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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Intelligence podcast. Catch us live weekdays at ten am

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Speaker 1: Eastern on Apple, Cocklay and Android Auto with the Bloomberg

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Speaker 1: Business App. Listen on demand wherever you get your podcasts,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: All right, let's keep to the earnings flow.

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Speaker 3: Here.

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Speaker 2: We got Pepsi reported earnings here. Kensha joins us here

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Speaker 2: senior consumer Product Scannels for Bloomberg Intelligence. He's based down

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Speaker 2: in Princeton. And again, Scarlett, you probably know my feeling here.

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Speaker 2: I am a Coca Cola person. I identify as a

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Speaker 2: Coca Cola person. But you put a Pepsi from me.

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Speaker 2: I'm just as happy. I really don't care my brand

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Speaker 2: lowth He's pretty low there. They're both good. Hey, Ken,

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Speaker 2: talk to us about Pepsi. What do we see in

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Speaker 2: the earnings report?

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Speaker 4: A Hi?

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Speaker 5: Well, so the PepsiCo report was pretty encouraging if you're

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Speaker 5: bullish on the story here. The first quarter showed good progress.

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Speaker 5: Top line volumes. International business was particular really strong. I

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Speaker 5: guess the key takeaway here for investors why they're looking

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Speaker 5: at it positively today is because their efforts to have

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Speaker 5: a better balance between volume and pricing really came through

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Speaker 5: in the quarter. Companies. Critics of the company over the

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Speaker 5: last couple of years have been saying, look, you know,

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Speaker 5: all your sales gains are coming on at all, but

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Speaker 5: most of your sales gains is driven by price increases.

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Speaker 5: And so they made a real effort. They've reduced prices

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Speaker 5: in most of their snack lines. They're also adding a

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Speaker 5: lot of innovation and through delay, North America combined with Quaker,

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Speaker 5: put up a one percent volume game. That doesn't sound

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Speaker 5: like a huge deal, but relative to declientes, it was

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Speaker 5: a positive sign. So all in all, it was a

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Speaker 5: positive sign, and I think it showed our signaled that

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Speaker 5: they're going to hit their targets for the year, at

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Speaker 5: least so far.

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Speaker 6: So when you talk about PepsiCo making its products more affordable,

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Speaker 6: cutting costs, that was something that Elliott Investment, the activist investor,

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Speaker 6: had been put pushing PepsiCo to do. We know that

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Speaker 6: Elliott built a steak in Pepsi last year. Things are

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Speaker 6: now moving in the direction that Elliott wants to see.

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Speaker 6: What other changes do you anticipate PepsiCo making.

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Speaker 5: Well, that's a good question, Scarlett I mean, it's really

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Speaker 5: what the focus was from Elliott was improve the margins

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Speaker 5: and particularly at the food area, the food and so far,

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Speaker 5: you know, it seems to be making progress. Now it's

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Speaker 5: still unfolding. Will be the benefits of all this innovation

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Speaker 5: and productivity that they're targeting. Now, keep in mind that

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Speaker 5: it's happening not in a vacuum. It's happening with oil,

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Speaker 5: you know, rising aluminum prices going up, and so that

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Speaker 5: was a big focus of the call also where Animals said, look,

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Speaker 5: you know, you have your plan. It seems to be

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Speaker 5: moving well, but it's the monkey being We're throwing a

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Speaker 5: monkey wrench into the works here with oil prices and

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Speaker 5: so on spiking up. And they said, look, you know

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Speaker 5: we hedge the six months, We've probably covered their supply

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Speaker 5: chains in good shape. There might they hinted at possibly

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Speaker 5: raising price end of the year if they have to,

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Speaker 5: But I think right now, if you're an activist, you

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Speaker 5: have to be pretty pleased with the balance of the growth.

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Speaker 5: And like I said, it's the international, it's the beverage,

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Speaker 5: it's the food. All performed well in the quarter.

