Acuity (NYSE:AYI) FY 2026 Annual General Meeting January 21, 2026 01:00 PM ET Speaker1 Good afternoon, and welcome to the Acuity Inc. 2026 Annual Stockholders Meeting. Stockholders may ask a question by entering it in the designated box on the screen and may vote their shares by clicking on the green "Vote Here" button on the screen. If shares have been previously voted, there is no need to vote during the meeting. Today's meeting is being recorded. If you have any objections, you may leave the meeting at t ...

Craig Mailman - Director and Equity Research Analyst Nick Thillman - Senior Research Analyst Blaine Heck - Executive Director and Senior Equity Research Analyst Operator Prologis (NYSE:PLD) Q4 2025 Earnings call January 21, 2026 12:00 PM ET Company Participants Chris Caton - Managing Director of Global Strategy and Analytics Dan Letter - CEO Caitlin Burrows - VP Justin Meng - Head of Investor Relations Ronald Kamdem - Managing Director and Head of US REITs and CRE Research Samir Khanal - Director of US REIT ...

Financial Data and Key Metrics Changes - Fourth quarter core FFO was $1.44 per share, including net promote expense, and $1.46 per share, excluding net promote expense, finishing at the top end of guidance ranges [9] - Average occupancy was 95.3% for the quarter and 95% for the full year, with period-end finishing at 95.8% [9] - Net effective rent change was 44% for the quarter, contributing approximately $60 million of annualized NOI, driving net effective rent change for the year to more than 50% [9] - Same-store NOI growth was 4.7% on a net effective basis and 5.7% on a cash basis, each ahead of guidance midpoint [10] Business Line Data and Key Metrics Changes - The company signed 57 million sq ft of leases in the quarter, driving occupancy toward 96% [8] - The development platform, particularly in build-to-suits, continues to outperform, with 48% of new buildings started being build-to-suit [11] - In strategic capital, two new investment vehicles were formed in the U.S. and China [8] Market Data and Key Metrics Changes - Fourth quarter net absorption was 59 million sq ft in the U.S., leading to a decline in U.S. vacancy to 7.4% [12] - Many markets are beginning to see expansion as market rent growth starts to outpace portfolio churn [10] - International markets, particularly in Latin America and Europe, are showing robust consumption trends and high occupancy [14][15] Company Strategy and Development Direction - The company focuses on three priorities: extending leadership as a best-in-class operator, capturing value creation opportunities in logistics and data centers, and enhancing shareholder returns through growth in assets under management [5][6] - The company aims to develop critical infrastructure with a growing power pipeline and deep customer relationships [5] - The strategic capital area is expected to grow significantly through existing and new vehicles [22] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial results despite challenges in 2025, highlighting the strength and resilience of the platform [19] - The company anticipates positive rent growth to emerge more clearly over the course of 2026, with net absorption expected to approach 200 million sq ft [26] - Management noted that uncertainty remains, but it is treated more as a planning assumption rather than an impediment [13] Other Important Information - The company achieved significant milestones in strategic capital, including the IPO of the China AMC Prologis Logistics REIT [15] - The installed capacity in the energy business reached 1.1 gigawatts, surpassing the previous goal [11] Q&A Session Summary Question: Changes in strategic initiatives with new leadership - The focus remains on compounding the core logistics business while broadening the platform, with an emphasis on development where supply is constrained [22] Question: Market rent growth expectations for 2026 - Market vacancies are expected to improve, with net absorption anticipated to approach 200 million sq ft in 2026 [26] Question: Data center project details and guidance - Approximately 40% of the development starts guidance is expected to be in data centers, with a mix of Powered Shell and Turnkey projects [28] Question: Clarification on occupancy growth in U.S. vs. international markets - Occupancy gains are expected to be dispersed across geographies, with more weight coming from the U.S. [50] Question: Contribution expectations for new vehicles in 2026 - The contribution guidance includes the Agility Fund, which will undertake development activities and take contributions of land from Prologis [45]

