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Matthew McGinley

Vice President of Investor Relations at Needham Investment Management LLC

Matthew McGinley is a Vice President of Investor Relations at Black Rifle Coffee Company, bringing nearly two decades of equity research analyst experience from Morgan Stanley, Evercore, and Needham & Company, with deep specialization in the consumer and restaurant sectors. He has covered major publicly traded companies such as BellRing Brands, Utz Brands, The Simply Good Foods Company, Yum! Brands, Black Rifle Coffee Company, and Restaurant Brands International, achieving a 51.6% success rate and an average return of over 23% on his published ratings. McGinley began in brand management at Kraft Foods, transitioned to equity research at major Wall Street firms, and most recently led consumer equity coverage at Needham & Company prior to joining Black Rifle Coffee Company in 2024. He also holds FINRA registration and securities licenses required for research analysts, underscoring his professional expertise in securities analysis and investor communications.

Matthew McGinley's questions to Curaleaf Holdings (CURLF) leadership

Question · Q2 2024

Matthew McGinley questioned the dynamics of the quarterly gross margin, asking why it dipped early in the period before recovering to 50% in June, and sought conviction on the sustainability of this higher margin level.

Answer

Executive Chairman Boris Jordan attributed the early-quarter dip to excessive promotional activity around the 4/20 holiday, a practice he indicated the company will change. He expressed confidence in sustaining the 50% margin level, citing a strategic shift away from discounting, supported by significant improvements in product quality, potency, and the success of new product lines.

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Question · Q1 2024

Matthew McGinley questioned the drivers behind the strong $46 million in operating cash flow for Q1, asking if this was an anomaly and how it aligns with the full-year guidance of over $100 million.

Answer

CFO Edward Kremer clarified that the Q1 operating cash flow was 'outsized' because the company did not make a full tax payment due to its re-evaluation of its position on Section 280E. He reiterated that the company remains on track to achieve its full-year guidance of over $100 million in operating cash flow, irrespective of this specific tax benefit.

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