Financial Data and Key Metrics Changes - Fiscal 2026 started strong with Q1 adjusted EBITDA significantly above expectations, leading to an increase in guidance [4] - The company maintained net leverage flat despite aggressive share repurchases and the sale of the 8th Avenue pasta business [4] Business Line Data and Key Metrics Changes - The foodservice normalized run rate was updated positively, reflecting strong operating performance [4] - The cereal category has recently returned to a low single-digit growth rate after previous declines, attributed to changes in SNAP and trade-down behavior from other categories [11][12] Market Data and Key Metrics Changes - The company noted a significant change in the cereal category's trajectory, with improvements in both cereal and peanut butter segments [12] - The pet food segment experienced volume challenges, particularly in the dog category, while cat food remained stronger [78] Company Strategy and Development Direction - The company continues to focus on share repurchases as a primary use of free cash flow, while remaining opportunistic regarding M&A as market valuations change [10] - There is an ongoing assessment of promotional spending and assortment adjustments to enhance efficiency in the cereal category [29] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the normalized run rate for foodservice, expecting continued growth driven by value propositions for operators [45] - The company is balancing its focus between the foodservice segment and the RTD shakes plan, ensuring not to overemphasize the latter [39] Other Important Information - The company has successfully closed two cereal facilities, with cost savings expected to impact the P&L starting in Q3 [80] - Management indicated that the portfolio is well-aligned with updated dietary guidelines, with no immediate changes anticipated [74] Q&A Session Summary Question: Market valuations and M&A activity - Management noted that as market multiples change, M&A opportunities become more attractive, but current valuations may not yet warrant significant changes in capital allocation [10] Question: Cereal category performance - Management observed a recent improvement in the cereal category, attributing it to SNAP changes and a shift towards more affordable breakfast options [12] Question: Foodservice business expectations - Management indicated that the balance of the portfolio remains in line with initial expectations, with no material changes anticipated [22] Question: Pricing dynamics in pet food - Management confirmed that pricing challenges were primarily driven by the pet segment, particularly with the Nutrish brand [53] Question: Private label business performance - The private label business is performing as expected, with growth opportunities identified in mashed potatoes and mac and cheese [65] Question: Trends in the pet category - Management noted that the dog food segment remains softer compared to cat food, with expectations for gradual recovery [78]

Core Insights - TNL Mediagene aims to achieve EBITDA break-even in fiscal year 2026 and positive EBITDA in fiscal year 2027 through growth in technology business revenue and cost reductions [1][2][4] Financial Projections - For fiscal year 2025, TNL Mediagene expects approximately $49.1 million in revenue and $17.8 million in gross profit [2] - The company plans to reach EBITDA break-even in fiscal year 2026, driven by revenue growth in its technology business and operational cost reductions [2][3] Strategic Focus - The company intends to achieve positive EBITDA in fiscal year 2027 through organic growth of core businesses, new product development, and disciplined strategic acquisitions [3][4] - TNL Mediagene is focused on building a more efficient and scalable organization to support its financial goals [4] Company Overview - TNL Mediagene operates multi-language news, lifestyle, and tech brands across Asia, providing AI-driven advertising, data analytics, e-commerce, and marketing technology solutions [1][5] - The company has approximately 500 employees and maintains offices in Japan and Taiwan, emphasizing political neutrality and high-quality content [5]

Core Insights - Boyd Gaming reported record revenues and EBITDA for 2025, with approximately $1.4 billion in EBITDA and property-level margins of 40% [3][6] - The company unlocked significant value from its FanDuel ownership interest, generating nearly $1.8 billion in cash proceeds, which helped reduce leverage to 1.7x [2][6] - Management expects traditional leverage to approach 2.5x in 2026 due to a $340 million tax payment and ongoing capital investments [1][6] Financial Performance - For Q4 2025, Boyd reported company-wide revenue of $1.1 billion and EBITDA of $337 million, driven by strong core customer play [7] - Year-over-year EBITDA comparisons were impacted by approximately $40 million due to changes in the Online segment and severe winter weather [8] - The Las Vegas locals segment showed strong performance, with nearly 2.5% EBITDAR growth excluding The Orleans, which faced a decline in cash hotel revenue [10] Capital Returns and Shareholder Value - Boyd returned $836 million to shareholders in 2025, including $778 million in share repurchases and $58 million in dividends [5][19] - The company plans to continue repurchasing