Financial Data and Key Metrics Changes - In Q4 2025, net sales were $631 million, a decrease of 5.7% compared to Q4 2024, excluding the divestiture of European operations [24] - For the full year 2025, net sales were $2.4 billion, a 4.8% decline compared to 2024, also excluding the European divestiture [24] - Adjusted EBITDA for Q4 2025 was $55 million, down from $63 million in Q4 2024, while full-year adjusted EBITDA was $196 million, compared to $224 million in 2024 [26] - Adjusted diluted earnings per share for Q4 2025 was $0.36, consistent with Q4 2024, while full-year adjusted diluted earnings per share increased by 19% to $1.01 [26] Business Line Data and Key Metrics Changes - Targeted print categories, including direct mail and packaging, experienced net sales growth, while traditional print product lines like magazines and catalogs saw declines [4][25] - The QuadMed employer-sponsored healthcare business also showed revenue increases, offsetting declines in logistics and agency sales [25] Market Data and Key Metrics Changes - The company reported a significant increase in co-mail volumes by over 50%, enhancing carrier route density levels and achieving postal savings [57] - The postal service is expected to implement a mid-year rate increase of 6%-8%, which could impact marketing spend [80] Company Strategy and Development Direction - The company is focused on revenue diversification and has made targeted investments in artificial intelligence to drive efficiency and effectiveness in marketing solutions [4][19] - Quad aims to return to net sales growth by 2028, with a strategic emphasis on integrated marketing solutions and targeted print offerings [4][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, noting increased confidence among clients and a potential for reinvestment [75] - The company is closely monitoring inflationary pressures and postal rate increases, which could affect marketing spend [40] Other Important Information - The company increased its quarterly dividend by 33% to $0.10 per share, reflecting a commitment to shareholder returns [5][31] - A significant transition in the manufacturing network was announced, with the closure of a plant in Thomaston, Georgia, expected to be completed by early March [22] Q&A Session Summary Question: Insights on direct mail performance and future trends - Management clarified the distinction between direct mail as a product and the direct marketing agency, emphasizing the importance of personalized, data-driven approaches to enhance response rates [47][48] Question: Impact of postal rate increases on catalogs - Management noted that while catalogs have been responsive, the significant increases in postal rates have led to further declines in catalog usage, particularly in prospecting mailings [56] Question: Updates on In-Store Connect and future deployments - Management indicated that there has been an acceleration in conversations and opportunities regarding In-Store Connect, with plans for further rollouts [60] Question: Factors influencing 2026 sales and Adjusted EBITDA guidance - Management highlighted that postal impacts and the momentum in targeted print categories will influence the sales trend, with expectations for improved margins as the revenue mix evolves [66][67] Question: Capital allocation strategy moving forward - Management confirmed a balanced approach to capital allocation, focusing on shareholder returns, potential tuck-in acquisitions, and growth investments [68][69]

Quad/Graphics (NYSE:QUAD) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Speaker4A slide presentation accompanies today's webcast, and participants are invited to follow along, advancing the slides themselves. To access the webcast, follow the instructions posted on the earnings release. Alternatively, you can access the slide presentation on the Investors section of Quad's website under the Events and Presentations link. After today's presentation, there will be an opportunity to ask questions. To ask ...

Snap is hoping to snap up another revenue stream in its quest to reduce its dependency on advertising. The social media company announced on Tuesday that it will begin offering subscriptions to select creators so they can earn income from their most engaged fans. Most Read from Fast Company In a move that supports both creators and its bottom line, Snap will begin testing a Creator Subscriptions feature next week with a group of 15 Snapchat creators, including Jeremiah Brown, Harry Jowsey, and Skai Jacks ...

