Financial Data and Key Metrics Changes - The company reported a consolidated revenue growth of 10%, adjusted EBITDA increased by 16%, and adjusted EPS was up by 29%, marking the sixth consecutive quarter of double-digit revenue gain and eighth consecutive quarter of double-digit adjusted EPS growth [4][10][22] - Free cash flow achieved its highest level since 2021, reflecting improved collections and earnings growth year to date, contributing to a reduction in net debt and an improvement in reported net leverage to 0.8 times [20][21] Business Line Data and Key Metrics Changes - Transactional revenue grew by 13%, led by a 26% increase in investment sales, debt, and equity advisory, indicating a re-acceleration in transactional businesses [4][12] - Real Estate Management Services saw strong performance with workplace management revenue increasing nearly 30% on a two-year stacked basis, while project management revenue grew in the low double digits [13][15] - Leasing advisory revenue grew nearly 30% on a two-year stacked basis, with office leasing revenue growth accelerating to 14% globally [15][16] - Capital markets services experienced significant growth, with debt advisory revenue increasing by 47% and investment sales growing by 22% [17][18] Market Data and Key Metrics Changes - The U.S. market showed broad-based activity across capital markets, office, and industrial leasing, with investors increasingly shifting to risk-on mode supported by healthy debt markets [4][12] - The industrial leasing revenue grew by 6% globally, driven by strength in the U.S., indicating a positive outlook for this segment [16][43] Company Strategy and Development Direction - The company continues to invest in technology and AI to drive long-term revenue and margin growth, with over 41% of the addressable population using proprietary AI tools daily [5][6] - A new structure for Software and Technology Solutions will be implemented to enhance scalability and client-centric approaches, aiming for profitability by full year 2026 [8][20] - The company is actively developing its strategy for growth through 2030, focusing on both resilient and transactional businesses [24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic outlook and forward indicators for transactional markets, noting that both occupier and investor clients are motivated to transact [4][12] - The company anticipates continued growth in the leasing advisory and capital markets segments, supported by a healthy pipeline and improving market conditions [17][18][22] Other Important Information - The company has increased the low end of its full-year adjusted EBITDA target range by $75 million, resulting in a new range of $1.375 billion to $1.45 billion [22][23] - Share repurchases totaled $70 million in the quarter, with a year-to-date total of $131 million, reflecting a commitment to returning capital to shareholders [21] Q&A Session Summary Question: Property management and REM growth moderation - Management clarified that the moderation in growth is primarily due to exiting low-margin contracts, particularly in Asia Pacific, while the U.S. still shows mid-single-digit growth [27][41] Question: Free cash flow and buyback strategy - Management indicated that the low leverage ratio allows for continued share repurchases as an attractive use of cash, assuming no strong M&A opportunities arise [32] Question: Impact of agentic AI solutions on financials - The main benefit from AI solutions currently is efficiency gains, with productivity significantly increasing in capital markets due to supportive tools [34][35] Question: Trends in capital markets heading into Q4 - Management noted a steady recovery in capital markets transaction volumes, with a positive outlook for continued growth [36] Question: Credit trends in multifamily and fraud charges - Management confirmed that the charges were primarily related to confirmed fraud instances, with no broader deterioration in credit trends [48][50] Question: Low margin contracts exit timeline - Management expects continued contract churn through the first half of next year as they exit low-margin contracts [54] Question: Cross-border capital allocation trends - Management observed healthy interest from Asian and Middle Eastern investors to increase their real estate allocations, indicating a positive outlook for cross-border investments [56][58]

