WEBVTT

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<v Johnnie Martinez>On today's episode of the Dig, I
am joined by three members of

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<v Johnnie Martinez>the altar group and I will let
the three of them introduce

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<v Johnnie Martinez>themselves.

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<v Johnnie Martinez>Well, if you'd start us.

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Sure. Thanks, Johnnie.

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I'm Valerie Gerard Co, CEO of
the Alta Group and I lead the

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largest practice within Ulta
that's focused on providing

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general consulting and advisory
services. And you know it might

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make sense for me just to spend
a second to introduce the Alta

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group, to your listeners who
aren.

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Familiar with us, we have been
around for 30 years.

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We are the undisputed leader
when it comes to providing

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advisory services.

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On a global basis to the
equipment leasing and finance.

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Industry, we are exclusively
focused on equipment finance and

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leasing.

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We're not distracted by
mortgages or consumer autos.

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It's just the core equipment
leasing business and anything

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that a client would have in
terms of a need, we do it.

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So that could be assisting them
with some growth initiatives,

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entering new markets, becoming
more efficient in what they do.

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We have a lot of competitive
intelligence, market

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intelligence work we.

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We do.

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We assist in selecting leasing
systems.

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We have a group that is focused
on equipment management, so if

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you need some appraisals,
valuations, some residual

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impairment analysis as well as
remarketing, we have a team that

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does that.

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We offer mergers and
acquisitions as a practice which

 the

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<v Jim Jackson>industry and buy a company and
also supporting, you know,

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<v Jim Jackson>sellers in the industry who
might be looking to sell their

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<v Jim Jackson>their property to to other
financial institutions.

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<v Jim Jackson>So Rick, I'll turn it over to
you.

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<v Rick Remiker>Yeah. Thanks, Jim and Johnnie.

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<v Rick Remiker>I'm Rick remicar.

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<v Rick Remiker>I'm vice chairman with the Alta
group and Prior to joining the

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<v Rick Remiker>Alta group nearly five years
ago, I spent 40 years in

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<v Rick Remiker>commercial banking, specialty
finance, and.

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<v Rick Remiker>Equipment, finance and equipment
leasing and I provide support

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<v Rick Remiker>and consultation to all the
members of the Alta group and

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<v Rick Remiker>clients predominantly in the
bank equipment finance space.

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<v Johnnie Martinez>Benja will thank all three of
you for joining us here today

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<v Johnnie Martinez>and I think the best place to
start now that we have the

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<v Johnnie Martinez>introduction and as well as kind
of the background of who you

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<v Johnnie Martinez>guys are covered, the 10,000
foot view part of the reason

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<v Johnnie Martinez>why.

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<v Johnnie Martinez>We are having a discussion today
is the release of the Alta

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<v Johnnie Martinez>Group's report on sort of the
state of the equipment finance

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<v Johnnie Martinez>industry and when we're talking
about the state of the industry,

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<v Johnnie Martinez>I think the best place to start
is like I said, that 10,000

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<v Johnnie Martinez>foot.

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<v Johnnie Martinez>View and we get some of the
specific areas.

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<v Johnnie Martinez>So going into 2025, as we look
at the rest of this year, what

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<v Johnnie Martinez>is the state of the equipment
finance industry?

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Well, why don't I kick it off
and tell you that I I think

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<v Johnnie Martinez>Mm hmm.

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there's a lot of opportunity for
the industry in 2025. You know,

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we're coming off a really rough
18 month patched where you had

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the bank failures at Silicon
Valley Bank and Signature Bank.

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And that really caused a
liquidity crisis that's put put

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the industry a little bit on
pause, if not in a backward step

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or two.

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And what we're seeing now is
we're looking into 2025.

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There are a lot of signs that
seem to suggest that it's going

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to be a good year for us when
you're looking at certain

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variables in the economy, when
you're looking at signals in the

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industry itself like industry
confidence and then you have a

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new administration that's
coming.

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In with some probusiness.

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Policies that certainly would
help bolster our industry and

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would result in a very positive
experience for equipment,

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finance and leasing companies.

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There are many different avenues
that we see in terms of growth

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for the industry in terms of,
you know, climate finance and

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financing, data centers,
equipment as a service, you

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know, all of those things will
certainly bolster the industry

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in terms of its growth. I would
say, however.

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One cautionary note in that is
there are a lot of wild cards

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out there. And so while we think
that there's a lot of

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opportunity for the industry,
management teams really need to

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be thinking about, you know,
we're not going to coast.

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To growth throughout 2025, there
might be some speed bumps along

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the way.

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<v Rick Remiker>And let me you know, let me jump
in Valerie and just encourage

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<v Rick Remiker>all the all the listeners to
pull down the the 2025 Alta

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<v Rick Remiker>Group Insights report.

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<v Rick Remiker>It's a great read.

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<v Rick Remiker>It covers a lot of different
segments and a lot of different

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<v Rick Remiker>areas that some of them will
touch on during this podcast.

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<v Rick Remiker>But.

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<v Rick Remiker>You know, if I could, if I could
summarize what sort of one

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<v Rick Remiker>overarching theme, I think it's
net net positive outlook for

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<v Rick Remiker>2025.

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<v Rick Remiker>But certainly with high degree
of element of uncertainty.

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<v Rick Remiker>Maybe the advice to listeners
would be expect the unexpected.

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<v Rick Remiker>You know if you go back to if we
were recording this podcast

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<v Rick Remiker>exactly two years ago in mid
January of 20/20/20 of 2023, I

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<v Rick Remiker>think that we would have been
positive.

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<v Rick Remiker>Maybe not as positive as today,
but we would have been net

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<v Rick Remiker>positive at that point in two.
And just think what happened six

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<v Rick Remiker>or seven weeks later with the
collapse of several.

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<v Rick Remiker>Regional banks that created a
complete.

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<v Rick Remiker>Completely different industry
dynamic for the next year and a

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<v Rick Remiker>half or two years.

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<v Jim Jackson>Yeah, I think.

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<v Jim Jackson>I think that's a great point,
Rick.

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<v Jim Jackson>You know we we sort of get
lulled into a false sense of

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<v Jim Jackson>comfort sometimes.

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<v Jim Jackson>You know, Johnny, I'd follow
that up.

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<v Johnnie Martinez>Mm hmm.

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<v Jim Jackson>You know specifically on the M
and a market similar to

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<v Jim Jackson>Valerie's comments. You know the
last couple of years in terms of

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<v Jim Jackson>M and a activity, things have
been pretty quiet in the

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00:07:01.600 --> 00:07:02.059
<v Jim Jackson>industry.

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00:07:03.779 --> 00:07:06.899
<v Jim Jackson>But I think 2025 where we're
pretty well suited.

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00:07:08.539 --> 00:07:11.051
<v Jim Jackson>From an economic standpoint, to
have a pretty strong M and a

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<v Jim Jackson>market.

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00:07:11.729 --> 00:07:16.129
<v Jim Jackson>This year, you know, the market
does not like uncertainty.

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00:07:16.129 --> 00:07:20.001
<v Jim Jackson>And there's there's a fair
amount of certainty around a

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00:07:20.001 --> 00:07:24.080
<v Jim Jackson>number of factors, including the
fact that the uncertainty

2f8b3a32-f44d-4180-9d33-060c94098203/1049-2
00:07:24.080 --> 00:07:26.569
<v Jim Jackson>election you know is now behind
us.

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<v Jim Jackson>We have an administration in
place.

2f8b3a32-f44d-4180-9d33-060c94098203/1072-0
00:07:28.689 --> 00:07:31.628
<v Jim Jackson>Who's committed to reducing
regulation and and discussing a

2f8b3a32-f44d-4180-9d33-060c94098203/1072-1
00:07:31.628 --> 00:07:33.489
<v Jim Jackson>reduction in the corporate tax
rates?

2f8b3a32-f44d-4180-9d33-060c94098203/1076-0
00:07:34.409 --> 00:07:36.489
<v Jim Jackson>The stock market continues to
perform well.

2f8b3a32-f44d-4180-9d33-060c94098203/1096-0
00:07:37.299 --> 00:07:40.564
<v Jim Jackson>Unemployment levels are low.
Those traditionally a factors

2f8b3a32-f44d-4180-9d33-060c94098203/1096-1
00:07:40.564 --> 00:07:43.939
<v Jim Jackson>that generally contribute to a
pretty strong M and a market.

2f8b3a32-f44d-4180-9d33-060c94098203/1126-0
00:07:45.769 --> 00:07:49.733
<v Jim Jackson>The one factor that that's still
a little bit of a you know, an

2f8b3a32-f44d-4180-9d33-060c94098203/1126-1
00:07:49.733 --> 00:07:53.449
<v Jim Jackson>uncertainty at this point and
it's just you know reared its

2f8b3a32-f44d-4180-9d33-060c94098203/1126-2
00:07:53.449 --> 00:07:57.289
<v Jim Jackson>head not too long ago when we
had a super strong jobs report.