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Speaker 2: And ken with a lot of your companies. I look

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Speaker 2: at the dividend yield. I look at the dividend growth

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Speaker 2: because that's such a big part of the investment story

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Speaker 2: for some of the some of your names. So for

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Speaker 2: PEPs I got a dividend yield of three point six percent.

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Speaker 2: They've been growing their their dividend. What is their dividend policy.

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Speaker 5: Uh, they're committed to growing a dividend and they have

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Speaker 5: a pretty much, you know, a mid single digit rate.

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Speaker 5: They selectly buy shares back, they reinvesting. You know, they

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Speaker 5: really do a balance capital allocation strategy. And I would

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Speaker 5: I would suspect that's going to continue. I mean a lot,

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Speaker 5: a lot of the shareholders like those total returns.

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Speaker 7: Yeah, they certainly do.

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Speaker 6: I mean that's why you go into consumer staples right

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Speaker 6: before that steady payout Ken, before we let you go,

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Speaker 6: I got to ask you about what happens when it

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Speaker 6: comes to pricing. Obviously, these companies, these consomer package companies

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Speaker 6: are facing higher expenses with fuel costs going up, Logistics

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Speaker 6: becomes a lot more expensive as well. What did PepsiCo

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Speaker 6: say about pricing, about inflation at how it sees prices

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Speaker 6: moving forward?

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Speaker 5: Well, they never candid and they said they said, look,

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Speaker 5: you know, inflation is likely to pick up at the

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Speaker 5: end of the year. And while we would certainly like

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Speaker 5: to target more productivity of gains to upset a lot

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Speaker 5: of that, the hedging programs I mentioned before, and the

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Speaker 5: price mix is improving some of the acquisitions they've made

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Speaker 5: recently are really going to move that up high higher.

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Speaker 5: But they said, look, you know, in between the lines anyway,

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Speaker 5: you know, pricing is not off the table just because

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Speaker 5: we took it, you know, early this year as part

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Speaker 5: of this plan. So I think it's kind of I

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Speaker 5: will wait and see it, as most companies are taking

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Speaker 5: right now. I mean, no companies really immune to some

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Speaker 5: of these inflationary pressures out there, and this is no exception.

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Speaker 2: All right, Ken great stuff as always, Ken Chase Senior

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Speaker 2: Consumer Products aannels for Bloomberg Intelligence down there in Princeton,

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Speaker 2: New Jersey. We've been talking a lot about substituting private

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Speaker 2: label for brands as you don't do.

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Speaker 6: That for soda, no, because soda has a very specific

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Speaker 6: taste and people are so beholden to their favorite baction.

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Speaker 2: I just thought of that today, thought, just Kendemin, I'm not.

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Speaker 7: Doing it for soda, for Seltzer, but not for soda.

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Speaker 2: Yes, good point. Good point. So you're right, maybe that's

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Speaker 2: a lifetime of brand building.

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Speaker 7: Yeah, thank you, mad man.

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Speaker 2: Yes, exactly exactly. So there you go.

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Speaker 7: Stay with us. More from Bloomberg Intelligence coming up after this.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android

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Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever

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Speaker 1: you get your podcasts, or it's US Live on YouTube.

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Speaker 6: Spirit Airlines. Have you ever flown Spirit? I have not

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Speaker 6: because you are based out of Newark, So.

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Speaker 2: I am captive to United. That's why I'm a million milers.

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Speaker 7: What they can I know you're proud of this discusion.

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Speaker 2: I got the medallion, I got the little thing.

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Speaker 6: Little Lamilt comes out to visit him every time he

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Speaker 6: steps foot in a United Jet.

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Speaker 2: YEP bottle champagne, which I gave to my seat mates,

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Speaker 2: and SI will drink champagne.

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Speaker 8: Well.

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Speaker 6: The reason I ask about Spirit is because it now

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Speaker 6: looks like it's headed ever closer to liquidation. SID Philip

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Speaker 6: is our global U correspondent for aviation.

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Speaker 7: It talks about all the airlines. SID. Spirit is already

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Speaker 7: in bankruptcy protection.

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Speaker 6: It's still operating, What does it mean if it's at

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Speaker 6: risk of being liquidated.

