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    Lance Vitanza • TD Cowen

    Lance Vitanza's questions to Opera Ltd (OPRA) leadership

    Lance Vitanza's questions to Opera Ltd (OPRA) leadership • Q2 2025

    Question

    Lance Vitanza questioned the monetization strategy for the 9 million activated MiniPay stablecoin wallets and sought clarity on the drivers behind the rebound in search revenue, asking if it was due to volume, revenue per search, or user mix.

    Answer

    Co-CEO Song Lin explained that MiniPay already generates revenue through ecosystem partner integrations where Opera receives a share, comparing its natural monetization to that of search. CFO Frode Jacobsen added that the search revenue rebound was expected and is part of a broader trend of 'information discovery,' which makes the browser increasingly relevant.

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    Lance Vitanza's questions to Opera Ltd (OPRA) leadership • Q1 2025

    Question

    Lance Vitanza asked if the rapid growth of e-commerce was masking underlying seasonality, questioned the slight decline in MAUs, and sought commentary on the potential impact of U.S. antitrust actions on the browser ecosystem.

    Answer

    CFO Frode Jacobsen and Co-CEO Lin Song confirmed that strong underlying growth in e-commerce offset typical Q1 seasonality. Regarding users, Jacobsen stated the company's strategy is to focus on high-ARPU users, not the total MAU count, which drives significant ARPU growth. Song commented that regulatory focus on competition and opening up the ecosystem is a net positive for an agile company like Opera.

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    Lance Vitanza's questions to Opera Ltd (OPRA) leadership • Q4 2024

    Question

    Lance Vitanza asked for confirmation on the low iOS penetration in Europe, inquired about anecdotal download spikes in the U.S., and questioned if the advertising revenue share would continue to grow versus search.

    Answer

    Co-CEO Lin Song confirmed that iOS penetration in Europe is still very low but has significant growth potential, and also verified a spike in U.S. downloads due to increased user awareness. CFO Frode Jacobsen affirmed that the trend of advertising growing faster than search is expected to continue, further shifting the revenue mix.

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    Lance Vitanza's questions to Opera Ltd (OPRA) leadership • Q3 2024

    Question

    Lance Vitanza asked for clarification on the strong cash balance, wondering about below-the-line factors like working capital or taxes, and requested an update on the valuation and potential monetization of the OPay stake.

    Answer

    CFO Frode Jacobsen attributed the strong cash flow primarily to a favorable change in working capital, which decreased by over $4 million. Regarding the OPay stake, Jacobsen stated that its valuation remains unchanged from prior quarters and will be reassessed at year-end. He reiterated that Opera is a financial investor and plans to divest the stake either through a private offer or following a future IPO.

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    Lance Vitanza's questions to Microstrategy Inc (MSTR) leadership

    Lance Vitanza's questions to Microstrategy Inc (MSTR) leadership • Q2 2025

    Question

    Lance Vitanza of Cowen asked if Strategy's significant concentration of Bitcoin holdings could impede broader adoption and whether the growing number of other public Bitcoin treasury companies poses a competitive threat.

    Answer

    Executive Chairman Michael Saylor responded that Strategy accelerates adoption by channeling new capital into the ecosystem and that the company competes with traditional credit instruments, not other Bitcoin companies. CEO Phong Le added that more treasury companies increase market knowledge and that competitors are not close in size or strategy, making the trend additive to Strategy's goals.

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    Lance Vitanza's questions to KORE Group Holdings Inc (KORE) leadership

    Lance Vitanza's questions to KORE Group Holdings Inc (KORE) leadership • Q1 2025

    Question

    Lance Vitanza asked for details about the Winnebago win, the demand environment in healthcare, whether the highlighted Q1 wins were new logos, and the pipeline's mix between new and existing customers.

    Answer

    CEO Ronald Totton detailed the Winnebago win as a competitive process for a new logo, secured via a partner over a nine-month cycle with a minimum revenue commitment. He confirmed that Medicare/Medicaid funding changes do not impact their strong Connected Health business. Totton clarified that three of the four highlighted wins were new logos. He estimated the pipeline is weighted about 75% to new logos, with CFO Paul Holtz adding that existing customer growth often comes from new departments consolidating vendors.

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    Lance Vitanza's questions to KORE Group Holdings Inc (KORE) leadership • Q4 2024

    Question

    Lance Vitanza asked about the drivers behind the strong connection growth but lower-than-expected ARPU in Q4. He also questioned the modest 2% revenue growth guidance for 2025 despite brisk market demand, inquired about the cause of the 10-K filing delay, and asked about the company's stance on a potential balance sheet restructuring given its debt load.

    Answer

    CFO Paul Holtz explained that the connection increase came from low-ARPU use cases added late in the quarter, which minimally impacted revenue and thus lowered the average ARPU. CEO Ronald Totton addressed the revenue guidance by highlighting the company's strategy to exit unprofitable contracts, which tempers top-line growth but boosts profitability, urging a focus on the strong EBITDA and free cash flow guidance. Paul Holtz attributed the 10-K delay to specific year-end audit items that have been resolved. Regarding the balance sheet, Ronald Totton stated that while the company is always open to ideas beneficial to shareholders, the primary focus remains on executing its operational plan and building on current business momentum.

