DoorDash delivery bag on a doorstep with food order visible, highlighting delivery demand and DASH stock focus. Key Points DoorDash’s guidance reset the narrative, with analysts and institutions pointing to a rebound setup and meaningful upside from key support levels. Management is leaning into growth in 2026, raising spend while still targeting EBITDA margin expansion over time. Q4 headline misses didn’t derail core momentum, but competition and regulation remain the main risks to monitor. Intereste ...

Expro Group Holdings (NYSE:XPRO) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsDave Wilson - Head of Investor RelationsEddie Kim - VP of Equity ResearchMike Jardon - CEOSergio Maiworm - CFOConference Call ParticipantsAti Mody - Equity Research AnalystColby Sasso - Equity Research AnalystDerek Podhaizer - Equity Research AnalystJosh James - Equity Research AnalystOperatorLadies and gentlemen, The Expro Fourth Quarter 2025 Earnings Presentation will begin shortly with your host, Dave ...

Adjusted EBITDA in the fourth quarter was $330 million , up 27% , with an adjusted EBITDA margin of 23.5% , which Eldessouky said was the highest level the company has achieved as a standalone company since its IPO. Full-year adjusted EBITDA was $891 million , and adjusted EBITDA margin for the full year was 17.5% .CFO Sam Eldessouky reported total company revenue of $1.405 billion in the fourth quarter, up 7% on a constant-currency basis. Full-year revenue was $5.101 billion , up 5% , and up 6% excluding t ...

Core Insights - The company has shown a solid booking trajectory with 61% of 2026 capacity booked, which is approximately 10 percentage points ahead of the same time last year [2] - Occupancy rates have improved significantly, reaching 66%, up from 51% in January of the previous year [2] - Total ticket revenue has increased by about 25% compared to January last year, indicating strong demand [2] Booking Position - For 2027, 10% of the capacity is already booked, which is about 3 percentage points ahead of the same time last year [1] - The company aims for 10–15% growth in Average Cabin Revenue (ACR) across cabin categories for 2026, which is expected to support continued revenue growth and EBITDA margin expansion [2] Revenue Performance - Average Cabin Revenue (ACR) remained stable compared to last year, attributed to high occupancy in lower-priced interior cabins [2] - Onboard sales have seen a significant increase of 35% compared to January last year, contributing positively to overall revenue [2]

Summary of Chefs' Warehouse Conference Call Company Overview - **Company**: Chefs' Warehouse (NasdaqGS: CHEF) - **Industry**: Food distribution, specifically targeting upscale dining and food service sectors Key Points and Arguments Demand and Market Resilience - Chefs' Warehouse has observed an acceleration in customer spending, which is better than anticipated, indicating strong demand in the upscale dining market [5][6] - The company has a long history of resilience through economic downturns, including the financial crash, 9/11, and COVID-19, suggesting a consistent demand for upscale dining experiences [5][6] - The business model is designed to flex with demand, utilizing a commission-based sales team that adjusts based on sales performance [7] Customer Base and Market Segmentation - The customer base primarily consists of independent restaurants rather than chains, which are perceived to be more resilient in the current market [10][12] - Chefs' Warehouse serves a diverse range of clients, including upscale bakeries, cruise ships, airlines, and fine dining establishments, indicating a broad market reach [11] Market Share and Growth Strategy - The company has been successful in gaining market share due to its extensive experience and focus on the fragmented food distribution industry [13][14] - Chefs' Warehouse has been less acquisitive recently but plans to continue seeking smaller specialty companies for acquisition to enhance market presence [14] - The company is focused on organic growth through investments in facilities and technology, which are expected to drive efficiency and service improvements [15][22] Financial Performance and Margins - The company emphasizes gross profit dollars per unit rather than just gross margins, indicating a focus on overall profitability [27] - Chefs' Warehouse aims to expand EBITDA margins through operational efficiencies and leveraging investments made in infrastructure [29][32] - The company has experienced a drag on EBITDA margins due to significant investments in new markets but expects improvements as these investments mature [32][33] Technology and Innovation - Chefs' Warehouse is utilizing AI for procurement and pricing optimization, enhancing customer engagement through predictive analytics [40][41] - The company is exploring automation in its facilities but emphasizes the importance of human labor for certain tasks, indicating a balanced approach to technology integration [42] Capital Allocation and M&A Strategy - The capital allocation model is flexible, allowing for opportunistic share buybacks and debt management while maintaining a focus on organic growth [51] - The company is selective in its M&A strategy, focusing on fold-in acquisitions that complement existing operations and enhance capacity [49][50] Future Outlook - The company anticipates stable demand and continued growth in margins over the next 12 months, driven by operational leverage from past investments [52][54] - Chefs' Warehouse is optimistic about its growth trajectory, with expectations to exceed its 2028 goals through ongoing investments and market expansion [21][54] Additional Important Insights - The company has made significant investments in training and retaining its salesforce, which is crucial for maintaining competitive advantage in the market [16][18] - Chefs' Warehouse has adapted to inflationary pressures by offering diverse product solutions to its customers, helping them manage costs effectively [34][36] This summary encapsulates the key insights from the Chefs' Warehouse conference call, highlighting the company's strategic focus, market dynamics, and future growth prospects.

