Core Insights - First Horizon Corporation reported a 1% increase in net income available to common shareholders for Q4 2025, totaling $257 million, with an earnings per share (EPS) of $0.52, and an adjusted basis EPS of $0.52, reflecting a 2% increase from Q3 2025 results [1][3] - For the full year 2025, the company achieved a net income of $956 million, resulting in an EPS of $1.87, which represents a 38% increase compared to the EPS of $1.36 in 2024 [1][2] Financial Performance - The fourth quarter net income available to common shareholders was $257 million, up from $254 million in Q3 2025, with EPS increasing from $0.50 to $0.52 [3] - Notable items in Q4 2025 resulted in a net after-tax reduction of $2 million, compared to a $9 million reduction in Q3 2025 [3] - Adjusted fourth quarter 2025 net income was $259 million, slightly down from $263 million in Q3 2025, with adjusted EPS remaining stable at $0.52 [3] Strategic Focus - The company aims to deepen client relationships, maximize revenue opportunities, and enhance products and capabilities as it enters 2026 [2][3] - The CEO emphasized the importance of disciplined risk management and a resilient balance sheet to support sustainable growth [3] Company Overview - First Horizon Corporation, headquartered in Memphis, TN, has $83.9 billion in assets as of December 31, 2025, and operates in 12 states in the southern U.S. [13] - The company offers a range of financial services including commercial, private banking, consumer, small business, wealth management, and mortgage banking [13]

Group 1 - The presentation is led by William Cimino, Senior VP & Director of Investor Relations, welcoming both in-person and online attendees [1] - The slide presentation is available for download on the investor website, with instructions provided for both online viewers and in-person attendees [2] - Financial performance will be discussed using both GAAP metrics and non-GAAP financial measures, with important information about these measures included in the appendix [3]

Q3 2025 Performance - Nextdoor's Platform Weekly Active Users (WAU) reached 216 million, a modest 1% sequential decline due to reduced notifications aimed at improving usage quality[8] - Revenue for Q3 2025 was $69 million, representing a 5% year-over-year increase, driven by strong demand from self-serve advertisers[8, 11] - The self-serve channel experienced significant growth, with a 33% year-over-year increase, accounting for nearly 60% of the total Q3 revenue[8, 11] - Nextdoor reported a net loss of $13 million in Q3 2025, but the net loss margin improved by 4 percentage points year-over-year to (19%)[8, 20, 21] - Adjusted EBITDA for Q3 2025 was $4 million, resulting in a 6% margin, an 8 percentage point improvement year-over-year[8, 24] Productivity and Financial Outlook - Revenue per Full-Time Equivalent (FTE) has improved by 21% year-to-date, indicating increased productivity[27] - Nextdoor has a strong balance sheet with $403 million in cash, cash equivalents, and marketable securities at the end of Q3[27] - The revenue outlook for Q4 2025 is projected to be between $67 million and $68 million, representing a 3-4% year-over-year increase[28] - Adjusted EBITDA for Q4 2025 is expected to be between $35 million and $45 million, with an adjusted EBITDA margin of 5-7%, a potential increase of 0-2 percentage points year-over-year[28] - Nextdoor anticipates achieving full-year adjusted EBITDA breakeven in 2026[29]

