Core Insights - Academy Sports + Outdoors plans to host an Analyst Day event on April 7, 2026, to discuss long-term strategy and growth initiatives [1][2] Group 1: Event Details - The Analyst Day will begin at 9:00 a.m. Eastern Time, featuring presentations from CEO Steve Lawrence, CFO Carl Ford, and Chief Customer Officer Chad Fox [2] - A live webcast of the event will be available on the company's website, with presentation materials posted prior to the event and a replay archived for approximately 30 days [2][3] Group 2: Company Overview - Academy Sports + Outdoors is a leading full-line sporting goods and outdoor recreation retailer in the U.S., with over 300 stores across 21 states [4] - The company's mission is to provide "Fun for All," supported by a localized merchandising strategy and a diverse product assortment in outdoor, apparel, sports & recreation, and footwear categories [4]

Financial Data and Key Metrics Changes - Net sales for Q4 2025 were $373.7 million, down 3% from Q4 2024 [7] - Gross profit for Q4 2025 was $85 million, compared to $91.8 million in Q4 2024, with a gross margin of 22.7%, down 110 basis points [7][8] - SG&A expenses for Q4 2025 were $58.3 million, up 9.3% from Q4 2024 [9] - Adjusted EBITDA for Q4 2025 was $44.8 million, or 12% of net sales, compared to $51.8 million, or 13.4% of net sales, in Q4 2024 [10] - Adjusted earnings per share for Q4 2025 were $1.70, down from $2.39 in Q4 2024 [10] Business Line Data and Key Metrics Changes - Industrial Equipment Division net sales for Q4 2025 were $234.9 million, an increase of 4.2% compared to Q4 2024, with adjusted EBITDA of $41.5 million or 17.7% of net sales [11] - Vegetation Management Division net sales for Q4 2025 were $138.7 million, a decrease of 13.2% compared to Q4 2024, with adjusted EBITDA of $3.2 million or 2.3% of net sales [12] Market Data and Key Metrics Changes - The Industrial Equipment Division represented 59% of total net sales, while the Vegetation Management Division represented 41% [19][21] - Net orders in the Industrial Equipment Division were up 21% year-over-year, while net orders in the Vegetation Management Division were down 3% [18][21] Company Strategy and Development Direction - The company is focusing on four strategic pillars: People and culture, Commercial excellence, Operational excellence, and Capital deployment [24] - The company has completed the expansion of its manufacturing facility in France, nearly doubling its size to support growth in Western Europe [24] - The company is pursuing tuck-in acquisitions, with the recent acquisition of Petersen Industries seen as a positive addition to its portfolio [26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's direction over the next three to five years, despite challenges in the current operating environment [6] - The company anticipates a slowdown in growth rates for the Industrial Division in 2026, expecting flattish to low to mid-single-digit growth [31] - Management expects to see improvements in the Vegetation Management Division as production efficiencies are realized [50] Other Important Information - The company approved a 13.3% increase in its quarterly dividend to $0.34 per share [16] - Cash provided by operating activities for FY 2025 was $177.5 million, down from $209.8 million in FY 2024 [13] Q&A Session Summary Question: Will growth rates slow down in the Industrial Division? - Management expects flattish to low to mid-single-digit growth in 2026, with a focus on quality of earnings rather than chasing low-margin sales [31][32] Question: What about the Petersen acquisition? - Petersen is expected to be accretive and is in a growth end market, with management planning to make investments to drive synergies [35][36] Question: How will Vegetation Management margins progress in 2026? - Management anticipates sequential improvement in margins from Q4 2025 to Q1 2026, aiming to return to at least 8% adjusted operating margins in the longer term [50][51] Question: What is the M&A pipeline looking like? - The company is focused on tuck-in acquisitions, primarily in the industrial space, with a robust pipeline being developed [53]

Core Insights - Utz Brands, Inc. (NYSE:UTZ) is recognized as a promising investment opportunity, particularly highlighted during the 2026 CAGNY Conference where the company outlined its long-term strategy [1][6] Group 1: Long-Term Strategy - The company is focusing on four main pillars: profitable growth in the salty snack category, margin expansion, accelerated free cash flow, and leveraging leading capabilities [2] - Utz Brands aims to achieve organic net sales growth of 2% to 3% faster than the overall category, with a long-term net sales potential of $1.9 billion and an additional $500 million opportunity from Boulder Canyon and expansion geographies [3] Group 2: Financial Projections - The company projects adjusted EBITDA growth of 6% to 8% annually, with profit margins expected to exceed 17% [3] Group 3: Product Portfolio - Utz Brands markets, manufactures, and distributes a variety of branded snacks, including pretzels, potato chips, veggie chips, cheese, and pork skins, under brands such as Utz, Golden Flake, Zapp's, Good Health, Hawaiian, and Boulder Canyon [4]