2f8b3a32-f44d-4180-9d33-060c94098203/1162-0
00:07:58.859 --> 00:08:02.181
<v Jim Jackson>You know the interest rate cut
has has kind of been sidelined,

2f8b3a32-f44d-4180-9d33-060c94098203/1133-0
00:07:59.199 --> 00:07:59.399
<v Johnnie Martinez>Mm hmm.

2f8b3a32-f44d-4180-9d33-060c94098203/1162-1
00:08:02.181 --> 00:08:04.923
<v Jim Jackson>if you will, by the Fed and
they're they're kind of

2f8b3a32-f44d-4180-9d33-060c94098203/1162-2
00:08:04.923 --> 00:08:08.299
<v Jim Jackson>backpedaling a bit on that. And
I think some of the Fed members

2f8b3a32-f44d-4180-9d33-060c94098203/1162-3
00:08:08.299 --> 00:08:10.619
<v Jim Jackson>are even thinking a hike might
be in order.

2f8b3a32-f44d-4180-9d33-060c94098203/1168-0
00:08:12.579 --> 00:08:13.819
<v Jim Jackson>That, of course, will.

2f8b3a32-f44d-4180-9d33-060c94098203/1183-0
00:08:14.169 --> 00:08:19.489
<v Jim Jackson>Will quell some M and a activity
if rates indeed rise.

2f8b3a32-f44d-4180-9d33-060c94098203/1213-0
00:08:20.369 --> 00:08:23.887
<v Jim Jackson>I think if I think you know the
other factors in the environment

2f8b3a32-f44d-4180-9d33-060c94098203/1213-1
00:08:23.887 --> 00:08:27.189
<v Jim Jackson>should keep us pretty steady,
but I'd caution keep an eye on

2f8b3a32-f44d-4180-9d33-060c94098203/1213-2
00:08:27.189 --> 00:08:30.437
<v Jim Jackson>interest rates cause those do
impact the the the level of M

2f8b3a32-f44d-4180-9d33-060c94098203/1213-3
00:08:30.437 --> 00:08:31.249
<v Jim Jackson>and a activity.

2f8b3a32-f44d-4180-9d33-060c94098203/1218-0
00:08:33.389 --> 00:08:34.709
<v Johnnie Martinez>Gotcha. Fantastic.

2f8b3a32-f44d-4180-9d33-060c94098203/1250-0
00:08:34.709 --> 00:08:37.710
<v Johnnie Martinez>And you know one thing I wanted
to get into, especially on the

2f8b3a32-f44d-4180-9d33-060c94098203/1250-1
00:08:37.710 --> 00:08:40.664
<v Johnnie Martinez>the M and a side and we can talk
about how this sort of plays

2f8b3a32-f44d-4180-9d33-060c94098203/1250-2
00:08:40.664 --> 00:08:43.713
<v Johnnie Martinez>into the wider equipment finance
space as well as are there any

2f8b3a32-f44d-4180-9d33-060c94098203/1250-3
00:08:43.713 --> 00:08:46.619
<v Johnnie Martinez>particular segments in terms of
you know, bank owned versus.

2f8b3a32-f44d-4180-9d33-060c94098203/1281-0
00:08:46.619 --> 00:08:48.983
<v Johnnie Martinez>Independent or you know,
specific asset types where

2f8b3a32-f44d-4180-9d33-060c94098203/1281-1
00:08:48.983 --> 00:08:51.712
<v Johnnie Martinez>you're seeing lenders that are
focused on these asset types

2f8b3a32-f44d-4180-9d33-060c94098203/1281-2
00:08:51.712 --> 00:08:54.486
<v Johnnie Martinez>more attractive in the M and a
space. Is there anything like

2f8b3a32-f44d-4180-9d33-060c94098203/1281-3
00:08:54.486 --> 00:08:57.214
<v Johnnie Martinez>that that's standing out as we
start to look at the rest of

2f8b3a32-f44d-4180-9d33-060c94098203/1281-4
00:08:57.214 --> 00:08:57.669
<v Johnnie Martinez>this year?

2f8b3a32-f44d-4180-9d33-060c94098203/1289-0
00:09:01.149 --> 00:09:03.069
<v Jim Jackson>Well, I think I think a couple
of factors.

2f8b3a32-f44d-4180-9d33-060c94098203/1292-0
00:09:04.939 --> 00:09:05.219
<v Jim Jackson>You know.

2f8b3a32-f44d-4180-9d33-060c94098203/1303-0
00:09:06.979 --> 00:09:09.660
<v Jim Jackson>Let let's talk about a couple
things that are going on in the

2f8b3a32-f44d-4180-9d33-060c94098203/1303-1
00:09:09.660 --> 00:09:10.179
<v Jim Jackson>marketplace.

2f8b3a32-f44d-4180-9d33-060c94098203/1346-0
00:09:10.179 --> 00:09:14.663
<v Jim Jackson>One area I think is is the lift
out teams that we're seeing. So

2f8b3a32-f44d-4180-9d33-060c94098203/1346-1
00:09:14.663 --> 00:09:18.868
<v Jim Jackson>certain strategics and others
are investing not not only in

2f8b3a32-f44d-4180-9d33-060c94098203/1346-2
00:09:18.868 --> 00:09:23.282
<v Jim Jackson>focused on complete companies,
if you will, but are focused on

2f8b3a32-f44d-4180-9d33-060c94098203/1346-3
00:09:23.282 --> 00:09:27.697
<v Jim Jackson>potentially lift out teams where
senior executives are brought

2f8b3a32-f44d-4180-9d33-060c94098203/1346-4
00:09:27.697 --> 00:09:29.939
<v Jim Jackson>over. That might help a strateg.

2f8b3a32-f44d-4180-9d33-060c94098203/1357-0
00:09:30.729 --> 00:09:35.480
<v Jim Jackson>To expand its market offerings
or gain some additional

2f8b3a32-f44d-4180-9d33-060c94098203/1357-1
00:09:35.480 --> 00:09:36.689
<v Jim Jackson>relationships.

2f8b3a32-f44d-4180-9d33-060c94098203/1373-0
00:09:38.339 --> 00:09:41.692
<v Jim Jackson>Think of the folks from Madison
Capital going over to Oakmont

2f8b3a32-f44d-4180-9d33-060c94098203/1373-1
00:09:41.692 --> 00:09:42.179
<v Jim Jackson>recently.

2f8b3a32-f44d-4180-9d33-060c94098203/1380-0
00:09:42.899 --> 00:09:46.581
<v Jim Jackson>Think again about the folks from
Honor Capital moving over to

2f8b3a32-f44d-4180-9d33-060c94098203/1380-1
00:09:46.581 --> 00:09:46.819
<v Jim Jackson>Dex.

2f8b3a32-f44d-4180-9d33-060c94098203/1403-0
00:09:48.419 --> 00:09:52.367
<v Jim Jackson>And I think we'll continue to
see those opportunistic lift

2f8b3a32-f44d-4180-9d33-060c94098203/1403-1
00:09:52.367 --> 00:09:55.379
<v Jim Jackson>outs going on throughout the
course of 2025.

2f8b3a32-f44d-4180-9d33-060c94098203/1407-0
00:09:55.619 --> 00:09:57.619
<v Jim Jackson>You know, I'd, I'd say the real
winners.

2f8b3a32-f44d-4180-9d33-060c94098203/1410-0
00:09:59.419 --> 00:09:59.899
<v Jim Jackson>For for.

2f8b3a32-f44d-4180-9d33-060c94098203/1439-0
00:10:00.169 --> 00:10:03.470
<v Jim Jackson>For the past year and I've seen
a lot of private equity

2f8b3a32-f44d-4180-9d33-060c94098203/1439-1
00:10:03.470 --> 00:10:06.771
<v Jim Jackson>investment in there, are these,
you know, middle market

2f8b3a32-f44d-4180-9d33-060c94098203/1439-2
00:10:06.771 --> 00:10:10.131
<v Jim Jackson>structured firms where the
private equity companies feel

2f8b3a32-f44d-4180-9d33-060c94098203/1439-3
00:10:10.131 --> 00:10:12.489
<v Jim Jackson>there's still a good return to
be made.