Financial Data and Key Metrics Changes - In Q4 2025, sales increased by 7.3% year-over-year, while non-GAAP earnings rose by 14.1% [4] - For the full year 2025, sales grew by 7.9% and non-GAAP earnings increased by 11.5% [4] - Free cash flow was approximately $1.1 billion for two consecutive years, with a leverage ratio of 1.4 times at the end of 2025 [5] Business Line Data and Key Metrics Changes - Digital Imaging segment saw a 3.4% increase in Q4 sales, driven by strong performance from Teledyne FLIR, particularly in infrared imaging components [7] - Instrumentation segment's total sales increased by 3.7% in Q4, with marine instruments up by 3.3% and environmental instruments up by 6.1% [8][9] - Aerospace and Defense Electronics segment experienced a significant 40.4% increase in Q4 sales, primarily due to acquisitions and organic growth [9] - Engineered Systems segment revenue decreased by 9.9% in Q4 due to delayed contract awards, but operating margin improved by 259 basis points [10] Market Data and Key Metrics Changes - The unmanned business generated approximately $500 million in 2025, expected to grow by about 10% in 2026 [42][54] - The book-to-bill ratio for Q4 was 1.07, indicating a healthy order intake across segments [41] Company Strategy and Development Direction - The company is focused on operational excellence, strategic acquisitions, and stock repurchases when market conditions are favorable [12] - The acquisition of DD Scientific aligns with the company's "String of Pearls" strategy, emphasizing small, strategic acquisitions [5][60] - The company anticipates growth in long-cycle businesses while expecting no contraction in short-cycle businesses for 2026 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, projecting revenue of approximately $6.37 billion and non-GAAP earnings of about $23.65 per share [6] - The company expects normal seasonality in 2026, with approximately 48% of sales and 46% of earnings in the first half of the year [6] - Management noted that the strength of longer-cycle businesses is expected to drive growth, with no anticipated decline in short-cycle businesses [12] Other Important Information - Cash flow from operating activities in Q4 was $379 million, compared to $332.4 million in 2024 [14] - The company ended Q4 with $2.12 billion in net debt [15] Q&A Session Summary Question: Can you parse organic versus inorganic growth in revenue? - Management indicated that most growth would be organic, approximately 3.6%, with non-organic growth around 4.2% [20] Question: What are the expectations for digital imaging margins? - Digital imaging margins in Q4 were about 24%, with expectations to improve to around 23.4% in 2026 [21] Question: Can you provide insights on defense awards, specifically the Tranche 3 Tracking Layer? - The program is expected to contribute over $100 million to the company over the next few years [34] Question: What is the book-to-bill ratio across segments? - The book-to-bill ratio for instrumentation is about 1, digital imaging is above 1.06, aerospace and defense is at 1.25, and engineered systems is under 1 [40] Question: What are the demand drivers in test and measurement? - Demand is driven by high-end specialty oscilloscopes and Ethernet traffic capabilities, with some delays expected in protocol analyzers due to chip production [77][78]

