MasterCraft Boat Holdings, Inc.

NasdaqGM:MCFT Voorraadrapport

Marktkapitalisatie: US$532.9m

MasterCraft Boat Holdings Toekomstige groei

Future criteriumcontroles 3/6

De verwachting is dat MasterCraft Boat Holdings de winst en omzet met respectievelijk 58.6% en 10.2% per jaar zal laten groeien, terwijl de winst per aandeel naar verwachting zal groeien met 49.9% per jaar.

Belangrijke informatie

58.6%

Groei van de winst

49.91%

Groei van de winst per aandeel

Leisure winstgroei37.3%
Inkomstengroei10.2%
Toekomstig rendement op eigen vermogenn/a
Dekking van analisten

Low

Laatst bijgewerkt18 May 2026

Recente toekomstige groei-updates

Recent updates

Analyseartikel May 14

Solid Earnings Reflect MasterCraft Boat Holdings' (NASDAQ:MCFT) Strength As A Business

MasterCraft Boat Holdings, Inc.'s ( NASDAQ:MCFT ) strong earnings report was rewarded with a positive stock price move...
Narratiefupdate May 13

MCFT: Higher Margin Outlook And Merger Vote Will Support Future Upside

Analysts have raised their price targets on MasterCraft Boat Holdings by $2 to $4, citing updated views on revenue growth, profit margins, and a recalibrated future P/E. These factors contribute to a refreshed fair value estimate of $28.00 per share.
Narratiefupdate Apr 23

MCFT: Future Returns Will Depend On Execution Against Premium Mix Margin Assumptions

Analysts have nudged their price targets on MasterCraft Boat higher, with increases of $4 and $2 contributing to a slightly updated fair value framework that reflects refined assumptions around discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent research has focused on fine tuning fair value estimates for MasterCraft Boat Holdings, with modest price target adjustments used to reflect updated views on discount rates, revenue trajectories, margin assumptions, and future P/E multiples.
Narratiefupdate Apr 09

MCFT: Future Returns Will Balance Premium Mix Execution Against P E Expectations

Analysts have raised their price targets on MasterCraft Boat Holdings by $2 to $4, citing updated assumptions around revenue growth, profit margins and P/E expectations that support a modestly higher fair value estimate. Analyst Commentary Even with the higher price targets, research commentary around MasterCraft Boat Holdings still carries a cautious tone.
Narratiefupdate Mar 25

MCFT: Future Returns Will Weigh Buybacks Against Execution On Sales And Margin Outlook

Analysts have raised their price targets on MasterCraft Boat Holdings by $2 to $4, citing updated assumptions for slightly lower discount rates, higher revenue growth and profit margins, and a modestly lower future P/E multiple. Analyst Commentary Recent price target changes on MasterCraft Boat Holdings point to a more cautious tone from some bearish analysts, even as headline targets move modestly higher by US$2 to US$4.
Narratiefupdate Mar 11

MCFT: Refined Cash Flow Assumptions Will Support Higher Forward Earnings Power

Narrative Update: MasterCraft Boat Holdings The analyst price target for MasterCraft Boat Holdings has been raised by up to $4, with analysts pointing to refined assumptions around revenue growth, profit margins, discount rate, and future P/E to support the updated valuation framework. Analyst Commentary Bullish analysts raising their price targets by $2 and $4 are signaling increased confidence in their valuation work on MasterCraft Boat Holdings.
Seeking Alpha Mar 10

MasterCraft Boat: Dips And Reversals Can Become Opportunities In The Long Run

Summary MasterCraft Boat Holdings demonstrates robust revenue growth and margin expansion, with Q2 2026 net sales up 13.2% YoY despite macro volatility. MCFT’s debt-free balance sheet, rising cash reserves, and prudent earnings management provide significant liquidity and operational resilience amid inflation and geopolitical risks. The planned M&A with Marine Products is expected to diversify MCFT’s portfolio, expand its dealer network, and generate proforma sales of $560M by FY 2026. I reiterate my buy rating on MCFT, as the recent selloff and bearish technicals present attractive long-term entry opportunities with a target price of $21.44. Read the full article on Seeking Alpha
Narratiefupdate Feb 25

MCFT: Higher Future P/E Assumptions Will Support Repriced Earnings Power

Analysts have lifted their price target on MasterCraft Boat Holdings from $25 to $28. They point to updated assumptions around discount rates, revenue growth, profit margins, and a higher future P/E multiple as key drivers of the change.
Narratiefupdate Feb 11

