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    Justin Ages • KeyBanc Capital Markets Inc.

    Justin Ages's questions to Thermon Group Holdings Inc (THR) leadership

    Justin Ages's questions to Thermon Group Holdings Inc (THR) leadership • Q1 2026

    Question

    Justin Ages asked for more details on the strong demand drivers for the recently acquired Foti business and for an update on the company's capital allocation priorities, particularly regarding M&A and share buybacks.

    Answer

    President, CEO & Director Bruce Thames attributed Foti's strong performance, including a doubling of its backlog, to the growing electrification trend in Europe and the Middle East, amplified by leveraging Thermon's global sales network. SVP & CFO Jan Schott reiterated that the capital allocation strategy remains focused on growth, prioritizing strategic M&A and organic investments, followed by opportunistic share repurchases. She noted debt reduction is a lower priority given the company's low leverage of 1.0x.

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    Justin Ages's questions to Thermon Group Holdings Inc (THR) leadership • Q4 2025

    Question

    Justin Ages of CJS Securities requested details on Thermon's capital allocation priorities following recent debt paydowns and share buybacks. He also asked for more color on the $5 million one-time technology investment and the strategic steps being taken to achieve long-term EBITDA margin targets amidst tariff headwinds.

    Answer

    CFO Jan Schott outlined the capital allocation strategy, prioritizing organic growth investments, opportunistic share repurchases under the newly refreshed $50 million program, and pursuing an active M&A pipeline. She specified the $5 million investment is for a multi-stage global ERP implementation. CEO Bruce Thames addressed the margin targets, explaining that levers like favorable mix, the Thermon Business System, pricing power, and new product introductions will continue to drive expansion long-term, despite a near-term setback from tariffs.

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    Justin Ages's questions to Thermon Group Holdings Inc (THR) leadership • Q2 2025

    Question

    Justin Ages of KeyBanc Capital Markets Inc. inquired about the full-year revenue contribution expected from the Vapor Power acquisition and asked for more details on the current size of the nuclear end market.

    Answer

    CEO Bruce Thames confirmed that the Vapor Power business is still projected to contribute between $55 million and $57 million in revenue for the fiscal year. Regarding the nuclear market, Thames stated that current opportunities represent about 4% of the company's $1.2 billion sales pipeline, with additional, larger opportunities in facility expansions and small modular reactors not yet included in that figure.

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    Justin Ages's questions to UFP Technologies Inc (UFPT) leadership

    Justin Ages's questions to UFP Technologies Inc (UFPT) leadership • Q2 2025

    Question

    Justin Ages of CJS Securities questioned the company's market share in drape production and sought an update on the M&A pipeline, including key target markets.

    Answer

    Chairman & CEO R. Jeffrey Bailly affirmed that UFP's market share for drapes remains steady at approximately two-thirds and is expected to hold for the remainder of the year. On the M&A front, Bailly highlighted a strategic focus on the injection molding space, noting that while the company is actively evaluating multiple deals, it remains highly selective to ensure a strong strategic, cultural, and economic fit.

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    Justin Ages's questions to UFP Technologies Inc (UFPT) leadership • Q1 2025

    Question

    Justin Ages from CJS Securities asked how potential tariffs could impact UFP's competitors and create a competitive advantage for the company. He also inquired about current capital allocation priorities, particularly regarding the M&A pipeline.

    Answer

    CEO Jeff Bailly explained that while there is no immediate major advantage, UFP is better positioned than competitors in China and has won back some business. He highlighted that with two-thirds of its manufacturing in the U.S., UFP is well-prepared for any reshoring trends. Regarding M&A, Bailly stated the company is actively pursuing smaller acquisitions, with a focus on injection molding, and is in the early stages of evaluating one very substantial opportunity.

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    Justin Ages's questions to UFP Technologies Inc (UFPT) leadership • Q1 2025

    Question

    Justin Ages of CJS Securities asked about the potential competitive advantages UFP might gain from tariffs impacting its rivals and sought an update on capital allocation priorities, particularly the M&A pipeline.

    Answer

    CEO Jeff Bailly stated that while there is no immediate benefit relative to competitors in Mexico, UFP has a competitive advantage against those importing from China and is well-positioned for any reshoring trends with two-thirds of its manufacturing in the U.S. Regarding M&A, Bailly confirmed UFP is in active discussions for several smaller acquisitions, with a focus on injection molding capabilities, and is in the early stages of evaluating one very substantial opportunity.

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    Justin Ages's questions to Crane Co (CR) leadership

    Justin Ages's questions to Crane Co (CR) leadership • Q2 2025

    Question

    Justin Ages inquired about the growth opportunity in the nuclear sector following the PSI acquisition and asked if there were any pockets of strength in PFT's non-core subsegments.

    Answer

    EVP & COO Alejandro Alcala detailed the nuclear opportunity, highlighting Rotor Stokes' position in reactor replacements, plant restarts, small modular reactors (SMRs), and homeland security. He also clarified that outside of the chemical market, PFT has many bright spots, including cryogenics for space launch, biopharma, wastewater, and regional strength in the Middle East.

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    Justin Ages's questions to Crane Co (CR) leadership • Q1 2025

    Question

    Justin Ages asked if headlines about reduced travel are expected to impact Crane's business and requested an update on the progress of any deals in the M&A pipeline.

