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    Steven Ramsey

    Research Analyst at Thompson Research Group

    Steven Ramsey is the Deputy Director of Research at Thompson Research Group, specializing in coverage of the Construction Equipment, Engineering & Construction, Household Goods & Services, and Office Furniture industries. His research spans leading companies within these sectors, with a track record built across multiple years, though specific investment performance metrics and industry rankings have not been publicly disclosed. Ramsey joined Thompson Research Group in 2014 after completing internships at Balestra Capital, a global macro hedge fund, and the Ministry of Finance in Rwanda, where he contributed to published economic trend analyses. He holds a Bachelor of Business Administration in Finance from Harding University, bringing strong quantitative and sector expertise to his role.

    Steven Ramsey's questions to ALTA EQUIPMENT GROUP (ALTG) leadership

    Steven Ramsey's questions to ALTA EQUIPMENT GROUP (ALTG) leadership • Q2 2025

    Question

    Asked about the potential impact of the 'One Big Beautiful Bill' on demand and guidance, the interpretation of strong July bookings in Material Handling despite customer hesitancy, the outlook for SG&A discipline, and whether contractors would purchase equipment due to tax benefits even with flat construction activity.

    Answer

    The 'One Big Beautiful Bill' is expected to impact Q4 2025, leaning slightly towards the Construction segment, and any benefit would help reach the high end of guidance. Strong Material Handling bookings are seen as volatile fleet replenishments rather than a broad sentiment shift. SG&A fixed costs are believed to have bottomed out, with hopes for higher variable selling expenses from increased sales. Customer equipment purchases are primarily driven by confidence in their backlog, with tax benefits being a secondary factor.

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    Steven Ramsey's questions to ALTA EQUIPMENT GROUP (ALTG) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group inquired about the potential demand impact from the 'One Big Beautiful Bill,' whether recent strong bookings in Material Handling signal an end to customer hesitancy, the outlook for SG&A discipline, and if contractors would purchase equipment for tax benefits despite uncertain construction activity.

    Answer

    CFO Tony Colucci explained that any impact from the tax bill would likely occur late in Q4 2025, primarily benefiting the Construction segment and helping Alta reach the high end of its guidance. CEO Ryan Greenawalt noted that while some regional weakness persists in Material Handling, customers are not delaying fleet replenishments. Tony Colucci added that fixed SG&A costs have likely bottomed out, and that customer confidence in their project backlogs remains the primary driver for equipment purchases, with tax benefits being a secondary factor.

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    Steven Ramsey's questions to ALTA EQUIPMENT GROUP (ALTG) leadership • Q4 2024

    Question

    Steven Ramsey asked for clarification on product support efficiency initiatives, questioning how much of the guided improvement is based on completed actions versus future plans. He also sought to understand the primary drivers for customer equipment purchases in 2025 and requested an outlook for the Warehouse Solutions business.

    Answer

    CFO Tony Colucci clarified that the $8 million in fixed cost savings are largely complete, while technician productivity gains are a key initiative for 2025. He noted a split customer base in Construction, with bullish DOT-funded projects and more pressured private non-residential demand. CEO Ryan Greenawalt added that the company is committed to its Warehouse Solutions business and aims to organically grow it back to prior peak levels within the next 12 months.

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    Steven Ramsey's questions to ALTA EQUIPMENT GROUP (ALTG) leadership • Q3 2024

    Question

    Steven Ramsey asked for context on the company's pro forma financial profile, questioning how the new target of $2 billion in revenue at a 10% EBITDA margin compares to the higher margins achieved on lower revenue in 2022 and 2023. He also inquired if the $4 million G&A expense reduction seen in Q3 is sustainable going forward.

    Answer

    Chief Financial Officer Tony Colucci clarified that the new pro forma target reflects a strategic shift towards being a more capital-efficient dealership and less of a capital-intensive rental house, aiming to drive more profit to the bottom line. Regarding G&A, Colucci stated that while the majority of the fixed cost reductions will stick, some variable expenses like sales commissions could increase in Q4 if revenues rise as anticipated.

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    Steven Ramsey's questions to U-Haul Holding Co /NV/ (UHAL) leadership

    Steven Ramsey's questions to U-Haul Holding Co /NV/ (UHAL) leadership • Q1 2026

    Question

    Steven Ramsey of Thompson Research Group asked if U-Box one-way moves are growing faster than the rental segment, questioned the drivers of the flat margin profile despite growth in higher-margin businesses, and inquired about the path to margin improvement in storage and the future of the development pipeline.

    Answer

    Samuel Shoen, Vice Chairman, confirmed U-Box one-way transactions are outpacing truck rentals on a percentage basis. Jason Berg, CFO, addressed margins by pointing to headwinds from fleet-related liability costs and depreciation. He noted that filling existing, non-stabilized storage properties offers significant margin upside, with roughly 80% of new revenue flowing to the bottom line. Berg also stated the company aims to maintain an annual development pace of 4.5 to 6 million square feet for storage.

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    Steven Ramsey's questions to U-Haul Holding Co /NV/ (UHAL) leadership • Q4 2025

    Question

    Steven Ramsey from Thompson Research Group inquired about the drivers of strong U-Box revenue growth, the outlook for real estate CapEx in FY26, and the lease-up pace and EBITDA impact of recently added self-storage capacity.

