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    Tate Sullivan • Maxim Group

    Tate Sullivan's questions to Natural Gas Services Group Inc (NGS) leadership

    Tate Sullivan's questions to Natural Gas Services Group Inc (NGS) leadership • Q1 2025

    Question

    Tate Sullivan of Maxim Group sought clarification on the potential proceeds from asset monetization, the level of real estate activity in Midland, the trend in month-to-month horsepower rentals, and whether the company's LNG commentary pertained to small or large horsepower applications.

    Answer

    CEO Justin Jacobs confirmed the total monetization opportunity from the tax receivable, real estate, and inventory is at least as large as the $25 million gained from accounts receivable in 2024. He stated the month-to-month rental percentage should continue to decline with new long-term contracts. Jacobs also clarified that LNG export growth primarily boosts demand for small horsepower units and keeps the large horsepower market tight.

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    Tate Sullivan's questions to Natural Gas Services Group Inc (NGS) leadership • Q3 2024

    Question

    Tate Sullivan questioned the decline in the total number of rented compressors, asking about the costs of retiring smaller units, and also inquired about the time lag between CapEx spending and unit deployment.

    Answer

    CEO Justin Jacobs explained that the drop in the number of units is due to smaller, unutilized compressors coming offline. The company is currently reviewing these assets to determine the best economic path, which could include selling or scrapping them. Regarding deployment, Jacobs detailed a significant lag time of approximately 9 to 12 months from ordering a new unit to its fabrication and readiness for field deployment, with capital spent via progress payments over that period.

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    Tate Sullivan's questions to Chesapeake Utilities Corp (CPK) leadership

    Tate Sullivan's questions to Chesapeake Utilities Corp (CPK) leadership • Q1 2025

    Question

    Tate Sullivan inquired about recent regulatory developments for natural gas infrastructure supporting Florida's space industry and sought an update on the expansion of the unregulated Marlin virtual pipeline business.

    Answer

    President and CEO Jeffrey Householder noted ongoing discussions with state, NASA, and launch company stakeholders for the space industry but no substantive updates. He confirmed that the Marlin business is being capitalized appropriately to meet growth opportunities, particularly in Ohio, but there are no major expansion programs to announce, describing it as 'business as usual'.

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    Tate Sullivan's questions to Chesapeake Utilities Corp (CPK) leadership • Q3 2024

    Question

    Tate Sullivan asked if the recent hurricanes would lead to increased future spending on storm hardening infrastructure and questioned if the customer growth opportunity at Florida City Gas is similar to the broader Florida natural gas distribution market.

    Answer

    Beth Cooper, EVP & CFO, stated that hurricane impact was minimal and existing storm protection plans are sufficient, as the system proved resilient. Jeffrey Householder, Chair, President & CEO, confirmed that Florida City Gas's residential customer growth of 3.9% is very similar to their legacy Florida operations, with Port St. Lucie being a key growth driver, while commercial and industrial opportunities are significant in the Miami area.

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    Tate Sullivan's questions to Caledonia Mining Corporation PLC (CMCL) leadership

    Tate Sullivan's questions to Caledonia Mining Corporation PLC (CMCL) leadership • Q4 2024

    Question

    Tate Sullivan questioned if more significant retirement expenses are planned for 2025, asked about the connection between higher Q4 labor costs and electricity availability, and inquired about the greatest cost variable for 2025.

    Answer

    Executive Mark Learmonth stated that future retirement expenses will not be of the same magnitude as in 2024. Both Learmonth and COO James Mufara explained that severe electricity supply issues early in Q4 necessitated significant overtime and bonuses in December to meet production targets. Learmonth identified unpredictable electricity supply as the biggest cost risk for 2025, as interruptions force the use of expensive diesel generators.

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    Tate Sullivan's questions to ABM Industries Inc (ABM) leadership

    Tate Sullivan's questions to ABM Industries Inc (ABM) leadership • Q1 2025

    Question

    Tate Sullivan sought clarification on whether two large contract wins were separate, the operational status of the new NYC office building contract, and if there was an opportunity for backup power work on that specific project.

    Answer

    President and CEO Scott Salmirs confirmed the contracts were separate. He stated the NYC building is new construction that will be fully occupied by early next year, with ABM's work already underway. He clarified that backup power for new builds is typically handled by the general contractor, making ABM's opportunity in that area focused on existing facilities.

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    Tate Sullivan's questions to ABM Industries Inc (ABM) leadership • Q3 2024

    Question

    Tate Sullivan of Maxim Group asked if the growth in the microgrid business was primarily from new clients or cross-selling to existing ones. He also questioned if these projects lead to additional electrical subcontracting work for ABM.

