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    Michael Shlisky

    Research Analyst at D.A. Davidson

    Michael Shlisky is Managing Director and Senior Equity Research Analyst at D.A. Davidson, specializing in Industrials, Consumer Cyclical, and Consumer Discretionary sectors with coverage of companies like Oshkosh and Rivian Automotive. He has issued over 448 ratings on 35 stocks, achieving a price target met ratio of 64% and a notable 639% return on his most profitable recommendation. Shlisky joined D.A. Davidson in 2021 after more than 15 years of equity research experience and previously held senior roles in the field. He holds professional credentials including FINRA registration and relevant securities licenses.

    Michael Shlisky's questions to ALAMO GROUP (ALG) leadership

    Michael Shlisky's questions to ALAMO GROUP (ALG) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. questioned the company's capital allocation priorities, specifically regarding M&A versus organic growth initiatives like R&D or new product categories. He also asked about the sustainability of the strong performance in the snow removal business.

    Answer

    President & CEO Jeffery Leonard affirmed that capital allocation remains heavily focused on M&A, citing a very active pipeline and the recent Ring O Matic acquisition as a key platform for growth. He noted that while R&D continues, particularly for emissions standards, there are no major new organic verticals planned. Regarding the snow business, Leonard stated that activity remains very strong, especially in Canada, and he does not foresee a slowdown, seeing plenty of legs left in that market.

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    Michael Shlisky's questions to ALAMO GROUP (ALG) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. questioned the company's capital allocation priorities between M&A and organic growth, such as R&D for new product categories, and also asked about the long-term sustainability of the strong performance in the snow removal business.

    Answer

    President and CEO Jeffery Leonard affirmed that M&A remains the primary capital allocation priority, highlighting the recent Ring O Matic acquisition as a key platform for growing the rental business. He explained that R&D is currently focused on adapting to upcoming emission standards rather than developing major new organic verticals. Regarding the snow business, Leonard stated that activity remains very strong, particularly in Canada, and he does not foresee a slowdown, noting that market strength is consistent with reports from others in the industry.

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    Michael Shlisky's questions to ALAMO GROUP (ALG) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson questioned the company's capital allocation strategy, asking about potential organic growth initiatives beyond M&A, and also inquired about the long-term sustainability of the strong performance in the snow equipment business.

    Answer

    President & CEO Jeffery Leonard explained that while the company is always pursuing organic development, capital allocation remains heavily focused on M&A for the remainder of the year. He highlighted the recent Ring O Matic acquisition as a key inorganic move to build a new rental platform. Regarding the snow business, Leonard affirmed its continued strength, particularly in Canada, and stated he sees 'plenty of legs left in that market' with no slowdown anticipated.

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    Michael Shlisky's questions to ALAMO GROUP (ALG) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson questioned the company's capital allocation priorities, particularly regarding organic growth initiatives versus M&A, and asked about the long-term sustainability of the strong performance in the snow business.

    Answer

    President & CEO Jeffery Leonard reiterated that capital allocation remains heavily focused on M&A, with the recent Ring O Matic acquisition highlighted as a key platform for rental business growth. He noted R&D has shifted focus to upcoming emission standards. Regarding the snow business, Leonard sees continued strength and activity, especially in Canada, and does not anticipate a slowdown, believing the market has 'plenty of legs left'.

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    Michael Shlisky's questions to ALAMO GROUP (ALG) leadership • Q4 2024

    Question

    Michael Shlisky inquired about the 2025 margin outlook for the Industrial Group, the company's plans for free cash flow given its near-zero net debt, and the progress of the CEO succession search.

    Answer

    President and CEO Jeff Leonard stated he sees no significant mix changes affecting Industrial margins and noted that repurposing a plant has mitigated tariff risks and improved capacity. Regarding capital allocation, Leonard emphasized that the primary use for cash is the active M&A pipeline, with share buybacks as a secondary option. He also confirmed the CEO search is proceeding well and he remains fully committed until a successor is named.

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    Michael Shlisky's questions to ALAMO GROUP (ALG) leadership • Q3 2024

    Question

    Michael Shlisky of D.A. Davidson & Co. asked about the permanence of the cost and capacity reductions in the Vegetation Management division, the margin outlook for 2025, and whether forestry is now a larger sales component than agriculture.

    Answer

    President and CEO Jeff Leonard confirmed the capacity consolidations are long-term solutions with ample room for future needs. He stated that the majority of cost-saving actions are complete and expressed confidence in expanding overall margins by a "couple of points" in 2025. Leonard also affirmed that forestry is currently a larger focus and experienced a larger dollar decline than the agricultural segment.

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    Michael Shlisky's questions to MILLER INDUSTRIES INC /TN/ (MLR) leadership

    Michael Shlisky's questions to MILLER INDUSTRIES INC /TN/ (MLR) leadership • Q2 2025

    Question

    Michael Shlisky from D.A. Davidson & Co. asked for details on cost reduction actions, sales incentives, the potential impact of an interest rate cut on guidance, the status of the share buyback program, updates on military contract activity, and the expected product mix and gross margin outlook for the second half of 2025.

    Answer

    President & CEO William Miller II explained that cost reviews are comprehensive but aim to protect long-term success. He noted that a potential interest rate cut would represent upside to the revised guidance and that margins are expected to normalize to the mid-13% range as the chassis inventory mix shifts. He also confirmed ongoing activity with large military RFQs. EVP & CFO Deborah Whitmire stated that $20 million remains on the share buyback authorization and the board will aggressively evaluate its use.

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    Michael Shlisky's questions to MILLER INDUSTRIES INC /TN/ (MLR) leadership • Q1 2025

    Question

    Michael Shlisky inquired about current demand trends for tow trucks, the quantitative impact of China tariffs on COGS, the reasoning behind conservative full-year gross margin guidance despite a strong Q1, and the timeline for dealer chassis inventory normalization.