    Answer

    CFO Jason Berg clarified that U-Box moving transactions are growing faster than storage transactions, though both are growing over 20%. Chairman & CEO Edward Joe Shoen expects U-Box to maintain a high growth rate. Regarding storage lease-up, Berg noted it's on track for the first few years, with a slight slowdown observed in years four to five.

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    Steven Ramsey's questions to U-Haul Holding Co /NV/ (UHAL) leadership • Q3 2025

    Question

    Steven Ramsey from Thompson Research Group asked if U-Haul's cost advantages are allowing it to gain share as competitors raise prices, the reasons for declining fleet maintenance costs, whether U-Box warehouse capacity is still a growth constraint, and if the smaller sequential dip in storage occupancy signals market stabilization.

    Answer

    Chairman Edward Shoen responded that while pricing is a factor, U-Haul's extensive distribution network is a key competitive advantage. He believes the company is well-positioned for any pickup in one-way moves. On storage occupancy, he stated he does not see broad industry stabilization, noting U-Haul is performing well despite industry-wide erosion of price and occupancy. CFO Jason Berg attributed the decline in fleet repair costs to both fleet rotation (approx. 2/3) and doing more work in-house (approx. 1/3). Executive Samuel Shoen confirmed that the U-Box warehouse pipeline is now robust and no longer a growth constraint.

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    Steven Ramsey's questions to LOUISIANA-PACIFIC (LPX) leadership

    Steven Ramsey's questions to LOUISIANA-PACIFIC (LPX) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group explored several end markets, asking about the potential for manufactured housing to become a larger addressable market for Siding. He also inquired about current demand levels in the shed market compared to prior peaks and asked for details on demand drivers within the Structural Solutions portfolio.

    Answer

    CEO Brad Southern identified manufactured housing as a significant growth opportunity, as LP's siding offers an aesthetic and structural upgrade. He described shed demand as having returned to 'normal and strong' levels post-COVID. For Structural Solutions, he noted that flooring and TechShield radiant barrier are the main volume drivers, though affordability concerns can cause some customers to trade down to commodity products.

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    Steven Ramsey's questions to LOUISIANA-PACIFIC (LPX) leadership • Q2 2025

    Question

    Steven Ramsey from Thompson Research Group inquired about the growth potential for Siding in the manufactured housing segment, given housing affordability challenges. He also asked about current demand levels in the shed market and for an update on demand within the Structural Solutions portfolio.

    Answer

    CEO Brad Southern identified manufactured housing as a significant growth opportunity where LP is well-positioned. He described the shed market as having returned to 'normal and strong' levels post-COVID. For Structural Solutions, he noted that demand is driven by flooring and radiant barrier products, though affordability pressures can lead some customers to trade down to lower-cost alternatives.

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    Steven Ramsey's questions to LOUISIANA-PACIFIC (LPX) leadership • Q1 2025

    Question

    Steven Ramsey asked about the effectiveness and time lag of marketing investments on the Siding order file. He also questioned whether the Siding business is beginning to decouple from housing start trends, given its strong growth and mix shift.

    Answer

    CEO William Southern described the marketing spend in the Repair and Remodel sector as a long-term, ongoing strategic investment that is now yielding results, particularly for the ExpertFinish product line. He explained that with approximately two-thirds of SmartSide sales occurring outside of new construction, coupled with market share gains within new construction, the business is significantly insulated from housing start volatility.

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    Steven Ramsey's questions to LOUISIANA-PACIFIC (LPX) leadership • Q4 2024

    Question

    Steven Ramsey from Thompson Research Group asked how the current Siding order file compares to a year ago and whether the positive margin trajectory at the Bath facility is expected to continue in 2025.

    Answer

    CEO William Southern noted the order file's strength is consistent with last year, with the primary difference being a stronger pull from the shed segment. CFO Alan Haughie added that while Bath's margins are expected to improve, the rate of improvement might slow as the facility continues to add capacity.

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    Steven Ramsey's questions to LOUISIANA-PACIFIC (LPX) leadership • Q3 2024

    Question

    Steven Ramsey questioned if BuilderSeries attach rates could see upside in 2025 and if it provides a net benefit to mix. He also asked why Structural Solutions shipments have recently lagged commodity OSB shipments.

    Answer

    CEO Brad Southern confirmed he expects continued BuilderSeries growth in 2025 and that it is margin-accretive due to the pull-through of higher-margin products like trim. On Structural Solutions, he explained that while the long-term growth strategy is intact, quarterly volumes can fluctuate based on margin dynamics and large builder deals that may favor commodity OSB.

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    Steven Ramsey's questions to MasterBrand (MBC) leadership

    Steven Ramsey's questions to MasterBrand (MBC) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group asked about network optimization synergies, including the role of American Woodmark's new facilities, the potential for brand pruning, and the expected cost to achieve the merger synergies.

    Answer

    MasterBrand President & CEO Dave Banyard explained that network optimization will be customer-centric, working backward from service levels to optimize the combined factory footprint. He and American Woodmark President & CEO Scott Culbreth stated the current focus is on growing all legacy brands, viewing the combination as additive. EVP & CFO Andi Simon noted that integration costs will be similar in dollar terms to the Supreme deal but smaller as a ratio, as combining value and stock products is less complex than premium ones.

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    Steven Ramsey's questions to MasterBrand (MBC) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group asked about network optimization synergies, including the role of American Woodmark's new facilities, the potential for brand pruning to optimize marketing spend, and the estimated cost to achieve the merger synergies.

