Financial Data and Key Metrics Changes - Revenue for the second quarter was $1.6 billion, down 1% at constant currency, primarily due to the loss of exclusivity of Adazet in the EU [6][21] - Adjusted EBITDA for the quarter was $522 million, representing a 32.7% margin, with year-to-date adjusted EBITDA at $1 billion or a 32.4% margin [6][7] - The company is raising its revenue guidance range by $100 million at the midpoint due to favorable operational performance [6][34] Business Line Data and Key Metrics Changes - Women's health franchise grew 2% at constant currency, with the fertility business growing 15% driven by increased demand [9][10] - Sales of Nexplanon declined 1% at constant currency in the second quarter, with a 5% decline in the U.S. but a 10% growth outside the U.S. [11][12] - Biosimilars, particularly HEDLEMA, performed better than expected, generating nearly $100 million, up 68% year-over-year [14][15] Market Data and Key Metrics Changes - The U.S. market for Nexplanon is facing funding constraints from federal and state programs, impacting purchasing decisions [12][51] - Pricing pressure was noted primarily from the loss of exclusivity of Adazet and certain mature products in the U.S. [22] - Volume increased by $90 million in the quarter, representing a growth of about 5.6% [23] Company Strategy and Development Direction - The company is focused on reducing its debt burden, having repaid approximately $350 million of principal on long-term debt instruments [8][9] - A strong emphasis on EBITDA generation is aimed at delivering over $900 million of free cash flow before one-time costs in 2025 [7][8] - The company is committed to building Nexplanon into a billion-dollar franchise, reflecting confidence in its long-term growth potential [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue growth despite challenges from the loss of exclusivity of Adazet [19][40] - The company anticipates continued global growth for Nexplanon, with a five-year indication submission to the FDA expected to enhance market potential [13][54] - Management highlighted the importance of VITAMMA as a growth catalyst and expects significant progress in access objectives [20][19] Other Important Information - The adjusted gross margin for the second quarter was 61.7%, slightly down from 62% in 2024, primarily due to pricing pressures [25] - The company expects total operating expenses to be generally flat with the prior year, aiming for $200 million of operational savings in 2025 [26][30] - The company is on track to achieve a net leverage ratio below four times by year-end 2025 [9][41] Q&A Session Summary Question: Can you talk about incremental sales and marketing investment for VITAMMA? - Management confirmed the start of new telehealth and DTC campaigns and an increase in sales force to support VITAMMA [44][45] Question: Can you elaborate on the federal funding headwinds for Nexplanon? - Management indicated that the decline in U.S. Nexplanon sales was due to a combination of purchase timing and underlying market pressures, but expressed confidence in growth moving forward [50][54] Question: What impact might tariffs have on margins in 2026? - Management stated it is too early to speculate on tariff impacts for 2026, but noted that the EU is the largest import exposure for the company [58] Question: How should we think about free cash flow conversion and one-time items? - Management expects free cash flow to grow in line with the business, with a continued reduction in one-time costs [61] Question: What is the status of the 6219 endometriosis program? - Management confirmed the discontinuation of the program due to lack of efficacy signals [86] Question: Will the FDA update the real-time release study for Nexplanon? - Management is working closely with the FDA for appropriate labeling for the five-year indication but did not comment on specific FDA decisions [87]

Financial Data and Key Metrics Changes - Total revenue for Q1 fiscal 2026 was $594.3 million, a decrease of 5.5% from $628.7 million in the prior year period [17] - Gross profit decreased to $90.9 million from $121.8 million, with a gross profit margin of 15.3% [17] - Net loss for Q1 was $13.2 million, or $0.58 per diluted share, compared to net income of $9.4 million, or $0.41 per diluted share in the previous year [19] Business Line Data and Key Metrics Changes - Agriculture segment revenue decreased by 14.1% to $384.4 million, with a pretax loss of $12.8 million compared to pretax income of $13 million in the prior year [19] - Construction segment saw a slight increase in same store sales by 0.9% to $72.1 million, but reported a pretax loss of $4.2 million compared to pretax income of $0.3 million last year [20] - European segment revenue increased by 44.2% to $93.9 million, with a pretax income of $4.7 million compared to $1.4 million in the prior year [20] - Australia segment revenue decreased by 1% to $44 million, with a pretax loss of $0.6 million compared to a loss of $0.5 million last year [21] Market Data and Key Metrics Changes - Domestic agriculture market remains subdued, with farmers in a wait-and-see mode due to commodity prices and government aid uncertainty [10][11] - European market, particularly Romania, benefited from EU stimulus funds, leading to increased buying activity [13] - Australian market conditions are similar to the domestic agriculture segment, with lower