Financial Data and Key Metrics Changes - In Q4 2025, sales increased by 7.3% year-over-year, while non-GAAP earnings rose by 14.1% [4] - For the full year 2025, sales grew by 7.9% and non-GAAP earnings increased by 11.5% [4] - Free cash flow was approximately $1.1 billion for two consecutive years, with a leverage ratio of 1.4 times at the end of 2025 [5] Business Segment Performance - In the digital imaging segment, Q4 sales increased by 3.4%, driven by strong performance from Teledyne FLIR, particularly in infrared imaging components [7] - The instrumentation segment saw total sales rise by 3.7% in Q4, with marine instruments increasing by 3.3% [8] - Aerospace and defense electronics segment experienced a significant sales increase of 40.4% in Q4, primarily due to acquisitions and organic growth [9] - Engineered systems segment revenue decreased by 9.9% in Q4, but operating margin improved by 259 basis points [10] Market Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.07 for Q4, indicating a healthy order intake across segments [41] - Unmanned business revenue was approximately $500 million in 2025, expected to grow by about 10% in 2026 [42][54] Company Strategy and Industry Competition - The company is focused on operational excellence, strategic acquisitions, and stock repurchases, with a preference for smaller "string of pearls" acquisitions [5][60] - Management expressed confidence in the long-cycle business growth, with expectations that none of the short-cycle businesses will contract in 2026 [12] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about 2026, projecting revenue of approximately $6.37 billion and non-GAAP earnings of about $23.65 per share [6] - The company anticipates normal seasonality in 2026, with approximately 48% of sales and 46% of earnings expected in the first half of the year [6] Other Important Information - The company completed a significant acquisition of DD-Scientific, enhancing its capabilities in high-performance electrochemical gas sensors [5] - Management noted that the digital imaging segment's non-GAAP operating margin reached a record 24.7% in Q4 [8] Q&A Session Summary Question: Can you provide insight into the revenue outlook and the split between organic and inorganic growth? - Management indicated that most growth would be organic, approximately 3.6%, with non-organic growth around 4.2% [20] Question: What are the expectations for digital imaging margins moving forward? - Management expects digital imaging margins to improve to about 23.4% in 2026, with a possibility of reaching 24% [21] Question: Can you elaborate on the defense contracts and their expected contribution? - The Tracking Layer program is expected to generate over $100 million for the company over the next few years [34] Question: What is the book-to-bill ratio across segments? - The book-to-bill ratio for instrumentation is about 1, digital imaging is above 1.06, aerospace and defense is at 1.25, and engineered systems is under 1 [40] Question: What are the demand drivers in the test and measurement segment? - Demand is driven by high-end oscilloscopes and Ethernet traffic capabilities, with expectations of continued strength in these areas [77]

Financial Data and Key Metrics Changes - For full year 2025, the company reported net income of $824 million, up 19% from $695 million in 2024. Earnings per diluted share increased to $11.40 from $10.31 in 2024, and tangible book value rose by over $13 to nearly $89 per share. Total assets at year-end were just over $71 billion [4][5]. - The fourth quarter net income was $223 million, a record, up 3% or $7 million from the prior quarter. Net interest income also reached a record level, driven by a $1.1 billion increase in average earning assets and a four basis points increase in net interest margin [4][8]. Business Line Data and Key Metrics Changes - Loan growth for the fourth quarter was approximately $1 billion, representing 8% growth on an annualized basis, while deposit growth was also $1 billion, reflecting a 7% increase over the prior quarter. For the full year, loans and deposits grew 11% and 10%, respectively [8][9]. - Non-interest income totaled $130.4 million in the fourth quarter, slightly down from $130.8 million in the prior quarter, impacted by lower security gains [10]. Market Data and Key Metrics Changes - The company moved into third position in deposit market share in the Chicago area, with strong gains in Wisconsin and West Michigan [5]. - The credit quality remained solid, with non-performing loans increasing slightly but remaining manageable at 35 basis points [14][15]. Company Strategy and Development Direction - The primary objective for 2026 is to continue delivering solid and consistent financial performance, with expectations of mid to high single-digit loan growth funded by a similar level of deposit growth [18][19]. - The company plans to invest in tools, technology, and people to support growth while maintaining a stable net interest margin around 3.5% [18][19]. Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding local economies, noting low employment levels and a solid quarter for loan growth. They anticipate that the first quarter may be softer but expect to meet targets in the first half of the year [23][24]. - The management team remains focused on organic growth and is open to acquisitions if opportunities arise, but the current plan is to grow the business organically [40][46]. Other Important Information - The company has a buyback plan authorized for over $200 million, which could be utilized if organic growth opportunities do not require it [46]. - The company continues to monitor its exposure to commercial real estate loans, which comprise roughly one quarter of its total portfolio, and sees signs of stabilization in this area [15][17]. Q&A Session Summary Question: Can you talk about loan growth and what drives it? - Management expressed cautious optimism about local economies and noted broad-based loan growth, with expectations for solid performance in the first half of the year despite typical seasonality [22][23]. Question: What are the expectations for operating leverage and expenses in 2026? - Management expects mid to high single-digit revenue growth with expenses growing in the 4%-5% range, aiming for positive operating leverage [26][28]. Question: Can you discuss deposit costs and growth drivers? - Management highlighted effective management of deposit costs and noted that growth mainly came from non-maturity deposits, with a minor benefit expected from CD repricing [32][34]. Question: What areas are not meeting expectations? - Management indicated that the mortgage business could be stronger and emphasized a disciplined approach to commercial activity [38]. Question: Is there any appetite for M&A outside of organic growth? - Management stated that while they are focused on organic growth, they remain opportunistic regarding acquisitions in other Midwest geographies [65]. Question: What are the strategic benefits of operating multiple banking charters? - Management believes that having 16 charters keeps them closer to the market and provides valuable benefits, including deposit insurance and market share advantages [70][71].

