PolyPid (NasdaqCM:PYPD) Q4 2025 Earnings call February 11, 2026 08:30 AM ET Company ParticipantsBrandon Folkes - Managing DirectorDikla Czaczkes Akselbrad - CEOJonny Missulawin - CFOOri Warshavsky - COO for US OperationsYehuda Leibler - Investor RelationsConference Call ParticipantsBoobalan Pachaiyappan - Managing Director and Senior Biotechnology Equity Research AnalystChase Knickerbocker - Senior Equity AnalystJason Butler - Managing Director and Senior Biotechnology Equity Research AnalystOperatorGreetin ...

T-Mobile US (NasdaqGS:TMUS) Q4 2025 Earnings call February 11, 2026 08:30 AM ET Company ParticipantsCallie Field - President of Bussiness GroupJohn Saw - EVP and Advanced & Emerging TechnologiesJon Freier - President of Consumer GroupMichael Sievert - CEOMike Katz - President of Marketing , Strategy and ProductsPeter Osvaldik - CFOSrinivasan Gopalan - Board Member for Deutsche TelekomNone - Company RepresentativeNone - Company RepresentativeNone - Video NarratorConference Call ParticipantsBenjamin Swinburne ...

Financial Data and Key Metrics Changes - Unity experienced exceptional momentum in Q4 2025, achieving the fastest growth and highest margin in the past two years, with Grow revenue at $338 million, up 6% sequentially and 11% year-over-year [20][21] - Adjusted EBITDA for the quarter was $125 million, representing 25% margins, an improvement of 200 basis points year-over-year and sequentially [22] - Free cash flow grew 41% in 2025 to just over $400 million, with a conversion rate of 99% of Adjusted EBITDA to free cash flow [24] Business Line Data and Key Metrics Changes - Grow revenue was significantly driven by Vector, which represented 56% of Grow revenue, up from 49% two quarters ago, and experienced mid-teen sequential growth for three consecutive quarters [21] - Create revenue was $165 million, up 8% year-over-year, with a healthy 16% growth when excluding non-strategic revenue [22] - The Create business saw nearly 50% growth in China, driven by interoperability with local platforms [8] Market Data and Key Metrics Changes - The ironSource ad network's revenue declined by $7 million sequentially, representing 11% of Grow revenue for the quarter, but is expected to diminish as Vector grows [21][6] - January 2026 was Vector's best revenue month ever, 72% larger than January of the previous year, indicating strong market demand [6] Company Strategy and Development Direction - Unity is focusing on enhancing its advertising business through Vector, with expectations of significant growth and improved profitability as the ironSource ad network diminishes [6][12] - The company plans to transform its Create business by making authoring workflows accessible via web browsers and integrating AI-driven authoring tools [15][17] - Unity aims to democratize game development, making it accessible to a broader audience through AI and enhanced collaboration tools [19][69] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory of Vector, indicating no natural ceiling for its future growth [32] - The company is confident in its ability to compete with major players like Meta and Google, emphasizing its focus on the gaming industry [42] - Management highlighted the positive impact of AI on the video game industry, predicting increased leisure time and efficiency in game creation [47] Other Important Information - Unity successfully refinanced $690 million of its 2026 convertible notes, extending maturities to 2030, and exited the year with over $2 billion in cash [25] - The company is moving towards GAAP profitability, reducing stock compensation expenses significantly [24] Q&A Session Summary Question: Growth trajectory of Vector and impact of ironSource - Management expressed excitement about Vector's growth, indicating it has exceeded expectations and is not significantly impacted by the declining ironSource business [31][33] Question: Demand for commerce tools - Initial customer reactions to the commerce tools have been very positive, with strong interest across various segments [34][35] Question: Competitive landscape with Meta - Management noted that Meta has been competitive but has not significantly impacted Unity's growth, emphasizing their focus on the gaming sector [42] Question: AI's impact on game development - Management believes AI will enhance efficiency in game creation, allowing developers to focus on innovation [47][49] Question: Economics of the commerce solution - Unity participates in the economics of commerce transactions at high margins, aiming to enhance customer value and engagement [54][56]