new order activity due to dry conditions and low commodity prices [15] Company Strategy and Development Direction - The company is focused on optimizing inventory and managing through the current market cycle, with a target of reducing equipment inventory by $100 million [22][23] - The strategy includes leveraging parts and service revenue, which is expected to contribute significantly to gross profit despite equipment sales pressures [9][27] - The company aims to emerge from the current down market as a stronger entity, emphasizing customer service and operational efficiency [16] Management's Comments on Operating Environment and Future Outlook - Management anticipates a subdued retail environment due to weak farmer profitability and undefined government support programs [6][7] - The company expects continued challenges in the agriculture segment, with revenue projected to decline by 20% to 25% for the full year [24] - For the construction segment, revenue is expected to decline by 5% to 10%, while the European segment is projected to grow by 23% to 28% [25][26] Other Important Information - The company has successfully reduced equipment inventory by approximately $13 million sequentially, with a cumulative reduction of $406 million from peak levels [22] - The adjusted debt to tangible net worth ratio was 1.8, well below the bank covenant of 3.5 times [22] Q&A Session Summary Question: Is there any positive outlook on the agricultural sector? - Management noted that some government payments have started to come through, providing stability, but the overall outlook remains challenging [32] Question: How is the construction sector performing? - Management indicated that while the construction sector is cautious, there is more optimism compared to agriculture, with contractors starting to fill their project backlogs [36][38] Question: What is the status of government support programs? - The USDA is looking to provide additional funding for natural disaster relief, which could help stabilize the agricultural sector [42][44] Question: Are there specific areas where inventory needs to be reduced? - Management highlighted that the focus is on reducing used inventory levels, particularly in the agriculture segment, while maintaining a healthy inventory mix [56][57] Question: What are the expectations for same store sales in agriculture? - Management expects same store sales in agriculture to be down about 30% year over year for Q2, with a challenging back half of the year anticipated [72]

Core Viewpoint - Matrix Service experienced a significant decline in stock price following disappointing quarterly earnings, with a nearly 9% drop on a day when the broader market remained relatively flat [1] Financial Performance - For fiscal Q3 2025, Matrix Service reported a 21% year-over-year revenue growth, reaching slightly over $200 million [2] - The company narrowed its non-GAAP adjusted net loss to $3.3 million, or $0.12 per share, compared to a loss of $14.6 million in the same quarter last year [2] Revenue Drivers - The revenue increase was attributed to strong performance in storage and terminal solutions, as well as utility and power infrastructure segments, driven by large-scale project execution [3] - Analysts had higher expectations, with a consensus estimate of over $247 million in revenue and a net loss of $0.05 for the quarter [3] Project Backlog - Matrix Service reported a nearly 8% year-over-year growth in project backlog, now totaling $1.4 billion [3] Revenue Guidance - The company lowered its revenue guidance for fiscal 2025 to a range of $770 million to $800 million, down from the previous estimate of $850 million to $900 million [4] - The new guidance, while above fiscal 2024's revenue of $728 million, falls short of the average analyst estimate of $854 million [4] Market Sentiment - The gap between expected performance and actual results raises concerns, leading to a cautious outlook on the stock until stronger improvement is demonstrated [5]

Financial Data and Key Metrics Changes - The company reported a 38% year-over-year revenue growth in Q1 2025, achieving $280 million in revenue guidance for the year [7][20] - Cash flow from operations reached a record $19.7 million [7] - The company aims to generate approximately $232 million in revenue over the remaining three quarters of the year [7] Business Line Data and Key Metrics Changes - Vevi revenue increased by 35% sequentially from $16 million in Q4 2024 to $21.5 million in Q1 2025 [8] - iHizo's sales were impacted by destocking in Q1, but unit sales more than doubled in April compared to the monthly average in Q1 [16] - Triassence completed critical market access initiatives, leading to a doubling of accounts ordering the product since the beginning of the year [19] Market Data and Key Metrics Changes - The company noted seasonality in its business, with Q1 typically being the weakest revenue period [9] - The ImprimisRx compounding business showed consistent revenue and operational reliability, with April being a record month [20] Company Strategy and Development Direction - The company is focused on innovative market access initiatives, such as the VeeVai Access for All program, which is expected to significantly impact revenue [12][24] - The management is confident in achieving and potentially exceeding the 2025 revenue guidance due to strong product performance and market strategies [20][24] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the remainder of the year, highlighting the potential for significant revenue growth from key products [11][24] - The company is addressing technical revenue recognition issues and is committed to improving performance in underperforming segments [60] Other Important Information - The company is not planning to exit the compounding business, emphasizing its importance in building commercial relationships and driving revenue [34][56] - The impact of current tariff policies on gross margins is estimated to be negligible, around 50 basis points [70][72] Q&A Session Summary Question: Could you walk us through some of the price increase initiatives for iEZO? - Management indicated that there were no significant price increases for iEZO, and some prices were actually decreased to enhance accessibility [27][29] Question: Can you provide updates on Project Beagle? - Project Beagle aims to transition CLARITY C patients to VeeVai, which is expected to be financially beneficial for the company [30][31] Question: What are the dynamics affecting iHizo's revenue? - Management acknowledged that iHizo's revenue was impacted by destocking but expects unit demand to grow as new accounts come online [38][41] Question: How is Triassence performing in the market? - Management reported that Triassence is seeing increased adoption and confidence from purchasers due to successful market access initiatives [19][45] Question: What is the current status of the compounding business? - The compounding business is viewed as a valuable asset, providing access to a large base of targeted consumers [56][58] Question: How is the company addressing debt refinancing? - Management expressed confidence in successfully restructuring debt by late summer or early fall, with positive discussions ongoing with lenders [88][89]

Financial Data and Key Metrics Changes - The company reported a 38% year-over-year revenue growth in Q1 2025, achieving $280 million in revenue guidance for the year [7][20] - Cash flow from operations reached a record $19.7 million in the first quarter [7] - The company aims to generate approximately $232 million in revenue over the remaining three quarters of 2025 [7] Business Line Data and Key Metrics Changes - Vevi revenue increased by 35% sequentially from $16 million in Q4 2024 to $21.5 million in Q1 2025, prior to the launch of the VIVI Access for All program [8][21] - iHizo's sales were impacted by destocking in Q1 2025, but unit sales more than doubled in April compared to the first quarter average, indicating a return to growth [16][22] - Triassence completed critical market access initiatives in Q1, leading to a doubling of accounts ordering the product since the beginning of the year [19] Market Data and Key Metrics Changes - The company noted seasonality in its business, with Q1 typically being the weakest revenue period [9] - The specially branded products faced challenges in gross to net estimates, affecting recognizable revenue [10] Company Strategy and Development Direction - The company is focused on achieving and potentially exceeding its 2025 revenue guidance through various product lines, including Vevi, iHizo, and Triassence [20][24] - The VIVI Access for All program is seen as a transformative initiative that could significantly impact revenue growth [12][14] - The company is not planning to exit the compounding business, emphasizing its importance in building commercial relationships and credibility [33][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting revenue guidance, citing strong momentum in new prescriptions and refill rates for Vevi [21][24] - The company acknowledged challenges in the first quarter but expects significant improvement in subsequent quarters [58][92] - Management is optimistic about the long-term potential of its products and the overall business model [92] Other Important Information - The company is actively engaged in discussions for debt refinancing, aiming for a positive outcome by late summer or early fall [86][87] - The impact of current tariff policies on gross margins is estimated to be negligible, around 50 basis points [67][69] Q&A Session Summary Question: Price increase initiatives for iEZO - Management indicated that there were no significant price increases for iEZO, and some prices were actually decreased to enhance accessibility [26][29] Question: Project Beagle initiatives - Project Beagle aims to transition CLARITY C patients to Vevi, which is expected to be financially beneficial [30][31] Question: Sequential changes in iHizo - Management confirmed that unit demand for iHizo is returning to growth mode after destocking in Q1 [36][40] Question: Triassence volume inflection - Management noted that new accounts are opening and using Triassence, with positive signs for future growth [42][44] Question: Impact of tariffs on products - Management stated that the impact of tariffs on gross margins is minimal, around 50 basis points [67][69] Question: Transition of compounding products to prescription - Management highlighted the hidden value in the compounding business and its role in building commercial relationships [53][55] Question: Revenue dynamics for iHizo - Management acknowledged the need for improvement in revenue and unit demand for iHizo, with expectations for growth in 2025 [75][76] Question: VIVI patient transition from CLARITY - Management confirmed that over 25,000 patients are being transitioned from CLARITY C to Vevi, with positive feedback from KOLs [77][80] Question: Debt refinancing outlook - Management expressed confidence in achieving favorable terms for debt refinancing by late summer or early fall [86][87]