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Speaker 8: So Spirit in its second bankruptcy in just about a year,

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Speaker 8: and so what it means is that the assets of

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Speaker 8: the airline that sort of the few assets that are

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Speaker 8: remaining those sort of go away, and the airline sees

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Speaker 8: is to operate. Essentially, their current plan was to shrink

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Speaker 8: down from to about seventy five eighty planes and sort

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Speaker 8: of operate only the profitable routes. But then with jet

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Speaker 8: fuel prices soaring, it no longer is even viable to

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Speaker 8: do that.

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Speaker 2: Is there any scenario like there? Remind us there was

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Speaker 2: an M and A scenario involving Spirit Allianes. What was that?

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Speaker 8: So there was an M and A that that was scuttled.

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Speaker 8: So Spirit Airlines was set to be acquired by Jet

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Speaker 8: Blue and that was scuttled by the Biden administration back

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Speaker 8: in twenty twenty four.

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Speaker 2: We all said it at the time, you got to

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Speaker 2: let these guys merge. Otherwise these thing's going it's going

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Speaker 2: to be gone, and then you can have all these

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Speaker 2: markets with no coverage.

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Speaker 8: Absolutely, and the low cost carriers have been hit harder,

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Speaker 8: particularly because United and Delta have been able to cash

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Speaker 8: in on the premium travel demand, and that's sort of

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Speaker 8: really given them a buffer that Spirit and others haven't

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Speaker 8: really been able to sort of tap into where they

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Speaker 8: aren't able to sort of get those that United and

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Speaker 8: Delta have and that's really been something that's been a

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Speaker 8: really big pain point for.

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Speaker 6: The Okay, so the government prevented jabluin Spirit from getting together.

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Speaker 6: But then I remember that we reported that Frontier and

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Speaker 6: Spirit reheld discussions to merge.

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Speaker 7: What happened to that one?

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Speaker 6: And the spreadter need to team up with someone to

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Speaker 6: get through this period.

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Speaker 8: So Frontiers in a slightly better financial position than Spirit,

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Speaker 8: and so they were not as desperate for a deal

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Speaker 8: as Spirit was, and that sort of those talks fell apart,

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Speaker 8: and they sort of revived those talks back in twenty

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Speaker 8: twenty five, and they sort of walked away without a deal.

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Speaker 8: And so now we're looking at Spirit eala and second

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Speaker 8: bankruptcy and still got big piles of debt, unable to

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Speaker 8: unlock cash from creditors, and this could be the end

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Speaker 8: for the airline.

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Speaker 2: All right, So what is this? What's just the general

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Speaker 2: update about We know that premium like lots of this economy,

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Speaker 2: the premium consumers spend the premium money on a premium stuff. Okay,

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Speaker 2: Now the other part of the k that's where some

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Speaker 2: of these regional airlines cater to. What are we seeing

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Speaker 2: there is that? I mean, are they seeing a pullback

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Speaker 2: and travel?

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Speaker 8: So we haven't really heard much about the impact of

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Speaker 8: the war and the rising prices and then consequent rise

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Speaker 8: and ticket prices on demand yet because as the airlines

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Speaker 8: sort of talked through their earnings and talk about how

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Speaker 8: demand is looking as they get I mean, we still

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Speaker 8: we've seen jet field prices double more than double in March,

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Speaker 8: and so that was really a big trigger for a

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Speaker 8: lot of airlines where you have to charge more for

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Speaker 8: a seat, but then you don't charge too much more

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Speaker 8: because people will not book. And that's the really the

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Speaker 8: chicky balancing curve for the airlines.

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Speaker 7: If Spirit goes away, who benefits.

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Speaker 8: The rest of the industry does, because there's one less

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Speaker 8: player to compete against, there's one less ultra because I mean,

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Speaker 8: the low cost carriers compete with each other to offer

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Speaker 8: the lowest fares. Because those customers aren't really typically sticky,

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Speaker 8: then out sort of looking then they're not a million

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Speaker 8: milers and so they're looking to sort of try and

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Speaker 8: sort of find the best deal, the best fare that

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Speaker 8: they can get. And that's really the chicky part for

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Speaker 8: the ultra locus carriers because you need to get those

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Speaker 8: customers with low fares every time, and sometimes those loafers

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Speaker 8: come with high costs for the airlines.