Core Insights - Performance was significantly impacted by Algoma's breach of contract, leading to the idling of the Haverhill 1 facility and a shift towards lower-margin spot markets [1] - Management mitigated approximately $40 million of the potential $70 million working capital impact from the Algoma breach through third-party sales and facility turndowns [1] - The acquisition of Phoenix Global is a strategic pivot aimed at diversifying revenue streams, contributing five months of results in 2025, with full integration expected to drive growth in 2026 [1] Financial Performance - Domestic coke economics faced pressure due to lower pricing on the Granite City contract extension and a transition from long-term contracts to spot blast coke sales [1] - Industrial Services growth was driven by the addition of Phoenix and a new take-or-pay coal handling agreement at the KRT terminal that commenced in 2025 [1] Operational Highlights - Operational excellence was demonstrated by a total recordable incident rate of 0.55, maintaining safety as the primary organizational priority during structural transitions [1]

Core Insights - Snap Inc. is launching a subscription feature called "Creator Subscriptions" to allow creators to earn recurring income from their most engaged fans, aiming to diversify revenue streams beyond advertising [1][2] - The company will begin testing this feature with a small group of Snapchat creators, highlighting its initiative to build more predictable revenue as user growth moderates [2] - Snap's existing subscription services, Snapchat+ and Memories Storage Plans, have seen a 71% year-over-year growth, reaching 24 million users, although daily active users have decreased by 3 million to 474 million [3] Subscription Feature Details - The new subscription feature will enable Snapchat users to pay for exclusive content from their favorite creators, including direct photos, videos, and access to subscriber-only Stories [4] - Subscribers will also have the ability to send text-based replies that can be highlighted at the top of a creator's public Story [4] Strategic Goals - Snap's leadership emphasizes that growth in subscribers will be a critical metric for tracking progress in the upcoming year [3] - The company aims to enhance creator monetization through real relationships, providing creators with predictable income from their most engaged fans [5]

Core Insights - Coinbase Global Inc (NASDAQ:COIN) reported a Q4 2025 loss of $2.49 per share, missing Wall Street expectations of a profit of $0.55 per share [2] - Revenue decreased by 22% year-over-year to $1.78 billion, aligning closely with Wall Street estimates [2] - The company's performance was negatively impacted by a downturn in the crypto market, particularly the decline in Bitcoin and other crypto asset prices, along with reduced trading volumes [2] Analyst Ratings - Following the Q4 report, Needham analysts maintained a Buy rating on Coinbase but lowered the price target from $290 to $230 [3] - Analysts noted weaknesses in the crypto market and potential adverse effects from the Clarity Act as concerns [4] - Positive aspects highlighted include Coinbase's revenue diversification efforts, rollout of prediction markets, and share repurchases [4] Company Overview - Coinbase operates an online platform for trading, transferring, and storing crypto assets, serving over 100 million users globally, including both institutional and retail clients [5] - The company's mission is to create economic freedom for over 1 billion people [5] Market Position - Analysts pointed to growth in derivatives and international markets as positive indicators for Coinbase [4] - The potential for Coinbase to benefit from the tokenization of real-world assets was also mentioned as a future opportunity [4]

Core Viewpoint - Zacks Investment Research has initiated coverage of High Roller Technologies, Inc. (ROLR) with a "Neutral" recommendation, balancing the company's scalable operating model and growth catalysts against liquidity, execution, and dilution risks [1] Company Overview - High Roller Technologies is a global online gaming operator focused on real-money online casino offerings through its proprietary platform, headquartered in Las Vegas, and operates premium iCasino brands with access to over 4,400 digital casino games from more than 70 content providers [2] Operational Highlights - The company's scalable multi-brand platform allows for the launch of new casino brands with limited incremental costs, as demonstrated by recent rollouts like Fruta.com and Kassuuu.com, which leverage existing licenses and infrastructure [3] - High Roller has implemented disciplined cost rationalization by exiting less efficient markets and reducing promotional spending, leading to improved margins with adjusted EBITDA reaching approximately 10% in Q3 2025 [5] Growth Catalysts - A defined regulatory roadmap is seen as a potential catalyst, with High Roller applying for an Ontario iGaming license targeting entry into a major regulated online casino market by H1 2026, and Finland transitioning to a licensed model in 2027 [4] - Revenue diversification through affiliate and non-core services, particularly via the CasinoRoom platform, adds resilience by generating high-margin revenues and reducing reliance on paid customer acquisition [6] Financial Performance - ROLR shares have shown significant recent outperformance, with stock trading at 2.26X trailing 12-month EV-to-sales, below the Zacks Gaming sub-industry average but above the company's historical median [8] - The company has a modest market capitalization of $57.4 million, indicating potential for growth in a promising but risky market segment [9]

