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    Jonathan Tanwanteng • CJS Securities

    Jonathan Tanwanteng's questions to ESCO Technologies Inc (ESE) leadership

    Jonathan Tanwanteng's questions to ESCO Technologies Inc (ESE) leadership • Q3 2025

    Question

    Jonathan Tanwanteng of CJS Securities inquired about the specific business drivers behind the raised full-year guidance, how to model the impact of the VACCO divestiture for fiscal 2026, and whether the pace of naval program deliveries is expected to accelerate.

    Answer

    SVP & CFO Chris Tucker attributed the improved outlook to outperformance in the Test segment, higher A&D volume, lower-than-expected tariff impacts, and reduced interest expense from the VACCO sale proceeds. He advised that for 2026 modeling, VACCO is now a discontinued operation. President and CEO Bryan Sayler stated that he expects the pace of naval deliveries to increase, driven by demand in both the US and UK, and will provide more detail in the next quarter.

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    Jonathan Tanwanteng's questions to ESCO Technologies Inc (ESE) leadership • Q2 2025

    Question

    Jonathan Tanwanteng of CJS Securities inquired about the status of the VACCO business sale, its recent performance, the net impact of anticipated tariffs, the moderation in commercial aircraft orders, and the stability of Department of Defense programs.

    Answer

    Executive Bryan Sayler stated that a decision on selling or retaining VACCO is expected by the end of May. Executive Christopher Tucker added that VACCO's performance has stabilized, and the guided $2-$4 million tariff impact is a net figure after mitigations. Bryan Sayler attributed the commercial aerospace order moderation to inventory management and Boeing's production adjustments, expressing confidence in a recovery. He also affirmed that ESCO's key defense programs, particularly in submarines, remain high-priority for the DOD with strong order flow.

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    Jonathan Tanwanteng's questions to ESCO Technologies Inc (ESE) leadership • Q1 2025

    Question

    Jonathan Tanwanteng of CJS Securities, Inc. inquired about the source of improving demand at VACCO (space vs. Navy), the composition of the strong orders in the Test segment, the M&A environment beyond current initiatives, and the recent performance of the pending SMMP acquisition.

    Answer

    Executive Bryan Sayler clarified that improving demand at VACCO was primarily from the Navy's submarine procurement, with some space business also contributing. He described the Test segment's orders as 'very broad-based' across EMC, medical, and EMP filters, with the exception of wireless. Regarding M&A, Sayler stated that the priority is closing the SMMP acquisition and the VACCO strategic review before pursuing new deals. He also confirmed that SMMP's 2024 performance was in line with expectations and that its outlook remains optimistic.

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    Jonathan Tanwanteng's questions to ESCO Technologies Inc (ESE) leadership • Q4 2024

    Question

    Jonathan Tanwanteng of CJS Securities asked for an update on the VACCO space business, questioning if the related financial issues are fully resolved and seeking details on the status of its strategic review. He also asked about potential risks to the business from a change in the U.S. administration.

    Answer

    CEO Bryan Sayler responded that while risk is never zero, the issues are largely mitigated as the troubled projects are now in production, allowing for more accurate cost estimates. He revealed that splitting the business was deemed uneconomical, and the company is now evaluating a potential sale of the entire VACCO business, with a decision expected by February. He also acknowledged a potential long-term risk to the SLS program under a different administration.

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    Jonathan Tanwanteng's questions to Orion SA (OEC) leadership

    Jonathan Tanwanteng's questions to Orion SA (OEC) leadership • Q2 2025

    Question

    Jonathan Tanwanteng of CJS Securities inquired about Q4 expectations, asking if the typical seasonal downtick would be offset by factors like tariff certainty and lower inventories. He also asked about the price gap between imported and domestic tires post-tariffs and the impact of recent tariff announcements concerning India.

    Answer

    CEO Corning Painter responded that while a stronger Q4 is possible due to the tariff situation, it is too early to call with certainty. He explained that tariffs have considerably closed the price gap, improving the value proposition for domestic Tier 1 and Tier 2 tire brands. Painter also noted that new tariffs on Indian carbon black would make those imports less economically viable, supporting local producers.

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    Jonathan Tanwanteng's questions to Orion SA (OEC) leadership • Q4 2024

    Question

    Jonathan Tanwanteng of CJS Securities asked about the expected allocation of free cash flow to share buybacks, sought an update on the La Porte plant's progress toward offtake agreements and qualifications, and inquired if the pressure from tire imports has changed relative to recent quarters.

