Core Insights - Diebold Nixdorf reported its third quarter financial results for 2025, highlighting a strong operational performance and growth in order entries [1][6] - The company announced a new $200 million share repurchase program, following the completion of an initial $100 million program [2][6] Financial Performance - The company experienced its third consecutive quarter of double-digit year-over-year order entry growth, indicating robust demand in both Banking and Retail sectors [6] - Free cash flow approximately doubled sequentially, showcasing improved financial health and operational efficiency [6] Strategic Initiatives - The Board of Directors has authorized a new share repurchase program worth $200 million, reflecting confidence in the company's future performance [2][6] - The company reaffirmed its 2025 outlook, indicating a clear line of sight to a strong fourth quarter [6]

Core Points - Diebold Nixdorf has authorized a new share repurchase program allowing the company to repurchase up to $200 million of its common stock, following the completion of a previous $100 million program [1][2] - The executive vice president and CFO expressed confidence in the company's operational improvements, strong balance sheet, and growing cash flow, indicating a solid position to capitalize on market opportunities [2] - The company plans to utilize various methods for share repurchases, including open market purchases and accelerated stock repurchase plans, with the timing and size dependent on market conditions [2] Company Overview - Diebold Nixdorf is a global leader in banking and shopping transformation, partnering with top financial institutions and retailers, and operates in over 100 countries with approximately 21,000 employees [4]

Core Viewpoint - Lindsay Corporation has announced a new share repurchase program authorizing up to $150 million of its outstanding common stock, reflecting its commitment to delivering value to shareholders [1] Company Summary - Lindsay Corporation is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology [1] - The company has maintained a robust balance sheet and disciplined capital allocation priorities [1]

Core Viewpoint - The company is set to actively implement a share repurchase authorization, indicating strong confidence in its fundamental strength [1] Group 1 - The share repurchase reflects the company's belief in its financial stability and growth potential [1]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Financial Data and Key Metrics Changes - Organic revenue growth in Q3 2025 was 5%, with year-to-date organic revenue growth at 9% [4] - Adjusted EBITDA was flat year-over-year at approximately $72.5 million, with an adjusted EBITDA margin decline of about 170 basis points to 19.8% [20] - Adjusted diluted earnings per share grew 11% year-over-year, reaching $0.31 [4][20] - Total revenue for Q3 was $365.4 million, with a GAAP net loss of $30.2 million [19][20] Business Line Data and Key Metrics Changes - In the Insurance Advisory Solutions (IIS) segment, organic revenue growth was flat, but adjusting for accounting changes, it would have been 4% [5][6] - Underwriting Capacity and Technology Solutions (UCTS) segment saw organic revenue growth of 16%, driven by strong performance in multifamily and commercial umbrella portfolios [9] - Mainstreet Insurance Solutions (MIS) segment experienced slightly negative organic revenue growth, primarily due to a one-time commission reset [10] Market Data and Key Metrics Changes - The renewal premium change was a significant headwind at -5.7%, reflecting client caution amid macroeconomic uncertainty [8] - Sales velocity remained strong at 20% in Q3, indicating effective new business generation [6][7] Company Strategy and Development Direction - The company announced the 3B30 CADLIST program, a three-year transformation initiative aimed at enhancing automation and AI integration [15][16] - The focus remains on organic reinvestment, M&A, and opportunistic share repurchases as part of capital allocation strategy [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a dynamic insurance market, expecting continued improvement in organic revenue growth in 2026 [18][24] - The company anticipates a cumulative transformation charge of approximately $40 million by the end of 2028, with projected annualized savings of $40 million [17][18] Other Important Information - The company is experiencing a historic high in the backlog of won but not yet booked new business, indicating strong future revenue potential [6] - The acquisition of Hippo's home builder distribution network is expected to enhance growth opportunities in the embedded home insurance market [13] Q&A Session Summary Question: Clarification on IIS segment performance - Management noted that the flat organic growth in IIS was impacted by a procedural accounting change, which is a timing issue rather than a loss of revenue [28] Question: Competitive pressures in UCTS - Management indicated that competitive dynamics vary by product line, and they maintain a strong market position through embedded insurance solutions [34][36] Question: Preliminary outlook for 2026 - Management expects high single-digit organic growth in 2026, with a gradual acceleration throughout the year [39][43] Question: Impact of commission changes on future revenue - Management clarified that the headwinds from commission changes will cease by April 2026, transitioning into a tailwind as new fee structures take effect [50][51] Question: Capital management and share buybacks - Management reiterated the commitment to achieving leverage below four times before initiating a share buyback program, emphasizing the importance of financial flexibility [53][54]

