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Core Insights - Xos, Inc. reported a profitable third quarter with $16.5 million in revenue from 130 units delivered, achieving a gross margin of 15.3% and positive free cash flow for the second consecutive quarter [1][5][9] Financial Performance - Revenue for Q3 2025 was $16.5 million, down from $18.4 million in Q2 2025 but up from $15.8 million in Q3 2024 [5][6] - Gross margin improved to 15.3%, up from 8.8% in Q2 2025, although it decreased from 18.1% in Q3 2024 due to product mix and tariff impacts [5][6] - Operating loss was $7.0 million, slightly improved from a loss of $7.1 million in Q2 2025 and a loss of $9.7 million in Q3 2024 [5][6] - Operating expenses decreased by 24% year-over-year, reflecting strong cost discipline [5][6] Cash Flow and Liquidity - Positive free cash flow of $3.1 million was achieved, marking the second consecutive quarter of positive cash flow [5][9] - Cash and cash equivalents increased to $14.1 million from $8.8 million in Q2 2025, indicating improved financial flexibility [5][6] Strategic Moves - The company amended its $20 million Convertible Note to spread principal payments over ten quarterly installments, enhancing liquidity and extending financial runway [5][6] - Xos raised $2.4 million under its at-the-market offering program, further reinforcing liquidity [5][9] - An agreement to terminate the lease of its Mesa, Arizona manufacturing facility is expected to save approximately $20.7 million through 2033 [5][6] Outlook - Xos maintains its revenue outlook for 2025, projecting revenues between $50.2 million and $65.8 million, with unit deliveries expected to range from 320 to 420 units [7][8]

Financial Data and Key Metrics Changes - The company achieved record net sales of CHF 794.4 million, growing 24.9% year over year on a reported basis and 34.5% at constant currency [17][30] - Gross profit margin reached 65.7%, an increase of 510 basis points year over year, while adjusted EBITDA margin was 22.6%, up 370 basis points year over year [25][31] - Adjusted EBITDA grew nearly 50% year over year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Direct-to-Consumer (D2C) channel net sales reached CHF 314.7 million, increasing by 27.6% year over year on a reported basis and 37.5% at constant currency [17] - Wholesale channel net sales were CHF 479.6 million, increasing by 23.3% year over year on a reported basis and 32.5% at constant currency [18] - Apparel category net sales reached CHF 50.1 million, an increase of 86.9% year over year on a reported basis and 100.2% at constant currency [23] Market Data and Key Metrics Changes - Asia Pacific region delivered net sales of CHF 144.9 million, up 94.2% year over year on a reported basis and 109.2% at constant currency, now approaching 20% of total sales [20] - Americas net sales reached CHF 436.2 million, growing 10.3% year over year on a reported basis and 21% at constant currency [19] - Europe, Middle East, and Africa saw net sales of CHF 213.3 million, up 28.6% year over year on a reported basis and 33% at constant currency [19] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on brand awareness and premium positioning [11][30] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C channels and retail presence [15][47] - The company plans to continue investing in innovation and technology to drive long-term growth and maintain premium pricing [31][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the ability to maintain premium pricing despite market challenges [19][70] - The company raised its 2025 guidance, expecting constant currency net sales to grow by 34% year over year, up from a previous estimate of at least 31% [30][31] - Management highlighted the importance of maintaining a full-price strategy during the holiday season to build long-term brand value [80] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [12][18] - The successful launch of new products, including the Cloud Surfer Max and collaborations with celebrities, has enhanced brand visibility and appeal [8][9] Q&A Session Summary Question: Can you discuss the traction in apparel and its performance in different channels? - Management reported strong traction in apparel, accounting for about 8% of total business, with a goal to reach double digits [40][43] - The apparel business is performing well in both D2C and wholesale channels, with a focus on showcasing products in flagship stores [43][47] Question: How does the company balance top-line growth with margin protection? - Management emphasized the importance of maintaining a premium business model, which requires disciplined inventory management to protect full-price sales [49][50] - The company has achieved a sustainable gross profit margin through pricing power and operational improvements [51][52] Question: What is the outlook for growth in the U.S. market? - Management indicated that the U.S. market is expected to continue strong growth, supported by brand awareness and premium positioning [67][70] - The company is committed to a full-price strategy and is not chasing growth through discounts [70] Question: Can you elaborate on the growth opportunities in Asia Pacific? - Management noted that Asia Pacific is experiencing significant same-store sales growth, with a disciplined approach to opening new stores [78][79] - The company is focused on building brand awareness and credibility in the region, which has high demand for premium sportswear [79]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $63.3 million, a 13% decrease year-over-year but a sequential increase of 6.4% compared to Q2 2025 [18] - Gross profit dollars totaled $11.5 million, a decline of 2% year-over-year but a sequential increase of 3.9% [20] - Gross margin was 18.1%, which was 200 basis points better than the prior year but a sequential decline of 40 basis points [20] - SG&A expenses were $9.2 million, a 10% reduction year-over-year [23] Business Line Data and Key Metrics Changes - The decline in revenue was driven by the divested mall-related business and lower revenue from industrial clients due to challenging market conditions [18] - New clients added over $24 million in incremental revenue year-over-year, contributing to the sequential revenue growth [19] - Gross margins with new clients have shown consecutive gains for multiple quarters, indicating a successful land and expand strategy [19] Market Data and Key Metrics Changes - Volumes from industrial customers remain subdued, and the pace of adding new clients has slowed compared to last year [9] - The company is focusing on diversifying its customer base by expanding into non-industrial end markets such as retail and hospitality [12] Company Strategy and Development Direction - The company is committed to pursuing business efficiencies, reducing variability, generating growth, and driving business margins [5] - A focus on share of wallet opportunities is being emphasized, with efforts to broaden the number of waste streams handled for individual clients [10] - The company is enhancing vendor relationships to improve service levels and reduce service disruption rates [14] Management's Comments on Operating Environment and Future Outlook - The macro environment continues to present challenges, but management believes that all markets are stabilizing [32] - The company expects to continue experiencing margin pressure but anticipates offsetting these pressures through operational improvements and growing share of wallet with existing clients [17] - Management is confident in the value of the asset-light model and the ability to deliver improved financial results [26] Other Important Information - The company generated approximately $5.7 million in cash from operations, a sequential improvement of roughly 46% [24] - As of the end of Q3, the company had $1.1 million in cash and approximately $20 million of available borrowing capacity [24] Q&A Session Summary Question: How are the industrial end markets holding up? - Management indicated that the macroeconomic environment is uncertain, but all markets, including industrial, are stabilizing. Seasonality effects are expected in Q4 [32] Question: Has the strategy for expanding wallet share changed? - Yes, the company has implemented a more disciplined approach to the sales process and is collaborating more effectively between relationship managers and sales teams [34] Question: What are the opportunities for operational improvement moving into 2026? - The company is focused on continuous improvement and has defined major processes with KPIs to ensure optimal performance [38] Question: Can you provide details on the new food win? - The new food win was a competitive win, representing about 20% of the customer's total portfolio, with higher initial margins than typical [42] Question: What is the outlook for debt reduction? - The company plans to continue paying down debt aggressively, with a preference for reducing more expensive debt after Q1 [72]

Financial Data and Key Metrics Changes - In Q4 2025, total company sales grew 4.8% to $13.9 billion compared to the prior year, with full-year sales at $54.4 billion, an increase of 3.3% [22][23] - Adjusted operating income for Q4 was $608 million, up 19% year-over-year, while full-year adjusted operating income reached $2.3 billion, a 26% increase [22][23] - Adjusted earnings per share for Q4 were $1.15, up 25% from last year, and full-year adjusted EPS was $4.12, up 33% [23] Business Line Data and Key Metrics Changes - The chicken segment delivered $457 million in adjusted operating income, a 28% increase year-over-year, driven by higher volumes and better operational execution [6][16] - Prepared foods saw a 3% increase in sales, with adjusted operating income affected by higher raw material costs, achieving a margin of 7.4% [14][15] - The beef segment's adjusted operating income declined due to higher cattle costs, while pork adjusted operating income increased by 63% [18][19] Market Data and Key Metrics Changes - Tyson's retail branded products grew by 2.4% in volume, outperforming the broader food and beverage retail sector, which declined by 1.5% [9][10] - The company’s branded fresh chicken volume grew 7.8%, and frozen value-added chicken