Financial Data and Key Metrics Changes - The second quarter saw record net service revenue (NSR), margins, and earnings per share (EPS) [11][29] - Adjusted EBITDA increased by 8% to $290 million, and adjusted EPS rose by 20% to $1.25, both setting new second-quarter highs [13][29] - Free cash flow increased by 141% to $178 million, with $110 million returned to shareholders through share repurchases and dividends during the quarter [13][29] Business Line Data and Key Metrics Changes - NSR in The Americas increased by 6%, with adjusted operating margin rising by 130 basis points to 19.4%, a new second-quarter high [31][32] - In the international segment, NSR increased by 1%, with adjusted operating margin increasing by 10 basis points to 11.1% [33] - Contracted backlog in the design business increased by 5%, supporting confidence in future growth [30] Market Data and Key Metrics Changes - The US market remains robust, accounting for over 50% of NSR, with a record backlog driven by a 1.2 book to burn ratio [20][21] - Canada experienced double-digit growth in revenue and backlog, supported by a $150 billion investment plan [23] - The UK saw increases in NSR and backlog, although larger transportation projects faced delays due to budgetary challenges [24] Company Strategy and Development Direction - The company aims to deliver 50% of revenue from advisory and program management over time, with ongoing investments to accelerate organic growth [16][20] - The competitive edge platform is delivering record high win rates, with an 80% success rate on large enterprise critical pursuits year to date [14] - Investments in innovation, technical excellence, and business development are expected to accelerate in the second half of the year [12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year, supported by a record backlog and a growing pipeline of opportunities [14][19] - The company noted that delays in project decisions are common during changes in administration, but the impact on backlog was minimal [12][48] - Management highlighted that the work is highly technical and critical, with a versatile workforce that can adapt to growth opportunities [18] Other Important Information - The company is maintaining its capital allocation strategy, focusing on share repurchases consistent with free cash flow generation [61] - The backlog remains near all-time highs, with a strong pipeline of opportunities across various markets [19][30] Q&A Session Summary Question: Guidance for second half EBITDA growth - Management indicated balanced growth expectations, with both top-line growth and margin improvement anticipated [38][39][44] Question: Is the company through the worst of the isolated delays? - Management expressed confidence in managing delays, noting that disruptions are typical during transitions in administration [45][48] Question: Free cash flow expectations for 2025 - Management aims to maintain a 10% free cash flow conversion rate, with expectations for continued strong performance [50][52] Question: Private sector exposure and customer confidence - Private sector accounts for approximately 30% of business, with growth expected to continue, particularly in water and environment sectors [56][57] Question: Capital allocation and share buybacks - No changes to capital allocation strategy, with share repurchases aligned with free cash flow generation [60][61] Question: Margin performance in The Americas - Management highlighted significant organic investments and improvements in pricing and efficiency as key drivers of margin expansion [78][80] Question: Expectations for international margins - Management expects international margins to continue improving, although not at the same rate as The Americas [101][103] Question: Update on AECOM Capital wind down - Management confirmed that AECOM Capital should not be modeled for 2026 [111][112]

Financial Data and Key Metrics Changes - The second quarter results showed record net service revenue (NSR), margins, and earnings per share (EPS) [9][27] - Adjusted EBITDA increased by 8% to $290 million, and adjusted EPS rose by 20% to $1.25, both setting new second quarter highs [11][27] - Free cash flow increased by 141% to $178 million in the quarter, with $110 million returned to shareholders through share repurchases and dividends [11][27] Business Line Data and Key Metrics Changes - NSR growth was highest in The Americas, with a 6% increase, reflecting strong demand across all end markets [30] - The adjusted operating margin in The Americas rose by 130 basis points to 19.4%, a new second quarter high [30] - In the international segment, NSR increased by 1%, with mixed trends across markets, but backlog and pipeline are at record highs [31][32] Market Data and Key Metrics Changes - The backlog increased quarter over quarter to a new record, driven by a 1.1 times book to burn ratio [12] - The U.S. market remains robust, accounting for over 50% of NSR, with significant funding