Financial Data and Key Metrics Changes - Sales grew 9.7% year over year to $80 million, driven by strength in marine propulsion and industrial product groups [5][13] - Gross profit rose 18.7% to $22.9 million, with gross margin increasing 220 basis points to 28.7% [13][17] - EBITDA increased 172% year over year to $4.7 million, reflecting expanded sales and profitability [14][15] - Net loss attributable to Twin Disc improved to $518.04 per diluted share from a loss of $2.8 million or $0.20 last year [14] Business Line Data and Key Metrics Changes - Marine and propulsion business sales increased 14.6% year over year to $48.2 million, driven by workboat activity and government programs [8] - Land-based transmission sales were stable, up 1.6% year over year to $17.6 million, with oil and gas shipments nearly flat [9][10] - Industrial business grew 13.2% year over year, supported by acquisitions and broad-based customer activity [10] Market Data and Key Metrics Changes - North America was the primary driver of sales growth, with increased demand for VET products [15] - Defense-related projects represented a growing share of total backlog, increasing by $4 million sequentially and up 45% year over year [6][7] - The overall mix shifted toward North America, while Asia Pacific and the Middle East accounted for a smaller portion of total sales [15] Company Strategy and Development Direction - The company focuses on global footprint optimization, operational excellence, and disciplined capital allocation [11][12] - Near-term priorities include reducing debt and strengthening the balance sheet while investing in targeted organic initiatives [11] - The strategy emphasizes capturing emerging opportunities in defense and hybrid propulsion markets [4][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining outperformance and delivering strong profitability amid an evolving macroeconomic environment [4] - The company remains mindful of potential tariff developments, expecting a temporary 1-3% tariff impact on second quarter cost of sales [5] - Management is optimistic about the defense-related pipeline and the potential for growth in natural gas demand [29] Other Important Information - The company reported a robust backlog of $163.3 million, up 13% year over year, providing solid visibility for the balance of fiscal 2026 [10] - Inventory levels increased slightly due to strong demand and pre-buys [10][16] - The company maintains a conservative net leverage ratio of 1.3 times, providing flexibility to navigate the current macroeconomic environment [16] Q&A Session Summary Question: Can you help us with the timing of shipment acceleration and expected margin impact in military? - Management expects shipment volume for NATO vehicles to double in a year, with a similar growth trajectory for autonomous vessels [22][24] Question: Do you have the capacity to support that kind of ramp right now? - Management indicated that they have the capability to meet U.S. Navy demand and are evaluating CapEx spending to support growth [25] Question: Can you talk about changes in business conditions and order activity in the oil and gas business? - Management noted that while they are less dependent on oil and gas, they see signs of demand recovery and are cautiously optimistic about natural gas opportunities [26][29] Question: Can you discuss the relatively flat top line in land-based transmissions? - Management described steady demand but noted some shifts in volume between regions, with oil and gas trading off unit volume in China for North America [30][32] Question: How do you view the sustainability of the gross margin improvement? - Management believes the gross margin improvement is sustainable, contingent on maintaining the current mix and addressing tariff impacts [39][40] Question: What is the outlook for free cash flow this year? - Management targets 60% free cash flow as a percentage of EBITDA and aims to recover Q1 performance in Q2 [41][42]

Business Overview - Lucky Strike operates 369 locations as of November 2025, well-positioned in attractive North American markets and expanding into Family Entertainment Centers (FECs) through the acquisition of Boomers[24] - The company's diversified portfolio includes bowling (46%), food & beverage (35%), and amusement & other (19%) revenue streams in FY25, mitigating seasonality and consumer discretionary spending risks[26] Financial Performance - Total Revenue increased by 4% from $1,154,614 thousand in FY24 to $1,201,333 thousand in FY25[55] - Same Store Revenue decreased by 3.7% from $1,029,251 thousand in FY24 to $990,678 thousand in FY25[55] - Adjusted EBITDA increased from $361,497 thousand in FY24 to $367,687 thousand in FY25, with margins of 31.3% and 30.6% respectively[59] - Adjusted Location EBITDA margin was 36% in Q1 FY25, 42% in Q2 FY25, 44% in Q3 FY25, and 40% in Q4 FY25[57] Strategic Initiatives - The company sold 260,000 summer passes in 2025, with members visiting 9 times per pass, driving loyalty and year-round revenue[18] - Lucky Strike plans to rebrand nearly 100 locations by the end of the year and complete the rebrand by the end of 2026[33] Acquisitions and Value Creation - Lucky Strike acquired AMF for $310 million in 2013, with Lucky Strike contributing $20 million of equity, resulting in an estimated value creation of $1.3-$1.5 billion[20] - The company acquired Brunswick locations in 2014 for $260 million and immediately entered into a Sale-Leaseback Transaction reducing purchase price to $60 million[20, 21] - The company deployed $700 million of capital into acquisitions in the past three years[21]