rose by 8.7% [10][11] - The company maintained net leverage at 2.1 times, reflecting disciplined capital allocation [9][24] Company Strategy and Development Direction - The company is focused on innovation and operational efficiencies to capture market share and improve profitability across all segments [7][12] - Tyson aims to enhance its product mix by developing more value-added products and expanding its branded portfolio [7][20] - The company is committed to maintaining financial strength while investing in growth opportunities and returning cash to shareholders [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the chicken segment benefiting from changing consumer preferences and anticipated tight cattle supplies impacting beef [8][26] - The company expects full-year sales in 2026 to increase by 2%-4%, with adjusted operating income projected between $2.1 billion and $2.3 billion [25][26] - Management highlighted the importance of execution and operational excellence in navigating market challenges and driving growth [29] Other Important Information - The company plans to remove certain ingredients from its products by year-end, reflecting a commitment to healthier options [12] - The recent launch of high-protein chicken cuts has achieved nationwide distribution, indicating strong consumer demand [11] Q&A Session Summary Question: Guidance on chicken segment for 2026 - Management indicated that the chicken segment is expected to perform well, with operating conditions similar to FY2025, and USDA projects a 1% increase in chicken production [33][34] Question: Prepared foods performance and input costs - Management acknowledged that rapid rises in commodity costs impacted prepared foods, but fundamentals remain strong, with expectations for growth in FY2026 [37][39] Question: Beef segment outlook amidst cattle supply challenges - Management discussed heifer retention and its impact on cattle supply, indicating that supply will be constrained in the near term [46][47] Question: CAPEX guidance for 2026 - Management explained that the CAPEX range reflects the pacing of current projects and timing of new projects, with a focus on maintenance and profit improvement [48][50] Question: Seasonal expectations for beef in Q1 2026 - Management noted good retail demand and operational performance, but acknowledged potential volatility in cattle prices [75][76] Question: Key uncertainties for fiscal 2026 - Management highlighted consumer spending patterns and the importance of a diverse product portfolio in navigating challenges [66][70]

Financial Data and Key Metrics Changes - Third quarter sales reached $3.1 billion, reflecting a 6% organic growth year-over-year [5][12] - Operating EBITDA was $840 million, an increase of 6% year-over-year, resulting in an operating EBITDA margin of 27.3% [5][12] - Adjusted EPS for the quarter was $1.09, flat compared to the previous year, primarily due to a higher tax rate [14] Business Line Data and Key Metrics Changes - **Industrials Co.**: Net sales of $1.8 billion, up 5% year-over-year, with 4% organic growth [14][16] - **Electronics Co.**: Net sales of $1.3 billion, an increase of 11% year-over-year, driven by 10% organic growth [17] - Organic growth in healthcare and water technologies was in the high single digits, while diversified industrials saw low single-digit growth [15][16] Market Data and Key Metrics Changes - North America and Asia-Pacific regions experienced 7% organic growth, while Europe saw a 6% increase year-over-year [13] - The healthcare and water business is expected to grow at about 5% organic growth on average [31] Company Strategy and Development Direction - The company is focused on driving above-market organic growth and building a robust business system [7][11] - A disciplined capital allocation model was emphasized, including a quarterly dividend of $0.20 per share and a $2 billion share repurchase authorization [6][11] - The company aims for medium-term targets of 3%-4% organic growth, 150-200 basis points of margin expansion, and 8%-10% EPS growth from 2026 to 2028 [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving medium-term targets, with expectations of continued growth in healthcare and water sectors [31][92] - The construction market is anticipated to improve, with expectations of flat performance in the shelter business next year [82][93] Other Important Information - The successful completion of the CUNY separation was highlighted, with $4.2 billion received to reduce debt [18] - The company is actively pursuing M&A opportunities, particularly in healthcare and water sectors [41][53] Q&A Session Summary Question: Can you provide insight on the timing benefit in sales? - The timing benefit was customer-driven, as orders were accelerated into Q3 due to a planned blackout period for the separation [29] Question: What are the expectations for 2026? - The company expects healthcare and water to grow at about 5% organic growth, while the diversified industrials segment is projected to be flat [31][92] Question: What is the plan for the balance sheet? - The pro forma debt is expected to be around $3.25 billion, with a target to stay below 2 times net debt to EBITDA [39] Question: Can you elaborate on the RO acquisition in China? - The acquisition was primarily to add capacity and enhance local production capabilities, not to introduce new technology [97] Question: How is the healthcare business performing? - The healthcare business is expected to see mid to high single-digit growth, with strong performance in medical packaging and biopharma [80]

