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    Jonathan Braatz

    Senior Equity Research Analyst at Oppenheimer & Co. Inc.

    Jonathan Braatz is a Senior Equity Research Analyst at Oppenheimer & Co. Inc., specializing in the coverage of industrial and manufacturing companies such as Thermon Group Holdings Inc. and Powell Industries. He has actively contributed to earnings calls and investment research, recognized for his detailed questions and analysis of evolving industry segments such as the data center market; performance platforms track Braatz asking questions across at least seven companies and nine earnings calls. With a research-focused career at Oppenheimer, Braatz is known for providing in-depth sector insights, though quantitative success or ranking metrics are not publicly reported. His professional credentials and securities registrations align with industry standards for senior equity analysts, underpinning his reputation for analytical rigor and expertise in industrial equities.

    Jonathan Braatz's questions to Thermon Group Holdings (THR) leadership

    Jonathan Braatz's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Jonathan Braatz of Kansas City Capital Associates asked for further clarification on the data center market, including the typical customer profile, the number of load bank units required per facility, the current competitive landscape, and the expected timeline for generating meaningful revenue from this new product line.

    Answer

    President, CEO & Director Bruce Thames explained that customers could be hyperscalers, HVAC contractors, or rental channels, and that hundreds of units could be needed for a single data center. He described the market for liquid load banks as nascent and emerging with the shift to liquid cooling. Thames stated that the company aims to generate initial revenues in the second half of the current fiscal year and will provide more specific updates as orders are secured.

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    Jonathan Braatz's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Jonathan Braatz of Kansas City Capital Associates sought further clarification on the data center market opportunity, asking about the typical customer profile, the scale of deployment per facility, the competitive landscape for liquid load banks, and the expected timeline for generating meaningful revenue.

    Answer

    CEO Bruce Thames explained that customers can range from hyperscalers and HVAC contractors to rental channels, depending on the project. He noted that a single data center could require hundreds of these units. Thames described the market for liquid load banks as nascent and emerging with the shift to liquid-cooled data centers, with only a few global competitors. He stated that Thermon aims to begin generating revenue from this new product line in the second half of the current fiscal year and will provide updates as orders are secured.

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    Jonathan Braatz's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Jonathan Braatz of Kansas City Capital Associates asked for more specifics on the data center market, including the typical customer profile, the number of units required per facility, the competitive landscape, and the expected timeline for generating meaningful revenue.

    Answer

    President, CEO & Director Bruce Thames clarified that customers for data center load banks can include hyperscalers, HVAC contractors, and rental channels. He noted that hundreds of units could be needed per data center. Thames described the market for liquid load banks as nascent and emerging with the shift to liquid cooling. He stated that Thermon aims to generate initial revenues in the second half of the current fiscal year and will provide updates as orders are secured.

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    Jonathan Braatz's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Jonathan Braatz of Kansas City Capital Associates asked several questions about the new data center opportunity, focusing on the target customer, the number of units required, the competitive landscape, the timeline for revenue generation, and future financial reporting for the segment.

    Answer

    President and CEO Bruce Thames clarified that customers for data center load banks can include hyperscalers, HVAC contractors, and rental channels, with hundreds of units potentially needed per facility. He described the market for liquid load banks as nascent and distinct from traditional power-only load banks. Thames stated the goal is to generate revenue in the second half of the fiscal year and build backlog for FY2027, confirming that the company will provide financial updates on this segment as it develops.

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    Jonathan Braatz's questions to Thermon Group Holdings (THR) leadership • Q2 2025

    Question

    Jonathan Braatz of Oppenheimer & Co. Inc. questioned whether large project delays were concentrated in specific end markets like oil and gas, asked about potential shifts in business opportunities following the election, and inquired about the trend in SG&A spending.

    Answer

    CEO Bruce Thames clarified that project delays are broad-based across markets including renewables, semiconductors, and pharma, not just oil and gas. He asserted that Thermon is positioned to benefit regardless of future policy direction. CFO Jan Schott added that the recent SG&A increase was due to the Vapor Power acquisition and that organic SG&A spending is trending downward, in line with their strategy.

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    Jonathan Braatz's questions to POWELL INDUSTRIES (POWL) leadership

    Jonathan Braatz's questions to POWELL INDUSTRIES (POWL) leadership • Q3 2025

    Question

    Jonathan Braatz of Kansas City Capital Associates questioned whether recent offshore oil and gas orders signal a broader market shift, the relative size of these projects, and sought clarification on the gross margin outlook for FY25 and FY26. He also asked about future pricing power and the nature of the large $60 million utility award.