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Speaker 2: All right, sid, thanks so much, appreciate it, said Philip

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Speaker 2: Covers all the aviation stuff for Bloomberg News. And you

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Speaker 2: just we kind of knew it at the time.

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Speaker 7: Yeah, it felt like you let this.

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Speaker 2: Deal go through, let them be jet Blue's problem, you know,

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Speaker 2: and let them figure it out.

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Speaker 6: And jet Blue itself is kind of looking for some

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Speaker 6: kind of partner right now, right, I mean, there were

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Speaker 6: reports that Jeblu was looking to, you know, again, look

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Speaker 6: for some kind of m and a partner to kind

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Speaker 6: of get through this difficult period because unlike Delta or United,

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Speaker 6: it's not a premium player.

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Speaker 7: It's trying to move in that direction, but it'll take

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Speaker 7: a while.

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Speaker 2: And jet fuel doubling, I don't know how you deal

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Speaker 2: with that. I mean, that is just no one anymore. Again,

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Speaker 2: they don't and if you don't own a if you

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Speaker 2: don't own a refinery like Delta right. Stay with us.

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Speaker 2: More from Bloomberg Intelligence coming up there.

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Speaker 1: For you're listening to the Bloomberg Intelligence podcast. Catch US

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Speaker 1: Live weekdays at ten am Eastern on Apple, Cocklay and

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Speaker 1: Android Auto with the Bloomberg Business App. Listen on demand

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Speaker 1: wherever you get your podcasts, or watch US Live on YouTube.

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Speaker 2: Bank earnings. We had the big money center banks report

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Speaker 2: earlier this week, and now we're starting to hear from

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Speaker 2: some of the regional banks. Today we had US Bank Corp.

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Speaker 2: They came in the topp the estimates with revenue climbing

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Speaker 2: nearly five percent, the stocks trading off about one point

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Speaker 2: eight percent today. It's up. That was tes I have

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Speaker 2: it Tesla up it there, then that's stocks trading on.

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Speaker 2: Let's check out with Hermit Chant, senior analysts for US

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Speaker 2: Banks for Bloomberg Intelligence, talk to us about US Bank Corp.

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Speaker 2: What did you hear today and how representative do you

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Speaker 2: think it's going to be for some of the other

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Speaker 2: regional banks.

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Speaker 4: Yeah, US Bank Corp, despite the stop being down today

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Speaker 4: really showed strong results and reverberated what we've heard from

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Speaker 4: the largest banks that reported early in the week. I

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Speaker 4: would say universally, the regional and the largest banks. I've

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Speaker 4: talked about strong loan growth, and it's been more broad based. Right, So,

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Speaker 4: last year a lot of the growth was from areas

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Speaker 4: like private credit and other non bank financial institutions. For

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Speaker 4: this year, to start out, at least in the first quarter,

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Speaker 4: broad based activity. US Bank talked about growth in areas

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Speaker 4: like energy, customers, food and beverage, and customers really using

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Speaker 4: those new borrowings to fuel cap X and M and

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Speaker 4: A activities. So those are actually all really positive and

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Speaker 4: demonstrates that the economy's are really firm. Footing the fact that.

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Speaker 6: The Federal Reserve has not cut interest rates like a

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Speaker 6: lot of people had wanted and had anticipated, how is

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Speaker 6: that affecting the profitability of loanmaking right.

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Speaker 7: Now for these banks?

