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    William Dezellem • Tieton Capital Management

    William Dezellem's questions to American Coastal Insurance Corp (ACIC) leadership

    William Dezellem's questions to American Coastal Insurance Corp (ACIC) leadership • Q1 2025

    Question

    William Dezellem of Tieton Capital asked about the company's future plans for its quota share reinsurance and sought details on the contractual changes to the AmRisc management fee.

    Answer

    B. Martz (executive) stated that while no formal decisions have been made for 2026, the external quota share could be lowered from its new 15% level, contingent on reinsurance costs and availability. He also noted the internal quota share with the company's captive is increasing from 30% to 45% to enhance capital flexibility. Regarding the AmRisc fee, Martz explained that a profit-sharing component was added and the total fee increased by 1% of written premium, with most of the increase passed on to producers to maintain revenue levels in a softening market.

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    William Dezellem's questions to American Coastal Insurance Corp (ACIC) leadership • Q4 2024

    Question

    William Dezellem of Tieton Capital sought clarification on the scale of the new apartment market opportunity, the operational work required to launch it, its potential profitability versus the condo business, and the implications of recent California fires on reinsurance. He also asked for details on the new cascading reinsurance coverage.

    Answer

    Executive B. Martz confirmed the $200-$300 million apartment market opportunity is relative to the current ~$646 million in-force condo premium. He detailed the significant operational lift, which included product development, regulatory filings, building new policy administration systems, and establishing distribution. Martz stated that while the target combined ratio is similar to the condo book, risk selection is paramount. He believes the California fires will have minimal impact on American Coastal's reinsurance placement. He also explained the new catastrophe bond's cascading feature provides superior protection for multiple hurricane events by dropping down its attachment point after a first event.

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    William Dezellem's questions to Primoris Services Corp (PRIM) leadership

    William Dezellem's questions to Primoris Services Corp (PRIM) leadership • Q1 2025

    Question

    William Dezellem of Tieton Capital Management asked for details on how customers are solving for battery supply issues, questioning if they are paying more, waiting, or substituting with natural gas.

    Answer

    Chairman and Interim CEO David King explained that customers are not fundamentally changing their generation plans, such as substituting with natural gas. Since battery storage is often not the major part of a project, clients are primarily managing the timing of their battery purchases to optimize economics rather than altering the project's core design.

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    William Dezellem's questions to VAALCO Energy Inc (EGY) leadership

    William Dezellem's questions to VAALCO Energy Inc (EGY) leadership • Q4 2024

    Question

    William Dezellem of Tieton Capital Management, LLC asked if the newly developed capability to process H2S crude opens up significant acreage that was previously considered off-limits.

    Answer

    CEO George Maxwell responded that the new H2S processing capability does unlock additional drilling locations. He confirmed that an additional well is planned for the Ebouri field in the 2025-2026 program, which could potentially de-risk further opportunities on the other side of a fault line and in other isolated areas between the Ebouri and Etame fields.

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    William Dezellem's questions to VAALCO Energy Inc (EGY) leadership • Q3 2024

    Question

    William Dezellem of Tieton Capital asked for an explanation of the daily production increase in Cote d'Ivoire, the timeline for the new BW Energy-partnered blocks in Gabon, and the expected timing and payment method for the ~$40 million receivable from Egypt.

    Answer

    George Maxwell (executive) and Ronald Bain (executive) explained the Cote d'Ivoire production increase was due to a full quarter of production in Q3 versus two months in Q2, plus strong well performance. For the new Gabon blocks, production is not expected until late 2027. Regarding the Egyptian receivable, management is pushing for a single U.S. dollar payment and hopes for movement by Q1 2025.

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    William Dezellem's questions to Motorcar Parts of America Inc (MPAA) leadership

    William Dezellem's questions to Motorcar Parts of America Inc (MPAA) leadership • Q3 2025

    Question

    William Dezellem from Tieton Capital Management asked for more detail on gross margins, specifically questioning how gross profit dollars increased sequentially despite a seasonal decline in sales. He also inquired about the ramp-up status of the brake caliper business.

    Answer

    CFO David Lee explained that operational efficiency improved sequentially, driving margin expansion. Chairman, President and CEO Selwyn Joffe elaborated that it was the result of 'a 1,000 little things,' including production efficiencies and manufacturing volume for new business that is not always tied directly to quarterly sales. Regarding brakes, Joffe noted that while the business is ramping up and contributing, the facility's ultimate capacity appears greater than first anticipated, offering further growth potential.

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    William Dezellem's questions to Motorcar Parts of America Inc (MPAA) leadership • Q2 2025

    Question

    William Dezellem of Tieton Capital Management asked for clarification on the updated operating income guidance, the drivers behind strong ordering momentum, and specifics on recent onetime expenses, including transition and new business onboarding costs. He also inquired about remaining operations in Torrance, future price increases, and progress within the professional installer channel.

    Answer

    CFO David Lee clarified that the operating income guidance was not an increase but a consolidation of previous guidance with disclosed noncash items. Chairman, President and CEO Selwyn Joffe attributed strong ordering momentum in rotating electrical and brake calipers to key customers, despite a soft market. Joffe explained that transition costs related to relocating wheel hub and special order operations, while onboarding costs were for a new rotating electrical contract with an existing customer. He confirmed that engineering, testing, and corporate functions remain in Torrance, a price increase is planned for January, and the professional installer initiative is gaining traction.

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    William Dezellem's questions to ADTRAN Holdings Inc (ADTN) leadership

    William Dezellem's questions to ADTRAN Holdings Inc (ADTN) leadership • Q3 2024

    Question

    William Dezellem asked for specific details on the 'meaningful deployments' the company has ahead. He also questioned if the current pipeline of opportunities is significantly larger than in the past, suggesting a transition from an industry 'drought' to a 'monsoon'.

    Answer

    Executive Thomas Stanton detailed several major deployments set for 2025, including large multinational carriers in Europe and South America, and two recapitalized Tier 2 carriers in the U.S. upgrading their networks. He agreed with the sentiment that the company has never had so many won opportunities waiting to come online simultaneously. While hesitant to use the term 'monsoon,' he confirmed the underlying premise of a significant upcoming ramp in activity is correct.

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    William Dezellem's questions to International Money Express Inc (IMXI) leadership

    William Dezellem's questions to International Money Express Inc (IMXI) leadership • Q2 2024

    Question

    William Dezellem sought to confirm if the digital focus in Europe is primarily due to higher bank account penetration among consumers there. He also asked for a post-mortem on the failures of competitors Sigue and Small World and what differentiates Intermex's strategy.

    Answer

    CEO Robert Lisy affirmed the view that European consumers, including migrants, have better access to banking, making them more receptive to digital services. Regarding competitor failures, Lisy attributed Small World's demise to a lack of focus and Sigue's to poor technology and unwise investments. He contrasted this with Intermex's metrically-driven strategy, strong focus on core profitable corridors, and superior technology, which have built a resilient and profitable business.

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