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    Steven Silver

    Research Analyst at Argus Research

    Steven Silver is an Analyst at Argus Research specializing in the Healthcare and Consumer sectors, providing analytical coverage on a range of companies within these industries. He has covered specific stocks such as Alnylam Pharmaceuticals (ALNY), delivering a strong performance record with 83% of his recommendations resulting in profits and an average return per transaction of 16.10%. Silver began his tenure at Argus Research in 2018 and has developed a reputation for consistent, high-performing equity calls. His professional background includes sector generalist responsibilities, and while public records do not specify additional securities licenses or FINRA registrations, his thorough analysis and sector versatility have earned him recognition among investors.

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

    Steven Silver's questions to Bristow Group (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 (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 TRAVELZOO (TZOO) leadership

    Steven Silver's questions to TRAVELZOO (TZOO) leadership • Q1 2025

    Question

    Steven Silver of Argus Research questioned the company's strategy regarding share repurchases, noting the aggressive activity in Q1, and asked about its capacity and appetite for future buybacks.

    Answer

    Executive Holger Bartel stated the company capitalized on an attractive opportunity in the quarter. He expects the cash balance to increase due to upfront membership fee collection and overall profitability. Going forward, the priority for cash will be investing in member growth, which now presents a better opportunity than it did a year ago.

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    Steven Silver's questions to TRAVELZOO (TZOO) leadership • Q4 2024

    Question

    Steven Silver noted the company's positive net cash position and asked if the expected ramp in 2025 revenues would enable increased investment in growth initiatives like Travelzoo META, while still maintaining financial discipline and continuing share repurchases.

    Answer

    Holger Bartel (executive) confirmed that marketing spend will increase in 2025, driven by a successful model for acquiring paying members and growing subscription revenue. He emphasized that this will not compromise the company's disciplined and independent approach to investing in Travelzoo META, which is supported by the strengthening balance sheet and strong cash flow.

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    Steven Silver's questions to TRAVELZOO (TZOO) leadership • Q3 2024

    Question

    Steven Silver of Argus Research questioned the nature of new benefits for the paid membership, including a potential Travelzoo META bundle, and asked about the company's planned uses of cash beyond share repurchases and marketing.

    Answer

    Executive Holger Bartel revealed that four new member benefits focused on enhancing the travel experience are in development, with details to be announced soon. Regarding cash flow, he confirmed the company will continue its share repurchase program and, with expected higher cash flows in 2025, will invest more in marketing to grow the member base and improve EPS.

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    Steven Silver's questions to TH International (THCH) leadership

    Steven Silver's questions to TH International (THCH) leadership • Q4 2024

    Question

    Steven Silver from Argus Research Corporation inquired about Tims China's balance sheet strategy, cash flow management amid growth and debt, the impact of volatile coffee bean prices on margins, plans for product innovation in 2025, and the growth trend of the loyalty program.

    Answer

    CFO Dong Li and CEO Yongchen Lu addressed the balance sheet, noting a cash balance of RMB 184 million, stable bank facilities, and reduced cash burn due to improved profitability and a capital-efficient franchise model. Li explained that the impact of coffee bean price volatility is mitigated by sourcing from Yunnan, a diverse menu, and the fact that beans constitute less than 14% of food costs, with an expected full-year margin impact of less than 90 basis points. Lu detailed the product innovation strategy, highlighting the success of 92 new products in 2024 and the focus on the 'Coffee Plus Fresh Prepared Food' model, such as the new lunchbox. He also confirmed the loyalty program continues to grow daily through new stores, online channels, and brand partnerships.

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    Steven Silver's questions to TH International (THCH) leadership • Q3 2024

    Question

    Steven Silver inquired about the potential for future expense leverage, the timeline for converting the 5,000 sub-franchise applications into operating stores, and the impact of the loyalty program on customer purchase frequency and transaction size.

    Answer

    CEO Yongchen Lu explained that continued revenue growth would provide operating leverage as fixed costs like rent and G&A are allocated over a larger base. He noted that while the company is strict in vetting its franchise applications to ensure quality partners and locations, progress is strong and will accelerate. Regarding the loyalty program, Lu confirmed that members have a much higher purchase frequency, highlighting that purchasers of the 'Chibaobao Card' showed a 4.6x increase in frequency compared to average members.