    Answer

    President and CEO Scott Salmirs responded that the growth is a strong mix of both new and existing clients, with significant future opportunity to cross-sell into ABM's large customer base. He confirmed that this work complements their existing electrical services division and that recent acquisitions like Quality Uptime Services are helping ABM become a turnkey data center and mission-critical service provider.

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    Tate Sullivan's questions to Tetra Tech Inc (TTEK) leadership

    Tate Sullivan's questions to Tetra Tech Inc (TTEK) leadership • Q1 2025

    Question

    Tate Sullivan sought confirmation that no other federal agencies besides USAID had halted work, asked about the risk of this setting a precedent, requested quantification of USAID work in the backlog, and inquired about the decision to settle the Hunters Point litigation.

    Answer

    CEO Dan Batrack confirmed a minor amount of EPA research work was also paused but characterized it as small. He did not provide a specific backlog figure for USAID but noted it generally represents more than a year's worth of work. CFO Steven Burdick explained the Hunters Point settlement was a strategic decision to eliminate significant future litigation costs and uncertainty after a prolonged period.

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    Tate Sullivan's questions to Tetra Tech Inc (TTEK) leadership • Q4 2024

    Question

    Tate Sullivan asked why the international growth forecast of 5-10% seems conservative given the significant AMP 8 water spending cycle in the U.K. He also sought confirmation that the company's long-term fiscal 2030 targets from its Investor Day remain intact.

    Answer

    CEO Dan Batrack clarified that while U.K. water is growing rapidly, it's part of a large international revenue base, so its weighted contribution results in the 5-10% overall growth range. He also explained the current guidance is consistent with historical organic rates, as prior-year guidance was elevated by the RPS acquisition. He confirmed the 2030 targets are intact, noting that the plan is on track and does not even include the expected contribution from future acquisitions.

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    Tate Sullivan's questions to Otter Tail Corp (OTTR) leadership

    Tate Sullivan's questions to Otter Tail Corp (OTTR) leadership • Q3 2024

    Question

    Tate Sullivan of Maxim Group asked for details on PVC pricing dynamics, specifically why distributors are paying above historical spreads, the basis for forecasting declining margins, the revenue mix between BTD and T.O. Plastics, and clarification on the $45-$50 million Plastics segment forecast.

    Answer

    President and CEO Chuck MacFarlane declined to comment on specific PVC pricing inputs or distributor behavior, citing ongoing class-action litigation. CFO Todd Wahlund confirmed that BTD is the significantly larger entity within the Manufacturing segment. MacFarlane clarified that the $45-$50 million figure represents the company's forecast for the Plastics segment's annual net income in 2026 and beyond.

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    Tate Sullivan's questions to Otter Tail Corp (OTTR) leadership • Q3 2024

    Question

    Tate Sullivan of Maxim Group asked about the pricing dynamics in the PVC market, the drivers behind forecasted margin declines, the revenue mix within the Manufacturing segment, and sought clarification on the normalized earnings target for the Plastics segment.

    Answer

    President and CEO Chuck MacFarlane declined to comment on PVC pricing dynamics or its underlying drivers, citing ongoing industry litigation. CFO Todd Wahlund confirmed that BTD is the significantly larger entity by revenue within the Manufacturing segment. Mr. MacFarlane also clarified that the $45-$50 million figure represents the company's forecast for the Plastics segment's annual net income in 2026 and beyond.

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    Tate Sullivan's questions to BWX Technologies Inc (BWXT) leadership

    Tate Sullivan's questions to BWX Technologies Inc (BWXT) leadership • Q3 2024

    Question

    Tate Sullivan inquired about BWXT's potential to be a sole-source supplier for the national security uranium enrichment franchise and asked about the next steps for the recently awarded study contract.

    Answer

    CEO Rex Geveden confirmed that BWXT was the sole awardee of the study contract, making it possible they could become the sole supplier for both centrifuges and the enrichment capability, depending on the government's long-term decision. He stated the next step is to deliver a report in late summer of next year on the concept for the manufacturing site, with the hope of then proceeding to Phase 1 of the project.

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    Tate Sullivan's questions to Badger Meter Inc (BMI) leadership

    Tate Sullivan's questions to Badger Meter Inc (BMI) leadership • Q3 2024

    Question

    Tate Sullivan from Maxim Group asked for an update on international markets, including sales allocation and opportunities for water quality monitoring outside of North America.

    Answer

    Chairman, President and CEO Kenneth Bockhorst stated that the company has been growing globally, leveraging the international footprints of recent acquisitions like s::can and ATi. He noted that while this growth is sometimes muted by outstanding North American performance, the company is excited about expanded global relationships. He provided a specific example of engaging with U.K. utilities on their AMP8 cycle needs, offering a range of solutions from smart metering to leak detection.

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