Summary of Orthofix Medical Q3 2025 Conference Call Company Overview - **Company**: Orthofix Medical (NasdaqGS: OFIX) - **Date**: November 12, 2025 - **Key Focus**: Discussion of Q3 2025 financial performance and future outlook Key Highlights Financial Performance - **Q3 Revenue**: Beat consensus by approximately $3 million, achieving a revenue growth of 6% [3][5] - **EBITDA Margin**: Experienced a 230 basis points expansion, marking the seventh consecutive quarter of EBITDA margin growth [3] - **Free Cash Flow**: Positive free cash flow of $2.5 million in Q3 [3] Market Dynamics - **U.S. Spine Growth**: Strong procedure growth at 10%, with expectations to continue growing above market rates [9][10] - **International Orders**: Q3 revenue beat primarily driven by earlier-than-expected international stocking orders [6][7] Product and Strategy Insights - **Distributor Transition**: Ongoing consolidation of a fragmented distributor network is expected to drive incremental growth [14][16] - **7D Placement Demand**: Positive trends noted in capital equipment demand, with a focus on earn-out agreements to reduce upfront costs for hospitals [18][21] - **Verada Launch**: The new product is designed to enhance user experience in the operating room, with a full launch expected in 2026 [25][30] Future Outlook - **2026 Expectations**: Anticipated positive growth driven by the Verada launch, full-year impact from distributor transitions, and new product introductions [34] - **BGT Revenue Impact**: CMS pilot program expected to have an immaterial annual impact on BGT revenue, with no change in physician prescribing behavior anticipated [38][39] Margin and Profitability Goals - **Gross Margin Expansion**: Targeting 300 basis points of gross margin expansion by 2027, driven by supplier consolidation and insourcing strategies [40][42] - **EBITDA Margin Goals**: Aiming for mid-teens EBITDA margins by 2027, with a focus on leveraging operational efficiencies [47][56] Orthopedics Business Outlook - **Growth Potential**: Positive outlook for the Orthopedics segment, particularly in trauma and diabetic foot treatment markets, with significant product differentiation [58][59] Underappreciated Aspects - **Company Transformation**: Notable improvements in free cash flow and consistent EBITDA performance are seen as underappreciated by the market [61][62] Additional Insights - **Pricing Strategy**: Long-term guidance assumes 1% to 2% price erosion, but current pricing has remained relatively flat [12] - **Market Positioning**: Orthofix aims to leverage its innovative product lines and strong distributor relationships to capture market share [10][16] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, market dynamics, product strategies, and future outlook.