Financial Data and Key Metrics Changes - The company reported a net income of $37 million or $0.70 per diluted share for Q3 2025, compared to $42 million or $0.80 per diluted share in Q3 2024, indicating a decrease in profitability year-over-year [25] - Adjusted EBITDA for Q3 2025 was $71 million, down from $78 million in the same quarter last year, with an adjusted EBITDA margin of 22% compared to 24% in the prior year [25][26] - Total revenues were $329 million in Q3 2025, slightly up from $328 million in the same quarter last year, primarily driven by a 27% increase in sales volume [26] Business Line Data and Key Metrics Changes - The company achieved record quarterly sales volume of 2.4 million short tons in Q3 2025, a 27% increase from 1.9 million short tons in the same quarter last year [17] - Production volume in Q3 2025 was 2.2 million short tons, up 17% from 1.9 million short tons in Q3 2024 [18] - The Blue Creek mine produced 175,000 short tons during Q3 2025, contributing to the overall increase in production volume [18] Market Data and Key Metrics Changes - The primary index, PLV FOB Australia, averaged $166 per short ton in Q3 2025, while the PLV CFR China index price averaged $162 per short ton, recovering from earlier lows [20] - The Australian LVHCC index price averaged $137 per short ton, and the US East Coast HVA index price averaged $141 per short ton during the same period [21] - The company sold 43% of its coal into Europe, 38% into Asia, and 18% into South America in Q3 2025 [17] Company Strategy and Development Direction - The company has raised its full-year 2025 production volume guidance by approximately 10% due to the earlier startup of Blue Creek longwall operations, now expected to produce approximately 1.8 million short tons of high-vol steelmaking coal [5][11] - The acquisition of 58 million short tons of high-quality steelmaking coal reserves is expected to enhance the company's long-term value proposition and extend the life of its core mining operations [6][12] - The company remains focused on operational excellence and strategic investments to drive shareholder value [4][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing weak steelmaking coal market conditions due to increased Chinese steel exports and subdued global demand, but expressed confidence in the company's operational successes driving strong financial performance [6][33] - The company anticipates continued pressure on steelmaking coal markets due to additional supply coming online and trade tensions affecting global market sentiment [33][48] - Despite challenges, management remains optimistic about long-term growth trajectories and the potential for new trade agreements to support market conditions [33] Other Important Information - The company achieved a gross price realization of 83% in Q3 2025, down from 93% in the same quarter last year, primarily due to relative index pricing and product mix [23] - Cash cost of sales per short ton was approximately $101 in Q3 2025, down from $123 in the same quarter last year, reflecting effective cost management [28] - Free cash flow was negative $20 million due to capital expenditures and mine development costs, but the company maintains a strong liquidity position with $525 million available [31][32] Q&A Session Summary Question: How should we think about production next year with the early Blue Creek startup? - Management indicated that production numbers will be market-driven and are still being evaluated [37] Question: Can you remind us how you are thinking about capital allocation? - The company plans to return excess free cash flow through dividends and possibly stock buybacks [38] Question: Do you still need incremental workers to ramp up production? - Management confirmed that additional hiring will continue over the next year to support operations [39] Question: How will sales shift quarter over quarter? - The company expects a significant increase in sales volume due to Blue Creek production [40] Question: How does the acquisition influence decisions on adding another longwall? - The acquisition enhances efficiency and control over reserves, making future operations more cost-effective [41] Question: What is the outlook for pricing and realizations going forward? - Management expressed cautious optimism about returning to targeted price realizations, depending on market conditions [49][50]