2f8b3a32-f44d-4180-9d33-060c94098203/1477-0
00:10:13.559 --> 00:10:17.573
<v Jim Jackson>With those businesses basically
picking up the slack for the

2f8b3a32-f44d-4180-9d33-060c94098203/1477-1
00:10:17.573 --> 00:10:21.389
<v Jim Jackson>banks as they sort of exited
those, those that tranche of

2f8b3a32-f44d-4180-9d33-060c94098203/1477-2
00:10:21.389 --> 00:10:25.337
<v Jim Jackson>assets and that tranche of
lending and those private equity

2f8b3a32-f44d-4180-9d33-060c94098203/1477-3
00:10:25.337 --> 00:10:29.483
<v Jim Jackson>firms that went out and actually
built teams or acquired teams

2f8b3a32-f44d-4180-9d33-060c94098203/1477-4
00:10:29.483 --> 00:10:32.839
<v Jim Jackson>that were versed in bringing
over structured cred.

2f8b3a32-f44d-4180-9d33-060c94098203/1492-0
00:10:33.319 --> 00:10:35.905
<v Jim Jackson>And potentially, you know,
structuring those in such a way

2f8b3a32-f44d-4180-9d33-060c94098203/1492-1
00:10:35.905 --> 00:10:37.439
<v Jim Jackson>that they provide a strong
return.

2f8b3a32-f44d-4180-9d33-060c94098203/1500-0
00:10:38.249 --> 00:10:41.289
<v Jim Jackson>Similar to the Stonebriar model,
if you will.

2f8b3a32-f44d-4180-9d33-060c94098203/1511-0
00:10:41.879 --> 00:10:44.438
<v Jim Jackson>Where they can actually make a
decent return on their

2f8b3a32-f44d-4180-9d33-060c94098203/1511-1
00:10:44.438 --> 00:10:44.959
<v Jim Jackson>investment.

2f8b3a32-f44d-4180-9d33-060c94098203/1519-0
00:10:45.909 --> 00:10:47.189
<v Rick Remiker>Yeah, Jim and I would just echo
that.

2f8b3a32-f44d-4180-9d33-060c94098203/1563-0
00:10:47.189 --> 00:10:50.257
<v Rick Remiker>I think that one of the big
questions hanging over all of

2f8b3a32-f44d-4180-9d33-060c94098203/1563-1
00:10:50.257 --> 00:10:53.536
<v Rick Remiker>the private equity investment in
the industry, which has been

2f8b3a32-f44d-4180-9d33-060c94098203/1563-2
00:10:53.536 --> 00:10:56.868
<v Rick Remiker>significant and in some of the
most significant private equity

2f8b3a32-f44d-4180-9d33-060c94098203/1563-3
00:10:56.868 --> 00:11:00.148
<v Rick Remiker>investment I've seen in in many
decades is when the banks get

2f8b3a32-f44d-4180-9d33-060c94098203/1563-4
00:11:00.148 --> 00:11:01.629
<v Rick Remiker>back into the market if and.

2f8b3a32-f44d-4180-9d33-060c94098203/1591-0
00:11:01.629 --> 00:11:05.289
<v Rick Remiker>When they get back into the
market, will, will, will pricing

2f8b3a32-f44d-4180-9d33-060c94098203/1591-1
00:11:05.289 --> 00:11:08.829
<v Rick Remiker>compression margin compression
Dr. pricing down across the

2f8b3a32-f44d-4180-9d33-060c94098203/1591-2
00:11:08.829 --> 00:11:12.549
<v Rick Remiker>industry or will it really be
constrained to that bank credit

2f8b3a32-f44d-4180-9d33-060c94098203/1591-3
00:11:12.549 --> 00:11:13.029
<v Rick Remiker>quality?

2f8b3a32-f44d-4180-9d33-060c94098203/1593-0
00:11:13.769 --> 00:11:14.049
<v Rick Remiker>Sector.

2f8b3a32-f44d-4180-9d33-060c94098203/1631-0
00:11:14.199 --> 00:11:17.906
<v Rick Remiker>And you know, I think the early
signs are hopeful that the banks

2f8b3a32-f44d-4180-9d33-060c94098203/1631-1
00:11:17.906 --> 00:11:21.329
<v Rick Remiker>are the bank equipment finance
companies are having greater

2f8b3a32-f44d-4180-9d33-060c94098203/1631-2
00:11:21.329 --> 00:11:24.922
<v Rick Remiker>pricing discipline, focusing on
risk adjusted return, focusing

2f8b3a32-f44d-4180-9d33-060c94098203/1631-3
00:11:24.922 --> 00:11:28.402
<v Rick Remiker>on customer relationships and
total relationship return. But

2f8b3a32-f44d-4180-9d33-060c94098203/1631-4
00:11:28.402 --> 00:11:29.999
<v Rick Remiker>as they say, time will tell.

2f8b3a32-f44d-4180-9d33-060c94098203/1636-0
00:11:31.749 --> 00:11:32.949
<v Jim Jackson>That's an excellent point, Rick.

2f8b3a32-f44d-4180-9d33-060c94098203/1638-0
00:11:34.209 --> 00:11:34.649
Agreed.

2f8b3a32-f44d-4180-9d33-060c94098203/1661-0
00:11:37.029 --> 00:11:41.660
<v Johnnie Martinez>Gotcha. OK. And as we talk about
sort of the potential turn of

2f8b3a32-f44d-4180-9d33-060c94098203/1661-1
00:11:41.660 --> 00:11:45.629
<v Johnnie Martinez>the the banks, I know that's a
potential risk factor.

2f8b3a32-f44d-4180-9d33-060c94098203/1692-0
00:11:45.909 --> 00:11:48.756
<v Johnnie Martinez>One of the other ones I want to
touch on specifically and then

2f8b3a32-f44d-4180-9d33-060c94098203/1692-1
00:11:48.756 --> 00:11:51.286
<v Johnnie Martinez>we can talk about any other risk
factors that are worth

2f8b3a32-f44d-4180-9d33-060c94098203/1692-2
00:11:51.286 --> 00:11:53.862
<v Johnnie Martinez>discussing. Is the potential
risk factor of tariffs. And

2f8b3a32-f44d-4180-9d33-060c94098203/1692-3
00:11:53.862 --> 00:11:56.754
<v Johnnie Martinez>that's been kind of the the buzz
word that's been thrown around

2f8b3a32-f44d-4180-9d33-060c94098203/1692-4
00:11:56.754 --> 00:11:57.929
<v Johnnie Martinez>since the election as one.

2f8b3a32-f44d-4180-9d33-060c94098203/1719-0
00:11:57.929 --> 00:12:00.237
<v Johnnie Martinez>Of the things that can
potentially limit what's

2f8b3a32-f44d-4180-9d33-060c94098203/1719-1
00:12:00.237 --> 00:12:03.170
<v Johnnie Martinez>happening in the economy as a
whole, but it it transits into

2f8b3a32-f44d-4180-9d33-060c94098203/1719-2
00:12:03.170 --> 00:12:05.767
<v Johnnie Martinez>equipment finance with so much
of our industry having

2f8b3a32-f44d-4180-9d33-060c94098203/1719-3
00:12:05.767 --> 00:12:06.729
<v Johnnie Martinez>international firms.

2f8b3a32-f44d-4180-9d33-060c94098203/1730-0
00:12:07.399 --> 00:12:10.689
<v Johnnie Martinez>From where you guys said how
much of A role is that going to

2f8b3a32-f44d-4180-9d33-060c94098203/1730-1
00:12:10.689 --> 00:12:10.959
<v Johnnie Martinez>play?

2f8b3a32-f44d-4180-9d33-060c94098203/1743-0
00:12:10.959 --> 00:12:13.778
<v Johnnie Martinez>From how much of A concern
should that be as we start kind

2f8b3a32-f44d-4180-9d33-060c94098203/1743-1
00:12:13.778 --> 00:12:16.359
<v Johnnie Martinez>of forecasting the equipment
finance sector for 2025?

2f8b3a32-f44d-4180-9d33-060c94098203/1749-0
00:12:18.799 --> 00:12:19.999
<v Rick Remiker>Well, I think it could be.

2f8b3a32-f44d-4180-9d33-060c94098203/1762-0
00:12:19.999 --> 00:12:23.634
<v Rick Remiker>It could be wide-ranging and as
we sit here today on in mid

2f8b3a32-f44d-4180-9d33-060c94098203/1762-1
00:12:23.634 --> 00:12:24.119
<v Rick Remiker>January.

2f8b3a32-f44d-4180-9d33-060c94098203/1799-0
00:12:25.689 --> 00:12:29.741
<v Rick Remiker>We don't know what we don't know
and no one does, to be honest,

2f8b3a32-f44d-4180-9d33-060c94098203/1799-1
00:12:29.741 --> 00:12:33.856
<v Rick Remiker>at this point, I think what you
have to be concerned with is not

2f8b3a32-f44d-4180-9d33-060c94098203/1799-2
00:12:33.856 --> 00:12:37.338
<v Rick Remiker>only, you know, the Trump
administration tariffs, that

2f8b3a32-f44d-4180-9d33-060c94098203/1799-3
00:12:37.338 --> 00:12:41.199
<v Rick Remiker>they potentially could impose,
but then what's the cause and

2f8b3a32-f44d-4180-9d33-060c94098203/1799-4
00:12:41.199 --> 00:12:42.529
<v Rick Remiker>effect, what are the?