    Answer

    CEO Corning Painter explained that the allocation to share buybacks will be opportunistic, heavily influenced by the company's share price and business needs. Regarding the La Porte plant, he confirmed it should be completed late in the current year, with qualifications in 2025 and a commercial ramp through 2026 and 2027. He stressed that pressure from tire imports has not eased and the company's strategy does not rely on any potential tariff relief, viewing it as pure upside.

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    Jonathan Tanwanteng's questions to Orion SA (OEC) leadership • Q3 2024

    Question

    Jonathan Tanwanteng of CJS Securities asked about the potential volume that could return to Orion if tariffs are implemented and demand remains flat. He also questioned the reason for increased working capital despite lower crude prices and asked if the industry might build tire inventories ahead of potential tariffs, creating a future headwind.

    Answer

    CEO Corning Painter suggested that if tire imports returned to historical levels and manufacturing recovered, volumes could reach 2017-2019 levels, significantly improving EBITDA. CFO Jeff Glajch explained that the working capital increase was driven by a deliberate inventory build in Q3 to restore safety stock levels for certain grades. Mr. Painter acknowledged the possibility of a short-term spike in *tire* imports ahead of tariffs but noted it would not affect carbon black imports, which are minimal.

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    Jonathan Tanwanteng's questions to Astronics Corp (ATRO) leadership

    Jonathan Tanwanteng's questions to Astronics Corp (ATRO) leadership • Q2 2025

    Question

    Jonathan Tanwanteng of CJS Securities asked about the key drivers for the strong aerospace momentum that prompted a revenue guidance increase, especially given headwinds like exiting certain product lines, the EAC adjustment, and the delay in the Army radio test program. He also requested clarity on margin expectations for the remainder of the year in light of new tariffs and the EAC charge, and asked if the stated tariff impact was annualized.

    Answer

    Peter Gundermann, Chairman, CEO & President, attributed the aerospace strength to rising production rates for the Boeing 737 and Airbus A320/A350, a new program for the Airbus A220, and accelerating military development work. He noted that even with a potential delay in the Army radio test program, the Test segment is poised for a strong second half. Regarding margins, Gundermann expressed confidence in achieving adjusted aerospace operating margins around 16%, supported by volume and pricing, but acknowledged uncertainty from tariffs. He clarified the $15-20 million tariff impact is an annualized figure before mitigation efforts.

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    Jonathan Tanwanteng's questions to Astronics Corp (ATRO) leadership • Q4 2024

    Question

    Jonathan Tanwanteng asked about the potential damages from other open patent cases, the drivers behind increased 2025 CapEx, the outlook for military programs, Boeing's order rates post-strike, and trends in municipal transit markets.

    Answer

    Chairman, President & CEO Peter Gundermann explained that while the recent U.K. patent ruling was a significant victory, the financial outcomes for cases in France and Germany remain open questions, though the favorable U.K. result helps their position. CFO Nancy Hedges detailed that the higher CapEx is for a facility consolidation and to catch up on deferred spending. Gundermann added that military programs like the V-280 remain well-supported, Boeing's delivery requests are strengthening despite light new orders, and the municipal transit market has not yet materially recovered.

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    Jonathan Tanwanteng's questions to Astronics Corp (ATRO) leadership • Q3 2024

    Question

    In a follow-up, Jonathan Tanwanteng of CJS Securities asked about the drivers of strength in the Test segment, its future run rate, and the expected impact of its restructuring. He also inquired about the outlook for future legal expenses.

    Answer

    Chairman, President & CEO Peter Gundermann explained the Test segment's Q3 sales jump was not sustainable and that the business is focused on preparing for the U.S. Army's 4549/T program, expected to begin production in late 2025. The restructuring aims to manage the interim period without expecting high profitability. On legal costs, he anticipates a relatively quiet period for a few months, with potential appeals and other proceedings not expected to ramp up until late 2025 or 2026.

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    Jonathan Tanwanteng's questions to Innospec Inc (IOSP) leadership

    Jonathan Tanwanteng's questions to Innospec Inc (IOSP) leadership • Q2 2025

    Question

    Jonathan Tanwanteng of CJS Securities asked for an update on the Oilfield Services business, focusing on customer diversification and the status of the major Latin American customer. He also sought more detail on the specific drivers of the record Fuel Specialties margin in Q2, inquired about the company's capital allocation strategy, including M&A and buybacks, and asked for the full-year tax rate outlook.

    Answer

    President and CEO Patrick Williams stated that he does not expect the Latin American customer in Mexico to return in 2025 due to their internal financial issues, but believes they will eventually come back. He noted the Oilfield team is making progress diversifying in the Middle East. EVP and CFO Ian Cleminson clarified that the exceptional Fuel Specialties margin was due to a favorable product mix that is not expected to fully repeat in Q3, though margins will remain at the high end of their normal range. Regarding capital allocation, Cleminson mentioned opportunistic buybacks and a likely dividend increase, while Williams added that M&A activity is on hold until the Performance Chemicals margin issues are resolved. Cleminson confirmed the full-year effective tax rate is expected to be around 26%.

