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    Ryan Sigdahl • Craig-Hallum Capital Group

    Ryan Sigdahl's questions to Flutter Entertainment PLC (FLUT) leadership

    Ryan Sigdahl's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2025

    Question

    Ryan Sigdahl of Craig-Hallum noted that the guided EBITDA loss for a new state launch in Missouri is double that of a peer and asked if Flutter's state launch playbook has changed.

    Answer

    CFO Rob Coldrake stated that Flutter's approach to new state launches has not changed and remains consistent. He reiterated the formula set out at their Investor Day, which projects a contribution loss of approximately $35 million per 1% of the U.S. population, and expressed confidence in their own economic calculations.

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    Ryan Sigdahl's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Ryan Sigdahl asked for Flutter's perspective on media tie-ins and the potential impact of a competitor's acquisition of the World Series of Poker IP on Flutter's poker strategy.

    Answer

    CEO Peter Jackson emphasized that strong media partnerships have been historically important for customer acquisition, especially when backed by a superior product. Regarding poker, he acknowledged the competitive move but highlighted the significant opportunity for PokerStars in the U.S. through shared liquidity. CFO Rob Coldrake added that the PokerStars transformation is progressing well, with positive results from pricing and loyalty changes.

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    Ryan Sigdahl's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Ryan Sigdahl asked about Flutter's perspective on media tie-ins and potential M&A, and how a competitor's acquisition of the World Series of Poker IP might affect Flutter's poker strategy.

    Answer

    CEO Peter Jackson stated that media tie-ins are beneficial for customer acquisition when backed by a quality product. Regarding poker, he expressed confidence in PokerStars' U.S. opportunity and its strong position in regulated markets globally. CFO Rob Coldrake added that the PokerStars business transformation is progressing well, with positive impacts from pricing and loyalty initiatives.

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    Ryan Sigdahl's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Ryan Sigdahl requested a breakdown of the financial impact in the last two weeks of March beyond the stated hold impact, questioned the timing of disclosures, and asked what drove the change in the FOX Bet option's mark-to-market value.

    Answer

    CEO Peter Jackson explained the FOX Bet option's value increased because the value of FanDuel itself has grown. CFO Paul Edgecliffe-Johnson added that the financial impact in late March included both sports losses and significant investment in the North Carolina launch. He stated the reporting cutoff date was based on when reliable data was available.

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    Ryan Sigdahl's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Ryan Sigdahl from Craig-Hallum Capital Group requested a detailed breakdown of the financial performance in the last two weeks of March, questioned the disclosure timing around the March Madness results, and asked what drove the change in the FOX Bet option's mark-to-market valuation.

    Answer

    CEO Peter Jackson explained the FOX option's value increased because the value of FanDuel itself has grown. CFO Paul Edgecliffe-Johnson attributed the late-March performance to both unfavorable sports results and significant investment in the North Carolina launch, and stated that disclosures were made with the most current reliable data available at the time.

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    Ryan Sigdahl's questions to Draftkings Inc (DKNG) leadership

    Ryan Sigdahl's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Ryan Sigdahl of Craig-Hallum asked about the new wager tax in Illinois, which DraftKings is passing on to consumers. He inquired about the company's assumptions regarding the impact on market share and the total addressable market (TAM) in the state.

    Answer

    Co-Founder & CEO Jason Robins described the situation as 'unprecedented' and admitted the impact is hard to predict. He explained that passing the tax through was deemed a better alternative to imposing minimum bet sizes but acknowledged there is no perfect solution. He hopes Illinois will revise the tax structure and confirmed the potential impact is factored into guidance.

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    Ryan Sigdahl's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Ryan Sigdahl of Craig-Hallum Capital Group LLC asked about the new Illinois wager tax, inquiring about the company's assumptions for how passing the tax on to consumers will impact market share and the total addressable market (TAM) in the state.

    Answer

    Co-Founder & CEO Jason Robins described the situation as 'unprecedented' and admitted he doesn't know the full impact yet. He explained that the per-wager tax structure left no good options, and DraftKings chose a pass-through to allow customers to continue making low-dollar bets, unlike some competitors who opted for minimum bet sizes. He hopes Illinois will fix the tax structure and confirmed the potential negative impact is baked into guidance.