MCFT: Future Margins And 2026 Guidance Will Shape Balanced Return Profile

Analysts have lifted their fair value estimate for MasterCraft Boat Holdings to a new price target of $25.00 from $22.25, citing recent Street research updates that factor in expectations of steadier margins and an adjusted future P/E assumption. Analyst Commentary Recent Street research has focused on how the updated fair value aligns with changing expectations for profitability, execution and the company’s future P/E profile.
Analyseartikel Feb 05

MasterCraft Boat Holdings, Inc.'s (NASDAQ:MCFT) Earnings Haven't Escaped The Attention Of Investors

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") below 19x, you may...
Narratiefupdate Jan 27

MCFT: Future Returns Will Balance Buybacks Against Guided Sales And Margin Assumptions

Analysts have reiterated a US$21.00 price target for MasterCraft Boat Holdings, citing only small adjustments to revenue growth, profit margin assumptions, and future P/E expectations in their updated models. What's in the News Issued earnings guidance for fiscal 2026 with consolidated net sales expected between US$295 million and US$310 million, providing a rough range for the next full year (company guidance).
Narratiefupdate Jan 11

MCFT: Future Returns Will Balance Share Repurchases Against Marine Market Challenges

Analysts have lifted their price target on MasterCraft Boat Holdings to $21 from $17, citing the company's solid financial position and ongoing share repurchases as helpful offsets to a still challenging marine OEM backdrop. Analyst Commentary Recent research keeps MasterCraft Boat Holdings in neutral territory, even with the price target lifted to US$21 from US$17.
Analyseartikel Jan 09

Estimating The Intrinsic Value Of MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT)

Key Insights MasterCraft Boat Holdings' estimated fair value is US$20.06 based on 2 Stage Free Cash Flow to Equity...
Narratiefupdate Dec 14

MCFT: Future Performance Will Balance Share Buybacks Against Marine Demand Headwinds

Analysts increased their price target for MasterCraft Boat Holdings to $21.00 from $17.00, citing the company’s solid financial position and growing share repurchases as offsets to a still challenging marine OEM backdrop. Analyst Commentary Bearish analysts acknowledge that the higher price target reflects MasterCraft Boat Holdings' resilient balance sheet and ongoing share repurchases.
Analyseartikel Nov 01

MasterCraft Boat Holdings (NASDAQ:MCFT) Will Want To Turn Around Its Return Trends

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Narratiefupdate Aug 28

Environmental Pressures And Dealer Network Will Support Ultra-Premium Recovery

The consensus price target for MasterCraft Boat Holdings has been raised to $22.25, primarily reflecting higher expected revenue growth and a substantially increased future P/E multiple. What's in the News Repurchased 263,263 shares (1.58%) for $4.5 million between March 31 and June 30, 2025.
Analyseartikel Feb 07

At US$21.18, Is It Time To Put MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT) On Your Watch List?

MasterCraft Boat Holdings, Inc. ( NASDAQ:MCFT ), is not the largest company out there, but it saw a significant share...
Seeking Alpha Jan 27

MasterCraft: Turbulent Interest Rates May Cloud Short-Term Recovery, But Still A Buy

Summary MasterCraft's fiscal Q1 results exceeded expectations, with dealer visibility starting to improve and MasterCraft expecting improving industry activity ahead. After the report, interest rates have risen considerably despite the Fed's rate cut, which could again delay the short-term recovery. With still similar long-term earnings power, I estimate MCFT to have 35% upside to a fair value of $25.1. Read the full article on Seeking Alpha
Analyseartikel Nov 22

Subdued Growth No Barrier To MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT) With Shares Advancing 26%

MasterCraft Boat Holdings, Inc. ( NASDAQ:MCFT ) shares have had a really impressive month, gaining 26% after a shaky...
Seeking Alpha Sep 26

MasterCraft Boat: Cheap Manufacturer After Selling Assets And CEO Change

Summary MasterCraft Boat Holdings is undergoing significant organizational changes, including a new CEO, board changes, and asset sales, to combat expected declines in consumer demand. Despite recent declines in revenue and net income, MCFT's long-term business model shows consistent growth, making the stock undervalued and a potential buy. Increased R&D and SG&A expenses indicate MCFT's commitment to innovation and market expansion, while reduced debt and share repurchases are expected to boost stock demand. The company's strategic asset sales and solid balance sheet position it well for future free cash flow growth, with a target price of $34 per share. Read the full article on Seeking Alpha
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Nieuw narratief Sep 26

How Inventory Management And Brand Focus Power Profit Growth

Streamlining operations by divesting the Aviara brand and launching Balise for the resilient pontoon segment aims at optimized cost structure and accretive margins.
Analyseartikel Sep 06

