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    Joseph Osha • Guggenheim Partners

    Joseph Osha's questions to Array Technologies Inc (ARRY) leadership

    Joseph Osha's questions to Array Technologies Inc (ARRY) leadership • Q2 2025

    Question

    Joseph Osha of Guggenheim Partners sought to confirm if new bookings were approximately $360 million, equating to a 1x book-to-bill ratio excluding backlog adjustments, and asked for updated thoughts on market share.

    Answer

    CEO Kevin Hostetler confirmed the approximate 1x book-to-bill. Both Hostetler and CFO Keith Jennings addressed market share, pointing to 84% year-to-date volume growth as strong evidence of share gains and reiterating that their project-by-project win rate exceeds their historical market share.

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    Joseph Osha's questions to Array Technologies Inc (ARRY) leadership • Q4 2024

    Question

    Joseph Osha of Guggenheim Partners inquired about changes in the European competitive landscape following a competitor's (Soltec) recent issues and asked if Array had contemplated selling its 45X tax credits.

    Answer

    CEO Kevin Hostetler noted that while a competitor's exit creates opportunity, Spanish bankruptcy laws currently limit their ability to take over in-progress projects. President & COO Neil Manning added they have been opportunistic in South America. Regarding 45X credits, Hostetler explained it's not a near-term plan as most credits are managed through vendors, and Array would only consider selling excess credits once its own manufacturing scales significantly.

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    Joseph Osha's questions to Array Technologies Inc (ARRY) leadership • Q3 2024

    Question

    Joseph Osha asked about the potential business impact of developers switching solar panel vendors due to varying AD/CVD tariff rates.

    Answer

    CEO Kevin Hostetler described this as an opportunity for Array. He explained that customers are already requesting multiple site designs for different panels to hedge against tariff uncertainty. Array's non-drilled torque tubes and flexible clamping system allow for late-stage panel selection without costly field modifications, giving them a competitive advantage.

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    Joseph Osha's questions to Solaredge Technologies Inc (SEDG) leadership

    Joseph Osha's questions to Solaredge Technologies Inc (SEDG) leadership • Q2 2025

    Question

    Joseph Osha asked about the total revenue capacity of SolarEdge's existing manufacturing base. He also questioned whether the company is at the right price point in European residential markets or if further actions are needed to regain share.

    Answer

    CFO Asaf Alperovitz stated that the current manufacturing infrastructure can support a significant increase in revenue for multiple quarters before needing another major expansion. CEO Shuky Nir commented that pricing is not currently a barrier to growth in Europe and that the focus remains on product, partnerships, and service, though the company will respond to market dynamics if necessary.

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    Joseph Osha's questions to Solaredge Technologies Inc (SEDG) leadership • Q4 2024

    Question

    Joseph Osha questioned whether SolarEdge could generate positive cash flow from operations in the second half of the year without monetizing 45X credits, or if positive cash flow is dependent on them.

    Answer

    CFO Ariel Porat explained that monetizing 45X credits is now an integral part of their ongoing business model. He noted that as European sales recover, they will sell from existing inventory, while the working capital for new U.S. production will be more than funded by the sale of the associated tax credits.

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    Joseph Osha's questions to Solaredge Technologies Inc (SEDG) leadership • Q3 2024

    Question

    Joseph Osha of Guggenheim Partners asked for a breakdown of the Q4 sequential revenue decline between volume and price, and questioned the decision to not address the upcoming convertible debt repayment sooner, given the potential need for working capital as the business recovers.

    Answer

    Interim CEO Ronen Faier attributed the Q4 revenue decline primarily to price decreases in Europe, followed by lower battery shipments due to seasonality and distributor inventory management, and finally the general winter slowdown. Regarding the debt, he expressed confidence that cash from inventory liquidation and IRA credit sales would be sufficient to repay the convert and fund working capital, stating that raising capital at the current stock price would not be in shareholders' best interest.

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    Joseph Osha's questions to Sunrun Inc (RUN) leadership

    Joseph Osha's questions to Sunrun Inc (RUN) leadership • Q2 2025

    Question

    Joseph Osha from Guggenheim Partners asked about the potential to convert customers from the cash and loan market to lease/PPA products after the 25D ITC sunsets. He also questioned why only one-third of the storage fleet is enrolled in grid services.

