1Stdibs.Com (NasdaqGM:DIBS) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsDavid Rosenblatt - CEOKevin LaBuz - Head of Investor Relations and Corporate DevelopmentThomas Etergino - CFOConference Call ParticipantsBobby Brooks - Senior Research AnalystRalph Schackart - Equity Research AnalystOperatorLadies and gentlemen, thank you for joining us. Welcome to the 1stDibs Q Four 2025 earnings call. After today's prepared remarks, we will host a question and answer session. If you have di ...

1Stdibs.Com (NasdaqGM:DIBS) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsDavid Rosenblatt - CEOKevin LaBuz - Head of Investor Relations and Corporate DevelopmentThomas Etergino - CFOConference Call ParticipantsBobby Brooks - Senior Research AnalystRalph Schackart - Equity Research AnalystOperatorLadies and gentlemen, thank you for joining us. Welcome to the 1stDibs Q Four 2025 earnings call. After today's prepared remarks, we will host a question and answer session. If you have di ...

Financial Data and Key Metrics Changes - The company achieved its first quarter of positive Adjusted EBITDA as a public company, with fourth quarter Adjusted EBITDA of $1.3 million and a 6% margin, representing a 1,300 basis point expansion over the prior year [17][24]. - Gross margins improved from 69% to 73% from 2022 to 2025, with Adjusted EBITDA margins increasing by approximately 1,900 basis points [18][19]. - Net revenue for the fourth quarter was $23 million, up 1%, while transaction revenue accounted for approximately 73% of total revenue [21][22]. Business Line Data and Key Metrics Changes - The company reported a GMV of $90.2 million in the fourth quarter, down 5%, with order volumes declining 9% but offset by a 9th consecutive quarter of conversion rate growth [19][20]. - Active buyers totaled approximately 60,700, down 5%, while the number of unique sellers decreased by 4% to approximately 5,700 [21]. - Listings grew by 3% to nearly 1.9 million, indicating a normalization of the seller base following pricing adjustments [21]. Market Data and Key Metrics Changes - The company experienced a balanced performance across buyer segments, with both trade and consumer GMV declining at similar rates [20]. - Jewelry showed resilience with GMV down just 1%, highlighting category performance variability [20]. Company Strategy and Development Direction - The company plans to focus on capitalizing on gains achieved in 2025 while delivering sustained Adjusted EBITDA profitability in 2026, expecting a return to year-over-year GMV growth by the fourth quarter [4][29]. - The 2026 roadmap includes enhancing discovery through AI-powered search, revamping shipping processes, and improving pricing transparency [7][10][11]. - The company is launching an ambassador program and influencer network to create emotional connections and drive daily engagement [9]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth despite challenging macroeconomic conditions, emphasizing the defensibility of the company's model [4][15]. - The company views AI as a catalyst for enhancing discovery rather than a competitor, leveraging human expertise in high-value transactions [5][38]. - The focus remains on maintaining a disciplined cost structure while driving growth, with expectations for positive Adjusted EBITDA and free cash flow in 2026 [30]. Other Important Information - The company reduced annual operating expenses by 18% or nearly $18 million over the past four years, while headcount decreased by more than 30% [18]. - The company ended the quarter with cash equivalents and short-term investments of $95 million, reflecting a strong cash position [25]. Q&A Session Summary Question: What are the primary drivers for growth in 2026? - Management highlighted the impact of reduced performance marketing spend and increased investment in product and engineering as key drivers for growth [33]. Question: How does the company view AI's role in its business? - Management sees AI as a beneficiary for enhancing discovery and believes it cannot replace the trust and expertise required for high-value transactions [37][38]. Question: What initiatives are being pursued to return to consistent growth? - Key initiatives include AI search improvements, reengineering shipping processes, enhancing pricing transparency, and launching a community-based social strategy [41][44].

Hilton Grand Vacations Q4 2025 Earnings Call Supplement February 26, 2026 Q4 2025 Net Deferral Activity Efficient conversion supported material 2025 capital return $ millions FY25 FCF Conversion: 66% Target: 65% - 70% $1,152 2025 Adjusted EBITDA to stockholders excluding net deferrals $257 Cost of VOI Sales Addback ($154) Cash Taxes ($297) Interest Payments on Corporate Debt $177 Net Consumer Finance ($369) Inventory Capital ($46) Non-Inventory Capital $36 Working Capital & Other $756 2025 Adjusted FCF >$8. ...

Q4 2025 Earnings Report © 2026 Pinterest. All rights reserved. Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) ...

