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    Josh Nichols • B. Riley Securities

    Josh Nichols's questions to OSI Systems Inc (OSIS) leadership

    Josh Nichols's questions to OSI Systems Inc (OSIS) leadership • Q4 2025

    Question

    Josh Nichols asked about OSI Systems' fiscal 2026 revenue guidance, specifically questioning if the top line would grow at a double-digit rate when excluding the declining Mexico contracts. He also inquired if the high-margin services business would continue to outgrow the product segment, thereby boosting overall gross margins.

    Answer

    EVP and CFO Alan Edrick confirmed that excluding the headwind from the Mexico contracts, OSI Systems' overall revenue growth guidance for fiscal 2026 would indeed imply a double-digit rate. Edrick also affirmed that the strong growth in high-quality, recurring service revenue is expected to continue and could outpace product revenue growth, which would be accretive to margins. CEO A. J. Mera added that aviation services will be a significant contributor to this trend.

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    Josh Nichols's questions to OSI Systems Inc (OSIS) leadership • Q3 2025

    Question

    Josh Nichols of B. Riley Securities asked for context on how much of the current record backlog is expected to be recognized in fiscal 2026. He also questioned whether the new, higher level of service revenue is a sustainable baseline for future growth.

    Answer

    Executive President & CFO Alan Edrick stated that while the company does not disclose future backlog conversion rates at this time, the record backlog and strong pipeline are encouraging for fiscal 2026. He affirmed that the current service revenue level, which surpassed $100 million, is believed to be a new baseline, with the company's goal being to grow it further as a percentage of overall revenue in the coming years.

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    Josh Nichols's questions to OSI Systems Inc (OSIS) leadership • Q2 2025

    Question

    Josh Nichols asked about the potential impact of the new U.S. administration's focus on border security and the growth opportunities for the recently acquired RF Solutions business.

    Answer

    President and CEO Ajay Mehra stated that the bipartisan support for border security is a positive for OSI Systems, highlighting the company's dominant position with CBP and its advanced software. For the RF Solutions acquisition, he explained that OSI's global reach and financial strength will help expand the business, particularly by applying its over-the-horizon radar technology to border security for tracking drones and ships, in addition to its traditional defense applications.

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    Josh Nichols's questions to OSI Systems Inc (OSIS) leadership • Q1 2025

    Question

    Josh Nichols inquired about the drivers of the strong Security backlog growth despite seasonal slowness, the strategy for gaining market share in aviation security, and the synergies expected from the new RF technology acquisition.

    Answer

    EVP and CFO Alan Edrick attributed the backlog strength to broad-based demand across geographies and product lines in the Security division. President and CEO Deepak Chopra discussed the strong international aviation pipeline, focus on air cargo, and innovative solutions like employee screening. He also explained the RF acquisition adds complementary technology and leverages OSI's global sales and service infrastructure to reach a broader customer base.

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    Josh Nichols's questions to Nayax Ltd (NYAX) leadership

    Josh Nichols's questions to Nayax Ltd (NYAX) leadership • Q2 2025

    Question

    Josh Nichols of B. Riley Securities asked about the long-term revenue opportunity in the EV charging market following the major Autel partnership and inquired about the specific drivers for the expected acceleration in enterprise sales in the second half of the year.

    Answer

    CEO Yair Nechmad explained that the EV strategy focuses on scaling customer acquisition at a low cost through OEM partnerships, embedding Nayax's payment solution for long-term value. CSO Aaron Greenberg added that the embedded UNO Mini device creates significant customer stickiness. CFO Sagit Manor confirmed the second-half acceleration will be driven by enterprise sales in smart coolers and EV, along with retrofits, noting that strong transaction growth in July and August provides confidence in the outlook.

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    Josh Nichols's questions to Red Violet Inc (RDVT) leadership

    Josh Nichols's questions to Red Violet Inc (RDVT) leadership • Q2 2025

    Question

    Josh Nichols of B.Riley Securities inquired about Red Violet's traction with large enterprise accounts, the potential impact of recent federal legislation on government sector opportunities, and the timeline for expanding the ForWarn platform into new verticals beyond real estate.

