EnerSys (NYSE:ENS) Update / briefing March 26, 2026 02:00 PM ET Company ParticipantsAndrea Funk - EVP and CFOShawn O'Connell - President and CEOConference Call ParticipantsJulien Dumoulin-Smith - Research AnalystJulien Dumoulin-SmithGood afternoon. Thanks everyone for the time and the opportunity to connect with so many of you here. Really appreciate the opportunity here. Joined with Shawn O'Connell, Andrea Funk, and Charlotte Murnan over at EnerSys. Look, it's a great opportunity to chat with you guys. Rea ...

Core Insights - Kadensa Capital Ltd sold its entire position in Stride, disposing of 157,101 shares valued at approximately $23.40 million during the fourth quarter [1][2] - Stride shares have decreased by 29.1% over the past year, significantly underperforming the S&P 500 by 50 percentage points [3] Company Overview - Stride reported a total revenue of $2.52 billion and a net income of $318.94 million for the trailing twelve months (TTM) [4] - The company's market capitalization stands at $3.59 billion, with shares trading at $84.78 as of March 12, 2026 [4] - Stride is a prominent provider of technology-based education solutions, catering to K-12 students and adult learners through a diverse portfolio of digital curriculum and career-focused programs [5][8] Business Model - Stride operates a technology-driven education model, generating revenue through contracts with public and private schools, direct-to-consumer offerings, and workforce development services [8] - The company serves a wide range of clients, including public and private schools, school districts, charter boards, individual learners, employers, and government agencies both domestically and internationally [8] Recent Challenges - Stride faced significant challenges following an upgraded platform implementation that resulted in a loss of 10,000 to 15,000 new enrollments, impacting its total enrollment of less than 250,000 [9]

Company Overview - Stride is a leading provider of online and blended education solutions, serving a wide range of learners from kindergarten through adulthood, utilizing proprietary technology platforms for scalable, individualized instruction and career training [6] - The company focuses on both academic and workforce readiness, differentiating itself through integrated service offerings that address evolving educational and talent development needs [6] Financial Performance - As of February 27, 2026, Stride shares were trading at $84.38, reflecting a 38.32% decline over the past year and underperforming the S&P 500 by 44 percentage points [3] - The market capitalization of Stride is $3.59 billion, with a trailing twelve months (TTM) revenue of $2.52 billion and a net income of $318.94 million [4] Recent Developments - South Street Advisors LLC sold 27,651 shares of Stride during the fourth quarter, with an estimated transaction value of $2.51 million, leading to a decline in the firm's Stride position value by $8.80 million [1] - Following the sale, Stride comprised 0.51% of South Street Advisors' $712.19 million 13F reportable assets [2] Market Position - Despite a recent drop of over 50% from its 52-week high, Stride has been an eight-bagger for investors over the last decade, more than doubling the S&P 500's total returns [10] - The company faced challenges with an upgraded platform implementation last summer, which may have resulted in a loss of 10,000 to 15,000 enrollments, impacting its stock recovery [10] Customer Base - Stride generates revenue by providing virtual and blended public school solutions, individual online courses, supplemental educational products, and career-focused training programs for students and employers [9] - Primary customers include public and private schools, school districts, charter boards, consumers, employers, and government agencies in the United States and internationally [9]

Core Insights - ARRAY Technologies, Inc. reported a significant year-to-date revenue increase of 65% and volume growth of 74% as of the third quarter of 2025 [1][2] - The company achieved a revenue of $393.5 million for the third quarter, reflecting a year-over-year growth of 70% [3][7] - The acquisition of APA Solar is expected to enhance ARRAY's product offerings and profitability, contributing approximately $50 million in revenue for the full year 2025 [4][8] Financial Performance - The company recorded an Adjusted EBITDA of $72.2 million for the third quarter, marking its second highest quarter on record [3][7] - The gross margin for the third quarter was reported at 26.9%, with an adjusted gross margin of 28.1% [7][28] - Net income attributable to common shareholders was $18.4 million, translating to earnings of $0.12 per share [7][29] Guidance and Future Outlook - ARRAY updated its full-year 2025 revenue guidance to a range of $1.25 billion to $1.28 billion, including APA's contribution [4][8] - The company anticipates continued growth into 2026, driven by new product launches and strategic initiatives [4][8] - The guidance reflects benefits from the Inflation Reduction Act, particularly in advanced manufacturing production credits [6][8] Market Position and Strategy - ARRAY's strong bookings indicate growing trust and partnerships with key players in the solar industry, including developers and utilities [3][4] - The integration of APA Solar is seen as a pivotal moment for ARRAY, enhancing its competitive advantage and ability to meet evolving market needs [3][4] - The company emphasizes its commitment to operational reliability and performance, which are valued by its customer base [3][4]