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    Jonathan Tanwanteng's questions to Innospec Inc (IOSP) leadership • Q1 2025

    Question

    Jonathan Tanwanteng questioned the resilience of the Fuel Specialties business against potential fuel volume declines, requested quantification of tariff exposure from U.S.-Europe and China trade, and asked if the recent pickup in Performance Chemicals was also seen in Oilfield Services.

    Answer

    President and CEO Patrick Williams affirmed the historical stability and resiliency of the Fuel Specialties business, stating that order patterns and customer communications remain strong. EVP and CFO Ian Cleminson described the financial exposure to tariffs as 'pretty immaterial,' with very low trade with China and manageable, flexible trade flows with Europe. Patrick Williams clarified that the expected improvement in Oilfield Services is primarily driven by internal cost and growth initiatives, not a demand pickup similar to that seen in Performance Chemicals.

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    Jonathan Tanwanteng's questions to Innospec Inc (IOSP) leadership • Q4 2024

    Question

    Jonathan Tanwanteng from CJS Securities inquired about the drivers behind the year-over-year volume growth in the Fuels and Chemicals segments, the sustainability of this demand into Q1, and the maintainability of the high margins in Fuel Specialties. He also sought clarification on the long-term outlook for the major Latin American customer in the Oilfield Services segment and asked for details regarding the pension settlement charge.

    Answer

    President and CEO Patrick Williams attributed the volume growth to the successful execution of organic projects and stabilized market conditions, confirming these positive trends have continued into Q1. He affirmed that the strong margins in Fuel Specialties are maintainable. Regarding the Oilfield Services customer, Williams expects a potential return in the second half of the year, possibly at a lower volume. EVP and CFO Ian Cleminson explained the pension settlement charge was a non-cash, one-off event from a U.K. pension scheme buyout that removes future liability from the balance sheet, but creates a $0.22 EPS headwind for 2025.

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    Jonathan Tanwanteng's questions to Innospec Inc (IOSP) leadership • Q3 2024

    Question

    Jonathan Tanwanteng of CJS Securities asked for the normalized quarterly corporate cost run rate following a one-off pension credit. He also inquired about the pipeline for organic investments and the potential impacts or benefits to the business from the recent U.S. election results.

    Answer

    Ian Cleminson, EVP and CFO, clarified that the adjusted quarterly corporate cost is approximately $20 million, which serves as a good run rate for 2025. Patrick Williams, President and CEO, discussed organic investment opportunities in Performance Chemicals in Brazil, potential DRA expansion in Oilfield, and other geographic expansions, which are being considered alongside M&A. Regarding the election, Williams expressed hope for global political stability and noted that while potential tax changes could be a boost, the company is well-positioned regardless of the outcome.

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    Jonathan Tanwanteng's questions to Ingevity Corp (NGVT) leadership

    Jonathan Tanwanteng's questions to Ingevity Corp (NGVT) leadership • Q2 2025

    Question

    Jonathan Tanwanteng from CJS Securities asked for an update on the profitability of the Industrial Specialties business, details on new investments in areas like activated carbon, and the leadership transition plan for the Performance Materials segment.

    Answer

    CFO Mary Hall explained that while specific profitability for Industrial Specialties isn't disclosed, a relative sense can be gained by comparing paving-heavy quarters (Q2/Q3) to others. CEO David Li added that the company is pleased to have worked through high-cost CTO inventory. He detailed investments in the Nexeon partnership for EV applications and a new focus on process purification. Regarding leadership, Li confirmed an active search is underway for a successor in Performance Materials and the team is already reorganizing to drive growth.

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    Jonathan Tanwanteng's questions to Ingevity Corp (NGVT) leadership • Q1 2025

    Question

    Jonathan Tanwanteng asked new CEO David Li about his strategic priorities, questioned the confidence in the free cash flow forecast amid potential earnings weakness, and inquired about the impact of the EV slowdown on forecasts and investments like Nexeon.

    Answer

    CEO David Li outlined his focus on disciplined execution, optimizing business performance, and reducing leverage to create future optionality. CFO Mary Hall affirmed the cash flow guidance, noting that lower sales would reduce working capital needs, thereby supporting cash generation. Both executives stated the EV slowdown does not diminish their enthusiasm for the Nexeon partnership, viewing it as a long-term technology platform, and highlighted that the growing hybrid vehicle segment remains a positive driver.