approximately $150 million in shares per quarter, supplemented by a quarterly dividend [5][19] Capital Expenditures and Development - Boyd guided for capital expenditures of approximately $650 million to $700 million in 2026, including significant projects like the $750 million Norfolk resort [5][16][17] - The company is also working on a $160 million new gaming facility at Par-A-Dice, with construction expected to begin in 2027 [17] Online and Managed Businesses - The Online segment generated full-year EBITDAR of $63 million, with projections for 2026 EBITDAR of $30 million to $35 million due to changes in revenue share agreements [14] - Managed businesses, including Sky River Casino, are expected to contribute EBITDAR of $110 million to $114 million in 2026 [15]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported sales of $751 million, with core sales increasing by 10.8% year-over-year, benefiting from foreign exchange (FX) which added nearly 400 basis points [15][19] - Adjusted EBITDA margin for Q4 was 14.8%, a 90 basis point improvement from the previous year, driven by volume, price, and productivity [16][21] - Adjusted EPS for Q4 was $0.38, up more than 50% from Q4 2024, supported by strong operating profits and share repurchases [13][16] - For the full year 2025, sales reached $2.7 billion, with core sales increasing by 6.5% [17][18] - Adjusted EBITDA for 2025 was up 26%, resulting in a margin of around 14%, a 2-point improvement over 2024 [13][18] Business Line Data and Key Metrics Changes - Specialty Products & Technologies revenue grew nearly 16% year-on-year, with core sales up 10.9% [22] - The orthodontics business, Spark, experienced high single-digit growth, aided by a deferral change [22] - The Equipment and Consumables segment saw core sales increase by 10.7%, with diagnostic core sales up double digits globally [24] Market Data and Key Metrics Changes - The North American diagnostic market returned to growth in the second half of 2025, marking the third consecutive quarter of positive growth across all business lines [31] - The global implant market is estimated to be growing mid-single digits, with the company slightly outperforming this growth in Q4 [70] Company Strategy and Development Direction - The company is focused on a Value Creation Plan aimed at achieving 2%-4% core growth, 4%-7% EBITDA growth, and 7%-10% EPS growth, with a free cash flow conversion target of 100% or better [7][30] - The company is investing in new product development and customer training, with a significant increase in R&D investment in 2025 [8][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the dental market remains slow but stable, with signs of improvement beginning to emerge [31] - The company expects core revenue growth of 2%-4% for 2026, aligning with medium-term financial objectives [14][26] - Management highlighted potential upsides in diagnostics and consumables, while also acknowledging risks related to macroeconomic volatility and the Chinese market [39][40] Other Important Information - The company implemented a $250 million share repurchase program in early 2025, returning over $160 million to shareholders throughout the year [9][25] - The non-GAAP tax rate for Q4 was 30.3%, with expectations for a reduction to approximately 28% in 2026 due to improved profitability [16][29] Q&A Session Summary Question: Can you discuss guidance and potential upsides and risks? - Management indicated that the core guidance for 2026 is 2%-4%, with upsides including momentum in growth and potential improvements in diagnostics and consumables [34][35] - Risks include macroeconomic volatility and uncertainties in the Chinese market [40][41] Question: What are the expectations for the tax rate? - The expected tax rate for 2026 is around 28%, with potential for further reductions depending on U.S. profit improvements and debt management [46][48] Question: What is the status of VBP for ortho and implants? - Management expects a first-round VBP for ortho and a second-round VBP for implants in 2026, but specific timing remains uncertain [51][53] Question: How did the company achieve higher growth in Q4 compared to previous guidance? - Management attributed the growth to a strong performance in the China ortho market and better-than-expected results in implants [59][64] Question: How do new products contribute to growth? - Management noted that while new products are expected to launch in 2026, their impact was not significant in 2025, with growth driven by pricing and market conditions [70][72]