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    Ryan Sigdahl's questions to Draftkings Inc (DKNG) leadership • Q3 2024

    Question

    Ryan Sigdahl of Craig-Hallum Capital Group asked to clarify if the $55 million in promotion optimization was a result of favorable sports outcomes or a structural change in strategy.

    Answer

    CEO Jason Robins stated definitively that the optimization had 'nothing to do with sport outcomes.' He attributed it to two structural factors: mitigation of the Illinois tax increase and progress in identifying and optimizing promotions for lower LTV customers. He noted this change should be a permanent gain.

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    Ryan Sigdahl's questions to SGHC Ltd (SGHC) leadership

    Ryan Sigdahl's questions to SGHC Ltd (SGHC) leadership • Q2 2025

    Question

    Ryan Sigdahl from Craig-Hallum Capital Group LLC questioned the second-half 2025 guidance, which implies a slowdown despite strong Q2 momentum, and asked for the rationale behind the U.S. market exit, including potential asset sales and the change in expected cash costs.

    Answer

    CEO Neal Menashe clarified that the guidance reflects a disciplined approach, not a deceleration, with performance in H2 dependent on the new football season's outcomes. He explained the U.S. exit was a strategic decision based on the high cost of revenue and a lack of a clear path to profitability. CFO Alinda Van Wyk detailed the financial impact, including a $63.9M non-cash impairment and a projected $15M in cash restructuring costs, while highlighting future cost savings.

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    Ryan Sigdahl's questions to Light & Wonder Inc (LNW) leadership

    Ryan Sigdahl's questions to Light & Wonder Inc (LNW) leadership • Q2 2025

    Question

    Ryan Sigdahl of Craig-Hallum Capital Group LLC asked about the SciPlay segment, questioning if marketing spend could be shifted to states cracking down on sweepstakes gaming. He also inquired about the drivers of margin benefit in the quarter, seeking to distinguish between shifts in spending and the impact of the direct-to-consumer (D2C) platform.

    Answer

    President & CEO Matt Wilson acknowledged that sweepstakes gaming is having an undeniable impact on the social casino market but emphasized focusing on controllable factors. He highlighted the growth of the D2C platform to 18% of SciPlay revenue, up from 13% in Q1, as a key controllable driver. CFO Oliver Chow added that the team is now focused on targeted UA opportunities to drive daily active users back into the ecosystem sustainably.

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    Ryan Sigdahl's questions to Light & Wonder Inc (LNW) leadership • Q4 2024

    Question

    Ryan Sigdahl inquired about the early performance in Brazil since its launch and whether interest is greater for technology and platforms or for iGaming content.

    Answer

    CEO Matt Wilson described Brazil as an established market with unique content preferences, noting the company is now working to tailor its offerings for the local player base. He said they are leveraging their aggregator platform for data and insights. On the technology side, he highlighted the recent launch of marketing jackpots with Penn as an exciting new offering they plan to scale across more operators.

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    Ryan Sigdahl's questions to Light & Wonder Inc (LNW) leadership • Q3 2024

    Question

    Ryan Sigdahl inquired about the expected timing for the next iteration of the Dragon Train franchise and the overall strength of the game development pipeline heading into 2025.

    Answer

    President and CEO Matthew Wilson confirmed they are actively developing new versions of Dragon Train but declined to provide a specific launch timeline to maintain a competitive advantage. He stressed that the company's strength lies in its diverse portfolio of over 130 games and its robust R&D platform, which supports the 2025 financial targets.

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    Ryan Sigdahl's questions to Genius Sports Ltd (GENI) leadership

    Ryan Sigdahl's questions to Genius Sports Ltd (GENI) leadership • Q2 2025

    Question

    Ryan Sigdahl from Craig-Hallum Capital Group LLC questioned how much of the raised guidance is attributable to the new Serie A and European Leagues awards. He also asked about the opportunity to expand ad inventory for the NFL, given that it's already sold out for the upcoming season.

    Answer

    Nicholas Taylor (CFO) confirmed that all three recent major announcements are factored into the new guidance and are immediately accretive to EBITDA. Mark Locke (Co-Founder, CEO & Director) addressed the ad inventory question, explaining that growth levers include adding more sports to the BetVision platform and working closely with partners to create additional monetization opportunities within the existing product.