Financial Data and Key Metrics Changes - Revenue for the fourth quarter was reported at $466.7 million, a 6.6% increase year-over-year [9] - Year-over-year revenue growth exceeded 7%, with significant contributions from the campus division, which achieved over $100 million in revenue [4] - Net income was reported at $31.2 million, with diluted earnings per share at $0.44, including an $8.3 million benefit related to tax treatment [11] - Cash flow from operations was reported at $17.4 million, adjusted to $36.4 million after accounting for a decrease in payroll accrual [11] Business Line Data and Key Metrics Changes - Environmental services segment revenues were reported at $210.8 million with a margin of 12.6% [9] - Dietary services segment revenues were reported at $255.9 million with a margin of 7.2% [9] - Cost of services was reported at $394.6 million, representing 84.6% of revenue, with a target to manage costs in the 86% range for 2026 [9][10] Market Data and Key Metrics Changes - The company anticipates mid-single-digit revenue growth for 2026, supported by strong industry fundamentals and demographic trends [5][7] - The demand for long-term and post-acute care services is expected to increase significantly as the baby boomer population ages [5] Company Strategy and Development Direction - The company’s strategic priorities for 2026 include driving growth through management development, managing costs through operational execution, and optimizing cash flow [7] - A new $75 million share repurchase plan was announced, following the completion of a $50 million repurchase plan ahead of schedule [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment and its alignment with the needs of vulnerable populations [7] - The company is confident in its ability to sustain growth through effective management and execution strategies [19] Other Important Information - The company ended the year with a strong balance sheet, cash and marketable securities of $203.9 million, and an undrawn credit facility of $300 million [14][15] - The company has upgraded contracts to improve pricing mechanics and cash flow, resulting in better margin visibility and collection trends [12] Q&A Session Summary Question: Revenue upside opportunity in the nursing home sector - Management highlighted that growth is execution-based, with a robust sales pipeline and strong demand for services [19] Question: Margin expectations for 2026 - Management noted that margins have expanded due to service execution and operational efficiencies, with a target to manage costs of services at 86% [21][22] Question: Split of campus services revenue and growth potential - Campus services revenue is split evenly between the CSG brand and Meriwether Godsey, with expectations for accelerated organic growth [25][27] Question: Cash flow from operations trajectory for 2026 - Management expects cash flow from operations to approximate net income, with consistent margins and revenue growth [29] Question: Balancing share buybacks with M&A opportunities - Management indicated that the strong liquidity position allows for pursuing share buybacks, organic growth, and M&A without compromising any priorities [30][31] Question: New business additions and growth drivers - Management anticipates continued organic growth driven by execution and a robust pipeline, with timing of new business adds being fluid [36][39]

Financial Data and Key Metrics Changes - In Q4 2025, revenue increased by 10% year-over-year to $80 million, with non-GAAP earnings per share growing by 19% to $0.32 [5][14] - For the full year 2025, revenue also grew by 10% year-over-year, surpassing $300 million, while net income rose by 37% to $51.5 million [20][5] - Adjusted EBITDA for Q4 2025 increased by 25% to $13.7 million, and for the full year, it rose by 37% to $47.4 million [18][20] Business Line Data and Key Metrics Changes - Cloud ARR grew by 23% year-over-year to $95 million in Q4 2025, marking a significant acceleration from 19% growth at the beginning of the year [6][15] - Subscription revenues surged by 21% year-over-year, driven by strong demand for product subscriptions and defense products [10][12] - The defense products segment saw exceptional double-digit year-over-year growth in Q4 and for the full year [10] Market Data and Key Metrics Changes - The Americas region experienced a 4% decline in Q4 year-over-year, but grew by 6% for the full year, accounting for 41% of total revenue [16] - EMEA revenue increased by 38% year-over-year in Q4, representing 40% of total revenue, while APAC revenue declined by 3% in Q4 but grew by 5% for the full year [16] Company Strategy and Development Direction - The company aims to gain market share in cloud security, lead through AI and algorithmic-driven innovation, and expand its go-to-market footprint [5][12] - The acquisition