The Vita Coco Company (NasdaqGS:COCO) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsCorey Baker - CFOJohn Mills - Managing PartnerMartin Roper - CEOMike Kirban - Executive ChairmanConference Call ParticipantsEric Des Lauriers - Senior Research AnalystJim Salera - Research AnalystLuke Maloney - Equity Research AnalystOperatorHello, and welcome to the Vita Coco Company's Fourth Quarter and Full Year 2025 Earnings Conference Call. My name is Liz. I'll be coordinating your call today. ...

Financial Data and Key Metrics Changes - Revenue for Q4 2025 grew 6% year-over-year to $137.1 million, while Contribution ex-TAC increased 19% year-over-year to $65.2 million, significantly outpacing revenue growth [20] - Adjusted EBITDA reached $24.3 million, a 53% increase compared to last year, resulting in an Adjusted EBITDA margin of 37% of Contribution ex-TAC [20][25] - For the full year 2025, revenue was $439.9 million, with Contribution ex-TAC at $203.4 million and Adjusted EBITDA of $45.2 million, reflecting a 22% ex-TAC margin [21] Business Line Data and Key Metrics Changes - CTV revenue grew 59% in Q4 and 42% for the full year, reaching $62.1 million, driven by the shift from traditional TV to connected TV advertising [22] - Digital Out-of-Home revenue increased 28% in Q4 and 36% for the full year to $94.9 million, supported by an expanded global footprint [22] - Retail Media revenue rose 42% in Q4 and 36% for the full year, more than doubling the market growth [22] Market Data and Key Metrics Changes - Advertising Solutions revenue increased by 7% year-over-year in Q4, with CTV and Digital Out-of-Home accounting for 44% of revenue in Q4 and 36% for the full year 2025 [23] - Web revenue declined 17% year-over-year in Q4 and 13% for the full year, with a pro forma decline of 12% in Q4 and only 1% for the full year when excluding discontinued low-margin activities [23][24] Company Strategy and Development Direction - The company has redefined its mission and strategy, focusing on building Perion One as a centralized platform for marketers, integrating technologies and expanding strategic partnerships [3][4] - The introduction of Outmax, an AI-native execution agent, aims to optimize marketing activities across various channels, enhancing performance and efficiency [6][12] - By 2028, the company expects Perion One to represent the majority of its business, with a target of at least 25% CAGR for Perion One performance spend and 20% for Contribution ex-TAC [15][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong performance in key growth engines and a highly efficient operating model [19] - The company anticipates continued market share gains in rapidly expanding verticals, supported by the shift towards performance advertising [22][31] - Management highlighted the importance of strategic partnerships with companies like Amazon, Walmart, and Mastercard to enhance growth potential [13] Other Important Information - The company generated over 400% year-over-year increase in operating cash flow, ending the year with $313 million in net cash [17][20] - A share repurchase program was expanded to $200 million, reflecting confidence in the company's long-term value proposition [19][28] Q&A Session Summary Question: Can you walk us through the 2026 guidance assumptions? - Management indicated that the guidance reflects expectations of a gradual decline in search and legacy activities, with a sharper increase in Perion One contributions [36][40] Question: What are the implications of the Amazon DSP integration for 2026? - Management noted that the integration opens significant opportunities and is expected to enhance wallet share with advertisers [45][46] Question: What is the adoption rate of Outmax and any barriers to adoption? - Management reported strong adoption of Outmax, with performance driving increased budgets from advertisers [53] Question: Can you discuss market share gains in core growth areas? - Management confirmed that all growth engines outpaced the market, with CTV leading at nearly 60% year-over-year growth [77]

Financial Data and Key Metrics Changes - Fourth quarter sales increased by 6% to $329 million compared to the previous quarter, driven by strong volumes in silicon-based and manganese-based alloys [12][19] - Adjusted EBITDA declined by 20% from the prior quarter to $15 million, with an Adjusted EBITDA margin of 4% [19][22] - Free cash flow for the fourth quarter was -$19 million, while for the full year, free cash flow was -$12 million [22][23] Business Line Data and Key Metrics Changes - Silicon metal revenue decreased by 3% sequentially to $96 million, with shipments down by 3% to 33,000 tons [20] - Silicon-based alloys revenue grew by 12% to $104 million, with a 19% increase in volumes to 51,000 tons [20] - Manganese-based alloys revenue increased by 10% to $93 million, driven by a 16% increase in volumes to 81,000 tons [21] Market Data and Key Metrics Changes - In Europe, ferrosilicon index prices rose by 22% following the implementation of safeguards, while U.S. prices retreated by 4% [16][19] - The European market for manganese is expected to grow by 3% in 2026, supported by strong demand from steel customers [18] - The U.S. silicon market is anticipated to grow modestly, with improvements expected in the