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Speaker 4: Yeah, that's a great question. Heading into this year, a

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Speaker 4: lot of the banks were expecting two rate cuts and

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Speaker 4: that was baked into their twenty twenty six guidance. Now

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Speaker 4: the market's saying no rate cuts. So for banks that

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Speaker 4: are maybe like a bit more sensitive to interest rates,

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Speaker 4: you know, that's probably on the margin positive for the

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Speaker 4: net interest income trajectory of the top line trajectory. But

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Speaker 4: those rate cuts that were previously contemplated were sort of

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Speaker 4: towards the back end of the year, so not it's

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Speaker 4: it's a marginal benefits, but not a Gangbusters hit one

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Speaker 4: way or the other.

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Speaker 2: One of my favorite regional banks has always been Key Corp.

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Speaker 2: How did I know they had some numbers here? How

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Speaker 2: did that look?

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Speaker 4: Yeah? Key Corp was was really strong. They posted for

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Speaker 4: them their highest first quarter investment banking revenue period for

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Speaker 4: and so that's really driven by some of the build

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Speaker 4: out that they've done in the investment banking platform over

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Speaker 4: the years. They also mentioned really strong lending activity. I

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Speaker 4: mentioned Usbank Court talked about broad based commercial growth, Key

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Speaker 4: Corp seeing the same, and there was some really positive

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Speaker 4: commentary on that lending driving improved net interest income. So

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Speaker 4: that's flowing through. Gave better guidance for the full year

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Speaker 4: given the lending activity, and the stocks had a nice

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Speaker 4: jump today up one point two percent thus far in

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Speaker 4: the trading session.

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Speaker 6: Okay, so Key Corp reported, US Bank Corps recorded Citizens

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Speaker 6: also reported as well, that's talk marshally lower. Are any

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Speaker 6: of these names obvious acquirers or targets in the expected

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Speaker 6: consolidation that we are looking for among these regional banks.

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Speaker 2: That's right.

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Speaker 4: Expected consolidation is a good way to put it. U

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Speaker 4: S Spain Corp probably is the one that we think

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Speaker 4: is well positioned for that. They recently a couple of

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Speaker 4: years back by a California bank called Union Bank that

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Speaker 4: was previously owned by MUFG. The Japanese conglomerates continuing to

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Speaker 4: work out well for them. They highlighted California as a

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Speaker 4: strong area of growth. We expect potential for them to

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Speaker 4: really boaster that over time, even though they're really focused

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Speaker 4: on organic in the near term. Key Corp has mentioned

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Speaker 4: that there was some Bloomberg News reporting a couple quarters

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Speaker 4: ago that they were looking the potential to do a

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Speaker 4: deal in the Pacific Northwest, but Key Corpse management team

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Speaker 4: has sort of pooh pooed that over the past few quarters.

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Speaker 4: So we'll see. But I would say that they probably

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Speaker 4: don't have the currency to do a deal without it

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Speaker 4: being super deluded at this point. So it really is

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Speaker 4: dependent on your valuation, and US Bank Corp does have

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Speaker 4: that premium valuation to do a deal.

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Speaker 7: Herman.

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Speaker 6: A couple of years ago, we saw Silicon Valley Bank collapse.

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Speaker 6: We saw First Republic also get pushed under as well,

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Speaker 6: there was this mismatch of assets and liabilities where a

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Speaker 6: lot of these banks held super long dated treasury on

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Speaker 6: their books thinking that they're safe, but then got caught

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Speaker 6: off sides when rates began rising.

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Speaker 7: Is that period over? I mean, are they all in

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Speaker 7: good standing at this point?

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Speaker 4: Yeah, So that happened when when interest rates were near zero.

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Speaker 4: A lot of those securities are maturing quarter after quarters,

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Speaker 4: so a lot of that have burned down off the

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Speaker 4: balance sheets. And really there were two issues, right, You

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Speaker 4: had those unrealized losses, but then what exacerbated it was

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Speaker 4: the deposit outflow, the deposit flight front from banks like SVB,

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Speaker 4: when you know, luminarias like Peter Dial told everybody and

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Speaker 4: and they're in the community, in the in the Silicon

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Speaker 4: Valley community to take their deposits out of SVB. So

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Speaker 4: that really was the impetus of the demise for that

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Speaker 4: particular institution. So we're not we are way out of

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Speaker 4: the woods in terms of deposit volatility. That's nothing. We're

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Speaker 4: not seeing that and haven't seen that for over a year.