Financial Data and Key Metrics Changes - In Q4 2025, sales increased by 7.3% year-over-year, while non-GAAP earnings rose by 14.1% [4] - For the full year 2025, sales grew by 7.9%, and non-GAAP earnings increased by 11.5% [4] - Free cash flow was approximately $1.1 billion for two consecutive years, with a leverage ratio of 1.4 times at the end of 2025 [5] Business Line Data and Key Metrics Changes - Digital Imaging segment sales increased by 3.4% in Q4, driven by strong performance from Teledyne FLIR, particularly in infrared imaging components [7] - Instrumentation segment sales rose by 3.7% in Q4, with marine instruments increasing by 3.3% and environmental instruments up by 6.1% [10] - Aerospace and Defense Electronics segment saw a significant sales increase of 40.4% in Q4, primarily due to acquisitions and organic growth [10] - Engineered Systems segment revenue decreased by 9.9% in Q4 due to delayed contract awards, but operating margin improved [11] Market Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.07 for Q4, indicating a healthy order intake across segments [31] - Unmanned business revenue was approximately $500 million in 2025, expected to grow by about 10% in 2026 [40] Company Strategy and Development Direction - The company continues to execute its "String of Pearls" acquisition strategy, recently acquiring DD Scientific, a manufacturer of gas sensors [5] - Management remains confident in the growth of long-cycle businesses while expecting no contraction in short-cycle businesses for 2026 [13] - The focus remains on operational excellence, strategic acquisitions, and stock repurchases when market conditions are favorable [13] Management Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, projecting revenue of approximately $6.37 billion and non-GAAP earnings of about $23.65 per share [6] - The company anticipates normal seasonality in 2026, with approximately 48% of sales and 46% of earnings expected in the first half of the year [6] - Management highlighted the resilience of the business portfolio and the ability to cut costs while improving earnings and free cash flow [12] Other Important Information - Cash flow from operating activities was $379 million in Q4 2025, compared to $332.4 million in Q4 2024 [14] - The company ended Q4 with $2.12 billion in net debt [16] Q&A Session Summary Question: Outlook for revenues and organic vs. inorganic growth - Management indicated that most growth would be organic, around 3.6%, with non-organic growth at about 4.2% [19] Question: Digital imaging margins and future opportunities - Digital imaging margins in Q4 were around 24%, with expectations to improve to about 23.4% in 2026 [20] Question: Defense awards and their contribution - The Tranche 3 Tracking Layer program is expected to contribute over $100 million over the next few years [27] Question: Book-to-bill ratio in main segments - The book-to-bill ratio for instrumentation is about 1, digital imaging is 1.06, and aerospace and defense is 1.25 [31] Question: Demand drivers in test and measurement - High-end specialty oscilloscopes are performing well, particularly in the auto market and data centers [58]

United Airlines (NasdaqGS:UAL) Q4 2025 Earnings call January 21, 2026 10:30 AM ET Company ParticipantsSheila Kahyaoglu - Managing Director of Equity ResearchJamie Baker - Managing Director and Head of Boston InvestmentsScott Kirby - CEOScott Group - Managing DirectorChris Wetherbee - Managing Director and Head of Transportation and Shipping ResearchConor Cunningham - DirectorMike Leskinen - EVP and CFOToby Enqvist - EVP and COOAndrew Nocella - EVP and Chief Commercial OfficerJohn Pletz - Senior ReporterLesl ...