Core Insights - Great Elm Capital Corp. (GECC) reported a decline in net asset value (NAV) per share from $12.10 to $10.01, primarily due to losses on First Brands investments [2][4] - The company maintained a quarterly dividend of $0.37 per share, reflecting a 19.8% annualized yield based on the closing price of $7.48 on November 3, 2025 [4][16] - GECC raised approximately $27 million in equity and refinanced its highest cost debt, resulting in lower borrowing costs and improved balance sheet strength [2][4] Financial Performance - Total investment income (TII) for Q3 2025 was $10.6 million, down from $14.3 million in Q2 2025, impacted by lower cash distributions from CLO investments [4][12] - Net investment income (NII) for Q3 2025 was $2.4 million ($0.20 per share), a decrease from $5.9 million ($0.51 per share) in Q2 2025, affected by elevated interest expenses and lower TII [4][12] - The company experienced net realized and unrealized losses of approximately $24.4 million ($1.98 per share) in Q3 2025 [12][29] Capital and Investment Activity - As of September 30, 2025, GECC held total investments valued at $325.1 million, with a significant portion in corporate credit and CLO investments [8][10] - The company utilized its at-the-market program to issue 1.1 million shares for net proceeds of approximately $13 million and completed a private placement for $14 million [8] - GECC's asset coverage ratio was 168.2% as of September 30, 2025, slightly down from 169.5% in the previous quarter [8] Shareholder Returns and Repurchase Program - The Board of Directors approved a quarterly cash distribution of $0.37 per share for Q4 2025, payable on December 31, 2025 [15] - A new share repurchase program was authorized, allowing the company to repurchase up to $10 million of its outstanding common shares [17]

Core Insights - Capri Holdings Limited (CPRI) reported a decline in top-line revenue year over year but exceeded the Zacks Consensus Estimate, while the bottom line decreased and missed consensus estimates [1][10] - The company is focused on growth through its core brands and aims to enhance profitability and reduce debt following the expected closure of the Versace sale-off [2][3] Financial Performance - CPRI posted an adjusted quarterly loss of $0.03 per share, missing the Zacks Consensus Estimate of $0.14, and down from adjusted earnings of $0.64 per share in the prior year [4][10] - Total revenues were $856 million, a decrease of 2.5% year over year, but above the Zacks Consensus Estimate of $830 million; on a constant-currency basis, revenues fell by 4.2% [5][10] - Gross profit decreased by 4.6% year over year to $522 million, with a gross margin decline of 130 basis points to 61% [5][6] Segment Performance - Michael Kors revenues declined by 1.8% year over year to $725 million, surpassing the Zacks Consensus Estimate of $697.2 million; gross profit fell to $430 million, with a gross margin contraction of 180 basis points to 59.3% [7] - Jimmy Choo's revenues were $131 million, down 6.4% year over year, missing the Zacks Consensus Estimate of $132.8 million; gross profit slightly decreased to $92 million, but gross margin expanded to 70.2% [8] Strategic Initiatives - The company plans to utilize proceeds from the Versace sale-off to improve financial flexibility and support a newly authorized $1 billion share repurchase program expected to begin in fiscal 2027 [3][12] - Capri Holdings anticipates improving retail trends in the second half of fiscal 2026, positioning itself for a return to growth in fiscal 2027 [3] Future Outlook - For the third quarter of fiscal 2026, Capri Holdings expects total revenues between $975 million and $1 billion, with an operating margin of 7-8% and earnings per share between $0.70 and $0.80 [15] - For fiscal 2026, total revenues are projected to be between $3.375 billion and $3.45 billion, with an expected operating income of $100 million and earnings per share of $1.20 to $1.40 [17][18]