Financial Data and Key Metrics Changes - Brink's reported Q3 2025 revenue of over $1.3 billion, a 6% increase, with 5% organic growth and a 1% foreign currency tailwind [18] - Adjusted EBITDA rose 17% to $253 million, with operating profit up 24% [18] - EBITDA margins reached a record 19%, up 180 basis points year-over-year, driven by productivity and AMS/DRS revenue mix [4][18] - Free cash flow for Q3 was $175 million, a year-over-year increase of 30%, with year-to-date free cash flow up 78% [5][18] Business Line Data and Key Metrics Changes - AMS/DRS accounted for 28% of total revenue in Q3, with organic growth accelerating from 16% in Q2 to 19% in Q3 [4][10] - CVM organic growth remained consistent, driven by pricing discipline and conversion to AMS/DRS, contributing 2-3 points of growth in CVM [11][31] - The revenue mix is shifting towards higher-margin AMS/DRS, with expectations for this segment to reach 27-28% of total revenue by year-end [10] Market Data and Key Metrics Changes - The company is experiencing healthy organic growth across all regions, with particular strength in North America and Latin America [30][60] - The penetration rate for ATM outsourcing remains low, indicating significant growth opportunities in both existing and new markets [13][30] Company Strategy and Development Direction - Brink's is focused on delivering organic growth primarily from higher-margin subscription-based services of AMS and DRS, with a value creation strategy in place [7][8] - The company is making structural changes to improve profitability and cash generation, including reducing capital intensity and enhancing operational efficiency [8][22] - The management is confident in the long-term growth potential of AMS/DRS, with a target of achieving at least 20% EBITDA margin in North America over the midterm [16][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and execution, highlighting strong pipelines and growth in AMS/DRS [16][60] - The outlook for the fourth quarter includes expected revenue of $1.355 billion, reflecting mid-single-digit organic growth [24] - Management noted that bank consolidation could present opportunities for AMS solutions, enhancing cost synergies for consolidating banks [68][70] Other Important Information - The company has repurchased approximately 1.7 million shares year-to-date at an average price of just over $89 per share, with plans to return at least 50% of free cash flow to shareholders [8][23] - The net debt to EBITDA leverage ratio was reduced to 2.9x, within the targeted range of 2x-3x [9][22] Q&A Session Summary Question: Increased full-year growth outlook for AMS/DRS - Management noted good visibility into Q4 and the first half of next year, with strong growth in both AMS and DRS across all regions [27][30] Question: Trends in CVM business - Management indicated that the conversion to AMS/DRS accounted for some organic headwind in CVM growth, with Global Services performing in line with expectations [31] Question: Internal strategies for AMS/DRS growth - Management discussed changes in incentive compensation plans to focus on AMS/DRS growth and the evolution of sales channels to include partnerships [41][44] Question: North America margins and long-term potential - Management highlighted that margin improvements are driven by AMS/DRS mix, disciplined pricing, and operational execution, with incremental margins expected to be 20%-30% [45][50] Question: Midterm goals for free cash conversion - Management expressed confidence in maintaining a conversion target of 40%-45%, driven by the favorable DSO profile of AMS/DRS and improved collections [54][57] Question: Impact of bank consolidation - Management believes bank consolidation could create opportunities for AMS solutions, providing unique offerings and cost synergies for consolidating banks [68][70]

Financial Data and Key Metrics Changes - The company has maintained its expectation for EBITDA margins of around 16% in 2026, with an anticipated 100 basis points of expansion each year [23][28] - The company reported a 1% drag on pricing in the recent quarter, which was in line with expectations [42][46] Business Line Data and Key Metrics Changes - The company is seeing strong growth in its Boulder Canyon brand, which is the number one potato chip brand in the natural channel, with velocities up about 35% [80] - The On the Border brand is experiencing short-term challenges, but management believes these issues are not structural and can be addressed [76][78] Market Data and Key Metrics Changes - The company has a 1.9% market share in California, which represents a significant opportunity as the state accounts for about 10% of the salty snacks category in the U.S. [41] - Expansion markets such as Florida, Illinois, Colorado, and Missouri are averaging about 6% growth, outperforming the average expansion market share [114][115] Company Strategy and Development Direction - The company plans to make incremental investments to support its expansion into California, leveraging a proven playbook from previous market entries [26][27] - The strategy focuses on holding core markets while expanding into new geographies, with a strong emphasis on innovation and communication to drive growth [111][112] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the salty snacks category, noting that consumer participation is increasing and the pricing environment remains rational [120][121] - The company is committed to increasing marketing investments, particularly in retail media, to drive consumer engagement and support brand growth [124][125] Other Important Information - The company is addressing recent challenges related to potato supply quality, which impacted gross margins, but expects these issues to be isolated and resolved [61][66] - The company is focused on productivity improvements and supply chain optimization to enhance operational efficiency and support top-line growth [98][102] Q&A Session Summary Question: Can you elaborate on the California route acquisition and its impact? - Management indicated that the acquired network will allow for product introduction in early 2026, with confidence in driving growth through existing customer relationships [40] Question: What is the outlook for pricing and volume mix? - The company experienced a 1% drag on pricing but expects to manage this through effective revenue management strategies [46][47] Question: How does the competitive landscape affect the company? - Management views competitor innovations as a net positive for the category, as they can drive consumer interest and engagement [88][90] Question: What are the expectations for market share dynamics? - The company is seeing incremental market share gains in core markets, driven by strong relationships with retailers and effective execution [111][112] Question: What is the company's approach to innovation? - Management believes that innovation can drive category growth and is focused on simplifying ingredients and addressing consumer trends [130][133]