    Answer

    Dave Banyard, President & CEO of MasterBrand, explained that network optimization decisions will be customer-centric, focusing on service levels before optimizing the factory footprint. On branding, both Banyard and American Woodmark CEO Scott Culbreth emphasized the current focus is on growing all legacy brands, viewing the combination as additive. Andi Simon, EVP & CFO of MasterBrand, noted that integration costs will be similar in dollar terms to the Supreme deal but smaller as a ratio to company size, as combining value and stock products is less complex than premium ones.

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    Steven Ramsey's questions to MasterBrand (MBC) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group inquired about network optimization synergies, particularly regarding American Woodmark's new facilities. He also asked about the strategy for the combined brand portfolio, including potential pruning, and the estimated cost to achieve the merger synergies.

    Answer

    MasterBrand CEO Dave Banyard explained that network optimization will be customer-centric, optimizing the factory footprint based on service levels. On branding, both Banyard and American Woodmark CEO Scott Culbreth stated the focus is on growing all legacy brands. MasterBrand CFO Andi Simon noted that integration costs would be similar in dollar terms to the Supreme deal but smaller as a ratio, as combining stock/semi-custom products is less complex.

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    Steven Ramsey's questions to MasterBrand (MBC) leadership • Q2 2025

    Question

    Steven Ramsey from Thompson Research Group inquired about the strategy for network optimization synergies, the potential for brand pruning to optimize marketing spend, and the estimated cost to achieve the new synergies compared to the Supreme deal.

    Answer

    MasterBrand's President & CEO, Dave Banyard, stated that network optimization will be customer-led and that the brand combination is viewed as additive, with a near-term focus on growing legacy brands. EVP & CFO, Andi Simon, clarified that the integration costs will be similar in dollar terms to the Supreme deal but smaller as a ratio to company size, as combining value and semi-custom products is less complex than premium ones.

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    Steven Ramsey's questions to TREX CO (TREX) leadership

    Steven Ramsey's questions to TREX CO (TREX) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group asked for clarification on the new product sales metric, the performance of older products, and the potential for SG&A leverage in 2026.

    Answer

    President & CEO Bryan Fairbanks clarified that new products represented 22% of sales for the quarter. He explained that it is expected for older product lines to see sales decline as they are replaced by new products with updated features and styling. He stated it was too early to comment on 2026 SG&A leverage.

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    Steven Ramsey's questions to TREX CO (TREX) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group asked for clarification on the metric of new products representing 22% of sales, the performance of older products, and the potential for SG&A leverage in 2026.

    Answer

    President & CEO Bryan Fairbanks clarified the 22% figure was for the quarter's sales and explained that it is expected for new products with updated features to cannibalize and replace older lines. He stated it was too early to provide commentary on 2026 SG&A leverage.

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    Steven Ramsey's questions to TREX CO (TREX) leadership • Q4 2024

    Question

    Steven Ramsey of Thompson Research Group asked how much of the expected 2025 railing growth comes from wallet share gains versus new partners, and inquired about the new maintenance CapEx level post-2025.

    Answer

    CEO Bryan Fairbanks noted that railing has seen attractive growth in recent years and reiterated the expectation for double-digit growth in 2025, driven by both new features and entirely new product lines. CFO Brenda Lovcik confirmed that once the current elevated spending cycle for the Arkansas plant is complete, maintenance capital expenditures are expected to return to the historical level of 5% to 6% of revenue.

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    Steven Ramsey's questions to TREX CO (TREX) leadership • Q3 2024

    Question

    Steven Ramsey requested context on railing sell-through demand compared to decking and asked about the long-term product strategy for railing across different price points.

    Answer

    CEO Bryan Fairbanks declined to provide specific railing sell-through data at this time to avoid confusion between the sell-in of new products and true consumer sell-through. He stated that, similar to decking, he sees long-term opportunities to introduce new railing products at every level of the market, from entry-level to premium.

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    Steven Ramsey's questions to WillScot Holdings (WSC) leadership

    Steven Ramsey's questions to WillScot Holdings (WSC) leadership • Q2 2025

    Question

    Steven Ramsey from Thompson Research Group sought details on the 4% growth in enterprise leasing, asking about its drivers (units vs. price), and questioned if large project strength alone could stabilize revenue without a recovery in local markets.

    Answer

    President & COO Timothy Boswell clarified his comments were on volumes, with enterprise modular units on rent up 4% YoY as of June, driven by larger, longer-duration projects. He highlighted a strategic focus on penetrating new verticals like energy and industrial. EVP & CFO Matthew Jacobsen added that from a revenue perspective, the 2% sequential growth in Q2 is the first step toward stabilization and a return to YoY growth, suggesting the strength in large projects is already having a stabilizing effect.

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    Steven Ramsey's questions to WillScot Holdings (WSC) leadership • Q1 2025

    Question

    Steven Ramsey inquired if the strong order book reflects improved cross-selling on large projects and whether VAPS penetration is higher on these projects compared to local ones.

    Answer

    President and COO Timothy Boswell described improved cross-selling as a primary strategic focus but clarified it is a 'prospective opportunity' not yet fully reflected in results. He explained that VAPS penetration varies more by product type (e.g., high on FLEX units common in large projects) than by customer size, making a direct comparison difficult.

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    Steven Ramsey's questions to WillScot Holdings (WSC) leadership • Q4 2024

    Question

    Steven Ramsey of Thompson Research Group asked if the FLEX product is expected to be adopted by retail customers for remodels and whether this could boost delivered rates. He also inquired about the outlook for Delivery & Installation (D&I) revenue, questioning if it will return to year-over-year growth in 2025.

