Financial Data and Key Metrics Changes - Fiscal fourth quarter 2025 revenue increased 22% to $460 million compared to $378 million in the prior year period [10] - Full-year 2025 total revenue increased 6% to $1.9 billion, driven by a slight increase in units and higher average selling prices [12] - Net loss for fiscal year 2025 was $116 million, or $7.22 per diluted share, compared to a net loss of $6.39 per diluted share in the prior year [15] - Adjusted EBITDA for fiscal year 2025 was $70 million, with adjusted diluted earnings per share of $0.44 [15] Business Line Data and Key Metrics Changes - New boat sales in Q4 increased 27% to $275 million, while pre-owned sales increased 25% to $91 million [10] - Same-store sales for the year grew by 6%, outperforming the industry which saw a decline of over 13% [12] - Revenue from service parts and other sales for the quarter increased 7% to $81 million [10] Market Data and Key Metrics Changes - The company experienced a 6% same-store sales growth for the year, outperforming broader industry trends [4] - Inventory levels decreased to $540 million from $591 million in the prior year, reflecting strategic inventory positioning [15] Company Strategy and Development Direction - The company completed a strategic exit from discontinued brands to focus on high-performing brands, which is expected to improve margins in the long term [5] - The company aims to maintain a disciplined approach to inventory and cost management to adapt to market conditions [17] - The outlook for 2026 anticipates flat same-store sales, with total sales expected to range from $1.83 billion to $1.93 billion [16] Management's Comments on Operating Environment and Future Outlook - Management noted that industry conditions remain challenging, with retail demand normalizing from pandemic highs and increased promotional activity [4] - There are positive signs of improved channel inventories and normalizing OEM production, which could support demand and growth [6] - Management expressed cautious optimism for 2026, expecting demand to fluctuate with traditional seasonal cycles [16] Other Important Information - The company exited the year with the cleanest inventory levels seen in years, providing a competitive advantage [5] - The company has a total liquidity of over $67 million, including cash and credit facilities [15] Q&A Session Summary Question: Can you quantify the change in inventory year over year? - The company reported a decrease of approximately 8.5%, or $50 million, year over year [19] Question: What is the right assumption for inventory for fiscal 2026? - Inventory is expected to increase modestly due to price increases, with a headwind of around 5% from exiting brands [20] Question: What is the outlook for interest rate expenses in 2026? - Interest rate expenses are expected to be flattish to slightly up for floor plan interest, while term interest should decrease [22] Question: Have consumer rates started to come down in a meaningful way? - Consumer rates have started to decrease, contributing to positive sales momentum [26] Question: How much were sales up at the Fort Lauderdale boat show? - Sales were nearly up 20% compared to last year at the Fort Lauderdale boat show [29] Question: How do you see the promotional environment playing out in fiscal 2026? - The promotional environment is expected to remain stable until manufacturers increase production [35] Question: What is the current dynamic regarding trade-ins for pre-owned boats? - There has been an increase in trade-ins as consumers are opting to sell through dealerships rather than independently [40] Question: What is the company's approach to M&A in the current environment? - The company is focused on being disciplined regarding debt and is taking a methodical approach to potential M&A opportunities [42]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may face access issues if ad-blockers are enabled, suggesting the need to disable them for a better experience [1]

Core Insights - The Ensign Group reported strong operational execution in Q3, with revenue growth driven by higher patient volumes and improved clinical outcomes [1] - Management highlighted the importance of occupancy and skilled patient mix, attributing success to their decentralized, locally led model [1] - CEO Barry Port emphasized clinical performance as a key differentiator, with same-store facilities outperforming peers in government surveys and achieving record occupancy [1] Financial Performance - Revenue reached $1.30 billion, exceeding analyst estimates of $1.28 billion, representing a 19.8% year-on-year growth [6] - EPS (GAAP) was $1.42, missing analyst expectations of $1.49 by 4.9% [6] - Adjusted EBITDA was $151.1 million, beating analyst estimates of $147.1 million, with an 11.7% margin [6] - The company raised its full-year revenue guidance to $5.06 billion, a 1.1% increase from the previous guidance of $5.01 billion [6] - Full-year EPS (GAAP) guidance is $6.51, exceeding analyst estimates by 12.1% [6] - Operating margin remained stable at 7.4%, consistent with the same quarter last year [6] - Sales volumes increased by 15.1% year-on-year, compared to 9.9% in the same quarter last year [6] - Market capitalization stands at $10.35 billion [6] Strategic Insights - There is significant potential for skilled mix growth in mature facilities, with only 31.7% of same-store days currently skilled [6] - Organic growth remains a major focus for the company [6] - Managed care contracting in new markets, such as Alabama, is a gradual process that requires time to establish relationships [6] - Acquisition timing is primarily influenced by seller readiness, with a focus on maintaining discipline in pricing despite competitive pressures [6] - The company is expanding behavioral health services, with new units being added in Arizona and California to meet increased demand [6] - Ensign's facilities are positioned as high-quality, lower-cost alternatives, enabling gradual market share gains over time [6]