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    Jonathan Tanwanteng's questions to Ingevity Corp (NGVT) leadership • Q4 2024

    Question

    Jonathan Tanwanteng asked about Performance Chemicals pricing dynamics after the high-cost CTO inventory is depleted and later followed up on the logistics of the potential divestiture of the Industrial Specialties business, including asset separation and early market interest.

    Answer

    Interim CEO Luis Fernandez-Moreno explained that current pricing already reflects the market, so while profitability will improve post-CTO consumption, the effect is moderated by prior price reductions. Regarding the divestiture, he stated the plan is to separate assets via a 'condominium' structure to maintain raw material flexibility for the Pavement business and confirmed significant inbound interest since the announcement.

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    Jonathan Tanwanteng's questions to Quaker Chemical Corp (KWR) leadership

    Jonathan Tanwanteng's questions to Quaker Chemical Corp (KWR) leadership • Q2 2025

    Question

    Jonathan Tanwanteng of CJS Securities asked for details on the double-digit growth in advanced products, including its revenue share and margin profile, and questioned the specifics of the new $20 million cost savings program, including its cash cost and COGS vs. OpEx split.

    Answer

    CEO Joseph Berquist clarified that the 'Advanced and Operating Solutions' portfolio, representing about 20% of revenue, is experiencing high growth. CFO Tom Coler explained the new $20 million cost program will have a cash restructuring cost of 1 to 1.5 times the run-rate savings. He noted current actions are more weighted to G&A, but future initiatives will also address manufacturing network optimization, particularly in Europe.

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    Jonathan Tanwanteng's questions to Quaker Chemical Corp (KWR) leadership • Q1 2025

    Question

    Jonathan Tanwanteng asked for details on the expected financial contribution from recent acquisitions, particularly the growth and synergy potential of Dipsol. He also sought to understand the specific tariff assumptions underlying the full-year outlook and questioned the company's capital allocation priorities, weighing M&A against share repurchases.

    Answer

    CFO Tom Coler provided specifics on the Dipsol acquisition, noting it generated approximately $80 million in sales and $15 million in EBITDA in 2024. President and CEO Joseph Berquist added that the full-year outlook is based on the current tariff situation without speculating on future changes. On capital allocation, Coler reiterated a balanced approach focused on investing for growth through M&A and organic projects, while also utilizing dividends and opportunistic share repurchases, supported by a healthy balance sheet.

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    Jonathan Tanwanteng's questions to Quaker Chemical Corp (KWR) leadership • Q4 2024

    Question

    Jonathan Tanwanteng questioned if the go-to-market strategy refocus could improve growth beyond the historical 2-4% target, asked for a breakdown of the new cost savings plan between COGS and SG&A, and inquired about the CSI acquisition and the capital allocation priority between M&A and share repurchases.

    Answer

    President and CEO Joseph Berquist maintained that the 2-4% above-market growth target is still appropriate, with the new strategy focused on execution. He detailed that the CSI acquisition enhances the portfolio and logistics in South Africa. He affirmed M&A is the top priority for shareholder value creation, though repurchases remain an option. CFO Tom Coler added that the cost savings primarily target SG&A, which is expected to be flat to modestly up in 2025 due to investments and compensation rebuild.

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    Jonathan Tanwanteng's questions to Quaker Chemical Corp (KWR) leadership • Q3 2024

    Question

    Jonathan Tanwanteng asked for more specific details on the incremental impact of customer shutdowns and strikes on Q4, the degree to which product or geographic mix affected Q3 results, and for an update on capital allocation priorities.

    Answer

    CEO Andrew Tometich and CFO Tom Coler identified ongoing outages in auto and steel, with new challenges emerging in aerospace that could create a several-million-dollar EBITDA headwind in Q4 if they persist. Mr. Tometich noted that negative mix impact was most pronounced in Europe. Regarding capital allocation, he reiterated a disciplined approach with a preference for growth via internal investment and M&A, supplemented by dividends and opportunistic share repurchases, all supported by a strong balance sheet.

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    Jonathan Tanwanteng's questions to APi Group Corp (APG) leadership

    Jonathan Tanwanteng's questions to APi Group Corp (APG) leadership • Q2 2025

    Question

    Jonathan Tanwanteng from CJS Securities asked about the margin profile of the latest elevator acquisition and inquired about the M&A opportunity set in international markets.

    Answer

    President and CEO Russ Becker clarified that the new elevator acquisition's margin is closer to the company's fleet average, with potential for improvement. He also revealed that while most recent M&A was domestic, the company has one small international business under a letter of intent and is selectively evaluating opportunities on a country-by-country basis.