of Pynt enhances the company's API security capabilities, providing a full-life cycle API security solution [9] - The introduction of the Agentic AI Protection solution positions the company at the forefront of securing the next era of AI [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing sophistication of cyberattacks, necessitating stronger security measures, particularly as attackers leverage AI [31][32] - The company expects RPO growth to align with revenue growth in 2026, reflecting strong booking performance [25] - The outlook for Q1 2026 anticipates total revenue in the range of $78 to $79 million, supported by a solid backlog [22][36] Other Important Information - The company plans to increase investments in innovation and go-to-market initiatives in 2026 [17][22] - The effective tax rate for 2025 was 15.3%, with expectations to remain stable in the coming quarters [19] Q&A Session Summary Question: What drove the strength in RPO growth? - Management attributed the strength to strong bookings in both cloud and product subscriptions, expecting RPOs to grow in line with revenue growth for 2026 [25] Question: Update on the Americas market and growth profile? - Management noted strong booking performance in North America and plans to increase investments in the region to support growth [27] Question: Broader market environment and AI disruption? - Management emphasized the need for stronger security as attacks become more sophisticated, positioning the company well in the market [31][32] Question: Changes needed for API and Agentic AI security solutions? - API security is integrated into the existing sales force, while a dedicated group is being formed for the new Agentic AI market [40] Question: Timing of product delivery relative to marketplace development? - Management believes the timing is favorable as enterprises are moving from proof of concept to production, with a strong offering ready [49]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved revenue of $448.7 million, a gross profit of $117.5 million, and a net income of $77.8 million, marking a $6.7 million or 1.5% increase in revenue compared to 2024 [5][14] - The LEU segment generated $346.2 million in 2025, relatively flat compared to $349.9 million in 2024, while uranium revenue decreased by 54% year-over-year to $55.6 million [14][15] - SWU revenue increased by 21% year-over-year, amounting to $51.9 million, driven by a 23% increase in the volume of SWU sold [14] - The technical solutions segment delivered $102.5 million in 2025, an increase of $10.4 million or 11% over 2024 levels [15] Business Line Data and Key Metrics Changes - The LEU segment's cost of sales decreased by $21.3 million or 8% to $234.7 million, resulting in a gross profit increase of $17.6 million or roughly 19% to $111.5 million [15] - The technical solutions segment's cost of sales increased by $22 million or 30% to $96.5 million, leading to a gross profit decrease of $11.6 million or 66% to $6 million [16] Market Data and Key Metrics Changes - Near-term domestic LEU demand is set to increase by approximately 6.5 million SWUs due to Russia exiting the market and additional demand from restarts, upgrades, and new pledged reactors [7] - The LEU pricing curve has experienced a 24% compound annual growth rate from 2019 to 2025, indicating a constrained market and pent-up demand [7] Company Strategy and Development Direction - The company is focused on building both LEU and HALEU capacity to meet future enrichment needs, positioning itself as a key player in the market [22] - The company aims to capitalize on its first mover advantage in the global HALEU market and is actively pursuing additional low-cost capital [10][23] - The company plans to have HALEU production online before the end of the decade, producing 12 metric tons of HALEU per year thereafter [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the projected gap between supply and demand for both domestic and foreign utilities continues to widen, with increasing demand expected as the U.S. seeks to enhance energy security [22] - The company is optimistic about the future, citing strong engagement from potential customers and the importance of the $900 million HALEU Enrichment Award [19][23] Other Important Information - The total company backlog stood at $3.8 billion as of December 31, 2025, with the LEU segment backlog approximately $2.9 billion [17] - The company ended the year with an unrestricted cash balance of approximately $2 billion, providing flexibility for future investments [18] Q&A Session Summary Question: Timeline for improving the 42-month forecast - Management emphasized the importance of execution and continuous