    Answer

    Chairman, President and CEO Max Mitchell stated that despite travel headlines, the company is not seeing any impact, as the aged fleet still requires maintenance and new deliveries are lagging. On M&A, he confirmed that he and Alex Alcala have non-stop due diligence activities planned across multiple domestic and international opportunities and that he is hopeful for an announcement in 2025.

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    Justin Ages's questions to Crane Co (CR) leadership • Q4 2024

    Question

    Justin Ages from CJS Securities asked a housekeeping question about any remaining transaction expenses from the Engineered Materials divestiture and inquired about the current demand trends for the company's nuclear valve business.

    Answer

    EVP and COO Alex Alcala and EVP and CFO Rich Maue confirmed there are no further material transaction expenses related to the divestiture. Chairman, President and CEO Max Mitchell described the nuclear business as a smaller but important segment (~7% of revenue) that is benefiting from the resurgence in nuclear power, including plant restarts and refurbishment work. He also noted the team is actively working to get specified in next-generation small modular reactors (SMRs).

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    Justin Ages's questions to Crane Co (CR) leadership • Q3 2024

    Question

    Justin Ages inquired about the small M&A deal expected by year-end, asking which segment it falls into, and also asked how the company is approaching the upcoming November U.S. election and its potential business impact.

    Answer

    CEO Max Mitchell disclosed that the small, pending acquisition is for the Process Flow Technologies (PFT) segment, specifically in the cryogenic space, with a value around $20 million. Regarding the election, he emphasized that Crane's flexibility and ability to react to any administration is a hallmark of the company, expressing readiness for any outcome.

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    Justin Ages's questions to Diebold Nixdorf Inc (DBD) leadership

    Justin Ages's questions to Diebold Nixdorf Inc (DBD) leadership • Q2 2025

    Question

    Justin Ages from CJS Securities inquired about the typical conversion time for pilot programs of the company's dynamic retail software and asked for an update on the progress toward achieving a more rationalized long-term tax rate.

    Answer

    President & CEO Octavio Marquez estimated a six-to-nine-month timeframe for pilot conversions, citing a recent mid-sized grocer that took about six months from proof-of-concept to initial rollout. EVP & CFO Thomas Timko addressed the tax rate, noting a one-time benefit lowered the Q2 rate and that the company remains on track for its long-term goal of a low-to-mid-30s rate by 2027, with the full-year 2025 guidance now lowered to a 40-45% range.

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    Justin Ages's questions to Diebold Nixdorf Inc (DBD) leadership • Q1 2025

    Question

    Justin Ages requested more detail on the working capital improvements driving the strong free cash flow performance and asked about the company's capital allocation priorities, particularly regarding share repurchases.

    Answer

    CFO Thomas Timko attributed the record Q1 free cash flow to lower interest expense, working capital efficiencies in inventory and AP, reduced professional fees, and improved discipline around year-end prepayments, which avoided a large VAT payment. He reiterated that returning excess cash to shareholders via the share repurchase program is the top priority, as the company believes its stock offers the best return on investment.

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    Justin Ages's questions to Cavco Industries Inc (CVCO) leadership

    Justin Ages's questions to Cavco Industries Inc (CVCO) leadership • Q4 2025

    Question

    Justin Ages of CJS Securities inquired about Cavco's production rate expectations for the first quarter, the cadence of order rates in April and May, and the sentiment among retail and community customers. He also asked for an outlook on gross and operating margins for the upcoming quarters.

    Answer

    CEO William Boor noted that April's order trends continued the positive momentum seen in March, and the overall bias across plants is towards increasing production. He confirmed that the retail channel remains solid and community customers are returning to their proportionate share of orders. CFO Allison Aden added that future margins will depend on the balance between regional pricing pressures and volatile commodity costs. She also mentioned that consolidated margins are influenced by the financial services segment, which is undergoing strategic changes but faces risks from storm activity.

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    Justin Ages's questions to Dorman Products Inc (DORM) leadership

    Justin Ages's questions to Dorman Products Inc (DORM) leadership • Q1 2025

    Question

    Justin Ages from CJS Securities asked for a breakdown of the company's 30-40% China sourcing exposure across its different business segments: Light Duty, Heavy Duty, and Specialty Vehicles.

    Answer

    CEO Kevin Olsen declined to provide a specific breakdown by segment for competitive reasons but offered directional color. He stated that in Light Duty, Dorman has less exposure than the overall market; in Heavy Duty, the tariff impact is modest; and in Specialty Vehicles, Dorman is well-positioned against a heavily China-indexed industry due to its U.S. manufacturing footprint. Olsen also reiterated that approximately 30% of total products are sourced from the U.S.

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    Justin Ages's questions to Leonardo DRS Inc (DRS) leadership

    Justin Ages's questions to Leonardo DRS Inc (DRS) leadership • Q3 2024

    Question

    Justin Ages, on for Jon Tanwanteng, asked about the relative strength of international versus domestic markets and whether the time from new orders to revenue recognition has changed.

    Answer

    CEO Bill Lynn highlighted that international markets are growing faster than the U.S. budget, with international revenue doubling to 10% of sales over the last few years, a trend he expects to continue. CFO Mike Dippold explained that while backlog conversion is slower than pre-COVID norms due to elongated lead times, it has been stable compared to the recent 2023-2024 period.

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