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    Jonathan Tanwanteng's questions to APi Group Corp (APG) leadership • Q4 2024

    Question

    Jonathan Tanwanteng from CJS Securities asked about the risk related to a delayed semiconductor project and questioned why guided interest expense for 2025 is flat despite strong cash flow.

    Answer

    President and CEO Russ Becker clarified the project delay was due to customer leadership changes, not funding, and is now resolved. He emphasized APi's risk is lower than peers due to smaller average project sizes and a focus on recurring services. Interim CFO David Jackola explained the flat interest expense guidance is partly an accounting matter, as a prior-year favorable item is not expected to repeat, and that the guide supports the 75% free cash flow conversion target while funding organic growth.

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    Jonathan Tanwanteng's questions to APi Group Corp (APG) leadership • Q3 2024

    Question

    Jonathan Tanwanteng sought more detail on the M&A pipeline, including the potential timing and size of deals. He also asked if the company plans to provide a formal inorganic growth or capital deployment target at its upcoming Investor Day.

    Answer

    President and CEO Russ Becker stated that bolt-on M&A should occur consistently, with some deals expected to close in Q4 2024 and activity continuing into 2025. He noted a larger, transformational deal would be more likely in 2025 than 2024. Regarding targets, Becker was 'reticent' to commit to a specific annual M&A dollar amount, emphasizing the need to remain disciplined rather than doing deals just to meet a quota.

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    Jonathan Tanwanteng's questions to Nomad Foods Ltd (NOMD) leadership

    Jonathan Tanwanteng's questions to Nomad Foods Ltd (NOMD) leadership • Q1 2025

    Question

    Jonathan Tanwanteng asked if the ability to adjust A&P investment was already factored into the revised guidance and sought details on which input costs were rising. He also questioned pricing elasticity amid consumer trade-downs and asked for the expected mix of volume versus price in the new full-year organic growth outlook.

    Answer

    CEO Stéfan Descheemaeker confirmed that current A&P investment plans are included in the new guidance. CFO Ruben Baldew identified proteins, specifically chicken and red meat, as the source of cost pressure. Regarding the outlook, Ruben Baldew projected that Q2 growth would be more volume-driven due to the Easter shift, while H2 growth would be more price-driven as pricing actions are implemented, with Stéfan Descheemaeker adding the full-year result would be a combination of both.

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    Jonathan Tanwanteng's questions to Nomad Foods Ltd (NOMD) leadership • Q1 2025

    Question

    Jonathan Tanwanteng asked if the potential to adjust A&P spending was already included in the revised guidance, the source of input cost inflation, the expected price elasticity amid consumer trade-downs, and the volume vs. price mix in the new organic growth outlook.

    Answer

    CEO Stéfan Descheemaeker confirmed that A&P investment levels are factored into the new guidance and the company remains committed to brand building. CFO Ruben Baldew identified protein costs (chicken, red meat) as the primary driver of inflation. Regarding pricing, Stéfan Descheemaeker stated their strategy is a holistic combination of renovation, advertising, and in-store activation, not just price. Ruben Baldew projected that Q2 growth would be volume-led, while H2 would be more price-driven, resulting in a mix of both for the full year.

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    Jonathan Tanwanteng's questions to Nomad Foods Ltd (NOMD) leadership • Q4 2024

    Question

    Jonathan Tanwanteng asked if the annual EPS guidance includes assumptions for share repurchases. He also inquired about the potential impact of U.S. tariffs on European markets and the company's procurement of U.S. dollar-denominated seafood.

    Answer

    CFO Ruben Baldew clarified that the EPS guidance assumes a flat share count, meaning any significant buybacks would be a tailwind. He stated the company sees minimal direct risk from U.S. tariffs, as it doesn't export to the U.S. and has hedging strategies for currency. He added that the company is strategically focused on diversifying its fish sourcing long-term to mitigate broader supply risks.

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    Jonathan Tanwanteng's questions to Great Lakes Dredge & Dock Corp (GLDD) leadership

    Jonathan Tanwanteng's questions to Great Lakes Dredge & Dock Corp (GLDD) leadership • Q1 2025

    Question

    Jonathan Tanwanteng asked for a breakdown of the Q1 outperformance drivers, the amount of backlog expected to be executed in Q2, and the outlook for the project mix normalizing. He also questioned the potential impact of trade declines on future port deepening budgets.

    Answer

    CFO Scott Kornblau attributed the strong Q1 results primarily to excellent project performance on large capital jobs, not timing shifts. He stated that 60% of the current backlog is expected to be completed during the rest of 2025. President and CEO Lasse Petterson addressed the market outlook, explaining that funding from the Harbor Maintenance Trust Fund remains robust and prioritized for dredging, mitigating concerns about budget cuts and supporting a continued strong market for port projects.