improvement to reduce unit costs and improve timelines, with dedicated resources working on this [25][26] Question: Commercialization timeline for LEU and HALEU - Management indicated that the backlog of LEU commitments is crucial and they are progressing towards fulfilling these commitments [29][31] Question: CapEx guidance and linearity throughout the year - Management explained that the initial year of CapEx includes long lead procurement and prepayments, and future years are expected to be more linear [39] Question: Achieving End-of-a-Kind costs - Management clarified that End-of-a-Kind costs will be achieved before reaching 3 million SWUs, which is a significant milestone [43][44] Question: Government discussions on Russian imports - Management noted that while there is significant demand anticipated, there are no current updates from the government regarding the January 1, 2028 cutoff for Russian imports [49][50] Question: Contract dynamics for long-term supply arrangements - Management stated that while the guidance is flat, there is potential upside due to improving market conditions and contracted supply from foreign sources [54][55] Question: Timeline for initial enrichment capacity and de-risking - Management highlighted that they are actively working on lead times and supply chain configurations to expedite production timelines [59][60] Question: HALEU production target and market demand - Management confirmed that the HALEU production target aligns with market demand and DOE task orders, with ongoing discussions with OEMs [65][66] Question: Sourcing strategy for LEU feed for HALEU - Management indicated that they aim to maximize the capacity of their facility and optimize contracts to provide both LEU and HALEU enrichment [92][94]

Financial Data and Key Metrics Changes - The company achieved a top-line growth of 7.5% in 2025, with adjusted EPS increasing by nearly 19% [3][28] - For Q4 2025, sales reached $3 billion, reflecting a 15% increase, while adjusted EPS rose by 25% compared to the previous year [5][17] - The 12-month backlog closed at $8.2 billion, up 7% year-over-year, and the multi-year backlog surpassed $27 billion, up 23% [6][24] Business Line Data and Key Metrics Changes - Equipment sales in Q4 increased by 33.5% year-over-year, while service sales decreased by 5% due to timing of modernization deliveries [17][18] - Digital intelligence sales surged by 74.4% from the previous year, driven by acquisitions [18] - The freight segment saw sales up 18.3%, with adjusted operating income increasing by 35.1% [22] Market Data and Key Metrics Changes - In North America, carload traffic was flat, leading to fewer active locomotives, but those in service operated at higher intensity [6] - Internationally, carloads grew robustly in markets like Latin America, Africa, India, and Asia, supported by infrastructure investments [7] - The North American railcar build demand was down to approximately 31,000 cars for 2025, with an expected decline to 24,000 cars in 2026 [7] Company Strategy and Development Direction - The company is focused on strategic acquisitions and integration initiatives to unlock synergies and drive operational efficiencies [4] - A significant fleet renewal opportunity exists in North America, with over 25% of active locomotives being over 20 years old [12] - The company plans to launch the EVO Modernization program in 2026, aimed at optimizing performance and reducing costs for aging fleets [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering another strong cycle in 2026, expecting mid- to high-teens adjusted EPS growth [4][29] - The company highlighted strong cash flow generation and a robust financial position, with a 24% increase in dividends and a $1.2 billion share buyback authorization [5][24] - Management noted that while North American dynamics are challenging, international markets continue to show strong demand [48] Other Important Information - The company achieved a cash conversion rate of 104% for the year, with total cash flow from operations reaching $1.76 billion [24] - The integration initiatives have delivered significant cost savings, with expectations for continued improvements in operational efficiency [25][26] Q&A Session Summary Question: Recent orders and pipeline opportunities - Management confirmed a strong pipeline of opportunities, particularly in international markets, and emphasized the commitment of customers to invest in fleet modernization [32] Question: Components business and offsets for railcar delivery declines - Management indicated that all businesses are expected to drive profitable growth, with specific investments in industrial products helping to offset declines in railcar