Financial Data and Key Metrics Changes - Delta achieved record revenue of $58.3 billion for the full year 2025, reflecting a 2.3% year-over-year increase, with an operating margin of 10% and earnings per share of $5.82 [5][16] - In Q4 2025, Delta reported record revenue of $14.6 billion, a 1.2% increase from Q4 2024, despite a $200 million impact from the government shutdown [18][23] - Free cash flow reached $4.6 billion, the highest in Delta's history, contributing to a reduction in leverage by more than 50% over the past three years [5][24] Business Line Data and Key Metrics Changes - Premium revenue grew by 7%, cargo revenue increased by 9%, and maintenance, repair, and overhaul (MRO) revenue surged by 25% in 2025 [16][17] - Total loyalty revenue improved by 6%, with travel products continuing to grow at double-digit rates [17] - Corporate sales grew by 8%, with significant contributions from banking, consumer services, and media sectors [18] Market Data and Key Metrics Changes - The U.S. economy remains strong, with consumers prioritizing travel, which is among the top spending categories [8] - Business travel is showing signs of recovery, with corporate customers indicating an expected increase in travel spending [8][19] - Delta's market share is at an all-time high, reflecting gradual gains over the years [51] Company Strategy and Development Direction - Delta aims to reshape the end-to-end travel experience, focusing on premium offerings and enhancing customer engagement through technology and partnerships [9][10] - The company plans to expand its international footprint while continuing to grow margins, supported by investments in fleet renewal and joint ventures [11][20] - Delta's strategy includes leveraging its loyalty program and co-branded partnerships to drive high-margin revenue streams [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting earnings per share growth of 20% year-over-year and free cash flow of $3-$4 billion [9][25] - The company anticipates revenue growth of 5%-7% in Q1 2026, supported by strong demand and a balanced supply-demand environment [19][24] - Management acknowledged the challenges of the previous year but emphasized a strong start to 2026 with record bookings and positive demand trends [19][25] Other Important Information - Delta announced an order for 30 Boeing 787-10 aircraft, enhancing its international network and operational capabilities [11][27] - The company is committed to maintaining a strong balance sheet, with adjusted net debt of approximately $14 billion and unencumbered assets of $35 billion [24][26] - Delta's operational reliability has improved, being recognized as the most on-time airline in North America [76] Q&A Session Summary Question: Impact of potential interest rate cap on Delta's competitiveness - Management noted that while it is early to speculate, Delta's premium card offerings would likely maintain their value and differentiation even if the cap is implemented [32][34] Question: Glen's reflections on industry evolution - Glen expressed pride in Delta's accomplishments and highlighted the importance of continued boldness in strategy for future success [84] Question: Acceleration of demand trends - Management confirmed that demand has accelerated across all segments and geographies, with a return to more normal booking patterns [44][45] Question: Corporate demand outlook - Management indicated that corporate demand is strong, with Delta's market share at an all-time high, contributing to positive expectations for 2026 [51] Question: Differentiation in operational reliability - Management acknowledged ongoing work to improve recovery from irregular operations but emphasized Delta's strong foundation and leadership in operational metrics [76][78] Question: MRO business outlook - Management expressed optimism for the MRO segment, anticipating significant revenue growth and margin expansion in the coming years [86][88]