2f8b3a32-f44d-4180-9d33-060c94098203/1809-0
00:12:42.529 --> 00:12:44.809
<v Rick Remiker>Retaliatory tariffs that might
be imposed.

2f8b3a32-f44d-4180-9d33-060c94098203/1813-0
00:12:46.529 --> 00:12:47.729
<v Rick Remiker>By an EU country.

2f8b3a32-f44d-4180-9d33-060c94098203/1825-0
00:12:48.199 --> 00:12:52.112
<v Rick Remiker>Or another country that could
impact somebody that needs

2f8b3a32-f44d-4180-9d33-060c94098203/1825-1
00:12:52.112 --> 00:12:52.799
<v Rick Remiker>machinery.

2f8b3a32-f44d-4180-9d33-060c94098203/1837-0
00:12:53.199 --> 00:12:57.199
<v Rick Remiker>That's manufactured in Germany
or wherever it might be.

2f8b3a32-f44d-4180-9d33-060c94098203/1870-0
00:12:57.359 --> 00:13:00.613
<v Rick Remiker>So you know, the one thing that
I think we can be certain of in

2f8b3a32-f44d-4180-9d33-060c94098203/1870-1
00:13:00.613 --> 00:13:03.410
<v Rick Remiker>in the tariff environment is
there will be winners and

2f8b3a32-f44d-4180-9d33-060c94098203/1870-2
00:13:03.410 --> 00:13:06.664
<v Rick Remiker>losers, but it's a bit difficult
to exactly predict who's going

2f8b3a32-f44d-4180-9d33-060c94098203/1870-3
00:13:06.664 --> 00:13:09.919
<v Rick Remiker>to be the winner and who's going
to be the loser at this point.

2f8b3a32-f44d-4180-9d33-060c94098203/1872-0
00:13:09.959 --> 00:13:10.279
<v Rick Remiker>In time.

2f8b3a32-f44d-4180-9d33-060c94098203/1914-0
00:13:16.359 --> 00:13:20.788
<v Jim Jackson>And and I would say from my
standpoint, Johnny, you know the

2f8b3a32-f44d-4180-9d33-060c94098203/1914-1
00:13:20.788 --> 00:13:25.145
<v Jim Jackson>thing to be, you know crystal
clear about and careful of is

2f8b3a32-f44d-4180-9d33-060c94098203/1914-2
00:13:25.145 --> 00:13:29.937
<v Jim Jackson>you know during you know 2020 we
came off a supply chain shortage

2f8b3a32-f44d-4180-9d33-060c94098203/1914-3
00:13:29.937 --> 00:13:34.439
<v Jim Jackson>due to the fact that you know
everyone was homesick with COV.

2f8b3a32-f44d-4180-9d33-060c94098203/1928-0
00:13:34.719 --> 00:13:36.759
<v Jim Jackson>And factory workers weren't
working.

2f8b3a32-f44d-4180-9d33-060c94098203/1943-0
00:13:36.759 --> 00:13:40.306
<v Jim Jackson>You know, these tariffs could
have a similar impact with

2f8b3a32-f44d-4180-9d33-060c94098203/1943-1
00:13:40.306 --> 00:13:43.479
<v Jim Jackson>supply chain shortages if if
indeed we don't have.

2f8b3a32-f44d-4180-9d33-060c94098203/1952-0
00:13:44.249 --> 00:13:46.153
<v Jim Jackson>Companies here in the states
that are building equivalent

2f8b3a32-f44d-4180-9d33-060c94098203/1952-1
00:13:46.153 --> 00:13:46.449
<v Jim Jackson>products.

2f8b3a32-f44d-4180-9d33-060c94098203/1996-0
00:13:47.259 --> 00:13:50.858
<v Jim Jackson>Or, you know, it could even be
from a parts perspective that

2f8b3a32-f44d-4180-9d33-060c94098203/1996-1
00:13:50.858 --> 00:13:54.693
<v Jim Jackson>it's more difficult to get parts
and parts are more expensive to

2f8b3a32-f44d-4180-9d33-060c94098203/1996-2
00:13:54.693 --> 00:13:58.174
<v Jim Jackson>maintain existing pieces of
equipment which will obviously

2f8b3a32-f44d-4180-9d33-060c94098203/1996-3
00:13:58.174 --> 00:14:01.773
<v Jim Jackson>impact the industry and impact.
You know our ability to, you

2f8b3a32-f44d-4180-9d33-060c94098203/1996-4
00:14:01.773 --> 00:14:04.369
<v Jim Jackson>know, hit the higher volumes
through those.

2f8b3a32-f44d-4180-9d33-060c94098203/2010-0
00:14:04.819 --> 00:14:07.781
<v Jim Jackson>Equipment finance companies, if,
if the supply chain is again

2f8b3a32-f44d-4180-9d33-060c94098203/2010-1
00:14:07.781 --> 00:14:08.259
<v Jim Jackson>disrupted.

2f8b3a32-f44d-4180-9d33-060c94098203/2030-0
00:14:10.649 --> 00:14:13.585
<v Rick Remiker>You know, we touch on it in the
insights report and again, I'd

2f8b3a32-f44d-4180-9d33-060c94098203/2030-1
00:14:13.585 --> 00:14:15.729
<v Rick Remiker>encourage listeners to pull that
report down.

2f8b3a32-f44d-4180-9d33-060c94098203/2047-0
00:14:16.129 --> 00:14:19.691
<v Rick Remiker>But the one trend that we can
definitely speak to is there's

2f8b3a32-f44d-4180-9d33-060c94098203/2047-1
00:14:19.691 --> 00:14:21.209
<v Rick Remiker>been for US manufacturers.

2f8b3a32-f44d-4180-9d33-060c94098203/2075-0
00:14:21.209 --> 00:14:25.388
<v Rick Remiker>There has been a definite trend
to diversify their supplier

2f8b3a32-f44d-4180-9d33-060c94098203/2075-1
00:14:25.388 --> 00:14:29.566
<v Rick Remiker>base, so they're not dependent
only on China or only on one

2f8b3a32-f44d-4180-9d33-060c94098203/2075-2
00:14:29.566 --> 00:14:33.327
<v Rick Remiker>particular country and then
where possible, and where

2f8b3a32-f44d-4180-9d33-060c94098203/2075-3
00:14:33.327 --> 00:14:34.929
<v Rick Remiker>feasible and practical.

2f8b3a32-f44d-4180-9d33-060c94098203/2077-0
00:14:35.689 --> 00:14:35.889
<v Rick Remiker>To bring.

2f8b3a32-f44d-4180-9d33-060c94098203/2084-0
00:14:37.449 --> 00:14:39.929
<v Rick Remiker>Some manufacturing back into the
United States.

2f8b3a32-f44d-4180-9d33-060c94098203/2139-0
00:14:40.239 --> 00:14:44.453
<v Rick Remiker>States. So I think you'll see
that continued trend towards re

2f8b3a32-f44d-4180-9d33-060c94098203/2139-1
00:14:44.453 --> 00:14:48.056
<v Rick Remiker>shoring to the United States
were practical but also

2f8b3a32-f44d-4180-9d33-060c94098203/2139-2
00:14:48.056 --> 00:14:51.999
<v Rick Remiker>diversifying and not relying
strictly on China and having

2f8b3a32-f44d-4180-9d33-060c94098203/2139-3
00:14:51.999 --> 00:14:56.145
<v Rick Remiker>manufacturing capabilities in
several countries. So that you

2f8b3a32-f44d-4180-9d33-060c94098203/2139-4
00:14:56.145 --> 00:15:00.020
<v Rick Remiker>know significant tariffs or
geopolitical activities in a

2f8b3a32-f44d-4180-9d33-060c94098203/2139-5
00:15:00.020 --> 00:15:02.399
<v Rick Remiker>particular country don't create
a.

2f8b3a32-f44d-4180-9d33-060c94098203/2145-0
00:15:02.399 --> 00:15:04.119
<v Rick Remiker>Complete shutdown in their
supply chain.

2f8b3a32-f44d-4180-9d33-060c94098203/2152-0
00:15:07.649 --> 00:15:10.729
<v Johnnie Martinez>Got you know that makes a ton of
sense.