Core Insights - Mativ Holdings, Inc. reported strong financial results for Q3 2025, achieving significant improvements in adjusted EBITDA margin and free cash flow compared to previous periods [3][4][7]. Financial Performance - **Filtration & Advanced Materials (FAM) Segment**: - Net sales reached $198.3 million, a 4.6% increase year-over-year [4][29]. - GAAP operating profit was $11.4 million with a margin of 5.7%, down from 10.5% in the prior year [4][29]. - Adjusted EBITDA was $36.9 million, reflecting a margin of 18.6%, slightly down from 19.3% [4][29]. - **Sustainable & Adhesive Solutions (SAS) Segment**: - Net sales were $315.4 million, a 2.1% increase year-over-year [6][29]. - GAAP operating profit surged to $28.4 million with a margin of 9.0%, up from 3.3% [6][29]. - Adjusted EBITDA increased to $48.3 million, with a margin of 15.3%, up from 13.3% [6][29]. - **Overall Financial Results**: - Total consolidated net sales for Q3 2025 were $513.7 million, a 3.0% increase from $498.5 million in Q3 2024 [7][29]. - The company reported a GAAP loss of $3.2 million, with an adjusted EPS of $0.39 [7][29]. Cash Flow and Debt - Cash from operating activities for the year-to-date 2025 was $114.5 million, with free cash flow of $66.7 million, representing increases of 94% and 179% respectively compared to the prior year [7][12]. - Total debt stood at $1,028.9 million as of September 30, 2025, with cash and cash equivalents of $97.1 million, resulting in net debt of $931.8 million [12][26]. Strategic Initiatives - The company emphasized its commitment to strategic priorities and operational goals, indicating a renewed focus on customer commitments and shareholder value [3][4]. - Mativ's management highlighted the importance of disciplined pricing and cost management as key drivers of performance improvements [3][4]. Dividend and Share Repurchases - Mativ announced a quarterly cash dividend of $0.10 per share, payable on December 19, 2025 [13]. - No share repurchases were conducted during the third quarter [13]. Conference Call - A conference call to discuss Q3 2025 results is scheduled for November 6, 2025, at 8:30 a.m. Eastern time [14]. Company Overview - Mativ Holdings, Inc. is a global leader in specialty materials, focusing on innovative solutions across various applications [15]. - The company operates in two main segments: Filtration & Advanced Materials and Sustainable & Adhesive Solutions, targeting premium applications in diverse and growing categories [15].

Core Insights - Skyward Specialty Insurance Group reported strong financial results for Q3 2025, with net income of $45.9 million, up from $36.7 million in Q3 2024, reflecting a growth of 25.5% [1][20] - The company achieved a gross written premium of $606.5 million, representing a 51.6% increase compared to the same period in 2024 [3][29] - The combined ratio improved to 89.2%, indicating enhanced underwriting performance [5][6] Financial Performance - Adjusted operating income for Q3 2025 was $44.0 million, or $1.05 per diluted share, compared to $29.4 million, or $0.71 per diluted share in Q3 2024, marking a 49.5% increase [2][20] - For the first nine months of 2025, net income reached $126.8 million, up from $104.4 million in the same period of 2024 [1][20] - The annualized return on equity for the nine months ended September 30, 2025, was 19.3% [5][22] Underwriting Results - The net written premiums for Q3 2025 were $441.2 million, a 64.4% increase from $268.3 million in Q3 2024 [3][29] - The net earned premiums for the first nine months of 2025 were $947.7 million, up 24.1% from $763.5 million in the same period of 2024 [20][29] - The loss ratio improved to 60.8% in Q3 2025 from 63.3% in Q3 2024, indicating better loss management [6][7] Investment Results - Net investment income for Q3 2025 was $22.2 million, an increase from $19.5 million in Q3 2024, driven by higher yields from the fixed income portfolio [8][9] - The company reported net realized gains of $15.9 million in Q3 2025, compared to $1.8 million in Q3 2024 [8][20] Equity and Assets - Stockholders' equity increased to $961.4 million as of September 30, 2025, up 6.8% from $899.9 million at June 30, 2025 [10][19] - Total assets reached $4.6 billion, reflecting growth from the previous year [18][19] Strategic Outlook - The company continues to execute its "Rule Our Niche" strategy, focusing on profitable growth and maintaining a diversified portfolio [2][5] - Skyward Specialty is preparing for the expected close of the Apollo acquisition early in the new year, which is anticipated to enhance its market position [2][5]