    Answer

    President & CRO Paul Dickson projected a 25% market contraction from the 25D sunset, with some volume naturally flowing to Sunrun. CEO Mary Powell clarified that grid service enrollment is dictated by the geographic availability of utility programs, not customer reluctance, and that they are actively marketing storage add-ons to their existing customer base.

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    Joseph Osha's questions to Sunrun Inc (RUN) leadership • Q1 2025

    Question

    Joseph Osha asked about the sensitivity of cash generation to changes in the ITC level and requested an update on the regulatory situation in California regarding net metering and potential CPUC actions.

    Answer

    CFO Danny Abajian directed him to the appendix, noting a 1% change in the weighted average ITC equates to approximately $50 million in value, and confirmed any reduction would be met with mitigating actions. CEO Mary Powell addressed the California issue, confirming that recent legislative language that would have negatively impacted existing customers by removing grandfathering has been successfully removed from the bill.

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    Joseph Osha's questions to Primoris Services Corp (PRIM) leadership

    Joseph Osha's questions to Primoris Services Corp (PRIM) leadership • Q2 2025

    Question

    Joseph Osha of Guggenheim Partners asked for confirmation of Primoris's strategy for power delivery projects, specifically if it would stick to 380 kVA and below. He also questioned if the renewables business is margin-dilutive and if there's potential for organic margin improvement.

    Answer

    Chairman & Interim CEO David King confirmed Primoris will maintain its strategy of focusing on lower voltage power delivery projects to avoid larger, higher-risk work. EVP & CFO Ken Dodgen stated that while renewables were slightly dilutive in Q2 due to weather, they are not generally dilutive to the segment. He added that while margins are expected to remain strong, he doesn't foresee significant generic improvement beyond the variability of project closeouts.

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    Joseph Osha's questions to Primoris Services Corp (PRIM) leadership • Q4 2024

    Question

    Joseph Osha asked about the drivers of the strong Q4 operating cash flow and its implications for future performance. He also inquired about the specific impact of tariffs on the Battery Energy Storage Systems (BESS) business.

    Answer

    CFO Ken Dodgen explained that the record cash flow was driven by a $100 million payment pull-forward from Q1 2025, strong upfront payments on new renewables contracts, and successful working capital initiatives. He guided for a normalized operating cash flow of $200-$225 million in 2025. CEO Tom McCormick noted that for current BESS projects, equipment is already procured, mitigating immediate tariff concerns, with clients monitoring potential impacts for 2026 projects.

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    Joseph Osha's questions to Ameresco Inc (AMRC) leadership

    Joseph Osha's questions to Ameresco Inc (AMRC) leadership • Q2 2025

    Question

    Joseph Osha focused on the battery storage business, asking how Ameresco is managing customer conversations around the Foreign Entity of Concern (FEOC) issue, which could make it difficult to claim the ITC on projects using Chinese cells, and whether customers would have to absorb that cost.

    Answer

    Joshua Baribeau, SVP & Chief Investment Officer, explained that there is no single approach. The company is exploring domestic supply options, safe-harboring projects where possible, and negotiating with customers. He noted that some customers may prioritize speed of delivery over the ITC. George Sakellaris, Chairman, CEO & President, added that some contracts include variable pricing based on these factors. Baribeau stressed that all discussions are collaborative negotiations, not ultimatums.

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    Joseph Osha's questions to Ameresco Inc (AMRC) leadership • Q1 2025

    Question

    Joseph Osha requested a geographic breakdown (U.S. vs. non-U.S.) of the solar and energy storage backlog and inquired about the company's procurement strategy for battery cells, particularly LFP, given limited U.S. production.

    Answer

    CIO Josh Baribeau and CEO George Sakellaris clarified that while the project backlog is geographically diverse, the energy asset backlog for solar and battery storage is almost exclusively U.S.-based. On procurement, Mr. Baribeau explained they source from major global players and that the key strategy is not finding new suppliers but structuring new contracts with change-in-law and tariff pass-through provisions to manage cost uncertainty with customers.