Financial Data and Key Metrics Changes - Total operating revenue for the full year 2025 was $430.4 million, an increase of 10.7% compared to 2024 [11] - Operating revenue for the fourth quarter of 2025 was $105.4 million, an increase of 11.5% over the fourth quarter of 2024 [11] - Adjusted EBITDA for the full year 2025 was $40.2 million, unchanged from 2024, while fourth quarter adjusted EBITDA was $9.2 million, a 32% increase year-over-year [11][12] - The adjusted operating ratio for the fourth quarter improved modestly compared to the prior year [7] Business Line Data and Key Metrics Changes - Total units delivered in 2025 exceeded 2.3 million, representing a 16.2% increase from 2024, although revenue per unit decreased by about 6% [12] - The company experienced growth primarily from market share gains and an acquisition, with the automotive market not growing significantly [13] Market Data and Key Metrics Changes - The automotive market peaked in March and April 2025, followed by a weaker performance for the remainder of the year [5] - January 2026 saw lower-than-expected sales, attributed to severe winter weather affecting dealership operations [8] Company Strategy and Development Direction - The company aims for continued margin expansion and market share gains, focusing on sustainable profitability and disciplined business retention [9][10] - The company is positioned to improve performance in a down market and generate strong cash flow [9] Management's Comments on Operating Environment and Future Outlook - Management noted that while the automotive market faces cost pressures, there is underlying demand due to an aging vehicle fleet and lower interest rates [9] - The company expects modest improvement in adjusted operating ratio due to restructuring initiatives and a normalization of claims performance [16] - Management expressed confidence in achieving year-over-year revenue growth for 2026, despite a challenging market environment [14] Other Important Information - A non-cash goodwill impairment charge of $27.8 million was recorded, reflecting changes in market conditions [8] - The company’s net debt to trailing 12-month adjusted EBITDA improved from 2.2x to 1.5x over the past year, enhancing flexibility for future capital decisions [12] Q&A Session Summary Question: Expectations for Q1 revenue and operating ratio - Management expects sequential revenue to be down but modest improvement in operating ratio [21] Question: Impact of non-domiciled CDLs on auto hauling market - Management noted that while there is some insulation from non-domiciled issues, it is impacting the recruiting of new drivers [24] Question: Stability of revenue per unit in 2026 - Management anticipates stability in revenue per unit, following significant volatility in the past year [29] Question: Capital allocation priorities - The company will prioritize debt paydown, with flexibility for M&A opportunities if they arise [31] Question: Revenue mix and competitive pricing environment - Management indicated that a healthier demand environment is needed for recovery in the spot market, with current pricing pressures affecting carrier bids [36][40] Question: Updates on M&A pipeline - The company is actively engaged in developing a pipeline and expects to pursue 1-2 acquisitions per year [54]

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][9] - 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 [8] - Product gross profit increased by $29 million or 19% to approximately $179 million due to higher sales volume and per-gallon margins [6][7] 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 [6] - 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 [7] 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 challenges [4][6] Company Strategy and Development Direction - The company is focused on improving efficiency, operational execution, and maintaining service and installation profitability while managing costs [4][6] - The company anticipates new acquisition opportunities as it approaches spring, despite a slight lull in prospect activity during the busy heating season [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in handling operational challenges due to persistent cold weather, highlighting employee dedication to customer service [5][14] - The company remains vigilant in providing excellent customer service and controlling costs while preparing for potential challenges in the heating season [6] Other Important Information - A $5 million non-cash charge was recorded related to the change in the fair value of derivative instruments, contrasting with a $5 million credit in the previous year [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 the company's ability to manage operational challenges, emphasizing employee commitment to customer service [12][14]

Financial Data and Key Metrics Changes - Fiscal 2026 started positively with adjusted EBITDA increasing by $16.5 million or 32% year-over-year, net of a $5 million charge to the weather hedge program [4][9] - Net income rose by $3 million to $36 million, despite a $10 million unfavorable non-cash change in the fair value of derivative instruments [8] - 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 [6][7] 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 [6] - Gross profit from service and installations was $5.6 million, down from $6.9 million in the prior year, with installation gross profit increasing by $1.4 million but service gross profit loss increasing by $2.7 million [7] 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 [6][4] Company Strategy and Development Direction - The company remains focused on providing excellent customer service, managing costs, and growing service and installation profitability [5] - Despite not closing any acquisitions in the first quarter, the company completed a purchase of a small heating oil business shortly after the quarter ended, indicating ongoing strategic growth efforts [5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in handling operational challenges due to persistent cold weather, highlighting employee dedication and service quality [4][14] - The company is prepared to address challenges and opportunities in the remainder of the heating season, with a strong operational forecast [6][14] 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 [7] Q&A Session Summary Question: Commentary on operational performance in the second quarter given persistent cold weather - Management noted that January was colder than normal and February is starting similarly, with strong forecasts ahead. They acknowledged the challenges but expressed confidence in their operational capabilities and employee performance [12][14]

