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    Michael Fisher • Evercore ISI

    Michael Fisher's questions to Karman Holdings Inc (KRMN) leadership

    Michael Fisher's questions to Karman Holdings Inc (KRMN) leadership • Q2 2025

    Question

    Michael Fisher, on behalf of Amit Daryanani from Evercore ISI, asked for an overview of Carmen's exposure to various drone programs and whether the Golden Dome program's launch volume would rely on a single provider or multiple.

    Answer

    CEO Tony Koblinski confirmed Carmen's support for key programs like Switchblade and Coyote and stated the company aims to partner across the entire unmanned systems market, which it views as a major growth area. He asserted that the Golden Dome initiative will require multiple launch providers, noting Carmen is agnostic and supplies critical components to nearly all of them.

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    Michael Fisher's questions to Karman Holdings Inc (KRMN) leadership • Q2 2025

    Question

    Speaking for Amit Daryanani, Michael Fisher requested an overview of Carmen's exposure to various drone programs, from high-end loitering munitions to lower-cost systems. He also asked if the launch volume for the Golden Dome program is anticipated to come from a single provider or multiple providers.

    Answer

    CEO Tony Koblinski confirmed Carmen's broad partnership across the unmanned and counter-unmanned systems spectrum, while declining to disclose non-public program details. On the Golden Dome program, he stated that multiple launch providers will be required to build out the space layer and that Carmen is launch-agnostic, supplying components to nearly all major players.

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    Michael Fisher's questions to Resideo Technologies Inc (REZI) leadership

    Michael Fisher's questions to Resideo Technologies Inc (REZI) leadership • Q4 2024

    Question

    Speaking on behalf of Amit Daryanani, Michael Fisher of Evercore ISI asked about the drivers of ADI's significant gross margin improvement, specifically questioning the contribution from the 34% growth in exclusive brand revenue. He also inquired about the factors behind the Snap One acquisition synergies coming in ahead of schedule.

    Answer

    Robert Aarnes, President of ADI Global Distribution, clarified that the 34% growth was on legacy ADI exclusive brands and that distributing Snap's exclusive brands to the larger ADI customer base presents a significant future margin opportunity. He attributed the accelerated synergy realization, primarily from cost savings, to a successful integration strategy that blended the leadership teams of both companies, allowing for faster identification and execution of opportunities.

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