    Answer

    President & COO Timothy Boswell clarified that retail remodel activity, which is picking up, primarily drives demand for storage containers, not the modular FLEX product. He explained that FLEX is a panelized office unit and its growth is a headwind to average modular VAPS due to its smaller size, though it offers higher returns. CFO Matt Jacobsen addressed D&I revenue, stating that it has been declining partly due to fewer unit returns, which is a positive for leasing revenue. He expects returns to remain down in 2025, creating a continued headwind for D&I revenue, especially in the first half.

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    Steven Ramsey's questions to WillScot Holdings (WSC) leadership • Q3 2024

    Question

    Steven Ramsey asked if units returning from the strong 2022 leasing period could create a 'double headwind' and inquired about which benefits from improved cross-selling initiatives would materialize first.

    Answer

    President and CFO Timothy Boswell clarified that lower overall units on rent lead to proportionately fewer returns, mitigating headwinds. CEO Brad Soultz added that with sales teams and systems now fully integrated as of Q3, they are positioned to gain significant cross-selling traction across modular, storage, and new adjacencies in 2025.

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    Steven Ramsey's questions to HERC HOLDINGS (HRI) leadership

    Steven Ramsey's questions to HERC HOLDINGS (HRI) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group asked about the impact of fleet movements on Q2 and H2 results, including shifts to high-demand markets and H&E dispositions, and whether these movements created a headwind for REBITDA margins.

    Answer

    SVP & COO Aaron Birnbaum explained that fleet was moved from the slower Western U.S. and that the combined scale now allows them to service mega projects more easily and reduce reliance on costly third-party freight. SVP & CFO Mark Humphrey added that fleet repositioning is a normal business activity and that increased scale should make it more efficient over time, not creating an unusual margin headwind.

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    Steven Ramsey's questions to HERC HOLDINGS (HRI) leadership • Q1 2025

    Question

    Steven Ramsey inquired if the current mega project pipeline is sufficient to sustain mid-single-digit growth beyond 2025 and if the go-to-market strategy for local markets has changed from 2024.

    Answer

    COO Aaron Birnbaum affirmed the current mega project pipeline and growth trajectory are sufficient to support the guided 5% growth for the enterprise. He also stated that the comprehensive go-to-market strategy for local markets has not changed from 2024 and will be extended to the H&E business post-acquisition.

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    Steven Ramsey's questions to HERC HOLDINGS (HRI) leadership • Q4 2024

    Question

    Steven Ramsey inquired about the recent growth rate of specialty rental revenue and asked how much of the strong national account revenue growth in H2 2024 was driven by the ramp-up of mega projects.

    Answer

    COO Aaron Birnbaum confirmed that specialty revenue had a stronger growth profile than the core business in 2024 and that national accounts, particularly mega projects, drove opportunities due to slower local markets. CFO W. Humphrey added that the cadence of mega project growth should normalize in 2025 compared to the back-half loaded ramp-up seen in 2024.

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    Steven Ramsey's questions to HERC HOLDINGS (HRI) leadership • Q3 2024

    Question

    Steven Ramsey inquired about key learnings from mega projects regarding competitive dynamics and market share potential. He also asked about the progress and operational efficiency gains in the company's shift towards retail and wholesale used equipment sales channels.

    Answer

    COO Aaron Birnbaum stated that Herc is achieving its target of 3-4x its typical market share on mega projects, driven by scale, technology, and safety programs. CEO Lawrence Silber added that a strong specialty fleet is a key differentiator. Regarding used sales, Birnbaum described the initiative as being in the 'early innings,' with a focus on training and incentives to improve the sales mix and proceeds over the next few years.

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    Steven Ramsey's questions to MCGRATH RENTCORP (MGRC) leadership

    Steven Ramsey's questions to MCGRATH RENTCORP (MGRC) leadership • Q2 2025

    Question

    Steven Ramsey questioned the focus of new modular sales hires, the drivers of Mobile Modular Plus growth, the reasoning behind the seemingly modest guidance raise given positive trends, and the operating leverage within the Enviroplex business.

    Answer

    CEO Joseph Hanna explained that new sales hires are strategically placed to expand geographic coverage in markets with a small presence, supported by fleet investments. He attributed the 22% growth in Mobile Modular Plus to consistent sales training and an expanding product offering. CFO Keith Pratt clarified that the guidance reflects planned investments in readying fleet and higher SG&A for long-term growth, which pressure near-term EBITDA. Both executives noted Enviroplex's strong performance is due to favorable project mix and plant efficiency, leading to a more balanced contribution across quarters.

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    Steven Ramsey's questions to MCGRATH RENTCORP (MGRC) leadership • Q1 2025

    Question

    Steven Ramsey questioned the operational progress and market acceptance of Mobile Modular Plus, how the sales team is adapting to a market with fewer small projects, and the drivers behind the strong growth in site-related services. He also asked if customer hesitation would moderate growth in these service lines and sought details on the priorities for geographic expansion.

    Answer

    Executive Joseph Hanna attributed the success of Mobile Modular Plus to its flexibility and strong sales team execution, noting high customer acceptance. He explained that site-related services revenue can be lumpy but substantial, tied to both project installations and dismantles, which drives its growth despite lower unit volumes. Executive Keith E. Pratt acknowledged that a slowdown in new projects could make growing these services more challenging but stressed they are long-term strategic initiatives. Hanna clarified that geographic expansion is a key organic focus for 2025, with most revenue benefits expected in future years, though the company remains open to M&A to accelerate market densification.