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    Ryan Sigdahl's questions to Genius Sports Ltd (GENI) leadership • Q1 2025

    Question

    Ryan Sigdahl inquired about the reasons for the Q1 media revenue decline, asking if it was expected or due to softer ad spend, and questioned the strategy for monetizing BetVision for soccer with leagues that are not existing data customers.

    Answer

    CFO Nicholas Taylor clarified the media revenue was broadly in line with expectations, primarily due to a difficult comparison against Q1 2024's 63% growth, and reiterated guidance for a return to growth for the full year. CEO Mark Locke added that the BetVision soccer expansion is a significant milestone, adding 18,000 games and driving high-margin in-play betting and user engagement.

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    Ryan Sigdahl's questions to Genius Sports Ltd (GENI) leadership • Q4 2024

    Question

    Ryan Sigdahl asked about the drivers of the strong dollar-based net retention, questioning the mix between price increases and product upsells, and also requested early feedback on the FanHub platform.

    Answer

    CFO Nicholas Taylor attributed the strong net retention to a combination of factors including new products like BetVision, additional events, and higher pricing from recent contract renewals. CEO Mark Locke described FanHub as a strategic, long-term investment in a self-serve platform that is being well-received, though the company remains cautious in its 2025 forecast for the new product.

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    Ryan Sigdahl's questions to Genius Sports Ltd (GENI) leadership • Q3 2024

    Question

    Ryan Sigdahl asked about the customer pipeline for the new FanHub product beyond sportsbooks and whether the company's current cost structure is sufficient to support its numerous growth initiatives into 2025.

    Answer

    CEO Mark Locke described FanHub as the 'trade desk for sports,' designed to attract any brand, such as Coca-Cola or Gatorade, wanting to target sports fans by leveraging Genius's unique data. CFO Nicholas Taylor affirmed the company's cost structure is well-positioned, highlighting the business's operating leverage, where incremental revenue flows through at a high margin (around 44% in Q3), supporting growth without significant new investment.

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    Ryan Sigdahl's questions to Sportradar Group AG (SRAD) leadership

    Ryan Sigdahl's questions to Sportradar Group AG (SRAD) leadership • Q2 2025

    Question

    Ryan Sigdahl inquired about the betting performance of the Club World Cup, particularly within the MTS business, and asked about a competitor winning European league rights previously held by IMG Arena, questioning if those rights were part of the pending acquisition.

    Answer

    CEO Carsten Koerl stated the World Cup was very good for MTS and strengthened media partnerships. Regarding the European league rights, he clarified they were a loss-making deal for IMG, so Sportradar asked IMG to wind them up before the acquisition, meaning they are not in the financial projections. He added the rights were for data only, not audiovisuals, where Sportradar feels it has a strong position.

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    Ryan Sigdahl's questions to Sportradar Group AG (SRAD) leadership • Q4 2024

    Question

    Ryan Sigdahl inquired about the IMG Arena acquisition, asking about the liabilities being assumed, included costs, and the potential for revenue synergies similar to past deals. He also asked about the drivers of outsized demand for Managed Trading Services (MTS) in the Brazilian market.

    Answer

    CEO Carsten Koerl described the IMG deal as a milestone that enhances their B2B sports offering and leverages their superior distribution network for monetization, similar to the ATP deal. CFO Craig Felenstein added that they are acquiring assets and liabilities, primarily the sports rights, and expect significant operational synergies. Regarding Brazil, Koerl attributed MTS success to a strong local team and the unique opportunity to pilot a 360-degree solution that includes customer acquisition and cross-selling into the adjacent iGaming market.

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    Ryan Sigdahl's questions to Sportradar Group AG (SRAD) leadership • Q3 2024

    Question

    Ryan Sigdahl inquired about the drivers of the raised guidance and whether the implied 60% incremental margin suggests an acceleration of margin improvement into 2025 and 2026. He also asked if the 4Sight Streaming product is leading to higher in-play betting uptake.