Financial Data and Key Metrics Changes - Consolidated sales were within the guided range, with growth in the Paint Stores Group offset by softness in other segments [4] - Gross margin expanded for the twelfth consecutive quarter, with gross profit dollars also increasing [5] - Adjusted earnings per share decreased due to higher non-operating costs and targeted growth investments [5][6] - The company returned $716 million to shareholders through share repurchases and dividends [5] Business Line Data and Key Metrics Changes - Paint Stores Group sales increased by a low single-digit percentage, with price mix up by mid-single digits and volume down low single digits [14] - Protective and Marine sales increased by high single digits for the fourth consecutive quarter [14] - Consumer Brands Group sales were below expectations, with volume, price mix, and FX all down by similar low single-digit percentages [16] - Performance Coatings Group sales were in line with expectations, with volume, acquisitions, and FX up by low single-digit percentages [17] Market Data and Key Metrics Changes - The macroeconomic indicators suggest continued turbulence and a slowdown in demand across various segments and regions [6][19] - Customer sentiment reflects uncertainty and hesitancy to invest, with consumer confidence remaining mixed [19][20] - The company expects no help from the market for the remainder of the year, leading to a downward revision of sales expectations in the Consumer Brands segment [20] Company Strategy and Development Direction - The company is committed to delivering above-market growth despite softening market conditions [6][20] - There is a focus on aggressive investments in the Paint Stores Group and maintaining discipline around SG&A costs [12][23] - The company is reducing CapEx spending for the year by approximately 20%, from $900 million to $730 million [24] - The company plans to continue opportunistically repurchasing shares and pursuing targeted acquisitions [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current quarter was not perfect but emphasized a disciplined strategy for long-term outperformance [7] - The company is experiencing a choppy demand environment, particularly in new residential, DIY, and coil coatings markets [9][30] - Management expressed confidence in their strategy and the potential for significant market share gains when demand improves [12][40] Other Important Information - The company is doubling its restructuring initiatives target to approximately $105 million for the year, expecting annual savings of about $80 million [10][12] - The company is focused on controlling general and administrative spending while investing in growth initiatives [23] Q&A Session Summary Question: What gives caution regarding potential deterioration in demand? - Management pointed to new residential, coil, and DIY markets as areas of concern, noting volatility and challenges [30] Question: Which sub-segments in TSG might see the most share gains? - Management indicated opportunities in commercial, new residential, and property maintenance segments, with a focus on aggressive market share gains [35][36] Question: How should SG&A spending be viewed moving forward? - Management clarified that SG&A spending would be controlled tightly, with expectations of low single-digit increases in the second half of the year [48] Question: What role does product pricing play in market share growth? - Management emphasized that value proposition and service quality are prioritized over pricing in acquiring new customers [107] Question: What is the outlook for future growth? - Management expects to grow at a rate of 2.5% to 3% once demand improves, with a focus on maintaining market share during the downturn [70]

Film Performance & Market Trends - "Brad Pitt's F1" film earned over $55 million domestically for Apple [1] - IMAX accounted for more than 20% of the film's domestic debut [1] - For blockbusters movies that grossed over $30 million, IMAX historically indexed 20% on only five films, but recently achieved this level on three movies in the last two months [6] - The film grossed around $145 million globally, with international markets skewing higher due to F1's greater popularity outside the US [6] - The film's Sunday drop was less than typical, suggesting strong continued performance, especially with the July 4th weekend approaching [7] IMAX Market Share & Growth - IMAX is experiencing significant market share gains [9] - A 10% IMAX box office share was previously considered good, but "Brad Pitt's F1" achieved 23% [9] - Mission Impossible achieved 20% IMAX box office share in its first two weekends [9] - IMAX's stock is up approximately 65% in the last year, driven by the return of blockbuster hits [8] - IMAX anticipates beating its best year ever (2019) in the current year [11] Apple & Future Projects - Apple spent nearly $300 million on the film [14] - Apple is committed to another movie with Joe Kazinski and Jerry Brockheimimer, indicating continued investment in theatrical releases [13] - Denis Villeneuve has been selected for the next James Bond movie, and IMAX hopes to collaborate, potentially filming with IMAX cameras [11][12]