Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenue of $363 million, a 23% increase compared to the prior year quarter, while full year revenue rose 11% to $1.3 billion [15] - Quarterly diluted EPS grew 37% to $1.04 per share, and full year diluted EPS increased 18% to $3.59 per share [15] - Service revenue for Q4 increased 21% year-over-year to $129 million, driven by strong demand from marketplace participants [16] - Product revenue increased by 24% year-over-year in Q4 to $234 million, with U.S. product revenue totaling $121 million, up 3% year-over-year [17] Business Line Data and Key Metrics Changes - Marketplace GMV increased approximately 18% year-over-year, reaching nearly $1.6 billion, with a 17% year-over-year growth in the 3P seller base [7] - GMV from the 3P seller space grew by 23% to $851 million, with nearly 2,800 new buyers added in 2025 [7] - Noble House portfolio saw over 40% year-over-year growth in Q4, driven by new products and SKUs introduced [17][25] Market Data and Key Metrics Changes - Europe experienced a 68% revenue growth from 2024 to 2025, significantly contributing to the company's double-digit global growth [5][8] - Product revenue for Europe increased by 64% year-over-year to $98 million, with product margins increasing 220 basis points sequentially to 32.1% [18] Company Strategy and Development Direction - The company is focused on building new growth vectors for sustainable long-term value creation through geographic expansion and targeted acquisitions [3] - The acquisition of Noble House and New Classic Home Furnishing is part of the strategy to broaden product offerings and enhance operational efficiency [4][12] - The company aims to leverage its marketplace model and operational capabilities to integrate New Classic and expand its geographic reach [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to perform across cycles, supported by strong execution and a portfolio of durable growth vectors [5] - The company anticipates continued strong performance in Europe, although it does not expect indefinite growth at close to 70% [24] - Management highlighted the importance of adapting to changing market conditions and maintaining operational discipline [8] Other Important Information - The company generated $64 million in operating cash flows during Q4, ending the quarter with total liquidity of $417 million and remains debt-free [20] - The company has executed $33 million in share buybacks as part of its capital allocation strategy [20] Q&A Session Summary Question: Sources of revenue upside in Q4 and guidance for Q2 - Management identified strong performance in Europe and the turnaround of the Noble House portfolio as key drivers of revenue upside [24][25] Question: Drivers of gross margin changes - Management explained that lower ocean spot rates impacted service margins, while product margins benefited from strong performance in Europe and higher off-platform sales [26][27] Question: Breakdown of service versus product growth in Q1 - Management indicated that they expect service and product to grow at similar speeds, with contributions from New Classic included in the guidance [31] Question: Expectations for service gross margin recovery - Management anticipates a recovery in service gross margins due to the seasonal decrease in last mile costs and planned pricing increases [32] Question: Preliminary thoughts on ocean freight and gross margin impact - Management noted that ocean spot rates are currently stable but could not predict future trends [34]

Financial Data and Key Metrics Changes - Total company revenue for Q2 2025 was $550.8 million, a 15.2% increase year over year from $477.9 million in Q2 2024. Excluding contributions from Nova, revenue was $519.4 million, resulting in an 8.7% increase over the prior year [6][10] - Adjusted EBITDA was $115 million in Q2 2025, compared to $101.6 million in the same quarter prior year, reflecting a 13.2% increase. Adjusted EBITDA margin decreased from 21.3% in Q2 2024 to 20.9% in Q2 2025 [9][20] - Adjusted net income attributable to the company was $47.7 million, with adjusted earnings per share at $0.37 for Q2 2025 [10] Business Line Data and Key Metrics Changes - In the occupational health center segment, total revenue was $516.1 million in Q2 2025, a 14.4% increase year over year. Workers' compensation revenue was $332.2 million, up 15.2% from the prior year [11][12] - Employer services revenue increased to $174.3 million, a 13.7% rise from the prior year, with visits per day increasing by 10.3% [12] - Excluding the impact of Nova, total revenue in the occupational health center segment