There May Be Reason For Hope In MasterCraft Boat Holdings' (NASDAQ:MCFT) Disappointing Earnings

Investors were disappointed with the weak earnings posted by MasterCraft Boat Holdings, Inc. ( NASDAQ:MCFT ). While the...
Seeking Alpha Aug 31

MasterCraft Expects A Very Cautious FY2025

Summary MasterCraft's Q4 results were expectedly bleak. The divestment of Aviara creates better short-term profitability and a better operational focus on core brands. The given FY2025 outlook is very conservative, expecting dealer destocking and industry struggles to still persist against Malibu Boats' more optimistic outlook. The MCFT stock remains undervalued with a midterm industry recovery in mind. Read the full article on Seeking Alpha
Analyseartikel Aug 07

These 4 Measures Indicate That MasterCraft Boat Holdings (NASDAQ:MCFT) Is Using Debt Reasonably Well

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...
Seeking Alpha Jul 08

MasterCraft: Cloudy Industry Outlook Makes Stock Even Cheaper

Summary MasterCraft has continued reporting weak financials as major industry headwinds persist. The company guides for an even weaker Q4 due to persisting struggles and a large dealer's financial distress. An eventual recovery should still happen with rate cuts and an improved customer sentiment. The valuation has become even more attractive as investors get scared by the temporary headwinds. Read the full article on Seeking Alpha
Seeking Alpha Apr 29

MasterCraft Boat: A Chance To Buy This Small Cap At Potential Cyclical Lows

Summary MasterCraft Boat Holdings is a towboat maker primarily used for waterskiing and watersports. The company has a strong balance sheet with $108.8 million in cash and investments and $51.4 million in debt. Shareholder activist Coliseum Capital Management has accumulated a 13% stake in the company and could push for a sale or further involvement. Read the full article on Seeking Alpha
Analyseartikel Mar 22

When Should You Buy MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT)?

MasterCraft Boat Holdings, Inc. ( NASDAQ:MCFT ), might not be a large cap stock, but it saw a double-digit share price...
Seeking Alpha Jan 22

MasterCraft: Priced With Too Much Caution

Summary MasterCraft manufactures powerboats for recreational customers through three brands. The company's long-term financials show modest growth and good margins with some long-term operating leverage. MasterCraft's FY2024 is going to be poor due to the macroeconomic situation and retailers' lowering inventory needs, as represented by the very poor guidance. It seems that markets have priced in too much caution, as MasterCraft is priced very attractively in respect to the company's long-term earnings level. Read the full article on Seeking Alpha
Analyseartikel Sep 02

MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT) Analysts Are More Bearish Than They Used To Be

The latest analyst coverage could presage a bad day for MasterCraft Boat Holdings, Inc. ( NASDAQ:MCFT ), with the...
Analyseartikel Aug 31

Investors Shouldn't Overlook The Favourable Returns On Capital At MasterCraft Boat Holdings (NASDAQ:MCFT)

There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a...
Analyseartikel Aug 07

Is There Now An Opportunity In MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT)?

MasterCraft Boat Holdings, Inc. ( NASDAQ:MCFT ), might not be a large cap stock, but it received a lot of attention...
Analyseartikel Jun 08

Is MasterCraft Boat Holdings (NASDAQ:MCFT) Using Too Much Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Analyseartikel Feb 03

At US$30.82, Is MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT) Worth Looking At Closely?

MasterCraft Boat Holdings, Inc. ( NASDAQ:MCFT ), is not the largest company out there, but it received a lot of...
Analyseartikel Oct 19

The Compensation For MasterCraft Boat Holdings, Inc.'s (NASDAQ:MCFT) CEO Looks Deserved And Here's Why

We have been pretty impressed with the performance at MasterCraft Boat Holdings, Inc. ( NASDAQ:MCFT ) recently and CEO...
Seeking Alpha Oct 19

MasterCraft Boat: Strong Potential Upside With Operational Flexibility

Summary Boat sales are notoriously cyclical but recent market developments offer an opportunity to rethink MCFT at a lower valuation. Operational flexibility could protect profits even in a deep recession scenario. Normalised FCF @ $60-65m implies more than 80% upside from the current price level.
Seeking Alpha Sep 14

