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    Sean Milligan • Gen

    Sean Milligan's questions to Generac Holdings Inc (GNRC) leadership

    Sean Milligan's questions to Generac Holdings Inc (GNRC) leadership • Q2 2025

    Question

    Sean Milligan of Janney Montgomery Scott asked about the expected margin profile for the data center business and whether it would be accretive to the C&I segment's gross and EBITDA margins.

    Answer

    Chairman, President & CEO Aaron Jagdfeld explained that due to the structural supply deficit, pricing has been stronger than in the initial business case. As a result, gross margins for data center products are expected to be similar to traditional C&I products, not dilutive as once feared. He stated that due to strong operating leverage, the business will be accretive to the C&I segment's EBITDA margin. CFO York Ragen added that on a consolidated basis, it might be slightly dilutive to gross margin but will be 'absolutely accretive' to the consolidated EBITDA margin.

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    Sean Milligan's questions to Generac Holdings Inc (GNRC) leadership • Q1 2025

    Question

    Sean Milligan requested a breakdown of how the $125 million tariff impact would be offset between price increases and cost-out initiatives, and asked for an update on the total price increase expected for residential home standby generators this year.

    Answer

    CFO York Ragen stated the goal is to use pricing and supply chain initiatives to hold the EBITDA margin percentage flat. President and CEO Aaron P. Jagdfeld specified that a 7-8% price increase is already in the guide. A second price adjustment will accompany the new product launch in H2, reflecting its added value and a more diversified, less tariff-exposed supply chain. Further tariff-related price hikes depend on trade negotiations.

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    Sean Milligan's questions to LandBridge Co LLC (LB) leadership

    Sean Milligan's questions to LandBridge Co LLC (LB) leadership • Q4 2024

    Question

    Sean Milligan of Janney Montgomery Scott LLC asked for guidance on expected produced water volume growth in 2025 and sought clarification on solar project prepayments, distinguishing the new DESRI deal from a previously discussed opportunity.

    Answer

    Executive Scott McNeely projected low-to-mid-double-digit growth in produced water volumes during 2025, driven by new projects coming online in Q2 and Q3. He clarified that the DESRI deal is a new, additive agreement. For the separate, previously discussed solar opportunity, he confirmed they still expect to receive upfront payments of around $8-10 million in 2025 but will prioritize the proposal with the best overall long-term value, not necessarily the largest upfront payment.

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    Sean Milligan's questions to Hyliion Holdings Corp (HYLN) leadership

    Sean Milligan's questions to Hyliion Holdings Corp (HYLN) leadership • Q4 2024

    Question

    Sean Milligan of Janney Montgomery Scott LLC inquired about the KARNO generator's competitive landscape against fuel cells and natural gas gensets, particularly in the data center sector. He asked for details on pricing, cost-reduction visibility from new additive manufacturing technology, the business model for service and maintenance, and management's confidence in overcoming recent supply chain and production challenges.

    Answer

    CEO Thomas Healy and CFO Jon Panzer explained that the KARNO generator is priced between conventional natural gas engines and more expensive fuel cells, offering a compelling ROI through superior efficiency and lower maintenance. Healy highlighted KARNO's advantages for data centers, such as its compact footprint and fuel flexibility, and confirmed that recent production issues with a contract manufacturer and metal powder residue have been sufficiently resolved for initial deployments. Panzer noted that cost reductions will primarily come from scaling supplier agreements rather than just printer efficiency. Regarding the business model, Healy stated Hyliion will handle initial maintenance but plans to partner with service providers long-term.

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    Sean Milligan's questions to Hyliion Holdings Corp (HYLN) leadership • Q3 2024

    Question

    Sean Milligan from Gen inquired about the manufacturing supply chain, specifically the lead times for additive manufacturing printers and how quickly Hyliion can scale production capacity to meet the significant demand anticipated from the data center market in 2026.

    Answer

    CEO Thomas Healy acknowledged a 'multiple quarter lag' between ordering and receiving printers but expects this lead time to decrease as their supplier, GE's Calibrium Additive, ramps up its own production. Healy expressed confidence in their ability to scale with GE or other suppliers if necessary. He also highlighted a key internal effort for 2025: increasing the throughput of the existing printer fleet by optimizing manufacturing parameters like laser power and powder depth to maximize productivity.

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    Sean Milligan's questions to Enovix Corp (ENVX) leadership

    Sean Milligan's questions to Enovix Corp (ENVX) leadership • Q4 2024

    Question

    Sean Milligan inquired about the 2025 CapEx outlook, the expected economics of Line 2, visibility into smartphone program volumes, and the cadence of the cell phone sales cycle for future design wins.

    Answer

    CAO Kristina Truong provided a 2025 CapEx budget of $30 million to $40 million. COO Ajay Marathe confirmed the 1,650 UPH target for Line 2. CEO Raj Talluri explained that it's too early for specific model volume visibility but described the sales cycle as a continuum, where a cell designed for 2025 could extend into 2026 models, while new 2026 designs are developed in parallel.

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    Sean Milligan's questions to Enovix Corp (ENVX) leadership • Q3 2024

    Question

    Sean Milligan asked for details on the remaining capital expenditures required to complete the first high-volume production line and the expected spending cadence. He also inquired about the payment structure for ordering additional lines in the future.

    Answer

    CFO Farhan Ahmad clarified that the majority of the fiscal year's $80-$90 million in CapEx is for the first line and will be spent this year, with minimal carryover. Executive Ajay Marathe added that the second line is not yet on order, as the team is focused on cost-reduction proofs-of-concept. He anticipates ordering long-lead items in early 2025, with the remainder ordered around Q3 2025, contingent on demand.

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