Group 1 - Synchrony has announced a multi-year extension of its agreement to manage the credit programs for American Eagle Outfitters, enhancing the consumer financing experience for customers [1][3] - The Real Rewards credit card allows customers to earn rewards when shopping at American Eagle and Aerie, both online and in-store, with the Visa version usable anywhere Visa is accepted [3] - The Real Rewards program has been recognized as one of America's Best Loyalty Programs by Newsweek for five consecutive years, and the Real Rewards Credit Card was named Money's Best Retail Credit Card: In-Store Rewards for 2025 [4] Group 2 - Synchrony is a leading consumer financing company that has been serving the needs of people and businesses for nearly 100 years, providing access to credit and banking products [5] - American Eagle Outfitters, Inc. is a global specialty retailer with a portfolio of brands that promote inclusivity and authenticity, offering high-quality products [6] - AEO operates stores in the United States, Canada, and Mexico, and has a strong e-commerce presence across its brands [7]

Company Overview - Bath & Body Works (NYSE: BBWI) is a specialty retailer focused on selling soaps, lotions, and fragrances [1] Industry Challenges - The company is currently facing scrutiny due to operating in a challenging industry environment [1] - The ongoing trade war between the United States and China poses additional risks for the retailer [1]

Core Viewpoint - Delota Corp. reported its unaudited fourth-quarter results for the period ending January 31, 2025, highlighting a revenue of $40.2 million for the year, surpassing its target, and a strategic focus on growth through M&A and strengthening its balance sheet [2][3]. Financial Highlights - Total revenue for Q4 2025 was $10.3 million, reflecting a year-over-year growth of 1% [6][10]. - The gross profit margin for Q4 2025 was 37% [6][10]. - Adjusted EBITDA for Q4 2025 was positive at $287,329 [6][10]. - Total revenue for the twelve months ended January 31, 2025, was $40.2 million, representing an 18% year-over-year growth [6][10]. - The gross profit margin for the twelve months ended 2025 was 39% [6][10]. - Positive Adjusted EBITDA for the twelve months ended 2025 was $1,114,587 [6][10]. - Segmented revenue for the twelve months ended 2025 included B2C vape sales of $31.2 million, B2B vape sales of $5.5 million, and B2C cannabis sales of $3.5 million [6][10]. Operational Highlights - The company has expanded its retail presence to 32 locations across Ontario and plans to grow in major cities across Canada [6][10]. - The registered customer base has increased to over 280,000 accounts across online and brick-and-mortar platforms [6][10]. - The company opened a new 180 Smoke Vape Store in Etobicoke on February 3, 2025, as part of its expansion strategy [10]. Strategic Focus - The company aims to accelerate growth through a strategic focus on mergers and acquisitions, leveraging its omni-channel platform [3][14]. - There is a commitment to enhancing the nicotine product assortment and improving customer experience [14].

Financial Data and Key Metrics Changes - For the quarter ending December 31, 2024, the company reported net investment income of $0.8 million or $0.06 per share, down from $0.16 per share in the prior quarter [4] - The net asset value per share decreased by $0.16 to $5.39 compared to $5.55 as of September 30, 2024 [4] - The fair value of the portfolio was $191.6 million compared to $190.1 million at September 30 [17] - Net assets were $77.6 million, a decline of $2.3 million from the prior quarter [17] - The weighted average yield of the debt portfolio decreased slightly from 10.5% to 10.4% [17] Business Line Data and Key Metrics Changes - The median EBITDA of the portfolio remained flat at approximately $61.76 million, while the weighted average net leverage increased from 4.8 times to 5 times [9] - The percentage of covenant appeals increased from 70% to 77% [9] - The weighted average yield of debt investments made in the quarter was approximately 11.8% [11] Market Data and Key Metrics Changes - Approximately 30% of the portfolio may experience moderate effects from tariffs, with strategies in place to mitigate these risks [7] - The company is strategically targeting investments in critical sectors and defensive industries, including a recent investment in the data center sector [8] Company Strategy and Development Direction - The company remains focused on capital preservation and NAV stability, with a disciplined investment approach [22] - The management is adapting to economic uncertainties and believes the portfolio is well-positioned for the shifting economic environment [6][7] Management's Comments on Operating Environment and Future Outlook - Management noted that heightened market volatility has created a tightening spread environment, impacting investment yields [5] - There is optimism for a resurgence in M&A activity post-election, although risks from tariff wars and fiscal policy changes create uncertainty [5][6] - The company does not foresee significant changes in investment yields in the near term, expecting them to remain around 10.5% [34] Other Important Information - The company appointed Andrew Muns as Chief Operating Officer, enhancing the executive team [3] - The company has approximately $12.1 million in cash, with $11.3 million being restricted cash [20] - A distribution of $0.12 per share was declared for the quarter ending March 31, 2025, payable in cash [19] Q&A Session Summary Question: What was the cause for the drop in PIK income quarter-over-quarter? - The drop was due to a reversal of non-accrual for one portfolio company in the previous quarter, which inflated PIK income [25] Question: What are the comments on the sustainability of the dividend given lower yields and higher leverage? - The company is constantly evaluating the dividend sustainability and will monitor the portfolio's performance [26][27] Question: Is the company changing to a calendar fiscal year? - Yes, the company has changed its fiscal year from June to December [28][30] Question: Where does the company see the trend for investment yield over the next quarter or two? - The investment yield is expected to remain stable around 10.5%, barring any economic shocks [34][36]

Zumiez (ZUMZ) Q4 2025 Earnings Call March 13, 2025 10:43 PM ET Company Participants Richard Brooks - CEOChristopher Work - Chief Financial Officer Conference Call Participants Mitch Kummetz - Senior Analyst Operator Good afternoon, ladies and gentlemen, and welcome to Zumie Inc. Fourth Quarter Fiscal twenty twenty four Earnings Conference Call. At this time, all participants are in a listen only mode. We will conduct a question and answer session towards the end of this conference. Before we begin, we would ...