The Cheesecake Factory (NasdaqGS:CAKE) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Speaker12Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to The Cheesecake Factory Incorporated fourth quarter 2025 earnings conference call. 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 qu ...

Financial Data and Key Metrics Changes - Bausch Health reported a revenue increase of 9% in Q4 2025 compared to Q4 2024, reaching $2,796 million, with adjusted EBITDA rising by 13% to $1,052 million [10][11] - For the full year 2025, revenue grew by 7% and adjusted EBITDA by 10%, indicating strong operational performance [18][19] - Adjusted gross margin was 71.6%, down 80 basis points year-over-year, while adjusted operating expenses increased by $75 million to $1,033 million [10][11] Business Line Data and Key Metrics Changes - Salix revenue in Q4 was $693 million, a 9% increase year-over-year, driven by strong demand and promotional efforts [12] - Solta Medical segment revenues decreased by 1% to $137 million, impacted by distributor transition in China, but would have shown mid-single-digit growth without this effect [15][16] - The diversified segment saw a 12% revenue increase to $255 million, primarily due to improved net pricing [16] Market Data and Key Metrics Changes - International segment revenues were $306 million, up 10% on a reported basis, with EMEA and LatAm showing double-digit growth, while Canada contracted by 6% [13][14] - The Latin American market returned to growth with a 22% revenue increase, while Canada faced challenges due to increased generic competition [14][15] Company Strategy and Development Direction - The company aims to enhance operational assets through innovation and optimize brand growth globally, with a focus on business development opportunities [21][22] - The acquisition of Shibo's aesthetics distribution platform in China is expected to strengthen the company's market presence and enhance direct engagement with providers [7][26] - Strategic priorities for 2026 include maximizing shareholder value and optimizing the capital structure following significant refinancing [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth, citing strong cash generation and improved capital structure, allowing for proactive business development [5][7] - The company anticipates a stronger growth rate in the first half of 2026, with a revenue guidance range of $5.25 billion to $5.4 billion [20][21] - Management acknowledged the disappointment regarding the RED-C trial results but remains focused on advancing other development opportunities [9] Other Important Information - The company achieved over $1 billion in adjusted operating cash flow for the year and reduced net debt by approximately $320 million in Q4 [7][12] - The debt maturity profile was improved by approximately $1.7 billion through a debt exchange, providing additional flexibility for future opportunities [7][19] Q&A Session Summary Question: Post RED-C readout, what is the updated decision framework for separation and debt repayments? - Management stated there is no change in focus, continuing to prioritize debt repayment and reinvestment in the business [33] Question: Can you provide more details about business development plans? - Management is screening various assets for potential acquisitions, leveraging their strong commercial team [36][37] Question: What is the impact of the Shibo integration on revenue and EBITDA growth? - The integration is progressing well, with a minor EBITDA impact of $10-$15 million due to accounting adjustments [45][47] Question: What are the expectations for Xifaxan generics? - Management confirmed that a generic is expected by January 1, 2028, and is focused on maximizing current value [84] Question: What is the EBITDA trajectory for 2027? - Management indicated that 2027 EBITDA would likely be around $2.7 billion, reflecting a dip compared to 2025 [86]

Nextdoor (NYSE:KIND) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Speaker4Good afternoon. My name is Tamia, and I will be your conference operator today. At this time, I would like to welcome everyone to Nextdoor's fourth quarter and full year 2025 earnings conference. 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 this time, simply press star, followed by the numb ...

Grand Canyon Education (NasdaqGS:LOPE) Q4 2025 Earnings call February 18, 2026 04:30 PM ET Company ParticipantsAlex Paris - PresidentBrian Mueller - President and CEODan Bachus - CFOJeff Silber - Managing DirectorSarah Collins - General CounselOperatorGood day, and thank you for standing by. Welcome to the Fourth Quarter 2025 Grand Canyon Education earnings conference call. At this time, all participants are on listen only mode. After the speaker's presentation, we'll open up for questions. To ask a questio ...

Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [4] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS exceeding the high end of the guidance range [14][15] - The company reaffirmed its 2028 guidance and extended its core EPS growth target of 5%-7% through 2030 [15][20] Business Line Data and Key Metrics Changes - SCE has invested over $12 billion in customer safety and reliability over the last two years, with a focus on wildfire risk reduction and operational excellence [6][16] - The utility plans to execute a $7 billion capital plan for 2026 to meet customer needs [16] - The extended capital plan from 2026 through 2030 is projected to be between $38 billion and $41 billion, focusing on load growth-driven programs and infrastructure replacement [17] Market Data and Key Metrics Changes - SCE has the lowest system average rate among California's major investor-owned utilities, with a 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized businesses [6] - The typical non-CARE residential customer currently pays about $188 per month, slightly higher than $180 two years ago [6] Company Strategy and Development Direction - The company emphasizes commitments to customers, communities, and investors, focusing on safety, reliability, and affordability [5][7] - Edison International is actively engaging with policymakers to reinforce a stable regulatory framework that supports long-term investment [8][11] - The company is confident in its multi-year financial outlook, supported by a robust pipeline of necessary investments [12][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining a durable regulatory environment to protect customers from higher costs and ensure stable returns for investors [7][8] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [11][44] - Management expressed confidence in achieving the extended EPS growth targets and maintaining a strong balance sheet without equity needs through 2030 [20] Other Important Information - Edison International announced enhancements to the Wildfire Recovery Compensation Program, providing stronger support for displaced renters and increasing coverage for legal expenses [8][64] - The company is collaborating with the L.A. District Attorney's office regarding the investigation into the Eaton Fire, maintaining confidence in its operational prudence [76][78] Q&A Session Summary Question: Inquiry about Eaton losses and total liability visibility - Management indicated that over 2,300 claims have been submitted under the Wildfire Recovery Compensation Program, with no current estimate for total liability due to the complexity of claims [26][28] Question: Clarification on EPS growth and financing considerations - Management explained that muted growth in 2026 is due to fewer regulatory decisions and variances in asset mix, but expects to be at the high end of the growth range in subsequent years [35][36] Question: Updates on the AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request is projected to be around $3 billion [42] Question: Comments on SB 254 processes and legislative updates - Management noted robust participation from stakeholders in the SB 254 process and emphasized the need for a predictable framework to support capital access and affordability [44][47] Question: Details on the L.A. District Attorney's investigation - Management confirmed collaboration with the attorney's office and expressed confidence in demonstrating that SCE's actions were consistent with those of a reasonable utility operator [76][78]

Financial Data and Key Metrics Changes - The acquisition of Interpublic closed on November 26, 2025, and its results were included for only December 2025 [16] - Adjusted operating income (EBIT) for Q4 was $876 million, and adjusted EBITDA was $929 million at a 16.8% margin, an increase of 10 basis points compared to last year [18] - Non-GAAP adjusted net income per diluted share was $2.59, based on weighted average shares outstanding of 233.8 million, up from last year due to shares issued for the IPG acquisition [19] Business Line Data and Key Metrics Changes - The media business performed well in Q4, while the PR business experienced negative growth due to challenging prior year comparisons [21] - Organic growth in Q4 2025 would have been approximately 4% if calculated consistently with prior practices, excluding planned dispositions [20] - Approximately 40% of revenue to be disposed of relates to execution and support disciplines, and 25% relates to the advertising group [22] Market Data and Key Metrics Changes - Strong growth was observed in the U.S. markets, particularly in media, as well as in European markets and the Middle East [22] - France, the Netherlands, and China struggled in Q4, while Latin America showed strong performance [22] Company Strategy and Development Direction - The company is focused on delivering integrated services that connect media, creative content, commerce, consulting, data, and technology [7] - A $5 billion share repurchase program was authorized, with a $2.5 billion accelerated share repurchase program launched [10] - The company plans to simplify and realign its portfolio, identifying non-strategic operations with approximately $2.5 billion in annual revenue for sale or exit [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of Interpublic and the momentum gained in a short period [5] - The company expects to achieve $1.5 billion in annual run rate synergies over the next 30 months, doubling the initial estimate [9] - Management noted that brands are increasingly seeking enterprise-level partners to optimize marketing investments across platforms [12] Other Important Information - The company recorded severance and repositioning costs of $1.1 billion related to the acquisition and restructuring [17] - Free cash flow for the year improved significantly, driven by the addition of IPG and better management of working capital [23] - The company ended 2025 with cash equivalents and short-term investments of $6.9 billion, up $2.5 billion from last year [29] Q&A Session Summary Question: Expectations for organic growth in retained business - Management indicated that media could represent mid-50% of revenue going forward, with advertising slightly less than 20% [38] Question: Clarification on margins for disposed businesses - Margins for disposed businesses are based on the $2.5 billion, with the remaining assets expected to provide healthy dividends [70] Question: Reception of combined company offering - Enthusiasm was noted among clients and employees regarding the combined capabilities of the new organization [45] Question: Clarification on organic growth calculation - The 4% organic growth figure excludes businesses intended for disposal, reflecting stronger growth in retained businesses [49] Question: Feedback on the Omni platform - Clients have shown overwhelming excitement for the capabilities of the new Omni platform, which integrates various legacy systems [80] Question: Plans for cost synergies - A substantial portion of the $1.5 billion cost synergies is expected to flow through to the bottom line, with some reinvestment in growth initiatives [82]