    Answer

    Chairman & CEO Derek Dubner confirmed significant progress in testing with and winning larger enterprise customers, noting that these clients often start with smaller volumes before ramping up. He also affirmed that recent government budget changes present opportune timing for their public sector push, with large, seven-figure opportunities in the pipeline. CFO Dan MacLachlan added that the company is actively testing ForWarn in new markets and expects to invest heavily in a few promising areas in 2026 to drive meaningful revenue.

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    Josh Nichols's questions to Red Violet Inc (RDVT) leadership • Q1 2025

    Question

    Josh Nichols of B. Riley Securities inquired about the drivers behind the strong growth in IDI customers, trends among larger enterprise clients amid economic uncertainty, and key long-term technology investments aimed at enhancing the core identity graph.

    Answer

    Chief Financial Officer Dan MacLachlan attributed the strong IDI customer growth to consistent, broad-based demand across all verticals, noting that the number of clients spending over $100,000 annually grew from approximately 96 to nearly 110. Chairman and CEO Derek Dubner detailed long-term technology priorities, including enhancing the core identity graph with AI, expanding into Know Your Business (KYB) and account monitoring solutions, and increasing internal automation to drive future efficiencies.

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    Josh Nichols's questions to Red Violet Inc (RDVT) leadership • Q4 2024

    Question

    Josh Nichols inquired about Red Violet's strategy to maintain its elevated top-line growth in 2025, the balance between acquiring new customers versus expanding within the existing base, the ROI on recent sales and marketing investments, and the pipeline for new products.

    Answer

    Chairman and CEO Derek Dubner and CFO Daniel MacLachlan explained that growth momentum is expected to continue, driven by prior strategic investments, strong brand awareness, and a robust sales pipeline. They highlighted a significant opportunity to expand within their growing base of higher-tier customers. MacLachlan confirmed that 2025 investments will be consistent with 2024, with positive ROI already emerging from recent hires. Dubner detailed a product roadmap focused on AI-driven solutions, account monitoring, KYB (know your business), and expanding FOREWARN's capabilities.

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    Josh Nichols's questions to Red Violet Inc (RDVT) leadership • Q3 2024

    Question

    Josh Nichols of B. Riley Securities inquired about the impact of increased sales and marketing spend on customer acquisition, the balance between new customer growth and the 'land and expand' strategy, and the remaining market penetration for the FOREWARN platform.

    Answer

    Chairman and CEO Derek Dubner confirmed that strategic investments in sales and marketing are successfully driving record customer onboarding, which provides strong visibility and confidence for 2025. CFO Daniel MacLachlan added that growth is a healthy mix of new and existing customers, with significant opportunity in larger enterprises. Regarding FOREWARN, MacLachlan noted they have penetrated just under half of the available U.S. REALTOR associations and are actively planning to expand the brand into new industries.

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    Josh Nichols's questions to Genius Sports Ltd (GENI) leadership

    Josh Nichols's questions to Genius Sports Ltd (GENI) leadership • Q2 2025

    Question

    Josh Nichols of B. Riley Securities asked about the extent of Genius's market share increase in European soccer with the new partnerships, the timeline for deploying Genius IQ, and the highest-value incremental revenue opportunities from the platform beyond betting data.

    Answer

    Nicholas Taylor (CFO) and Mark Locke (Co-Founder, CEO & Director) responded that while precise market share is difficult to calculate, their position in European soccer is now very strong. The rollout of Genius IQ into over 400 stadiums will begin in late 2025 at a pace the company controls. They explained the platform's value lies in its multiple use cases—such as broadcast augmentation, coaching tools, and officiating—all powered by the same core technology, allowing for tailored and cost-effective solutions for leagues.

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    Josh Nichols's questions to Genius Sports Ltd (GENI) leadership • Q1 2025

    Question

    Josh Nichols asked if the recent expansion of BetVision into high-volume soccer is factored into the current financial guidance and inquired about the product's long-term opportunity given its success with the NFL.

    Answer

    CFO Nicholas Taylor confirmed that a baseline contribution from the BetVision soccer launch is included in the guide, with potential for upside if commercial adoption accelerates. CEO Mark Locke described the long-term vision is to make BetVision a ubiquitous viewing experience across its vast portfolio of sports rights, including soccer and upcoming basketball, to drive engagement.