2f8b3a32-f44d-4180-9d33-060c94098203/2187-0
00:15:10.729 --> 00:15:13.261
<v Johnnie Martinez>And you know, as we start
looking at the the rest of the

2f8b3a32-f44d-4180-9d33-060c94098203/2187-1
00:15:13.261 --> 00:15:16.149
<v Johnnie Martinez>year, we've talked about kind of
two of the the key challenges I

2f8b3a32-f44d-4180-9d33-060c94098203/2187-2
00:15:16.149 --> 00:15:19.081
<v Johnnie Martinez>would just you know ask is there
is there any other thing that we

2f8b3a32-f44d-4180-9d33-060c94098203/2187-3
00:15:19.081 --> 00:15:21.569
<v Johnnie Martinez>should be watching from a
challenging side and then we?

2f8b3a32-f44d-4180-9d33-060c94098203/2196-0
00:15:21.649 --> 00:15:24.489
<v Johnnie Martinez>Can get into some of the the
wider activity in the space.

2f8b3a32-f44d-4180-9d33-060c94098203/2211-0
00:15:27.569 --> 00:15:31.253
<v Rick Remiker>Well, I think we've touched a
little bit on trade policy with

2f8b3a32-f44d-4180-9d33-060c94098203/2211-1
00:15:31.253 --> 00:15:31.729
<v Rick Remiker>tariffs.

2f8b3a32-f44d-4180-9d33-060c94098203/2253-0
00:15:31.729 --> 00:15:36.243
<v Rick Remiker>We talked briefly about monetary
policy as it relates to interest

2f8b3a32-f44d-4180-9d33-060c94098203/2253-1
00:15:36.243 --> 00:15:40.484
<v Rick Remiker>rates and, you know, uncertainty
around if rates will fall if

2f8b3a32-f44d-4180-9d33-060c94098203/2253-2
00:15:40.484 --> 00:15:44.725
<v Rick Remiker>they fall, how much will they
fall or could rates remain flat

2f8b3a32-f44d-4180-9d33-060c94098203/2253-3
00:15:44.725 --> 00:15:48.761
<v Rick Remiker>or could they rise the other
part of monetary policy to be

2f8b3a32-f44d-4180-9d33-060c94098203/2253-4
00:15:48.761 --> 00:15:50.129
<v Rick Remiker>mindful of is stren.

2f8b3a32-f44d-4180-9d33-060c94098203/2276-0
00:15:50.129 --> 00:15:53.257
<v Rick Remiker>Of the US dollar and how that
impacts both imports and

2f8b3a32-f44d-4180-9d33-060c94098203/2276-1
00:15:53.257 --> 00:15:56.329
<v Rick Remiker>exports. And then I think the
third leg of the stool.

2f8b3a32-f44d-4180-9d33-060c94098203/2277-0
00:15:56.409 --> 00:15:57.249
<v Rick Remiker>So trade policy.

2f8b3a32-f44d-4180-9d33-060c94098203/2303-0
00:15:57.519 --> 00:16:01.457
<v Rick Remiker>Monetary policy. And then I
think we need to be mindful of

2f8b3a32-f44d-4180-9d33-060c94098203/2303-1
00:16:01.457 --> 00:16:05.729
<v Rick Remiker>tax policy, probably a net net
positive for most customers, but

2f8b3a32-f44d-4180-9d33-060c94098203/2303-2
00:16:05.729 --> 00:16:08.799
<v Rick Remiker>something to be mindful of
heading into 2025.

2f8b3a32-f44d-4180-9d33-060c94098203/2309-0
00:16:13.389 --> 00:16:15.549
<v Johnnie Martinez>Patrick, OK, that makes a ton of
sense.

2f8b3a32-f44d-4180-9d33-060c94098203/2347-0
00:16:16.249 --> 00:16:19.324
<v Jim Jackson>I I think the other thing I
would add to that, Rick, if if I

2f8b3a32-f44d-4180-9d33-060c94098203/2347-1
00:16:19.324 --> 00:16:22.550
<v Jim Jackson>could, you know we and not that
they'll have us you know direct

2f8b3a32-f44d-4180-9d33-060c94098203/2347-2
00:16:22.550 --> 00:16:25.372
<v Jim Jackson>impact but but certainly
something to keep an eye on as

2f8b3a32-f44d-4180-9d33-060c94098203/2347-3
00:16:25.372 --> 00:16:28.649
<v Jim Jackson>the geopolitical conflicts that
are going on in the world right.

2f8b3a32-f44d-4180-9d33-060c94098203/2358-0
00:16:28.649 --> 00:16:31.889
<v Jim Jackson>Now we, you know, we still have
issues in Europe.

2f8b3a32-f44d-4180-9d33-060c94098203/2361-0
00:16:31.889 --> 00:16:33.409
<v Jim Jackson>We still have issues in the
Middle East.

2f8b3a32-f44d-4180-9d33-060c94098203/2387-0
00:16:34.969 --> 00:16:38.527
<v Jim Jackson>Who knows what's going to, you
know, take place with Taiwan and

2f8b3a32-f44d-4180-9d33-060c94098203/2387-1
00:16:38.527 --> 00:16:42.085
<v Jim Jackson>China, but you know, certainly
things to consider along the way

2f8b3a32-f44d-4180-9d33-060c94098203/2387-2
00:16:42.085 --> 00:16:44.809
<v Jim Jackson>as these tend to take a little
bit of focus off.

2f8b3a32-f44d-4180-9d33-060c94098203/2415-0
00:16:45.159 --> 00:16:49.123
<v Jim Jackson>You know the US economy and and
put it squarely in the rest of

2f8b3a32-f44d-4180-9d33-060c94098203/2415-1
00:16:49.123 --> 00:16:52.961
<v Jim Jackson>the world which you know can
obviously impact our ability to

2f8b3a32-f44d-4180-9d33-060c94098203/2415-2
00:16:52.961 --> 00:16:55.919
<v Jim Jackson>continue to do business and and
be successful.

2f8b3a32-f44d-4180-9d33-060c94098203/2417-0
00:16:55.919 --> 00:16:57.519
<v Jim Jackson>So something else to consider.

2f8b3a32-f44d-4180-9d33-060c94098203/2428-0
00:17:01.639 --> 00:17:05.066
<v Johnnie Martinez>Gotcha. No, that that is also
something that I yeah, I don't

2f8b3a32-f44d-4180-9d33-060c94098203/2428-1
00:17:05.066 --> 00:17:06.639
<v Johnnie Martinez>think it's mentioned enough.

2f8b3a32-f44d-4180-9d33-060c94098203/2449-0
00:17:06.639 --> 00:17:09.882
<v Johnnie Martinez>I've heard a lot more mentioned
over the past, maybe six months

2f8b3a32-f44d-4180-9d33-060c94098203/2449-1
00:17:09.882 --> 00:17:12.822
<v Johnnie Martinez>or so that you know, the
geopolitical aspect is something

2f8b3a32-f44d-4180-9d33-060c94098203/2449-2
00:17:12.822 --> 00:17:15.559
<v Johnnie Martinez>that even for the US firms, they
have to account for.

2f8b3a32-f44d-4180-9d33-060c94098203/2481-0
00:17:15.559 --> 00:17:18.606
<v Johnnie Martinez>And so I I think you for
mentioning that one other thing

2f8b3a32-f44d-4180-9d33-060c94098203/2481-1
00:17:18.606 --> 00:17:21.973
<v Johnnie Martinez>I want to touch on and this can
be a a positive or a negative.

2f8b3a32-f44d-4180-9d33-060c94098203/2481-2
00:17:21.973 --> 00:17:25.180
<v Johnnie Martinez>And I I say it that way, just
because you mentioned as well

2f8b3a32-f44d-4180-9d33-060c94098203/2481-3
00:17:25.180 --> 00:17:27.639
<v Johnnie Martinez>earlier Rick, the the Madison
capital aspect.

2f8b3a32-f44d-4180-9d33-060c94098203/2490-0
00:17:28.449 --> 00:17:30.769
<v Johnnie Martinez>One of the things they mentioned
in their.

2f8b3a32-f44d-4180-9d33-060c94098203/2525-0
00:17:31.199 --> 00:17:35.187
<v Johnnie Martinez>You know, closing was technology
cost being a factor in their

2f8b3a32-f44d-4180-9d33-060c94098203/2525-1
00:17:35.187 --> 00:17:38.724
<v Johnnie Martinez>survival, ability in the
equipment finance space. With

2f8b3a32-f44d-4180-9d33-060c94098203/2525-2
00:17:38.724 --> 00:17:42.905
<v Johnnie Martinez>that in mind, what is technology
sort of look like especially as

2f8b3a32-f44d-4180-9d33-060c94098203/2525-3
00:17:42.905 --> 00:17:45.799
<v Johnnie Martinez>we start getting into the rest
of this year?