Financial Data and Key Metrics Changes - The adjusted operating income (EBIT) for Q4 was $876 million, and adjusted EBITDA was $929 million at a 16.8% margin, an increase of 10 basis points compared to last year [18] - Non-GAAP adjusted net income per diluted share was $2.59, based on weighted average shares outstanding of 233.8 million, which increased from last year due to shares issued for the IPG acquisition [19] - The company recorded severance and repositioning costs of $1.1 billion related to the acquisition and restructuring efforts [16] Business Line Data and Key Metrics Changes - The Media business performed very well in Q4, contributing significantly to revenue growth, while the PR business experienced negative growth due to challenging prior year comparisons [20][21] - Approximately 40% of the revenue to be disposed of relates to execution and support and Experiential disciplines, with 25% related to the advertising group [22] - The retained portfolio of businesses generated revenue of $23.1 billion for the 12 months ended September 30, 2025 [9] Market Data and Key Metrics Changes - U.S. businesses showed strong growth, particularly in Media, while European markets and the Middle East also performed well [22] - The company faced challenges in France, the Netherlands, and China during Q4, while Latin America showed strong performance [22] Company Strategy and Development Direction - The company is focused on delivering integrated services that connect media, creative content, commerce, consulting, data, and technology [7] - A $5 billion share repurchase program was authorized, with a $2.5 billion accelerated share repurchase program launched [10] - The company plans to simplify and realign its portfolio, identifying non-strategic operations with approximately $2.5 billion in annual revenue for sale or exit [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of the IPG acquisition and the momentum it has created for sustained growth [5] - The company expects to achieve $900 million of synergies in 2026, with a total annual run rate of $1.5 billion expected over the next 30 months [9][10] - Management noted that brands are increasingly seeking enterprise-level partners to optimize their marketing investments across platforms [12] Other Important Information - The company recorded a loss on planned dispositions of $543 million related to businesses being disposed of [17] - Free cash flow for the year improved significantly, driven by the addition of IPG and better management of working capital [23] Q&A Session Summary Question: Expectations for organic growth in retained business - Management indicated that they would provide more details on organic growth expectations at the upcoming Investor Day [34] Question: Clarification on margins for disposed businesses - Management confirmed that margins for disposed businesses are based on the $3.2 billion figure, with a mix of both Omnicom and IPG businesses [66][70] Question: Feedback on the Omni platform and its competitive edge - Management reported overwhelming enthusiasm from clients regarding the capabilities of the new Omni platform, which integrates various legacy systems [79] Question: Plans for cost synergies and reinvestment - Management expects a substantial portion of the $1.5 billion cost synergies to flow through to the bottom line, while also planning to invest in growth initiatives [81][83]

Booking Holdings (NasdaqGS:BKNG) Q4 2025 Earnings call February 18, 2026 04:30 PM ET Company ParticipantsAlex Brignall - Global Co-Head of ResearchEric Sheridan - Managing DirectorEwout Steenbergen - EVP and CFOGlenn Fogel - CEO and PresidentLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing DirectorConference Call ParticipantsLloyd Walmsley - Managing Director and Internet Equity Research AnalystTrevor Young - Director and Senior Internet Equity Research AnalystOperatorLadies ...

Booking Holdings (NasdaqGS:BKNG) Q4 2025 Earnings call February 18, 2026 04:30 PM ET Company ParticipantsAlex Brignall - Global Co-Head of ResearchEric Sheridan - Managing DirectorEwout Steenbergen - EVP and CFOGlenn Fogel - CEO and PresidentLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing DirectorConference Call ParticipantsLloyd Walmsley - Managing Director and Internet Equity Research AnalystTrevor Young - Director and Senior Internet Equity Research AnalystOperatorLadies ...

Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [4][14] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS exceeding the high end of the guidance range [14][15] - The company faced headwinds such as record inflation and rising interest rates but still managed to deliver on commitments [15] Business Line Data and Key Metrics Changes - SCE has installed over 7,000 miles of covered conductor in high fire risk areas, representing over 90% of its planned grid hardening effort [5][6] - A 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized business customers were announced, starting from a position of having the lowest system average rate among California's major investor-owned utilities [6][7] Market Data and Key Metrics Changes - The company is actively engaging with policymakers to reinforce the value of a stable regulatory framework, which is crucial for long-term investment and customer protection [8][11] - Edison International's capital plan for 2026 through 2030 is projected to be between $38 billion and $41 billion, focusing on load growth-driven programs and wildfire mitigation [17][18] Company Strategy and Development Direction - The company is committed to enhancing safety, reliability, and affordability while maintaining a strong investment-grade balance sheet [7][12] - Edison International is extending its core EPS growth target to 2030, with a long-term growth rate target of 5%-7% [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year financial outlook, reaffirming guidance for 2028 and extending the EPS growth target through 2030 [12][20] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [11][43] Other Important Information - The company has committed $2 million to the Pasadena Community Foundation to support community members affected by the Eaton Fire [10] - Edison International is working on a Woolsey securitization application to securitize about $2 billion in costs associated with the Woolsey settlement agreement [21] Q&A Session Summary Question: Update on Eaton losses and total liability estimates - Management indicated that over 2,300 claims have been submitted under the Wildfire Recovery Compensation Program, with no current estimate for total losses due to the complexity of the claims process [26][28] Question: Clarification on 5%-7% EPS growth range - Management confirmed that muted growth in 2026 is due to fewer regulatory decisions and other variances, but expects to be at the high end of the growth range in 2027 [34][35] Question: Timing of AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request will be around $3 billion [41] Question: LA District Attorney's investigation - Management stated that they are collaborating with the attorney's office and remain confident in SCE's actions being consistent with those of a reasonable utility operator [75][76]