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    Steven Silver's questions to TH International (THCH) leadership • Q1 2024

    Question

    Steven Silver of Argus Research inquired about Tims China's strategy for expanding store-level EBITDA margins and executing its growth plan if competitive and macroeconomic challenges persist.

    Answer

    CEO Yongchen Lu stated that the company's 'coffee plus food' strategy is a key differentiator, with over 50% of orders now including food, which insulates them from direct price competition with pure coffee brands. He highlighted that this unique positioning has attracted over 3,000 sub-franchisee applications, which will accelerate network growth.

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    Steven Silver's questions to Cheche Group (CCG) leadership

    Steven Silver's questions to Cheche Group (CCG) leadership • Q4 2024

    Question

    Steven Silver inquired about the company's capital investment plans for 2025, given its strong cash position and expected profitability, and asked about the focus for new partnerships now that Cheche is aligned with most major NEV manufacturers.

    Answer

    Chief Financial Officer Wenting Ji stated that the company does not anticipate significant capital investments, with the exception of R&D funding for new AI-driven products in claims management and autonomous driving insurance. An executive added that while the number of NEV partners may still grow, the primary focus for future growth will be deepening relationships with existing partners by providing auto insurance renewal services for their expanding customer base.

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    Steven Silver's questions to ENERPAC TOOL GROUP (EPAC) leadership

    Steven Silver's questions to ENERPAC TOOL GROUP (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 (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 (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 BUILD-A-BEAR WORKSHOP (BBW) leadership

    Steven Silver's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q4 2024

    Question

    Steven Silver questioned the outlook for inventory levels in 2025 given store expansion and accelerated purchasing, and asked what factors might be offsetting positive business trends to result in a mid-single-digit revenue growth forecast.

    Answer

    CFO Vojin Todorovic explained that while inventory units will naturally increase to support store growth, the total inventory value will also be influenced by potential tariff-related cost increases. Regarding the revenue outlook, he stated that the mid-single-digit guidance is not conservative but accounts for external macro uncertainties, such as the consumer environment and tariff impacts, which are outside the company's control. CEO Sharon John added that while the company is benefiting from positive trends like the return to experiential retail and 'kidulting,' the guidance remains mindful of potential shifts in consumer behavior.

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    Steven Silver's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q3 2024

    Question

    Steven Silver from Argus Research asked about the leverage gained from strong store traffic in lease negotiations and inquired about the long-term strategy for international expansion, particularly regarding market saturation versus flagship locations.

    Answer

    CEO Sharon John confirmed that outpacing mall traffic provides leverage in lease negotiations, as Build-A-Bear is a traffic driver. CFO Vojin Todorovic added that the company's flexible store formats and preference for percentage-rent deals also provide an advantage. Regarding international strategy, Vojin Todorovic stated the focus is on finding the right partners to secure prime real estate, while Sharon John clarified they are far from saturating any market and that partners strategically target tourist-heavy locations.

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    Steven Silver's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q2 2024

    Question

    Steven Silver asked about the company's supply chain capabilities, specifically how it is set up to quickly replenish high-demand seasonal items, referencing the depletion of certain Halloween products.

    Answer

    CEO Sharon John explained that the company uses predictive analysis based on historical data and consumer trends to manage seasonal inventory. For the popular Pumpkin Kitty, they planned multiple inventory flows to meet demand. She emphasized that the majority of the business comes from evergreen products like classic teddy bears, which provides a stable inventory foundation and mitigates the risks associated with the more volatile seasonal and licensed product categories, ensuring something is always available for consumers.

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

    Steven Silver's questions to QuantaSing Group (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 (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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    Steven Silver's questions to Kandi Technologies Group (KNDI) leadership

    Steven Silver's questions to Kandi Technologies Group (KNDI) leadership • Q3 2024

    Question

    Steven Silver asked for an update on the market reception for the Kandi golf carts launched through its partnership with Lowe's, inquiring whether sales have met the company's initial expectations.

