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    Tom Forte • Maxim Group

    Tom Forte's questions to Light & Wonder Inc (LNW) leadership

    Tom Forte's questions to Light & Wonder Inc (LNW) leadership • Q2 2025

    Question

    Tom Forte from Maxim Group asked for an update on the SciPlay business, specifically regarding any changes in economics or consumer purchase frequency following the Apple vs. Epic Games legal ruling that allows for direct payments outside of Apple's platform.

    Answer

    President & CEO Matt Wilson described the ruling as favorable for the entire games industry, as it allows for margin optimization and a more direct relationship with users. He stated that while Light & Wonder is focused on capturing more value through direct purchases, the primary goal is to maximize long-term player engagement rather than simply increasing purchase frequency. The company views the change as beneficial for both margin enhancement and player intimacy over the long term.

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    Tom Forte's questions to Vivid Seats Inc (SEAT) leadership

    Tom Forte's questions to Vivid Seats Inc (SEAT) leadership • Q2 2025

    Question

    Tom Forte of Maxim Group LLC asked for the specific reasons behind the decision to shutter Vivid Picks. He also requested the company's current outlook on adjusted EBITDA to cash conversion for the remainder of 2025 and into 2026.

    Answer

    CEO Stan Chia explained the decision was a 'combination of all of the above,' including the product being a distraction from the core business and facing a unique regulatory environment. CFO Lawrence Fey added that they were unable to 'crack the CAC code' at scale. Regarding cash flow, Fey expects Q3 to be cash flow positive due to seasonality and believes returning to top-line growth is key for significant positive cash generation in 2026.

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    Tom Forte's questions to JAKKS Pacific Inc (JAKK) leadership

    Tom Forte's questions to JAKKS Pacific Inc (JAKK) leadership • Q2 2025

    Question

    Tom Forte of Maxim Group asked about short-term levers to mitigate tariff impacts, adjustments to the supply chain like duplicate tooling, the upcoming license release schedule, the full-year 2025 outlook given Q3's historical importance, and the potential for empty retail shelves during the holiday season.

    Answer

    CEO Stephen Berman explained that while the company uses a duplicate tool initiative to allow manufacturing in various regions like Vietnam and Mexico, China remains the primary hub due to efficiency. He noted that cost savings from lower tariffs in other countries are often offset by higher manufacturing costs. Berman stated the company is now operating as if current tariffs are the new norm. He declined to detail future licenses, emphasizing the current focus is on cash generation and prudent inventory management, not chasing sales goals. CFO John Kimble added that the key FOB business, which drives Q3, requires customer confidence, which is currently cautious. Berman believes retailers will likely focus on proven, lower-priced items for the holidays, with Halloween sell-through being a key indicator.

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