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    Jonathan Tanwanteng's questions to Great Lakes Dredge & Dock Corp (GLDD) leadership • Q4 2024

    Question

    Jonathan Tanwanteng from CJS Securities asked for an update on the Acadia vessel's construction timeline, inquired about contractual protections if its offshore wind projects are canceled, and sought clarity on the expected liquidation of backlog in Q1 2025.

    Answer

    CEO Lasse Petterson updated the Acadia's delivery timeline to late 2025 or early Q1 2026, citing some delays at the shipyard. He confirmed that contracts include protections and that the vessel could be deployed to the strong international market if U.S. projects were canceled. CFO Scott Kornblau affirmed that Q1 2025 is expected to be the highest revenue quarter of the year due to strong utilization before a series of planned dry dockings begin.

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    Jonathan Tanwanteng's questions to Great Lakes Dredge & Dock Corp (GLDD) leadership • Q3 2024

    Question

    Jonathan Tanwanteng from CJS Securities asked about the status of the NextDecade project for 2025, the expected run rate for G&A expenses going forward, and the utilization prospects for the Acadia vessel in late 2026 and 2027.

    Answer

    CEO Lasse Petterson stated the NextDecade project is proceeding at full blast, and the company has a solid backlog to reassign dredges if needed. CFO Scott Kornblau projected Q4 G&A to be between $18-19 million, with 2025 G&A expected to normalize plus a small increase for wind-related activities. Regarding the Acadia, Petterson confirmed partial utilization in 2026 from the Empire Wind and Sunrise Wind projects, with 2027's utilization to be firmed up later.

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    Jonathan Tanwanteng's questions to Super Micro Computer Inc (SMCI) leadership

    Jonathan Tanwanteng's questions to Super Micro Computer Inc (SMCI) leadership • Q3 2025

    Question

    Jonathan Tanwanteng asked for more details on the 'platform decision' delay that impacted Q3 revenue, specifically if customers were choosing to wait for Blackwell instead of taking Hopper. He also inquired about Supermicro's competitive advantage from its U.S. manufacturing presence in light of potential tariff increases.

    Answer

    CEO Charles Liang explained that Supermicro's tech-leading customer base is very sensitive to new product cycles, and with Blackwell solutions now ready, they are ramping up production. He stated that as a U.S. company manufacturing in Silicon Valley, they can respond to new technology faster. He also noted that their global footprint in the U.S., Taiwan, and Malaysia provides flexibility to optimize logistics once tariff programs are settled.

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    Jonathan Tanwanteng's questions to Super Micro Computer Inc (SMCI) leadership • Q2 2025

    Question

    Jonathan Tanwanteng asked for a breakdown of the factors that led to the reduction in the fiscal 2025 revenue guidance, questioning the relative impact of pricing, Blackwell availability, and the 10-K filing delay. He also inquired about the company's future capital needs and cash flow expectations as it scales towards significantly higher revenue levels.

    Answer

    CFO David Weigand identified the delay in new technology availability as the biggest factor impacting the guidance, noting that Super Micro was ready to ship liquid cooling solutions but the broader ecosystem was not. He acknowledged the 10-K delay was a distraction but emphasized technology timing as the primary driver. Regarding capital, Weigand mentioned the recent successful bond issuance and stated the company will continue to use its balance sheet and prepare on the capital side to fund growth. CEO Charles Liang added that loans against inventory and accounts receivable should be available soon.

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    Jonathan Tanwanteng's questions to Super Micro Computer Inc (SMCI) leadership • Q1 2025

    Question

    Jonathan Tanwanteng asked for a breakout of expected Blackwell-related revenue in the Q1 results and Q2 guidance. He also inquired about the risk of NVIDIA reducing chip allocations due to the ongoing auditor and filing issues.

    Answer

    CEO Charles Liang stated he could not quantify future Blackwell revenue as it depends on NVIDIA's supply volume. He strongly dismissed any risk to allocations, highlighting a multi-decade relationship and ongoing co-development projects. Executive Michael Staiger later explicitly clarified that NVIDIA had confirmed no changes to allocations.

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    Jonathan Tanwanteng's questions to Navitas Semiconductor Corp (NVTS) leadership

    Jonathan Tanwanteng's questions to Navitas Semiconductor Corp (NVTS) leadership • Q1 2025

    Question

    Jonathan Tanwanteng asked for details on Navitas's China exposure, whether tariffs have caused customers to alter plans, and if the company plans to diversify its SiC foundry base outside the U.S.

    Answer

    CEO Eugene Sheridan explained that GaN has low tariff risk due to its Taiwan manufacturing base. The primary risk is for SiC, which is a minority of revenue but mostly sold to China. He noted that while current packaging locations avoid tariffs, a potential shift in rules to fab location (U.S.) could have an impact. He confirmed that Navitas has contingency plans to move production to other territories if necessary.