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    Steven Ramsey's questions to UNITED RENTALS (URI) leadership

    Steven Ramsey's questions to UNITED RENTALS (URI) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group asked about the drivers behind the improved year-over-year performance in the GenRent business. He also inquired how the Yak acquisition is specifically helping United Rentals expand its presence in the utility vertical.

    Answer

    EVP & CFO William Grace attributed the acceleration in GenRent growth to broad-based demand and strong customer sentiment, consistent with the company's full-year expectations. President & CEO Matthew Flannery explained that the Yak acquisition is driving progress in utilities through both cross-selling matting solutions to United Rentals' existing customer base and, to a lesser extent, introducing United Rentals' broader offerings to Yak's legacy customers.

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    Steven Ramsey's questions to UNITED RENTALS (URI) leadership • Q1 2025

    Question

    Steven Ramsey asked about cross-selling efforts within the specialty segment itself, specifically between mature and less mature product groups. He also questioned if the recent level of benefit from ancillary and re-rent revenue growth is expected to continue for the rest of the year.

    Answer

    Executive Matthew Flannery confirmed that cross-selling within specialty is an active focus, citing examples like combining restroom and modular office solutions, and creating a full fluid solutions offering by integrating pump businesses. Executive William Grace addressed the ancillary revenue question, noting that while the growth rate accelerated in Q1, it is hard to predict for the full year as it is responsive to customer demand, but it remains a core part of their 'partner of choice' strategy.

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    Steven Ramsey's questions to HNI (HNI) leadership

    Steven Ramsey's questions to HNI (HNI) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group inquired about the trend of commingling SMB and contract products, the drivers of outperformance in the residential segment, the performance of owned distribution channels, and the outlook for 2025 free cash flow.

    Answer

    CEO Jeffrey Lorenger explained that post-COVID, customers are increasingly mixing price points to optimize project costs, a trend HNI is well-positioned for. CFO Vincent Berger attributed residential outperformance to market share gains in new construction and successful initiatives in the remodel channel. He noted that owned distribution is performing well and projected 2025 free cash flow to be in the $200-$210 million range, an increase driven by volume and tax timing.

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    Steven Ramsey's questions to HNI (HNI) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group sought more context on the trend of commingling SMB products in contract settings, the drivers of the residential segment's outperformance, the relative performance of the vertically integrated distribution channel, and the outlook for free cash flow growth in 2025.

    Answer

    CEO Jeffrey Lorenger described the commingling trend as a post-COVID shift where customers are using a 'clean slate' approach to office design, making them more open to mixing price points. CFO Vincent Berger attributed residential outperformance to market share gains and new initiatives in both new construction and remodel, noting that owned distribution is performing well. He also projected full-year free cash flow to be in the $200 million to $210 million range, an increase from previous expectations.

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    Steven Ramsey's questions to HNI (HNI) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group inquired about the trend of mixing SMB and contract products, the drivers of outperformance in the Residential segment, the relative performance of its vertically integrated distribution, and the 2025 free cash flow outlook.

    Answer

    Chairman, President & CEO Jeffrey Lorenger explained that post-COVID, customers are using a 'clean sheet' approach to office design, leading them to mix price points, a trend that benefits HNI's broad portfolio. EVP & CFO Vincent Berger attributed Residential outperformance to share gains and specific growth initiatives, noting that unit volumes are outpacing market permits. He added that company-owned distribution is performing as well as or better than independent channels. Berger also projected 2025 free cash flow to be in the $200-$210 million range, an increase driven by volume growth and favorable tax timing.

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    Steven Ramsey's questions to HNI (HNI) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group inquired about the trend of commingling SMB and contract products, the drivers of outperformance in the Residential segment, the performance of its vertically integrated distribution, and the outlook for 2025 free cash flow.

    Answer

    CEO Jeffrey Lorenger explained that post-COVID, customers are more open to mixing price points as they reconfigure spaces, a trend HNI is positioned to benefit from. EVP & CFO Vincent Berger attributed residential strength to share gains in new construction and new dealer/retail initiatives in the remodel channel. He noted owned distribution is performing well and projected 2025 free cash flow in the $200M-$210M range, boosted by volume and favorable tax payment timing.

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    Steven Ramsey's questions to HNI (HNI) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group sought more detail on the trend of commingling SMB and contract products, the drivers of residential segment outperformance, the performance of vertically integrated distribution, and the outlook for 2025 free cash flow.

    Answer

    CEO Jeffrey Lorenger explained that the commingling trend is a post-COVID phenomenon where customers are more open to mixing price points. EVP & CFO Vincent Berger attributed residential strength to share gains and growth initiatives, noting that company-owned distribution is performing as well as or better than independent channels. Berger also projected 2025 free cash flow to increase to the $200M-$210M range, driven by volume growth and favorable tax payment timing.

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    Steven Ramsey's questions to HNI (HNI) leadership • Q1 2025

    Question

    Steven Ramsey of Thompson Research Group focused on long-term strategy and capital allocation. He asked about the market traction and resilience of new higher-priced residential products, whether geopolitical shifts alter the strategic outlook for Mexico production, and how the company's strong earnings visibility is expected to translate into free cash flow.