Group 1 - Hampton Financial Corporation has reached agreements to settle obligations under debentures totaling $4 million and a quarterly interest payment of $5.2 million by issuing subordinate voting shares at a deemed price of $0.40 per share [1] - The debt settlement transactions are expected to close on or before December 31, 2025, resulting in the issuance of 10,528,141 subordinate voting shares to debenture holders [1] - This measure aims to strengthen the company's balance sheet and reduce the cash cost of funding operations, with a meaningful impact anticipated on 2026 results [1] Group 2 - Hampton is a private equity firm focused on building shareholder value through long-term strategic investments [2] - The company, through its subsidiary Hampton Securities Limited, is engaged in family office, wealth management, institutional services, and capital markets activities, providing a full range of investment banking services [3] - Hampton Securities Limited is regulated by CIRO and operates in multiple Canadian provinces, assisting companies with capital raising, mergers and acquisitions, and listings on recognized securities exchanges [3] Group 3 - Through its subsidiary Oxygen Working Capital, the company offers factoring and commercial financing services across Canada [4] - Hampton is exploring opportunities to diversify revenue sources through strategic investments in complementary and non-core sectors [4]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $540 million, representing a 6.4% increase quarter-over-quarter [5][23] - Live streaming revenue reached $388 million, up 3.5% from Q2, marking two consecutive quarters of growth [5][24] - BIGO Ads generated $104 million in revenue, with a year-over-year growth of 33.1% [5][17] - Non-GAAP operating income was $41 million, up 16.6% year-over-year [5][28] - Operating cash flow for the quarter was $73 million, with a net cash position of $3.3 billion as of September 30 [6][28] Business Line Data and Key Metrics Changes - Live streaming revenues from the BIGO segment were $367.7 million, contributing to the overall live streaming revenue increase [24] - Non-live streaming revenues totaled $151.7 million, up 27.3% year-over-year, now accounting for 28.1% of total group revenues [25][24] - BIGO Ads' advertising revenues increased by 33.1% year-over-year and 19.7% quarter-over-quarter [26][17] Market Data and Key Metrics Changes - Global average mobile MAUs reached 266 million, up 1.4% quarter-over-quarter [14] - The number of paying users for BIGO increased by 0.8% quarter-over-quarter, while app users grew by 3.4% [15][24] - Revenue from North America grew 22% quarter-over-quarter, and Western Europe saw a 41% increase [20] Company Strategy and Development Direction - The company aims to strengthen ecosystem synergies, reinforce organizational vitality, and reject growth as key priorities for 2026 [7][10] - The focus is on diversifying revenue streams, particularly in EdTech and SaaS, while leveraging the live streaming business as a cash cow [7][8] - The company is enhancing its advertising platform, BIGO Ads, to become a global performance-driven multi-channel advertising platform [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the live streaming business returning to steady year-over-year growth in 2026, supported by operational adjustments and improved user engagement [34][45] - The advertising and SaaS businesses are expected to maintain strong double-digit growth, contributing to overall revenue growth [45][46] - The company anticipates a new growth cycle with positive revenue growth visibility for 2026 [46] Other Important Information - The company has repurchased $88.6 million worth of shares as part of its capital return strategy [21][29] - The share buyback program is expected to accelerate as the company believes its shares are undervalued [21][53] Q&A Session Summary Question: Long-term trend of the live streaming business - Management noted that the live streaming business is on a steady recovery trajectory, with expectations for year-over-year growth in 2026 due to operational enhancements and focus on high-value users [33][34] Question: Long-term strategic goals for the advertising business - The advertising business is being transformed into a global platform for performance-driven advertising, with plans for multi-channel monetization and diversification of advertiser types [38][39] Question: User and revenue trend outlook for 2026 - Management indicated clear visibility for positive year-over-year revenue growth in 2026, with live streaming, advertising, and SaaS all expected to contribute positively [45][46] Question: Expenses trend and profitability outlook - The company expects continued improvement in operating profit and EBITDA in 2026, driven by growth in live streaming and SaaS businesses [50][49] Question: Shareholder return initiatives - The company is executing a three-year shareholder return program and plans to accelerate share buybacks, expecting enhanced returns as operating profits grow [53][54]