Good day, ladies and gentlemen. Welcome to the E-PLUS fourth quarter and full year 2025 earnings results conference call. As a reminder, this conference call is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. Tha ...

Company Overview - TH International Limited, known as "Tims China," is the exclusive operator of Tim Hortons coffee shops in mainland China, Hong Kong, and Macau [2] - The company was established by Cartesian Capital Group and Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International [2] Upcoming Financial Results - Tims China plans to release its first quarter results on June 24, 2025, before market opening [1] - A conference call will follow at 8:00 AM EST or 8:00 PM China Standard Time, which will be webcast and accessible on the company website [1] Company Philosophy - The company's philosophy emphasizes world-class execution, data-driven decision making, local relevance, continuous innovation, community engagement, and convenience [3]

Financial Data and Key Metrics Changes - In Q4 of fiscal year 2025, consolidated net sales were $498.1 million, down from $554.5 million in Q4 of fiscal year 2024, reflecting a decline of 10.2% year over year [12] - Consolidated adjusted EBITDA increased to $43.8 million from $36.8 million in the prior year, exceeding expectations [12] - Gross profit rose by nearly 12% to $145.8 million, with a gross margin of 29.3%, compared to 23.5% in the prior year [15][18] - For the full fiscal year, consolidated net sales were $2.07 billion, down from $2.23 billion in fiscal year 2024, driven by a 13.7% decline in product sales [19][20] Business Line Data and Key Metrics Changes - Services revenue grew 33% in Q4 and 37% for the full year, highlighting the company's focus on services-led solutions [7][13] - Managed services revenue increased by 16.6% in Q4 and 24.6% for the year, providing predictable long-term revenue [7] - Technology business net sales declined 10.4% year over year to $487.2 million, primarily due to lower product sales [12] Market Data and Key Metrics Changes - Telecom, Media and Entertainment, and SLED were the largest customer end markets, accounting for 23% of technology business net sales on a trailing twelve-month basis [14] - The financing segment saw net sales rise 4.9% to $10.9 million, driven by higher transaction gains [15] Company Strategy and Development Direction - The company is focusing on four key growth areas: AI, cloud, security, and networking, with strategic investments to expand capabilities [8] - AI adoption is seen as a significant business driver, with initiatives like AI Ignite workshops and a generative AI Accelerator solution to support customer needs [9] - The company aims to maintain a disciplined capital allocation strategy while exploring organic and inorganic growth opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for fiscal year 2026, expecting low single-digit net sales growth and mid single-digit growth in gross profit and adjusted EBITDA [23] - The company acknowledged economic uncertainty impacting revenue but remains committed to its strategic pivot towards services and high-growth technology areas [24] Other Important Information - The company exited fiscal year 2025 with a record cash position of approximately $389 million, providing financial flexibility for future investments [10] - The cash conversion cycle improved to 29 days from 46 days a year ago, indicating a more normalized supply chain [21] Q&A Session Summary Question: Current demand environment and product side performance - Management noted a pickup in the data center, cloud, and security spaces, but networking demand remains weak [28][31] Question: AI opportunity and enterprise investment - Management indicated that while most AI investments are currently in hyperscaler environments, they expect infrastructure spending to pick up over time as enterprise adoption grows [32][34]

Summary of NuVini Group Limited (NVNI) Conference Call - May 22, 2025 Company Overview - **Company**: NuVini Group Limited (NVNI) - **Industry**: Software as a Service (SaaS) in Latin America, specifically Brazil - **Business Model**: Acquires profitable, cash-generating B2B SaaS companies, focusing on niche markets similar to Constellation Software's approach [2][8][12] Core Insights and Arguments - **Market Position**: NuVini is positioned as a unique M&A platform in the Latin American SaaS market, which is currently valued at $9.2 billion and expected to double by 2030 [12][13] - **Growth Metrics**: - Organic growth of approximately 14% last year - EBITDA margin at 26% with a 30% growth in EBITDA [11][20] - 20,000 customers with no single customer contributing more than 0.25% of revenue [10][22] - **Acquisition Strategy**: - Focus on established, profitable companies rather than startups - Targeting companies with annual revenues between 10 to 30 million reais (approximately $2 to $6 million) [30] - Current acquisition multiples range from 4 to 6 times EBITDA [43] - **Financial Performance**: - Achieved first operating profit recently - Adjusted EBITDA increased by 30% [20][37] - 72% conversion ratio from EBITDA to cash, indicating strong cash flow generation [37] Industry Dynamics - **Market Growth**: The Latin American SaaS market is growing faster than the global average due to being underserved, with significant opportunities for companies transitioning from traditional methods (e.g., Excel) to SaaS solutions [13][14] - **Economic Environment**: - High interest rates in Brazil (14.5%) are creating a lack of liquidity and a unique acquisition environment, as no IPOs have occurred since 2021 [26][27] - The current economic climate is seen as an opportunity for NuVini to acquire companies at favorable terms [59] Additional Important Points - **Management Team**: The management team has extensive experience in tech and investments, enhancing the company's ability to execute its strategy [38][39] - **Investor Value Proposition**: NuVini offers investors access to a diversified portfolio of profitable SaaS companies in Latin America, emphasizing predictable revenue streams [20][22] - **Future Reporting Plans**: The company plans to transition from annual to quarterly reporting to enhance transparency and visibility for investors [48] - **Market Perception**: The company believes it is undervalued compared to peers due to a lack of visibility and understanding of its business model as a capital allocator rather than a traditional software company [65][66] Conclusion NuVini Group Limited is strategically positioned to capitalize on the growing SaaS market in Latin America through a disciplined acquisition strategy, strong financial performance, and a focus on creating value for both investors and acquired companies. The current economic environment presents unique opportunities for growth and expansion.

