PresentationJoe ListerCEO & Member of Board Good morning, everybody, and thank you for taking the time to join the call. I'm joined here this morning by our CFO, Mike Burt; and COO, Karan Khanna. Hopefully, you've had time to read our announcement that was out this morning. And as an intro to this call, I just want to provide a bit more color on the following 3 areas: our reservations progress, our capital allocation framework and the launch of the share buyback program and the Q4 valuations. We'll then ope ...

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Core Points - Melexis NV has announced a new share buy-back program for up to 850,000 shares, with a total amount of up to EUR 50 million [2] - The new buy-back program is set to run from 11 December 2025 until 10 December 2026 [2] - The previous share buy-back program initiated on 11 December 2024 will expire today, 10 December 2025 [1] Share Buy-Back Program Details - The buy-back will comply with legal requirements, ensuring purchases are not more than 10% below the lowest closing price or more than 5% above the highest closing price of the last thirty trading days prior to acquisition [3] - An independent financial intermediary has been given a discretionary mandate to conduct the purchases on Euronext Brussels, and the shares will be held as treasury shares [4] - Melexis will provide updates on the progress of the buy-back program in accordance with regulatory requirements [4]

Core Insights - Capri Holdings reported a second-quarter loss for fiscal 2026, with revenues declining year over year but exceeding the Zacks Consensus Estimate [2] - The company faces challenges with revenue declines in its key brands, Michael Kors and Jimmy Choo, impacting overall financial performance [2][6][7] Financial Performance - The adjusted quarterly loss was 3 cents per share, missing the consensus estimate of 14 cents and significantly down from 64 cents per share in the prior year [3] - Total revenues were $856 million, beating the Zacks Consensus Estimate of $830 million but down 2.5% year over year [4] - Gross profit decreased 4.6% year over year to $522 million, with a gross margin decline to 61% from 62.3% [4] Segment Performance - Michael Kors revenues fell 1.8% year over year to $725 million, with a gross margin contraction to 59.3% [6] - Jimmy Choo's revenues were $131 million, down 6.4% year over year, but the gross margin improved to 70.2% [7] Financial Health - The company ended the quarter with cash and cash equivalents of $120 million and long-term debt of $1.75 billion, resulting in negative total shareholders' equity of $70 million [8] - Operating cash flow was $33 million, while capital expenditures were $13 million, leading to a negative free cash flow of $46 million [8] Future Outlook - For Q3 FY26, Capri Holdings expects total revenues between $975 million and $1 billion, with an operating margin of 7-8% and earnings per share between 70 cents and 80 cents [10][11] - For fiscal 2026, total revenues are projected to be $3.375-$3.45 billion, with an anticipated operating income of $100 million [12][13] Market Position - Capri Holdings has seen an upward trend in estimates, with a consensus estimate shift of 22.89% recently [14] - The company holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [16]

在利益冲突屡屡导致有限合伙人遭受不利结果的行业中，Enterprise Products凭借其无可挑剔的业绩记录 脱颖而出，其资产负债表实力和财务灵活性也与同行不相上下，但其EBITDA增长落后于同行——预计 今年不会有增长——Tonet表示，预计 2024 至 2028 年的复合年增长率约为 3%。 Tonet写道："多个碳氢化合物物流价值链的产能过剩，对优化机会和内生增长机会造成了不利影响，因 为竞争十分激烈——有些企业愿意承担更多风险/接受更低回报——而'丙烷脱氢(PDH)问题持续存在， 使资产的正常盈利能力受到质疑，这意味着其相对价值低于传统中游资产。'" 这位分析师表示，市场似乎已充分预期明年股票回购计划的加速，但回购规模有可能令人失望。他还补 充道，与 C 类公司相比，机构投资者对母公司有限合伙企业(MLP)的兴趣较低，"这仍是不利因素，而 且短期内我们看不到能显著改变这一趋势的催化剂。" 智通财经APP获悉，摩根大通将Enterprise Products(EPD.US)评级从"增持"下调至"中性"，目标价为 35 美元，原因是其增长相对较低，总体回报前景处于中游水平。 Enterprise P ...