second half of 2026 [8][15] Company Strategy and Development Direction - The company is focusing on optimizing production by converting furnaces from silicon metal to ferrosilicon to capitalize on improving market conditions [6][9] - A new competitive 10-year energy agreement in France is expected to enhance operational flexibility and reduce costs [9][27] - The company is investing in long-term opportunities, including advanced silicon-rich EV batteries, reflecting a commitment to innovation and strategic growth [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted that 2025 faced significant external challenges, but strategic progress was made, particularly with trade measures in the EU and U.S. [4][26] - The outlook for 2026 is optimistic, with expected revenue growth to a range of $1.5 billion to $1.7 billion, a 20% increase at the midpoint over 2025 [11][12] - Management emphasized the importance of demand recovery and the impact of trade actions on future performance [40][63] Other Important Information - The company increased its dividend by 7% to $0.015 per share starting in the first quarter of 2026, reflecting confidence in its financial position [11][24] - The net debt position increased to $30 million in 2025, but the company maintains a solid financial position to support growth [24][68] Q&A Session Summary Question: Volume expectations across the three businesses for 2026 - Management indicated that safeguards in Europe will free up 25% of imports, creating opportunities for local producers [34] Question: Component of minimum prices with EU safeguards for ferroalloys - Management noted that demand is critical for price recovery, with expectations of improved steel demand in Europe in the second half of 2026 [39] Question: EU's appetite to revisit inclusion of silicon metal in safeguards - Management explained that the exclusion was due to energy footprint concerns and opposition from the chemical industry [54] Question: High-level breakdown of end market exposure - Management stated that 70%-80% of the business is protected, with only 20% exposed to silicon metal in Europe [62] Question: Working capital perspective and CapEx expectations - Management expects continued release of working capital and similar levels of CapEx in 2026 compared to 2025 [66][69]

Financial Data and Key Metrics Changes - The company achieved a post-pandemic high in worldwide revenue of $3.1 billion in 2025, with adjusted EBITDA of $578 million and an adjusted EBITDA margin of 18.6% [5][7] - Over the past three years, the company generated nearly $1.8 billion of adjusted EBITDA and over $1.3 billion of operating cash flow [6][7] Business Line Data and Key Metrics Changes - The company reported an increase in customer loyalty and expanded market share, with concession revenues and per caps reaching all-time highs [7] - Domestic per caps increased by 5% year-over-year, driven by strategic pricing actions, higher incidence rates, and a shift in product mix [31][32] Market Data and Key Metrics Changes - International attendance fell in 2025, but the company is optimistic about a better balance in 2026, with a stronger film slate expected to resonate with Latin audiences [41][42] - The company noted that attendance in certain regions, such as Argentina, has recovered to pre-pandemic levels despite economic challenges [43] Company Strategy and Development Direction - The company is focused on expanding its audience, activating new revenue sources, optimizing operations, and improving processes [5][8] - Plans for new builds are underway, with projects in El Paso, Greenville, and Omaha, indicating a reactivation of real estate efforts [14][15][62] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the softer film slate in 2025 but attributed it to normal industry fluctuations rather than structural issues [20][22] - The company remains optimistic about 2026, expecting a robust lineup of films and sustained consumer enthusiasm for cinematic experiences [8][9] Other Important Information - The company extinguished over $700 million of COVID-related debt and reinvested over $500 million in capital expenditures while returning $315 million to shareholders through dividends and share buybacks [7] - Management emphasized the importance of maintaining a disciplined approach to capital allocation, balancing organic growth with potential M&A opportunities [72][73] Q&A Session Summary Question: How many theaters have two XD screens and plans for more? - Approximately 10% of the domestic circuit has two XD screens, with plans to roll out additional screens over the next few years [11][12] Question: Updates on new build activity in the U.S. or Latin America? - New build efforts were reactivated, with projects in El Paso, Greenville, and Omaha planned for 2026 and 2027 [14][15] Question: Factors driving the softer film slate in 2025? - The softness was attributed to a mixed bag of film performance rather than structural issues, with no major blockbusters exceeding $500 million [20][22] Question: Expectations for operating leverage and margin expansion? - A stronger box office and higher attendance are expected to support margin expansion, with various factors influencing margins [24][25] Question: Strategies driving success in concessions? - Domestic per caps