    Answer

    William Miller, President and CEO, explained that retail activity remains consistent but is tempered by customer uncertainty around tariffs and tax incentives. He noted that direct COGS exposure to China is minimal, but the company has proactively implemented a tariff surcharge and price increases. Miller attributed the conservative margin guidance to anticipated increases in lower-margin chassis shipments later in the year and general caution. He estimated another 30 to 90 days for dealer inventories to normalize before chassis orders pick up.

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    Michael Shlisky's questions to MILLER INDUSTRIES INC /TN/ (MLR) leadership • Q1 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about current demand trends for tow trucks, the potential impact of tariffs on cost of goods sold (COGS) and guidance, the full-year gross margin outlook following a strong Q1, and the timeline for dealer chassis inventory normalization.

    Answer

    President and CEO William Miller explained that retail activity remains consistent, though some customers are hesitant due to tariff and tax uncertainties. He noted that while direct COGS exposure to China is minimal, the company proactively implemented a tariff surcharge and price increases. Miller attributed the cautious full-year gross margin guidance of 13-13.5% to an anticipated increase in lower-margin chassis shipments and general market unknowns, despite a 15% margin in Q1. He also projected that dealer chassis inventory would reach optimal levels within the next 30 to 90 days.

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    Michael Shlisky's questions to MILLER INDUSTRIES INC /TN/ (MLR) leadership • Q3 2024

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about post-election order trends and distributor throughput capacity, as well as the outlook for gross margins and SG&A leverage in 2025.

    Answer

    Executive William Miller confirmed that post-election business sentiment has improved, leading to the completion of previously held deals. He also noted that distributors are actively expanding their capacity to resolve throughput constraints. On financials, Miller expects gross margins to remain at current levels into the next year. CFO Deborah Whitmire added that while the company is focused on cost control, new compliance and regulatory expenses present a headwind to achieving significant SG&A leverage below their 6.5% target.

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    Michael Shlisky's questions to Blue Bird (BLBD) leadership

    Michael Shlisky's questions to Blue Bird (BLBD) leadership • Q3 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about the timing and drivers of an order recovery, asking if the slowdown was seasonal or directly tied to tariff uncertainty. He also questioned the sustainability of current margins, seeking to distinguish between operational improvements and EV mix, and probed the potential margin upside from future automation.

    Answer

    CEO John Wyskiel explained that the industry-wide order drop coincided with tariff announcements, creating temporary uncertainty. He expressed confidence in a recovery driven by pent-up demand and an aging fleet. CFO Razvan Radulescu confirmed that dealers and customers explicitly cited tariff uncertainty for pausing orders and that Blue Bird's new pricing stability through March is expected to unlock demand. Radulescu affirmed that margins are sustainable, as profitability is similar across all powertrain types, and highlighted that future gains would come from automation, pointing to the company's long-term target of '16% plus' EBITDA margin.

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    Michael Shlisky's questions to Blue Bird (BLBD) leadership • Q2 2025

    Question

    Michael Shlisky asked new CEO John Wyskiel about the potential for margin improvements beyond long-term targets, the pricing performance of EV buses amid new tariffs, and the key factors allowing Blue Bird to maintain its full-year guidance despite new EV headwinds.

    Answer

    CEO John Wyskiel stated that while it's too early in his tenure to speculate on raising margin targets, his deep operational background will be an asset. CFO Razvan Radulescu explained that EV price reduction plans are paused due to tariffs. He noted that a strong first half and the ability to substitute delayed EV builds with ICE and propane orders in Q4 provide the stability to maintain the full-year guidance.

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    Michael Shlisky's questions to Blue Bird (BLBD) leadership • Q4 2024

    Question

    Michael Shlisky inquired about the long-term sustainability of Blue Bird's EV business after federal subsidies end, cost-reduction strategies with powertrain suppliers, and growth expectations for the parts business in fiscal 2025.

    Answer

    CEO Phil Horlock stated that the EV business is projected to be self-sustaining post-subsidies, with plans accounting for lower vehicle prices over time, supported by ongoing state and local grants. CFO Razvan Radulescu added that the EV price multiplier is already decreasing from 3x to 2.5x that of a diesel bus, with clear cost-down roadmaps in place with suppliers. For the parts business, management is targeting low-single-digit growth for fiscal 2025.

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    Michael Shlisky's questions to Mayville Engineering Company (MEC) leadership

    Michael Shlisky's questions to Mayville Engineering Company (MEC) leadership • Q2 2025

    Question

    Michael Shlisky from D.A. Davidson & Co. inquired about the initial impressions of the AccuFab acquisition, including integration progress, cultural fit, and synergy potential. He also asked for the rationale behind the reduced end-market outlook, particularly for commercial vehicles, given that major OEM customers had not significantly lowered their own public forecasts, and requested similar commentary for the powersports, construction, and agriculture markets.

    Answer

    President, CEO & Director Jag Reddy expressed strong optimism about the AccuFab acquisition, noting that the integration is on track with a detailed playbook and that the commercial opportunities are incredible, with a path to $100 million in revenue by 2028. Regarding the guidance reduction, Reddy explained it was primarily driven by a sharp decline in the commercial vehicle market, citing the ACT forecast drop to 252,000 units and direct evidence of customers taking significant production downtime. He stated that agriculture is at a trough, construction is stable, and powersports inventories have largely stabilized.

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    Michael Shlisky's questions to DOUGLAS DYNAMICS (PLOW) leadership

    Michael Shlisky's questions to DOUGLAS DYNAMICS (PLOW) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about the potential impact of lower interest rates on demand in the latter half of the year and asked for clarification on whether the new 10% municipal capacity would reduce commercial capacity.

    Answer

    President and CEO Mark Van Genderen stated that minor interest rate cuts would likely not stimulate significant demand, but a substantial decrease could have a positive impact over time. EVP & CFO Sarah Lauber added that the company has the capacity to meet any potential demand lift. Mr. Van Genderen also confirmed the 10% municipal capacity increase is a net addition and does not replace commercial or fleet capacity, highlighting the new purpose-built facility in Missouri.