On 5 May 2025, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 20 of 2 May 2025. Under the programme, Schouw & Co. will acquire shares for up to DKK 120 million during the period 5 May to 31 December 2025. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (“Safe Harbour” rules). Tr ...

Financial Data and Key Metrics Changes - Revenue for the third quarter was $2.3 billion, reflecting a 10.5% increase on a reported basis and an 8% increase on a like-for-like basis, indicating strong underlying growth across segments [13][14] - Net income decreased due to a $10 million loss in discontinued operations and an $8 million non-cash fair value charge, partially offset by $10 million in insurance proceeds and higher earnings from equity method investments [13][14] - Adjusted EBITDA decreased by $1.3 million, primarily due to declines in the fresh fruit segment, while adjusted net income decreased by $3 million [13][14] Business Line Data and Key Metrics Changes - Fresh fruit revenue increased by 11%, driven by higher volumes and pricing of bananas, pineapples, and plantains, but faced higher sourcing costs impacting Adjusted EBITDA [15][16] - Diversified EMA segment reported an 11% revenue increase, with Adjusted EBITDA rising by $10 million or 34%, supported by strong performances in Scandinavia, Spain, and the Netherlands [16] - Diversified Americas segment saw an 8% revenue increase, with Adjusted EBITDA up by $4 million or 46%, driven by strong performance in the southern hemisphere export business and North American market [16] Market Data and Key Metrics Changes - Demand for bananas remains robust in North American and European markets, contributing to tight supply and cost pressures [10] - The company is experiencing strong underlying growth in key markets, particularly in Spain and the Netherlands, with positive momentum continuing into the third quarter [10][11] Company Strategy and Development Direction - The company completed the sale of its non-core fresh vegetable division, enhancing capital allocation flexibility and focusing on core operations [5][6] - A $100 million share repurchase program was announced to enhance shareholder value, indicating a strategic approach to capital allocation [6][20] - The launch of the new Dole Collada Royale Pineapple represents a significant innovation, aimed at enhancing the tropical product portfolio and community support [7][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic volatility and industry-specific factors affecting results, particularly in the banana supply chain [20] - The company expects full-year Adjusted EBITDA to be at the upper end of the targeted range of $380-$390 million, reflecting confidence in business momentum despite challenges [20] - Management remains optimistic about the long-term growth potential and strategic positioning within the sector [20][21] Other Important Information - Cash capital expenditure for the quarter was $20.9 million, with a reduction in full-year routine capital expenditure expectations to approximately $85 million [17][18] - The company declared an $8.50 dividend for the third quarter, to be paid in January [19] Q&A Session Summary Question: Outlook for the fourth quarter and cost pressures - Management highlighted challenges in forecasting due to macroeconomic volatility and specific headwinds in sourcing costs, particularly for bananas, impacting guidance for Q4 [24][25] Question: Updates on tariff exclusions for agricultural products - No new updates were provided regarding tariff exclusions, but management expressed confidence in the long-term resolution of tariff issues affecting tropical produce [27][28] Question: Insights on capital allocation and buyback program - The buyback program is part of a broader capital allocation strategy, allowing for flexibility in pursuing growth opportunities while maintaining a progressive dividend policy [37][39] Question: Status of annual contracting negotiations - Management indicated that negotiations are ongoing, with awareness of supply conditions among customers, and expressed optimism about future discussions [51][53] Question: Performance in diversified fresh produce - Management noted strong market positions in Europe and North America, with ongoing investments enhancing operational efficiency and customer offerings [55][57]