    Answer

    CEO Brett Cope explained that the offshore orders are significant projects, comparable in size to historical large awards, and are underpinned by a strong global demand outlook for oil. CFO Mike Metcalf clarified that the sustainable gross margin, excluding ~150 bps of one-time gains, is reflected in the year-to-date rate of 28.6%. Both executives indicated that while short-cycle business has pricing power, pricing on large projects is softer prospectively. Cope could not detail the utility project due to an NDA but confirmed it is a large power generation facility.

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    Jonathan Braatz's questions to POWELL INDUSTRIES (POWL) leadership • Q3 2025

    Question

    Jonathan Braatz of Kansas City Capital Associates questioned whether recent offshore oil and gas orders signal a broader market shift, sought clarification on the gross margin outlook for FY2026, and asked about the potential for improved pricing power. He also inquired about the nature of the large electric utility award.

    Answer

    CEO Brett Cope stated that while the offshore market remains capital-intensive, the recent significant orders are underpinned by a strong global oil demand outlook and Powell's deep technical expertise. CFO Mike Metcalf clarified that the forward-looking gross margin baseline should be the year-to-date rate of 28.6% less the ~150 basis points from non-recurring project closeouts and unusual items. Both executives indicated that while short-cycle products have better pricing, the large project market remains competitive with softer pricing prospectively. Cope noted the utility award was for a large power generation facility but could not provide further details due to an NDA.

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    Jonathan Braatz's questions to MYR GROUP (MYRG) leadership

    Jonathan Braatz's questions to MYR GROUP (MYRG) leadership • Q2 2025

    Question

    Jonathan Braatz of Kansas City Capital Associates asked if the incrementally better operating environment would require an acceleration in investment and CapEx spending. He also asked if any C&I projects were facing delays or rebids due to tariffs or supply chain issues.

    Answer

    President, CEO & Director Richard Swartz stated that while the company constantly monitors capital needs for equipment and personnel, he does not anticipate a "needle mover" increase in spending. SVP & COO of C&I Don Egan addressed the second question, explaining that they have not seen project schedules extend; rather, clients are engaging them earlier to procure long-lead items and prevent delays.

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    Jonathan Braatz's questions to VALMONT INDUSTRIES (VMI) leadership

    Jonathan Braatz's questions to VALMONT INDUSTRIES (VMI) leadership • Q2 2025

    Question

    Jonathan Braatz from Kansas City Capital Associates requested a more detailed explanation for the increase in SG&A expenses during the quarter. He also sought clarification on whether there were future realignment costs expected for the North American irrigation business.

    Answer

    CFO Thomas Liguori explained the SG&A increase was due to higher variable selling costs, one-time IT investments in AI, and an accounting item related to a deferred compensation plan, stating costs should normalize in H2. He also confirmed that realignment actions and associated costs for North American irrigation were completed and reflected in the Q2 results. CEO Avner Applbaum added that efficiency initiatives will help manage SG&A while allowing for investment.

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    Jonathan Braatz's questions to VALMONT INDUSTRIES (VMI) leadership • Q3 2024

    Question

    Jonathan Braatz of Oppenheimer & Co. Inc. asked about the potential for the severe drought in the U.S. Midwest to create incremental demand for North American Ag sales. He also inquired about feedback from dealers regarding the drought and their customers' capital spending plans for the next year.

    Answer

    President and CEO Avner Applbaum expressed a cautious stance, stating he doesn't want to be too bullish on the North American market despite the drought. He pointed to low farmer sentiment, impacted profitability from low corn prices, and high stock-to-use ratios as headwinds. CFO Tom Liguori added that 2024 benefited from storm-related sales that were double the historical average, suggesting North American Ag may be down in 2025 if storm sales normalize, though international growth could provide an offset.

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    Jonathan Braatz's questions to PRICESMART (PSMT) leadership

    Jonathan Braatz's questions to PRICESMART (PSMT) leadership • Q3 2025

    Question

    Jonathan Braatz of Kansas City Capital Associates inquired about PriceSmart's Trinidad funding plans, asking how they address currency convertibility issues, the expected P&L impact, and if the structure introduces new currency risks.

    Answer

    EVP of Finance Michael McCleary explained the up to $65 million financing arrangement. A $15 million portion is a direct USD loan repaid in Trinidad Dollars, addressing convertibility. The other $50 million is indexed to the US dollar, preventing additional Jamaican currency exposure despite some investor convenience structuring. McCleary noted this is another tool to manage payments for imported goods and that the company is evaluating how the associated premiums will impact member pricing, aiming to minimize it.