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    Josh Nichols's questions to 8x8 Inc (EGHT) leadership

    Josh Nichols's questions to 8x8 Inc (EGHT) leadership • Q1 2026

    Question

    Josh Nichols of B. Riley Securities inquired about the remaining revenue headwind from the Fuze platform migration, the expected churn from the final customer cohort, and the evolving mix of usage-based revenue and its impact on the margin profile.

    Answer

    CFO Kevin Kraus stated the Fuze headwind was approximately 3% in Q1, with about 4% of service revenue remaining on the platform, half of which is expected to be retained. CEO Samuel Wilson added that this will translate to a 1.5% growth headwind next year. Wilson also noted that usage-based revenue, now 17% of the total, is expected to continue growing by 1-2% per quarter, driven by AI products and CPaaS adoption.

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    Josh Nichols's questions to 8x8 Inc (EGHT) leadership • Q3 2025

    Question

    Josh Nichols of B. Riley Securities asked for clarification on service revenue growth excluding foreign exchange impacts, the contribution of new AI products, and the progress and financial impact of the Fuze platform shutdown.

    Answer

    CFO Kevin Kraus confirmed that FX headwinds impacted the Q4 guidance but that the constant currency outlook was effectively a raise. CEO Samuel Wilson stated that while new AI product revenue is growing over 60% year-over-year, it's still from a small base. He reaffirmed the goal to shut down the Fuze platform by the end of the calendar year, expecting mid-single-digit millions in hard savings and additional intangible benefits, which will aid the return to growth.

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    Josh Nichols's questions to Hudson Technologies Inc (HDSN) leadership

    Josh Nichols's questions to Hudson Technologies Inc (HDSN) leadership • Q2 2025

    Question

    Josh Nichols questioned whether higher current HFC prices compared to last year would lead to year-over-year revenue and margin growth in the second half, and requested an update on the competitive landscape for the DLA contract renewal.

    Answer

    CFO Brian Bertaux affirmed expectations for a strong Q3 but cautioned that Q4 is seasonally soft, maintaining the full-year gross margin target of mid-20s with potential upside. President and CEO Brian Coleman explained the DLA contract is no longer a small business set-aside, estimating 5-10 bidders, and noted that while Hudson has a strong track record, the outcome is uncertain.

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    Josh Nichols's questions to Hudson Technologies Inc (HDSN) leadership • Q4 2024

    Question

    Josh Nichols from B. Riley inquired about how the transition to new OEM equipment might affect inventory destocking in 2025, whether Hudson would distribute new, higher-priced replacement refrigerants, and if there have been any significant shifts in demand or pricing for older refrigerants like R-22.

    Answer

    Executive Brian Coleman explained that while there is some market disruption from the transition to lower GWP systems, legacy 410A units will still be sold and installed in 2025. He confirmed Hudson can technically reclaim new refrigerants but noted that material volumes are years away and patent rights are a consideration. For R-22, Coleman described the market as stable with slowly declining volumes, unaffected by the HFC stockpile issues.

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    Josh Nichols's questions to Inspired Entertainment Inc (INSE) leadership

    Josh Nichols's questions to Inspired Entertainment Inc (INSE) leadership • Q1 2025

    Question

    Josh Nichols of B. Riley Securities asked for an outlook on future free cash flow generation, considering the shift to a CapEx-light model and growing digital revenue. He also asked which second-half growth initiative, such as Hybrid Dealer, management is most excited about.

    Answer

    Executive A. Weil explained that free cash flow conversion should steadily increase, potentially to the 30% of EBITDA range, driven by rising EBITDA, a higher mix of digital revenue, and a significant reduction in annual CapEx to around $25 million. Executive Brooks Pierce identified Hybrid Dealer as the most exciting growth opportunity, citing its sustained player engagement and strong, broad-based operator demand, which is currently a supply-side constraint.

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    Josh Nichols's questions to Cantaloupe Inc (CTLP) leadership

    Josh Nichols's questions to Cantaloupe Inc (CTLP) leadership • Q3 2025

    Question

    Josh Nichols of B. Riley Securities inquired about the quantifiable impact of weather on transaction revenue, the early demand signals for Smart Store products, and any specific progress updates for the Latin American market.

