Griffon (NYSE:GFF) Q4 2025 Earnings Call November 19, 2025 08:30 AM ET Speaker4Greetings and welcome to the Griffon Corporation Fiscal Fourth Quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your h ...

OneSpaWorld (NasdaqCM:OSW) Q3 2025 Earnings Call October 29, 2025 10:00 AM ET Speaker5Good day and welcome to the OneSpaWorld third quarter 2025 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then tw ...

Core Insights - DSV plans to divest USA Truck, acquired earlier this year, as it is deemed "not an optimal fit" for DSV's asset-light business model [1][2] - USA Truck will be reported as discontinued operations during the transition, maintaining its independent operations and leadership [2] Acquisition Background - Schenker acquired USA Truck in 2022 for $435 million, providing shareholders with a 118% premium, as part of its strategy to expand trucking services in North America [3] - At the time of acquisition, USA Truck operated 1,900 tractors and generated over $700 million in revenue, with a network of terminals across the Eastern U.S. [3] Financial Performance - USA Truck returned to profitability in late 2020, achieving an 87% adjusted operating ratio in Q1 2022 before the divestment announcement [4] - The adjusted operating ratio for the TL unit declined to 95.3% in Q2 2022, coinciding with the onset of the current freight recession [5] - DSV reported a net loss of DKK 90 million (approximately $14 million) for USA Truck's operations in Q3 2025 [5] Leadership Statements - USA Truck's CEO expressed gratitude for the team's strength and professionalism, emphasizing a commitment to customers and stakeholders during the transition [6]

Core Viewpoint - Vertical Aerospace has announced a long-term strategic partnership with Aciturri Aerostructures, which is a significant step in its evolution and manufacturing strategy, as highlighted by its stable first-half 2025 financial report [1][10]. Manufacturing Strategy - The partnership with Aciturri is crucial for Vertical's manufacturing strategy, covering the production of the entire airframe structure, including the high-lift wing, fuselage, and pylons for electric propulsion units [4][5]. - By consolidating a large portion of the supply chain with an experienced partner, Vertical reduces execution risk and capital expenditure associated with building a manufacturing operation from scratch [5][8]. - Aciturri's extensive experience with major aviation companies ensures that the VX4's airframe will meet stringent aerospace standards [6][7]. Financial Position - Vertical Aerospace reported a strong cash position of approximately $137 million, supported by a $69 million capital raise in July, providing a financial runway extending into mid-2026 [11][12]. - The company maintains its full-year 2025 guidance for net operating cash outflow at approximately $110 million to $125 million, indicating effective budget control [12][13]. - The parallel progress in financial stability and flight testing demonstrates competent management capable of handling multiple complex workstreams [15]. Flight Testing and Development - Vertical has made significant advancements in its piloted wingborne flight test program, with multiple flights completed in open European airspace [13]. - The company is on track to complete the final and most challenging test phase in the second half of 2025, transitioning from vertical lift to efficient forward flight [14]. Strategic Growth and Leadership - The partnership with Aciturri complements Vertical's operational milestones and commercial plans, indicating a well-thought-out business strategy [16][17]. - The appointment of Lord Andrew Parker to the board enhances the company's credibility and access to high-value defense and government contracts, representing a potential revenue stream beyond urban air mobility [18]. - The investment narrative is shifting from "Can it fly?" to "How will it be built and sold?", reflecting a more mature business approach [19].