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    Richard Baldry • Roth MKM

    Richard Baldry's questions to SoundThinking Inc (SSTI) leadership

    Richard Baldry's questions to SoundThinking Inc (SSTI) leadership • Q2 2025

    Question

    Richard Baldry of Roth Capital Partners, LLC inquired about the market traction for the SafePoint solution, the development of the international pipeline, the reason for the significant post-quarter cash increase, and visibility into the second-half revenue forecast.

    Answer

    CEO Ralph Clark confirmed the SafePoint pipeline is healthy, particularly in healthcare and casinos, and highlighted international progress with new deployments in Brazil and expansions in Uruguay. CFO Alan Stewart explained the post-quarter cash balance increase to over $16 million was due to the timing of collections, reflecting strong underlying free cash flow. Stewart also affirmed confidence in the second-half guidance, noting that while the timing of large deals can be a factor, they have strong visibility.

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    Richard Baldry's questions to SoundThinking Inc (SSTI) leadership • Q1 2025

    Question

    Richard Baldry inquired about how SoundThinking manages its product pipeline across its expanding suite of tools and asked for early customer feedback and use cases for the recently revamped SafePointe solution.

    Answer

    Ralph Clark, an executive, explained that each product has its own pipeline metrics with a target of 3-4x coverage based on sales quotas, noting particular strength in the Resource Router and CrimeTracer pipelines. Regarding SafePointe, Clark confirmed the focus on healthcare, casino, and high-end commercial verticals and mentioned a proof-of-concept with a top-tier U.S. healthcare chain was progressing well.

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    Richard Baldry's questions to SoundThinking Inc (SSTI) leadership • Q3 2024

    Question

    Richard Baldry inquired about the competitive landscape for the Chicago RFI, the pipeline strength for the new SafePointe Next Gen solution, the go-live assumptions for ShotSpotter and SafePointe embedded in the 2025 guidance, and potential supply chain constraints for SafePointe's hardware.

    Answer

    CEO Ralph Clark stated that the Chicago RFI's requirements are familiar and that the company has won similar bids before. He confirmed the SafePointe pipeline is strong, with deals expected in Q4. CFO Alan Stewart added that 2025 guidance assumes over 100 new ShotSpotter miles and highlighted significant bookings growth for SafePointe, which has already exceeded $1 million in Q3 and Q4. Ralph Clark acknowledged a potential supply constraint for an NVIDIA chipset in the SafePointe edge device but expressed confidence that supply would increase to meet 2025 projections.

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    Richard Baldry's questions to Zeta Global Holdings Corp (ZETA) leadership

    Richard Baldry's questions to Zeta Global Holdings Corp (ZETA) leadership • Q2 2025

    Question

    Richard Baldry of ROTH Capital Partners asked about the drivers behind the accelerated year-over-year growth in scaled customers, from 43 last year to 99 this year. He also requested quantification of Zeta's penetration within large agency brands.

    Answer

    CEO David Steinberg attributed the growth to an expanded sales force and the company's improved brand recognition, which has increased pipeline conversion rates. CFO Chris Greiner added that the LiveIntent acquisition also contributed more customers at a smaller starting ARPU. Regarding agency penetration, David Steinberg estimated Zeta works with 1-3% of the brands represented by U.S. agency holdcos, highlighting a massive runway for growth.

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    Richard Baldry's questions to Zeta Global Holdings Corp (ZETA) leadership • Q4 2024

    Question

    Richard Baldry from ROTH Capital Partners inquired about the rationale for the accelerated share buyback in Q4 and the go-forward strategy for repurchases, as well as the company's current thinking on M&A opportunities.

    Answer

    CEO David Steinberg explained the Q4 buyback was accelerated because the stock price was 'stupidly low,' and he considers share repurchases the best use of cash. He suggested using at least half of 2025's free cash flow for buybacks. On M&A, Steinberg noted that while deal flow is increasing, Zeta remains disciplined and will only pursue opportunistic, non-transformative deals that fit its established strategic pillars and create a '1+1=4' value proposition.

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    Richard Baldry's questions to Zeta Global Holdings Corp (ZETA) leadership • Q3 2024

    Question

    Richard Baldry of ROTH MKM inquired about early market feedback and synergy realization from the LiveIntent acquisition. He also asked about the company's appetite for future M&A given its increased cash position.

    Answer

    CEO David Steinberg stated that synergy recognition from LiveIntent is ahead of schedule, with cross-selling already underway and full data integration expected by month-end. He added that while Zeta is generating significant free cash flow, the company will remain disciplined yet opportunistic regarding future acquisitions that fit its strategic pillars.

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    Richard Baldry's questions to Reservoir Media Inc (RSVR) leadership

    Richard Baldry's questions to Reservoir Media Inc (RSVR) leadership • Q1 2026

    Question

    Richard Baldry of Roth Capital Partners, LLC asked about the drivers behind the record-high blended gross margins and their sustainability. He also questioned the digital growth outlook, the composition of the M&A pipeline, and the company's deal sourcing strategy.