2f8b3a32-f44d-4180-9d33-060c94098203/2548-0
00:17:45.799 --> 00:17:48.897
<v Johnnie Martinez>I know AI is kind of the
buzzword, but there's so much

2f8b3a32-f44d-4180-9d33-060c94098203/2548-1
00:17:48.897 --> 00:17:52.445
<v Johnnie Martinez>happening in the technology side
to account for what should we

2f8b3a32-f44d-4180-9d33-060c94098203/2548-2
00:17:52.445 --> 00:17:55.599
<v Johnnie Martinez>look at as it continues to
affect the industry in 2025?

2f8b3a32-f44d-4180-9d33-060c94098203/2566-0
00:17:57.439 --> 00:18:01.513
Well, I think that there's a
market shift that's happening

2f8b3a32-f44d-4180-9d33-060c94098203/2566-1
00:18:01.513 --> 00:18:05.519
when we're talking about
technology within organizations.

2f8b3a32-f44d-4180-9d33-060c94098203/2577-0
00:18:07.089 --> 00:18:10.089
The technology team is just not
necessarily a function anymore.

2f8b3a32-f44d-4180-9d33-060c94098203/2587-0
00:18:10.089 --> 00:18:15.009
It's becoming an integral
strategic partner in delivering.

2f8b3a32-f44d-4180-9d33-060c94098203/2590-0
00:18:16.809 --> 00:18:16.849
A.

2f8b3a32-f44d-4180-9d33-060c94098203/2592-0
00:18:16.849 --> 00:18:18.649
Businesses go to market.

2f8b3a32-f44d-4180-9d33-060c94098203/2610-0
00:18:20.289 --> 00:18:24.275
And value proposition. And So
what we're seeing right now is a

2f8b3a32-f44d-4180-9d33-060c94098203/2610-1
00:18:24.275 --> 00:18:27.249
confluence of things. One, a lot
of companies.

2f8b3a32-f44d-4180-9d33-060c94098203/2642-0
00:18:27.639 --> 00:18:32.696
Now are upgrading their existing
lease systems and see you seeing

2f8b3a32-f44d-4180-9d33-060c94098203/2642-1
00:18:32.696 --> 00:18:37.754
a lot of that working on. You're
seeing also a lot of work around

2f8b3a32-f44d-4180-9d33-060c94098203/2642-2
00:18:37.754 --> 00:18:41.279
AI and I don't believe that it
is a buzzword.

2f8b3a32-f44d-4180-9d33-060c94098203/2666-0
00:18:41.279 --> 00:18:46.703
The there is a lot of activity
about bringing AI into companies

2f8b3a32-f44d-4180-9d33-060c94098203/2666-1
00:18:46.703 --> 00:18:51.958
and becoming a partner, helping
work get done better, faster,

2f8b3a32-f44d-4180-9d33-060c94098203/2666-2
00:18:51.958 --> 00:18:53.399
more efficiently.

2f8b3a32-f44d-4180-9d33-060c94098203/2674-0
00:18:53.719 --> 00:18:56.841
And I think we're only going to
see that grow as different

2f8b3a32-f44d-4180-9d33-060c94098203/2674-1
00:18:56.841 --> 00:18:57.159
forms.

2f8b3a32-f44d-4180-9d33-060c94098203/2694-0
00:18:57.599 --> 00:19:02.835
Of AI starts to be developed so
Gen. AI was the big thing when

2f8b3a32-f44d-4180-9d33-060c94098203/2694-1
00:19:02.835 --> 00:19:03.999
November 2023.

2f8b3a32-f44d-4180-9d33-060c94098203/2701-0
00:19:03.999 --> 00:19:07.159
Right when that first came out,
ChatGPT.

2f8b3a32-f44d-4180-9d33-060c94098203/2740-0
00:19:07.479 --> 00:19:11.793
Now people are using those tools
everyday, whether or not they're

2f8b3a32-f44d-4180-9d33-060c94098203/2740-1
00:19:11.793 --> 00:19:15.977
crafting letters to a client or
what have you. Now the new part

2f8b3a32-f44d-4180-9d33-060c94098203/2740-2
00:19:15.977 --> 00:19:20.030
about AI is a gentic AI, and
this is a gentic AI basically is

2f8b3a32-f44d-4180-9d33-060c94098203/2740-3
00:19:20.030 --> 00:19:23.625
artificial intelligence, which
has the ability to make

2f8b3a32-f44d-4180-9d33-060c94098203/2740-4
00:19:23.625 --> 00:19:24.279
decisions.

2f8b3a32-f44d-4180-9d33-060c94098203/2749-0
00:19:25.089 --> 00:19:27.249
And so you're going to see that
start to take off.

2f8b3a32-f44d-4180-9d33-060c94098203/2780-0
00:19:28.439 --> 00:19:32.329
And improve, I believe different
processes around the leasing

2f8b3a32-f44d-4180-9d33-060c94098203/2780-1
00:19:32.329 --> 00:19:35.968
cycle as that technology is
deployed and AI is just gonna

2f8b3a32-f44d-4180-9d33-060c94098203/2780-2
00:19:35.968 --> 00:19:39.795
build on itself and there's
gonna be a next generation and a

2f8b3a32-f44d-4180-9d33-060c94098203/2780-3
00:19:39.795 --> 00:19:40.799
next generation.

2f8b3a32-f44d-4180-9d33-060c94098203/2794-0
00:19:41.119 --> 00:19:44.331
So I think it's very
transformative and the function

2f8b3a32-f44d-4180-9d33-060c94098203/2794-1
00:19:44.331 --> 00:19:47.119
in of itself is becoming much
more strategic.

2f8b3a32-f44d-4180-9d33-060c94098203/2838-0
00:19:52.959 --> 00:19:57.011
<v Rick Remiker>You know, Johnny, I think the
other, the other area that that

2f8b3a32-f44d-4180-9d33-060c94098203/2838-1
00:19:57.011 --> 00:20:00.932
<v Rick Remiker>scale really becomes a big
factor in is you know you'll see

2f8b3a32-f44d-4180-9d33-060c94098203/2838-2
00:20:00.932 --> 00:20:04.918
<v Rick Remiker>mergers and acquisitions within
the banking space and that's

2f8b3a32-f44d-4180-9d33-060c94098203/2838-3
00:20:04.918 --> 00:20:08.839
<v Rick Remiker>driven by technology and the
need to spend those technology

2f8b3a32-f44d-4180-9d33-060c94098203/2838-4
00:20:08.839 --> 00:20:11.519
<v Rick Remiker>dollars over a larger customer
base and.

2f8b3a32-f44d-4180-9d33-060c94098203/2858-0
00:20:11.519 --> 00:20:15.826
<v Rick Remiker>A larger deposit base, so you
know the regulatory environment

2f8b3a32-f44d-4180-9d33-060c94098203/2858-1
00:20:15.826 --> 00:20:20.064
<v Rick Remiker>is probably ripe for increased
bank mergers and acquisitions

2f8b3a32-f44d-4180-9d33-060c94098203/2858-2
00:20:20.064 --> 00:20:20.759
<v Rick Remiker>and again.

2f8b3a32-f44d-4180-9d33-060c94098203/2861-0
00:20:21.069 --> 00:20:23.229
<v Rick Remiker>Driven by the need for scale.

2f8b3a32-f44d-4180-9d33-060c94098203/2863-0
00:20:26.789 --> 00:20:27.269
<v Johnnie Martinez>That's it.

2f8b3a32-f44d-4180-9d33-060c94098203/2865-0
00:20:27.269 --> 00:20:27.549
<v Johnnie Martinez>I was.

2f8b3a32-f44d-4180-9d33-060c94098203/2886-0
00:20:27.549 --> 00:20:30.583
<v Johnnie Martinez>I was actually gonna gonna ask
Jim around something similar,

2f8b3a32-f44d-4180-9d33-060c94098203/2886-1
00:20:30.583 --> 00:20:33.418
<v Johnnie Martinez>you know, with that we're
bringing up, you know, there's

2f8b3a32-f44d-4180-9d33-060c94098203/2886-2
00:20:33.418 --> 00:20:35.109
<v Johnnie Martinez>gonna be generations of AI
usage.

2f8b3a32-f44d-4180-9d33-060c94098203/2896-0
00:20:35.509 --> 00:20:38.131
<v Johnnie Martinez>Is that something that is being
accounted for in the M and a

2f8b3a32-f44d-4180-9d33-060c94098203/2896-1
00:20:38.131 --> 00:20:38.389
<v Johnnie Martinez>space?

