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    Maxwell Michaelis • Lake Street Capital Markets

    Maxwell Michaelis's questions to Backblaze Inc (BLZE) leadership

    Maxwell Michaelis's questions to Backblaze Inc (BLZE) leadership • Q1 2025

    Question

    Maxwell Michaelis sought specifics on the product performance that drove the record contract win, the percentage of new business related to AI, and the pricing structure for B2 Overdrive compared to the standard B2 product.

    Answer

    CEO Gleb Budman stated the record win was driven by the need for fast, reliable data delivery for the customer's application, combined with significant cost savings. While declining to provide a specific percentage, he reiterated that AI was the fastest-growing part of the business in Q1. He detailed that B2 Overdrive starts at $15/TB/month, 2.5x the standard B2 price, but remains up to 90% more cost-effective than AWS for comparable high-throughput workloads.

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    Maxwell Michaelis's questions to Backblaze Inc (BLZE) leadership • Q4 2024

    Question

    Maxwell Michaelis asked for the full-year growth rate of customers with over $50,000 in ARR and whether the B2 guidance implies continued strength in this cohort.

    Answer

    CFO Marc Suidan did not disclose a specific growth rate but confirmed that momentum with larger customers (over $50k ARR) has been very good, noting they are now closing deals in the $1 million range. He affirmed that the B2 growth guidance assumes ongoing momentum in moving upmarket.

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    Maxwell Michaelis's questions to Expensify Inc (EXFY) leadership

    Maxwell Michaelis's questions to Expensify Inc (EXFY) leadership • Q4 2024

    Question

    Maxwell Michaelis inquired about future product areas Expensify might pursue after the current initiatives and the Apple movie sponsorship. He also asked about the expected impact of the movie deal on the non-GAAP operating expense structure in 2025.

    Answer

    Executive Ryan Schaffer identified improving invoice and bill pay as the next logical product focus. CEO David Barrett added that a key priority is driving adoption of the existing product suite to get customers to realize its full value. Regarding expenses, Ryan Schaffer clarified that while the cash for the movie sponsorship has already been spent, GAAP accounting requires the expense to be recognized when the movie is released, which will cause a large, non-cash increase in sales and marketing expenses at that time.

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    Maxwell Michaelis's questions to Pure Storage Inc (PSTG) leadership

    Maxwell Michaelis's questions to Pure Storage Inc (PSTG) leadership • Q4 2025

    Question

    Maxwell Michaelis of Lake Street Capital Markets, LLC asked if there were any Pure-specific factors, beyond the geopolitical environment, that might pose a risk to the 11% revenue growth guide for the next year.

    Answer

    CEO Charles Giancarlo stated they see no specific artificial blockers and that in a normalized market, he would expect improvement. CFO Kevan Krysler reiterated that the guide depends on a consistent IT spending environment and the expected return to growth for the Evergreen//One service offering.

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    Maxwell Michaelis's questions to Magnite Inc (MGNI) leadership

    Maxwell Michaelis's questions to Magnite Inc (MGNI) leadership • Q3 2024

    Question

    Maxwell Michaelis asked for clarification on the Disney renewal, questioning if Magnite sourcing its own demand for a higher take rate was a new capability for that partnership.

    Answer

    CEO Michael Barrett clarified that this is not a new capability but an evolution of the market and the partnership. As premium publishers like Disney increasingly adopt biddable programmatic models, it creates more opportunities for Magnite to source demand, which carries a higher take rate. He added that expansion into new areas like international markets also naturally lends itself to Magnite-sourced demand.

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    Maxwell Michaelis's questions to Magnite Inc (MGNI) leadership • Q3 2024

    Question

    Maxwell Michaelis sought clarification on the Disney renewal, asking if Magnite sourcing demand for Disney was a new aspect of the relationship.

    Answer

    CEO Michael Barrett clarified that this is not a new capability but rather a reflection of the industry's evolution. As premium publishers like Disney embrace more biddable programmatic and expand into new areas like audio or international markets with a smaller direct sales footprint, it creates a more natural opportunity for Magnite to source demand and earn a higher take rate.

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    Maxwell Michaelis's questions to Quantum Corp (QMCO) leadership

    Maxwell Michaelis's questions to Quantum Corp (QMCO) leadership • Q1 2025

    Question

    Maxwell Michaelis of Lake Street Capital Markets asked why the company did not reaffirm its full-year fiscal 2025 guidance, sought confirmation that the prior adjusted EBITDA guidance still stands, and inquired about the progress on achieving its $16 million operational efficiency target.

    Answer

    CFO Kenneth Gianella stated that it is Quantum's standard practice not to reiterate full-year guidance quarterly and that the year is expected to be back-half weighted. He confirmed the previous adjusted EBITDA guide of $10 million to $20 million still stands, noting significant one-time restructuring costs in the first half. Regarding operational efficiencies, Gianella confirmed they are on track to realize the savings by the end of the calendar year. CEO Jamie Lerner highlighted the progress, pointing to the quarterly OpEx reduction from over $35 million to $30.8 million.

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