Core Insights - Amgen reported strong financial results for Q3 2025, with total revenues increasing by 12% to $9.6 billion compared to Q3 2024, driven by a 14% volume growth in product sales, despite a 4% decrease in net selling prices [6][16][17] Financial Performance - Total revenues for Q3 2025 reached $9.6 billion, a 12% increase from Q3 2024 [6] - Product sales grew by 12%, with 14% volume growth offset by a 4% decline in net selling prices [6] - GAAP EPS rose 14% from $5.22 to $5.93, while non-GAAP EPS increased by 1% from $5.58 to $5.64 [6][11] - Free cash flow for Q3 2025 was $4.2 billion, up from $3.3 billion in Q3 2024 [13][16] Product Sales Highlights - Sixteen products achieved double-digit sales growth, including Repatha (40% increase), EVENITY (36% increase), and TEZSPIRE (40% increase) [6][8] - Enbrel sales decreased by 30% year-over-year, primarily due to a 38% drop in net selling price [6][8] - Ultra-Rare products generated $200 million in sales, a 6% increase year-over-year [8] Operating Expenses and Margins - Total operating expenses increased by 9% year-over-year, with R&D expenses rising by 31% due to higher spending on late-stage clinical programs [11][12] - GAAP operating income increased from $2.0 billion to $2.5 billion, with an operating margin of 27.6%, up 2.5 percentage points [11][12] - Non-GAAP operating margin decreased by 2.5 percentage points to 47.1% [11][12] Cash Flow and Balance Sheet - Operating cash flow for Q3 2025 was $4.7 billion, compared to $3.6 billion in Q3 2024 [13] - Cash and cash equivalents totaled $9.4 billion, while debt outstanding was $54.6 billion as of September 30, 2025 [13][16] Guidance for 2025 - The company expects total revenues for 2025 to be in the range of $35.8 billion to $36.6 billion, with GAAP EPS projected between $13.76 and $14.60 [17]

Core Points - Douglas Elliman held its Third Quarter 2025 Earnings Conference Call, which was recorded and webcasted, with an archived version available for one year on the company's Investor Relations website [1] - The call featured key executives including Michael Liebowitz, President and CEO, and Bryant Kirkland, CFO of Douglas Elliman Inc. [2] - The company utilized non-GAAP financial measures such as adjusted EBITDA and adjusted net income or loss, which should be considered alongside GAAP measures [3] - A safe harbor statement was read, indicating that forward-looking statements made during the call are subject to risks and uncertainties [4] - The company does not undertake any duty to update or revise forward-looking statements made during the call [5]

Financial Data and Key Metrics Changes - Q3 revenue increased 28% year-over-year to $181 million, with marketplace revenue at $167 million and supplier services revenue at $14.1 million [15][16] - Q3 gross profit was $72 million, a 29% year-over-year increase, with a gross margin of 39.9% [17] - Adjusted EBITDA for Q3 was $6.1 million, compared to a loss of $0.6 million in Q3 2024, marking a significant improvement [18][19] - Cash and cash equivalents at the end of Q3 were $225 million, a decrease of approximately $1 million from Q2 2025 [19] Business Line Data and Key Metrics Changes - Marketplace revenue grew 31% year-over-year, driven by strong execution and expansion of buyer and supplier networks [15][16] - Supplier services revenue declined approximately 1% quarter-over-quarter, stabilizing the core advertising business [17] - Active buyers increased 21% year-over-year to 78,282, with a net addition of 3,505 active buyers [16] Market Data and Key Metrics Changes - Marketplace growth was robust across verticals including semiconductors, aerospace, and automotive [16] - International segment adjusted EBITDA loss was $4.2 million in Q3 2025, compared to $2 million in Q3 2024, indicating ongoing investments for global scale [19] Company Strategy and Development Direction - The company aims to become the de facto digital rails in custom manufacturing, focusing on marketplace dynamics and AI technology [5][8] - Investments in technology and product development are expected to drive future growth, with a focus on enhancing buyer and supplier experiences [8][12] - The company is raising its full-year marketplace growth outlook from 23%-24% to 27%-28% [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong growth