    Answer

    Scott Stewart, an executive, quantified the adverse weather impact at approximately $2 million in transaction revenue. Executive Ravi Venkatesan highlighted a strong Q4 rebound for equipment, describing the Smart Store as the company's "hottest selling product" with significant interest at the NAMA industry conference. Regarding Latin America, Venkatesan noted that while exciting developments are underway with both large and SMB customers, it was premature to share specific details.

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    Josh Nichols's questions to Cantaloupe Inc (CTLP) leadership • Q2 2025

    Question

    Josh Nichols asked for more color on the wide range in the full-year revenue guidance and inquired about the outlook for EBITDA, given the company's strong profitability trends and recent outperformance.

    Answer

    Executive Scott Stewart explained that the wide revenue guidance range is primarily driven by the variability in timing and volume of large equipment sales in the second half of the year, particularly the new, high-value Smart Stores. Regarding profitability, Stewart stated that while margin improvements could provide a benefit, the company is currently tracking toward the midpoint of its reaffirmed adjusted EBITDA guidance for the fiscal year.

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    Josh Nichols's questions to Cantaloupe Inc (CTLP) leadership • Q1 2025

    Question

    Josh Nichols from B. Riley Securities inquired about the sustainability of the high gross margin in the subscription and transaction business, progress on international deployments in Latin America, and the factors contributing to the wide full-year EBITDA and net income guidance range.

    Answer

    CFO Scott Stewart stated that the gross margin trend for transaction processing is expected to continue improving throughout the year, driven by rising average ticket sizes. He also noted that the guidance range is influenced by revenue growth, margins, tax expenses, and steady OpEx. CEO Ravi Venkatesan added that the company remains bullish on its Latin America expansion, taking a measured, metric-driven approach to scaling deployments to ensure a solid foundation.

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    Josh Nichols's questions to Cantaloupe Inc (CTLP) leadership • Q4 2024

    Question

    Josh Nichols from B. Riley Financial asked about the expected revenue cadence for fiscal 2025 after a lighter Q4, the financial materiality of the SB Software acquisition, and the primary drivers for the company's projected growth acceleration.

    Answer

    Executive Ravi Venkatesan addressed revenue cadence, noting that weaker consumer spending observed in June did not persist, with July and August trends returning to normal. Both Ravi Venkatesan and Scott Stewart confirmed the SB Software acquisition is not financially material, contributing less than 1% to revenue and EBITDA, but is a strategic move to gain technology and cross-sell opportunities. Scott Stewart identified international expansion, particularly the Cantaloupe ONE platform in Latin America, and the fast-growing micromarket segment (25-30% growth) as key drivers for FY25.

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    Josh Nichols's questions to Digi International Inc (DGII) leadership

    Josh Nichols's questions to Digi International Inc (DGII) leadership • Q1 2025

    Question

    Josh Nichols of B. Riley Securities asked for an update on customer ordering patterns and any end markets showing particular strength or weakness. He also followed up on ARR growth, asking about current software attach rates and how they have evolved.

    Answer

    President and CEO Ronald Konezny responded that ordering patterns have stabilized and modestly improved. He highlighted strength in data centers, medical devices, remote machine connectivity, and utilities. On the follow-up, Konezny stated that attach rates on key products now exceed 50% and are trending higher, with new solution packages for Opengear expected to further boost this metric.

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    Josh Nichols's questions to Digi International Inc (DGII) leadership • Q4 2024

    Question

    Josh Nichols of B. Riley Securities asked about the potential for gross margin expansion beyond 60% given strong ARR growth, the outlook for the seasonally slower first quarter, and the company's preparedness for potential tariff changes.

    Answer

    President and CEO Ronald Konezny affirmed that the 60%+ gross margin level is sustainable, driven by the increasing mix of high-margin ARR. Regarding Q1, he noted market recovery is unclear and the company is taking a pragmatic approach. On tariffs, Konezny detailed a robust diversification strategy, having reduced China exposure to single digits and established manufacturing options in Southeast Asia, Mexico, and the U.S. to adapt to various scenarios.

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