    Answer

    CFO Craig Felenstein confirmed that significant margin expansion is expected to continue in 2025, driven by strong revenue growth and operating leverage across all cost categories, particularly as the sports rights cost increases lessen. CEO Carsten Koerl added that the 4Sight Streaming product has lower latency and is already showing a measurable uptick in stimulating live betting activity.

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    Ryan Sigdahl's questions to Rush Street Interactive Inc (RSI) leadership

    Ryan Sigdahl's questions to Rush Street Interactive Inc (RSI) leadership • Q2 2025

    Question

    Ryan Sigdahl from Craig-Hallum Capital Group LLC sought clarification on the financial impact of the Colombian VAT tax expiration, asked for an update on its potential extension or early repeal, and inquired about any business impact from the Club World Cup.

    Answer

    CFO Kyle Sauers confirmed that the tax's expiration should provide an immediate uplift to revenue and margins, as GGR and net revenue previously grew at similar rates. CEO Richard Schwartz detailed that the tax decree expires at year-end and requires congressional action to extend, which has failed before. A constitutional court case that could repeal it early is pending but has been postponed. Sauers noted the Club World Cup had no particularly impactful benefit.

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    Ryan Sigdahl's questions to Rush Street Interactive Inc (RSI) leadership • Q1 2025

    Question

    An analyst on behalf of Ryan Sigdahl asked for a quantification of the impact from increased promotions related to the Colombian VAT tax on revenue and ARPDAU. He also sought clarity on the constitutional decree process and whether the tax could be renewed beyond the end of the year.

    Answer

    Executive Kyle Sauers detailed that while GGR in Colombia grew over 50%, net revenue was roughly flat year-over-year in recent months due to the bonusing, indicating a significant impact. CEO Richard Schwartz clarified that emergency decrees have time limitations and extending the tax beyond the year would likely require congressional support, which has been absent in the past, making a renewal unlikely.

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    Ryan Sigdahl's questions to Rush Street Interactive Inc (RSI) leadership • Q4 2024

    Question

    Ryan Sigdahl inquired about the early performance of RSI's strategy in Colombia to counter the new VAT, asking how its 'middle ground' approach is affecting retention and competitiveness. He also asked about the strategy for Delaware in 2025, questioning whether the focus would be on continued investment or on driving margin.

    Answer

    CEO Richard Schwartz stated that RSI's proprietary technology platform allows for nimble and sophisticated bonusing to manage the Colombian tax situation effectively. Executive Kyle Sauers added that mitigation includes modifying promotions, reducing some marketing, and working with vendors. Regarding Delaware, Sauers explained that since margins are relatively fixed, the 2025 focus will be on driving new player acquisition and monetization, where significant growth opportunities remain.

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    Ryan Sigdahl's questions to Rush Street Interactive Inc (RSI) leadership • Q3 2024

    Question

    Ryan Sigdahl of Craig-Hallum Capital Group LLC asked if the company's strong cash position changes its strategy on market expansion, particularly in Brazil, and sought early player feedback or metrics on the new PropPacks loyalty feature.

    Answer

    CEO Richard Schwartz responded that capital will be directed to the highest-return opportunities, with ongoing evaluation of exciting prospects in Latin America and North America, such as Alberta. He noted it's too early for specific metrics on PropPacks but shared that player enthusiasm is high, with positive feedback on the novel and engaging experience of combining sports cards with prop bets.

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    Ryan Sigdahl's questions to Hudson Technologies Inc (HDSN) leadership

    Ryan Sigdahl's questions to Hudson Technologies Inc (HDSN) leadership • Q2 2025

    Question

    Ryan Sigdahl inquired about the impact of the repair-versus-replace trend, Hudson's role in the emerging A2L refrigerant aftermarket, current HFC pricing, the growth of the reclamation business, and the state of in-channel inventory.

    Answer

    SVP of Sales and Marketing Kate Houghton confirmed a benefit from repair activity and Hudson's participation in the A2L market, which is currently small. President and CEO Brian Coleman projected A2L volumes could double next year, noted HFC pricing stabilized around $8/pound, and explained that while reclamation activity is encouraging, specific data is reported at year-end.

