderen's questions to Byrna Technologies (BYRN) leadership • Q1 2025

    Question

    Jeff Van Sinderen asked for clarification on early Q2 sales trends, plans for advertising spend around the new Compact Launcher (CL), and the sequence of the CL rollout. He also inquired if Q1 would likely represent the revenue low point for the fiscal year.

    Answer

    Executive Bryan Ganz stated that while Q1 ROAS is typically lower, the company plans to reduce near-term ad spend for the CL launch, initially targeting its 700,000-subscriber email list. He detailed the rollout timeline: dealers can order now, samples ship to influencers on April 15, online orders begin April 24, and the official public release is May 1. Ganz also shared his personal opinion that Q1 was the year's revenue low point and that he anticipates sequential quarterly growth.

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    Jeff Van Sinderen's questions to Byrna Technologies (BYRN) leadership • Q4 2024

    Question

    Jeff Van Sinderen asked for a timeline to evaluate the success of the Sportsman's Warehouse partnership, inquired about production plans and potential component shortages, and sought clarity on inventory levels for the new compact launcher. He also asked for commentary on attainable revenue growth and margins for 2025.

    Answer

    Executive Bryan Ganz estimated a 3-to-4-month timeframe to see initial results from the Sportsman's partnership, expecting a faster ramp-up than Byrna's own stores due to existing foot traffic. CFO Lauri Kearnes confirmed production is stable at 24,000 units per month with no component shortages. She stated inventory will grow by approximately $5 million specifically for the new compact launcher (CL) ahead of its mid-2025 launch. Bryan Ganz projected 'very strong double-digit' revenue growth for 2025 and continued gross margin expansion, driven by economies of scale and the higher-margin CL product. He reiterated long-term EBITDA margin targets tied to revenue milestones, aiming for the mid-teens at $100M in revenue and low 20s at $150M.

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    Jeff Van Sinderen's questions to Byrna Technologies (BYRN) leadership • Q3 2024

    Question

    Jeff Van Sinderen inquired about the production capacity increase from adding a second shift, the evolution of the supply chain, and current inventory levels relative to strong sales trends. He also asked for the gross margin outlook for Q4 and any changes to promotional plans.

    Answer

    Executive Chairman Bryan Ganz explained that adding a second shift will boost production capacity to 24,000-28,000 launchers per month, and recent wage increases are designed to attract talent without negatively impacting unit costs due to higher volumes. He confirmed the supply chain is robust with dual sourcing for nearly all components. CFO Laurilee Kearnes projected that Q4 gross margins would remain stable, with a more significant increase expected in 2025. Ganz added that promotions, like the successful Amazon Prime Days, would have a minimal impact on Q4 margins, estimated at around one percentage point.

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    Jeff Van Sinderen's questions to TILLY'S (TLYS) leadership

    Jeff Van Sinderen's questions to TILLY'S (TLYS) leadership • Q4 2025

    Question

    Asked about potential tariff impacts, how merchandise changes might offset a potential recession, store opening and closure plans, CapEx, e-commerce fulfillment strategy, and potential for further SG&A reductions.

    Answer

    The impact from tariffs is expected to be minor. The company hopes improved merchandising will mitigate economic headwinds, but there's no guarantee. They use a hybrid e-commerce fulfillment model and are not considering a full ship-from-store approach. The goal is to close more unprofitable stores than open new ones, with about 80 lease decisions this year. Significant SG&A reductions have already been made, and total SG&A dollars are expected to be down year-over-year.

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    Jeff Van Sinderen's questions to TILLY'S (TLYS) leadership • Q3 2025

    Question

    Jeff Van Sinderen of B. Riley Securities questioned the dynamics of merchandise margins, specifically the balance between initial markups and discounting, given the sales deleverage. He also asked for the strategy to leverage fixed costs and sought clarification on the 11.8% inventory increase.

    Answer

    Executive Hezy Shaked explained that a new CMO is implementing a plan to improve margins, though markdowns from lower sales are a headwind. Executive Michael Henry added that Q4 product margins are benefiting from not repeating a costly prior-year promotion. He stated that leveraging fixed costs requires top-line growth and that the inventory increase was a conscious, temporary timing shift to improve operational efficiency for the holiday season.

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    Jeff Van Sinderen's questions to UNIVERSAL ELECTRONICS (UEIC) leadership

    Jeff Van Sinderen's questions to UNIVERSAL ELECTRONICS (UEIC) leadership • Q4 2024

    Question

    Jeff Van Sinderen inquired about the production capacity of the Vietnam facility, the nature of monetization opportunities showcased at CES, the primary drivers of growth for the upcoming year, and the long-term growth curve for the HVAC and connected home business.

    Answer

    CEO Paul D. Arling confirmed the Vietnam facility could handle additional production shifts if needed. He detailed monetization opportunities, including helping OEMs increase user engagement on their platforms and using new 'homeSense' on-device AI for applications like optimized climate control. Arling identified HVAC as the predominant growth driver, with opportunities as large as their biggest legacy customers. He projected that the connected home segment would become the majority of UEIC's business in the future, serving as the key growth engine for the next 3-5 years.

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    Jeff Van Sinderen's questions to HERBALIFE (HLF) leadership

    Jeff Van Sinderen's questions to HERBALIFE (HLF) leadership • Q3 2024

    Question

    Jeff Van Sinderen inquired about the underlying drivers for sales volume in North America, the necessary steps and timeline to reverse volume declines in key regions, and the outlook for gross margin, including future pricing actions and input cost trends.

    Answer

    President Stephan Gratziani explained that rebuilding the distributor base through enhanced training like the 'Mastermind' program is key to reversing volume declines in North America, with the timeline for sales growth dependent on this expansion. CFO John DeSimone added that gross margins are expected to remain stable, as most 2024 price increases are complete and input costs are under control.

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