Financial Data and Key Metrics Changes - Total revenues decreased approximately 10% for the quarter to $32.7 million [15] - Net income to common shareholders for both the current quarter and the prior year quarter was $0.2 million or $0.02 per share [25] - Adjusted EBITDA was $1.3 million for both the first quarters of 2026 and 2025 [25] Business Line Data and Key Metrics Changes - Bad Daddy's total restaurant sales decreased $2.9 million to $23.2 million for the quarter, with same-store sales decreasing 1.2% [15][16] - Good Times total restaurant sales decreased approximately $0.7 million to $9.2 million for the quarter, with same-store sales decreasing 3.1% [20][21] Market Data and Key Metrics Changes - The average menu price during the quarter was 1.7% higher than Q1 2025 for Bad Daddy's [16] - Good Times expanded pricing tiers based on testing and measuring price elasticity, allowing for more precise pricing adjustments [21] Company Strategy and Development Direction - The company aims to prioritize paying down remaining debt, building cash reserves, and resuming share repurchases [29] - The company is focused on developing additional Bad Daddy's locations while being selective about site choices [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving sales trends at both brands, despite challenges from weather and operational disruptions [6][34] - The company is adapting its menu and promotional strategies to better meet customer preferences and market trends [12][13] Other Important Information - The company experienced significant weather-related disruptions, losing 28 full restaurant operating days due to storms [7] - Labor costs decreased by 60 basis points compared to the prior year quarter, attributed to reduced incentive compensation [18] Q&A Session Summary Question: Plans for cash deployment after buying back franchises - Management's first priority is paying down remaining debt, followed by building cash reserves and resuming share repurchases, with Bad Daddy's development as a third priority [29] Question: General feedback on company performance - Management received positive feedback on the company's turnaround efforts and expressed gratitude for the team's contributions [31]

Financial Data and Key Metrics Changes - The company achieved record fourth quarter and full year EBITDA in Macau, with a significant turnaround of nearly $470 million in EBITDA at BetMGM North America [5][12][14] - Las Vegas EBITDA declined 4% year-over-year, showing improvement compared to earlier declines, driven by the completion of the MGM Grand room remodel and a better convention mix [17][24] - Consolidated EBITDA growth was up 20% in the fourth quarter, indicating strong overall performance [83] Business Line Data and Key Metrics Changes - MGM China reported a record high quarterly and full year segment adjusted EBITDA, achieving a 16.5% market share in the fourth quarter [12][19] - BetMGM saw a 24% increase in monthly player volumes and a 14% increase in active player days, with a target of reaching $500 million in Adjusted EBITDA by 2027 [14][21] - MGM Digital experienced a 35% growth in net revenues, driven by strong performance in key international markets [21] Market Data and Key Metrics Changes - The Las Vegas market is showing signs of stabilization, with expectations of increased visitation due to major events like the Super Bowl and the World Cup [11][24] - The company has more group and convention room nights booked for future years than ever before, indicating strong demand [8][16] - MGM China is focused on maintaining high service levels and quality over quantity, which has resulted in stable margins in a competitive environment [19][54] Company Strategy and Development Direction - The company is investing in upgrading experiences across its portfolio, including luxury offerings and technology innovations to enhance customer experience [6][10] - MGM Resorts is pursuing a growth pipeline that includes digital initiatives and the development of MGM Osaka, expected to be the world's largest integrated resort [6][15][24] - The company is focused on operational efficiencies and leveraging technology to drive profitability [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in Las Vegas, citing a favorable outlook for conventions and high-end customer engagement [30][31] - The company is monitoring macroeconomic factors that could benefit its operations, including favorable tax regulations and improvements at the Las Vegas airport [16][24] - Management highlighted the importance of maintaining a strong balance sheet and cash flow to support growth opportunities [24][76] Other Important Information - The company repurchased shares totaling $37.2 billion in 2025, reducing its share count by almost 50% over the last five years [22][76] - MGM China announced new branding fee terms that will increase cash flow for MGM Resorts, expected to generate over $50 million in incremental cash flow [20] Q&A Session Summary Question: Path to growth in Las Vegas - Management discussed factors contributing to growth, including occupancy stabilization and upcoming events like ConAg [28][30] Question: One-off items in Q4 - The hold was above average, contributing approximately $20 million to Las Vegas' bottom line, with some unusual corporate expenses noted [32] Question: Value customer stabilization - Management highlighted initiatives to address value-conscious customers and improve visitation [36][37] Question: Casino resiliency and revenue growth - Management noted strong performance in high-end gaming and effective marketing strategies driving revenue growth [39][40] Question: Regional segment performance - The regional business remains steady, with investments in high-limit table rooms yielding positive results [63] Question: Gaming loss tax deductibility - Management is monitoring the impact of the 90% gaming loss tax deductibility and advocating for a fix [71]