Financial Data and Key Metrics Changes - Rogers Communications reported a consolidated service revenue increase of 16% to CAD 5.3 billion in Q4 2025, with Adjusted EBITDA rising 6% to CAD 2.7 billion [17][19] - For the full year 2025, total revenues reached CAD 21.7 billion, up 5%, while EBITDA increased by 2% to CAD 9.8 billion [17][19] - Free cash flow for Q4 was CAD 1 billion, a 16% increase year-over-year, and for the full year, free cash flow exceeded CAD 3.3 billion, up 10% [10][18] Business Line Data and Key Metrics Changes - In the wireless segment, Q4 service revenue was CAD 2.1 billion, stable compared to 2024, with Adjusted EBITDA growing 1% to CAD 1.4 billion, maintaining a 67% margin [14][15] - The cable business achieved a Q4 margin of 59%, up 30 basis points from the previous year, with retail internet net additions of 22,000 [15][18] - The media segment saw Q4 revenue of CAD 1.2 billion, more than double from the previous year, driven by the Blue Jays postseason and the consolidation of MLSE results [8][9] Market Data and Key Metrics Changes - The total mobile phone net additions for Q4 were 39,000, with a full year total of 245,000, reflecting a disciplined approach amidst a competitive environment [15][19] - The wireless market growth is projected at 2%-2.5% for 2026, with a focus on maintaining service revenue growth despite competitive pressures [35][61] Company Strategy and Development Direction - The company aims to return leverage to pre-Shaw levels, achieving this nine months ahead of schedule, and plans to continue investing in core sports and media operations [4][10] - Rogers Satellite was launched to enhance connectivity in areas lacking traditional cellular coverage, included in select 5G Plus plans [6][36] - The company is focused on driving efficiencies and cost reductions in a low-growth environment while maintaining a strong balance sheet [4][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 guidance targets, projecting service revenue growth of 3%-5% and Adjusted EBITDA growth of 1%-3% [11][21] - The competitive landscape remains intense, particularly in wireless, with management opting for a balanced approach rather than following aggressive discounting strategies [14][33] - Management highlighted the importance of maintaining a strong value proposition beyond price to drive subscriber growth and retention [45][63] Other Important Information - Debt leverage improved to 3.9 times, down 0.6 times from the previous year, with CAD 5.9 billion in available liquidity [19] - Capital expenditures decreased by 7% in Q4, with capital intensity at its lowest level since 2017 at 15% [10][18] Q&A Session Summary Question: Factors influencing 2026 EBITDA guidance range - Management acknowledged the unpredictability of playoff runs and competitive discounting as key factors affecting the EBITDA guidance range of 1%-3% [24][25] Question: Wireless market expectations and ARPU - Management noted that the wireless market is expected to grow at 2%-2.5%, with a focus on maintaining a balanced approach to pricing and subscriber growth [32][35] Question: Impact of roaming on ARPU - Management indicated that roaming had weighed on ARPU in 2025, but new plans are expected to drive volume and mitigate revenue declines [46][47] Question: Free cash flow guidance and below-the-line items - Management clarified that free cash flow guidance reflects variability across CapEx, EBITDA, and other financial elements, with no specific drag identified [52][66] Question: Cable market dynamics and EBITDA growth - Management emphasized ongoing efforts to improve efficiency and customer experience in the cable segment, with a focus on adopting new technologies [96][97] Question: Retail distribution network and potential cost savings - Management acknowledged the strength of the retail distribution network but indicated that it could be a source of potential cost savings in the future [105]

Financial Data and Key Metrics Changes - The company reported FFO per diluted share of $0.52 for Q1 2025, a decrease of approximately $0.03 compared to Q4 2024, primarily due to the impact of the Del Monte Center disposition [16] - Same store cash NOI increased by 3.1% year over year in Q1 2025, with all sectors reporting positive growth except for the mixed-use sector [16][17] - The company ended Q1 with liquidity of approximately $544 million, including $144 million in cash and cash equivalents [20] Business Line Data and Key Metrics Changes - The office portfolio's same store NOI increased by 5.4% in Q1 2025, driven by the expiration of a rent abatement [17] - The retail portfolio's same store NOI also increased by 5.4%, supported by new leases and contractual rent escalations [17] - The multifamily portfolio's NOI was flat year over year, primarily due to lower rental income in Portland, while San Diego properties showed growth [17][12] - The mixed-use portfolio's NOI declined by approximately 11.6%, mainly due to lower occupancy at the Embassy Suites Waikiki [17] Market Data and Key Metrics Changes - The office portfolio ended Q1 at 85.5% leased, with an increase in average base rents [8] - The retail portfolio ended the quarter 97% leased, with strong collections and an all-time high average base rent [10] - The San Diego multifamily properties ended the quarter approximately 95% leased, with a blended rent increase of 2% [12] Company Strategy and Development Direction - The company focuses on thoughtful capital allocation, operational discipline, and enhancing asset quality to ensure long-term stability [4][5] - The strategy includes pursuing organic growth through leasing and value-add improvements while maintaining strong liquidity [6] - Recent capital recycling includes the sale of Del Monte Center and the acquisition of Genesee Parks Apartments, aligning with the strategy to concentrate on core markets [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complex operating environment, including inflation, interest rate volatility, and geopolitical uncertainty, but sees opportunities for growth [5] - The company remains cautiously optimistic about the office sector's recovery, particularly in high barrier coastal markets [9] - Management reaffirms full-year 2025 guidance of $1.87 to $2.10 per FFO share, reflecting confidence in the portfolio's strength [21][22] Other Important Information - The Board approved a quarterly dividend of $0.34 per share for Q2, reflecting confidence in the company's outlook [14][15] - The company aims to maintain a long-term net debt to EBITDA ratio of 5.5 times or below [20] Q&A Session Summary Question: Update on Bellevue assets and occupancy - Management noted significant leasing activity in Bellevue, with recent leases bringing properties closer to market vacancy rates [26][28] Question: Impact of Proposition 1A on tenant interest in Downtown Seattle - Increased inbound tenant inquiries were noted, with Bellevue outperforming in the current market [30] Question: Plans for redeploying proceeds from Del Monte Center sale - The company is actively looking for additional acquisitions but is also comfortable holding cash for liquidity during economic uncertainty [32][33] Question: Update on leasing pipeline at La Jolla - The UTC submarket remains tight, with ongoing leasing efforts and new amenities expected to drive activity [34][38]