Financial Data and Key Metrics Changes - Northwest Natural Holdings reported a loss of $0.73 per share for Q3 2025, relatively unchanged from a loss of $0.71 per share in Q3 2024 [18] - Adjusted earnings per share increased to $1.52 year-to-date in 2025, compared to $0.88 for the same period in 2024, reflecting strong earnings across all business segments [20] Business Line Data and Key Metrics Changes - The gas utility segment's earnings per share improved slightly, while Sea Energy contributed an additional $0.04 of earnings per share for Q3 2025 compared to the same period last year [18] - The water segment's earnings per share increased by $0.04, driven by new rates at the largest water utility in Arizona and additional revenues from ICH Utilities [19] Market Data and Key Metrics Changes - The combined utility customer growth rate was 10.9% for the 12 months ended September 30, 2025, primarily due to gas utility acquisitions in Texas [6] - Northwest Natural Water's customer base grew at a rate of 4.1%, including three small acquisitions, with organic growth at 2.4% [13] Company Strategy and Development Direction - The company is focused on expanding its customer base, investing in systems, and achieving operational excellence through cost efficiency [5] - A robust long-term capital plan is in place, reaffirming a long-term earnings growth rate of 4%-6% [6] - The company is prioritizing organic growth while also looking for tuck-in acquisition opportunities, particularly in fragmented markets like Texas [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing against the 2025 plan and achieving results above the midpoint of the adjusted earnings range of $2.75 to $2.95 per share [6][20] - The company is well-positioned to meet regional energy needs through investments in long-duration assets like the Mist storage facility [11] Other Important Information - The board approved a dividend increase, marking the 70th consecutive year of annual dividend increases [6] - The company has liquidity of approximately $437 million as of September 30, 2025, with no material debt maturities in 2025 [21][22] Q&A Session Summary Question: Lower equity requirement for 2025 - Management indicated that the lower equity requirement is due to better cash flow generation and reassessment of capital structure throughout the year [24] Question: Additional tuck-in opportunities in Texas - Management noted that while tuck-in opportunities exist, the focus is currently on organic growth, particularly in Texas, Arizona, and Idaho [25] Question: Change in rate case timing in Oregon - Management mentioned that the Oregon commission is exploring multi-year planning, which could be beneficial for future rate cases [27][28] Question: Status of hydrogen pilot projects - Management confirmed that hydrogen blending tests have been successful, but broader hydrogen production projects are uncertain due to funding reallocations [29][30]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $27.1 million, an increase of $9.7 million or 55.7% from Q3 2024 [4] - Adjusted EBITDA margins increased to 7.7%, a gain of 170 basis points [4] - Adjusted earnings per share reached $0.47, reflecting a year-over-year increase of 30.6% [4][16] - Net sales increased by 20.1% in Q3 2025, driven by strong demand for asphalt and concrete plants and the inclusion of PeraSource [15][16] Business Line Data and Key Metrics Changes - Infrastructure solutions segment saw a 17.1% increase in net sales compared to Q3 2024, with strong demand for asphalt and concrete plants [16][17] - Material solutions segment, now including PeraSource, reported a net sales increase of $30.5 million or 24.1% [17] - Part sales for the infrastructure solutions segment increased by 14.8% quarter-over-quarter [5] Market Data and Key Metrics Changes - Backlog at quarter end was $449.5 million, a sequential increase of $68.7 million, with $64.1 million attributed to PeraSource [5] - Approximately $230 billion, or 66%, of Infrastructure Investment and Jobs Act funds have been committed as of August 30, 2025 [9] - Federal transportation leaders remain optimistic about passing a new transportation bill next year, which is promising for the company [10] Company Strategy and Development Direction - The company is focused on inorganic growth, as demonstrated by the acquisition of PeraSource [8] - Ongoing infrastructure upgrades are expected to fuel stable, long-term demand for capital equipment, aftermarket parts, and digital solutions [10][22] - The company is actively managing tariff impacts through procurement strategies and pricing measures [11] Management's Comments on Operating Environment and Future Outlook - Management raised the lower end of full-year guidance from $123 million to $132 million, maintaining the upper range at $142 million [7] - Improved customer sentiment is noted due to recent interest rate movements [6] - The company anticipates growing demand for material solutions products in upcoming quarters [14] Other Important Information - The company maintains a strong balance sheet with $67.3 million in cash and cash equivalents and $244.8 million in available credit, totaling $312.1 million in liquidity [18] - Adjusted ROIC for the quarter was reported at 12.3% [6] Q&A Session Summary Question: What led to the raising of the lower end of guidance? - Management noted that gaps in capacity to fill were filled