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    Robert Maltbie • Singular Research

    Robert Maltbie's questions to Heritage Global Inc (HGBL) leadership

    Robert Maltbie's questions to Heritage Global Inc (HGBL) leadership • Q1 2025

    Question

    Robert Maltbie asked about the company's capital deployment strategy, the sustainability of NLEX's performance, specific sectors targeted for growth, and the impact of artificial intelligence on operations.

    Answer

    Executive Ross Dove and Executive Brian Cobb addressed capital strategy, emphasizing the importance of maintaining available capital for opportunistic transactions while minimizing interest costs. Brian Cobb noted that NLEX's performance is sustainable due to high volumes of charge-offs, despite normalized pricing. Ross Dove confirmed they are pursuing balanced growth opportunities across both financial and industrial divisions, including M&A, and are actively embracing AI to enhance efficiency across the business.

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    Robert Maltbie's questions to Heritage Global Inc (HGBL) leadership • Q1 2025

    Question

    Inquired about the motivation for the C3 prepayment and capital deployment plans, the drivers and sustainability of NLEX's strong performance, specific growth opportunities by sector, and how the company is leveraging AI.

    Answer

    The C3 prepayment was to avoid interest costs while keeping credit available for opportunistic deals. NLEX's performance is considered sustainable due to high volumes of charge-offs, despite normalized pricing. The company sees growth opportunities across both financial and industrial segments and is actively using AI to improve efficiency and client services.

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    Robert Maltbie's questions to ARC leadership

    Robert Maltbie's questions to ARC leadership • Q1 2024

    Question

    Questioned the reasons for the year-over-year decline in gross margins, the sustainability of Q1's sales momentum, the company's strategy for share repurchases, and the operational benefits being realized from AI.

    Answer

    The gross margin decline was attributed to long-term investments in operations, personnel, and inflationary pressures; margins are expected to improve sequentially but may not match the prior year's full-year level. The company hopes the positive sales momentum in strategic services will continue. The share repurchase plan remains the same as last year, with the slow Q1 start being a timing issue. AI is primarily used in the scanning business for data extraction and is being explored for back-office efficiencies in marketing and finance.

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