Financial Data and Key Metrics Changes - Second quarter revenue totaled $259 million, exceeding expectations of $250 million to $255 million, with half of the overachievement attributed to constant currency performance and the other half due to less foreign exchange headwinds than anticipated [1][5] - GAAP gross profit for the second quarter was $164.1 million with a margin of 63.4%, compared to $185.4 million and 64.6% in the prior year [12] - Adjusted net income for the second quarter was $40.7 million, up from $38.9 million in the prior year, with adjusted earnings per share increasing to $0.70 from $0.67 [15] Business Line Data and Key Metrics Changes - In the U.S., revenue for the quarter was $135.2 million, reflecting an 8.4% decline on an adjusted constant currency basis [9] - International revenue totaled $123.8 million, equating to a 7% decline on an adjusted constant currency basis [10] - Thin needle revenue declined approximately 12.1%, while syringe revenue grew by approximately 1.7% and safety products grew approximately 4.2% [11] Market Data and Key Metrics Changes - The decline in U.S. revenue was primarily due to timing issues related to price increases and customer purchasing patterns [9][10] - The international business faced similar challenges with prior year inventory builds impacting comparisons [10] - The company noted that the anticipated reductions in customer inventory levels tied to store closures at a specific U.S. retail pharmacy customer would impact future volumes [21] Company Strategy and Development Direction - The company is advancing efforts to co-package pen needles with potential generic GLP-1 drugs, aiming to expand into a fast-growing market [3] - A restructuring plan was initiated to streamline operations, with expected pretax charges of $4 million to $5 million and estimated cost savings of $7 million to $8 million during the second half of fiscal 2025 [4][5] - The brand transition plan is underway, with a phased execution expected to complete globally within the next couple of years [7][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of lower projected U.S. volumes and customer inventory reductions on guidance, but maintained that these issues are transitory [21] - The company expects to see flat to slightly positive overall constant currency revenue growth in the second half of the year, despite a 150 basis point reduction in full-year guidance [42] - Management remains focused on maintaining profitability and reducing debt, with a goal of reducing gross debt by $110 million during fiscal 2025 [17][72] Other Important Information - The company has received several purchase orders from generic manufacturers for bulk pen needles, marking a significant strategic milestone [52] - The company is committed to mitigating potential impacts from tariffs, with an estimated $3 million impact on full-year margins due to U.S.-China tariffs [48][49] - The inaugural Analyst and Investor Day is scheduled for May 22, where the company will share more about its portfolio and long-term financial objectives [26] Q&A Session Summary Question: Can you provide insights into growth and demand dynamics across pen and syringes? - Management explained that the decline in U.S. revenue was influenced by ERP implementations and price increase timing, leading to unfavorable year-over-year comparisons [30][34] Question: Are the store closures isolated issues? - Management indicated that while aware of planned store closures, they believe the impact on their products will be manageable as patients may switch to other pharmacies [36][38] Question: What is the expected impact of tariffs on margins? - Management confirmed a $3 million impact on full-year margins due to tariffs, with potential annualized impacts estimated for future fiscal years [48][49] Question: Can you elaborate on the new efficiency program? - The restructuring program focuses on SG&A cost reductions, with expected savings of $7 million to $8 million in the second half of the year, potentially annualizing to around $15 million [75]

Financial Data and Key Metrics Changes - The company reported a 38% year-over-year revenue growth in the first quarter of 2025, achieving $280 million in directional revenue guidance for the year [6][20] - Cash flow from operations reached a record $19.7 million [6] - The company aims to generate approximately $232 million in revenue over the remaining three quarters of the year [6] Business Line Data and Key Metrics Changes - Vevi revenue increased by 35% sequentially from $16 million in Q4 2024 to $21.5 million in Q1 2025, prior to the launch of the VIVI Access for All program [7][12] - iHizo's sales were impacted by destocking in Q1 2025, but unit sales more than doubled in April compared to the monthly average in Q1 [15][16] - Triassence completed critical market access initiatives in Q1, leading to a doubling of accounts ordering the product since the beginning of the year [18][19] Market Data and Key Metrics Changes - The company noted seasonality in its business, with Q1 typically being the weakest revenue period [9] - The