Financial Data and Key Metrics Changes - Total revenues from property management in Q3 2025 were $26.9 million, down 9.8% year-over-year due to cost pressures and increased competition [10][13] - Sequentially, revenues improved by 14.4% compared to Q2 2025, benefiting from seasonal factors [10][13] - Gross profit for Q3 was $9.7 million, with margins slightly increasing by 10 basis points to 35.9% [13] - Adjusted EBITDA for the quarter was $980,000, or 3.6% of revenue, compared to $75,000, or 0.3% in the prior year [14] - GAAP net loss from continuing operations was $0.28 per diluted share, while consolidated adjusted EPS was a positive $0.08 per share [14] Business Line Data and Key Metrics Changes - The property management group is now the sole reportable segment following the divestiture of the professional division [4][7] - SG&A expenses for Q3 were $10.2 million, down from $11.3 million in the prior year, including strategic restructuring costs [13][14] Market Data and Key Metrics Changes - The company is facing cost pressures on property owners and management companies, contributing to revenue declines [10][13] - Increased competition in certain markets is impacting performance, but the company is leveraging market insights to refine its strategic roadmap [10][11] Company Strategy and Development Direction - The company is focused on three main directives post-divestiture: comprehensive business review, aggressive G&A cost reduction, and compensation structure evaluation [5][6] - A stock buyback plan of up to $5 million has been announced, reflecting confidence in the long-term strategy [5] - The company aims to capture a meaningful share of a growing $1 billion-plus addressable market through operational improvements and strategic initiatives [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that financial results may be noisy in the upcoming quarters due to the transition period [9] - There is optimism regarding revenue growth in 2026 compared to 2025, driven by strategic initiatives and market opportunities [11][12] - The company is investing in AI to enhance client engagement and improve operational efficiency [12] Other Important Information - A special cash dividend of $2 per share was declared, returning $22.4 million to shareholders [4] - The company has approximately $20 million in cash balances post-dividend payments [5] Q&A Session Summary Question: Discussion on the consultant's evaluation process - The consultant conducted surveys and interviews with clients and competitors, validating the addressable market and growth potential in the multifamily and commercial real estate sectors [16][17] Question: Outcomes of the research findings - The research provided insights into the addressable market, competitive positioning, and areas for future growth, aiding in strategic planning [17][19] Question: Learnings from the market evaluation - The study highlighted the evolving needs of client partners regarding talent acquisition and the importance of aligning with their internal teams [18][19]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated GAAP EPS of $0.24 per share and FFO per share of $0.48, with adjusted EPS increasing by 20% from $0.20 in Q3 2024 [21][22] - Adjusted EBITDA rose to $88.8 million, a 6.6% increase from $83.3 million in the prior year quarter [22][23] - The operating margin for safety and community facilities was 22.7%, down from 24.9% in the prior year quarter, but adjusted for startup losses, it was 24% [26] Business Line Data and Key Metrics Changes - Revenue from federal partners, primarily ICE and the U.S. Marshals Service, increased by 28% year-over-year, with ICE revenue up by $76.2 million or 54.6% [13] - Revenue from state partners increased by 3.6%, driven by new contracts with Montana and population increases in Georgia [13][14] - Total occupancy for safety and community segments was 76.7%, up 1.5 percentage points year-over-year [14] Market Data and Key Metrics Changes - Nationwide ICE detention populations reached historical highs of around 60,000, with a 37% increase in ICE populations in company facilities from the end of 2024 to Q3 2025 [8][9] - U.S. Marshals populations slightly declined to just over 6,300, but are expected to increase in 2026 due to anticipated enforcement activities [8][9] Company Strategy and Development Direction - The company is focused on activating idle facilities, with four new contracts expected to generate approximately $320 million in annual revenue once stabilized occupancy is reached [5][19] - The company plans to accelerate share repurchases, indicating a belief that current stock valuation does not reflect the cash flows of the business [11][33] - The company anticipates reaching a run rate EBITDA of at least $450 million once new facilities reach stabilized occupancy in 2026 [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future demand, citing ongoing conversations with state partners and the potential for additional contract awards [9][60] - The company noted that the pace of ICE admissions has remained stable, with expectations for increased enforcement activity [41] - Management acknowledged challenges related to startup activities for new contracts but emphasized the importance of these contracts for future growth [43][30] Other Important Information - The company has five idle facilities containing approximately 7,000 beds, with ongoing discussions about potential future activations [10][60] - The company plans to spend $60-$65 million on maintenance capital expenditures in 2025, unchanged from prior guidance [32] Q&A Session Summary Question: Thoughts on ICE detention pace and government shutdown impact - Management indicated that the pace of admissions and activity in facilities has remained stable, with some increase in transportation demands [39][40] Question: Guidance and updated occupancy projections - Updated guidance reflects startup activities and new contracts, resulting in some operating losses but viewed positively as it includes new contracts [43][44] Question: Share repurchase strategy and leverage goals - Management confirmed plans to be more aggressive with share repurchases, considering current stock price and expected cash flow growth [46][47] Question: Future activations and state demand - Management confirmed ongoing discussions with state partners for potential bed utilization beyond ICE contracts [60][61] Question: Staffing issues and wage trends - Management reported strong hiring experiences and favorable wage trends, with no significant concerns regarding staffing [56]