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Speaker 4: And then the unrealized losses are continued to burn down.

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Speaker 4: So BIGS are a really good standing on that front.

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Speaker 4: We think that risk is over at this point.

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Speaker 2: All right, Herman, thanks so much. Appreciated as always, Herman

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Speaker 2: chand senior analyst covers all the US banks. I'm going

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Speaker 2: to get you another associate, dude, like a couple of

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Speaker 2: phone calls, covers like a million different banks and gets

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Speaker 2: like half a minute.

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Speaker 7: Just add another sector to speet exactly.

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Speaker 2: Exactly, so I'll make a few phone calls. I know

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Speaker 2: a guy. So there you go. We got some the

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Speaker 2: banks reporting some pretty decent numbers. I was just going

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Speaker 2: to keep Corp, you know, on a trailing twelve month

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Speaker 2: basis up about fifty percent of the stocks had a

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Speaker 2: nice run, and I see similar type returns for some

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Speaker 2: other I mean citizens on a trailing twelve month basis

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Speaker 2: that stocks of eighty percent. So some pretty nice performance

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Speaker 2: coming out of the financials here. So that's good to see.

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Speaker 7: Stay with us. More from Bloomberg Intelligence coming up after this.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android

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Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 2: All right, let's check out what's happening with Madison Air.

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Speaker 2: Matthew Griffin Bloomberg News Joints is here. Matthew talk to

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Speaker 2: us about Madison Air and this IPO, big big number.

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Speaker 3: Yes, well, Paul, I know you said this isn't an

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Speaker 3: AI IPO, and that is true, but there is an AI.

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Speaker 7: Connection sure of course.

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Speaker 3: So this is a company in the industrial sector. They

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Speaker 3: sell they're sort of specialized HVAC so cooling systems, ventilation systems,

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Speaker 3: things like that. A lot of their business is to

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Speaker 3: commercial industries and so data centers are a part of that.

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Speaker 3: It's something that comes up in their pitch to investors,

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Speaker 3: and it's something that has come up repeatedly in my

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Speaker 3: conversations with investors as a reason this company has gotten

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Speaker 3: the valuation that it has and the reason it's been

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Speaker 3: able again to raise more than two point two billion dollars,

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Speaker 3: the biggest industrial IPO here in the US since nineteen

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Speaker 3: ninety nine.

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Speaker 6: So that's interesting because it's an industrial company, but it's

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Speaker 6: got that connection to data centers. So it's kind of

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Speaker 6: straddling both worlds, the high tech world and the growth

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Speaker 6: that we get from AI and data centers, but also

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Speaker 6: the fact that it's a real business that generates real

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Speaker 6: cash flow and is profitable, and people like that in

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Speaker 6: this kind of environment.

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Speaker 3: Yes, and that's something again that has come up with

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Speaker 3: investors is that this is sort of a picks and

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Speaker 3: shovels AI play. So, you know, think about the last

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Speaker 3: few months, the really choppy trading we've seen in companies

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Speaker 3: like Microsoft maybe rebounding a bit now, but names that

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Speaker 3: are trying to monetize AI directly. But the companies that

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Speaker 3: are selling to those companies, whether it's semiconductors, whether it's

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Speaker 3: AI compute, whether it's the physical products that go into

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Speaker 3: the data centers, may be seen as a little bit

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Speaker 3: safer from investors because you don't have to know exactly

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Speaker 3: what AI tools we're going to end up using. You

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Speaker 3: just have to trust in this idea that we're at

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Speaker 3: the beginning of a real boom here.

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Speaker 2: So the company saying in some of their remarks here

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Speaker 2: that they think the a lot of stuff is driving

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Speaker 2: growth for specialized air systems, like restoring, advanced manufacturing, data

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Speaker 2: center growth, all that kind of stuff. They think this

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Speaker 2: market's going to grow.