specially branded products faced challenges due to volatility in gross to net estimates, affecting recognizable revenue [10] Company Strategy and Development Direction - The company is focused on achieving and potentially exceeding its 2025 revenue guidance through various product lines, including Vevi, iHizo, and Triassence [6][20] - The VeeVai Access for All program is expected to significantly impact revenue growth, with the potential to become a leading product in the dry eye medication market [12][14] - The company is not planning to exit the compounding business, emphasizing its importance in building commercial relationships and credibility [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting revenue guidance, citing strong momentum in new prescriptions and refill rates for Vevi [11][21] - The company anticipates that the third quarter will see stronger numbers driven by compounding effects from new prescriptions [23] - Management acknowledged the need for improvement in certain product lines and plans to review current strategies [59] Other Important Information - The company expects to deliver over $50 million in revenue from iHizo in 2025, with significant growth anticipated [22] - The ImprimisRx compounding business is projected to deliver more than $80 million in revenue in 2025 [22] Q&A Session Summary Question: Price increase initiatives for iHizo - Management indicated that there were no significant price increases for iHizo, and some price decreases were implemented to enhance accessibility [26][29] Question: Project Beagle initiatives - Management clarified that Project Beagle focuses on transitioning Clarity C patients to Vevi, which is expected to be financially beneficial [30][32] Question: Sequential changes in iHizo - Management noted that unit demand is returning to growth mode, with expectations for incremental growth in Q2 [38][41] Question: Triassence volume inflection - Management reported that many new accounts are beginning to use Triassence, with positive signs of adoption in various care settings [44][46] Question: Impact of tariffs on products - Management estimated a negligible impact of current tariff policies on gross margins, around 50 basis points [68][70] Question: Debt refinancing plans - Management expressed confidence in successfully restructuring debt by late summer or early fall, with positive discussions ongoing with lenders [85][86]

Financial Data and Key Metrics Changes - CorMedix reported first quarter net sales of $39.1 million, achieving profitability with a net income of $20.6 million or $0.32 per share, compared to a net loss of $14.5 million or $0.25 per share in the same quarter of the previous year [14][15]. - Adjusted EBITDA for the first quarter was $23.6 million, slightly above earlier preannounced results [6]. Business Line Data and Key Metrics Changes - The company experienced steady utilization growth with existing anchor customer U.S. Renal Care and new utilization from smaller outpatient dialysis operators and inpatient hospitals [6]. - Inpatient hospital ordering accounted for more than 6% of shipments in April, more than double from the first quarter [7]. Market Data and Key Metrics Changes - U.S. Renal Care accounted for over 80% of shipments in the first quarter, indicating its significance as the largest customer [30][31]. - The company anticipates utilization growth in the latter half of 2025 as new patients initiate therapy and new customers are added [9]. Company Strategy and Development Direction - CorMedix is focused on expanding its customer base and therapeutic indications for DEFENCATH, with a dedicated inpatient sales team now fully operational [10][13]. - The company has initiated a Phase 3 clinical study targeting central line-associated bloodstream infections, aiming for FDA submission by late 2026 or early 2027 [10][11]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the implementation timeline with a large dialysis operator customer, expecting to start mid-2025 [9]. - The company is monitoring macroeconomic factors but does not foresee them impacting inventory or earnings significantly [25]. Other Important Information - Operating expenses increased by approximately 9% to $17.4 million, with R&D expenses rising by 281% due to increased personnel and clinical trial services [15][16]. - The company has cash and cash equivalents of $77.5 million as of March 31, 2025 [16]. Q&A Session Summary Question: Updates on LDO partnership and operational expectations - Management noted heightened preparatory activities with the LDO but did not provide specific patient numbers or timelines [20][22]. Question: Inventory control and macroeconomic impacts - Management clarified that current macroeconomic issues are not affecting inventory, which is well-stocked to meet demand [25][26]. Question: Drivers behind Q1 revenue and customer contributions - U.S. Renal Care was the primary driver of revenue, accounting for over 80% of shipments, with growth also seen in smaller customers and hospitals [30][31]. Question: Reimbursement negotiations with Medicare Advantage - Management expects to enter negotiations with MA plans during TDAPA coverage, with 40% of claims currently from MA plans [46][47]. Question: Inpatient segment growth potential - Management indicated that the inpatient segment has potential for growth but is difficult to quantify at this stage [52][53].