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    Michael Shlisky's questions to DOUGLAS DYNAMICS (PLOW) leadership • Q1 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. asked about the factors constraining Work Truck Solutions' margin expansion in 2025 and questioned the company's capital allocation priorities, such as dividends or buybacks, if suitable M&A opportunities do not materialize.

    Answer

    CFO Sarah Lauber explained that 2025 margins for the Solutions segment are impacted by planned growth investments and uncertainty in commercial demand, though the long-term goal of low-teens margins remains. CEO Mark Van Genderen stated that M&A is the primary focus, but if no deals are made, the company would evaluate other options like its existing $40 million share buyback authorization or a potential dividend increase.

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    Michael Shlisky's questions to DOUGLAS DYNAMICS (PLOW) leadership • Q4 2024

    Question

    Michael Shlisky inquired about the impact of recent southern U.S. snowfall on sales, the mix of municipal versus private sector growth in the Solutions segment, and the outlook for working capital and free cash flow in 2025.

    Answer

    Mark Van Genderen, COO, explained that while direct dealer presence in the south is limited, the company saw sales through its nimble distribution model and noted that northern contractors travel south, increasing equipment usage. He also confirmed that current growth in the Solutions segment is primarily from the municipal sector, which has a strong, multi-year backlog. CFO Sarah Lauber projected 2025 free cash flow to be at or above 2024's $33 million, noting that while a one-time negative impact from a sale-leaseback will not recur, this will be offset by a planned increase in capital expenditures.

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    Michael Shlisky's questions to MSA Safety (MSA) leadership

    Michael Shlisky's questions to MSA Safety (MSA) leadership • Q2 2025

    Question

    Michael Shlisky from D.A. Davidson inquired about the M&C Tech Group acquisition, asking if the business is accretive to MSA's margins. He also asked about M&C's geographic sales mix and the potential to globalize its sales and achieve synergies.

    Answer

    Interim CFO Elyse Brody stated that M&C's margins are relatively similar to MSA's overall, making it neutral to margins but accretive to EPS by about $0.10 for the year. President & CEO Steven Blanco added that M&C is a German-based company with about a third of its sales in Germany. He confirmed MSA's plan is to leverage its global scale and channels to expand M&C's premium solutions into other key markets over time.

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    Michael Shlisky's questions to MSA Safety (MSA) leadership • Q1 2025

    Question

    Michael Shlisky questioned whether cost reduction actions would be permanent if tariffs were resolved and if the current environment impacts MSA's ability to achieve its 2028 financial targets.

    Answer

    President and CEO Steven Blanco responded that cost and productivity initiatives are considered long-term and strategic, and the company expects those gains to be permanent. He reaffirmed full commitment to the 2028 targets, citing the on-pace ACCELERATE strategy, favorable macro trends, and a diverse portfolio. While acknowledging potential near-term choppiness, he expressed confidence in the company's ability to manage through it and achieve its long-term goals.

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    Michael Shlisky's questions to CNH Industrial (CNH) leadership

    Michael Shlisky's questions to CNH Industrial (CNH) leadership • Q2 2025

    Question

    Michael Shlisky from D.A. Davidson asked new CFO Jim Nicholas for his initial impressions of CNH's performance and whether he planned any new initiatives beyond the strategy presented at the recent Investor Day.

    Answer

    CFO Jim Nicholas fully endorsed the strategy outlined at the May Investor Day, stating the 'diagnosis was correct.' He emphasized that improving quality is 'job one' and is already yielding benefits in lower warranty costs. He also highlighted the importance of the precision tech stack for driving value and the strategic sourcing initiatives, which he described as a 'flywheel' that is now spinning and delivering results.

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    Michael Shlisky's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership

    Michael Shlisky's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership • Q4 2025

    Question

    Michael Shlisky inquired about the components of the fiscal 2026 revenue growth forecast of over $100 million, asking about potential upside and challenges. He also asked for an update on the EV business outlook and the ramp-up plan for the new facility in Croatia.

    Answer

    CEO David Dunbar confirmed the growth drivers, breaking down the $100M+ forecast into over $60M from acquisitions, over $20M from new products, and approximately $38M from fast-growth markets, noting this excludes any general market recovery. He stated that while EV sales dipped slightly in FY25, he anticipates nice growth in FY26 from high-end European brands. Regarding the Croatia facility, he projected it would ship single-digit millions in FY26, ramping to over $30 million within three years.

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    Michael Shlisky's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership • Q3 2025

    Question

    Michael Shlisky questioned if there were other levers besides EBITDA growth to reduce debt, such as working capital improvements. He also sought confirmation that the overall impact from tariffs was de minimis and asked about the new product pipeline for fiscal 2026.

    Answer

    CFO Ademir Sarcevic confirmed there are opportunities to improve working capital, particularly by addressing longer customer credit terms from recent acquisitions, which will help generate more operating cash flow. Both Sarcevic and CEO David Dunbar agreed the overall corporate impact from tariffs is de minimis, though Dunbar noted the Scientific segment faces specific work. Dunbar also stated that the new product pipeline for fiscal 2026 is expected to be of a similar magnitude to fiscal 2025, with recently launched products continuing to ramp up.

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    Michael Shlisky's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about the new product launch pipeline beyond fiscal 2025 and whether recent successful space launches by newer companies would result in significant near-term business for Standex.

    Answer

    CEO David Dunbar confirmed that the new product pipeline for fiscal 2026 is expected to be of a similar magnitude to fiscal 2025, ensuring a steady stream of launches. He clarified that Standex's space-related business is concentrated on larger launch vehicles, such as those from ULA, rather than the smaller vehicles from some newer players. Consequently, he anticipates a steady, gradual ramp in this business through fiscal 2028, not large, chunky orders in the near term.

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    Michael Shlisky's questions to STANDEX INTERNATIONAL CORP/DE/ (SXI) leadership • Q1 2025

    Question

    Michael Shlisky asked about potential cost or revenue synergies from the Amran/Narayan acquisition, the pricing mechanism for the stock portion of the deal, and the drivers behind the strong Engraving segment margins despite a sales decline.