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    Lance Vitanza's questions to KORE Group Holdings Inc (KORE) leadership • Q3 2024

    Question

    Lance Vitanza asked about the strategic shift to prioritize IoT Connectivity over the Solutions business and its impact on growth. He also questioned the company's liquidity, access to its revolver, and plans for managing its significant debt load, including potential restructuring versus growing into the balance sheet.

    Answer

    President and CEO Ronald Totton clarified that the company is not deemphasizing IoT Solutions but is moving away from low-margin hardware deals with minimal connectivity linkage. CFO Paul Holtz addressed the balance sheet, confirming an expected improvement in free cash flow for 2025. Holtz acknowledged the high debt level, stated the company is exploring refinancing options, and expressed confidence in their liquidity position for the upcoming year, noting an $18.6 million cash balance.

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    Lance Vitanza's questions to NAPCO Security Technologies Inc (NSSC) leadership

    Lance Vitanza's questions to NAPCO Security Technologies Inc (NSSC) leadership • Q3 2025

    Question

    Lance Vitanza questioned the historical sensitivity of security system demand to economic downturns, particularly a potential tariff-driven recession. He also asked about future capital allocation strategy, specifically regarding share repurchases given the strong cash flow conversion.

    Answer

    CEO Richard Soloway and President/CFO Kevin Buchel asserted that the security business is largely 'recession-resistant,' as demand is driven by the fundamental need for safety. Regarding capital allocation, Buchel acknowledged the significant spending on buybacks and dividends, stating that while he likes holding cash in uncertain times, the company's strong cash flow provides the flexibility to continue buybacks if conditions are favorable.

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    Lance Vitanza's questions to NAPCO Security Technologies Inc (NSSC) leadership • Q2 2025

    Question

    Lance Vitanza of TD Cowen inquired about the potential business impacts from the recent fires in California and ongoing tariff discussions.

    Answer

    Chairman and CEO Dick Soloway stated that potential tariffs on Chinese and Mexican goods could enhance NAPCO's competitive position, as many rivals manufacture in those regions while NAPCO produces in the Dominican Republic. He believes this could help gain market share. Regarding the California fires, Soloway noted that subsequent rebuilding efforts, particularly for commercial properties, could increase demand for fire alarm and communicator systems. President and CFO Kevin Buchel added that existing projects in the affected area are expected to continue.

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    Lance Vitanza's questions to NAPCO Security Technologies Inc (NSSC) leadership • Q1 2025

    Question

    Lance Vitanza asked about the composition of the rebound in radio sales, specifically the mix between fire and burglary alarms, and how this will impact future service revenues and gross margins. He also sought to clarify if the new radios being sold are attaching at a higher, lower, or similar monthly recurring revenue rate compared to the existing installed base.

    Answer

    President, COO, and CFO Kevin Buchel confirmed that the recent radio sales were heavily weighted towards fire alarm communicators, which is a positive trend as they command higher recurring fees than burglary radios. He stated that while the per-unit revenue might be similar to past fire radios, the richer mix towards the more profitable fire products bodes well for future recurring revenue and could potentially push the 91% gross margin even higher. Chairman and CEO Richard Soloway added that the company continues to innovate its radio line, which will contribute to long-term recurring revenue growth.

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    Lance Vitanza's questions to NAPCO Security Technologies Inc (NSSC) leadership • Q4 2024

    Question

    Lance Vitanza from TD Cowen inquired about pricing trends for recurring services, particularly for fire radios, and whether promotional pricing could be a future headwind. He also asked for detail on the drivers of increased R&D and SG&A expenses.

    Answer

    Kevin Buchel, President, COO & CFO, stated that the company promotes as necessary but tries not to alter the successful pricing formula, especially for fire radios which have 90% margins. For expenses, he explained the SG&A spike was partly due to the timing of the ISC West trade show. He confirmed the new ~$3 million quarterly run rate for R&D is the new standard, reflecting strategic hiring of engineers to accelerate product development.

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    Lance Vitanza's questions to Clear Channel Outdoor Holdings Inc (CCO) leadership

    Lance Vitanza's questions to Clear Channel Outdoor Holdings Inc (CCO) leadership • Q1 2025

    Question

    Lance Vitanza from TD Cowen questioned whether the year-over-year decline in static print revenue was due to cannibalization from digital, and asked if management expects print revenue to return to growth later in the year.

    Answer

    CEO Scott Wells clarified that the first-quarter decline in print revenue was due to idiosyncratic campaign timing and not a result of cannibalization from digital advertising. He affirmed his expectation that print revenue will show growth for the full year.

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    Lance Vitanza's questions to Clear Channel Outdoor Holdings Inc (CCO) leadership • Q3 2024

    Question

    Lance Vitanza of TD Cowen questioned the drivers behind Europe-North's cost growth outpacing its strong revenue growth, asking for a breakdown of recurring versus non-recurring expenses and the impact on future margins. He also asked to quantify the impact of the lost Norway contract.