Core Insights - Natural Grocers by Vitamin Cottage, Inc. reported first quarter results for fiscal 2026, affirming its full-year outlook amid economic uncertainty [2][4]. Financial Performance - Net sales increased by $5.4 million, or 1.6%, to $335.6 million compared to the first quarter of fiscal 2025, driven by a $5.7 million increase in comparable store sales and a $2.4 million increase in new store sales [4][11]. - Daily average comparable store sales rose by 1.7%, with a 1.0% increase in daily average transaction count and a 0.7% increase in daily average transaction size [4]. - Gross profit slightly increased to $98.9 million, but gross margin decreased by 40 basis points to 29.5% due to lower product margins from higher inventory shrink [5]. - Operating income increased by 9.7% to $14.6 million, with an operating margin of 4.4%, up from 4.0% in the prior year [8]. - Net income rose by 14.0% to $11.3 million, translating to diluted earnings per share of $0.49, compared to $0.43 in the same quarter last year [8][11]. - Adjusted EBITDA increased by 3.1% to $23.5 million, with an Adjusted EBITDA margin of 7.0% [9][29]. Cost Management - Store expenses decreased by 0.7% to $73.0 million, with store expenses as a percentage of net sales dropping to 21.8% from 22.3% [6]. - Administrative expenses fell by 5.9% to $10.8 million, with a decrease in percentage of net sales from 3.5% to 3.2% [7]. Cash Flow and Capital Expenditures - The company generated $21.1 million in cash from operations and invested $9.6 million in net capital expenditures during the first three months of fiscal 2026 [12]. - As of December 31, 2025, the company had $23.2 million in cash and cash equivalents, with no outstanding borrowings on its $70.0 million revolving credit facility [10]. Future Outlook - The company is affirming its fiscal 2026 outlook, projecting 6 to 8 new stores, 2 to 3 relocations/remodels, daily average comparable store sales growth of 1.5% to 4.0%, diluted earnings per share of $2.00 to $2.15, and capital expenditures of $50 to $55 million [14].

Core Insights - Digital Realty reported strong financial results for Q4 2025, with revenues of $1.6 billion, marking a 4% increase from the previous quarter and a 14% increase year-over-year [3][6] - The company achieved a net income of $96 million for the quarter, translating to $0.24 per share, compared to $0.15 per share in Q3 2025 and $0.51 per share in Q4 2024 [3][9] - Adjusted EBITDA for the quarter was $857 million, a slight decrease of 1% from the previous quarter but a 14% increase from the same quarter last year [4][6] Financial Performance - Total revenues for Q4 2025 were $1.634 billion, with a year-over-year increase in rental revenues to $1.075 billion [30] - Funds From Operations (FFO) reached $658 million, or $1.89 per share, up from $1.65 per share in Q3 2025 and $1.61 per share in Q4 2024 [4][9] - Core FFO per share was reported at $1.86, slightly down from $1.89 in the previous quarter but up from $1.73 in the same quarter last year [5][9] Leasing Activity - In Q4 2025, Digital Realty signed total bookings expected to generate $400 million in annualized GAAP rental revenue, with the company's share amounting to $175 million [7][9] - The backlog of signed-but-not-commenced leases at the end of the quarter was $817 million in annualized GAAP base rent [8][9] - Renewal leases signed during the quarter represented $269 million in annualized cash rental revenue, with rental rates increasing by 6.1% on a cash basis and 12.0% on a GAAP basis [9] Investment Activity - Digital Realty sold a non-core data center in Dallas for approximately $33 million and established a joint venture in Israel to develop an 18-megawatt campus [12][14] - The company also acquired land in Portland and Lisbon, supporting future capacity expansions [14][15] - Subsequent to the quarter, an agreement was made to acquire the TelcoHub 1 data center in Malaysia, enhancing Digital Realty's footprint in the region [15] Balance Sheet - As of December 31, 2025, Digital Realty had approximately $18.4 billion in total debt, with a net debt-to-Adjusted EBITDA ratio of 4.9x [16][19] - The company issued €600 million in notes due 2033 and €800 million in notes due 2037, raising approximately €1.4 billion [17][19] - Early repayment of €1.075 billion in senior notes due 2026 was completed in December 2025 [18] 2026 Outlook - Digital Realty provided a 2026 Core FFO per share outlook of $7.90 to $8.00, with total revenue expected to be between $6.600 billion and $6.700 billion [19][22] - The company anticipates rental rate increases on renewal leases in the range of 6.0% to 8.0% on a cash basis and 8.5% to 10.5% on a GAAP basis [20][22] - Development capital expenditures are projected to be between $3.250 billion and $3.750 billion, with average stabilized yields expected to exceed 10% [20][22]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by $16.5 million or 32% year-over-year, reaching $68 million, despite a $5 million charge to the weather hedge program [4][10] - Net income rose by $3 million to $36 million, impacted by a $10 million unfavorable non-cash change in the fair value of derivative instruments [9] - Product gross profit increased by $29 million or 19% to approximately $179 million due to higher home heating oil and propane volume sold and improved per-gallon margins [7][8] Business Line Data and Key Metrics Changes - Home heating oil and propane volume rose by 11.5 million