    Answer

    CEO David Dunbar explained that synergies are primarily growth-oriented, such as European expansion and cross-selling into India, rather than cost-based, though some sourcing opportunities exist. CFO Ademir Sarcevic clarified the shares were priced on a 30-day average and attributed the robust Engraving margins to a combination of product mix and significant productivity and restructuring actions.

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    Michael Shlisky's questions to TITAN INTERNATIONAL (TWI) leadership

    Michael Shlisky's questions to TITAN INTERNATIONAL (TWI) leadership • Q2 2025

    Question

    Michael Shlisky from D.A. Davidson & Co. asked for clarification on the Q3 guidance discrepancy between flat revenue and lower EBITDA, the outlook for Q4 OEM shutdowns, the timing of a potential recovery in the U.S. ag sector, and the status of the company's Net Operating Losses (NOLs).

    Answer

    SVP & CFO David Martin attributed the Q3 EBITDA moderation to seasonal shutdowns and product mix, and noted Q4 OEM schedules look similar to last year. CEO & President Paul Reitz described the current market as a "pause" due to interest rates and tariffs, but noted positive signs from large drop-in orders as inventories deplete. Reitz expects an uptick in 2026, while Martin confirmed the existence of NOLs but emphasized stable cash taxes.

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    Michael Shlisky's questions to TITAN INTERNATIONAL (TWI) leadership • Q1 2025

    Question

    Michael Shlisky asked about the impact of tariffs on rubber and steel sourcing, the ability to pass costs to OEMs, the net global outlook for the agriculture market, and whether OEM order visibility has improved since late 2024.

    Answer

    CFO David Martin stated that rubber is primarily sourced from West Africa under solid contracts, minimizing tariff impacts, while steel is mostly domestic. He confirmed contractual mechanisms exist to pass on costs to OEMs. CEO Paul Reitz added that Titan's global footprint allows it to capitalize on strength in markets like Brazil, which is seeing high demand. He noted that while U.S. OEM visibility hasn't fully returned to normal, the company has adapted well and is positioned to meet demand when the cycle turns, highlighting significant Q1 drop-in orders.

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    Michael Shlisky's questions to TITAN INTERNATIONAL (TWI) leadership • Q4 2024

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about future working capital needs for a potential 2026 recovery, sought a granular outlook for the earthmoving/construction and consumer segments, and asked for clarity on the timing of the agricultural sector's turnaround.

    Answer

    CFO David Martin stated that the company will manage working capital accordingly to meet potential growth without overinvesting. CEO Paul Reitz described the earthmoving and construction market as stable with a solid demand floor, balanced by OEM inventory corrections. For the consumer segment, he noted the aftermarket business remains strong while OEMs are managing inventory. Regarding the ag sector, Reitz explained that genuine optimism is building among customers and the internal team, signaling a recovery in the second half of the year and into 2026, impacting both current orders and future production planning.

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    Michael Shlisky's questions to TIMKEN (TKR) leadership

    Michael Shlisky's questions to TIMKEN (TKR) leadership • Q2 2025

    Question

    Michael Shlisky asked which end markets were driving the sequential increase in backlog and whether recent policy announcements, like the U.S. tax bill and the EU tariff agreement, had triggered any immediate increase in customer quote requests.

    Answer

    EVP and CFO Philip Fracassa stated that the backlog growth was broad-based across industrial sectors, including off-highway and general industrial. President & CEO Richard Kyle noted there was no sudden influx of customer interest following the policy news, but emphasized that the resulting certainty is a positive long-term driver for investment and, consequently, Timken's demand.

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    Michael Shlisky's questions to TIMKEN (TKR) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. asked which end markets were driving the sequential increase in backlog. He also inquired if there had been any immediate influx of customer inquiries following recent major trade policy announcements.

    Answer

    EVP and CFO Philip Fracassa noted the backlog increase was broad-based across industrial sectors like off-highway, renewables, and general industrial. President & CEO Rich Kyle stated there was no sudden influx of calls after the policy news, explaining that the primary benefit is increased certainty, which encourages investment over time rather than causing an immediate reaction. The impact on demand typically takes a couple of quarters to materialize.

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    Michael Shlisky's questions to TIMKEN (TKR) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson Companies asked which end markets were responsible for the sequential increase in backlog. He also questioned whether recent policy news, like the U.S. tax bill and the EU tariff agreement, had triggered any immediate increase in customer quote activity.

    Answer

    EVP and CFO Philip Fracassa stated that the backlog growth was broad-based across industrial sectors, including off-highway and renewables. President & CEO Rich Kyle noted that while there was no sudden influx of quote requests, the increased certainty from these policy developments is a long-term positive for customer investment confidence and, ultimately, demand for Timken's products.

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    Michael Shlisky's questions to TIMKEN (TKR) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson Companies asked which end markets were driving the sequential increase in backlog. He also inquired if recent policy news, like the U.S. tax bill and the EU tariff agreement, had triggered any sudden increase in customer quote requests or interest.

    Answer

    EVP and CFO Philip Fracassa stated that the backlog growth was broad-based across industrial sectors, including off-highway, renewables, and general industrial. President & CEO Richard Kyle responded that while there has been no sudden influx of customer activity, the increased certainty from these policy developments is a positive medium-term driver for investment, which ultimately benefits Timken's demand.

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    Michael Shlisky's questions to TIMKEN (TKR) leadership • Q2 2025

    Question

    Michael Shlisky from D.A. Davidson & Co. asked which end markets were driving the sequential increase in backlog. He also questioned whether recent policy initiatives, like the new tax bill or the EU tariff agreement, had triggered any immediate increase in customer quote requests.

    Answer

    EVP and CFO Philip Fracassa stated that the backlog increase was broad-based across industrial sectors, including off-highway and renewables. President and CEO Richard Kyle responded that there has been no sudden influx of interest following policy news, explaining that such changes provide certainty that drives investment over quarters, not days.

