Financial Data and Key Metrics Changes - RevPAR grew by 1.8%, reflecting the company's geographic footprint and brand depth [6] - Gross system growth was 7.7% and net system growth was 5.4%, driven by development activity and record openings [6] - EBIT increased by 13% and adjusted EPS grew by 19% [6] - The company completed 47% of its $900 million share buyback program, returning over $1.1 billion to shareholders this year [6] Business Line Data and Key Metrics Changes - The Americas fee revenues were down about 1% despite a 1.5% RevPAR growth and around 1.5% adjusted net unit growth [10] - The company signed over 51,000 rooms across 324 hotels, a 15% increase over 2024 [6][20] - Openings in The Americas were up 40% year over year, contributing to future fee growth [24] Market Data and Key Metrics Changes - The company reported a constructive outlook for US demand and hospitality performance, with stable inflation and interest rates [14][15] - In China, the company sees the economy bottoming out, with GDP growth of about 5% in Q2 and expectations for improved RevPAR trends in the back half of the year [66][68] Company Strategy and Development Direction - The company is focused on high-growth opportunities, including investments in technology and expanding its luxury and lifestyle brands [52][54] - The company aims to grow both new builds and conversions, with a strong pipeline of openings and signings [63][110] - The branded residential segment is expected to contribute consistently to fee growth, with 30 properties currently open and more in development [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year profit and EPS consensus, despite uncertainties in the short term [15][85] - The company noted that the fundamentals for US hospitality remain strong, with job growth and corporate capital investment driving demand [14][15] - Management is optimistic about the long-term growth potential in China, despite current challenges [66][68] Other Important Information - The company has been investing in technology and process improvements to enhance operational efficiency and scalability [94] - The company expects to see continued margin growth driven by cost savings and ancillary revenue streams [95] Q&A Session Summary Question: Current trading outlook for Q3 and Q4 RevPAR in the U.S. - Management does not provide guidance but feels comfortable with full-year profit and EPS consensus, indicating a stable outlook for U.S. demand [12][15] Question: Explanation for the decline in Americas fee revenues despite RevPAR growth - Management attributed the decline to high-fee hotels exiting and renovations impacting available rooms, but does not see it as a long-term issue [20][22] Question: Insights on branded residential contribution to profitability - Management is excited about the growth trajectory in branded residential, which is expected to contribute consistently to fees [31][33] Question: Investment focus among technology pillars - Management emphasized ongoing investments in technology, particularly in PMS and RMS systems, to ensure competitiveness [34][38] Question: Update on the performance of the Garner brand - Management reported strong progress with 51 open Garners and a robust pipeline, indicating significant international demand [78][79]

Financial Data and Key Metrics Changes - Total revenues increased by 11% to $235.6 million and adjusted EBITDA increased by 3% to $86.5 million [17] - Adjusted EBITDA for Mobile Modular decreased by 1% to $53.1 million despite revenue growth [18] - Net cash provided by operating activities was $110 million compared to $139 million in the prior year [22] - Interest expense decreased by $5.2 million to $7.8 million due to lower average interest rates and debt levels [22] Business Line Data and Key Metrics Changes - Mobile Modular total revenues increased by 8% to $156 million, with rental revenues up by 5% and sales revenues up by 13% [17][18] - Portable Storage total revenue decreased by 3% to $23.3 million, with rental revenues down by 5% year over year but up by 5% sequentially [20] - TRS RenTelco rental revenues grew by 7%, with total revenues increasing by 11% to $36.4 million [21] Market Data and Key Metrics Changes - The Architecture Billings Index (ABI) showed ongoing softness, but quote activity remained healthy [6] - Construction backlogs grew slightly in June, indicating improved activity levels [12] Company Strategy and Development Direction - The company is focused on expanding its modular business and enhancing its modular solutions capabilities [13] - Two tuck-in acquisitions were completed to support modular growth strategy, enhancing fleet and customer relationships [11] - The company is investing in technology upgrades and strategic hiring to support long-term growth [74] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about economic conditions improving in the next two quarters [15] - The uncertain market conditions have not deteriorated significantly, and slight improvements are being observed [12] - The company anticipates a balanced contribution of sales gross profit in the third and fourth quarters [29] Other Important Information - The company expects total revenue for the year to be between $925 million and $960 million, with adjusted EBITDA between $347 million and $356 million [23] - The benefit to free cash flow from new federal tax legislation is estimated to be between $10 million and $15 million [43] Q&A Session Summary Question: Can you provide more detail on the balance of third and fourth quarter EBITDA? - Management expects a more balanced contribution of sales gross profit in the third and fourth quarters compared to the previous year [28] Question: What is the visibility on the Mobile Modular segment? - Visibility is somewhat fluid due to the current demand environment, with potential delays and uncertainties [30] Question: How is the education rental business expected to perform? - Management is optimistic about the education sector, expecting a good year despite orders being realized later than usual [32] Question: What factors could affect the guidance range? - Sales activity can significantly impact the guidance, with a cautious approach taken for the second half of the year [36] Question: What is the impact of new federal tax legislation on free cash flow? - The estimated benefit to free cash flow is between $10 million and $15 million, which is positive but not a major impact [43] Question: Can you provide an update on the pricing gap for modular rentals? - The gap between current spot rates and average rates on existing rentals remains around 39% lower than the last twelve months rate on new shipments [49] Question: How is the demand for portable storage evolving? - There are signs of improvement in portable storage, with increased quote volumes and unit shipments [50] Question: What is the focus of new sales hires? - New hires are aimed at increasing geographic coverage and enhancing sales capabilities in various market verticals [54] Question: How is Enviroplex performing? - Enviroplex is showing strong growth and improved margins, with a balanced contribution expected in the second half of the year [66]

Group 1 - Yang Xu has emerged as a prominent leader in the hard technology venture capital sector, leveraging her industry insights and investment strategies [1] - In 2019, while at the New York Stock Exchange, she increased the market share in China from 22% to 90%, facilitating over $17 billion in financing for more than 30 leading companies in the Asia-Pacific region [1] - Yang Xu founded Buttonwood Capital in 2024, successfully raising $80 million for her first fund and leading a $53 million investment in Flexcompute [2] Group 2 - Yang Xu's experience at JPMorgan provided her with a systematic industry understanding and a rigorous financial analysis framework, essential for her subsequent investment career [3] - Her role at the New York Stock Exchange involved market expansion, client communication, and strategic support for companies, enhancing her entrepreneurial perspective [3] - Yang Xu emphasizes that the competitive advantage in technology lies in the ability to convert technology into long-term value, requiring continuous product refinement and operational synergy [5] Group 3 - Yang Xu faced significant challenges as the head of the NYSE's China division, including low market share and the impact of the COVID-19 pandemic, but proactively sought to build trust through her actions [4] - She views the IPO process as a critical milestone for companies, focusing on global expansion, brand building, and governance optimization [5] - Yang Xu aims to be defined as a "limitless person," continuously breaking boundaries and engaging deeply in various technical fields [6][7]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 grew by 0.3% year over year to $61.3 million [5][32] - Lymphedema business line revenue decreased by 3% year over year to $50.6 million, while airway clearance revenue increased by 22% to $10.7 million [5][32] - Gross margins increased by 290 basis points year over year, while adjusted EBITDA decreased by 125% year over year [5][32] Business Line Data and Key Metrics Changes - Lymphedema product sales decreased by $1.8 million or 3% to $50.6 million, while airway clearance product sales increased by $1.9 million or 22% to $10.7 million [32] - Sales headcount in the lymphedema business decreased from 280 to 264, but is expected to increase to over 300 by the end of 2025 [10][25] Market Data and Key Metrics Changes - The company is maintaining a strong number two position in the airway clearance market, with significant growth in the bronchiectasis market [16][84] - The company expects revenue in the second quarter to be in the range of $73 million to $76 million, with full-year revenue guidance revised to $309 million to $315 million [14][34] Company Strategy and Development Direction - The company is focused on three strategic priorities: improving access to care, expanding treatment options, and enhancing lifetime patient value [17][26] - Investments in technology and human capital are aimed at streamlining sales and order management processes, including the launch of a new Salesforce CRM module [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential despite short-term