2f8b3a32-f44d-4180-9d33-060c94098203/2907-0
00:20:38.389 --> 00:20:41.745
<v Johnnie Martinez>You know, some companies being
very far along in some companies

2f8b3a32-f44d-4180-9d33-060c94098203/2907-1
00:20:41.745 --> 00:20:43.109
<v Johnnie Martinez>being at very base levels.

2f8b3a32-f44d-4180-9d33-060c94098203/2914-0
00:20:43.109 --> 00:20:46.462
<v Johnnie Martinez>Does that change maybe how those
M and a conversations start to

2f8b3a32-f44d-4180-9d33-060c94098203/2914-1
00:20:46.462 --> 00:20:46.829
<v Johnnie Martinez>happen?

2f8b3a32-f44d-4180-9d33-060c94098203/2925-0
00:20:48.549 --> 00:20:50.989
<v Jim Jackson>Yeah, I haven't seen much of
that yet.

2f8b3a32-f44d-4180-9d33-060c94098203/2933-0
00:20:50.989 --> 00:20:54.949
<v Jim Jackson>Obviously, AI still in sort of
the the infancy infancy stage.

2f8b3a32-f44d-4180-9d33-060c94098203/2975-0
00:20:56.519 --> 00:21:00.226
<v Jim Jackson>So you know most of the M and a
activity now continues to focus

2f8b3a32-f44d-4180-9d33-060c94098203/2975-1
00:21:00.226 --> 00:21:03.643
<v Jim Jackson>on what it always has strength
of the management team, the

2f8b3a32-f44d-4180-9d33-060c94098203/2975-2
00:21:03.643 --> 00:21:07.292
<v Jim Jackson>profitability of the company,
the ability, the company to grow

2f8b3a32-f44d-4180-9d33-060c94098203/2975-3
00:21:07.292 --> 00:21:09.319
<v Jim Jackson>their business etcetera,
etcetera.

2f8b3a32-f44d-4180-9d33-060c94098203/2981-0
00:21:09.319 --> 00:21:11.919
<v Jim Jackson>So I'm sure it's just a matter
of time.

2f8b3a32-f44d-4180-9d33-060c94098203/2992-0
00:21:11.919 --> 00:21:15.708
<v Jim Jackson>Obviously the the correct AI
applications will serve not only

2f8b3a32-f44d-4180-9d33-060c94098203/2992-1
00:21:15.708 --> 00:21:18.519
<v Jim Jackson>to help companies grow their
businesses, but.

2f8b3a32-f44d-4180-9d33-060c94098203/3007-0
00:21:18.829 --> 00:21:23.986
<v Jim Jackson>Also, do it more efficiently and
more effectively with likely

2f8b3a32-f44d-4180-9d33-060c94098203/3007-1
00:21:23.986 --> 00:21:26.149
<v Jim Jackson>fewer full time employees.

2f8b3a32-f44d-4180-9d33-060c94098203/3014-0
00:21:26.789 --> 00:21:28.629
<v Jim Jackson>And do it more accurately.

2f8b3a32-f44d-4180-9d33-060c94098203/3028-0
00:21:28.829 --> 00:21:31.905
<v Jim Jackson>So I would imagine that's that's
going to be another leg in the

2f8b3a32-f44d-4180-9d33-060c94098203/3028-1
00:21:31.905 --> 00:21:34.309
<v Jim Jackson>stool that people will consider
as we go forward.

2f8b3a32-f44d-4180-9d33-060c94098203/3050-0
00:21:34.589 --> 00:21:37.956
<v Jim Jackson>It's just still a bit at the
infancy stage right now, so it's

2f8b3a32-f44d-4180-9d33-060c94098203/3050-1
00:21:37.956 --> 00:21:41.540
<v Jim Jackson>it's it's a consideration, but I
wouldn't say it's a major factor

2f8b3a32-f44d-4180-9d33-060c94098203/3050-2
00:21:41.540 --> 00:21:42.029
<v Jim Jackson>just yet.

2f8b3a32-f44d-4180-9d33-060c94098203/3085-0
00:21:46.319 --> 00:21:49.226
<v Johnnie Martinez>Hey, understood. And as we we
sort of get into the end of

2f8b3a32-f44d-4180-9d33-060c94098203/3085-1
00:21:49.226 --> 00:21:52.383
<v Johnnie Martinez>this, I know this report is so
comprehensive and touches on so

2f8b3a32-f44d-4180-9d33-060c94098203/3085-2
00:21:52.383 --> 00:21:55.490
<v Johnnie Martinez>many different things that we
could discuss. But I want to be

2f8b3a32-f44d-4180-9d33-060c94098203/3085-3
00:21:55.490 --> 00:21:58.748
<v Johnnie Martinez>valuable with with your time and
obviously the listeners time if

2f8b3a32-f44d-4180-9d33-060c94098203/3085-4
00:21:58.748 --> 00:21:59.199
<v Johnnie Martinez>we could.

2f8b3a32-f44d-4180-9d33-060c94098203/3108-0
00:22:00.079 --> 00:22:03.651
<v Johnnie Martinez>Go through and kind of some some
key takeaways, distillation,

2f8b3a32-f44d-4180-9d33-060c94098203/3108-1
00:22:03.651 --> 00:22:06.994
<v Johnnie Martinez>maybe one or two from each of
you of things that you know

2f8b3a32-f44d-4180-9d33-060c94098203/3108-2
00:22:06.994 --> 00:22:08.319
<v Johnnie Martinez>sections in the report.

2f8b3a32-f44d-4180-9d33-060c94098203/3122-0
00:22:08.559 --> 00:22:11.176
<v Johnnie Martinez>Key things that you learn while
putting it together that the

2f8b3a32-f44d-4180-9d33-060c94098203/3122-1
00:22:11.176 --> 00:22:13.279
<v Johnnie Martinez>reader should be aware of and
you know they can.

2f8b3a32-f44d-4180-9d33-060c94098203/3131-0
00:22:13.279 --> 00:22:15.559
<v Johnnie Martinez>They can go in and look at the
the report themselves.

2f8b3a32-f44d-4180-9d33-060c94098203/3138-0
00:22:15.709 --> 00:22:18.149
<v Johnnie Martinez>Of them trying to get the the
more macro view of it.

2f8b3a32-f44d-4180-9d33-060c94098203/3141-0
00:22:21.559 --> 00:22:22.359
<v Johnnie Martinez>Wait a few would start.

2f8b3a32-f44d-4180-9d33-060c94098203/3175-0
00:22:24.949 --> 00:22:29.261
<v Rick Remiker>Well, I would start with, you
know, watch for the continued

2f8b3a32-f44d-4180-9d33-060c94098203/3175-1
00:22:29.261 --> 00:22:34.005
<v Rick Remiker>reemergence of Banks re entering
the space. More than likely with

2f8b3a32-f44d-4180-9d33-060c94098203/3175-2
00:22:34.005 --> 00:22:38.317
<v Rick Remiker>a little more pricing discipline
and probably a little more

2f8b3a32-f44d-4180-9d33-060c94098203/3175-3
00:22:38.317 --> 00:22:42.270
<v Rick Remiker>measured balance sheet growth
focused predominantly on

2f8b3a32-f44d-4180-9d33-060c94098203/3175-4
00:22:42.270 --> 00:22:42.989
<v Rick Remiker>customers.

2f8b3a32-f44d-4180-9d33-060c94098203/3193-0
00:22:43.789 --> 00:22:47.493
<v Rick Remiker>So I don't think that it's an
end to the glory days of of

2f8b3a32-f44d-4180-9d33-060c94098203/3193-1
00:22:47.493 --> 00:22:51.069
<v Rick Remiker>independence and captives, but I
think you'll see 2025.

2f8b3a32-f44d-4180-9d33-060c94098203/3200-0
00:22:51.839 --> 00:22:54.127
<v Rick Remiker>The banks will come back,
particularly the regional banks

2f8b3a32-f44d-4180-9d33-060c94098203/3200-1
00:22:54.127 --> 00:22:54.719
<v Rick Remiker>will come back.

2f8b3a32-f44d-4180-9d33-060c94098203/3204-0
00:22:54.909 --> 00:22:56.589
<v Rick Remiker>Back in a much stronger fashion.

2f8b3a32-f44d-4180-9d33-060c94098203/3223-0
00:22:59.449 --> 00:23:02.180
<v Jim Jackson>Yeah, Johnny, I'd say from my
standpoint on the M and a

2f8b3a32-f44d-4180-9d33-060c94098203/3223-1
00:23:02.180 --> 00:23:05.009
<v Jim Jackson>market, you know we're expecting
a strong M and a market.

2f8b3a32-f44d-4180-9d33-060c94098203/3229-0
00:23:05.209 --> 00:23:07.249
<v Jim Jackson>I think there's a lot of things
in our favor.