Financial Data and Key Metrics Changes - Brunswick's first-quarter results exceeded expectations despite a challenging macro environment, with a notable $160 million improvement in free cash flow compared to Q1 2024, marking the second-best first-quarter cash flow on record [9][10] - Net sales decreased by 11% year-over-year, with adjusted operating margins at 6%, resulting in an adjusted EPS of $0.56 [27][28] - The updated adjusted EPS guidance for 2025 is now between $2.50 and $4.00 per share, reflecting significant uncertainty due to trade policy and macroeconomic conditions [22][36] Business Line Data and Key Metrics Changes - The propulsion business experienced a 16% decrease in sales primarily due to pipeline management and lower wholesale shipments, while the aftermarket engine parts and accessories business saw a 3% decrease in sales but a 7% increase in adjusted operating earnings [29][30] - The boat business reported a 13% decrease in sales, attributed to cautious wholesale ordering patterns, although Freedom Boat Club continued to expand globally with steady membership growth [31][14] - Navico Group's sales were flat year-over-year, with strong aftermarket sales offsetting reduced OEM orders [12][30] Market Data and Key Metrics Changes - The US main powerboat industry retail was down modestly in Q1, with Brunswick's performance primarily affected by declines in the value segment [18] - Outboard engine industry retail units declined by 6%, with Mercury's performance slightly lower due to registration calendarization [21] - US weeks on hand decreased to 35.6%, indicating a reduction in inventory levels compared to Q1 2024 [21] Company Strategy and Development Direction - Brunswick is considering streamlining its entry-level product offerings due to observed weakness in that segment, focusing on higher-margin products and growth opportunities [7][81] - The company is actively working on mitigating tariff impacts through supply chain adjustments, pricing strategies, and classification of components to minimize exposure [16][110] - Brunswick aims to maintain a strong focus on cash generation, with a target of $350 million in free cash flow for the year [36] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the retail environment, noting stable dealer sentiment despite consumer volatility [17] - The uncertain tariff environment and macroeconomic conditions are expected to impact consumer spending, with potential volume pressures anticipated in the near term [14][24] - Management remains confident in the resilience of premium brands and their ability to navigate current challenges, with expectations for a flat US retail boat market in 2025 [37][92] Other Important Information - Brunswick launched several new products at the Miami Boat Show, including the SIMRAD NSS four multifunction display and the Flight Series 5 [38][39] - The company received multiple awards for its products and workplace culture, including recognition for being one of America's most trustworthy companies [41][42] Q&A Session Summary Question: Can you help us understand the guidance update for 2025? - Management indicated that the high end of the guidance range assumes a moderation in the tariff environment and better-than-expected mitigation efforts, while the low end reflects continued tariff pressures and volume declines [48][50] Question: What is the anticipated gross number for tariff mitigation? - Management stated that while it's difficult to provide an exact number, the gross impact is likely less than double the net impact due to various factors affecting timing and payment [60] Question: What are the plans to streamline entry-level boats? - Management confirmed that they are reducing the number of models in the entry-level category, focusing on higher-margin products and optimizing manufacturing [81][84] Question: How is the capital market volatility affecting consumer behavior? - Management noted that while there is some concern regarding capital market volatility, premium brands have shown resilience, and retail financing rates remain stable [92][125] Question: What are the mitigation actions against tariffs? - Management highlighted pricing strategies, supply chain migration, and component classification as key mitigation actions, with a significant reduction in dependency on China expected [108][111]