MasterCraft Boat Holdings: Still An Attractive Prospect

Summary MasterCraft Boat Holdings has been hit with a lot of pessimism lately, but this doesn't make the company a bad prospect. Fundamental performance continues to improve, though the company's latest asset sale does muddy the waters some. In all, the firm is cheap and should offer nice upside potential with fairly limited downside moving forward. Boating can be a fantastic way to spend your time if you like to relax and have the money necessary to afford one. However, given recent economic concerns, we have seen some pessimism built up around some of the companies in this space. One great example of this can be seen by looking at MasterCraft Boat Holdings (NASDAQ:MCFT). This particular enterprise operates as a manufacturer of recreational power boats, with some costing as little as $30,000 and others exceeding $900,000. Recent financial performance achieved by the company has been impressive and the company is undergoing an interesting change. Even though management is forecasting a decline in profitability for the 2023 fiscal year that has recently begun, shares are still trading at very cheap levels and warrant some upside potential moving forward. Because of this, I've decided to keep my ‘buy’ rating on the company for now. Cruising along with MasterCraft Boat Holdings Back in January of this year, I wrote an article that took a favorable view of MasterCraft Boat Holdings. In that article, I acknowledged that I was impressed by the company's historical growth. The past few years had been rather impressive and the company has finally gotten to the point where it can generate attractive cash flows. I did also say that some of the increase in revenue and profitability was likely temporary, but I still maintained that shares were cheap enough to warrant a ‘buy’ rating, reflecting my belief that it would likely outperform the broader market for the foreseeable future. So far, this call of mine has not played out exactly as I would have guessed. While the S&P 500 is down by 6.9%, shares of MasterCraft Boat Holdings have generated a loss of 13.1%. Author - SEC EDGAR Data Based on this decline, you might initially think that there is some trouble brewing with the company. But that's not exactly the case. To start with, let's touch on how the firm finished its 2022 fiscal year. According to management, sales for the year came in at $707.9 million. This represents a sizable increase of 34.6% over the $525.8 million in revenue the firm generated in 2021. This increase came as the number of units the company sold rose from 7,197 to 8,217. Another driver was an increase in the average sales price of a boat. This number rose from $73,000 in 2021 to $86,000 in 2022. The average sales price of its key brand, MasterCraft, rose during this timeframe from $106,000 to $130,000. With this rise in revenue, profitability followed suit. Net income for the company rose from $56.2 million in 2021 to $58.2 million in 2022. Although this increase is small, it is worth noting that if we look at adjusted net income, the picture is far better, with the metric climbing from $62.8 million to $84.6 million. Operating cash flow went from $68.5 million to $73.3 million. Meanwhile, EBITDA for the company also grew, jumping from $92.8 million in 2021 to $121.1 million in 2022. When it comes to the 2023 fiscal year, things are going to be a little interesting. That's because that year is not going to be exactly comparable with what prior years have looked like. This is because of management's decision to sell off its NauticStar business to Iconic Marine Group at terms that were not disclosed to shareholders. Really the only thing we do know from this is that NauticStar has been a problem for the enterprise in recent years. While revenue in 2022 was $66.3 million, it generated an operating loss of $38.3 million for the year. That compares to the $2.7 million loss generated on $59.8 million in sales in 2021. Clearly, this should have a meaningful positive impact on the company's bottom line. Having said that, we don't see a great deal of evidence that this will come into play during the company's 2023 fiscal year. Author - SEC EDGAR Data I say this because, according to management, profits for the company are forecasted to weaken slightly during the 2023 fiscal year. For instance, EBITDA for the firm should come in at between $105 million and $115 million. If we apply the same year-over-year decrease, using midpoint figures, to the firm’s operating cash flow, that metric should come in at around $66.6 million. At the same time, adjusted earnings per share should be between $3.89 and $4.31, translating with the company's current share count to adjusted profitability of $76.4 million. if we were to value the company based on these figures, then shares should be trading at a forward price to earnings multiple of 7.3. The price to operating cash flow multiple would be 5.8. And the EV to EBITDA multiple would come in at just 3.7. This latter multiple is a bit uncertain because we don't know how much cash the company generated from the sale. My calculation, because of the timing, does not include net debt reduction.
Analyseartikel Sep 09

These Analysts Think MasterCraft Boat Holdings, Inc.'s (NASDAQ:MCFT) Sales Are Under Threat

Market forces rained on the parade of MasterCraft Boat Holdings, Inc. ( NASDAQ:MCFT ) shareholders today, when the...
Seeking Alpha Sep 07

MasterCraft Boat Q4 2022 Earnings Preview

MasterCraft Boat (NASDAQ:MCFT) is scheduled to announce Q4 earnings results on Thursday, September 8th, before market open. The consensus EPS Estimate is $1.50 (+53.1% Y/Y) and the consensus Revenue Estimate is $195.25M (+25.5% Y/Y). Over the last 2 years, MCFT has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time.
Analyseartikel Sep 02

Does MasterCraft Boat Holdings (NASDAQ:MCFT) Have A Healthy Balance Sheet?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Seeking Alpha Jun 28

MasterCraft: Better Guidance For 2022 And New Engines Announced For 2023

Incorporated in Delaware and founded in 1968, MasterCraft is a designer, manufacturer, and marketer of recreational powerboats sold under four brands. If management increases the number of dealers, the target market may increase, which would lead to revenue growth. After the acquisition of a boat manufacturing facility in Merritt Island, I expect more products and more production.