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    Joseph Osha's questions to Itron Inc (ITRI) leadership

    Joseph Osha's questions to Itron Inc (ITRI) leadership • Q2 2025

    Question

    Joseph Osha of Guggenheim Partners explored the reasons for increased regulatory complexity, asking if it stemmed from the technical nature of Itron's projects or from pushback on utility rate increases amid high consumer costs.

    Answer

    CEO Tom Deitrich clarified that the regulatory environment's complexity is not due to Itron's technology but rather the fundamental tension regulators face. He explained they must balance the need for utility investments in grid reliability with the economic pressure high rates place on consumers, confirming this dynamic is a key factor in the current decision-making environment.

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    Joseph Osha's questions to Itron Inc (ITRI) leadership • Q3 2024

    Question

    Joseph Osha asked about the business mix of the upcoming Q4 bookings, whether the backlog is representative of the future revenue mix, and the typical lag time from booking to revenue recognition.

    Answer

    CEO Tom Deitrich stated that Q4 bookings will be heavily skewed towards Networks and Outcomes, similar to the existing backlog. He noted the Devices business is more turns-based and its run rate is around $100 million quarterly. CFO Joan Hooper added that the 2027 segment targets remain appropriate and the typical lag from booking to revenue is about 9 to 12 months.

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    Joseph Osha's questions to Generac Holdings Inc (GNRC) leadership

    Joseph Osha's questions to Generac Holdings Inc (GNRC) leadership • Q2 2025

    Question

    Joseph Osha of Guggenheim Partners inquired about Generac's diesel engine sourcing strategy for its large generators, asking about potential supply chain stress and procurement opportunities outside of China.

    Answer

    Chairman, President & CEO Aaron Jagdfeld acknowledged that large bore diesel engines are a key constraint in the market, primarily supplied by a few large players. He revealed that Generac has secured a strategic partnership with a world-class, non-Chinese manufacturer that has a large capacity and appetite for investment. This partner's engines are now certified for use in the U.S., enabling Generac to offer significantly shorter lead times than the market average, which has been a key factor in its early success in securing orders.

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    Joseph Osha's questions to Nextracker Inc (NXT) leadership

    Joseph Osha's questions to Nextracker Inc (NXT) leadership • Q1 2026

    Question

    Joseph Osha from Guggenheim Partners questioned if the Ventec acquisition could lead to offering custom wiring harnesses and whether the new robotics acquisitions signal a move toward full-site assembly automation.

    Answer

    President Howard Wenger stated they were not ready to discuss future product development like custom harnesses. CEO Dan Shugar clarified that while Nextracker supports partners working on installation automation, its own robotics acquisitions are focused on distinct, customer-driven needs such as installation validation, digital mapping, robotic cleaning, and asset reliability, rather than the assembly process itself.

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    Joseph Osha's questions to Nextracker Inc (NXT) leadership • Q3 2025

    Question

    Joseph Osha inquired about demand and pricing trends in the Middle East and North Africa, particularly in light of a competitor's recent bankruptcy.

    Answer

    Howard Wenger, President, described the Middle East as having vast potential and ambitious goals, with extremely low power pricing that requires efficiency from all suppliers. Dan Shugar, CEO, added that as markets like the Middle East mature, there is a 'flight to quality' and an appreciation for durable, high-performance technology, where Nextracker excels.

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    Joseph Osha's questions to Nextracker Inc (NXT) leadership • Q2 2025

    Question

    Joseph Osha of Guggenheim Partners sought clarification on the 45X tax credit disclosure. He asked if the 300 basis point uplift mentioned in the shareholder letter represented an incremental benefit or the total impact from 45X.

    Answer

    CFO Chuck Boynton clarified that the 300 basis points of outperformance was a combination of factors, including TrueCapture, great execution, and 45X benefits. He suggested thinking of the 45X portion as roughly one-third of that 300 bps. He also noted that 45X was not in prior-year numbers, making year-over-year comparisons not purely like-for-like.

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    Joseph Osha's questions to MasTec Inc (MTZ) leadership

    Joseph Osha's questions to MasTec Inc (MTZ) leadership • Q1 2025

    Question

    Joseph Osha inquired about MasTec's long-term leverage target and the potential timeframe for executing the newly authorized $250 million share repurchase program.