Core Insights - Amphenol Corporation reported record sales and Adjusted Diluted EPS for the third quarter of 2025, significantly exceeding guidance, with sales increasing by 53% year-over-year [2][11] - The company achieved an operating margin of 27.5%, reflecting strong profitability driven by organic growth across various end markets, particularly in IT datacom [2][11] - Amphenol returned approximately $354 million to shareholders through share repurchases and dividends during the quarter [2][11] Financial Performance - Third quarter 2025 net sales reached $6.2 billion, a 53% increase in U.S. dollars and a 41% increase organically compared to the third quarter of 2024 [11] - GAAP Diluted EPS was $0.97, up 102% year-over-year, while Adjusted Diluted EPS was $0.93, an 86% increase from the prior year [11] - Operating income for the quarter was $1.7 billion, with a gross profit of $2.4 billion [11][16] Shareholder Returns - The Board of Directors approved a 52% increase in the quarterly dividend, raising it from $0.165 to $0.25 per share, payable on January 7, 2026 [5] - Total capital returned to shareholders in the third quarter included $201 million in dividends and $153 million in share repurchases [2][5] Growth Strategy - Amphenol is focused on expanding growth opportunities through technology development, market diversification, and acquisitions [3][4] - The company completed the acquisition of Rochester Sensors in August 2025, which has annual sales of approximately $100 million [3] - Amphenol anticipates closing the acquisitions of the CCS business from CommScope and Trexon by early 2026 [4] Future Outlook - For the fourth quarter of 2025, Amphenol expects sales between $6.0 billion and $6.1 billion, representing a 39% to 41% increase year-over-year [6] - Adjusted Diluted EPS for the fourth quarter is projected to be between $0.89 and $0.91, a 62% to 65% increase from the fourth quarter of 2024 [6] - For the full year 2025, sales are expected to be in the range of $22.66 billion to $22.76 billion, a 49% to 50% increase over the previous year [6]

Core Insights - Skyward Specialty Insurance Group reported a strong financial performance for Q2 2025, with net income of $38.8 million, up from $31.0 million in Q2 2024, reflecting a 25.8% increase in earnings per diluted share from $0.75 to $0.93 [1][2] - The company achieved an 18% growth in gross written premiums for Q2 2025, totaling $584.9 million, compared to $496.2 million in Q2 2024, driven by strong performance in agriculture, credit (re)insurance, and specialty programs [3][5] - The combined ratio improved to 89.4% in Q2 2025 from 90.7% in Q2 2024, indicating enhanced underwriting profitability [4][5] Financial Performance - Net income for the first half of 2025 reached $80.9 million, compared to $67.8 million in the same period of 2024, marking a 19.5% increase [1][2] - Adjusted operating income for Q2 2025 was $37.1 million, up from $33.0 million in Q2 2024, representing a 12.4% increase [2] - The annualized return on equity for the first half of 2025 was 19.1%, slightly down from 19.6% in the same period of 2024 [5][21] Underwriting Results - Gross written premiums for the first half of 2025 totaled $1.12 billion, a 17.3% increase from $954.9 million in the first half of 2024 [3][5] - The net retention rate decreased slightly to 58.0% in Q2 2025 from 59.9% in Q2 2024 [3] - The loss ratio for Q2 2025 improved to 61.3% from 61.7% in Q2 2024, while the non-catastrophe loss and loss adjustment expense (LAE) ratio improved to 59.9% from 60.6% [4][6][7] Investment Results - Net investment income for Q2 2025 was $18.6 million, down from $22.0 million in Q2 2024, primarily due to losses in the alternative and strategic investments portfolio [8] - The company reported net unrealized losses on securities still held of $3.2 million for Q2 2025, compared to losses of $1.8 million in Q2 2024 [8] Stockholders' Equity - Stockholders' equity increased to $899.9 million as of June 30, 2025, up 5.8% from $850.7 million at March 31, 2025 [9] - Book value per share rose to $22.23, a 12% increase compared to $19.79 at the end of 2024 [5][21] Premiums by Division - The agriculture and credit (re)insurance division saw a significant increase in gross written premiums, with a 95.6% growth in Q2 2025 compared to Q2 2024 [27] - The accident and health division also performed well, with a 37.2% increase in gross written premiums for Q2 2025 [27] - Conversely, the global property and construction & energy solutions divisions experienced declines in gross written premiums [3][27]