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    Ryan Sigdahl's questions to Hudson Technologies Inc (HDSN) leadership • Q1 2025

    Question

    Ryan Sigdahl asked about the drivers of recent refrigerant price increases, questioning if they are tariff-driven or due to other dynamics, and whether the stability is temporary. He also inquired about the margin impact from cylinder challenges and if macro factors are accelerating the reclamation business.

    Answer

    Brian Coleman, an executive, attributed price stability and increases to supply chain disruptions and tariffs but noted uncertainty about their permanence until the cooling season's demand becomes clearer. He explained that while Hudson has advantages with its reusable cylinder fleet, challenges arise from new valve requirements for A2L refrigerants and steel sourcing for disposable cylinders. Coleman confirmed that Q1 reclaim volumes are up, driven by the company's educational and partnership efforts rather than just macro factors.

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    Ryan Sigdahl's questions to Hudson Technologies Inc (HDSN) leadership • Q4 2024

    Question

    Ryan Sigdahl of Craig-Hallum asked about the DLA contract, including any impacts from administrative changes, the timeline for the new contract rebid, and potential margin implications. He also questioned the effect of tariffs and trade wars on 2025 refrigerant allocations and cylinder costs.

    Answer

    Executive Brian Coleman stated that no administrative activities are expected to impact the DLA contract, with 2025 revenue anticipated in the low to mid-$30 million range. He updated the timeline for the successor contract award to the latter half of 2025. Regarding trade, Coleman noted that while significant tariffs on Chinese HFCs already exist, the more immediate impact could come from steel tariffs affecting cylinder costs, which the company expects to pass through to customers.

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    Ryan Sigdahl's questions to Hudson Technologies Inc (HDSN) leadership • Q3 2024

    Question

    Ryan Sigdahl asked about the long-term refrigerant pricing outlook, questioning if prices would remain lower for longer without an accelerated EPA phase-out. He also inquired about the specifics of the EPA petition process, the integration of the recent USA Refrigerants acquisition, and the nature of the litigation settlement gain.

    Answer

    Executive Brian Coleman acknowledged that without an EPA petition to lower consumption allowances, lower prices could persist, expressing concern about the 2025-2028 period. He explained a petition would be a formal challenge to the EPA to amend the rule, citing evidence like inventory data. Regarding the acquisition, Executive Brian Bertaux stated the integration is proceeding well, with Brian Coleman adding that USA's strategies are now being applied to Hudson's legacy customer base. Brian Bertaux clarified the litigation gain was from a settled commercial dispute.

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    Ryan Sigdahl's questions to Asbury Automotive Group Inc (ABG) leadership

    Ryan Sigdahl's questions to Asbury Automotive Group Inc (ABG) leadership • Q2 2025

    Question

    Ryan Sigdahl from Craig-Hallum Capital Group LLC asked about Asbury's used vehicle strategy of prioritizing profitability over volume. He also posed a multi-part question on the Techeon DMS implementation, asking about any surprises, the costs incurred in the quarter, and the conversion timeline for the remaining stores.

    Answer

    COO Daniel Clara reiterated the strategy to maximize used vehicle gross profit due to constrained supply, with CEO David Hult adding that supply should begin improving in 2026. Regarding Techeon, David Hult described the complex conversion process and long-term efficiency goals, targeting full implementation by 2027. SVP & CFO Michael Welch quantified the quarterly cost at approximately $2 million, split between implementation and audit-related expenses.

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    Ryan Sigdahl's questions to Asbury Automotive Group Inc (ABG) leadership • Q4 2024

    Question

    Ryan Sigdahl of Craig-Hallum Capital Group questioned the 2025 new vehicle GPU guidance of $2,500-$3,000, noting it implies a significant deceleration from current levels. He also requested more detail on the ongoing headwinds from Stellantis and what improvements are needed.

    Answer

    SVP & CFO Michael Welch and President and CEO David Hult clarified that the $2,500-$3,000 GPU range represents a future 'new normal' run-rate, not the average for 2025, which they expect will be higher. Regarding Stellantis, Hult and SVP of Operations Dan Clara explained that while day supply improved, it was achieved via heavy incentives on less desirable inventory. They are now seeing improvements as they can order better-equipped models, which should help GPUs recover over time.

