Financial Data and Key Metrics Changes - The company reported a revenue of $3,600,000,000, an increase of 8.3% compared to the previous year [12][9] - Underlying EBITDA reached $95,200,000, up $2,800,000 or about 3% year-on-year [13][12] - Net profit after tax was $31,200,000, with a statutory result of $20,600,000 [9][10] - Free operating cash flow was negative at $11,000,000, significantly impacted by receivables from a group of pharmacies [19][20] Business Line Data and Key Metrics Changes - Revenue from Australia and New Zealand grew to $3,500,000,000, an increase of 8% [21] - Gross margin in Australia and New Zealand was $277,900,000, up 5% [21] - The Asian market saw revenue increase from $84,200,000 to $101,000,000, a growth of 20% [23] Market Data and Key Metrics Changes - Strong growth was noted in Thailand's aesthetics division, contributing to the overall revenue increase in Asia [24] - The imaging business performed solidly despite some market headwinds [24] - Modest growth was observed in the Philippines due to declining contracts [24] Company Strategy and Development Direction - The company aims to continue its growth strategy in Asia following the merger with Paragon Care Group [2][4] - Focus on operational efficiencies and integration of businesses onto a single platform [26][29] - Emphasis on organic growth through investments in sales teams and new business opportunities in dental, robotics, and aesthetics [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $12,000,000 in synergies for FY '26, building on the $5,000,000 achieved in FY '25 [26][30] - The competitive landscape in retail pharmacy is evolving, with expectations for continued growth despite challenges [34][35] - Future profitability is expected to improve as synergies are realized and new opportunities are explored [30] Other Important Information - The company completed a refinancing with Scott Pak, increasing local borrowing capacity and reducing interest costs [19][20] - The acquisition of AHP Dental is expected to provide a step into the dental market, with an anticipated EBITDA contribution of around $1,000,000 for FY '26 [46][45] Q&A Session Summary Question: Outlook on revenue and profit for next year - Management indicated that revenue growth would be positive but not necessarily at the same rate as FY '25, suggesting single mid-digit growth rates [33] Question: Competitive landscape in retail pharmacy - Management noted the difficulty in predicting the competitive landscape due to market evolution, particularly following significant mergers [34] Question: Clarification on integration costs in EBITDA - Integration costs were clarified to be excluded from the underlying EBITDA figure [36][37] Question: M&A pipeline and net debt to EBITDA ratio - Management expressed willingness to increase net debt to pursue opportunities, particularly in Asia [38] Question: Details on synergies and cost savings from refinancing - Management confirmed that the $2,000,000 cost saving from refinancing is separate from the $12,000,000 synergy target for FY '26 [43][44] Question: Profitability of recent acquisitions - The AHP Dental acquisition is expected to contribute modestly to EBITDA but offers growth potential in the dental market [46] Question: Focus on growth opportunities in Asia - Management confirmed ongoing efforts to explore acquisitions in Asia that align with current operations [49] Question: Future financing arrangements with Scott Pak - Management indicated a commitment to maintaining the lowest possible cost of funds and flexibility in financing arrangements [57][58]

Financial Data and Key Metrics Changes - For the second quarter of 2025, total revenue was $935 million, exceeding the midpoint of guidance by approximately $35 million, driven by $25 million in higher recurring revenue and $8 million from favorable foreign exchange [9][10] - Adjusted EBITDA margin was 16.7%, outperforming guidance by about 180 basis points, primarily due to a favorable mix of higher recurring revenue and higher margin equipment [10][11] - Adjusted EPS for the second quarter was $1.49, with GAAP EPS at $0.07 [11] Business Line Data and Key Metrics Changes - JBT segment revenue increased by 13% year over year, with adjusted EBITDA of $82 million and an adjusted EBITDA margin of 18%, up 220 basis points from the prior year [11] - Morell segment revenue was $480 million, with adjusted EBITDA of $75 million, representing a margin of 15.5%, attributed to integration synergies and favorable revenue mix [12] Market Data and Key Metrics Changes - Combined orders totaled $938 million, including $22 million from favorable year-over-year foreign exchange translation [5] - EMEA was the strongest region, while North America was relatively soft; Latin America showed strength, and Asia Pacific remained choppy [6] Company Strategy and Development Direction - The company is focused on capitalizing on the expanded portfolio of offerings and cross-selling opportunities resulting from the integration of JBT and Morell [7][20] - The strategy includes optimizing product flow and increasing efficiency through fully integrated systems, which enhances customer value [17][19] - The company aims to achieve mid-teen margins in both fish and meat businesses by 2027 through project selectivity and improved service quality [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand environment, noting healthy orders