Core Insights - Southwest Airlines reported its second quarter 2025 financial results, highlighting progress in its transformational plan, including the implementation of bag fees and a basic economy product, which exceeded revenue expectations [1][6][8] - The company achieved approximately one-third of its $1.8 billion EBIT target for 2025 in the first half of the year and remains confident in meeting the remaining target in the second half [1][11] - A new $2.0 billion share repurchase program has been authorized by the Board of Directors, expected to be completed over two years, reflecting strong management execution and belief in the company's transformational plan [1][19] Financial Performance - Second quarter 2025 net income was $213 million, or $0.39 per diluted share, a decrease of 42% year-over-year [7][29] - Total operating revenues for the second quarter were $7.2 billion, down 1.5% year-over-year, with passenger revenues at $6.6 billion, a 1.3% decrease [8][29] - Operating expenses increased by 0.9% year-over-year to $7.0 billion, with CASM-X rising 4.7% [20][29] Revenue and Outlook - Domestic leisure travel stabilized in Q2 2025, with the company outperforming industry peers in domestic unit revenue [6][10] - The company expects third quarter 2025 unit revenues to range from down 2% to up 2% year-over-year, with flat capacity [10][11] - Full year 2025 EBIT guidance is set between $600 million and $800 million, driven by company-specific initiatives and improving domestic leisure travel trends [11][19] Key Initiatives - The introduction of bag fees and a basic economy product has laid the groundwork for future product differentiation, with initial financial benefits exceeding expectations [1][8] - The company has reintroduced flight credit expiration and announced partnerships with China Airlines and Icelandair [8][19] - More than 220 aircraft have been retrofitted for extra legroom seating, with assigned and premium seating sales starting on July 29, 2025, for travel beginning January 27, 2026 [8][19] Capacity and Fleet Management - The company anticipates a modest capacity increase of approximately 1% for the full year 2025, driven by improved aircraft utilization [15][16] - Fleet planning has been updated to include 47 Boeing 737-8 aircraft deliveries in 2025, with approximately 55 aircraft expected to be retired [16][17] Liquidity and Capital Deployment - The company ended Q2 2025 with $3.8 billion in cash and cash equivalents, alongside a fully available revolving credit line of $1.0 billion [22][19] - A total of $1.6 billion was returned to shareholders in Q2 2025 through dividends and share repurchases [22][19]

INVESTOR PRESENTATION JUNE 2025 DISCLAIMER Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "may," "will," "intend," "expect," "anticipate," "estimate," "target," and similar expressions, or the negative thereof, among others, identify forward-looking statements. All forward-looking statements are based on assumptions, expectations and other information currently available to m ...

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $242.9 million, a sequential increase of $15.1 million or 7%, and an increase of $17.4 million or 8% year-over-year [25][26] - Non-GAAP gross margin for Q4 was 42.0%, a sequential decline of 11 basis points [27] - Non-GAAP operating profit was $7.9 million or 3.3% of revenue, compared to $2.5 million or 1.1% of revenue in Q3 2024 [28] - Non-GAAP operating expenses in Q4 were $94 million, reflecting a quarter-over-quarter increase [27] Business Line Data and Key Metrics Changes - Network solutions segment delivered $197 million, accounting for approximately 81% of total revenue in Q4 [26] - Optical networking revenue increased by 16% sequentially to $81.6 million, representing 34% of total revenue [26][27] - Access and aggregation solutions grew 8% sequentially to $72.7 million, approximately 30% of total revenue [26] - Subscriber solutions category was $88.5 million, down 2% sequentially [27] Market Data and Key Metrics Changes - Non-U.S. revenue accounted for 57% of total revenue, while U.S. revenue accounted for 43% [27] - The company added 18 new customers in optical networking and 23 new service provider customers in subscriber solutions during Q4 [10][16] Company Strategy and Development Direction - The company aims to strengthen its balance sheet and is in the process of selling unused corporate real estate [34] - Focus on operational efficiency and financial discipline is expected to position the company for substantial future growth [22][36] - The company anticipates continued growth in customer base and strategic platforms, particularly in the U.S. and Europe [23] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment has improved significantly over the last six months, with increased bookings and positive trends [46][58] - The company expects revenue for Q1 2025 to range between $237.5 million to $252.5 million, with a non-GAAP operating margin between 0% and 4% [37] Other Important Information - The company achieved a net cash provided by operating activities of $104.3 million during 2024, a significant improvement from the previous year [22] - Free cash flow for 2024 was $39.9 million, an increase of $128.7 million from the prior year [22] Q&A Session Summary Question: Balance sheet and net cash position - Management confirmed expectations to reduce inventory and generate free cash flow, aiming for a net cash position by the end of the year [40][41] Question: Sustainability of telecom recovery - Management indicated that confidence is based on backlog and tangible orders, noting a positive trend in the operating environment [44][46] Question: Inventory reduction goals - The company aims to increase inventory turns back to the 4x range, with a gradual decline in inventory expected [51][55] Question: Impact of BEAD program - Management stated that delays in the BEAD program would not significantly impact the company, as it does not have much exposure in the current year [102] Question: Optical outlook and demand - Management expects inventory issues to clear up in Q1, with a positive outlook for optical demand [73][91]