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    Jonathan Braatz • Oppenheimer & Co. Inc.

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

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

    Question

    Jonathan Braatz asked for further clarification on the data center market, including the typical customer profile, the number of units required per facility, the competitive landscape for liquid load banks, and the expected timeline for revenue generation.

    Answer

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

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

    Jonathan Braatz's questions to Powell Industries Inc (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 Inc (MYRG) leadership

    Jonathan Braatz's questions to MYR Group Inc (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 Inc (VMI) leadership

    Jonathan Braatz's questions to Valmont Industries Inc (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 Inc (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 Inc (PSMT) leadership

    Jonathan Braatz's questions to PriceSmart Inc (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 Inc (AZZ) leadership

    Jonathan Braatz's questions to AZZ Inc (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 Buckle Inc (BKE) leadership

    Jonathan Braatz's questions to Buckle Inc (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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