despite an uncertain macro environment, with expectations for 20% total revenue growth in 2026 [23] - The company is focused on balancing growth and profitability while investing in technology to scale the business [50] Other Important Information - The company launched auto-quoting for injection molding services in the U.S. and a new Workcenter mobile app to enhance supplier engagement [9][12] - The company expects Q4 revenue in the range of $182-$184 million, representing 23%-24% growth year-over-year [22] Q&A Session Summary Question: Can you unpack the 20% growth for 2026? - Management indicated that the growth is driven by marketplace growth initiatives and does not assume macroeconomic improvements [25][27] Question: What is the significance of the Work Center mobile app? - The app is designed to enhance customer and supplier experiences by simplifying data sharing and improving engagement [29][30] Question: Can you discuss team changes and talent acquisition? - The company is attracting top talent to enhance technology capabilities, which is crucial for achieving revenue goals [33][34] Question: What changed in guidance from Q2 to Q3? - Increased customer adoption of technology tools and strong performance across enterprise accounts contributed to the guidance change [47] Question: How is the international expansion performing? - International revenue grew 23% year-over-year, with expectations for it to become 30%-40% of marketplace revenue over time [44][45]

Financial Data and Key Metrics Changes - The company reported a modest sales growth of 0.6% year over year, with adjusted EBITDA down 7.9% to $11.4 million due to lower margins [4][8][9] - Net income declined significantly to $4.4 million from $35.9 million in the previous year, primarily due to the release of a $30 million tax valuation allowance in the prior year [5][8] - Cash provided by operations totaled $29.2 million, a favorable increase of $4.4 million compared to last year, contributing to a reduction in net debt to $55.3 million [5][9][16] Business Line Data and Key Metrics Changes - Infrastructure segment sales increased by 4.4%, driven by a 12.7% rise in steel products, while rail revenues decreased by 2.2% due to planned downsizing in the U.K. [4][8][10] - Rail segment revenues were $77.8 million, down 2.2%, with rail product sales declining by 5.9% [10][11] - Total track monitoring sales surged by 135.1%, and friction management sales increased by 9%, indicating strong performance in growth platforms [11][29] Market Data and Key Metrics Changes - The trailing 12-month book-to-bill ratio remained positive at 1.08, with a backlog of $247.4 million, up 18.4% year over year [6][18] - Rail backlog levels increased by 58.2%, with rail products orders up 59.9%, supporting growth expectations for Q4 [11][18] - Infrastructure backlog decreased by 10.9% due to order cancellations, but current demand levels for precast products remain solid [18][19] Company Strategy and Development Direction - The company is focused on transforming from a construction materials company to an innovation technology company, aiming for sustained growth and improved operational efficiency [43][44] - Capital allocation priorities include share repurchases and maintaining financial flexibility, with approximately 461,000 shares repurchased this year [16][17] - The company is evaluating potential tuck-in acquisitions, particularly in the precast concrete space, to complement its current portfolio [17][35] Management's Comments on Operating Environment and Future Outlook - Management noted that tariffs have not significantly impacted product costs, and the ongoing federal government shutdown has not yet adversely affected business activity [20][21] - The company anticipates a strong finish to 2025, with Q4 expected to see significant sales growth of approximately 25% and adjusted EBITDA up 115% [22][24] - Management expressed confidence in the backlog and manufacturing capacity to meet expected sales growth, despite potential risks from the government shutdown [23][24] Other Important Information - The effective tax rate remains elevated due to not recognizing a tax benefit on U.K. pre-tax losses, but improvements are expected in future quarters [15] - The company reported a gross margin of 22.5%, down 130 basis points from the previous year, attributed to lower rail sales volumes and unfavorable sales mix [8][9] Q&A Session Summary Question: Can you talk about your guidance in hitting the implied fourth-quarter sales and EBITDA guide? - Management indicated that there are no significant immediate impacts from the government shutdown, and they are optimistic about meeting guidance due to a strong backlog and active supply chain [25][26] Question: What are the drivers of the impressive sales growth in total track monitoring? - Management attributed the growth to strong performance across all strategic growth platforms, including total track monitoring, friction management, and precast [29][30] Question: How has the potential acquisition pipeline looked for precast concrete? - The company is actively evaluating precast acquisition opportunities, particularly in the Southeastern U.S., while also focusing on ramping up production in existing facilities [35][36]

