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    Thomas Shinske • Cantor Fitzgerald

    Thomas Shinske's questions to Galaxy Digital Inc. (GLXY) leadership

    Thomas Shinske's questions to Galaxy Digital Inc. (GLXY) leadership • Q2 2025

    Question

    Thomas Shinske of Cantor Fitzgerald, on behalf of Brett Knobloch, asked for insight into how Galaxy was selected for the mandate to sell over 80,000 Bitcoin for a client and what differentiated the firm.

    Answer

    Founder, CEO & Director Michael Novogratz attributed winning the trade to the firm's rigorous focus on client confidentiality and the trust built through long-standing relationships within the crypto community. He emphasized that trust and discretion are core to the company's brand and operations.

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    Thomas Shinske's questions to Galaxy Digital Inc. (GLXY) leadership • Q4 2024

    Question

    Thomas Shinske, on for Brett Knoblauch, asked for clarification on the 90% EBITDA margin projection for the CoreWeave deal, specifically which expenses are passed through, and inquired about the nature of CoreWeave's options and the potential for lower CapEx on future expansions.

    Answer

    Executive Christopher Ferraro explained that the structure is 'triple net-ish,' with the vast majority of expenses, including power and maintenance, passed through to the tenant, giving them high confidence in the 90%+ EBITDA margin. He clarified the options are not on a ROFR basis and noted that while some upfront investments like fiber are leverageable, future CapEx will depend on evolving design specs and equipment costs.

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    Thomas Shinske's questions to Bitfarms Ltd (BITF) leadership

    Thomas Shinske's questions to Bitfarms Ltd (BITF) leadership • Q1 2025

    Question

    Thomas Shinske asked for specifics on the development milestones required to access the additional $250 million from Macquarie and questioned if Bitfarms had already placed orders for long-lead-time items like substation equipment.

    Answer

    CFO Jeff Lucas and CEO Ben Gagnon clarified that the single key milestone to unlock the $250 million tranche is the completion and approval of the comprehensive master development plan for the Panther Creek site. Gagnon added that while they have not yet placed deposits for equipment, they anticipate doing so in the second half of 2025, with the first new power tranches expected to come online in 12 to 18 months.

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    Thomas Shinske's questions to Applied Digital Corp (APLD) leadership

    Thomas Shinske's questions to Applied Digital Corp (APLD) leadership • Q3 2025

    Question

    Thomas Shinske of Cantor Fitzgerald asked about the impact of Macquarie and SMBC's involvement on Ellendale leasing momentum, future capital expenditure needs, and the expiration and renewal risk of Bitcoin hosting contracts.

    Answer

    Executive Wesley Cummins noted that the financial partnerships have increased interest and comfort from potential tenants. CFO Mohammad Saidal Mohmand confirmed CapEx is in line with projections, running $30-$50 million monthly for the first Ellendale building. Cummins added that Bitcoin hosting contracts have about two years remaining and he does not expect non-renewal.

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    Thomas Shinske's questions to Genius Sports Ltd (GENI) leadership

    Thomas Shinske's questions to Genius Sports Ltd (GENI) leadership • Q4 2024

    Question

    Thomas Shinske asked whether the company's in-line Q4 results, despite unfavorable bookmaker margins, were driven more by in-play adoption or by pricing increases from new contracts.

    Answer

    CFO Nicholas Taylor credited the performance to the resilience of the business model. He explained that evolved contract structures, which include minimum revenue guarantees, protect Genius from the volatility of specific sporting outcomes. While the company benefits from industry tailwinds like in-play growth, the new contracts provide downside protection, which was demonstrated in Q4.

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    Thomas Shinske's questions to Sprout Social Inc (SPT) leadership

    Thomas Shinske's questions to Sprout Social Inc (SPT) leadership • Q3 2024

    Question

    Thomas Shinske, on for Brett Knoblauch, asked about the impact of Tagger's influencer marketing on win rates during the RFP process and its contribution to premium module attach rates. He also inquired about the deceleration in the smaller customer segment (under $10k ARR) and whether it was driven by sales realignment or higher churn.

    Answer

    CEO Ryan Barretto explained that while it's still early, introducing Tagger in sales conversations helps with win rates by highlighting a key part of a modern social strategy, though it's not yet a major theme in RFPs. Regarding the smaller customer segment, he attributed the trend to a deliberate strategic focus on more sophisticated, larger customers where the platform's premium modules and advanced use cases provide the most value.

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    Thomas Shinske's questions to CSG Systems International Inc (CSGS) leadership

    Thomas Shinske's questions to CSG Systems International Inc (CSGS) leadership • Q3 2024

    Question

    Thomas Shinske, on for Brett Knoblauch, asked for the specific factors driving the increased margin guidance despite flat revenue guidance and inquired about potential expansion opportunities within the new Comcast contract.

    Answer

    CEO Brian Shepherd and CFO Hai Tran explained that margin expansion confidence comes from a combination of factors: a disciplined operational mindset, AI-driven productivity gains, ongoing cost optimizations, and a favorable mix from higher-margin SaaS and payments businesses. Regarding Comcast, Shepherd highlighted potential expansion opportunities in supporting their wireless business and digital content services, emphasizing a 'co-invention mindset' to drive future growth.

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