Financial Data and Key Metrics Changes - Net sales for 2025 reached $2.18 billion, an increase of $319 million, or 17% compared to last year [6] - Operating income for the year was $340.9 million, up $59.5 million, or 21% from last year [6] - Net income for the year was $246.6 million, an increase of $30.3 million, or 14% from last year [6] - Adjusted EBITDA for the year was $438.9 million, up $88.3 million, or 25% compared to last year, with a margin of 20.1% [7] - Consolidated net sales for Q4 were $597 million, an increase of $100 million, or 27% compared to last year [9] - GAAP diluted EPS for the quarter was $0.99 per share, up $0.18 per share, or 22% from last year [10] Business Line Data and Key Metrics Changes - Environmental Solutions Group (ESG) net sales were $504 million, an increase of $108 million, or 27% compared to last year [11] - ESG's Adjusted EBITDA for the quarter was $109 million, up $26.1 million, or 31% compared to last year [11] - Safety and Security Systems Group (SSG) fourth quarter sales were $93 million, up $17 million or 23% compared to last year [12] - SSG's Adjusted EBITDA for the quarter was $23.4 million, up $7 million or 43% from last year [12] Market Data and Key Metrics Changes - Orders for the year were $2.22 billion, an increase of $374 million, or 20% from last year [8] - Backlog at the end of the year was $1.04 billion, an increase of $45 million or 5% from last year [9] - Q4 orders were $647 million, up $201 million, or 45% from last year [10] Company Strategy and Development Direction - The company aims to build a best-in-class specialty vehicle and industrial equipment growth company while decreasing the cyclicality of earnings streams [27] - Focus on three critical multi-year growth initiatives: integration of acquired businesses, new product development, and strengthening the platform [28] - The company expects to deliver $15 million-$20 million in annual synergies from the New Way acquisition by the end of 2028 [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another record year in 2026, anticipating net sales between $2.55 billion and $2.65 billion [33] - The company expects a tax rate of approximately 25% for 2026, excluding any discrete tax benefits [14] - Management noted strong demand for infrastructure and water projects in North America, contributing to order growth [26] Other Important Information - The company executed a new five-year credit facility, replacing the previous $800 million facility [16] - The company generated $97 million of cash from operations during Q4, an increase of $7 million or 7% from Q4 last year [15] - The company paid dividends of $5 million during the quarter, reflecting a dividend of $0.14 per share [18] Q&A Session Summary Question: Can you parse out the expected revenue contributions from New Way and Mega? - Management indicated that the revenue guidance includes about 5%-9% organic growth, with the rest from contributions from New Way and Mega [37] Question: What feedback is being received from dealers regarding order trends? - Management noted that publicly funded customers do not engage in pre-buy, and traction is expected from non-publicly funded customers [40] Question: Is organic growth expected to differ between ESG and SSG? - ESG is expected to grow at a faster rate than SSG, which is anticipated to grow at a GDP-plus rate [45] Question: How much of the adjusted pro forma order number is organic? - The vast majority of the adjusted pro forma order growth is organic, with minimal contributions from acquisitions [109] Question: What is the outlook for the municipal publicly funded markets? - Management expects ongoing contributions from pandemic infrastructure projects, with strong orders for sewer cleaners and street sweepers [113]

Financial Data and Key Metrics Changes - For the full year 2025, net sales reached $2.18 billion, an increase of $319 million, or 17% compared to last year. Organic net sales growth was $205 million, or 11% [5] - Operating income for the year was $340.9 million, up $59.5 million, or 21% from last year. Net income increased to $246.6 million, up $30.3 million, or 14% from last year [5] - Adjusted EBITDA for the year was $438.9 million, up $88.3 million, or 25% compared to last year, with a margin of 20.1%, an increase of 130 basis points [6] - For Q4 2025, consolidated net sales were $597 million, an increase of $100 million, or 27% compared to Q4 2024. Organic net sales growth for the quarter was $85 million, or 