Core Insights - Creatd, Inc. has signed a Letter of Intent to acquire Air Charter Advisors, Inc., enhancing its position in the aviation sector [1][4] - The acquisition is valued between $3 million and $6 million and is expected to close within 60 days, following due diligence [4][8] - This move follows Creatd's recent acquisition of Flyte for $8.3 million, indicating a strategic focus on consolidating aviation assets [1] Company Overview - Air Charter Advisors specializes in private jet charter, aircraft management, and consulting, with a strong reputation for safety and premium service [6] - Flyte, a subsidiary of Creatd, offers regional and international private flight services and is focused on a shared services model to support high-growth operators [7] - Creatd, Inc. is a publicly traded investment firm that acquires and grows founder-led companies in aviation, media, and advisory services [9] Strategic Integration - The acquisition will allow Flyte to expand its customer base and diversify service offerings while maintaining Air Charter Advisors as an independent entity [2][3] - Air Charter Advisors will benefit from Flyte's shared services infrastructure, including finance, compliance, IT, and AI-powered optimization tools [3][5] - The deal is part of a broader strategy by Creatd to integrate aviation companies with complementary capabilities, aiming to create a comprehensive aviation network [5]

Core Insights - Creatd's subsidiary Flyte has launched an AI-powered platform for private travel, featuring two live offerings: Flyte Luxe and Flyte Hops, with a third, Flyte Escapes, expected soon [1][2] - The launch is part of Creatd's strategy to acquire and scale high-potential businesses through centralized infrastructure in finance, compliance, logistics, and technology [2][3] - Flyte aims to enhance the booking experience using AI for real-time pricing and personalized recommendations, while automating operational workflows to streamline the traditionally labor-intensive private air travel process [2][4] Company Overview - Flyte is positioned as a modern air mobility company, integrating technology and operational efficiency to serve both travelers and providers [2][3] - The platform is designed to eliminate friction in the booking process and is equipped with centralized systems and shared services, making it attractive for boutique private brokerages [3][4] - Flyte operates Flyte Luxe, a premium global charter service, and Flyte Hops, a regional air taxi service, with plans to launch Flyte Escapes, a luxury travel experience [6] Technological Integration - Flyte is described as a full-stack operational engine, transforming the private flight booking process and the overall industry operations [4] - The platform is currently available as a progressive web app on iOS and Android, with native mobile apps set to launch in the next quarter [4] - Flyte Luxe offers premium aircraft access and white-glove service, while Flyte Hops focuses on short-haul efficiency using eco-conscious aircraft [6]

Financial Data and Key Metrics Changes - The company reported same restaurant sales growth of 2.6% for the third quarter, showing sequential improvement from prior quarters [22] - Adjusted diluted net earnings per share from continuing operations increased by 6.9% year-over-year to $2.80 [23] - Adjusted EBITDA for the quarter was $559 million, with total sales for the quarter reaching $3.23 billion [23][28] Business Line Data and Key Metrics Changes - Olive Garden's total sales increased by 1.5%, driven by same restaurant sales growth of 0.6% [25] - Longhorn Steakhouse saw total sales increase by 5.1%, with same restaurant sales growth of 2.6% [26] - The Fine Dining segment experienced a 3.3% increase in total sales, although same restaurant sales were negative at 0.8% [27] - The Other Business segment, primarily driven by the acquisition of Chuy's, saw sales increase by 20.2% [27] Market Data and Key Metrics Changes - The average same restaurant sales for the industry grew by 0.9%, while guest counts decreased by 1.2% [6] - The median same restaurant sales for the industry decreased by 2.3%, indicating a significant disparity between average and median results [6] Company Strategy and Development Direction - The company is focusing on integrating Chuy's and leveraging its existing brands to drive sales growth [18][42] - New smaller restaurant prototypes are being tested to lower construction costs and accelerate new restaurant openings [16][17] - The company plans to open between 60 and 65 new restaurants in fiscal 2026, with a capital expenditure of $375 million to $400 million for new restaurants [28][29] Management's Comments on Operating Environment and Future Outlook - Management noted that same restaurant sales trends improved in January and February, exceeding industry benchmarks by over 100 basis points [21] - The company remains confident in its strategy and business model, which continues to drive success despite external challenges [30] - Management acknowledged that while consumer sentiment is less optimistic, it has not significantly impacted dining out trends [94] Other Important Information - The company has awarded 98 scholarships worth $3,000 each to the children of team members through its Next Core scholarship program [19] - The company is experiencing a general rise in value perception at Olive Garden, attributed to improved operational performance [81] Q&A Session Summary Question: Is the improvement seen more related to the company's own brands or the industry? - Management indicated that Olive Garden and Longhorn continue to perform well, with overall positive trends reflected in guidance for above 3% same restaurant sales growth [34] Question: What degree of flu impact was observed in the quarter? - Management could not quantify the flu's impact but noted that weather had a more significant effect on sales [40] Question: Can you provide insights on the Uber partnership and advertising spend? - Management stated that while Uber is contributing to advertising costs, the company is funding a larger portion and expects modest impacts on overall advertising spend [47][49] Question: Can you elaborate on the EPS guidance for the fourth quarter? - Management explained that inflation is expected to rise to about 3% in Q4, impacting operating margins, which are not expected to grow materially year-over-year [55] Question: What is driving Olive Garden's recent sales momentum? - Management attributed the sales momentum more to menu news rather than delivery, as the delivery rollout occurred late in the quarter [73] Question: How is the company managing inflation and labor costs? - Management noted that commodity prices are being managed effectively, with labor inflation stabilizing in the mid-3% range [77][78] Question: What is the company's exposure to potential tariffs? - Management indicated that about 80% of the cost basket is domestically sourced, with strategies in place to mitigate risks associated with tariffs [87][89]