increased due to strategic pricing, higher incidence rates, and a shift in product mix, with ongoing initiatives to drive growth [31][32] Question: International attendance outlook for 2026? - Optimism for a better film slate in Latin America, with expectations for attendance to exceed U.S. levels [41][42] Question: Updates on loyalty programs and membership growth? - Continued growth in loyalty programs, with enhancements to keep the offerings attractive for retention and new members [44][45] Question: Impact of AI on the business? - AI is seen as a tool for driving efficiencies and supporting revenue growth, with potential applications in pricing optimization and content creation [90][92] Question: Thoughts on the Warner Bros. acquisition and Netflix's role? - The company remains optimistic about Netflix recognizing the value of theatrical exhibition, with a 45-day window seen as a good target [96][98]

HF Sinclair (NYSE:DINO) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsAtanas Atanasov - CFOCraig Biery - VP of Investor RelationsDoug Leggate - Senior Managing DirectorFranklin Myers - Interim CEOJason Gabelman - Energy Equity Research Managing DirectorManav Gupta - Executive DirectorMatt Joyce - SVP of Lubricants and SpecialtiesMatthew Blair - Managing DirectorPaul Cheng - Managing DirectorPhillip Jungwirth - Managing DirectorSteve Ledbetter - EVP of CommercialValerie Pompa - EVP ...

Financial Data and Key Metrics Changes - Ternium reported a net income of $171 million for the fourth quarter of 2025, with adjusted EBITDA slightly declining sequentially, in line with expectations [13][14] - The EBITDA margin reached 10% for the year, supported by a cost reduction program that generated $250 million in savings [4][18] - Cash generated by operations in 2025 was strong at $2.3 billion, allowing the company to finance capital expenditures [18] Business Line Data and Key Metrics Changes - The steel segment experienced a decline in shipments due to weaker volumes in the U.S. and Brazil, although higher volumes were noted in Mexico [15][16] - Mining cash operating income increased sequentially, driven by stronger shipments and higher realized iron ore prices [16] Market Data and Key Metrics Changes - Apparent consumption of steel in Mexico decreased by 10% in 2025, with flat products consumption down 14% compared to 2024 [23] - The U.S. implemented significant trade measures against unfair practices from China, impacting the global steel market [5][9] Company Strategy and Development Direction - Ternium is focusing on enhancing operational efficiency and reducing costs while expanding its footprint in Mexico with new facilities [8][11] - The company is optimistic about profitability improvements in 2026, driven by cost reductions and favorable trade policies [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a fatal accident at Ternium Mexico and emphasized the importance of safety [4] - The outlook for the Mexican market is cautiously optimistic, with expectations of a 4% growth in 2026 despite current low demand levels [23][24] Other Important Information - Ternium secured a $1.25 billion loan through a green financing facility to support its new projects, which received several awards [8][9] - The company proposed an annual dividend of $2.7 per ADS for fiscal year 2025, maintaining the same level as 2024 [18] Q&A Session Summary Question: Outlook for the Mexican market and recovery path - Management noted that demand in Mexico was significantly low in 2025, with expectations of a 4% market growth in 2026, aiming to gain market share against imports [23][24] Question: Impact of anti-dumping measures in Brazil - Management indicated that the impact of anti-dumping measures would be gradual, with expectations of a moderate increase in domestic prices [22][25] Question: Ternium's plan if USMCA is not renewed - Management stated that they operated in 2025 under the assumption of no renewal and would continue to adapt to the environment [30][34] Question: Volume expectations for 2026 - Management expects volumes to increase in Mexico, while the southern region may see recovery in the second half of the year [35][36] Question: Margin potential without USMCA changes - Management expressed that margins could improve, but the full impact of USMCA negotiations would likely be seen in 2027 [40][79] Question: Capital allocation priorities - Management confirmed that both increasing dividends and exploring growth opportunities in key markets are priorities [86]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $107.2 million, a 3% year-over-year increase, while full-year revenue grew 10% from 2024 [15][4] - Adjusted EBITDA for Q4 was $26.5 million, with an Adjusted EBITDA margin of 25%, improving by 470 basis points year-over-year [16] - Free cash flow in Q4 was $21.8 million, and the company fully repaid a convertible note of $460 million during the same quarter [16] Business Line Data and Key Metrics Changes - Marketplace revenue in Q4 was $71.5 million, driven by 3.1 million active buyers and a spend per buyer of $342, with a marketplace take rate of 27.7% [16] - Services revenue in Q4 was $35.6 million, representing an 18% year-over-year growth and accounting for 33% of total revenue [18] - GMV from transactions over $1,000 grew 