was $484.8 million, a 7.4% increase year over year [13] Market Data and Key Metrics Changes - Total patient visits increased by 9.5% in Q2 2025, averaging approximately 55,000 visits per day. Workers' compensation visits per day increased by 9.3%, while employer services visits increased by 10.3% [7][8] - Excluding the impact from the acquisition of Nova, total visits per day increased by 2.4% [7] Company Strategy and Development Direction - The company is focused on integrating the Nova and Pivot acquisitions while continuing to expand its de novo site openings, with plans for two to three additional sites by the end of the year [4][25] - The company aims to capture remaining operational and back office synergies from the Nova acquisition, estimating over 70% of planned synergies captured by the end of Q2 [24] - The company is pursuing a strategy of both de novo openings and small bolt-on M&A deals, with a focus on maintaining a leverage ratio below three times by 2026 [26][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of visit trends and the broader economy, noting no significant slowdown in hiring trends [30][31] - The company anticipates a strong rate year in 2026, benefiting from state-specific fee schedule adjustments tied to recent legislation [34][36] - Management highlighted the ongoing separation from Select Medical, with significant progress made towards complete separation by November 2026 [36] Other Important Information - The company declared a cash dividend of $6.25 per share, payable on or about August 28, 2025 [28] - The company ended Q2 2025 with a total debt balance of $1.67 billion and a cash balance of $74 million, with a net leverage ratio of 3.8 times [21] Q&A Session Summary Question: Can you walk through the changes to revenue and adjusted EBITDA guidance? - Management indicated that the guidance was raised due to strong performance in revenue and EBITDA, factoring in contributions from recent acquisitions [42][44] Question: What is the updated count of on-site health clinics following the Pivot acquisition? - The updated count is approximately 240 on-site clinics, with no change to the revenue figure previously stated [47][48] Question: What explains the softer trend in Q1 for workers' compensation? - Management noted that various dynamics influenced Q1 performance, but overall, they expect to see low single-digit growth rates over time [51][53] Question: How does the company view the long-term organic growth for employer services? - Management anticipates long-term organic growth in the low single-digit range, around 1% to 2% per year from M&A and de novo efforts [82] Question: How does the company manage labor dynamics? - The company has historically not faced significant labor pressures due to its staffing model, which relies on medical assistants rather than more scarce nursing roles [98]

Group 1: Acquisition and Financial Outlook - NTG has completed the acquisition of DTK on May 7, 2025, which is expected to contribute approximately DKK 75 million to adjusted EBIT in 2025, strengthening NTG's position in the Nordic region and enhancing capabilities in temperature-controlled transportation [1] - The full-year outlook for 2025 has been updated to an adjusted EBIT range of DKK 560 - 630 million, down from the previous range of DKK 575 - 650 million, reflecting preliminary Q1 results and the integration of DTK [5] - The preliminary adjusted EBIT for the Group for Q1 2025 is reported at DKK 121 million [4] Group 2: Market Conditions and Challenges - Recent tariffs from the United States have complicated global trade, leading to a slowdown in transport activity, particularly affecting shipments from China and import volumes into the U.S. [2] - The market environment remains challenging due to ongoing macroeconomic uncertainty and limited visibility across customer supply chains, impacting operations in key markets [3] - Activity levels in recent acquisitions, Schmalz+Schön and ITC Logistic, have been below expectations due to a decline in recurring business and softer demand, particularly in the German market [4] Group 3: Future Assumptions and Risks - The updated outlook assumes flat development in the road market, with potential downside risks due to low visibility in the German market and negative impacts from increased U.S. tariffs on air and ocean markets [9] - The outlook includes effects from all completed acquisitions, including DTK, but does not account for potential impacts from other acquisitions in 2025 [9] - Macroeconomic and geopolitical uncertainties remain elevated, and the assumptions underlying the outlook may change [9]