    Answer

    CEO Jeff Lorenger and CFO V.P. Berger responded. Lorenger confirmed the higher-end residential product platform is performing strongly and is well-received, especially in the resilient custom home market. He stated the Mexico production strategy is a long-term investment that remains unchanged. Berger explained that the $45 million to $50 million in savings from transformation efforts will directly boost free cash flow, enhancing financial flexibility for investments, dividends, and share buybacks.

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    Steven Ramsey's questions to HNI (HNI) leadership • Q4 2024

    Question

    Steven Ramsey questioned the difference between the Q1 residential growth outlook and stronger order rates, whether the extended workplace sales cycle is improving, and if SG&A would grow slower than sales in 2025.

    Answer

    CEO Jeff Lorenger clarified that strong residential orders are driven by the remodel/retrofit segment recovering from a very low base, while the new home market is stabilizing. He noted the workplace sales cycle is in a 'hold pattern' due to market noise but this is factored into guidance. EVP & CFO VP. Berger stated that SG&A as a percentage of sales is expected to grow in 2025 to support planned strategic investments, unlike in 2024.

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    Steven Ramsey's questions to HNI (HNI) leadership • Q3 2024

    Question

    Steven Ramsey questioned whether the lengthened project timelines in the Workplace segment represent a new normal or might recompress. He also asked about demand divergence between office and non-office verticals and probed the 2025 outlook for cash flow, considering working capital and CapEx needs.

    Answer

    CEO Jeff Lorenger responded that he expects the lengthened sales cycle to persist through most of 2025. He noted that while non-office verticals like education and healthcare have been stronger, he expects demand to converge more positively as general office activity catches up. CFO Marshall Bridges addressed cash flow, stating that working capital is now normalized and not expected to be a use of cash in 2025. He projected CapEx would rise slightly from 2024's $65 million level but anticipates continued healthy free cash flow generation.

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    Steven Ramsey's questions to STEELCASE (SCS) leadership

    Steven Ramsey's questions to STEELCASE (SCS) leadership • Q1 2026

    Question

    Steven Ramsey sought details on Asia's profitability drivers, a breakdown of Americas demand between project and continuing business, whether the conference room refresh cycle is currently driving orders, and the reasons for the lower year-over-year gross margin guidance for Q2.

    Answer

    SVP & CFO David Sylvester explained Asia's improvement comes from both cost reductions and volume growth, particularly in India and China. He noted Q1 Americas orders saw mid-single-digit growth in continuing business offset by a double-digit decline in project business against a tough prior-year comparison. President & CEO Sara Armbruster confirmed that the need to update the vast installed base of conference rooms provides long-term confidence and is factored into the current year's forecast. For Q2 margin guidance, Sylvester cited the margin-dilutive impact of passing through tariff costs via pricing and lower fixed cost absorption in the seasonally significant education business.

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    Steven Ramsey's questions to STEELCASE (SCS) leadership • Q4 2025

    Question

    Steven Ramsey of Thompson Research Group focused on demand trends, asking about the West Coast market recovery, the contribution of large customers to Q4 order strength, the mix of new projects versus continuing business, and the overall resilience of the project-led recovery amid macro uncertainty.

    Answer

    SVP and CFO David Sylvester confirmed seeing improved activity on the West Coast, particularly in the tech sector. He and executive Mike O'Meara noted that large corporate and government customers drove strong double-digit growth in Q4. Sylvester added that both project and continuing business saw double-digit growth. He expressed confidence in the underlying demand for office modernization but acknowledged that sustained macro uncertainty could impact discretionary spending.

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    Steven Ramsey's questions to STEELCASE (SCS) leadership • Q3 2025

    Question

    Steven Ramsey asked about the magnitude of the decline in 'continuing business' and its outlook, particularly in the tech sector. He also questioned if competitive discounting in the International segment has worsened and inquired about the sources of future market share gains in the Americas.

    Answer

    CFO Dave Sylvester clarified that the decline in continuing business was against a strong double-digit growth comparison from the prior year and should improve as more sectors return to the office. He described international discounting as broad-based but not worsening, calling it strategic. He stated that future Americas share gains will come from continuing to lead in workplace transformation and leveraging their strong, retained sales force.

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    Steven Ramsey's questions to STEELCASE (SCS) leadership • Q2 2025

    Question

    Steven Ramsey of Thompson Research Group inquired about the flexibility to achieve FY25 targets based on cost efficiencies versus order volumes, whether win rates are steady or rising, and the nature of the expected large corporate rebound.

    Answer

    David Sylvester, SVP & CFO, stated that achieving targets is balanced between cost initiatives and the timing of orders from large corporate customers. He described win rates as high and resulting in market share gains. He also clarified that Q2 project business grew while day-to-day 'continuing business' declined, and noted large corporate orders are still up year-to-date. Sara Armbruster, President & CEO, added that ongoing customer visits and project discussions support their confidence.

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    Steven Ramsey's questions to AMERICAN WOODMARK (AMWD) leadership

    Steven Ramsey's questions to AMERICAN WOODMARK (AMWD) leadership • Q4 2025

    Question

    Steven Ramsey from Thompson Research Group explored whether the outlook would have been for growth without tariff pressures, the importance of existing home sales versus refinancing for an R&R recovery, and the progress of the company's automation initiatives.

    Answer

    President & CEO Scott Culbreth emphasized that removing tariff uncertainty is key for a demand rebound. He stated that a recovery in the R&R market is more dependent on the velocity of existing home sales than on refinancing activity. Regarding automation, he described the company as being in the 'early innings,' having spent over $10 million in fiscal 2025 with benefits to be realized in fiscal 2026 and beyond.