appropriated for infrastructure projects [18][19] - Canada experienced double-digit growth in revenue and backlog, supported by a $150 billion investment plan [21] Company Strategy and Development Direction - The company aims to deliver 50% of revenue from advisory and program management over time, investing in these areas to meet growing demand [14] - The competitive edge platform is delivering record high win rates, with an 80% success rate on large enterprise critical pursuits year to date [12][13] - Investments are being made to accelerate organic growth and expand competitive advantages, particularly in advisory and program management [14][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year, supported by a strong backlog and pipeline of opportunities [12][41] - The company is navigating macroeconomic volatility and expects continued growth despite isolated delays in project decisions [9][44] - Management noted that the work is highly technical and critical, with ongoing demand driven by aging infrastructure and sustainability requirements [14][15] Other Important Information - The company has maintained a strong balance sheet with net leverage of 0.7x and a focus on capital allocation strategies [32] - The company is committed to returning capital to shareholders while continuing to invest in high-return opportunities [11][32] Q&A Session Summary Question: Guidance for second half EBITDA growth - Management indicated that growth will be balanced between top line and bottom line, with confidence in contracted backlog and pipeline [35][41] Question: Is the company through the worst of isolated delays? - Management expressed confidence in managing delays, noting that disruptions are typical during changes in administration [42][44] Question: Free cash flow expectations for 2025 - Management aims to maintain over 10% free cash flow conversion of adjusted net income, with strong performance in the first half [47][50] Question: Private sector exposure and customer confidence - Private sector represents approximately 30% of the business, with growth expected to continue, particularly in water and environment sectors [52][54] Question: Capital allocation strategy and share buybacks - The capital allocation strategy remains unchanged, with share repurchases aligned with free cash flow generation [58][59] Question: Expectations for international margins - Management expects international margins to improve in the second half, with continued investments in people and capabilities [95][96] Question: Gross revenue versus net revenue and construction management - Management is repositioning the construction management business, which may lead to a decline in gross revenue in the short term [101][102] Question: Update on AECOM Capital wind down - Management confirmed that AECOM Capital should not be modeled for 2026 [104]

Financial Performance - Gross Revenues increased to $234 million, compared to $212.6 million in Q1'24[9, 17] - Adjusted EBITDA increased to $29.7 million, compared to $27.6 million in Q1'24[9, 17] - Gross Profit increased to $123.2 million, compared to $111.7 million in Q1'24[9, 17] - Adjusted EPS increased to $0.17, compared to $0.15 in Q1'24[17] - Cash Flows from Operations increased significantly, with Q1'25 reaching $38.4 million[20] Business Segments - Infrastructure segment experienced a 12% growth in backlog compared to Q1'24[11] - Buildings & Technology segment experienced a 17% growth in backlog compared to Q1'24[11] - Geospatial segment experienced flat growth due to temporary federal delays, but growth acceleration is anticipated in Q2[8] Strategic Initiatives - The company is targeting $40 million in revenue from cross-selling between Q2'25 and Q1'26[12] - Margin expansion is targeted at +150bps compared to FY'24[12, 56] - The company is aiming for a cash flow conversion rate of 60%+[12, 19] Future Outlook - The company projects 2025 Gross Revenues between $1.026 billion and $1.045 billion[72] - The company projects 2025 Adjusted EPS between $1.27 and $1.37[72]

Financial Data and Key Metrics Changes - Qorvo reported revenue of $869 million for the fourth quarter, exceeding the midpoint of guidance, with non-GAAP diluted earnings of $1.42 per share [22] - For fiscal year 2025, total revenue reached $3.7 billion, with a non-GAAP gross margin of 45.2%, an increase of approximately 70 basis points compared to fiscal year 2024 [23] - The company ended the quarter with approximately $1 billion in cash and equivalents, $1.5 billion in long-term debt, and a net inventory balance of $641 million, down $70 million year-over-year [24] Business Line Data and Key Metrics Changes - In the Advanced Cellular Group (ACG), Qorvo supported a critical phone launch for its largest customer, contributing to a long-term content growth opportunity [6][7] - The High Performance Analog (HPA) segment achieved record revenue in defense and aerospace, with a sales funnel exceeding $5 billion [12][13] - The