Goosehead Insurance (NasdaqGS:GSHD) Q4 2025 Earnings call February 17, 2026 04:30 PM ET Company ParticipantsDan Farrell - VP of Capital MarketsMark Jones Jr. - CFO and COOMark Miller - President and CEOConference Call ParticipantsAndrew Andersen - Equity Research AnalystAndrew Kligerman - Equity Research AnalystBrian Meredith - Equity Research AnalystKatie Sakys - Equity Research AnalystMark Hughes - Equity Research AnalystMichael Zaremski - Equity Research AnalystPablo Singzon - Equity Research AnalystPaul ...

Financial Data and Key Metrics Changes - Total revenue for 2025 grew by 38% to $1.4 billion, with royalty revenue increasing by 52% to $868 million, reflecting strong performance from ENHANZE-enabled products [9][17] - Net income for the full year was $316.9 million, down from $444.1 million in 2024, impacted by a $285 million acquired IP R&D expense [19] - Adjusted EBITDA was $657.6 million, compared to $632.2 million in 2024, indicating operational strength despite the IP charge [19] Business Line Data and Key Metrics Changes - DARZALEX Subcutaneous generated $483 million in royalty revenue, a 29% year-over-year growth, with total sales reaching $14.4 billion [10] - PHESGO's royalty revenue increased by 51% to $105.6 million, with total sales growing 48% year-over-year to approximately $3 billion [11] - VYVGART and VYVGART Hytrulo saw a 444% year-over-year growth in royalty revenues to $157.2 million, with total sales reaching $4.15 billion [12] Market Data and Key Metrics Changes - ENHANZE now has 10 global blockbuster opportunities, with significant approvals in the U.S., Japan, and China for various products [8][16] - The subcutaneous formulations of Ocrevus, Opdivo, RYBREVANT, and Tecentriq represent a combined market opportunity of approximately $30 billion by 2028 [13] Company Strategy and Development Direction - The company aims to expand its ENHANZE pipeline, projecting 6 new programs to enter phase one in 2026, bringing the total development portfolio to 15 products [24] - The strategy includes pursuing additional licensing agreements and evaluating new drug delivery technologies to enhance long-term revenue streams [27][28] - Hypercon technology is expected to meet the demand for lower volume, auto-injector-ready therapies, with projections of approximately $1 billion in royalty revenue within five years of the first launches [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term trajectory of the company, emphasizing the durability of royalty revenue and the potential for exceptional value creation [23] - The company anticipates continued strong growth driven by existing products and new collaborations, with a focus on expanding into new therapeutic areas [25][36] Other Important Information - The company completed acquisitions of Elektrofi and Surf Bio, enhancing its drug delivery capabilities and extending IP into the mid-2040s [6][27] - The balance sheet was strengthened with the issuance of convertible notes and an upsized revolving credit facility, reducing near-term refinancing risk [21] Q&A Session Summary Question: Regarding the DARZALEX collaboration with J&J - Management expects to enter discussions with J&J to extend the agreement closer to its expiration in 2032, emphasizing the importance of the partnership [42] Question: On the ADC strategy and regulatory paths - The regulatory pathway for converting ADCs from IV to subcutaneous is expected to follow traditional PK non-inferiority studies, with additional trials for unapproved products [50] Question: Update on Hypercon products and clinical testing - Two Hypercon products are on track for phase 1 clinical testing in 2026, with completion of clinical scale-up batches and IND filings underway [66] Question: Potential incremental royalty opportunities from Merus's petosemtamab - Management highlighted the potential for expanded indications and the importance of subcutaneous formulations in enhancing patient treatment experiences [58]

Glaukos (NYSE:GKOS) Q4 2025 Earnings call February 17, 2026 04:30 PM ET Company ParticipantsAlex Thurman - CFOAllen Gong - Vice President of Equity ResearchChris Lewis - VP of Investor Relations and Corporate AffairsDavid Roman - Managing DirectorJoanne Wuensch - Managing DirectorJoe Gilliam - President and COORichard Newitter - Managing DirectorThomas Stephan - VP of Medical Technology & SuppliesTom Burns - Chairman and CEOConference Call ParticipantsAdam Maeder - Managing Director and Senior Research Anal ...