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    Ryan Sigdahl's questions to Asbury Automotive Group Inc (ABG) leadership • Q3 2024

    Question

    Ryan Sigdahl requested a breakdown of EV sales as a percentage of total sales and asked about the gross profit per unit (GPU) difference between EVs and ICE vehicles. He also inquired about any positive business impacts from the recent hurricanes.

    Answer

    SVP of Operations Dan Clara later provided that EV sales constitute 6-7% of total sales. He detailed that EV GPUs are holding up for luxury brands but are seeing steeper declines for domestic brands. President & CEO David Hult and SVP & CFO Michael Welch confirmed they expect a tailwind from replacement vehicle demand in Q4 due to Hurricane Milton, but any business interruption insurance recovery is not expected until mid-2025 or later.

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    Ryan Sigdahl's questions to Lithia Motors Inc (LAD) leadership

    Ryan Sigdahl's questions to Lithia Motors Inc (LAD) leadership • Q2 2025

    Question

    Ryan Sigdahl of Craig-Hallum Capital Group LLC inquired about the SG&A to gross profit ratio, seeking clarity on the financial impact of operational efficiencies in H2 2025 and 2026. He also asked about the performance and outlook for Lithia's UK operations amid industry challenges.

    Answer

    SVP & CFO Tina Miller addressed SG&A, emphasizing that volume growth is key and the company is focused on productivity and cost controls, leading to a slightly increased outlook for the year. President & CEO Bryan DeBoer commented on the UK, stating it performed as expected with a 3% year-over-year profitability increase, noting the network is now cleaned up and positioned for future growth.

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    Ryan Sigdahl's questions to Lithia Motors Inc (LAD) leadership • Q1 2025

    Question

    Ryan Sigdahl inquired about the current automotive tariff environment, including monthly trends for demand and GPUs, and how Lithia's inventory levels position the company. He also asked about the potential impact on earnings power if the SAAR were to decline to 14-15 million.

    Answer

    President and CEO Bryan DeBoer explained that Lithia is well-positioned, with 45% of its inventory unaffected by current tariffs, and noted that inventory days supply dropped significantly in Q1. He highlighted that the company's business model, which is built around affordability and includes a 39% year-over-year increase in value auto sales, provides resilience against SAAR fluctuations. DeBoer also mentioned that diversification from Driveway, GreenCars, and a profitable DFC helps reduce earnings volatility.

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    Ryan Sigdahl's questions to Lithia Motors Inc (LAD) leadership • Q4 2024

    Question

    Ryan Sigdahl inquired about the current market environment, including SAAR trends and the potential impact of tariffs, and questioned if the 2025 new vehicle GPU outlook was conservative compared to peers.

    Answer

    President and CEO Bryan DeBoer expressed optimism about volume tailwinds, seeing a path to a 17 million SAAR. He noted that while tariffs could impact 36-38% of their vehicles, a high inventory level provides a buffer. DeBoer confirmed the new vehicle GPU outlook is intentionally conservative to enforce cost discipline, stating the $2,500-$2,700 range is for the year, while the long-term normalized level is closer to $2,300-$2,500.

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    Ryan Sigdahl's questions to Lithia Motors Inc (LAD) leadership • Q3 2024

    Question

    Ryan Sigdahl inquired about Lithia's strategy to improve its used vehicle inventory position and sought details on the loan loss provision trends at Driveway Finance Corporation (DFC).

    Answer

    COO Adam Chamberlain explained that sourcing core used models remains a challenge due to lower industry-wide trade-ins, but noted growth in the value auto segment. CEO Bryan DeBoer added that vehicle acquisitions from customers are up. Regarding DFC, SVP of Driveway Finance Charles Lietz stated that while the market shows some stress, DFC's prime-focused portfolio is well-provisioned and profitability is not expected to be impacted.

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    Ryan Sigdahl's questions to Gentherm Inc (THRM) leadership

    Ryan Sigdahl's questions to Gentherm Inc (THRM) leadership • Q2 2025

    Question

    Ryan Sigdahl of Craig-Hallum Capital Group LLC inquired about the drivers behind Gentherm's Q3 guidance, which anticipates outperformance despite industry declines. He also asked for a comparison of content on the new Ford F-Series award versus the current generation and sought details on recent awards in the powersports adjacency.

