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    Samir Patel • Askeladden Capital

    Samir Patel's questions to FitLife Brands Inc (FTLF) leadership

    Samir Patel's questions to FitLife Brands Inc (FTLF) leadership • Q2 2025

    Question

    Samir Patel of Askeladden Capital asked about the most significant near-term revenue synergies with Irwin, the strategic philosophy of managing a larger brand portfolio, and the company's capacity and appetite for future M&A after such a large transaction. He also asked if the company's new scale sets a minimum deal size for future acquisitions.

    Answer

    Dayton Judd, Chairman & CEO, identified taking the Irwin brand online to Amazon and leveraging its sales force for MusclePharm as key synergies. He described Dr. Tobias as a priority 'cash cow' that needs to be stabilized. Regarding M&A, Judd stated that while the immediate focus is on integrating Irwin, the company will remain active in sourcing long-lead-time deals to maintain future deal flow. He affirmed a preference for larger deals but noted the company would still consider tuck-in acquisitions with a minimum EBITDA of around $1.5 to $2 million.

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    Samir Patel's questions to FitLife Brands Inc (FTLF) leadership • Q2 2025

    Question

    Asked about the most immediate revenue synergies with Irwin, the company's portfolio management philosophy regarding individual brands versus overall ROI, the operational capacity for future M&A after the large Irwin deal, and whether there is a new minimum deal size threshold.

    Answer

    The primary revenue synergies are taking Irwin's products online (especially to Amazon) and using Irwin's retail sales force to gain distribution for MusclePharm. While overall performance is key, the stability of the large Dr. Tobias brand is a priority. The company will pause on closing new deals to focus on integration but will continue sourcing future opportunities due to long lead times. The minimum deal size has increased, but smaller, strategic tuck-ins would still be considered.

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    Samir Patel's questions to FitLife Brands Inc (FTLF) leadership • Q1 2025

    Question

    Samir Patel followed up on the M&A discussion, asking whether the valuation multiples for potential acquisitions that the company is seeing are still consistent with the ranges that have been discussed previously.

    Answer

    Executive Dayton Judd confirmed that the valuation multiples the company is observing in the market for prospective deals are "fairly consistent" with what has been discussed in the past.

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    Samir Patel's questions to FitLife Brands Inc (FTLF) leadership • Q4 2024

    Question

    Asked about the expected growth trajectory for the MusclePharm brand, the nature of promotional expenses impacting gross profit, the size of potential M&A targets, and whether the company is seeing market distress creating acquisition opportunities.

    Answer

    The company is optimistic about MusclePharm's growth but cannot provide specific numbers. Promotional expenses are a discretionary investment to drive sales and can be adjusted based on ROI. M&A target size is defined by debt capacity rather than revenue, with the ability to borrow an incremental ~$32M for a hypothetical deal. The company is beginning to see some M&A opportunities arise from debt-related distress in other companies.

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    Samir Patel's questions to FitLife Brands Inc (FTLF) leadership • Q3 2024

    Question

    Asked for context on the goal of doubling MusclePharm's revenue, the company's capacity for M&A, and the rationale behind the shelf registration. Follow-up questions concerned overcoming MusclePharm's past reputation, sell-through data for new wholesale partners, and the expected scaling of SG&A with revenue growth.

    Answer

    The Vitamin Shoppe opportunity is material and key to doubling MusclePharm's revenue. The company has the operational capacity for another acquisition and is actively looking but will remain patient. The shelf registration provides flexibility and could be used to increase stock liquidity via sales from the largest shareholder, though no immediate plans exist. The company has successfully won back legacy MusclePharm customers and is seeing good sell-through where data is available. SG&A is not expected to scale significantly with revenue growth.

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    Samir Patel's questions to FitLife Brands Inc (FTLF) leadership • Q3 2024

    Question

    Samir Patel asked about the potential scale of the MusclePharm revenue growth opportunity, the company's capacity for M&A, the rationale behind the new shelf registration, vendor relationships for MusclePharm, product sell-through, and the expected scaling of SG&A expenses.

    Answer

    Executive Dayton Judd explained that while it's hard to give precise guidance, the Vitamin Shoppe opportunity for MusclePharm is potentially "very material." He confirmed FitLife has the operational capacity for another acquisition and is actively looking, having passed on two LOIs in Q3. Regarding the shelf, Judd noted it provides flexibility and could help address stock liquidity issues, a common investor concern. He confirmed they are successfully winning back legacy MusclePharm customers and that early sell-through data is encouraging where available. Finally, he stated that significant SG&A increases are not expected as the business scales, with costs remaining stable around $2.5 million per quarter, excluding one-time items.

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    Samir Patel's questions to BK Technologies Corp (BKTI) leadership

    Samir Patel's questions to BK Technologies Corp (BKTI) leadership • Q4 2024

    Question

    Samir Patel of Askeladden Capital asked for clarification on the tax rate assumptions in the 2025 adjusted EPS guidance, the conservatism of the guidance, confirmation of plans for new long-term targets, and details on a recent InteropONE order. He also followed up on tariff mitigation strategies and Q1 inventory levels.

    Answer

    CFO Scott Malmanger confirmed the 2025 adjusted EPS guidance of over $2.80 assumes a full tax rate of 21-26%. CEO John Suzuki noted that guidance is cautious due to tariff uncertainty but could be revised if conditions remain favorable. Suzuki confirmed a new 'Vision 2030' plan will be unveiled at the end of 2025. He also shared that the InteropONE order followed a successful pilot during a hurricane but declined to give specifics to protect customer confidentiality. Regarding tariffs, he stated products are USMCA compliant, and mitigation could involve moving production with their partner EastWest, though it's a significant decision.

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    Samir Patel's questions to BK Technologies Corp (BKTI) leadership • Q3 2024

    Question

    Samir Patel of Askeladden Capital asked about the most promising market segments for the BKR 9000, the development timeline for the BKR 9500 mobile radio, the source of deferred revenue on the balance sheet, and the status of the InteropONE tethering feature.

    Answer

    CEO John Suzuki highlighted surprisingly strong BKR 9000 adoption from state-level wildland fire agencies needing multi-band interoperability, a segment that has proven more receptive than initially expected. He confirmed the BKR 9500 mobile radio is targeting a 2027 launch, with the timeline dictated by mechanical tooling processes. CFO Scott Malmanger and CEO John Suzuki clarified that deferred revenue primarily stems from extended warranties and InteropONE subscriptions. Suzuki added that the InteropONE tethering feature is still in development to ensure 'rock solid' reliability before any field trials.

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    Samir Patel's questions to Franklin Covey Co (FC) leadership

    Samir Patel's questions to Franklin Covey Co (FC) leadership • Q4 2024

    Question

    Samir Patel, an Independent Analyst, questioned the rationale for making a large, one-time $16 million growth investment now versus a more gradual approach. He also asked for a comparison of the expected ROI versus the company's growth trajectory without the investment, and followed up on technology initiatives like the Impact Platform and AI.

    Answer

    CEO Paul Walker stated the timing is right as the company has completed its subscription model transition. He and CFO Stephen D. Young explained that a 'big bullet' approach is necessary to cleanly separate the sales force into 'Land' and 'Expand' teams. Without this investment, they projected growth would remain in the mid-to-high single digits, whereas the new strategy targets an acceleration to 10-14% revenue growth in the coming years. Walker also detailed that the Impact Platform and new AI tools are key to scaling client impact and are receiving further investment.

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