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    Jonathan Tanwanteng's questions to Navitas Semiconductor Corp (NVTS) leadership • Q4 2024

    Question

    Jonathan Tanwanteng asked for the expected ramp timing of the $450 million in design wins, the margin profile for the second half of the year based on product mix, and the split of OpEx reductions between R&D and SG&A.

    Answer

    CFO Todd Glickman explained that the $450 million in design wins represents lifetime revenue for programs ramping in '25, '26, and '27, with lifetimes of 1-2 years for consumer and 3-4 years for industrial. He reiterated that higher power markets like EV and data center carry margins above the corporate average, which should lead to modest margin growth in the second half. He also noted the R&D vs. SG&A split for OpEx cuts would be consistent with historical splits.

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    Jonathan Tanwanteng's questions to Navitas Semiconductor Corp (NVTS) leadership • Q3 2024

    Question

    Jonathan Tanwanteng sought clarification on the Infineon partnership, asking if Infineon would use Navitas IP. He also asked about the timing of a return to growth, the outlook for Q1, and how the appliance business fits into the new focused strategy.

    Answer

    CEO Eugene Sheridan clarified the Infineon partnership is a dual-sourcing arrangement with a shared footprint enabled by a cross-license, not a transfer of manufacturing IP. He projected a soft, seasonally down Q1, followed by a return to strong growth in Q2/Q3 driven by design wins and delayed projects. He confirmed the appliance business remains important, noting 30 new design wins and explaining that technology from core markets will be reused there.

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    Jonathan Tanwanteng's questions to Leonardo DRS Inc (DRS) leadership

    Jonathan Tanwanteng's questions to Leonardo DRS Inc (DRS) leadership • Q1 2025

    Question

    Jonathan Tanwanteng of CJS Securities asked if maintaining full-year guidance after a strong Q1 provides extra cushion or offsets higher costs, how DRS's market share might evolve with a larger defense budget, and for details on the opportunity in next-generation missile systems.

    Answer

    CEO William Lynn clarified that the Q1 outperformance reflects a push for improved quarterly linearity, not conservatism. He expressed confidence that DRS is well-positioned for defense budget growth due to its alignment with key priorities like shipbuilding and force protection. Lynn characterized the next-generation missile systems market as a significant 'greenfield' opportunity, leveraging the company's core sensor technology to secure new design wins.

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    Jonathan Tanwanteng's questions to Leonardo DRS Inc (DRS) leadership • Q4 2024

    Question

    Jonathan Tanwanteng of CJS Securities inquired about the opportunity presented by the Navy's investment in the Charleston facility and asked for a breakdown of the path to achieving the 14% EBITDA margin target in 2026, considering the increased R&D spending.

    Answer

    CEO William Lynn and CFO Michael Dippold described the Navy's $45 million investment as a major strategic move that expands DRS's steam turbine capacity and solidifies its role in the submarine industrial base, creating significant long-term revenue opportunities. Dippold reiterated commitment to the 14% margin target for 2026, stating that while the path isn't perfectly linear, strong execution on the Columbia program remains the key driver, and robust revenue growth is outpacing original plans.

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    Jonathan Tanwanteng's questions to Vicor Corp (VICR) leadership

    Jonathan Tanwanteng's questions to Vicor Corp (VICR) leadership • Q1 2025

    Question

    Jonathan Tanwanteng inquired about the direct and indirect impacts of tariffs, the production ramp timeline for second-generation VPD products, and the outlook for operating expenses.

    Answer

    CEO Patrizio Vinciarelli and VP Philip Davies explained that a 10% across-the-board tariff surcharge will be implemented in Q3 to maintain margins without significantly impacting demand. They also expressed confidence in the VPD product ramp for a lead customer following the receipt of a key ASIC. CFO Jim Schmidt noted that while specific guidance isn't provided, operating expenses should stabilize now that one-time SAP implementation costs are complete.

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    Jonathan Tanwanteng's questions to Vicor Corp (VICR) leadership • Q4 2024

    Question

    Jonathan Tanwanteng of CJS Securities inquired about the delay and shipping timeline for Vicor's Gen 5 VPD product, the lead customer's sourcing strategy, and the broader IP licensing landscape, including the number of potential licensees and efforts to address infringement.