    Answer

    CEO Jose Mas characterized the company's share repurchase strategy as opportunistic, not habitual, executed only when the stock price is dislocated from its view of intrinsic value. CFO Paul DiMarco stated that the company's financial policy is to maintain leverage below 2.0x and that he expects natural deleveraging through ongoing cash flow generation.

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    Joseph Osha's questions to Quanta Services Inc (PWR) leadership

    Joseph Osha's questions to Quanta Services Inc (PWR) leadership • Q1 2025

    Question

    Joseph Osha questioned whether the incremental tariffs on imported solar modules are creating material problems for any of Quanta's customers.

    Answer

    President and CEO Duke Austin responded that Quanta has not seen an impact from solar tariffs on its customer base, noting that plans for 2025 and 2026 seem firm. He added that the company's diversified portfolio provides resilience to weather potential project delays if they were to occur, given the strong multi-year demand for all forms of energy.

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    Joseph Osha's questions to Quanta Services Inc (PWR) leadership • Q4 2024

    Question

    Joseph Osha noted that lead times for single-cycle gas turbines are extending, similar to combined-cycle machines, and asked if Quanta is seeing this trend and how its project mix is evolving as a result.

    Answer

    President & CEO Earl Austin confirmed that Quanta sees significant opportunity in the single-cycle gas turbine market. He agreed that they are much quicker to bring to market than combined-cycle plants, making them a key part of the solution for customers needing generation capacity quickly. He affirmed that Quanta is well-positioned to build these types of smaller gas projects and their associated infrastructure.

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    Joseph Osha's questions to Enphase Energy Inc (ENPH) leadership

    Joseph Osha's questions to Enphase Energy Inc (ENPH) leadership • Q1 2025

    Question

    Joseph Osha sought to clarify the future cost of LFP cells, asking if Enphase expects to source them from outside China at the same price as before or if it will have to pay more and pass on the cost.

    Answer

    President and CEO Badri Kothandaraman explained that the calculus has changed due to tariffs. Even if the base price of a non-China cell is higher, the total landed cost is significantly cheaper because it avoids the 145% tariff on cells from China. Therefore, the move is economically advantageous compared to the post-tariff status quo.

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    Joseph Osha's questions to Enphase Energy Inc (ENPH) leadership • Q4 2024

    Question

    Joseph Osha questioned Enphase's capital return strategy, asking if the company had considered committing to a fixed amount of share repurchases annually rather than engaging in what he termed 'timing activity.'

    Answer

    President and CEO Badrinarayanan Kothandaraman defended the company's current strategy, reiterating that capital is allocated first to business needs and M&A, with repurchases following only if the stock is priced below its estimated intrinsic value. He pointed to the significant $200 million buyback in Q4 as proof that the strategy is actively and effectively executed when conditions are met.

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    Joseph Osha's questions to Shoals Technologies Group Inc (SHLS) leadership

    Joseph Osha's questions to Shoals Technologies Group Inc (SHLS) leadership • Q3 2024

    Question

    Joseph Osha asked if Shoals might pursue legal options against a competitor's redesigned product and questioned the rationale for including book-and-ship revenue in the 2025 outlook given recent timing uncertainties.

    Answer

    CEO Brandon Moss affirmed the company's commitment to protecting its new BLA patent portfolio but did not disclose specific legal strategies. He explained that tighter integration with customers through MSAs provides better visibility into their project pipelines, giving Shoals the confidence to factor in some book-and-ship business for the back half of 2025.

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    Joseph Osha's questions to Eos Energy Enterprises Inc (EOSE) leadership

    Joseph Osha's questions to Eos Energy Enterprises Inc (EOSE) leadership • Q3 2024

    Question

    Joseph Osha of Guggenheim Partners sought confirmation that the fully automated line would reach its full stride in the second half of next year and asked about the importance of the new insurance wrap for converting backlog.

    Answer

    CEO Joseph Mastrangelo clarified the fully automated line is expected to hit its stride in the second quarter of 2025, not the second half. He and CFO Nathan Kroeker explained the insurance products are a proactive tool to accelerate new pipeline conversion by de-risking the technology for customers and helping them secure financing. They confirmed the existing $589 million hard backlog is composed of firm orders and is not contingent on this new insurance offering.

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