    Answer

    CEO Feng Chen responded that the customer reception for the NFL-branded products has been "pretty good" and affirmed that the company is working well with Lowe's on the partnership.

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    Steven Silver's questions to LANDS' END (LE) leadership

    Steven Silver's questions to LANDS' END (LE) leadership • Q2 2025

    Question

    Steven Silver asked how the strategy of minimal discounting aligns with the increased SG&A spending for new customer acquisition and inquired about the company's pipeline for patent-eligible products, particularly following the new patent in the swim category.

    Answer

    CFO Bernard McCracken explained that gross margin expansion was primarily driven by higher average unit retail, not deeper discounts, and that new, younger customers are being acquired profitably through channels like social media. CEO Andrew McLean elaborated on the renewed focus on innovation, stating that the company is actively building a pipeline of patents to protect product differentiation and re-establish Lands' End as an innovative brand, a core part of its heritage.

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    Steven Silver's questions to LANDS' END (LE) leadership • Q3 2024

    Question

    Steven Silver asked about the third-party business, specifically the timeline for new partnerships like Nordstrom to drive traffic to Lands' End's direct channels. He also inquired about the contribution of third-party expansion to the quarter's GMV growth and the breakdown of new customers between organic acquisition and third-party channels.

    Answer

    CEO Andrew McLean clarified that directly managed third-party marketplaces like Nordstrom, where assortments are curated, provide valuable customer data and do drive traffic back to the main site. He contrasted this with arm's-length licensing deals like Costco, where data is less direct but still provides brand exposure. CFO Bernard McCracken added that 80% of marketplace sales are from new or long-lapsed customers, and the company is actively analyzing this data to understand customer journeys and drive future growth across all channels.

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    Steven Silver's questions to bioAffinity Technologies (BIAF) leadership

    Steven Silver's questions to bioAffinity Technologies (BIAF) leadership • Q4 2022

    Question

    Steven Silver of Argus Research asked for more detail on the initial launch of CyPath Lung in Texas, inquiring about any unexpected findings or adjustments the company is making based on early feedback.

    Answer

    President and CEO Maria Zannes responded that while there were no major surprises, the company is gaining valuable insights. She highlighted that physicians and patients appreciate the ease of use, particularly the at-home sputum collection supported by a patient coach, which has resulted in high-quality samples. Zannes also noted that physicians find the actionable binary (yes/no) results, supplemented by a numerical score, very helpful for determining next steps. This feedback is being used to refine branding and messaging with marketing partners Havas and Trinity.

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    Steven Silver's questions to CooTek(Cayman)Inc. (CTKYY) leadership

    Steven Silver's questions to CooTek(Cayman)Inc. (CTKYY) leadership • Q4 2021

    Question

    Steven Silver from Argus Research inquired about the planned integration between the online literature and gaming segments in 2022, the company's flexibility in managing expenses to maintain its net income outlook, and the anticipated pace of new game launches.

    Answer

    Executive Kan Zhang explained that the company leverages a data-driven SaaS platform for both business lines, highlighting the success of 'Love Fantasy' as a model for future games combining literature and gameplay. He confirmed an accelerated pace of game launches is expected in 2022 through partnerships with over 20 external studios. CFO Robert Yi Cui addressed expense management, outlining 2022 targets for sales & marketing at 70% of revenue, R&D at 10%, and G&A at 6% to ensure profitability.

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    Steven Silver's questions to CooTek(Cayman)Inc. (CTKYY) leadership • Q1 2021

    Question

    Steven Silver from Argus Research asked for more details on how the company can leverage the success of its game, Catwalk Beauty, to enhance the group's overall growth, visibility, marketing spend, and customer acquisition costs.

    Answer

    Executive Kan Zhang explained that Catwalk Beauty's success validates their holistic incubation mechanism, which they expect will produce one or two successful new games every two months. The game's high ROI, with a return cycle of less than three days, and significant organic growth from social sharing are contributing directly to the group's profitability. This success also proves their sophisticated growth platform, which they will now leverage to expand into publishing games for third-party partners.

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