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Speaker 3: Yes, and yeah, so this is a a play not

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Speaker 3: just on data centers, but as you said, for example,

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Speaker 3: advanced manufacturing. They sell to you know, basically all all

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Speaker 3: kinds of commercial commercial plants that you can imagine. I

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Speaker 3: think it will be interesting to watch that reshoring piece

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Speaker 3: in particular, because that's something that you know, Trump has

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Speaker 3: set out to do President Trump with his tariffs. That

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Speaker 3: being said, you had some peer companies like Modine and

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Speaker 3: they sell cooling systems for data centers. They fell six

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Speaker 3: point one percent yesterday because of concerns about some changes

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Speaker 3: to the tariffs on metal. And I think it will

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Speaker 3: be interesting to see how investors process this when this

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Speaker 3: company goes public, what their level of exposure is there.

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Speaker 6: My understanding of Madison Era is that it was formed

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Speaker 6: through a series of acquisitions I believe thirteen of them

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Speaker 6: since twenty seventeen.

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Speaker 7: So a lot of them. A lot of investors talk.

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Speaker 6: About this being kind of a roll up of ventilation

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Speaker 6: infiltration companies. Is the indication that this is a strategy

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Speaker 6: Medicine Air will continue to build on as a publicly

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Speaker 6: traded company.

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Speaker 3: Well, so, yes, I do think this is sort of

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Speaker 3: their broad their broad strategy, and it's sort of the

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Speaker 3: broad strategy of Madison Industries, which is their parent company.

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Speaker 3: You know again, something that I've heard from investors is

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Speaker 3: that this is kind of a target rich environment. There

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Speaker 3: are a lot of PE backed companies that are are

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Speaker 3: still private in the sort of data center product space

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Speaker 3: in HVAC in particular. And now you've got the IPO

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Speaker 3: mar opening up a little bit, You've got hunger from investors,

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Speaker 3: so some of them going public, but also probably a

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Speaker 3: lot of potential targets for a company like this.

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Speaker 2: Interesting here and you're reporting the company's founder, Larry gyees

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Speaker 2: ergeis he's going to set to control the company through

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Speaker 2: super voting stock.

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Speaker 7: An industrial company with super voting.

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Speaker 2: Stock, Isn't that interesting? We've seen it in media and

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Speaker 2: tech companies or the decades, and now even some of

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Speaker 2: the tech companies. Yeah, this is not meta. Was that

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Speaker 2: an issue at all for shareholders?

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Speaker 3: It's not something that came up. I mean again, he

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Speaker 3: is the founder of this the larger company, Madison Industries.

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Speaker 3: They're sort of a multi industrial company, and the structure here,

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Speaker 3: you know, you can you can think of this as

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Speaker 3: still being a subsidiary in a sense of Madison Industries,

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Speaker 3: because I think it's Geese will actually control the company

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Speaker 3: through his company Madison industry. So not to over complicate

439
00:22:56,960 --> 00:22:59,600
Speaker 3: things there, but you know, you have this larger company

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00:22:59,600 --> 00:23:02,040
Speaker 3: that has a track record of success, and I think

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00:23:02,080 --> 00:23:06,160
Speaker 3: investors actually like that connection there. Now again, we'll see

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Speaker 3: what happens when they go public.

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Speaker 6: We've talked a lot about the commercial business data centers,

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Speaker 6: manufacturing that exposure to that kind of growth segment very quickly.

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Speaker 7: There is a residential part of this business, isn't there, Yes, and.

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Speaker 3: That it's about a third of their business. It's an

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Speaker 3: area that's been a problem for some publicly traded peers

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00:23:24,920 --> 00:23:28,119
Speaker 3: like Carrier. Now this company is more specialized. It's not

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00:23:28,160 --> 00:23:32,320
Speaker 3: like basic home HVAC systems, So maybe that'll win the

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00:23:32,359 --> 00:23:33,440
Speaker 3: more points with investors.

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Speaker 2: All Right, very good, interesting story, matt Matthew Griffin, thank

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00:23:37,640 --> 00:23:40,560
Speaker 2: you very much. Appreciate that Madison are going public today.

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