Connectivity and Sensors Group (CSG) saw a growth in its ultra-wideband sales funnel, which now exceeds $2 billion [7] Market Data and Key Metrics Changes - In the automotive market, Qorvo began sampling a fully integrated ultra-wideband programmable SoC, addressing industry demand for accurate UWB technology [9] - The defense and aerospace market is experiencing increased government spending, providing a multi-year tailwind for revenue growth [14] - Demand for data center power management ICs is growing, particularly in enterprise and AI data centers [16] Company Strategy and Development Direction - Qorvo's strategy focuses on winning content with its largest customer, diversifying through CSG and HPA, and maintaining operational efficiency [8][31] - The company is shifting away from legacy Android programs and consolidating its manufacturing footprint to enhance margins [9][29] - Qorvo aims to optimize its portfolio by divesting underperforming areas and focusing on high-performing segments [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of defense and aerospace, citing a robust demand for high-speed reliable connectivity [15][14] - The company anticipates a slight uptick in Android sales in the upcoming quarter, but expects a year-over-year decline as mass-tier phones ramp down [42][43] - Qorvo is actively monitoring the tariff situation and has implemented measures to mitigate potential impacts [25][61] Other Important Information - The company generated free cash flow of $171 million in the fourth quarter and $485 million for the fiscal year [24] - Qorvo plans to close its Costa Rica facility to consolidate operations and enhance efficiency [29][30] Q&A Session Summary Question: Commentary on content growth with the largest smartphone customer - Management highlighted excitement about the upcoming fall launch and the capture of content across multiple product categories, including antenna tuning and envelope tracking [35][37] Question: Clarification on the ET solution and content increase - Management confirmed that the ET PMIC is sole-sourced and that content growth is coming from various product categories [49][50] Question: Impact of tariffs and inventory management - Management noted that while there has been some modest activity related to tariffs, it has not significantly impacted operations [53][61] Question: Guidance for fiscal year 2026 - Management indicated that fiscal year 2026 will focus on execution and margin improvement, with expectations for double-digit growth in HPA and CSG [70][71] Question: Progress on inventory and demand in China - Management reported good progress in reducing inventory levels and does not foresee a noticeable impact from demand fluctuations in China [78]

Financial Data and Key Metrics Changes - Revenue declined by 39% year over year in Q1 2025 due to the elimination of noncontributory SKUs and vendors, resulting in fewer orders and new customers [40] - Average Order Value (AOV) increased to $194, a $21 increase year over year, indicating a larger basket size [40] - Gross margin improved to 25%, a 560 basis point increase compared to the same period last year, exceeding internal targets [41][42] - Adjusted EBITDA loss was $13 million, a 72% improvement year over year [44] - Reported GAAP EPS was a loss of $0.74 per share, while adjusted diluted loss per share was $0.42, an $0.80 improvement year over year [45] Business Line Data and Key Metrics Changes - The restructuring efforts have led to a significant reduction in SKUs on the Bed Bath and Beyond site, with over 6 million SKUs removed [96] - The company is focusing on improving the product offering and customer acquisition across its brands, with Bed Bath and Beyond still accounting for the majority of transactions [95][96] Market Data and Key Metrics Changes - The company anticipates revenue growth in Q2 and Q3 of 2025 compared to Q1 2025, despite a challenging economic environment [38] - The management believes that the total addressable market (TAM) remains large enough to achieve revenue growth even if furniture sales slow down [38] Company Strategy and Development Direction - The company is transitioning from a restructuring phase to a growth mindset, focusing on improving customer experience and expanding product categories [41][44] - Plans to open new Overstock stores and launch Bed Bath and Beyond Home stores to enhance customer engagement and improve financial performance [18][19] - The company aims to leverage its blockchain assets and explore new investment opportunities to enhance value [76][89] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that Q1 2025 revenue represents a floor, with expectations for sequential growth in the following quarters [50][54] - The company is committed to maintaining a disciplined approach to marketing and pricing to improve profitability [41][62] - Management acknowledged the challenges posed by the current economic environment, including high interest rates, but