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    Jonathan Braatz's questions to AZZ (AZZ) leadership

    Jonathan Braatz's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Jonathan Braatz from Kansas City Capital Associates asked for the outlook on the solar and electrical portions of the Metal Coatings business, considering potential subsidy changes and copper tariffs. He also inquired about the remaining businesses in the Avail JV (WSI and Lighting) and their potential to impact AZZ's results.

    Answer

    SVP David Nark stated that they expect a pull-forward of solar projects to meet deadlines before subsidy changes take full effect. President & CEO Thomas Ferguson added that rising electricity demand from data centers will support the electrical market. Regarding the JV, Ferguson confirmed it still holds the WSI and Lighting businesses, which have potential, but the immediate focus for the Avail team is supporting the transition services for the divested assets.

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    Jonathan Braatz's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Jonathan Braatz of Kansas City Capital Associates inquired about the outlook for AZZ's solar and electrical end markets, given policy changes and copper tariffs. He also asked for details on the remaining Avail joint venture, including its nuclear exposure and potential to be a meaningful contributor.

    Answer

    SVP David Nark suggested that policy shifts could lead to a pull-forward of solar projects, creating a near-term tailwind. CEO Tom Ferguson added that rising electricity demand from data centers will support growth. Regarding the Avail JV, Ferguson confirmed it includes the WSI business with nuclear exposure but noted the Avail team is currently focused on transition services for the divested assets, with more color to come after a future board meeting.

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    Jonathan Braatz's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Jonathan Braatz of Kansas City Capital Associates asked for the outlook on the solar and electrical portions of the Metal Coatings business, considering potential subsidy changes and copper tariffs. He also inquired about the remaining businesses in the Avail joint venture and their potential to impact AZZ's results.

    Answer

    SVP David Nark stated they expect a pull-forward of solar projects, creating a short-term tailwind. President & CEO Thomas Ferguson added that rising electricity demand from data centers will benefit all power generation markets. Regarding the JV, Ferguson confirmed it includes the WSI business, which has nuclear exposure and long-term opportunity, but the immediate focus for the Avail team is supporting the transition for the divested businesses.

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    Jonathan Braatz's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Jonathan Braatz of Kansas City Capital Associates asked for the outlook on the solar and electrical portions of the Metal Coatings business, considering potential subsidy changes and copper tariffs. He also inquired about the remaining businesses in the Avail JV and their potential to impact future results.

    Answer

    SVP David Nark stated they expect a pull-forward of solar projects to meet deadlines, providing a near-term tailwind. President & CEO Thomas Ferguson added that rising electricity demand from data centers will support growth. He confirmed the remaining Avail JV includes WSI and Lighting, with WSI having exposure to the nuclear industry, and noted its potential, though the current focus is on supporting the transition services for the divested businesses.

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    Jonathan Braatz's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Jonathan Braatz of Kansas City Capital Associates asked about the outlook for the solar market within Metal Coatings, the potential impact of copper tariffs, and whether the remaining businesses in the Avail JV could significantly impact results.

    Answer

    SVP David Nark stated they expect a pull-forward of solar projects, creating a near-term tailwind. President & CEO Thomas Ferguson added that rising electricity demand from data centers will support the power generation market. Regarding the JV, Ferguson confirmed it includes the WSI business with nuclear exposure and noted its potential, though the immediate focus for the JV partner is on transition services for the divested assets.

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    Jonathan Braatz's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Jonathan Braatz of Kansas City Capital Associates inquired about the outlook for the solar market within Metal Coatings amid potential subsidy changes and the impact of copper tariffs. He also asked about the potential of the remaining Avail JV businesses, WSI and Lighting.

    Answer

    SVP David Nark projected a short-term tailwind from a pull-forward of solar projects. President & CEO Thomas Ferguson added that rising electricity demand will support infrastructure projects broadly. Regarding the Avail JV, Ferguson confirmed it includes the WSI welding business with nuclear exposure and acknowledged its historical profitability and future potential, though the immediate focus for the JV team is on transition services for the divested assets.

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    Jonathan Braatz's questions to BUCKLE (BKE) leadership

    Jonathan Braatz's questions to BUCKLE (BKE) leadership • Q4 2024

    Question

    Jonathan Braatz asked about management's view on store traffic amidst recession concerns and inquired if the company was considering adding 'sweat jeans' to its product assortment.

    Answer

    Executive Dennis Nelson addressed the product question by stating that while the company offers some knit denim and jogging-style pants, he does not foresee 'sweat jeans' becoming a significant category. Regarding store traffic, he noted the company does not use traffic counters but estimated that based on February sales being down only 1%, traffic was likely flat.

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