despite macroeconomic challenges [5] - The company is reestablishing full-year earnings guidance due to expectations for backlog conversion and synergy savings [7][13] - Management highlighted the importance of mitigating tariff impacts through negotiations and sourcing adjustments [10][57] Other Important Information - The company ended the quarter with a backlog of $1.4 billion, providing significant support for revenue conversion in the latter half of the year [6][13] - Free cash flow for the year was $106 million, with $88 million generated in the second quarter, supporting balance sheet deleveraging [12] Q&A Session Summary Question: Insights on poultry investments and customer conversations - Management noted good visibility into the front half of 2026, with poultry companies making significant investments in automation and efficiency [28][29] Question: Margin performance at Morell - Management indicated a 400 basis point improvement in margins, driven by integration synergies, restructuring efforts, and a favorable mix of recurring revenue [41][44] Question: Impact of tariffs on orders - Management acknowledged some episodic delays in orders due to tariffs but emphasized that the impact is not systemic [63][80] Question: Pricing strategies and backlog - Management confirmed ongoing negotiations regarding backlog pricing and the ability to implement price increases on parts and equipment [88][91] Question: Future guidance and margin expectations - Management expects a sequential decline in margins for Q3 due to tariff impacts and a shift in revenue mix, but anticipates a rebound in Q4 [49][54]

Financial Data and Key Metrics Changes - The company generated revenue of $1,269 million in Q1 2025, an increase of 4% compared to the previous year [21] - Adjusted EBITDA was $417 million, reflecting a 23% increase, with an adjusted EBITDA margin of 33%, up from 28% in the prior year [21] - The UFC segment reported revenue of $360 million, a 15% increase, and adjusted EBITDA of $227 million, a 17% increase, with an adjusted EBITDA margin of 63%, up from 62% [22] - The WWE segment generated revenue of $392 million, a 24% increase, and adjusted EBITDA of $194 million, a 38% increase, with an adjusted EBITDA margin of 50%, up from 44% [25] - The IMG segment reported revenue of $476 million, a decrease of 13%, and adjusted EBITDA of $74 million, a decrease of 10% [29] Business Line Data and Key Metrics Changes - UFC's Live Events and Hospitality revenue increased by 66% to $59 million, driven by higher site fee revenue and ticket sales [23] - WWE's Live Events and Hospitality revenue increased by 52% to $76 million, primarily due to increased ticket sales [25] - Partnerships and marketing revenue for UFC increased by 32% to $64 million, while WWE's partnerships and marketing revenue surged by 86% to $26 million [23][27] Market Data and Key Metrics Changes - UFC set new records for live events, including the highest grossing Fight Night in company history in London and the highest grossing indoor arena event in Australia [6] - WWE's WrestleMania 41 became the most successful event ever, breaking records in gate, premium hospitality, viewership, sponsorship, merchandise, and social engagement [10] - WWE's international footprint on Netflix expanded, with significant engagement increases in markets like Mexico, the UK, Australia, and Brazil [9] Company Strategy and Development Direction - The company is focused on integrating newly acquired assets IMG, On Location, and PBR to drive top-line growth and cost synergies [5] - A strategic partnership with Meta aims to enhance UFC content through innovative experiences [7] - The company is committed to a robust capital return program while maintaining a strong balance sheet and exploring new opportunities in boxing [36] Management's Comments on Operating Environment and Future Outlook - Management noted no signs of a slowdown in consumer behavior, with strong performance expected to continue across live events and partnerships [20] - The company raised its full-year guidance, targeting revenue of $4,490 million to $4,560 million and adjusted EBITDA of $1,490 million to $1,530 million [38] - Management expressed cautious optimism regarding the UFC media rights negotiations, emphasizing a flexible approach to maximize long-term brand growth [65] Other Important Information - The company generated $136 million of free cash flow in Q1 2025, with a free cash flow conversion rate of 32% [32] - The company ended the quarter with $2,776 million in debt and $471 million in cash and cash equivalents [35] - The company plans to commence a $2,000 million share repurchase program in the second or third quarter of 2025, subject to market conditions [35] Q&A Session Summary Question: Update on UFC rights renewal and free cash flow for 2025 - Management is in discussions with various third parties regarding UFC rights, with ESPN still included in the mix [48] - Free cash flow conversion rate is expected to be over 60%, excluding nonrecurring amounts [50] Question: Economics of the Canelo announcement and boxing strategy - The new boxing organization plans to host an average of 12 fights per year, with separate media rights deals and global partnerships [58] Question: Outperformance in UFC and WWE - Outperformance in Q1 was driven by strong live event and global partnership performance, with confidence in continued momentum [72] Question: Capital returns and share repurchase program - The share repurchase program will be market-driven and opportunistic, with a focus on maintaining cash reserves [78] Question: Growth modeling for the IMG segment - The company intends to provide more transparency and KPIs for the IMG segment, anticipating growth in both revenue and margins [84]