believes the company is well-positioned to navigate these challenges [31][33] Other Important Information - The company ended the quarter with $166 million in cash and inventory, reflecting a stronger financial position compared to previous periods [46] - The management has identified $80 million in fixed cost reductions, with 93% of this commitment already realized [43] Q&A Session Summary Question: Can you talk about the confidence level that this is the bottom and you're guiding to revenue growth sequentially through this year? - Management believes that Q1 revenue is the floor and is confident in the ability to pull levers for profitability, focusing on marketing efficiency and site conversion [50][52] Question: Can you help kind of put a stake in the ground in terms of maybe a roadmap or a milestone for reaching breakeven EBITDA? - Management indicated that to reach breakeven EBITDA, the company needs to achieve $1.2 billion in annualized revenue at a 25% margin and 13% marketing expense [62][64] Question: What are your brand activation strategies for Buy Buy Baby? - Management plans to carefully manage spending to ensure profitability while reintroducing the brand, focusing on community engagement and tailored offerings [67][69] Question: Can you compare and contrast the tokenization of Overstock versus Buy Buy Baby? - Management clarified that the tokenization strategy aims to prove the platform's functionality and value, with different approaches for each brand [76][80]

Financial Data and Key Metrics Changes - The company reported total sales of €318.8 million for the year, a decrease of 3% compared to the previous year [6] - Gross margin improved to 36.3% in 2024, up from 34.3% in 2023 and 29.7% in 2019, indicating a significant enhancement in profitability [15][16] - The operational loss for the year was €6.3 million, a notable improvement from a loss of €22.5 million in 2019 with higher sales [16][17] Business Line Data and Key Metrics Changes - Branded sales accounted for €289 million, representing approximately 93% of total sales, an increase from 80% in 2019 [7][9] - Direct-to-operator store sales reached €70.1 million, up 4% from 2023 and 18% from 2019, driven primarily by growth in the U.S. market [11] - The company closed two underperforming Natuzzi Italia stores and one Divani Divani store, reflecting a strategic move to optimize retail locations [12] Market Data and Key Metrics Changes - The company noted a challenging and volatile market environment, impacting overall sales performance [6][7] - The U.S. market showed resilience with the opening of a new store in Denver, contributing to the growth in direct-to-operator sales [11] Company Strategy and Development Direction - The company is focused on transforming from a manufacturer to a brand retailer, emphasizing the importance of retail presence and customer experience [10][24] - A significant restructuring effort was undertaken, including the relocation of production from Shanghai to Qinzhou, aimed at improving cost efficiency [14][21] - The company is committed to organic growth and enhancing profitability through improved sales per store and effective marketing strategies [98] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current market challenges, highlighting the flexibility of its production capabilities across various regions [61][66] - The management acknowledged the uncertainty in the market due to potential tariff increases but emphasized the company's preparedness to protect margins [62][64] - The focus remains on improving consumer confidence and sales across all geographies, supported by new product launches and marketing initiatives [81][82] Other Important Information - The company has made significant investments in developing new marketing and retail competencies, aiming to enhance customer experience and operational efficiency [24][32] - A strategic divestment of non-core assets is ongoing, with the completion of a transaction involving High Point expected in March 2025 [19][20] Q&A Session Summary Question: How will increased tariffs impact pricing and margins? - Management indicated that they are proactively protecting margins through discussions with partners and implementing surcharges where necessary to mitigate tariff impacts [62][63] Question: What is the company's strategy for increasing revenue? - The focus is on organic growth, improving sales per store, and leveraging new collections and marketing strategies to drive traffic [98] Question: What tools and systems are in place to support the retail transition? - The company has developed analytical tools to diagnose store performance and improve merchandising strategies, enabling faster decision-making [90] Question: What is the outlook for profitability and potential retail expansion in the U.S.? - Management believes that breakeven can be achieved at lower sales levels than in the past, with a focus on nurturing new stores opened in the U.S. [99][100]