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    Steven Silver • Argus Research

    Steven Silver's questions to Bristow Group Inc (VTOL) leadership

    Steven Silver's questions to Bristow Group Inc (VTOL) leadership • Q1 2025

    Question

    Steven Silver of Argus Research asked for more detail on the potential cost exposure from a higher tariff environment, given Bristow's international footprint, and questioned if the significant use of cash for working capital in the quarter was a one-time event.

    Answer

    President and CEO Chris Bradshaw explained that since 85% of revenue is generated outside the U.S., the tariff impact on imported parts for the U.S. fleet is not expected to be material. CFO Jennifer Whalen confirmed the working capital use was largely a timing issue related to government contract payments and would not recur at the same level, though some muted pre-operation and inventory costs will continue.

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    Steven Silver's questions to Bristow Group Inc (VTOL) leadership • Q3 2024

    Question

    Steven Silver of Argus Research Company inquired about the funding plan for the remaining SAR contract investments and the expected impact on near-term liquidity and leverage. He also asked for an update on the company's capital allocation strategy as the major investment phase concludes.

    Answer

    SVP and CFO Jennifer Whalen stated that the remaining CapEx will be funded primarily through dedicated debt facilities tied to the UKSAR2G and Irish Coast Guard contracts, leading to a temporary increase in leverage. President and CEO Christopher Bradshaw reiterated the capital allocation framework, which prioritizes a strong balance sheet, funding organic growth, and shareholder returns. He mentioned that the strategy, including potential buybacks or dividends, will be further defined in early 2025.

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    Steven Silver's questions to Enerpac Tool Group Corp (EPAC) leadership

    Steven Silver's questions to Enerpac Tool Group Corp (EPAC) leadership • Q2 2025

    Question

    Steven Silver from Argus Research inquired about the implementation progress of the Enerpac Commercial Excellence (ECX) program in Europe and sought an update on the company's e-commerce performance.

    Answer

    President and CEO Paul Sternlieb reported that the ECX rollout in Europe began one to two quarters ago and is progressing well, leveraging lessons from the Americas to drive a more disciplined, end-user-focused sales culture. On digital initiatives, he stated that the e-commerce business is performing strongly, with revenue up 43% year-over-year in Q2. He also noted the recent expansion of e-commerce and digital advertising into European markets and Australia, which is driving significant growth in website traffic.

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    Steven Silver's questions to Enerpac Tool Group Corp (EPAC) leadership • Q1 2025

    Question

    Steven Silver asked about the drivers behind the return to growth in the APAC region, the current stage of progress for efficiency initiatives like PEP and ECX, and the market reception to the integrated capabilities following the DTA acquisition.

    Answer

    President and CEO Paul Sternlieb explained that APAC's growth was broad-based across most countries and product lines, excluding the soft mining market in Australia, and noted good progress with the second-brand strategy. He described the PEP program as an 'evergreen' continuation of the ASCEND initiative, driving ongoing margin expansion. CFO Darren Kozik and CEO Paul Sternlieb both commented on the DTA integration, stating it is performing well, with strong orders and a commercial playbook that is successfully generating leads for DTA's horizontal lifting technology outside of its core European market.

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    Steven Silver's questions to Enerpac Tool Group Corp (EPAC) leadership • Q4 2024

    Question

    Steven Silver from Argus Research asked for an update on Enerpac's capital allocation strategy, given the company's low leverage, strong cash flow, and recent share repurchase activity. He also inquired whether management is observing any signs of wider consolidation within the fragmented industrial tool industry, especially amidst current macroeconomic challenges.

    Answer

    President and CEO Paul Sternlieb reiterated that the company's capital allocation priorities are unchanged: first, internal investments, followed by a balanced approach between M&A and opportunistic share repurchases. He emphasized the desire to maintain a strong balance sheet and 'dry powder' for the proprietary M&A funnel, which takes time to cultivate. On industry consolidation, Sternlieb stated that while the market remains fragmented, presenting an opportunity for Enerpac, he has not observed any significant, consistent consolidation efforts by other large acquirers.

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    Steven Silver's questions to QuantaSing Group Ltd (QSG) leadership

    Steven Silver's questions to QuantaSing Group Ltd (QSG) leadership • Q1 2025

    Question

    Steven Silver of Argus Research inquired about the company's capital allocation strategy and the future growth trajectory of its emerging private label e-commerce business.

    Answer

    CFO Dong Xie affirmed a balanced capital allocation strategy, using strong operating cash flow to fund both growth investments and shareholder returns, such as the recent special dividend. He clarified that e-commerce is one channel for the broader private label strategy, which is expected to see sustainable, rather than explosive, growth built upon its large user base and integrated online-offline model.

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    Steven Silver's questions to QuantaSing Group Ltd (QSG) leadership • Q4 2024

    Question

    Steven Silver of Argus Research asked about the competitive landscape for e-commerce livestreaming in China and QuantaSing's specific product strategy for its platform, including the target number of SKUs.

    Answer

    CEO Peng Li described the large, competitive e-commerce market, highlighting QuantaSing's unique position due to its focus on the silver demographic and development of private label products. CFO Dong Xie added that the company follows a user-centric approach, aiming for a core set of approximately 10 flagship wellness products to ensure quality and build brand recognition.

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