Financial Data and Key Metrics Changes - Net sales increased by 31% to $1.7 billion, driven by favorable pricing and the full quarter impact of the S&P EMEA acquisition [12][13] - Adjusted EBITDA rose by 38% to $338 million, with an adjusted EBITDA margin improvement of 170 basis points to 16.6% [13][18] - Adjusted earnings per share increased by 23% to $1.30, primarily due to strong productivity and favorable price-cost performance [12][13] Business Line Data and Key Metrics Changes - Consumer Packaging segment saw a remarkable 127% growth in adjusted EBITDA, attributed to the EVOSYS acquisition and strong volume mix [6][14] - Industrial Packaging segment experienced a 6% increase in adjusted EBITDA, despite a low single-digit decline in volume [15][18] - All Other business reported sales of $85 million and adjusted EBITDA of $14 million, affected by the divestiture of Protective Solutions [16] Market Data and Key Metrics Changes - North American metal packaging business achieved a 10% organic volume mix improvement, with strong growth in aerosols and food cans [10][36] - EMEA metal packaging adjusted EBITDA increased by approximately 23%, driven by productivity savings and a favorable price-cost environment [10][14] - Industrial sales decreased by 6% to $558 million, impacted by lower volumes and unfavorable currency translation [15] Company Strategy and Development Direction - The company is focused on fewer, bigger businesses, enhancing its core sustainable packaging platforms and reinvesting in higher return opportunities [11][12] - Integration of the Ebiosis acquisition is underway, with expectations of achieving $40 million in synergy savings by 2025 [9][20] - The company aims to increase long-term profitability and return capital to shareholders, reaffirming its commitment to dividend payments [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic uncertainties, highlighting the resilience of the consumer packaging business during economic stress [22][23] - The company anticipates continued strength in legacy businesses and expects adjusted EPS to be in the range of $6 to $6.20 for the full year [18][26] - Management noted that the integration of the metal packaging business is progressing well, with strong customer interest in global capabilities [56][57] Other Important Information - The company has reduced its net leverage to just under four times net debt to adjusted EBITDA, using proceeds from the TFP sale to significantly reduce debt [17][70] - Operating cash flow is projected to be between $800 million to $900 million, with free cash flow expected between $450 million to $550 million [19][26] Q&A Session Summary Question: Can you provide more detail on volume performance by region and segment? - Management indicated mid-single-digit growth globally in the consumer segment, with North America slightly up and Europe down [31][32] Question: Are there any changes in purchasing behavior or supply chain issues? - Management noted minimal changes in purchasing behavior, with some stagnation due to a major customer's acquisition [43][44] Question: What are the opportunities in managing the global network? - Management is evaluating the best locations for production across their global platform to optimize costs and market share [48][49] Question: What is the outlook for the ThermoSafe business? - Management is preparing for a resolution on the ThermoSafe situation by the end of the year, with positive performance noted [65] Question: What is the current status of net adjusted debt post the TFP pay down? - Management confirmed net adjusted debt is expected to be under four times by year-end, with a target of 3 to 3.3 times by the end of 2026 [69][70]

Financial Data and Key Metrics Changes - The overall performance for the first quarter showed a revenue increase of 70% from $494 million to $838 million, primarily due to the acquisition of Markham [13] - Adjusted EBITDA doubled from $119 million to $238 million, reflecting strong margin and scale attributes [14] - Adjusted diluted EPS increased approximately 40% from $1.63 to $2.29 per share [15] Business Line Data and Key Metrics Changes - The Financial Services segment's revenue was $714 million, up $341 million or approximately 92%, with adjusted EBITDA doubling to $230 million [16] - The Benefits and Insurance segment delivered revenue of $113 million, up $5 million or approximately 4%, with adjusted EBITDA increasing by 10% to $30 million [17] Market Data and Key Metrics Changes - Non-recurring services now represent approximately 23% of total revenue, with anticipated softness due to economic conditions [19] - The government healthcare consulting business showed strong revenue growth and a robust pipeline of new projects [8] Company Strategy and Development Direction - The company is focused on integrating technology systems post-acquisition to enhance operational improvements and streamline processes [23] - There is an ongoing evaluation of M&A opportunities to build geographic presence and strengthen service lines [25] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenging economic environment but expressed confidence in the business model's resilience [6] - The company maintained its adjusted EBITDA and adjusted EPS guidance, while widening revenue guidance to $2.8 billion to $2.95 billion due to uncertainties [19] Other Important Information - The company expects approximately $60 million in payments related to prior acquisitions in 2025, with $30 million already paid in Q1 [19] - Total debt at the end of the quarter was approximately $1.5 billion, with a leverage ratio of about four times [18] Q&A Session Summary Question: Concerns about capital markets and revenue guidance - Management indicated that capital markets are a significant concern, with reliance on deal flow affecting revenue [37][40] Question: Outlook for government healthcare consulting - Management expects continued strong performance in government healthcare consulting, with a positive outlook for the remainder of the year [42] Question: Breakdown of integration costs - Management provided insights into integration costs, estimating $75 million for 2025, with significant IT-related costs extending into 2026 [44] Question: Conditions for revised revenue guidance - Management clarified that the revised revenue guidance reflects a pragmatic assessment of current economic conditions and historical performance during similar downturns [49][51] Question: Operational adjustments to maintain earnings guidance - Management highlighted various levers to protect earnings, including adjustments in compensation and discretionary spending [58][60] Question: Capital allocation priorities - Management emphasized a focus on reducing leverage while remaining opportunistic for strategic acquisitions and share repurchases [64][65] Question: Client conflicts and their impact on guidance - Management acknowledged client conflicts as expected during the integration process, with most impacts now behind them [70][72]

Financial Data and Key Metrics Changes - For Q4 2024, consolidated revenue was $48.8 million, with total company adjusted EBITDA of $4.9 million and operated segment adjusted EBITDA of $9.6 million [14][29] - For the full year 2024, consolidated revenue was $122.3 million, down from $125.1 million in 2023, with total company adjusted EBITDA of $17 million [36][40] - The net loss for Q4 2024 was $13.4 million, or $0.14 per share, compared to a net income of $74.8 million, or $0.75 per share in Q4 2023 [34][36] Business Line Data and Key Metrics Changes - Energy operations generated $17.3 million in revenue for Q4 2024, significantly up from $0.8 million in the same quarter last year [29] - Manufacturing operations, following the acquisition of Deflecto, generated $23.2 million in revenue for Q4 2024 [30] - Industrial operations generated $8.2 million in revenue for Q4 2024, a slight decrease from $8.6 million in the same quarter last year [30] - Intellectual property operations generated $0.1 million in licensing revenue during Q4 2024, down from $82.8 million in the same quarter last year [30][26] Market Data and Key Metrics Changes - The energy vertical reported Benchmark's highest ever revenue this quarter, demonstrating effective operational strategies [19] - The manufacturing operations are expected to improve earnings leverage as market conditions rebound [24] Company Strategy and Development Direction - The company aims to maximize value through disciplined capital allocation and strategic acquisitions, focusing on operational efficiencies and integration of acquired businesses [9][45] - The strategy includes evaluating potential acquisition targets in both private and public markets while maintaining a strong balance sheet [46][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and highlighted the stability offered by the company's diversified asset base [47] - The company plans to continue optimizing existing assets and exploring new acquisition opportunities to unlock shareholder value [48] Other Important Information - The company repurchased $20 million of stock at an average price of $4.61 per share, reflecting a strategic use of shareholder capital [16] - Cash, cash equivalents, and equity securities totaled $297 million at year-end 2024, down from $403.2 million at the end of 2023, primarily due to acquisitions and stock repurchases [41][42] Q&A Session Summary Question: Thoughts on the overall economy and tariffs - Management indicated that the company is insulated from tariffs due to its market position and has plans to adjust manufacturing operations if necessary [52][54] Question: Acquisition of more wells and Cherokee play potential - Management confirmed ongoing evaluation of asset packages for acquisition, focusing on operational scalability rather than geographical expansion [61][64] Question: Deflecto's gross margin performance - Management acknowledged that the fourth quarter is seasonally weak but remains committed to achieving the targeted gross margin of 15% [66] Question: Cash levels and acquisition strategy - Management clarified that the increase in cash levels is due to effective cash flow generation from acquired businesses [92] Question: Flexibility in private equity pricing - Management noted that while private equity firms typically seek high prices, there are opportunities for reasonable valuations, especially for businesses that may not fit traditional private equity models [96][97]