nicely, allowing for confidence in Q4 sales [23] Question: Was there a change in order rates compared to previous years? - Management observed a different booking process from customers, with a reduction in uncertainty around tariffs contributing to decision-making [24] Question: Were PeraSource margins accretive in Q3? - Management confirmed that PeraSource margins were accretive and expressed optimism about future synergy realization [25][26] Question: What is the current percentage of parts revenue per segment? - The parts sales mix increased by 670 basis points, with overall company parts revenue now around 32% [28] Question: How is the company managing tariff uncertainties? - Management stated that proactive pricing and alternative sourcing strategies have positioned the company well to mitigate tariff impacts [29] Question: Can you provide insights on parts growth within the infrastructure segment? - Management highlighted that efforts to drive parts business have started to pay off, contributing significantly to growth [30] Question: What is the status of dealer inventory for the material solutions segment? - Management indicated that dealer inventory levels are healthy, with some dealer stocking observed [32] Question: How are fill rates for PeraSource expected to improve? - Management expects PeraSource fill rates to improve significantly within the next 12 months, aligning closer to core Astec levels [35] Question: Have there been any orders related to rare earth mining? - Management confirmed receiving orders related to rare earth mining, indicating real demand and ongoing investments [37]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were $1.8 billion, down 3% year-over-year, with gross profit dollars decreasing by 5% and gross margins slightly lower at 25.1% [16][18] - Reported and adjusted operating income were $249 million and $254 million, respectively [16] - Year-to-date cash from operations was $539 million, with capital expenditures net of disposals at $298 million [21][22] Business Line Data and Key Metrics Changes - Texture and Healthful Solutions net sales increased by 1%, driven by a 4% sales volume growth [16][17] - Food and Industrial Ingredients LATAM reported a net sales decrease of 6%, primarily due to weaker brewing demand and macroeconomic conditions [17][18] - Food and Industrial Ingredients U.S./Canada net sales declined by 7%, with a 5% decline in sales volume attributed to production challenges at the Argo plant [17][18] Market Data and Key Metrics Changes - LATAM market showed signs of weakening demand due to higher inflation and interest rates impacting consumer spending [9][10] - In the U.S., demand for sweeteners decreased in July and August but recovered in September [27][28] Company Strategy and Development Direction - The company is focused on driving profitable growth, particularly in Texture and Healthful Solutions, with an emphasis on clean-label ingredients [11][12] - Innovation remains a key pillar, with ongoing development of cost-effective ingredient solutions to help customers maintain quality while reducing costs [12][13] - Operational excellence initiatives are expected to yield significant savings, with a target of over $55 million in run-rate savings by the end of 2025 [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the diversified business portfolio despite recent challenges, anticipating operating income growth for the full year [4][5] - The outlook for 2025 includes expectations for net sales to be flat to down low single digits, with adjusted operating income expected to increase low to mid-single digits [22][23] Other Important Information - The company has authorized a new share repurchase program of up to eight million shares over the next three years, reflecting confidence in future growth [25][60] - The effective tax rate for 2025 is projected to be between 25.5% and 26.5% [23] Q&A Session Summary Question: Demand environment and stabilization signs - Management noted that inflation and high interest rates in LATAM are impacting consumer spending, with GDP growth forecasts for Mexico and Brazil being low [27][28] Question: Texture and Healthful Solutions segment outlook - The outlook change is driven by a diverse customer base and strong demand in food service and private label sectors [29][30] Question: Volume impacts from macro weakening and company-specific events - Approximately 12 million of the decline in U.S. Canada F&I was attributed to Argo plant issues, with the remainder related to market weakness [31][34] Question: Fourth-quarter contracting season and price-cost dynamics - Management anticipates that contracting will be influenced by inflationary pressures and higher input costs, with a cautious outlook for 2026 [37][38] Question: LATAM market and taxation impacts - The proposed sweetness tax in Mexico is expected to impact consumer behavior, but management believes the company is well-positioned to adapt [41][44] Question: Share repurchase strategy - The company plans to exceed $200 million in share repurchases in 2025, with a healthy cash balance supporting this strategy [60][61]