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    Michael Shlisky's questions to TIMKEN (TKR) leadership • Q1 2025

    Question

    Michael Shlisky sought clarification on the long-term tariff impact, asking if the 2026 impact should be modeled as zero if the company fully offsets costs by the end of 2025. He also asked about the recent CEO transition and whether the new CEO would have a clean slate or would be implementing a pre-existing plan.

    Answer

    CFO Philip Fracassa confirmed that if tariffs remain stable, the net impact in 2026 should be zero as they expect to be fully offset on a dollar basis by the end of 2025. Regarding the CEO transition, CEO Richard Kyle emphasized continuity, stating the management team is unchanged and the corporate strategy was confirmed, not altered, under the previous CEO. He noted the main change was an acceleration of existing portfolio reviews, such as the now-active automotive OE restructuring.

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    Michael Shlisky's questions to TIMKEN (TKR) leadership • Q4 2024

    Question

    Michael Shlisky asked about the untapped potential from cross-selling initiatives, like with the Lagersmit acquisition, and for an update on the outlook for the renewable energy market in Asia.

    Answer

    CEO Tarak Mehta explained that cross-selling is being accelerated through sales incentives and by leveraging customer design activities to generate leads for complementary products like seals and lubrication. On renewables, management expects flattish sales in 2025, noting the market has stabilized at a lower level after the rate of decline moderated in Q4.

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    Michael Shlisky's questions to TIMKEN (TKR) leadership • Q3 2024

    Question

    Michael Shlisky asked about the timing of the announced cost reduction actions and whether the company is targeting a specific decremental margin range. He also inquired if 2025 is expected to be a year of net cost reductions or if new investments in R&D and engineering might offset the savings.

    Answer

    CFO Philip Fracassa stated that cost actions have been ongoing all year, with incremental efforts targeted for 2025, and noted that while Q4 decrementals are high, the two-year stacked decremental is under 20%. President and CEO Tarak Mehta added that cost trimming is specific to product lines where capacity exceeds demand. Regarding 2025, Mehta explained the net cost impact is difficult to predict without a clear top-line view, but the team is focused on addressing costs where challenged and investing where opportunities exist.

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    Michael Shlisky's questions to FEDERAL SIGNAL CORP /DE/ (FSS) leadership

    Michael Shlisky's questions to FEDERAL SIGNAL CORP /DE/ (FSS) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. asked about July order trends following recent tax legislation and the margin impact of the 'good, better, best' strategy, particularly for lower-priced, non-CDL products.

    Answer

    President & CEO Jennifer Sherman stated that while it's too early to see an impact, the bonus depreciation from the new tax bill could be a future benefit. She emphasized that all new products are developed with the company's EBITDA margin targets in mind, and that lower-priced models help utilize capacity, can lead to customer upgrades, and create long-term aftermarket opportunities.

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    Michael Shlisky's questions to FEDERAL SIGNAL CORP /DE/ (FSS) leadership • Q4 2024

    Question

    Michael Shlisky questioned the potential for business disruption from the Midwest dealer transition, the strategic fit of HOG Technologies, and the margin expansion potential for each business segment in 2025.

    Answer

    President and CEO Jennifer Sherman downplayed disruption risk, stating the transition affects a small part of the business and that interested parties are mostly existing dealers ready to 'hit the ground running.' She described the HOG acquisition as a key strategic addition, filling technology and market gaps (airports, international). CFO Ian Hudson added that both the ESG and SSG segments have the potential to improve margins in 2025.

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    Michael Shlisky's questions to FEDERAL SIGNAL CORP /DE/ (FSS) leadership • Q3 2024

    Question

    Michael Shlisky inquired about the performance of the rental fleet, particularly vacuum trucks, and whether recent storms provided a tailwind. He also asked about the company's strategy for pre-buying Class 8 chassis ahead of 2027 emissions changes and whether the record ESG margins were sustainable or seasonal.

    Answer

    CFO Ian Hudson explained that the rental business was a key driver of the 10% year-over-year growth in aftermarket revenues, with rental income up 12% and used equipment sales up 15%, particularly for safe digging trucks. President and CEO Jennifer Sherman added that demand for their products remains high, with sewer cleaner orders up 15%. She noted the company is working closely with chassis partners regarding 2027 regulations but isn't pre-buying yet. Regarding ESG margins, Hudson attributed the strength to the aftermarket business, which is seasonally strong in Q3, suggesting a potential moderation in Q4 and Q1 due to weather.

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    Michael Shlisky's questions to WABASH NATIONAL (WNC) leadership

    Michael Shlisky's questions to WABASH NATIONAL (WNC) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about the key indicators for a trailer cycle recovery in 2026, the potential for technology to increase fleet efficiency, and the drivers behind the strong growth in the Parts and Services segment.

    Answer

    President and CEO Brent Yeagy identified capacity exiting the market as the primary catalyst for a 2026 recovery, noting that carriers are approaching a point where they must resume replacement-level spending. He dismissed the idea that technology is currently creating significant fleet efficiencies at scale. SVP and Chief Growth Officer Mike Pettit attributed the Parts and Services growth to the upfit business and the Preferred Partner Network (PPN) expansion, stating they expect the strong growth trajectory to continue into 2026.

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    Michael Shlisky's questions to WABASH NATIONAL (WNC) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. asked about the key indicators for a trailer cycle recovery in 2026, whether technology is enabling the industry to become more efficient with fewer assets, and the drivers behind the growth in the Parts and Services segment.

    Answer

    President & CEO Brent Yeagy identified capacity exiting the market as the primary catalyst for a 2026 recovery, pushing carriers back to replacement-level demand. He stated that technology is not yet creating significant efficiency gains at scale. Chief Growth Officer Mike Pettit attributed the Parts and Services growth to the upfit business and the expansion of the Preferred Partner Network, projecting continued momentum.