Financial Data and Key Metrics Changes - Third quarter revenue was $400 million, and adjusted EBITDA was $95 million, both exceeding guidance provided in July [5][12] - Year-over-year revenue growth for the third quarter was 6%, while adjusted EBITDA increased by 3% [12] - Net income for the third quarter was $34 million, resulting in earnings per share of $0.23, with adjusted net income at $37 million and adjusted earnings per share of $0.25, a 14% increase compared to Q3 of the prior year [12][18] Business Line Data and Key Metrics Changes - New enrollments in Mexico increased by 2% on a reported basis or 4% excluding campus closures, while total enrollment volume increased by 4% [13] - In Peru, new enrollments surged by 21% for the third quarter, driven by strong growth in fully online programs for working adults [14][15] - Adjusted EBITDA for Mexico increased by 25% in the third quarter, while Peru's adjusted EBITDA declined by 2% due to timing of expenses [13][16] Market Data and Key Metrics Changes - Peru's economy is projected to grow approximately 3% in 2025, supported by robust domestic demand and low inflation [8] - Mexico's government has maintained fiscal discipline and advanced industrial modernization, contributing to a stable economic environment [8][9] Company Strategy and Development Direction - The company plans to open two new campuses in Monterrey, Mexico, and Lima, Peru, marking the first new campus launches since 2019 [6] - The company has identified numerous other cities in Mexico and Peru for potential development over the next several years [6] - An increase in the stock repurchase program by $150 million reflects the company's disciplined capital allocation strategy [7][17] Management's Comments on Operating Environment and Future Outlook - Management noted a resilient business model despite a softer macroeconomic environment [5] - The company expects an increase in economic activity in the second half of 2026 following trade negotiations [9] - Full year 2025 guidance was increased, projecting revenue growth of 7% to 8% and adjusted EBITDA growth of 13% to 14% [18][19] Other Important Information - The company ended September with $241 million in cash and $102 million in gross debt, resulting in a net cash position of $139 million [17] - The company has returned over $3 billion of capital to shareholders since 2019 through share repurchases and dividends [17] Q&A Session Summary Question: Revenue strength in Peru amidst calendar timing - Management highlighted strong consumer sentiment and a catch-up on deferred demand from last year, with pricing in line with inflation [22][23] Question: New enrollment growth in Mexico - Management clarified that the majority of enrollment growth in the third quarter was driven by traditional undergraduate students aged 18 to 24 [24][25] Question: Contribution from new campuses in Mexico - Management indicated that 4% growth excluding campus closures included a 1% contribution from new campus launches, with 3% from same-store growth [27] Question: Impact of pricing mix on average revenue per student - Management noted that the mix impact could be upwards of 2% as the company aggressively targets the fully online working adult segment [28]