Financial Data and Key Metrics Changes - United Airlines reported a fourth-quarter earnings per share (EPS) of $3.10, within the guidance range of $3-$3.50, despite a $250 million impact from the government shutdown [27] - Full-year 2025 EPS was $10.62, slightly up from 2024, marking the only U.S. airline to grow EPS year-over-year [27][28] - The company generated $2.7 billion in free cash flow in 2025, with expectations to maintain a similar level in 2026 [32] Business Line Data and Key Metrics Changes - Top-line revenues increased 4.8% to $15.4 billion in Q4 2025, with a 6.5% increase in capacity year-over-year [18] - Premium cabin revenues rose 12% year-over-year, while main cabin revenues increased by only 1% [18] - Cargo revenues for 2025 were up $1.8 billion, reflecting a 2.1% year-over-year increase [19] Market Data and Key Metrics Changes - The company experienced a strong recovery in international flying in Q4, particularly in the Pacific and Atlantic regions, with positive PRASM [18] - Domestic capacity environment is expected to be favorable in the first half of 2026, with unprofitable capacity by competitors leaving the market [20] - All United hubs were profitable in Q4 and for the entirety of 2025, a unique position among large U.S. carriers [21] Company Strategy and Development Direction - United Airlines aims to enhance its revenue diversity and brand loyalty, continuing to build on its successful strategy from the past decade [5][7] - The company plans to focus on new seasonal capacity shaping, enhanced merchandising, and improved connectivity as part of its growth strategy for 2026 [23][24] - Investment in customer experience remains a priority, with over $1 billion spent in 2025 to enhance service offerings [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing a strong start to the year and improved business volumes compared to early 2025 [37][38] - The company remains focused on achieving double-digit margins and investment-grade credit ratings by year-end 2026 [32][33] - Management acknowledged ongoing challenges in the main cabin segment but remains confident in eventual improvements due to market dynamics [40] Other Important Information - United Airlines is currently in negotiations with four labor unions, aiming for industry-leading contracts [10] - The company expects to take delivery of over 100 narrowbody and approximately 20 widebody aircraft in 2026, with capital expenditures projected to be less than $8 billion [31] Q&A Session Summary Question: Corporate travel strength in January - Management noted strong business volumes in January, with expectations for continued growth in bookings [36][38] Question: Main cabin performance outlook - Management is optimistic about eventual improvements in the main cabin segment, driven by market adjustments [39][40] Question: Credit card ecosystem changes - Management is in constant communication with Chase regarding potential impacts, expressing confidence in the resilience of the MileagePlus program [42][44] Question: Unit cost efficiencies - Management highlighted strong cost performance in 2025, attributing it to operational efficiency and cultural shifts within the company [47][50] Question: 2026 guidance conservativeness - Management acknowledged that the 2026 guidance may be conservative, reflecting a cautious approach based on past experiences [64][68] Question: Long-term targets and plans - Management indicated that long-term goals will be communicated in the future, focusing on double-digit margins and investment-grade ratings [70][71]

Old National Bancorp (NasdaqGS:ONB) Q4 2025 Earnings call January 21, 2026 10:00 AM ET Company ParticipantsTerry McEvoy - Managing DirectorJared Shaw - Managing DirectorBrendan Nosal - Director of Equity ResearchBen Gerlinger - VP of Equity ResearchJohn Moran - CFOJim Ryan - Chairman and CEOChris McGratty - Head of US Bank ResearchJanet Lee - Director and US Mid-Cap Banks Equity ResearchTim Burke - President and COOConference Call ParticipantsScott Siefers - Managing Director and Senior Research AnalystJon ...