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    Michael Shlisky's questions to WABASH NATIONAL (WNC) leadership • Q2 2025

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about the key indicators Wabash is monitoring for a trailer cycle recovery in 2026, whether the industry is achieving greater efficiency with fewer assets due to technology, and the specific drivers behind the strong growth in the Parts and Services segment.

    Answer

    President and CEO Brent Yeagy explained that the primary factor for a 2026 recovery is capacity exiting the market, which would push carriers back to replacement-level demand. He stated he does not see technology creating significant, scaled efficiency gains at this time. SVP & Chief Growth Officer Mike Pettit attributed the Parts and Services growth to the upfit business and the expansion of the Preferred Partner Network (PPN), noting a long runway for continued growth into 2026.

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    Michael Shlisky's questions to WABASH NATIONAL (WNC) leadership • Q1 2025

    Question

    Michael Shlisky from D.A. Davidson & Co. questioned the significant decremental margins in the updated 2025 outlook, asking if factors beyond lower volumes, such as steel purchasing issues, were impacting profitability. He also inquired if the Parts & Services outlook had improved due to fleets aging and sought reasons for the segment's year-over-year profit decline despite higher sales.

    Answer

    CFO Pat Keslin clarified that commodity price pressures are already factored into the full-year guidance. CEO Brent Yeagy added that Q1 margins were negatively impacted by a temporary labor imbalance caused by a sudden drop in customer activity in March, not a structural issue. Regarding Parts & Services, Chief Growth Officer Mike Pettit stated the outlook is maintained, not increased, demonstrating resilience. He attributed the Q1 profit decline to a tough comparison with a very strong Q1 2024 and a slight mix shift, but reiterated the full-year target for high-teens EBITDA margins.

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    Michael Shlisky's questions to WABASH NATIONAL (WNC) leadership • Q4 2024

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about Wabash's 2025 guidance, specifically the drivers behind the projected revenue increase alongside a margin decline. He also asked about the key performance indicators management tracks to gauge a freight market recovery and the expected cadence of performance throughout 2025, questioning if Q4 would show improvement.

    Answer

    CFO Pat Keslin attributed the 2025 margin pressure to year-over-year increases in variable compensation and legal expenses related to a recent verdict. CEO Brent Yeagy explained that the company is monitoring underlying freight subsectors, which are showing early positive signs, as a more reliable leading indicator than traditional metrics. Yeagy also stated that he expects momentum to build throughout 2025, avoiding the significant Q4 tail-off seen in 2024 and setting the stage for 2026.

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    Michael Shlisky's questions to WABASH NATIONAL (WNC) leadership • Q3 2024

    Question

    Michael Shlisky inquired about the production mix between new and old facilities in 2025 and potential margin benefits from the new plant's efficiency. He also asked about the Parts and Service business, questioning the modest growth despite strategic initiatives, and sought to understand the earnings resilience by asking how much the trailer market could decline while still allowing for flat-to-up EPS.

    Answer

    President and CEO Brent Yeagy stated that while absolute volume can limit asset utilization, the new facility will provide a positive full-year contribution in 2025. Regarding Parts and Services, he and another executive clarified that while the business is resilient, it's not immune to the market. They noted strong performance on the retail side, offset by weakness in components sold to OEMs, which tracks equipment demand. Yeagy declined to provide a specific market floor for earnings growth but expressed confidence that growth in parts, services, and truck bodies would provide an offset.

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    Michael Shlisky's questions to REV Group (REVG) leadership

    Michael Shlisky's questions to REV Group (REVG) leadership • Q2 2025

    Question

    Michael Shlisky inquired about the duration of tariff-related headwinds, the potential return on investment for the Brandon facility expansion, and the impact of the Lance Camper divestiture on the company's fiscal 2027 EBITDA targets.

    Answer

    CFO Amy Campbell clarified the tariff impacts, noting the $5 million RV headwind is limited to 2H 2025 and early 2026, while the $10 million Specialty Vehicle impact represents a 2-2.5% material cost increase that will create a headwind in the first half of fiscal 2026. She explained the primary driver for the CapEx investments is to reduce lead times and increase throughput. Campbell also confirmed the Lance Camper sale has no material impact on the 2027 EBITDA goals, as motorized units generate nearly all of the segment's profit.

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    Michael Shlisky's questions to REV Group (REVG) leadership • Q1 2025

    Question

    Michael Shlisky asked for clarification on the potential impact of tariffs given REV Group's low direct exposure, questioned why the RV segment outlook was not raised despite a strong Tampa show, and inquired about pricing power in the Specialty Vehicles segment.

    Answer

    CEO Mark Skonieczny explained that the primary tariff risk is indirect through subassemblies, but the company is better prepared with multi-sourcing strategies. He also stated they want to see a sustained 1-to-1 wholesale-to-retail ratio in RVs before raising guidance. CFO Amy Campbell added that while repricing fixed contracts is limited, recent price increases for Specialty Vehicles included a buffer for unknown inflation, and costs for commercial chassis can be passed through.

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    Michael Shlisky's questions to REV Group (REVG) leadership • Q4 2024

    Question

    Michael Shlisky of D.A. Davidson questioned the flat guidance for the Recreation segment given the strong Q4 book-to-bill, asked about key risks like tariffs, sought clarity on M&A strategy regarding the implementation of REV's business system on targets, and inquired about any hurricane-related impacts on Florida facilities.

    Answer

    President and CEO Mark Skonieczny explained that the cautious Recreation outlook is due to dealers being hesitant to release orders for production, with more clarity expected after the Tampa show in the spring. He noted that M&A targets would be accretive but could benefit from REV's operational system and confirmed there were no significant hurricane impacts. CFO Amy Campbell addressed risks, stating that less than 2% of the supply base is outside the U.S., which mitigates some tariff and global disruption risks.

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    Michael Shlisky's questions to REV Group (REVG) leadership • Q3 2024

    Question

    Michael Shlisky followed up on the Fire & Emergency business, asking for an update on the progress of improving production rates and efficiency. He also questioned if there is a significant margin difference between the company's more standardized trucks versus its custom units.