Glaukos (NYSE:GKOS) Q4 2025 Earnings call February 17, 2026 04:30 PM ET Company ParticipantsAlex Thurman - CFOAllen Gong - Vice President of Equity ResearchChris Lewis - VP of Investor Relations and Corporate AffairsDavid Roman - Managing DirectorJoanne Wuensch - Managing DirectorJoe Gilliam - President and COORichard Newitter - Managing DirectorThomas Stephan - VP of Medical Technology & SuppliesTom Burns - Chairman and CEOConference Call ParticipantsAdam Maeder - Managing Director and Senior Research Anal ...

Palo Alto Networks (NasdaqGS:PANW) Q2 2026 Earnings call February 17, 2026 04:30 PM ET Company ParticipantsAdam Borg - Managing DirectorAdam Tindle - Managing DirectorBrad Zelnick - Managing DirectorDipak Golechha - CFOGabriela Borges - Managing Director and Head of US Software Equity ResearchGregg Moskowitz - Managing DirectorHamza Fodderwala - SVP of Investor Relations and Strategic FinanceJohn DiFucci - Senior Managing DirectorJosh Tilton - Managing DirectorLee Klarich - Chief Product and Technology Offi ...

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 10% on a 4% increase in gross transaction value (GTV), reflecting strong execution and cost management [4][11] - Adjusted earnings per share increased by 17% in the fourth quarter and 15% for the full year, driven by higher operating income and lower net interest expense [14] - Full-year adjusted EBITDA is expected to be between $1.47 billion and $1.53 billion, representing approximately 7% growth at the midpoint [15] Business Line Data and Key Metrics Changes - Automotive GTV increased by 3% in the fourth quarter, with unit volumes rising by 2% [11] - Excluding catastrophic impacts, automotive GTV and unit volumes grew approximately 12% and 8% respectively [11] - GTV in the commercial construction and transportation sector increased by 9%, with unit volumes growing approximately 10% [12] Market Data and Key Metrics Changes - Gross returns or salvage values as a percentage of pre-accident cash values expanded, supporting approximately 7% year-over-year growth in the U.S. insurance average selling price [6] - The average price per vehicle sold increased by approximately 1% in the quarter, or roughly 4% excluding catastrophic impacts [12] Company Strategy and Development Direction - The company is focused on disciplined execution and strategic progress, prioritizing scale, longevity, and market share expansion [4][5] - New multi-year agreements with major partners provide long-term visibility into expected volumes and deepen strategic alignment [5][6] - The introduction of the IAA Total Loss Predictor aims to enhance operational efficiencies and strengthen partner economics [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding early signs of improvement in seller confidence, supported by stabilizing used equipment values and lower interest rates [9] - The company expects full-year GTV to grow between 5% and 8% in 2026, with a focus on volume-led growth [15] - Management emphasized the importance of continuous improvement in operational efficiency and cost management [46][48] Other Important Information - The company plans to invest between $350 million and $400 million in capital expenditures for 2026, with a focus on technology and traditional physical assets [15][38] - The company is exploring opportunities for share repurchase programs as part of its capital allocation strategy [53] Q&A Session Summary Question: Clarification on 2026 guidance and market share capture - Management confirmed that the guidance includes both annualization of wins and additional terms agreed upon [19][20] Question: Flow-through of GTV to revenue - Management indicated there may be slight pressure on the take rate but remains optimistic about unit economics [21][22] Question: Improvement in the CC&T sector - Management noted early signs of improvement in partner conversations, though the environment remains complex [26] Question: Details on the total loss predictor - Management explained that the tool aims to optimize vehicle routing post-accident, significantly reducing costs [27][30] Question: AI development among customers - Management highlighted varying capabilities among insurance carriers regarding AI investment and integration [34][35] Question: Breakdown of CapEx investments - Management provided a typical mix of 1/3 on technology-related investments and 2/3 on traditional physical assets [38] Question: Total volumes across the auto salvage business - Management stated they do not break down guidance to that level but expect to continue gaining market share [78]