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    Steven Ramsey's questions to AMERICAN WOODMARK (AMWD) leadership • Q3 2025

    Question

    Steven Ramsey asked for details on the company's pricing strategy considerations, such as using a surcharge versus a direct price increase, in response to potential tariffs. He also questioned whether management believes demand in the dealer channel is bottoming out.

    Answer

    Executive M. Culbreth explained that any pricing action would follow channel-specific processes, such as list price changes for dealers and cost-justification for home centers. He noted that while a surcharge is a possible mechanism, the company's first choice is to mitigate costs. Culbreth also stated the belief that demand is bottoming out in the dealer and home center channels, with a potential recovery in the second half of 2025.

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    Steven Ramsey's questions to AMERICAN WOODMARK (AMWD) leadership • Q2 2025

    Question

    Steven Ramsey questioned whether the current trailing twelve-month sales level represents a market bottom and asked about any incremental risks beyond the macro environment. He also sought clarity on volume expectations for the second half, considering retail promotions.

    Answer

    Executive M. Culbreth responded that the sales environment remains primarily macro-driven, with new policy uncertainty around tariffs and immigration posing potential risks. Regarding promotions, Culbreth stated that activity has been consistent with prior years and no significant changes are expected, implying no additional impact on volume from that factor.

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    Steven Ramsey's questions to JELD-WEN Holding (JELD) leadership

    Steven Ramsey's questions to JELD-WEN Holding (JELD) leadership • Q1 2025

    Question

    Steven Ramsey of Thompson Research Group followed up on the production builder wins, asking when they would benefit volumes and whether this business would be a mix headwind. He also questioned the rationale for maintaining the CapEx outlook and the flexibility to adjust it.

    Answer

    CEO William Christensen projected a small, non-material volume benefit from builder wins in the second half of the year, noting the business being acquired is at the lower-end of the market, consistent with the broader mix-down trend. On CapEx, he explained that while there is flexibility, over 50% is allocated to long-term transformation projects already underway. The company would reduce spending if market conditions worsen significantly but remains committed to funding projects essential for its long-term strategy.

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    Steven Ramsey's questions to JELD-WEN Holding (JELD) leadership • Q3 2024

    Question

    Steven Ramsey of Thompson Research Group questioned the strategy and realistic timing for capturing market share and replacing business lost from the Midwest customer, asking if benefits would materialize in the first or second half of 2025.

    Answer

    CEO William Christensen explained that the company has established 'win rooms' to accelerate decision-making and target new business opportunities. He noted that these efforts have a longer gestation period and that any significant financial impact from regaining share is more realistically expected in the second half of 2025.

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    Steven Ramsey's questions to GRANITE CONSTRUCTION (GVA) leadership

    Steven Ramsey's questions to GRANITE CONSTRUCTION (GVA) leadership • Q1 2025

    Question

    Steven Ramsey of Thompson Research Group asked for context on the diverging growth rates between bid-build and best-value projects within CAP and how this mix affects overall portfolio quality. He also questioned the future trend of Materials revenue as a percentage of Construction sales.

    Answer

    President and CEO Kyle Larkin explained that the timing of larger, more complex best-value projects can skew quarterly percentages and that the long-term mix is expected to remain consistent, providing a healthy balance of short- and long-duration work. He projected that while the Materials-to-Construction revenue ratio would likely be stable in 2025, strategic investments and M&A are intended to make the Materials business a larger part of Granite's overall revenue in the long run.

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    Steven Ramsey's questions to GRANITE CONSTRUCTION (GVA) leadership • Q4 2024

    Question

    Steven Ramsey asked about the drivers for the low end of the 2025 sales guidance, the associated margin expansion in that scenario, and whether hitting the high end of the 2025 EBITDA target could lead to an upward revision of the 2027 targets. He also inquired about the growth rate of vertically integrated revenue versus total company revenue.

    Answer

    CEO Kyle Larkin clarified that the 2025 guidance midpoint aligns with their 6-8% long-term organic growth target and excludes any potential M&A. He attributed margin expansion to a high-quality project portfolio (CAP) and operational improvements in the Materials business. Larkin stated that achieving the upper end of the 2027 margin target of 14% or higher would depend on strategic capital reinvestment and accretive M&A. He also noted that vertically integrated revenue is growing at a pace consistent with the overall business, supported by strong public funding.

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    Steven Ramsey's questions to GRANITE CONSTRUCTION (GVA) leadership • Q3 2024

    Question

    Steven Ramsey asked for details on the building blocks for Granite's 2027 EBITDA margin target, the margin profile difference between home and other markets, and how the company maintains project selectivity amid its growth targets.

    Answer

    CEO Kyle Larkin explained that the 2027 EBITDA margin target of 12-14% will be driven by near-term improvements in the Construction segment, with the Materials segment contributing more over the long term. Larkin clarified that all operations are now considered 'home markets' with a consistent margin profile. He affirmed that Granite will not revert to a high-risk project model, noting that the company is bidding on more work while maintaining selectivity, supported by a strong public funding environment from the IIJA.

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    Steven Ramsey's questions to Quanex Building Products (NX) leadership

    Steven Ramsey's questions to Quanex Building Products (NX) leadership • Q1 2025

    Question

    Steven Ramsey asked for more detail on the drivers of the expected second-half improvement, the strategy for capital allocation between debt paydown and share buybacks, and which of the new segments would benefit most from acquisition synergies.