    Answer

    CFO Jonathan Douyard attributed the Q3 outlook to company-specific factors, including new program launches and stable customer production schedules. President & CEO Bill Presley clarified that the Ford F-Series award is a continuation of similar content, highlighting the strategic win of being sourced directly by the OEM before a seat supplier was chosen. Presley also confirmed the powersports awards were for valve technology on UTV platforms with a single OEM.

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    Ryan Sigdahl's questions to Gentherm Inc (THRM) leadership • Q1 2025

    Question

    Ryan Sigdahl inquired about the 2025 guidance, asking for the amount of tariff pass-through revenue included and how much of the lower EBITDA margin is due to pass-throughs versus core performance. He also questioned how Gentherm's current strategy to expand into adjacent markets like medical differs from less successful attempts in the past.

    Answer

    CFO Jonathan Douyard clarified that the current tariff impact on guidance is limited, with the primary uncertainty stemming from future industry volumes. President and CEO William Presley explained that the current expansion strategy is fundamentally different, as it focuses on scaling existing core technology platforms into new markets, rather than developing new products. He cited using identical automotive heating components for new medical applications as a key example of leveraging existing capital and processes for growth.

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    Ryan Sigdahl's questions to Gentherm Inc (THRM) leadership • Q3 2024

    Question

    Ryan Sigdahl asked how Gentherm is balancing its strategy between established European OEMs and rising Chinese domestic manufacturers, and whether the strong new business awards of recent years imply an acceleration in market outperformance.

    Answer

    Phillip Eyler, President and CEO, emphasized the company's strong partnerships and outperformance with European OEMs like BMW and VW, driven by new technology rollouts. He described the strategy with Chinese OEMs as a disciplined approach of working with select partners. Regarding future growth, Eyler expressed confidence that the strong awards position the company for solid, long-term outperformance, pointing to the nearly 800 basis points of outperformance in Q3 and similar expectations for Q4 as evidence of this trend.

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    Ryan Sigdahl's questions to Inspired Entertainment Inc (INSE) leadership

    Ryan Sigdahl's questions to Inspired Entertainment Inc (INSE) leadership • Q1 2025

    Question

    Ryan Sigdahl from Craig-Hallum Capital Group questioned the significant sequential decline in Virtual Sports revenue, contrasting it with management's prior comments about stabilization, and requested details on the terms and interest rate of the new debt refinancing.

    Answer

    Executive Brooks Pierce explained that while weekly volatility exists, several more weeks of data confirm the Virtual Sports business has stabilized since the initial Q1 step-down. Executive A. Weil elaborated that the new 5-year floating-rate debt has a starting rate just over 10%, which is expected to fall to around 9.5% by year-end due to projected rate cuts. He noted the deal includes step-down provisions tied to deleveraging and projected a safe $30 million interest expense for 2026 modeling.

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    Ryan Sigdahl's questions to Inspired Entertainment Inc (INSE) leadership • Q4 2024

    Question

    Ryan Sigdahl pressed for details on what gives management confidence that the Virtual Sports business has passed an inflection point, given similar past commentary, and asked for the status of the Hybrid Dealer game launch with FanDuel announced in October.

    Answer

    Executive Brooks Pierce provided assurance by citing real-time Q1 data showing the business has 'leveled out' and expressed strong belief in Brazil becoming a significant growth market. Regarding FanDuel, he explained it is a large, bespoke project that is not yet live and is expected to launch before the 2025 football season, anticipating it will be a significant product launch.

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    Ryan Sigdahl's questions to Inspired Entertainment Inc (INSE) leadership • Q3 2024

    Question

    Ryan Sigdahl from Craig-Hallum Capital Group questioned why the customer count for Virtual Sports has remained flat while the Interactive segment's customer base has grown significantly, asking about the challenges in cross-selling Virtual Sports to Interactive clients.

    Answer

    Executive Brooks Pierce identified two main challenges: regulatory hurdles for Virtual Sports in certain markets and the need to onboard major North American sports betting operators like DraftKings and FanDuel, as the product appeals most to sports bettors. Executive A. Weil added that the lottery sector represents a significant and underexploited opportunity for expanding the Virtual Sports customer base.