gallons or 14% to approximately 94 million gallons, driven by acquisitions and colder temperatures [7] - Gross profit from service and installations was $5.6 million, down from $6.9 million year-over-year, with installation gross profit increasing by $1.4 million but service gross profit loss increasing by $2.7 million due to high demand [7][8] Market Data and Key Metrics Changes - Temperatures in the operational areas were 19% colder than the same period last year and 6% colder than normal, significantly impacting demand and operational performance [4][7] Company Strategy and Development Direction - The company is focused on improving customer service, managing costs, and enhancing service and installation profitability, while remaining vigilant in addressing challenges and opportunities during the heating season [5][6] - The company completed a small acquisition of a heating oil business and anticipates further opportunities as the heating season progresses [5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in handling operational challenges posed by persistent cold weather, highlighting employee dedication to customer service [5][14] - While it is early to predict the full fiscal year outcome, the company is prepared to address potential challenges and opportunities [6] Other Important Information - Delivery, branch, and G&A expenses rose by $11 million compared to the prior year, with $5 million attributed to weather hedge contracts and $3.8 million due to increased delivery expenses [8] Q&A Session Summary Question: Commentary on operational performance given the persistent cold weather - Management noted that January was colder than normal and expressed confidence in their operational capabilities, emphasizing employee commitment to customer service despite challenging conditions [14]

Financial Data and Key Metrics Changes - The company achieved a free cash flow from operations of $1.4 billion in 2025, with a conversion rate of 46% after adjusting for one-off items [5][9] - Net income increased by 2% for the full year, with a significant impact from goodwill impairment and asset write-downs [29] - EBITDA for the fourth quarter increased by 20% year-over-year, with a margin expansion of 5 percentage points [15] Business Line Data and Key Metrics Changes - Consolidated cement and aggregates volumes in the fourth quarter grew by 1% and 2%, respectively, with notable growth in EMEA cement volumes [10] - The aggregates business contributed 39% to U.S. EBITDA, nearly equal to that of cement, reflecting strong performance driven by Project Cutting Edge [20] - The Urbanization Solutions portfolio saw higher EBITDA in the admixtures business in EMEA, partially offsetting soft performance in Mexico and the U.S. [12] Market Data and Key Metrics Changes - In Mexico, average daily cement sales increased by 8% sequentially, indicating improved demand conditions [15] - U.S. operations posted record fourth quarter EBITDA, with margins near record highs, driven by higher operating efficiency and the consolidation of Couch Aggregates [17] - EMEA region achieved record EBITDA and EBITDA margin in 2025, supported by higher volumes and prices [22] Company Strategy and Development Direction - The company is focused on enhancing shareholder returns through improved free cash flow conversion and disciplined capital allocation, prioritizing aggregates and adjacent businesses [6][31] - Project Cutting Edge aims for recurring savings of $400 million by 2027, with $125 million expected in 2026 [13][34] - The company plans to continue seeking divestments in non-core markets to expand its presence in the U.S. [5][6] Management's Comments on Operating Environment and Future Outlook - Management expects a more favorable demand environment in 2026, particularly from Mexico and EMEA, with guidance for high single-digit EBITDA growth [34] - The company anticipates incremental savings of $165 million under Project Cutting Edge, contributing to improved free cash flow [34] - Management remains focused on operational excellence and shareholder return, emphasizing the importance of self-help measures for growth [36] Other Important Information - The board of directors will propose an annual cash dividend of $180 million, representing a nearly 40% increase compared to the previous year [31] - The company recognized a goodwill impairment of $538 million in 2025, which significantly impacted net income [10][29] - Energy costs per ton of cement declined by 12% for the full year, driven by lower fuel and power prices [29] Q&A Session Summary Question: Impact of potential EU ETS target changes on pricing and profitability - Management indicated that potential changes to EU ETS targets would not alter the pricing strategy in Europe, maintaining mid-single digit price increase targets for the coming years [38][39] Question: Clarification on high single-digit EBITDA growth guidance - Management expressed confidence in the guidance, highlighting more upside than downside risks, particularly from currency fluctuations and ongoing operational efficiencies [45][46] Question: Future capital allocation and divestments - Management confirmed plans for divestments, with proceeds aimed at reinvestment in the U.S. aggregates market, emphasizing a disciplined approach to acquisitions [81][83]