    Answer

    CFO Jim Heindelmeyer attributed the strong gross margins to a favorable revenue mix, including lower-margin physical revenue declining as a percentage of the total. He affirmed expectations for digital revenue to return to growth, citing positive industry trends like Spotify's price increases. Founder and CEO Golnar Khosrowshahi described the M&A pipeline as robust and evenly split, noting that the most substantial deals are sourced off-market through relationships rather than competitive auctions.

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    Richard Baldry's questions to Reservoir Media Inc (RSVR) leadership • Q4 2025

    Question

    Richard Baldry of Roth Capital Partners, LLC inquired about the return on investment in international markets like India, the expected revenue seasonality for fiscal 2026, the company's interest rate hedging strategy, and capital deployment plans. He also questioned the factors behind the fiscal 2026 guidance, noting it appeared conservative relative to the second-half 2025 run-rate.

    Answer

    Founder, CEO & Director Golnar Khosrowshahi confirmed that emerging markets offer better ROIs due to less competition and that capital deployment remains opportunistic rather than pre-allocated by segment. CFO Jim Heindelmeyer stated that seasonality should normalize, the company is hedged at $150 million, and the FY26 guidance is prudent as it does not forecast potential large one-off hits or non-recurring items like the audit recoveries seen in FY25.

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    Richard Baldry's questions to Reservoir Media Inc (RSVR) leadership • Q3 2025

    Question

    Richard Baldry of ROTH Capital Partners asked for clarification on the Q4 guidance, which implies a sequential decline, the factors causing fluctuations in neighboring rights revenue, the company's debt hedging strategy, and the current state of the M&A deal pipeline.

    Answer

    Executive Jim Heindlmeyer explained that Q3 benefited from a one-time royalty recovery, though it may lead to higher ongoing royalties. He also noted their guidance incorporates appropriate conservatism. He described neighboring rights revenue as inherently lumpy due to hit timing and retroactive payments. Regarding debt, $150 million is hedged through December 2027, and they continuously evaluate adding more. Executive Golnar Khosrowshahi reiterated that the M&A pipeline remains strong with no change in seller appetite.

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    Richard Baldry's questions to Reservoir Media Inc (RSVR) leadership • Q2 2025

    Question

    Richard Baldry asked about the key factors in winning high-profile deals like Snoop Dogg, the process for sourcing deals internationally, the P&L impact of swap charges, the timing of streaming price increases, and how EBITDA growth affects liquidity.

    Answer

    CEO Golnar Khosrowshahi credited major deal wins to the company's high-touch creative team and emphasized the necessity of on-the-ground, local teams for sourcing deals in emerging markets. CFO Jim Heindlmeyer clarified the swap charge was due to expiring contracts and expects less volatility, noted that streaming price hikes are reflected in revenues quickly, and explained that the company's revolver access is not tied to a leverage ratio, providing full liquidity.

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    Richard Baldry's questions to Asure Software Inc (ASUR) leadership

    Richard Baldry's questions to Asure Software Inc (ASUR) leadership • Q2 2025

    Question

    Richard Baldry from Roth Capital Partners, LLC questioned the long-term profitability of Latham, asking if it would be more accretive than the core business post-synergies. He also asked about the typical client size for Latham and how this larger acquisition impacts Asure's near-term M&A appetite.

    Answer

    CFO John Pence stated that Latham is expected to be highly accretive, potentially reaching a 50%+ contribution margin after an 18-month integration period. He confirmed Latham's client size is 'almost spot on' with Asure's. Regarding M&A, Pence noted that while Asure still has the capacity for smaller, 'bite-sized' deals, the near-term focus will be on integrating recent acquisitions.

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    Richard Baldry's questions to Asure Software Inc (ASUR) leadership • Q1 2025

    Question

    Richard Baldry asked about the best forward-looking indicators for investors to watch to track the revenue ramp from large enterprise tax deals, such as Venture and Strata.

    Answer

    CEO Patrick Goepel identified the contracted backlog as the primary indicator, noting it grew to $82 million. He explained that these large deals involve phased installations and that the company will provide updates each quarter. CFO John Pence also mentioned that internal tools built for these deals, like the client life cycle management platform, can be sold as standalone products.

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    Richard Baldry's questions to Asure Software Inc (ASUR) leadership • Q4 2024

    Question

    Richard Baldry questioned whether the 86% new bookings growth was driven more by unit growth or ARPU, and asked about the strategic decision to reinvest Q1's seasonal revenue uplift rather than letting it improve margins.

    Answer

    CEO Pat Goepel and President Eyal Goldstein explained that while 2024 bookings growth was strong in units, the primary focus for 2025 is to increase ARPU by attaching more solutions. CFO John Pence clarified that the Q1 investment is targeted at scaling the technology and service infrastructure to support large enterprise clients like Kroger and Nucor, which requires a higher upfront cost.

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