YUTREPIA Adoption and Usage - Over 600 physicians are prescribing YUTREPIA [4] - More than 2,000 unique patient prescriptions have been written for YUTREPIA [4] - Over 1,500 patients have started on YUTREPIA [4] - Approximately 75% of patients starting YUTREPIA are new to treprostinil [5] - Around 10% of PAH prescriptions represent switches from oral therapies [5] Financial Performance - Liquidia Corporation's ending cash and cash equivalents for 3Q 2025 were $157.5 million [6] - Net product sales for 3Q 2025 were $51.669 million [6] - Total revenue for 3Q 2025 was $54.342 million [6] - Operating income for 3Q 2025 was $1.767 million [6] - Adjusted EBITDA for 3Q 2025 was $10.142 million [13]

Financial Data and Key Metrics Changes - Net income for Q3 2025 was $100 million, or $10.67 per share, down from $132 million, or $13.79 per share, in Q3 2024 [3] - For the first nine months of 2025, net income was $337 million, or $35.78 per share, compared to $352 million, or $36.66 per share, for the same period in 2024 [3] - Operating profit for petroleum additives in Q3 2025 was $131 million, down from $157 million in Q3 2024 [3][4] - Total sales for petroleum additives in the first nine months of 2025 were $1.9 billion, compared to $2 billion in the same period of 2024 [4] Business Line Data and Key Metrics Changes - Petroleum additive sales for Q3 2025 were $649 million, compared to $663 million in Q3 2024, with a 4.1% decline in shipments contributing to the decrease [3][4] - Specialty materials sales for Q3 2025 were $38 million, down from $59 million in Q3 2024, while operating profit for this segment was $6 million, compared to $16 million in the prior year [5][6] - For the first nine months of 2025, specialty materials sales were $134 million, up from $114 million in the same period of 2024, with operating profit increasing to $40 million from $16 million [6] Market Data and Key Metrics Changes - Shipments for petroleum additives were down by 4.6% in the first nine months of 2025 compared to the same period in 2024, attributed to market softness and a strategic decision to reduce low-margin business [5] - The company faced challenges from ongoing inflation and tariffs impacting market conditions [5] Company Strategy and Development Direction - The company is focused on optimizing its global manufacturing network to enhance efficiency and product delivery [4] - There is a commitment to investing in technology and improving portfolio profitability, with approximately $1 billion allocated to the specialty materials segment through acquisitions and capacity expansions [6][8] - The Board of Directors approved a 9% increase in the quarterly dividend, reflecting confidence in the strength of the petroleum additives and specialty materials segments [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from inflation and tariffs but expressed optimism about the performance of the petroleum additives and specialty materials segments [5][9] - The company aims to promote long-term value for shareholders and customers while adhering to core principles such as a long-term perspective and customer-focused solutions [9] Other Important Information - The company generated solid cash flows, returning $155 million to shareholders through share repurchases and dividends, and reduced net debt by $213 million, resulting in a net debt-to-EBITDA ratio of 0.9 times [8] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Q3 2025 Performance - Sales increased by 6.1% to $4657 million compared to $4388 million in Q3 2024 [20] - Daily sales also increased by 6.1% to $728 million [20] - Diluted EPS increased by 3.4% to $1021 [20] - Operating margin decreased by 40 bps to 152% [20] Segment Performance - High-Touch Solutions N A sales increased by 34% to $3635 million [25] - Endless Assortment sales increased by 182% to $935 million [29] - Zoro U S daily sales grew by 178% [31] Guidance and Outlook - The company is narrowing its FY 2025 earnings outlook [16] - Full year sales guidance is $178 billion to $180 billion, representing a 39% to 47% increase [52] - The company anticipates annual Total Company GP% run-rate will stabilize at ~39% as tariff landscape normalizes [40, 47] - Adjusted EPS (diluted) is expected to be $3900 - $3975, a 01% to 20% increase [52]