    Answer

    CEO Mark Skonieczny explained that ambulance production rates are at or above pre-COVID levels, while the fire business still has opportunities for efficiency gains on complex units, rather than just incremental throughput. He affirmed that the Specialty Vehicles segment exited Q3 with double-digit margins and expects to do so again in Q4. CFO Amy Campbell clarified that there is not a significant margin difference between the company's custom and semi-custom (e.g., S-180) trucks.

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    Michael Shlisky's questions to LAKELAND INDUSTRIES (LAKE) leadership

    Michael Shlisky's questions to LAKELAND INDUSTRIES (LAKE) leadership • Q4 2025

    Question

    Michael Shlisky asked how recent tariff announcements might affect the company's fiscal 2026 guidance and inquired about the strategic plan for the Bodytrak assets following its insolvency.

    Answer

    Executive James Jenkins stated that the fiscal 2026 guidance remains firm as it already accounted for potential tariff impacts and mitigation strategies. Regarding Bodytrak, Jenkins explained that Lakeland has acquired its assets and intellectual property. The plan is to monetize them by exploring patent enforcement and relaunching the product with a more viable sales model in key markets, rather than simply winding it down. CFO Roger Shannon added that Lakeland's position as a secured creditor enabled the asset acquisition.

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    Michael Shlisky's questions to Xos (XOS) leadership

    Michael Shlisky's questions to Xos (XOS) leadership • Q4 2024

    Question

    Michael Shlisky inquired whether Xos expects to maintain positive gross margins throughout 2025 and if the low end of the company's financial guidance for the year incorporates a worst-case scenario regarding potential tariffs.

    Answer

    Dakota Semler (executive) confirmed that Xos anticipates its adjusted gross margins will remain 'strongly positive' in 2025 and expects to see year-over-year growth on that basis. Regarding guidance, Semler explained that the primary factor influencing the delivery forecast is not potential tariffs but rather the readiness of customer charging infrastructure, noting that the company's backlog already exceeds the guided unit range.

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    Michael Shlisky's questions to OSHKOSH (OSK) leadership

    Michael Shlisky's questions to OSHKOSH (OSK) leadership • Q4 2024

    Question

    Michael Shlisky from D.A. Davidson & Co. asked if the expected strength in the second half of 2025 for the Access segment implies that 2026 could be an up year, suggesting 2025 is a temporary blip. He also requested details on the Vocational backlog, specifically if the Pierce book-to-bill was above one and the current lead time for a fire truck.

    Answer

    CEO John Pfeifer declined to guide for 2026 but explained that the second-half 2025 outlook is based on visibility into customers' project backlogs. CFO Matt Field confirmed that the Vocational backlog, particularly for Pierce, grew during the quarter and that the book-to-bill was over one, as the team works to ramp up production to meet strong demand.

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    Michael Shlisky's questions to TORO (TTC) leadership

    Michael Shlisky's questions to TORO (TTC) leadership • Q4 2024

    Question

    Michael Shlisky of D.A. Davidson & Co. requested more details on the new 'AMP It Up' initiative and inquired about the expected market penetration and financial impact of the upcoming autonomous product launches.

    Answer

    CEO Richard Olson and CFO Angela Drake described 'AMP It Up' as a two-year, employee-focused initiative extending the original AMP program, with a goal of reaching at least a 14% adjusted operating margin by fiscal 2026. Regarding autonomous products, Olson confirmed significant launches across golf, commercial, and residential lines, noting that while specific penetration figures were not provided, the timing is ideal to address customer labor shortages.

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    Michael Shlisky's questions to TORO (TTC) leadership • Q3 2024

    Question

    Michael Shlisky inquired about the mix of irrigation versus equipment opportunities within the 500 global golf course projects mentioned. He also asked for an update on the M&A environment, including the types of assets for sale, and whether the company is considering technology-focused acquisitions in addition to traditional equipment.

    Answer

    CEO Richard Olson explained that any major golf course renovation or new build project inherently involves both equipment and irrigation, making it an opportunity for both product categories. On M&A, he reiterated the company's disciplined approach of seeking adjacencies that enhance shareholder value. Olson confirmed that technology is a key area of interest for acquisitions, particularly smaller, entrepreneurial companies whose tech can be leveraged across Toro's portfolio.

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    Michael Shlisky's questions to Solid Power (SLDP) leadership

    Michael Shlisky's questions to Solid Power (SLDP) leadership • Q3 2024

    Question

    The analyst asked about the mechanics and certainty of the Department of Energy (DOE) grant, whether the funds are for an existing plan or a new initiative, and the potential impact of the recent U.S. election on the grant and overall EV demand.

    Answer

    The executive explained that the DOE grant process was highly competitive and selective. The funds are a cash offset for a project that was already part of the company's strategic plan, not a new initiative. Regarding the election, the company cannot speculate on policy changes but remains focused on its strategy to develop superior EV battery technology, which they believe addresses fundamental market needs.

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    Michael Shlisky's questions to Solid Power (SLDP) leadership • Q3 2024

    Question

    Michael Shlisky of D.A. Davidson & Co. asked about the competitive nature of the Department of Energy grant, whether the funding supports existing plans or a new initiative, and the potential impact of the recent U.S. election on the company's strategy and customer demand.

    Answer

    President and CEO John Van Scoter detailed the highly selective DOE grant process, confirming Solid Power was chosen from a competitive pool. He clarified the grant is a cash offset for a previously planned $110 million project to establish continuous manufacturing, not a new initiative. Regarding the election, Van Scoter stated the company remains focused on its core strategy to develop longer-range, lower-cost, and safer EV batteries, which he believes addresses fundamental market needs regardless of the political environment.