    Answer

    CEO Patrizio Vinciarelli explained the VPD delay was due to a necessary ASIC redesign to meet performance goals, with shipments to the lead customer expected to ramp in the second half of 2025. He stressed the solution is proprietary and not dual-sourced. Regarding IP, Philip Davies, VP of Global Sales and Marketing, noted the recent ITC ruling is driving more licensing discussions. Vinciarelli added that while customers of infringing products will be treated fairly, the infringing suppliers are being held accountable and have no viable design workarounds.

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    Jonathan Tanwanteng's questions to Vicor Corp (VICR) leadership • Q3 2024

    Question

    Jonathan Tanwanteng of CJS Securities asked for clarification on the initial Gen 5 VPD shipments, questioning if they were for testing or production. He also inquired about the drivers behind Q3's revenue strength, the sequential growth in licensing revenue, and the breadth of market interest for Gen 5 technology beyond GPUs, such as in network processors.

    Answer

    CEO Patrizio Vinciarelli clarified that initial Gen 5 units are for customer bring-up, with production being a first-half 2025 event, and noted that orders are already in hand. Corporate VP Philip Davies attributed Q3 strength to the industrial and aerospace/defense markets, offsetting temporary weakness in lumpy HPC orders. Davies also confirmed a sequential increase in royalty revenue and highlighted strong interest in Gen 5 for network processors, ATE, and aerospace systems.

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    Jonathan Tanwanteng's questions to Element Solutions Inc (ESI) leadership

    Jonathan Tanwanteng's questions to Element Solutions Inc (ESI) leadership • Q1 2025

    Question

    Jonathan Tanwanteng sought more detail on the strong April demand, asking if there were any specific pockets of strength or weakness. He also asked for clarification on whether the full-year guidance assumes zero demand destruction from the current and potential future tariff environment.

    Answer

    CEO Ben Gliklich described April demand as consistent with Q1, with a modest acceleration in some areas. He and Executive Chairman Sir Martin Franklin confirmed that the guidance assumes the same aggregate demand environment as at the start of the year, meaning no demand destruction is factored in, as the company can mitigate cost impacts and the details of tariff implementation remain volatile and uncertain.

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    Jonathan Tanwanteng's questions to Element Solutions Inc (ESI) leadership • Q4 2024

    Question

    Jonathan Tanwanteng of CJS Securities asked if the company's EV expectations account for significantly weaker sales from a large legacy EV customer and whether they still anticipate net growth in that end market.

    Answer

    CEO Benjamin Gliklich confirmed their guidance holds. He explained that the Power Electronics business has successfully diversified by winning new business with both Western and emerging Chinese EV OEMs. He believes that any potential volume lost by one customer is being absorbed by others in the growing overall EV market, ensuring the business continues to grow nicely in 2025.

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    Jonathan Tanwanteng's questions to Element Solutions Inc (ESI) leadership • Q3 2024

    Question

    Jonathan Tanwanteng from CJS Securities requested an updated outlook for the power electronics business, asking if it would outgrow the EV market, its current revenue run-rate, and if opportunities exist outside of EVs.

    Answer

    CEO Benjamin Gliklich confirmed the power electronics business is expected to 'significantly outstrip EV units' growth due to substantial white space and a strong pipeline for its high-performance technology. He estimated the current business run-rate to be between $75 million and $100 million. Gliklich also highlighted expanding opportunities outside of EVs in other power-intensive applications like data centers, smartphones, and utility power conversion.

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    Jonathan Tanwanteng's questions to indie Semiconductor Inc (INDI) leadership

    Jonathan Tanwanteng's questions to indie Semiconductor Inc (INDI) leadership • Q3 2024

    Question

    Jonathan Tanwanteng asked about the risk of further program pushouts and whether the company might need to use its At-The-Market (ATM) facility again before reaching cash flow positivity.

    Answer

    Executive Donald McClymont expressed strong confidence that the specific issues causing past delays are now behind the company, with a conservative view built into future forecasts. CFO Kanwardev Raja Singh Bal stated directly that the company does not anticipate any further use of the ATM facility.

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    Jonathan Tanwanteng's questions to Mativ Holdings Inc (MATV) leadership

    Jonathan Tanwanteng's questions to Mativ Holdings Inc (MATV) leadership • Q3 2024

    Question

    Jonathan Tanwanteng of CJS Securities asked for an update on customer sentiment and demand velocity heading into 2025. He also inquired about the potential impact of a new political administration on tariffs and taxes, and sought an update on the company's progress toward its debt and leverage targets.

    Answer

    CEO Julie Schertell described the demand environment as 'sluggish,' with customers remaining conservative on inventory. She noted that while potential tariffs on Chinese goods could benefit Mativ's films business, it was too early to speculate on broader political impacts. CFO Greg Weitzel stated that due to the slow market recovery, the company's leverage target of 2.5x-3.5x is now expected to be reached in the 2026 timeframe.

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