22.8% year-over-year in Q4, indicating a shift towards higher-value work [17] Market Data and Key Metrics Changes - The company noted a broader softness in SMB sentiment and muted freelancer hiring demand, impacting low-end transactions while high-value work continues to grow [17] - Projects over $1,000 currently represent less than 15% of marketplace GMV but are expected to become a larger contributor to overall business [8] Company Strategy and Development Direction - The company is transforming from a transaction-oriented marketplace to a trusted work platform, focusing on high-value, complex projects and AI-native work [5][10] - A multi-year execution plan has been developed, focusing on advanced matching technology, product transformation, go-to-market strategies, and operational excellence [11] - The company aims to capture opportunities in the AI-enabled economy, emphasizing the importance of human talent in conjunction with AI [12][10] Management's Comments on Operating Environment and Future Outlook - Management believes that AI is reshaping access to talent rather than reducing the need for human workers, with demand for higher-value specialized work accelerating [7][6] - The company expects elevated volatility in marketplace revenue in 2026 as it deprioritizes low-end transactions to focus on high-value work [17] - For 2026, revenue is expected to be between $380 million and $420 million, reflecting a year-over-year decline of 12% to 3% [19] Other Important Information - The company is committed to maintaining a disciplined capital allocation strategy, with $67.5 million remaining on its buyback authorization as of December 31, 2025 [19][74] - The leadership team is undergoing changes, with Esti assuming the CFO role and Jinjin stepping into a Chief Business Officer position [13][14] Q&A Session Questions and Answers Question: Insights on execution plan around matching product and capital allocation - The company is deprioritizing low-end transactions to focus on high-end projects, which currently contribute less than 15% of revenues, aiming for significant growth in this area [26] - On M&A, the company has $300 million in cash and is looking for opportunities that support high-end growth [30] Question: Financial implications of deprioritizing lower-end market - The deprioritization is intended to ensure resources are directed towards growing high-end segments, which have shown significant growth [35] - The company expects structural profitability of the core marketplace to remain above 20% [36] Question: Margin profile expectations post-transformation - Short-term EBITDA margins may be lower due to increased investments in R&D, but long-term margins are expected to return to around 25% [41] Question: Revenue expectations for 2026 - The company anticipates revenue declines in the lower-end market, while high-end segments are expected to grow, leading to an overall shift in revenue dynamics [62] Question: Building marketplace for recurring work - The focus is on enhancing data infrastructure and matching algorithms to optimize for recurring work, with a balanced approach to capital allocation between growth investments and buybacks [73][74]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of $4.02 billion, an increase of 4% year-over-year, and EBITDA of $990 million, up 7% year-over-year [17][18] - The fourth quarter revenue was $1.026 billion, with EBITDA of $272 million, reflecting an 8% year-over-year growth [15][18] - Earnings per share (EPS) for the year was $6.34, representing a 10% increase year-over-year [17][18] Business Line Data and Key Metrics Changes - The Vacation Ownership segment saw gross sales rise by 8% year-over-year, driven by a 5% increase in tour flow in the fourth quarter, the strongest level of the year [16][18] - The Travel and Membership segment reported fourth quarter revenue of $148 million, down 6% year-over-year, with EBITDA of $47 million, down 10% [17][18] Market Data and Key Metrics Changes - The company noted strong leisure demand as a key driver for its Vacation Ownership business, with a loyal owner base contributing to predictable cash flow [6][8] - The average FICO score for new originations remained above 740, indicating high-quality loans [17][18] Company Strategy and Development Direction - The company is focused on brand expansion and optimizing its resort portfolio to drive sustainable, profitable growth [6][7] - A Resort Optimization Initiative is underway, which involves closing lower-performing resorts and replacing them with higher-demand properties [12][21] - The company aims to enhance owner experiences through technology investments and partnerships, such as those with Live Nation and Authentic Brands [11][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for leisure travel and the company's ability to deliver another year of revenue growth and EBITDA margin expansion in 2026 [14][26] - The company expects EBITDA for 2026 to be in the range of $1.03 billion to $1.055 billion, reflecting 4%-7% year-over-year growth [14][24] Other Important Information - The company returned $449 million to shareholders in 2025 through dividends and share repurchases, with a new $750 million share repurchase authorization approved [19][20] - The company is committed to maintaining a disciplined