Financial Data and Key Metrics Changes - Total company revenue decreased 2.5% year-over-year to $856 million, with a 4.2% decline in constant currency [20][22] - Gross margin declined 130 basis points to 61%, primarily due to higher tariff rates impacting margins by approximately 120 basis points [22][23] - Operating margin decreased to 2.3% from 4.2% year-over-year [23] Business Line Data and Key Metrics Changes - Michael Kors revenue decreased 2% year-over-year, with retail sales showing signs of momentum and positive comps in the full-price channel [6][21] - Jimmy Choo revenue decreased 6% year-over-year, with retail sales improving sequentially but wholesale revenue declining mid-teens due to shipment timing [14][22] Market Data and Key Metrics Changes - Revenue in the Americas decreased 7%, while EMEA increased 1% and Asia increased 12% [21] - Michael Kors saw a 25% increase in revenue in Asia, driven by higher wholesale shipments [21] Company Strategy and Development Direction - The company is focused on the growth of Michael Kors and Jimmy Choo following the expected closure of the Versace sale, with plans to use proceeds to reduce debt and enhance financial flexibility [4][26] - A new $1 billion share repurchase program has been authorized, expected to begin in fiscal 2027 [4][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization and recovery in the business, with expectations for improved retail trends in the second half of fiscal 2026 [5][29] - The company anticipates returning to revenue and earnings growth in fiscal 2027, with gross margin expansion expected as tariff impacts are mitigated [29] Other Important Information - The company plans to invest approximately $350 million over the next three years for store renovations, aiming to enhance the luxury retail experience [12][26] - Inventory at quarter-end totaled $766 million, a 2.8% decline year-over-year [24] Q&A Session Summary Question: Can you speak to global reception for Michael Kors full-price retail repositioning? - Management noted stabilization in Michael Kors business, with positive consumer response to strategic initiatives and full-price comps turning positive [31][32] Question: What is the profile of the consumer engaging in North America? - Management indicated that Gen Z consumers are more price-sensitive, and strategic pricing architecture is helping attract them [40][41] Question: What are the expectations for revenue by geography in the back half? - Management stated that Europe is the best-performing region, with continued strong performance anticipated, while North America is expected to improve gradually [55][56]

Financial Data and Key Metrics Changes - Year-to-date premium growth increased by 4%, with earnings per share at $2.09, slightly below expectations due to volatility in the closed block [4][5][13] - Adjusted after-tax operating income per share decreased from $2.13 in the same period last year to $2.09 this quarter [13] - Return on equity for core operations remains near 20%, while the overall return on equity is 11.3% [8][10] Business Line Data and Key Metrics Changes - Core operations premium grew 2.9%, exceeding 4% when adjusted for ceded business impacts [12] - Unum US adjusted operating income was $334.9 million, down from $363.3 million year-over-year, with Group Disability adjusted operating earnings at $133.5 million [14][15] - Colonial Life's adjusted operating income increased to $116.6 million, with premium growth of 3.3% [17] - International segment reported adjusted operating income of $38.8 million, with premium growth of 9.5% [18] Market Data and Key Metrics Changes - Persistency for total group was 89.8%, down from 92.5% a year ago, but above expectations [16] - Sales growth across core segments was nearly 4.5%, with Unum US growing nearly 4%, Colonial Life up over 3%, and International delivering 10% growth [5][12] Company Strategy and Development Direction - The company is focused on disciplined pricing and risk selection, with a commitment to long-term growth and profitability [7][10] - Strategic actions taken include a long-term care reinsurance transaction to manage risk and reduce the size of the closed block [8][9] - The company aims to invest in strategic initiatives, pursue selective M&A opportunities, and return capital to shareholders [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core business's ability to deliver sustainable results and maintain strong margins [11][27] - The company anticipates continued growth into 2026, supported by a robust capital position and strategic initiatives [27][28] Other Important Information - The annual reserve assumption review resulted in a net increase in reserves of $478.5 million pre-tax, with significant impacts on long-term care [13][20] - The investment portfolio maintains an A-average rating, with historically low exposure to below investment-grade securities [10][26] Q&A Session Summary Question: Can you provide more color on the statutory side of the LTC assumption review? - Management indicated that the adjustments impacted the entire block of business, with statutory reserving levels remaining well in excess of best estimate reserves [30][31] Question: What is the rationale for keeping capital in Fairwind? - Management decided to retain capital in Fairwind due to strong protections and a robust capital position [32] Question: How do the recent assumption changes impact the premium rate increases? - The changes are linked to the removal of morbidity and mortality improvement assumptions, which will flow through to the rate increase program [34][36] Question: What is the outlook for group disability recoveries? - Management reported stable recoveries and a benefit ratio around 62%, indicating confidence in the sustainability of recovery trends [41][42] Question: What are the plans for share buybacks and capital management? - The company plans to continue increasing share repurchases while prioritizing investments in core operations and selective M&A opportunities [58][59]