Company Overview - H B Fuller's FY24 revenue reached $3.6 billion[18] - The company's product portfolio now addresses 92% of an $80 billion market, a significant increase from 43% of a $31 billion market pre-2000[34] - H B Fuller currently holds a 4.5% market share in the $80 billion adhesives and sealants market[39, 91] - H B Fuller has a 6% market share in its $56 billion target market[39, 91] Financial Performance and Targets - H B Fuller aims for >5% annual constant currency revenue growth[213, 215] - The company targets EBITDA growth exceeding 2x revenue growth[213, 220] - H B Fuller is targeting >20% EBITDA margin[23, 213, 249] - The company aims to maintain working capital <15% of revenue[213, 223] Strategic Initiatives - Project Quantum Leap aims to reduce the number of manufacturing plants from 82 to 55 by 2030, generating $75 million in run-rate savings[108] - H B Fuller has already announced and in many cases completed reduction of 16 closures by end 2025[108] - The company plans to reduce the number of warehouses in North America from 55 to 10 within two years[108]

Financial Data and Key Metrics Changes - Organic sales decreased by 0.9%, with positive pricing of 1% offset by a volume decline of 1.9% [4][10] - Adjusted EBITDA for the quarter was $171 million, up 3% year-on-year, with an EBITDA margin of 19.1%, an increase of 110 basis points year-on-year [4][12] - Adjusted gross profit margin was 32.3%, up 190 basis points versus last year [10] - Adjusted earnings per share (EPS) of $1.26 was up 12% compared to the third quarter of 2024 [12] - Operating cash flow increased by 13% year-on-year [12] Business Line Data and Key Metrics Changes - HHC: Organic revenue decreased by 3.1%, with EBITDA up 2% year-on-year and EBITDA margin at 16.9% [5][6] - Engineering Adhesives (EA): Organic revenue increased by 2.2%, with EBITDA up 14% and EBITDA margin expanded to 23.3% [6][7] - Building Adhesive Solutions (BAS): Organic sales decreased by 1%, with EBITDA increasing by 3% to $41 million and EBITDA margin at 17.7% [7][8] Market Data and Key Metrics Changes - Americas: Organic revenue was up 1% year-on-year, driven by EA's high single-digit increase [8] - EIMEA: Organic revenue declined by 2% year-on-year, with EA flat and HHC and BAS down modestly [8] - Asia-Pacific: Organic revenue decreased by 4% year-on-year, primarily due to significant volume decline in solar [8] Company Strategy and Development Direction - The company is focused on enhancing its portfolio, driving efficiencies, and repositioning for growth and margin expansion [4][15] - The strategy includes proactive measures in pricing and raw material management, as well as cost controls [15][16] - The company aims to achieve a greater than 20% EBITDA margin target in the long term [17] Management's Comments on Operating Environment and Future Outlook - Management expressed caution due to a globally subdued economic backdrop, expecting volume growth to remain elusive [4][9] - The manufacturing sector is weak, with customer demand appearing uneven and less predictable [9] - The company anticipates a slow growth environment with continued economic volatility and high interest rates [9] Other Important Information - The company updated its financial guidance for fiscal 2025, expecting net revenue to be down 2%-3% year-on-year and organic revenue to be flat to up 1% [13][14] - Full-year adjusted diluted EPS is expected to be in the range of $4.10-$4.25, equating to year-on-year growth of 7%-11% [14] Q&A Session Summary Question: Could you provide some more detail behind the reduction in cash flow guidance? - The reduction is primarily due to higher inventory levels in preparation for footprint consolidation actions, which is expected to be temporary [19][20] Question: Did anything accelerate in the quarter for EA? - EA experienced a return to double-digit organic growth in electronics, with strong performance in the U.S. driven by new customer wins and share take [24][25][26] Question: How would you explain the HHC decline in volumes versus EA? - HHC volumes reflect a tougher consumer environment, with mid-single-digit declines across major regions, while EA is outperforming the market [32] Question: What are the expectations for solar in fiscal year 2026? - The company will continue to face headwinds in revenue from the silicon sealant product line, but expects to shore up EBITDA and margins by exiting lower-margin spaces [35] Question: What is the status of pricing versus raw material cost tailwinds? - The company has generated about $15 million of the anticipated $55 million in price and cost actions, with expectations for additional benefits in Q4 and into next year [40][41] Question: How do you see growth opportunities in the next year or two? - The company is experiencing accelerated growth in EA and medical adhesives, with strong performance in new geographies and product ranges [44][45] Question: What kind of lag effects do you expect from lower interest rates? - Lower interest rates typically impact the business 15-18 months later, but immediate benefits are expected in various segments, particularly in woodworking [50][51] Question: How large is the data center business and its impact? - The data center business is growing quickly, with a strategic focus on roofing systems, contributing to overall segment growth [52][53]