Clean Harbors (NYSE:CLH) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAdam Bubes - VP of Equity ResearchEric Dugas - EVP and CFOEric Gerstenberg - Co-CEOLarry Solow - PartnerMichael McDonald - General CounselMike Battles - Co-CEOTobey Sommer - Managing DirectorTyler Brown - Financial AdvisorConference Call ParticipantsBryan Burgmeier - Equity Research AnalystDavid Manthey - Senior Research AnalystJames Schumm - Senior AnalystNoah Kaye - Senior Research AnalystNone - AnalystOperato ...

Group 1: Fund Overview - Baron Discovery Fund focuses on long-term, competitively positioned companies with significant potential in untapped markets [1] - In Q4 2025, the Fund generated a return of 0.19%, underperforming the Russell 2000 Growth Index by 1.03 percentage points [1] - For the entire year, the Fund posted a return of 10.96%, while the Index returned 13.01% [1] - The top 10 holdings comprised 26.7% of the Fund's net assets, with cash making up 3.3% [1] - The Fund maintains optimism for a high-growth, low-inflation environment in 2026 [1] Group 2: Casella Waste Systems, Inc. Overview - Casella Waste Systems, Inc. is a leading waste management and recycling company, recently added to the Fund [2][3] - As of February 2, 2026, Casella Waste Systems, Inc. stock closed at $102.39 per share, with a market capitalization of $6.501 billion [2] - The company delivered a 0.88% return in the past month, but shares are down 4.99% over the past twelve months [2] Group 3: Casella Waste Systems, Inc. Business Insights - Casella Waste Systems, Inc. is the fifth largest waste management and recycling company in North America, founded in 1975 [3] - The company has transformed into one of the fastest growing waste companies in New England and the Mid-Atlantic regions [3] - Casella has strong pricing power, with 70% of its business focused on less competitive rural markets and 15% of revenue tied to high-margin disposal/landfill revenue [3] - The company has achieved mid-to-high single-digit organic top-line growth and mid-teens free cash flow growth [3] - Over the last 7 years, Casella has completed over 80 acquisitions, enhancing organic revenue growth and increasing margins [3] - The pace of mergers and acquisitions is expected to continue for the foreseeable future [3]

Core Viewpoint - JBDI Holdings Limited has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, allowing the company a compliance period until July 6, 2026 to regain compliance [1][2]. Group 1: Nasdaq Notification - The company’s ordinary shares failed to maintain a minimum bid price of $1.00 for 30 consecutive business days, as per Nasdaq Listing Rule 5550(a)(2) [1]. - The company has 180 calendar days, until July 6, 2026, to regain compliance with the minimum bid price requirement [2]. - If the company’s shares reach at least $1 for ten consecutive business days during this period, it will receive written confirmation of compliance [2]. Group 2: Compliance Options - If compliance is not regained by July 6, 2026, the company may be eligible for an additional compliance period, provided it meets other listing requirements [2]. - The company may need to execute a reverse stock split to meet the bid price requirement if necessary [2]. Group 3: Company Commitment - The CEO of JBDI Holdings Limited emphasized the importance of maintaining the Nasdaq listing for shareholder value and pledged efforts towards improved performance to meet listing standards [3]. Group 4: Company Overview - JBDI Holdings Limited specializes in environmentally friendly products and services, focusing on the revitalization, reconditioning, and recycling of drums and related containers in Singapore and Southeast Asia [5]. - The company has nearly four decades of industry experience and aims to help customers achieve a zero environmental impact footprint while optimizing resource allocation and reducing costs [5].

Company Overview - Enviri Corporation is a leading provider of environmental solutions for industrial waste streams, focusing on integrated services and value-added products for metals manufacturers and waste generators [5] - The company operates under a dual-segment model, emphasizing long-term contracts and resource recovery, positioning itself as a key player in sustainable waste management and recycling [5] - Enviri serves various sectors, including iron, steel, and metals manufacturers, as well as clients requiring hazardous and non-hazardous waste processing and recycling both domestically and internationally [5] Financial Performance - Enviri reported trailing twelve months (TTM) revenue of $2.2 billion, with a net income of -$162.8 million [4] - The company's stock price as of the latest market close was $17.40, reflecting a 143% increase over the past year, significantly outperforming the S&P 500, which rose by 11% during the same period [3][4] - The adjusted EBITDA for the latest quarter fell to $74 million from $85 million a year earlier, and full-year guidance was revised down to a range of $268 million to $278 million [8] Recent Developments - Vision One Management Partners disclosed a new stake in Enviri Corporation, acquiring 436,911 shares valued at approximately $5.5 million, which represents 3.5% of the fund's $158.9 million in reportable U.S. equity assets [2] - The fund's investment in Enviri is seen as a high-conviction addition during a pivotal time for the company, which is undergoing operational and strategic transitions [6][9] - Enviri's third-quarter results indicated steady revenue but continued GAAP losses and tightening margins, as management navigates divestitures and a strategic alternatives process [6]

Core Viewpoint - Casella Waste Systems, Inc. announces a leadership transition with John W. Casella moving from CEO to Executive Chairman, and Ned Coletta appointed as the new CEO effective January 1, 2026 [1][2][4] Leadership Transition - John W. Casella has been with the company since its founding in 1976 and has played a crucial role in its growth into a leading waste management company in the eastern United States [2][3] - Ned Coletta, who joined the company in December 2004, has held various leadership roles and is well-prepared to lead the company into its next phase of growth [3][4] Company Background - Casella Waste Systems, Inc. is headquartered in Rutland, Vermont, and provides resource management services including solid waste collection, disposal, recycling, and organics services primarily in the eastern United States [5]