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    Matthew Raab • Craig-Hallum Capital Group LLC

    Matthew Raab's questions to Xpel Inc (XPEL) leadership

    Matthew Raab's questions to Xpel Inc (XPEL) leadership • Q2 2025

    Question

    Matthew Raab, on behalf of Craig-Hallum Capital Group LLC, asked about M&A strategy given the record cash balance, the outlook for the U.S. market amid SAAR uncertainty, and growth expectations for the China region following recent revenue normalization.

    Answer

    Ryan Pape, Chairman, President & CEO, confirmed that M&A is a top focus, targeting international distribution consolidation (e.g., China, Brazil) and downstream dealer service businesses, with both meaningful and bolt-on deals being considered. Regarding the U.S. market, Pape emphasized focusing on controllable factors like increasing attach rates and market share rather than trying to predict the SAAR. For China, he projected low double-digit growth for the core business, with substantial long-term upside from pursuing the OEM and 4S dealership channels.

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    Matthew Raab's questions to Xpel Inc (XPEL) leadership • Q1 2025

    Question

    Matthew Raab, on behalf of Craig-Hallum, asked about any changes in the take rate for paint protection film in the U.S., potential headwinds from dealer inventory dynamics, and whether vehicle import holds by brands like Audi and Porsche have impacted business.

    Answer

    Executive Ryan Pape responded that there is no clear data indicating a change in accessory take rates due to rushed car purchases, and the company's view is that these buyers are likely not their core customers. He stated that the primary headwind from shifting dealer inventory levels occurred last year and the situation is now more stable. While contracting inventory would be a negative, it is not considered an immediate risk. Pape also confirmed that the company has not seen any business impact from reports of Audi and Porsche vehicles being held at port.

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    Matthew Raab's questions to Xpel Inc (XPEL) leadership • Q4 2024

    Question

    Matthew Raab, on behalf of Steven Dyer from Craig-Hallum, asked about operating expenses, particularly the sales and marketing line. He questioned whether the increased spending from 2024 would persist into 2025, where the company sees the best use for those investment dollars, and what the marketing spend might look like as a percentage of revenue. He also sought clarification on whether the new manufacturing location for tariff mitigation is in the U.S.

    Answer

    CEO Ryan Pape clarified that the sales and marketing line includes sales team compensation, marketing spend, and third-party agent fees, with the latter being a key driver of recent growth. He stated that the core sales force size is relatively flat and the overall line item is not expected to grow dramatically as a percentage of revenue. Pape noted a goal to increase true marketing spend from ~3% of revenue towards 3.5% over time. Regarding manufacturing, he confirmed that XPEL now has production capabilities in three countries, providing flexibility to serve both U.S. and international markets while mitigating risks from tariffs and potential retaliatory tariffs.

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    Matthew Raab's questions to Vivid Seats Inc (SEAT) leadership

    Matthew Raab's questions to Vivid Seats Inc (SEAT) leadership • Q2 2025

    Question

    Matthew Raab, on behalf of Craig-Hallum Capital Group LLC, asked about the consumer impact of the all-in pricing change and whether the industry softness observed in June had persisted into the third quarter.

    Answer

    CFO Lawrence Fey explained that the impact of all-in pricing is still unfolding but noted that past state-level rollouts saw conversion declines that normalized after a few months. He stated the industry is currently in a 'digestion period.' Regarding recent trends, Fey reported that the month-to-month volatility continues, but July actually reverted to positive year-over-year growth, though he cautioned that July is a seasonally softer month.

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    Matthew Raab's questions to Titan Machinery Inc (TITN) leadership

    Matthew Raab's questions to Titan Machinery Inc (TITN) leadership • Q1 2026

    Question

    Matthew Raab, on for Steve Dyer at Craig-Hallum, asked for an update on the Parts and Service business, specifically confirming the outlook for service gross margins and inquiring about customer traffic trends during the quarter.

    Answer

    Executive Bo Larsen confirmed that the expectation for slightly positive year-over-year service gross margins remains intact. He reported that Q1 Parts and Service revenue declined by a low-single-digit percentage, which was better than internal expectations, especially given a difficult prior-year comparison. The full-year outlook is for flattish revenue, which management views as a significant positive given the steep decline in equipment sales, underscoring the stability and importance of the customer care strategy.

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    Matthew Raab's questions to Titan Machinery Inc (TITN) leadership • Q4 2025

    Question

    Matthew Raab of Craig-Hallum Capital Group inquired about the performance of the parts and service business, specifically asking about customer traffic trends, ticket size, and any notable variations across their footprint.

    Answer

    Executive Bo Larsen reported that they are guiding for flattish parts and service revenue for fiscal 2026. He noted that Q1 is expected to be down against a very strong prior-year comparison where Ag same-store sales grew 22%. Larsen acknowledged a slower start to the year but remains confident in the long-term, mid-single-digit growth trajectory for the business.

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    Matthew Raab's questions to Titan Machinery Inc (TITN) leadership • Q2 2025

    Question

    On behalf of Steve Dyer, Matthew Raab of Craig-Hallum asked for clarification on whether the high single-digit service growth outlook was for the full fiscal year and requested an outlook for the parts business.

    Answer

    Executive Bo Larsen confirmed the high single-digit service growth outlook is for the full fiscal year on a same-store basis, continuing the trend from the first half. Executive Bryan Knutson added that the company's long-term focus on its customer care strategy, particularly on parts fill rates, is paying dividends and they believe their performance is industry-leading.

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    Matthew Raab's questions to Asbury Automotive Group Inc (ABG) leadership

    Matthew Raab's questions to Asbury Automotive Group Inc (ABG) leadership • Q1 2025

    Question

    Matthew Raab, on for Ryan Sigdahl, asked for more specific guardrails on the potential increase to the SG&A profile if tariffs persist, referencing the previously guided mid-60% range for 2025.

    Answer

    COO Dan Clara stated that a significant, tariff-driven drop in sales volume could push the SG&A profile slightly higher, into the mid-to-high 60s range, but noted that many costs are variable and can be controlled. President & CEO David Hult added that historically, when industry volume decreases, margins often sustain or improve.

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    Matthew Raab's questions to Gentherm Inc (THRM) leadership

    Matthew Raab's questions to Gentherm Inc (THRM) leadership • Q4 2024

    Question

    Matthew Raab, on for Ryan Sigdahl, asked about the outlook for the 2025 awards backlog, the timeline for new technology applications to reach the market, and the company's strategic approach to the Chinese domestic automotive market.

    Answer

    CEO William Presley indicated the 2025 core automotive awards pipeline looks strong and that the company is aggressively working to identify new applications for its core technologies, expecting to define a 'hard core line of conquests' within 6-7 months. He also detailed a proactive strategy to shift the China business mix from 80% multinational JVs to 40% domestic OEMs within the next year to better align with the local market and leverage faster development cycles.

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