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    Joichi Sakai • Singular Research

    Joichi Sakai's questions to Oportun Financial Corp (OPRT) leadership

    Joichi Sakai's questions to Oportun Financial Corp (OPRT) leadership • Q1 2025

    Question

    Joichi Sakai of Singular Research asked about the impact of in-app features on customer acquisition costs for different loan types, any observed shifts in repayment patterns since phasing out physical checks, and the rationale for focusing on returning borrowers for originations.

    Answer

    CEO Raul Vazquez explained that the company views customer acquisition cost (CAC) holistically, which remained stable year-over-year at $139. He noted that no unexpected shifts in repayment behavior have occurred, pointing to positive delinquency trends. Vazquez confirmed the focus on returning borrowers is intentional due to their superior economics, but emphasized that Oportun also continues to acquire high-quality new borrowers who exhibit strong free cash flow.

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    Joichi Sakai's questions to L B Foster Co (FSTR) leadership

    Joichi Sakai's questions to L B Foster Co (FSTR) leadership • Q1 2025

    Question

    Joichi Sakai, representing Singular Research, asked about the primary drivers for the improvement in new orders within the Infrastructure segment and inquired about the company's appetite for acquisitions, particularly in the current tariff environment.

    Answer

    President and CEO John Kasel attributed the strong 35% growth in Infrastructure orders primarily to the Precast Concrete business. He cited success from strategic expansion, new product lines, and increased market penetration on the East Coast, in the Carolinas, and a new operation in Florida. On acquisitions, Kasel stated that the company is not actively looking for deals as it is focused on executing its significant organic growth opportunities. While small, strategic tuck-in acquisitions are always a possibility, they are not a primary focus.

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    Joichi Sakai's questions to Olympic Steel Inc (ZEUS) leadership

    Joichi Sakai's questions to Olympic Steel Inc (ZEUS) leadership • Q4 2024

    Question

    Joichi Sakai followed up on the tariff topic, asking how they might affect profitability and M&A valuations. He also inquired about the margin impact of the planned 2025 CapEx increase and the reason for the year-over-year decrease in SG&A expenses.

    Answer

    CFO Richard Manson indicated that any tariff impact on profitability would likely occur in late Q1 or Q2 2025 and that the SG&A decrease was due to $1.8 million in lower variable incentive expenses tied to profitability. CEO Rick Marabito noted that M&A activity may increase in the second half of 2025 as potential sellers' financial results improve. Regarding CapEx, Manson clarified that the projects will not impact margins until late 2025 or early 2026, when they are expected to become operational and drive efficiency.

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    Joichi Sakai's questions to Olympic Steel Inc (ZEUS) leadership • Q3 2024

    Question

    Joichi Sakai questioned the composition of carbon flat operating expenses, asking if they were largely fixed and what could be done to reduce them. He also asked if the primary goal of the company's internal investments was to increase profitability.

    Answer

    CFO Richard Manson explained that the year-over-year increase in operating expenses was primarily due to a non-recurring $4 million employee retention credit in 2023 and $3.3 million in expenses from the CTB acquisition, making the underlying costs relatively flat. He also noted headcount reductions in Q3 would yield benefits in Q4. CEO Rick Marabito added that incentive compensation is highly variable. Regarding investments, Rick Marabito confirmed that while increased profitability is a key goal, the investments also aim to enhance quality, safety, productivity, and capacity.

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    Joichi Sakai's questions to QuinStreet Inc (QNST) leadership

    Joichi Sakai's questions to QuinStreet Inc (QNST) leadership • Q2 2025

    Question

    Joichi Sakai asked about the potential margin profile for the business insurance vertical and questioned whether the recent volatility in the insurance market is the new normal.

    Answer

    CEO Doug Valenti projected that business insurance margins would likely settle near the company's average of 25-30% at scale. He asserted that the recent dramatic market downswing was an unprecedented and unique event driven by post-pandemic factors, and he expects the market to return to a more normal, manageable growth trajectory with less volatility.

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    Joichi Sakai's questions to QuinStreet Inc (QNST) leadership • Q1 2025

    Question

    Joichi Sakai questioned if QuinStreet faces any potential headwinds to scaling its auto insurance business given the extraordinary 664% growth rate. He also asked how the upcoming U.S. election might potentially affect revenue in the auto insurance vertical.

    Answer

    CEO Doug Valenti stated that while the current growth rate is not sustainable, the company is more than capable of continuing to scale from this new, higher revenue base and expects strong double-digit growth going forward. Regarding the election, he explained that it is not expected to have a direct, quantifiable impact but contributes to the company's decision to maintain a more conservative and defensive guidance posture due to the potential for consumer distraction.

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    Joichi Sakai's questions to Apogee Enterprises Inc (APOG) leadership

    Joichi Sakai's questions to Apogee Enterprises Inc (APOG) leadership • Q2 2025

    Question

    Joichi Sakai sought clarification on the fiscal 2026 revenue forecast for UW Solutions, whether current CapEx guidance includes the acquisition, and why the deal's impact is excluded from the current fiscal 2025 outlook.

    Answer

    CFO Matt Osberg explained that the $100 million revenue forecast for fiscal 2026 is based on UW's existing product offerings and does not yet include potential cross-selling synergies. He confirmed the current $40-$50 million CapEx guidance for fiscal 2025 does not include UW, but any addition would not be material. The acquisition's potential impact is excluded from the current year's guidance because the transaction has not yet closed.

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    Joichi Sakai's questions to REX American Resources Corp (REX) leadership

    Joichi Sakai's questions to REX American Resources Corp (REX) leadership • Q2 2024

    Question

    Joichi Sakai from Singular Research asked how capital expenditures were tracking against the budget and if any recent weather events had impacted operations or crop expectations.

    Answer

    CEO Zafar Rizvi confirmed that capital expenditures are on track with the budget and no major increases are foreseen, although there have been some delays in receiving electrical components. He also stated there have been no major weather-related issues, apart from a minor temporary railroad washout in South Dakota. Executive Chairman Stuart Rose added that they anticipate very good, potentially record, crops in both Illinois and South Dakota.

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