18% [7] - Consolidated adjusted EBITDA for Q4 was $119.4 million, up $30.1 million, or 34% compared to last year, with a margin of 20%, an increase of 110 basis points [8] Business Line Data and Key Metrics Changes - Environmental Solutions Group (ESG) reported net sales of $504 million in Q4, an increase of $108 million, or 27% compared to last year. Adjusted EBITDA for ESG was $109 million, up 31% [9] - Safety and Security Systems Group (SSG) achieved Q4 sales of $93 million, up $17 million, or 23% compared to last year, with adjusted EBITDA of $23.4 million, up 43% [10] Market Data and Key Metrics Changes - Orders for Q4 were $647 million, up $201 million, or 45% from last year, including $132 million of acquired backlog [8] - Backlog at the end of the year was $1.04 billion, an increase of $45 million, or 5% from last year [7] Company Strategy and Development Direction - The company aims to build a best-in-class specialty vehicle and industrial equipment growth company while decreasing the cyclicality of earnings streams [24] - Focus on three critical multi-year growth initiatives: successful integration of acquired businesses, new product development, and strengthening the platform [26] - The company expects to deliver $15 million-$20 million in annual synergies from the New Way acquisition by the end of 2028, with half tied to cost savings and the other half to sales synergies [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another record year in 2026, anticipating net sales between $2.55 billion and $2.65 billion, and adjusted EPS between $4.50 and $4.80 per share [30] - The company expects continued strong demand across both publicly funded and industrial product lines, particularly in sewer cleaners and safe digging trucks [23] Other Important Information - The company executed a new five-year credit facility, replacing the previous $800 million facility, and completed the acquisition of Neway for approximately $413 million [14] - The company generated $97 million of cash from operations during Q4, an increase of $7 million, or 7% from Q4 last year [13] Q&A Session Summary Question: Can you parse out the expected revenue contributions from Neway and Mega? - Management indicated that the revenue guidance includes about 5%-9% organic growth, with the remainder from contributions from Neway and Mega [35] Question: What feedback are you receiving from dealers regarding order trends? - Management noted that they have not baked any meaningful pre-buy into their guidance, as publicly funded customers do not typically engage in pre-buy [37] Question: Is organic growth expected to be similar for both ESG and SSG? - ESG is expected to grow at a faster rate than SSG, which is anticipated to grow at a GDP-plus rate [42] Question: How much of the $64 million adjusted order number is organic? - The vast majority of the adjusted order growth is organic, with minimal contributions from acquisitions [107] Question: What is the outlook for the municipal publicly funded markets? - Management expects ongoing contributions from pandemic infrastructure projects, with strong orders for sewer cleaners and street sweepers [110]

Core Insights - AT&T's Chairman and CEO, John Stankey, will discuss the company's multi-year growth strategy at the UBS Global Media & Communications Conference [2] Group 1: Growth Strategy and Network Development - AT&T is focused on becoming America's leading advanced connectivity provider through a differentiated investment-led strategy [3] - The company is modernizing its network by deploying mid-band spectrum acquired from EchoStar, which will enhance speed and capacity for customers in over 5,300 cities across 48 states [3] - AT&T plans to accelerate its fiber reach, aiming for over 60 million total fiber locations by the end of 2030, supported by the acquisition of Lumen's Mass Markets fiber internet connectivity business [4] Group 2: Financial Performance and Guidance - AT&T is on track to meet its 2025 financial guidance, including $4 billion in share repurchases for 2025 and an expected $20 billion in share repurchase capacity from 2025 to 2027 [6][9] - The company anticipates solid customer demand and expects higher subscriber net additions for its fiber and Mobility services in the second half of 2025 compared to the first half [7][8] - AT&T expects its net debt-to-adjusted EBITDA ratio to return to the target range of 2.5x within approximately three years after closing the EchoStar spectrum purchase [10]