challenges related to sales vacancies and CRM implementation [13][38] - The company anticipates a return to growth in the lymphedema channel as sales optimization strategies take effect [25][70] Other Important Information - The company ended the quarter with $83.6 million in cash, reflecting a decrease due to stock buybacks and annual bonus payments [6][34] - The company is actively monitoring global trade policies and assessing potential tariff impacts on cost of goods sold, expecting a total impact of less than $5 million in 2025 [35][36] Q&A Session Summary Question: Revenue guidance assumptions for the year - Management discussed the importance of hiring speed and sales rep proficiency with the new CRM tool as key drivers for revenue guidance [42][44] Question: Growth expectations for 2026 - Management indicated that while they are not ready to comment on 2026, they expect to exit 2025 with more momentum than in the first half of the year [50][52] Question: Updates on Nimble product launch - Management reported strong adoption of Nimble, with no manufacturing challenges and positive feedback from the market [61][62] Question: Airway clearance business growth sustainability - Management attributed growth in the airway clearance business to strategic partnerships and product placement agreements with DMEs [81][84] Question: Rep productivity and CRM tool impact - Management explained that the new CRM tool is designed to enhance productivity and efficiency for sales reps, which is expected to improve overall performance [92][93]

Financial Data and Key Metrics Changes - Gross revenue for Q4 2024 was $113 million, a 22% increase year-over-year, while net revenue increased by 23% to $98.6 million [9] - Net income for the quarter rose to $5.9 million, or $0.34 per share, compared to a net loss of $7.7 million in the previous year [10] - Full year gross revenue reached $426.6 million, marking a 23% increase, with net revenue up 25% to $379.7 million [11] - Adjusted EBITDA for the year was $59.5 million, representing a 15.7% margin on net revenue, a 26.6% year-over-year increase [12] Business Line Data and Key Metrics Changes - Building infrastructure remained the largest market, contributing 51% of gross revenue, followed by commercial (23%), residential (18%), and municipal (10%) [13] - Organic growth of net revenue was 8.5% in Q4 and 13% for the year, with emerging markets leading the growth [15] Market Data and Key Metrics Changes - Transportation accounted for 21% of gross revenue, with two-thirds from public client engagements, while power, utilities, and energy represented 18% [14] - The backlog grew over 30% during 2024 to just under $400 million, with new orders in Q1 2025 exceeding $100 million [19] Company Strategy and Development Direction - The company made eight strategic acquisitions in 2024 to enter new geographies and expand service offerings, enhancing expertise in areas like bridge design and sustainability [6] - The focus for 2025 includes strategic investments in M&A, product line expansions, and technology tools to enhance service delivery and organic growth [25] Management's Comments on Operating Environment and Future Outlook - Management noted strong trends in transportation due to IIJA spending and minimal disruptions from federal funding cuts, maintaining a defensive business model [27] - The company anticipates continued growth in oil and gas and mining sectors, with a focus on renewable energy infrastructure [24] Other Important Information - The company repurchased $34 million of stock in 2024, indicating confidence in the value of its equity [18] - Cash flow from operating activities improved significantly, generating nearly $12 million in Q4 and over $24 million for the year [17] Q&A Session Summary Question: Impact of IIJA on transportation vertical - Management observed that IIJA spending is beginning to kick in, with no adverse impacts noted [31] Question: Backlog comparison to past years - Backlog characteristics remain similar to previous years, with steady work contracted and authorized to proceed [33] Question: Investments in service line expansions and technology tools - The company is building a team to implement technology investments that enhance customer engagement and service delivery [37] Question: New orders and verticals driving growth - New orders in Q1 2025 are strong across all markets, with no single market overshadowing others [44][50] Question: Capital allocation strategy - The company is balancing M&A opportunities with stock buybacks and technology investments, assessing the best allocation of capital regularly [55] Question: Progress on gaining wallet share - The company is focusing on increasing geospatial capacity and getting involved earlier in project life cycles to enhance wallet share [62] Question: Update on natural gas pipeline replacement opportunities - The natural gas pipeline market remains active, providing significant recurring revenue [68] Question: Land development business in the D.C. area - The company has diversified significantly, with the D.C. area representing a low single-digit percentage of the overall portfolio [79]