    Answer

    CEO George Wilson and Executive Scott Zuehlke explained the second-half forecast is based on typical business seasonality, noting they were more conservative in their initial guidance than peers. They highlighted that the window and door segments are more seasonal and will drive more of the pickup. Regarding capital allocation, Zuehlke stated that at current stock prices, share repurchases are a priority over debt repayment. He also detailed that synergies would be spread across the new segments, with corporate costs allocated broadly and headcount synergies weighted more toward the Hardware and Extruded Solutions segments.

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    Steven Ramsey's questions to Quanex Building Products (NX) leadership • Q4 2024

    Question

    Steven Ramsey asked about Quanex's strategy for portfolio adjustments following the Tyman acquisition, including potential divestitures, and questioned the sustainability of high margins in the European segment and the potential for incremental margin improvement as volumes recover.

    Answer

    CEO George Wilson confirmed that the company is actively evaluating its entire portfolio for non-core assets that could be divested to improve margins. He expressed confidence that margin improvement opportunities are not exhausted, highlighting that the new global segment structure is designed to unlock further synergies and best practices. Wilson also noted that the Extruded Solutions segment, due to its volume-driven nature, would likely see the most significant margin benefit from a market recovery. CFO Scott Zuehlke added that improving volumes would naturally create operating efficiency gains, contributing to margin expansion.

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    Steven Ramsey's questions to Quanex Building Products (NX) leadership • Q3 2024

    Question

    Steven Ramsey asked why Quanex was able to maintain its full-year outlook for the legacy business when many peers have reduced theirs, inquired about the sources of recent market share gains, and questioned the strategic evolution of the product portfolio following the Tyman acquisition, particularly regarding highly engineered products.

    Answer

    CEO George Wilson attributed the stable outlook to a conservative forecasting approach, successful efforts to secure spot business, and new product introductions. He explained that the most significant market share gains occurred in the European fenestration business due to competitor failures. Regarding the Tyman deal, Wilson expressed excitement about developing integrated systems that leverage the combined company's ability to manufacture nearly all window and door components except the glass, noting very little product overlap.

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    Steven Ramsey's questions to GMS (GMS) leadership

    Steven Ramsey's questions to GMS (GMS) leadership • Q2 2025

    Question

    Steven Ramsey asked how much market activity needs to improve for Wallboard price increases to be passed through more easily. He also inquired about the exposure of Complementary Products to the stronger commercial segments like data centers and healthcare.

    Answer

    CEO John Turner responded that even low single-digit volume growth would be sufficient to support price increases, clarifying they are actively fighting for price now, not waiting. CFO Scott Deakin added that supply-side fundamentals are already favorable. Turner explained that a mid-to-high single-digit uplift in single-family would be enough to drive pricing. Regarding Complementary Products, Turner said exposure is similar to core products in strong commercial segments but slightly more weighted towards data centers.

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    Steven Ramsey's questions to GMS (GMS) leadership • Q1 2025

    Question

    Steven Ramsey from Thompson Research Group requested more detail on the commercial market's slowdown, asking about the cadence from May/June into July and whether it was broad-based or driven by a few large project delays. He also asked about the divergence within complementary products and the sources of market share gains in the outperforming categories.

    Answer

    CEO John Turner described May and June as fine but noted July was soft, with a general malaise continuing through August. He confirmed the slowdown was due to interest-rate-sensitive large projects being pushed or canceled. For complementary products, Turner stated the strong growth in focus areas like EIFS, stucco, and insulation is due to dedicated focus and gaining share from smaller, specialized players by becoming a more reliable one-stop shop for their customer base. CFO Scott Deakin added that while complementary products have some commercial headwinds, the outperformance is about strategic focus.

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    Steven Ramsey's questions to Builders FirstSource (BLDR) leadership

    Steven Ramsey's questions to Builders FirstSource (BLDR) leadership • Q3 2024

    Question

    Steven Ramsey asked about the solid organic growth in the Repair & Remodel (R&R) segment, seeking more detail on the strength in the Central region and the role of value-added products in this category.

    Answer

    CEO Designate Peter Jackson stated that value-added products are a smaller component of the R&R business. He attributed the segment's success, particularly in the North Central region, to having available capacity and providing deep product expertise to smaller remodelers. He reiterated that R&R remains a relatively small percentage of the company's total business.

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    Steven Ramsey's questions to HEES leadership

    Steven Ramsey's questions to HEES leadership • Q3 2024

    Question

    Inquired about the competitive landscape for mega projects, the company's strategic exposure to them, and whether the current market environment affects the pace of new branch openings.

    Answer

    The company stated that the competitive environment for mega projects is stable and their approach to pursuing them is selective and measured. They plan to continue their aggressive branch expansion strategy of opening 12 to 18 locations in 2025, viewing it as a long-term investment that is viable in the current environment.

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    Steven Ramsey's questions to HEES leadership • Q4 2023

    Question

    Asked about the demand outlook for non-mega projects, the potential revenue growth from mega projects, the strategy behind recent acquisitions, and the company's plans for expanding into specialty equipment.

    Answer

    The company expects non-mega project demand to continue growing. The impact from mega projects will increase each quarter, providing stability. Recent M&A fits their strategic profile, and the acquisition funnel remains full. They are actively executing a strategy to grow their specialty business, specifically a pump and power division, by organically adding locations within existing branches.

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