capital allocation strategy while investing in organic growth [20] Q&A Session Summary Question: Can you elaborate on the optimization initiative and its long-term impact on EBITDA? - Management indicated that 2025 was a catch-up year for the optimization initiative, with expectations for a return to normal growth in subsequent years [30][31] Question: How is the consumer demographic performing currently? - Management noted continued strong demand from consumers, with household incomes above $100,000 and improved FICO scores, reinforcing the value of vacation experiences [39][40] Question: What are the expectations for the Travel and Membership business moving forward? - Management expects the Travel and Membership segment to follow a consistent trend with disciplined cost management, contributing to EBITDA growth [93] Question: What is the anticipated loan loss provision for 2026? - Management expects the loan loss provision to decrease to around 20%, with a long-term goal of settling into the high teens [90][91] Question: Can you provide insights on the new brand launches and their expected contributions? - Management anticipates that new brands like Sports Illustrated and Eddie Bauer will grow as a percentage of overall sales, contributing positively to future growth [72][74]

Financial Data and Key Metrics Changes - The company achieved a post-pandemic high in worldwide revenue of $3.1 billion in 2025, with adjusted EBITDA of $578 million and an adjusted EBITDA margin of 18.6% [5][7] - Over the past three years, the company generated nearly $1.8 billion of adjusted EBITDA and over $1.3 billion of operating cash flow [6][7] - The company extinguished over $700 million of COVID-related debt and reinvested over $500 million in capital expenditures [7] Business Line Data and Key Metrics Changes - The company reported a 5% year-over-year increase in domestic per caps, driven by strategic pricing actions, higher incidence rates, and a shift in product mix [31] - Premium formats, including XD, represent about 15% of overall box office, with 10% of the domestic circuit having two XD screens [11][12] Market Data and Key Metrics Changes - International attendance fell in 2025, but the company is optimistic about a better balance in 2026, with a stronger film slate expected to resonate with Latin audiences [40][42] - The company noted that attendance in regions like Argentina has recovered exceptionally well, nearing pre-pandemic levels despite economic challenges [43] Company Strategy and Development Direction - The company is focused on expanding market share, optimizing operations, and enhancing guest experiences through strategic initiatives [8][9] - Plans for 2026 include a robust lineup of films and a focus on navigating the evolving media and entertainment landscape [8][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the softer film slate in 2025 but attributed it to normal industry fluctuations rather than structural issues [20][22] - The company expects stronger box office performance and higher attendance in 2026, supporting margin expansion [25][26] Other Important Information - The company is actively exploring new build opportunities, with plans for new sites in El Paso, Greenville, and Omaha [14][15] - Management emphasized the importance of alternative content, which has grown to represent over 10% of box office revenue [87] Q&A Session Summary Question: How many theaters have two XD screens and plans for more? - Approximately 10% of the domestic circuit has two XD screens, with plans to roll out additional screens in the coming years [11][12] Question: Update on new build activity? - New build efforts were reactivated post-pandemic, with several projects in motion, including new sites in El Paso and Greenville [14][15] Question: Factors driving softer box office in 2025? - The year lacked a mega blockbuster and had a mixed film slate, which affected overall performance [20][22] Question: Expectations for operating leverage and margins? - Anticipated stronger box office and attendance are expected to support margin expansion [25][26] Question: Strategies driving success in concessions? - Domestic per caps increased by 5%, driven by strategic pricing, higher incidence rates, and a shift in product mix [31] Question: International attendance outlook for 2026? - Optimism for a better film slate in Latin America, with attendance expected to recover [40][42] Question: Thoughts on AI's impact on the business? - AI presents opportunities for efficiencies and revenue growth, with potential applications in pricing optimization and content creation [92][94] Question: Update on Warner Bros. acquisition discussions? - Ongoing conversations with Warner Bros. remain fluid, with a focus on ensuring outcomes beneficial to the industry [76][78]

Similarweb (NYSE:SMWB) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsAdam Hotchkiss - Vice President of Emerging Software Equity ResearchArjun Bhatia - Co-Group Head of Technology, Media, and CommunicationsMaoz Lakovski - Chief Business OfficerOr Offer - CEO and Co-FounderPatrick Walravens - Managing Director and Director of Technology ResearchRaimo Lenschow - Managing DirectorRami Myerson - VP of Investor RelationsRan Vered - CFOConference Call ParticipantsKen Wong - Managing Dire ...