Winst- en omzetgroeiprognoses

NasdaqGM:MCFT - Toekomstschattingen van analisten en financiële gegevens uit het verleden (USD Millions )
DatumInkomstenInkomstenVrije kasstroomGeldmiddelen uit operationele activiteitenGem. Aantal analisten
6/30/20273403123515
6/30/20263121730353
3/29/2026298112634N/A
12/28/2025296152636N/A
9/28/2025288131626N/A
6/30/2025284112636N/A
3/30/20252596-45N/A
12/29/20242677-83N/A
9/29/2024293161424N/A
6/30/202432223212N/A
3/31/2024435463252N/A
12/31/2023517635275N/A
10/1/20235877479107N/A
6/30/202361094110134N/A
4/2/2023693101120143N/A
1/1/2023695102120139N/A
10/2/202268010090105N/A
6/30/2022642886173N/A
4/3/2022600713749N/A
1/2/2022578643751N/A
10/3/2021553591948N/A
6/30/2021466584369N/A
4/4/2021421373661N/A
1/3/2021376-171941N/A
10/4/2020357-232032N/A
6/30/2020363-241630N/A
3/29/2020435-312340N/A
12/29/201946118N/A48N/A
9/29/201948322N/A58N/A
6/30/201946621N/A56N/A
3/31/201943945N/A53N/A
12/30/201840443N/A55N/A
9/30/201836141N/A43N/A
6/30/201833340N/A49N/A
4/1/201829633N/A41N/A
12/31/201726024N/A36N/A
10/1/201723320N/A31N/A
6/30/201722920N/A26N/A
4/2/201722418N/A29N/A
1/1/201722221N/A32N/A
10/2/201622619N/A33N/A
6/30/201622210N/A31N/A
3/27/20162238N/A26N/A
12/27/20152203N/A20N/A
9/27/20152183N/A26N/A
6/30/20152146N/A25N/A

Toekomstige groeivoorspellingen analisten

Verdiensten versus spaarpercentage: De verwachte winstgroei MCFT ( 58.6% per jaar) ligt boven de spaarquote ( 3.5% ).

Winst versus markt: De winst van MCFT ( 58.6% per jaar) zal naar verwachting sneller groeien dan de US markt ( 16.8% per jaar).

Hoge groeiwinsten: De winst van MCFT zal naar verwachting de komende 3 jaar aanzienlijk groeien.

Omzet versus markt: De omzet van MCFT ( 10.2% per jaar) zal naar verwachting langzamer groeien dan de markt US ( 11.6% per jaar).

Hoge groei-inkomsten: De omzet van MCFT ( 10.2% per jaar) zal naar verwachting langzamer groeien dan 20% per jaar.


Groeiprognoses winst per aandeel


Toekomstig rendement op eigen vermogen

Toekomstige ROE: Onvoldoende gegevens om te bepalen of het rendement op eigen vermogen van MCFT naar verwachting over 3 jaar hoog zal zijn


Ontdek groeibedrijven

Bedrijfsanalyse en status van financiële gegevens

GegevensLaatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse2026/05/20 12:43
Aandelenkoers aan het einde van de dag2026/05/20 00:00
Inkomsten2026/03/29
Jaarlijkse inkomsten2025/06/30

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

PakketGegevensTijdframeVoorbeeld Amerikaanse bron *
Financiële gegevens bedrijf10 jaar
  • Resultatenrekening
  • Kasstroomoverzicht
  • Balans
Consensus schattingen analisten+3 jaar
  • Financiële prognoses
  • Koersdoelen analisten
Marktprijzen30 jaar
  • Aandelenprijzen
  • Dividenden, splitsingen en acties
Eigendom10 jaar
  • Top aandeelhouders
  • Handel met voorkennis
Beheer10 jaar
  • Leiderschapsteam
  • Raad van bestuur
Belangrijkste ontwikkelingen10 jaar
  • Bedrijfsaankondigingen

* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina. We hebben ook handleidingen over hoe je onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

MasterCraft Boat Holdings, Inc. wordt gevolgd door 10 analisten. 5 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

AnalistInstelling
Craig KennisonBaird
Anna GlaessgenB. Riley Securities, Inc.
Noah ZatzkinKeyBanc Capital Markets Inc.