Financial Data and Key Metrics Changes - Total revenue grew 38% to $1.4 billion, with royalty revenue increasing 52% to $868 million for the full year 2025 [9][17][19] - Net income for the full year was $316.9 million, compared to $444.1 million in 2024, while adjusted EBITDA was $657.6 million, up from $632.2 million in 2024 [19][20] - GAAP diluted EPS was $2.50, down from $3.43 in 2024, while non-GAAP diluted EPS was $4.15, compared to $4.23 in 2024 [19][20] Business Line Data and Key Metrics Changes - DARZALEX Subcutaneous generated $483 million in royalty revenue, a 29% year-over-year growth, with total sales reaching $14.4 billion [10][19] - Phesgo's royalty revenue increased 51% year-over-year to $105.6 million, with total sales growing 48% to approximately $3 billion [11][19] - VYVGART and VYVGART Hytrulo saw a 444% year-over-year growth in royalty revenues to $157.2 million, with total sales reaching $4.15 billion [12][19] Market Data and Key Metrics Changes - ENHANZE-enabled products now include 10 global blockbuster opportunities, with significant approvals in multiple markets including the U.S., Japan, and China [8][16] - The subcutaneous formulations of Ocrevus, Opdivo, RYBREVANT, and Tecentriq represent a combined market opportunity of approximately $30 billion by 2028 [13][16] Company Strategy and Development Direction - The company aims to expand its ENHANZE portfolio with six new programs entering phase I in 2026, bringing the total development portfolio to 15 products [24][35] - Hypercon technology is expected to meet the demand for lower volume, auto-injector-ready therapies, with projections of approximately $1 billion in royalty revenue within five years of the first launches [26][27] - The company plans to pursue strategic acquisitions to enhance its drug delivery portfolio while maintaining financial discipline [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term trajectory of the company, highlighting multiple revenue drivers and the durability of royalty revenue [23][39] - The company anticipates continued strong growth from existing products and new launches, with a focus on expanding into new therapeutic areas [24][35] Other Important Information - The company completed acquisitions of Elektrofi and Surf Bio, enhancing its drug delivery capabilities with long-duration IP [6][27] - The company expects to maintain a strong balance sheet and reduce net debt to below 1x by the end of 2026 [21][22] Q&A Session Summary Question: Regarding the mechanics of DARZALEX collaboration with J&J - Management expects to enter discussions with J&J to extend the agreement closer to its expiration in 2032, emphasizing the importance of the partnership [42][43] Question: On the ADC strategy and regulatory paths - Management indicated that the regulatory pathway for converting IV to subcutaneous delivery would likely follow traditional PK non-inferiority studies [49][50] Question: Update on Hypercon products and clinical testing - Management confirmed that two Hypercon products are on track for phase I clinical testing in 2026, with completion of clinical scale-up batches underway [63][64] Question: Expectations for new partnerships in auto-injectors - Management anticipates progress with high-volume auto-injectors and expects to see interest from both current and new partners [75][76]

Cineverse (NasdaqCM:CNVS) Q3 2026 Earnings call February 17, 2026 04:30 PM ET Company ParticipantsChris McGurk - Chairman and CEOErick Opeka - President and Chief Strategy OfficerGary Loffredo - Chief Legal Officer and Senior AdvisorMark Lindsey - CFOTony Huidor - President of Technology and Chief Product OfficerConference Call ParticipantsBrian Kinstlinger - Equity Research AnalystDan Kurnos - Equity Research AnalystLaura Martin - Equity Research AnalystOperatorGood day, everyone, and thank you for joining ...

Beta Bionics (NasdaqGM:BBNX) Q4 2025 Earnings call February 17, 2026 04:30 PM ET Company ParticipantsBlake Beber - Head of Investor RelationsJeffrey Cohen - Managing Director and Director of Equity ResearchJon Block - Managing DirectorMatthew Blackman - Managing DirectorSean Saint - CEOStephen Feider - CFOConference Call ParticipantsDanielle Antalfy - Senior AnalystFrank Takkinen - Senior Research AnalystJeff Johnson - Managing Director and Senior Research AnalystMatthew O'Brien - Managing Director and Seni ...

AtriCure (NasdaqGM:ATRC) Q4 2025 Earnings call February 17, 2026 04:30 PM ET Company ParticipantsAngie Wirick - CFODanny Stauder - Director of Equity Research in Medical TechnologyJohn McAulay - Associate VPMarissa Bych - Managing DirectorMike Carrel - President and CEOConference Call ParticipantsLily Lozada - Equity Research AnalystMarie Thibault - Managing Director and Medical Technology and Digital Health AnalystMike Matson - Senior AnalystSuraj Kalia - Managing Director and Senior Analyst in Medical Tec ...