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    Ryan Sigdahl's questions to PENN Entertainment Inc (PENN) leadership

    Ryan Sigdahl's questions to PENN Entertainment Inc (PENN) leadership • Q1 2025

    Question

    Ryan Sigdahl asked for clarification on whether performance marketing was being turned back on for both iCasino and ESPN Bet. He also requested a timeline for the stand-alone iCasino launch in West Virginia.

    Answer

    CEO Jay Snowden clarified his comments were specific to the Hollywood iCasino app, for which they are now beginning to ramp up performance-based marketing after an initial focus on organic cross-sell. Regarding West Virginia, Snowden stated the launch is planned for 'sometime in the next couple of quarters,' pending regulatory processes, and noted it should be a strong market for them given their existing Hollywood-branded casino in the state.

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    Ryan Sigdahl's questions to PENN Entertainment Inc (PENN) leadership • Q4 2024

    Question

    Ryan Sigdahl from Craig-Hallum asked about the player profile for the new Hollywood Casino app, specifically whether users are new to the database or existing ESPN BET players crossing over.

    Answer

    CEO Jay Snowden explained that they are seeing a mix, but importantly, a significant portion are new to their iGaming offering rather than just shifting from ESPN BET, demonstrating strong incrementality. He credited this to effective marketing to their land-based database and the strong Hollywood brand connection, which has allowed for rational, low-inducement customer acquisition with high retention.

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    Ryan Sigdahl's questions to PENN Entertainment Inc (PENN) leadership • Q3 2024

    Question

    Ryan Sigdahl from Craig-Hallum Capital Group asked about the potential to offer ESPN+ memberships to drive account linking. He also questioned if the closure of Freehold Raceway signals further optimization of non-core assets.

    Answer

    Head of Operations Todd George confirmed they are working with ESPN on a promotional offer for their database to receive a trial ESPN+ membership. CEO Jay Snowden clarified that the Freehold closure was a one-off for a standalone horse racing track and that all casino properties are profitable with no plans for closures or sales, viewing some racing assets as future development options.

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    Ryan Sigdahl's questions to Vivid Seats Inc (SEAT) leadership

    Ryan Sigdahl's questions to Vivid Seats Inc (SEAT) leadership • Q1 2025

    Question

    Ryan Sigdahl inquired about the specific nature of 'atypical' changes in performance marketing during Q1, the impact of competitive intensity on company strategy, and the reasons behind the revised industry outlook.

    Answer

    CFO Larry Fey attributed the marketing challenges to an unannounced Google channel change that split ad auctions, compelling more aggressive bidding across the industry. He also confirmed persistent competitive pressure. CEO Stan Chia reiterated the long-term strategy of building capabilities to drive profitable growth and recapture market share. Fey added that while April saw a bounce-back, the company adopted a more conservative outlook due to broader economic uncertainty.

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    Ryan Sigdahl's questions to Vivid Seats Inc (SEAT) leadership • Q4 2024

    Question

    Ryan Sigdahl inquired about Vivid Seats' international expansion strategy, specifically which countries are being targeted first and whether the expansion is expected to be EBITDA-additive in 2025. He also asked for commentary on the North American concert pipeline.

    Answer

    CEO Stan Chia confirmed the international launch began in the U.K., with plans to expand further in Europe. CFO Larry Fey clarified that the initial international strategy prioritizes scaling volume over immediate profit, targeting contribution margin neutrality. Regarding the concert pipeline, Fey described it as mixed, noting that while supply looks better, industry volume growth has recently turned neutral to negative after a strong start to the year.

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    Ryan Sigdahl's questions to Vivid Seats Inc (SEAT) leadership • Q3 2024

    Question

    Ryan Sigdahl asked if high marketing intensity from competitors is causing Vivid Seats to rethink its customer acquisition strategy and questioned where the company is seeing the most excitement for its newly launched SkyBox Drive tool.

    Answer

    CEO Stanley Chia affirmed that the company will maintain its disciplined, long-term focus on strong unit economics and product differentiation, like its loyalty program, rather than chase uneconomic volume. Regarding SkyBox Drive, he noted rapid adoption and excitement across sellers of all sizes, with a slight skew towards existing SkyBox users who benefit from the turnkey integration.

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