2f8b3a32-f44d-4180-9d33-060c94098203/3239-0
00:23:07.809 --> 00:23:11.209
<v Jim Jackson>The caution again is keep an eye
on the interest rates.

2f8b3a32-f44d-4180-9d33-060c94098203/3243-0
00:23:11.209 --> 00:23:12.689
<v Jim Jackson>Let's see what the Fed does.

2f8b3a32-f44d-4180-9d33-060c94098203/3271-0
00:23:12.969 --> 00:23:16.456
<v Jim Jackson>Let's hope we can continue on
our course to have a soft

2f8b3a32-f44d-4180-9d33-060c94098203/3271-1
00:23:16.456 --> 00:23:20.317
<v Jim Jackson>landing and the interest rates
behave so that we can continue

2f8b3a32-f44d-4180-9d33-060c94098203/3271-2
00:23:20.317 --> 00:23:23.369
<v Jim Jackson>to see some progress in the M
and a front in 25.

2f8b3a32-f44d-4180-9d33-060c94098203/3279-0
00:23:25.869 --> 00:23:28.509
And I would just throw in one
cautionary note.

2f8b3a32-f44d-4180-9d33-060c94098203/3310-0
00:23:28.749 --> 00:23:32.217
You know the industry has
benefited from some very strong

2f8b3a32-f44d-4180-9d33-060c94098203/3310-1
00:23:32.217 --> 00:23:35.686
credit quality over the last
handful of years and I think

2f8b3a32-f44d-4180-9d33-060c94098203/3310-2
00:23:35.686 --> 00:23:39.513
it's just time now where we're
starting to see potentially some

2f8b3a32-f44d-4180-9d33-060c94098203/3310-3
00:23:39.513 --> 00:23:40.709
stress on portfolio.

2f8b3a32-f44d-4180-9d33-060c94098203/3314-0
00:23:40.709 --> 00:23:42.229
So keep a watchful eye.

2f8b3a32-f44d-4180-9d33-060c94098203/3336-0
00:23:42.269 --> 00:23:45.169
We're not concerned that there's
going to be any big credit

2f8b3a32-f44d-4180-9d33-060c94098203/3336-1
00:23:45.169 --> 00:23:48.262
crunch or crisis out there, but
just start to just start to pay

2f8b3a32-f44d-4180-9d33-060c94098203/3336-2
00:23:48.262 --> 00:23:50.389
a little more attention on the
credit book.

2f8b3a32-f44d-4180-9d33-060c94098203/3346-0
00:23:53.229 --> 00:23:55.549
<v Johnnie Martinez>Caviano that that all makes a
bunch of sense.

2f8b3a32-f44d-4180-9d33-060c94098203/3359-0
00:23:55.549 --> 00:23:57.783
<v Johnnie Martinez>And you have so much of it is,
you know, you can do the due

2f8b3a32-f44d-4180-9d33-060c94098203/3359-1
00:23:57.783 --> 00:23:58.789
<v Johnnie Martinez>diligence on the front end.

2f8b3a32-f44d-4180-9d33-060c94098203/3362-0
00:23:58.789 --> 00:24:00.189
<v Johnnie Martinez>It's less problems on the back
end.

2f8b3a32-f44d-4180-9d33-060c94098203/3366-0
00:24:01.779 --> 00:24:02.379
<v Rick Remiker>Absolutely.

2f8b3a32-f44d-4180-9d33-060c94098203/3365-0
00:24:01.949 --> 00:24:02.549
There you go.

2f8b3a32-f44d-4180-9d33-060c94098203/3398-0
00:24:03.949 --> 00:24:07.268
<v Johnnie Martinez>Alright. Well, with that all in
mind, I would just say if is

2f8b3a32-f44d-4180-9d33-060c94098203/3398-1
00:24:07.268 --> 00:24:10.587
<v Johnnie Martinez>there anything else that our
listeners should know about the

2f8b3a32-f44d-4180-9d33-060c94098203/3398-2
00:24:10.587 --> 00:24:13.961
<v Johnnie Martinez>report or the Alta group and
then obviously they can read the

2f8b3a32-f44d-4180-9d33-060c94098203/3398-3
00:24:13.961 --> 00:24:17.334
<v Johnnie Martinez>the reporting itself and but
anything else in particular that

2f8b3a32-f44d-4180-9d33-060c94098203/3398-4
00:24:17.334 --> 00:24:18.749
<v Johnnie Martinez>stands out that we should.

2f8b3a32-f44d-4180-9d33-060c94098203/3401-0
00:24:18.749 --> 00:24:19.229
<v Johnnie Martinez>Discuss at this moment.

2f8b3a32-f44d-4180-9d33-060c94098203/3421-0
00:24:22.369 --> 00:24:25.646
<v Rick Remiker>Again, go to thealtagroup.com
and pull down the 2025 Alta

2f8b3a32-f44d-4180-9d33-060c94098203/3421-1
00:24:25.646 --> 00:24:26.889
<v Rick Remiker>Group Insights report.

2f8b3a32-f44d-4180-9d33-060c94098203/3426-0
00:24:26.889 --> 00:24:30.329
<v Rick Remiker>I think it'll be a excellent
5-10 minute read.

2f8b3a32-f44d-4180-9d33-060c94098203/3434-0
00:24:32.919 --> 00:24:35.799
<v Johnnie Martinez>Alright, well, I thank all three
of you for Jim.

2f8b3a32-f44d-4180-9d33-060c94098203/3441-0
00:24:35.799 --> 00:24:37.359
<v Johnnie Martinez>Are you gonna add something?
Sorry.

2f8b3a32-f44d-4180-9d33-060c94098203/3470-0
00:24:37.799 --> 00:24:40.362
<v Jim Jackson>No, I was just going to also say
and once once you go to the

2f8b3a32-f44d-4180-9d33-060c94098203/3446-0
00:24:40.019 --> 00:24:40.139
<v Johnnie Martinez>Hmm.

2f8b3a32-f44d-4180-9d33-060c94098203/3470-1
00:24:40.362 --> 00:24:43.010
<v Jim Jackson>website and pull down the report
and read it, obviously if you

2f8b3a32-f44d-4180-9d33-060c94098203/3470-2
00:24:43.010 --> 00:24:45.405
<v Jim Jackson>have questions about the report,
you know, I'd encourage

2f8b3a32-f44d-4180-9d33-060c94098203/3470-3
00:24:45.405 --> 00:24:47.423
<v Jim Jackson>everyone. Our contact
information is out on the

2f8b3a32-f44d-4180-9d33-060c94098203/3470-4
00:24:47.423 --> 00:24:47.759
<v Jim Jackson>website.

2f8b3a32-f44d-4180-9d33-060c94098203/3479-0
00:24:47.759 --> 00:24:50.079
<v Jim Jackson>Feel free to call Valerie or
Rick or myself.

2f8b3a32-f44d-4180-9d33-060c94098203/3500-0
00:24:50.319 --> 00:24:53.935
<v Jim Jackson>We'll be happy to explain
anything that maybe isn't quite

2f8b3a32-f44d-4180-9d33-060c94098203/3500-1
00:24:53.935 --> 00:24:57.800
<v Jim Jackson>clear or expand on any of the
discussion items in there as as

2f8b3a32-f44d-4180-9d33-060c94098203/3500-2
00:24:57.800 --> 00:24:59.359
<v Jim Jackson>the reader would see fit.

2f8b3a32-f44d-4180-9d33-060c94098203/3502-0
00:24:59.359 --> 00:25:00.159
<v Jim Jackson>So we're happy to help.

2f8b3a32-f44d-4180-9d33-060c94098203/3518-0
00:25:02.139 --> 00:25:04.939
And Johnnie thanks for having
us. As your guests on the dig.

2f8b3a32-f44d-4180-9d33-060c94098203/3525-0
00:25:04.939 --> 00:25:07.159
We really appreciate the
opportunity to connect with you

2f8b3a32-f44d-4180-9d33-060c94098203/3525-1
00:25:07.159 --> 00:25:07.899
and your listeners.

2f8b3a32-f44d-4180-9d33-060c94098203/3529-0
00:25:08.919 --> 00:25:09.999
<v Johnnie Martinez>Of course.

2f8b3a32-f44d-4180-9d33-060c94098203/3536-0
00:25:09.999 --> 00:25:11.319
<v Johnnie Martinez>Yes, I appreciate having all
three of you on.

2f8b3a32-f44d-4180-9d33-060c94098203/3541-0
00:25:11.319 --> 00:25:13.319
<v Johnnie Martinez>I thank you so much for your
time today.

2f8b3a32-f44d-4180-9d33-060c94098203/3545-0
00:25:14.369 --> 00:25:14.889
<v Rick Remiker>Thank you.