    Answer

    CFO David Sailer attributed the higher costs to new contract ramps, increased property taxes in the U.K., and higher incentive compensation due to strong performance, stating these would normalize over time. Justin Cochrane, CEO of Clear Channel U.K. & Europe, added that the lost Norway contract was low-margin and had no material impact on profitability. He clarified that underlying business margins are stable and the quarterly result was due to a few small, non-structural one-offs.

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    Lance Vitanza's questions to Compass Diversified Holdings (CODI) leadership

    Lance Vitanza's questions to Compass Diversified Holdings (CODI) leadership • Q4 2024

    Question

    Lance Vitanza inquired about the company's tariff mitigation strategies, asking for details on actions taken to date and how CODI's portfolio companies are positioned versus their competitors. He also asked about the M&A environment for 2025 and CODI's expected activity level.

    Answer

    Patrick Maciariello, an executive, stated that tariff preparation has been a multi-year process of diversifying supply chains geographically, which positions them well against competitors. Elias Sabo, an executive, added that the M&A market is recovering slightly and that CODI is well-positioned to increase its acquisition pace due to its strong balance sheet, reduced leverage, and well-aligned portfolio.

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    Lance Vitanza's questions to OUTFRONT Media Inc (OUT) leadership

    Lance Vitanza's questions to OUTFRONT Media Inc (OUT) leadership • Q4 2024

    Question

    Lance Vitanza asked for an update on the permanent CEO search process and the circumstances surrounding Nick Brien's appointment as Interim CEO.

    Answer

    Interim CEO Nicolas Brien confirmed that a board subcommittee has initiated a formal search process with a leading recruitment firm. He explained his interim appointment was a collaborative decision with outgoing CEO Jeremy Male to ensure the company had broad leadership expertise during the transition, especially given the rapidly evolving media landscape.

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    Lance Vitanza's questions to OUTFRONT Media Inc (OUT) leadership • Q3 2024

    Question

    Lance Vitanza requested a breakdown of the increased corporate expenses, seeking to understand which components were non-recurring, including consulting fees, compensation, and an unfunded benefit plan. He also asked if the stronger national advertising performance from Q3 was expected to continue into Q4.

    Answer

    CFO Matthew Siegel explained the corporate expense increase: the benefit plan cost fluctuates with equity market performance; professional fees are for a year-long engagement with a management consulting firm to optimize asset performance; and higher compensation reflects accruals closer to 100% of target due to strong results. CEO Jeremy Male confirmed that national advertising revenue is expected to be up again in Q4.

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    Lance Vitanza's questions to Lamar Advertising Co (LAMR) leadership

    Lance Vitanza's questions to Lamar Advertising Co (LAMR) leadership • Q4 2024

    Question

    Lance Vitanza of TD Cowen asked for the expected cadence of the 350-375 digital conversions in 2025 and inquired if the Q4 spike in CapEx would repeat. He also questioned why Lamar's 3% revenue growth guidance seems conservative compared to industry forecasts of around 5%.

    Answer

    Sean Reilly (executive) responded that digital conversion spending should be ratable throughout the year. He explained that broader industry growth forecasts include segments where Lamar does not compete, such as retail TV networks and cinema advertising, which accounts for the discrepancy. He also noted that his view of relevant out-of-home growth is closer to 3.5-4%. The Q4 2024 CapEx increase was partly due to hurricane-related costs.

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    Lance Vitanza's questions to Lamar Advertising Co (LAMR) leadership • Q3 2024

    Question

    Lance Vitanza from TD Cowen asked for the reason behind the relative weakness in the Gulf Coast region and whether it was recovering. He also inquired about the drivers for the expected pickup in M&A activity and the potential for larger transactions.

    Answer

    Executive Sean Reilly suggested the Gulf Coast was simply 'catching its breath,' while Jay Johnson added that the region faced a tougher year-over-year comparison due to outperformance in Q3 2023. Regarding M&A, Reilly attributed the expected pickup to both Lamar's decision to re-engage the market after a pause and the favorable impact of a falling interest rate environment. He characterized potential larger deals as 'event-driven' and advised to 'stay tuned.'

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    Lance Vitanza's questions to Deluxe Corp (DLX) leadership

    Lance Vitanza's questions to Deluxe Corp (DLX) leadership • Q3 2024

    Question

    Lance Vitanza asked about management's confidence in achieving consolidated revenue growth in 2025 and requested a recap of the long-term growth targets for each business segment from the prior Investor Day.

    Answer

    President and CEO Barry McCarthy expressed confidence in the 2025 growth trajectory, highlighting the recovery in B2B Payments and sustained strength in Merchant Services and Data Solutions. CFO Chip Zint reiterated the Investor Day targets: mid-single-digit growth for B2B, upper-single-digits for Merchant and Data, and a low-to-mid-single-digit decline for Print. Zint projected that this mix would likely place 2025 consolidated growth at the lower end of the long-term 2-4% goal, around 1-2%.

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