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    Michael Shlisky's questions to Solid Power (SLDP) leadership • Q3 2024

    Question

    Michael Shlisky of D.A. Davidson & Co. asked about the Department of Energy (DOE) grant process, its competitiveness, and the certainty of receiving the funds. He also questioned if the grant supports an existing plan or a new initiative and inquired about the potential impact of the recent U.S. election on the grant and the broader EV market.

    Answer

    President and CEO John Van Scoter explained that the DOE grant selection was a highly competitive, multi-stage process. He clarified that the potential $50 million grant is a cost-share offset for a pre-existing $110 million project to develop continuous electrolyte manufacturing, not a new initiative. Regarding the election, Van Scoter stated the company would not speculate on political outcomes and remains focused on its core strategy of developing superior battery technology to meet market demand for longer range, lower cost, and safer EVs.

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    Michael Shlisky's questions to Solid Power (SLDP) leadership • Q2 2024

    Question

    Michael Shlisky asked about the growth of the OEM customer pipeline beyond the company's main partners and sought details on the progress and engagement intensity with these potential new customers.

    Answer

    President and CEO John Van Scoter stated that the customer pipeline is growing, with over 10 potential customers now in the sampling program. He highlighted that the engagement is strong, evidenced by multiple repeat sample shipments to the same companies, some as many as five or six times. He also confirmed that new customers have been added to the sampling program since the last earnings call.

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    Michael Shlisky's questions to Solid Power (SLDP) leadership • Q2 2024

    Question

    Asked about the growth of the customer pipeline beyond the main partners and the progress with companies currently sampling Solid Power's electrolyte technology.

    Answer

    The customer pipeline is growing, with new companies added to the sampling program, now totaling over 10. Existing potential customers are showing strong interest through frequent, repeat sampling cycles, which is seen as a key indicator of progress.

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    Michael Shlisky's questions to Rivian Automotive, Inc. / DE (RIVN) leadership

    Michael Shlisky's questions to Rivian Automotive, Inc. / DE (RIVN) leadership • Q3 2024

    Question

    Michael Shlisky asked if Rivian is observing a trend of customers choosing cheaper vehicle configurations in response to the challenging consumer environment.

    Answer

    CEO RJ Scaringe responded that while Rivian offers a spectrum of options to meet different price points, the company is seeing very high demand for its premium, higher-margin Tri-Motor variant. He also expressed excitement for the upcoming next-generation Quad-Motor, which will be a premium offering, indicating continued strength at the higher end of the product lineup.

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    Michael Shlisky's questions to LEV leadership

    Michael Shlisky's questions to LEV leadership • Q3 2024

    Question

    Asked about the company's pricing strategy in response to changing EPA subsidy levels and whether they have enough liquidity to sustain or increase their delivery cadence in Q4.

    Answer

    The company aims for a nimble pricing strategy based on market dynamics and total cost of ownership, with a long-term goal of reducing prices. Regarding Q4 production, they are focused on managing liquidity, working with lenders, and exploring financing options, but could not provide specific details on cash inflows.

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    Michael Shlisky's questions to LEV leadership • Q1 2024

    Question

    The analyst asked about the key differentiators of the upcoming Lion8 Class 8 EV truck compared to competitors already on the market. He also questioned the reason for the higher average vehicle price in Q1, asking if it was due to mix or other factors like environmental credits.

    Answer

    The company stated the Lion8's key differentiator is its purpose-built EV design, focused on operator needs and total cost of ownership, leveraging years of software experience from the school bus division. The higher average vehicle price in Q1 was confirmed to be a result of the mix of vehicles and charging infrastructure sold, with no unusual revenue from environmental credits.

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    Michael Shlisky's questions to Custom Truck One Source (CTOS) leadership

    Michael Shlisky's questions to Custom Truck One Source (CTOS) leadership • Q3 2024

    Question

    Michael Shlisky of D.A. Davidson & Co. inquired about the challenges in the used equipment market, asking if the issue was pricing or volume. He also asked about the ideal fleet utilization rate and whether the company was seeing an emissions-related pre-buy in Class 8 vocational truck orders.

    Answer

    CEO Ryan McMonagle acknowledged some pricing pressure in the used market but noted positive sequential demand growth. He stated that a high-70s to low-80s utilization rate is a good target, confirming the recent recovery aligns with expectations. McMonagle also clarified that the company is not planning a significant pre-buy of Class 8 chassis in early 2025 and sees good availability currently.

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    Michael Shlisky's questions to REE Automotive (REE) leadership

    Michael Shlisky's questions to REE Automotive (REE) leadership • Q1 2024

    Question

    Michael Shlisky of D.A. Davidson & Co. asked if REE's platform required modifications for U-Haul's consumer-facing rental model. He also sought clarity on the Airbus partnership, questioning the vehicle's application and REE's R&D commitment. Finally, he inquired whether the OEMs REE is in talks with are existing EV producers or new entrants to the market.

    Answer

    Executive Daniel Barel stated the platform is inherently user-friendly, driving like an SUV, and requires no changes for U-Haul's use case. Regarding Airbus, he emphasized the partnership leverages REE's mature, autonomous-ready by-wire technology without requiring additional R&D spend from REE. He confirmed that discussions are happening with both traditional OEMs and new EV companies, some with existing EV offerings and some without.

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    Michael Shlisky's questions to Cenntro (CENN) leadership

    Michael Shlisky's questions to Cenntro (CENN) leadership • FY 2021

    Question

    Michael Shlisky of D.A. Davidson & Company asked for insights into the current sales pipeline and selling environment, including the mix of large versus small orders. He also inquired about the real-world performance and warranty experience of vehicles delivered in 2021.

    Answer

    CEO Peter Wang explained that market demand remains very strong, particularly in Europe and Japan, and the primary challenge is supply and aftermarket support, not securing orders. He noted the company targets mid-tier and small businesses and does not announce a backlog, only confirming orders it can fulfill. Regarding performance, Wang emphasized the vehicles are purpose-built for urban delivery and are supported by a robust warranty that exceeds competitor offerings, such as a five-year warranty on batteries and an eight-year warranty on the powertrain.

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