Financial Data and Key Metrics Changes - Q3 net sales grew over 8% year-over-year to $3.12 billion, driven primarily by unit volume growth rather than price increases [5][10] - Gross margin expanded approximately 50 basis points year-over-year to 29.8%, supported by growth in sponsored ads and a favorable category mix [7][10] - Adjusted EBITDA reached $181 million, up 30% year-over-year, with an adjusted EBITDA margin of 5.8%, representing a 100 basis points year-over-year expansion [7][11] - Free cash flow for the quarter was approximately $176 million, up nearly $70 million sequentially [7][11] Business Line Data and Key Metrics Changes - Autoship customer sales increased 13.6% year-over-year to $2.61 billion, outpacing total company growth [5] - Active customers reached 21.2 million, up nearly 5% year-over-year, with improvements across the customer funnel [6] - Net sales per active customer reached $595, up nearly 5% year-over-year [6] Market Data and Key Metrics Changes - The company continues to outperform the pet category and expand market share, with profits growing faster than sales [5] - Marketing efficiency has improved, with enhanced mobile app functionality lifting direct traffic and increasing app customers and orders by approximately 15% year-over-year [6] Company Strategy and Development Direction - The company aims for a long-term objective of a 10% adjusted EBITDA margin, with ongoing investments in automation and health services [5][19] - Chewy's health offerings, including Chewy Vet Care, are driving strong utilization and customer loyalty, with plans to open additional clinics [8] - The acquisition of Smart Equine is expected to enhance Chewy's premium health and nutraceutical assortment, strengthening its position in high-value wellness categories [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver consistent, durable EBITDA expansion over the next several years, supported by a unique operating model [18] - The company anticipates a structural unit volume growth year in 2026, with expectations for pricing improvements to be slightly larger than in 2025 [40][42] - Management noted that the active customer growth reflects both improved acquisition and retention strategies, with a focus on deepening customer engagement [32] Other Important Information - The company repurchased approximately 1.5 million shares for $55 million during the quarter, ending with $304.9 million of remaining authorization under its repurchase program [13] - The company remains debt-free with total liquidity of approximately $1.5 billion [13] Q&A Session Summary Question: How does the team continue to evolve learnings about customer lifetime value? - Management discussed the strong intersection between Autoship, Chewy Plus, and Chewy Vet Care, emphasizing their complementary nature in driving customer retention and profitability [22][24] Question: What are the drivers behind the strong active customer growth? - Management attributed the growth to higher direct traffic, increased engagement in the mobile app, and improved conversion rates across platforms [30][32] Question: What is the outlook for demand in 2026? - Management expects 2026 to resemble 2025, with low single-digit industry growth and a focus on share-taking strategies [40] Question: How should gross margins be viewed going forward? - Management indicated that approximately half of the long-term EBITDA margin expansion will come from gross margin improvements, with several levers available for growth [58] Question: What changes have been observed in retention after raising the Chewy Plus fee? - Management reported that conversion rates remained strong after the price increase, exceeding internal expectations [65]

Financial Data and Key Metrics Changes - The company reported a year-over-year increase in Adjusted EBITDA of $24.8 million, or 22.2%, for Fiscal 2025 [5][12] - Net income for Fiscal 2025 was $73.5 million, an increase of $38.2 million compared to the prior year [12] - Adjusted EBITDA rose to $136.4 million, reflecting an $18.5 million increase in the base business and a $17 million increase from recent acquisitions [13] Business Line Data and Key Metrics Changes - Home heating oil and propane volume increased by 29 million gallons, or 12%, to 283 million gallons for Fiscal 2025 [10][11] - Product gross profit rose by $57 million, or 12%, to $525 million, driven by increased volume and higher margins [11] - Installation and service revenue grew nearly 10% over Fiscal 2024 [4] Market Data and Key Metrics Changes - Temperatures in the company's operational areas were 8% colder than the prior year but 8% warmer than normal [10] - The company experienced a modest rise in net customer attrition, although internal customer satisfaction indicators improved [5][22] Company Strategy and Development Direction - The company aims to grow and diversify by continuing acquisitions in heating oil and propane, while managing customer attrition and maximizing service profitability [7] - The acquisition program remains a key component of the business strategy, with four transactions completed in Fiscal 2025 [6][7] Management's Comments on Operating Environment and Future Outlook - Management noted the difficulty in predicting the impact of the regulatory environment, particularly in New York, on future operations [16] - The company is actively reviewing its sales and marketing strategies to attract more customers amid lower real estate activity [24] Other Important Information - The company invested approximately $81 million in acquisitions and $16 million in unit repurchases during Fiscal 2025 [7] - Delivery, branch, and G&A expenses rose by $36.6 million, largely due to recent acquisitions [11] Q&A Session Summary Question: Thoughts on the regulatory environment in New York - Management indicated it is difficult to predict the impact of the regulatory environment as plans are still in flux [16] Question: Customer attrition trends and future outlook - Management acknowledged a low level of prospect activity and noted that while loss rates are decreasing, new customer gains are a challenge [22][24] Question: Acquisition pipeline and free cash flow concerns - Management confirmed an active acquisition pipeline with several opportunities under review and addressed concerns about free cash flow being lower than expected due to working capital tied up in receivables and inventory [25][27][28]