deliveries [34] Question: Cash conversion and guidance rationale - Management highlighted strong cash conversion performance and the importance of cash in their compensation plans, noting an average of 110% cash conversion over the past two years [35][36] Question: Impact of backlog on visibility - Management stated that the 12-month backlog provides consistent coverage for 2026, with stronger visibility for 2027 and beyond due to a robust pipeline [47] Question: EVO modernization product and customer interest - Management expects the EVO modernization product to open significant opportunities, particularly for aging fleets in North America [50] Question: Tariff impacts and mitigation strategies - Management acknowledged growing tariff impacts and outlined a four-pronged approach to mitigate costs, including sourcing strategies and sharing costs with customers [57]

Financial Data and Key Metrics Changes - The company closed 2025 with an ARR growth of 21% to $481 million, including the acquisition of Corellium, which contributed $16.1 million to ARR [21][22] - Excluding Corellium, ARR grew 17% year-over-year, with a sequential increase of 6% from Q3 [21][22] - Revenue for Q4 grew 18% to $128.8 million, while full-year revenue increased 19% to $475.7 million [23] - Adjusted EBITDA for Q4 was $38.3 million, a 33% increase year-over-year, with a margin of 29.8% [24] - Free cash flow for the full year was $160 million, representing a 34% margin, which is a 30% increase over 2024 [24][25] Business Line Data and Key Metrics Changes - The company converted 55% of its installed digital forensics base to Inseyets, exceeding the 50% target [7] - ARR for SaaS and cloud offerings grew over 50%, now representing 22% of total ARR [9] - Higher growth solutions like Pathfinder and Guardian now represent 14% of total ARR, expected to approach 20% by the end of the coming year [22] Market Data and Key Metrics Changes - The Americas accounted for 53% of total ARR, with EMEA at 35% and Asia-Pacific at 12% [22] - Growth rates by geography showed the Americas growing 19%, EMEA 24%, and Asia-Pacific 23% [22] Company Strategy and Development Direction - The company aims to reaccelerate growth in 2026 with initial guidance of 18%-19% compared to 17% organic growth in 2025 [10] - Focus on expanding digital forensics capabilities, including investments in mobile research and drone forensics [8][14] - The acquisition of SCG Canada is expected to enhance the company's capabilities in drone forensics, addressing a growing market [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong core demand for solutions, driven by macro trends such as crime and population growth [10] - The U.S. federal segment is expected to recover and exceed overall growth rates in 2026, aided by increased federal funding and the anticipated approval for FedRAMP Level 4 [11] - The company is focused on maintaining a free cash flow margin of at least 30% while reaccelerating ARR growth [25][31] Other Important Information - The company ended 2025 with $535 million in cash and investments, up $52 million despite the acquisition outflow [24] - The company plans to launch Guardian Investigate in spring 2026, aimed at enhancing case narratives for investigators [17] Q&A Session Summary Question: How will the company ensure successful execution of the SCG Canada and Corellium acquisitions? - Management indicated that the Corellium transaction took longer than expected but has allowed for better integration planning. The SCG acquisition is seen as complementary and manageable [34][35] Question: What drove the decision to acquire SCG Canada? - The acquisition was driven by both customer demand and strategic planning to address the growing drone market, which is expected to expand significantly [38][40] Question: What are the expectations for U.S. federal government spending? - Management noted that there is pent-up demand in defense and intelligence use cases, with confidence in growth due to strategic planning and upcoming events like the FIFA World Cup [48][49] Question: How will the company approach the integration of Corellium and its impact on costs? - The integration is expected to initially compress margins but is anticipated to improve profitability as the company grows into the acquisition [75][76]

Financial Data and Key Metrics Changes - In Q4 2025, research and development expenses decreased to $6.2 million from $7 million in Q4 2024, reflecting the completion of the SHIELD II Phase 3 trial [15] - General and administrative expenses increased to $1.8 million in Q4 2025 from $1 million in Q4 2024, primarily due to non-cash expenses related to performance-based options [16] - The net loss for Q4 2025 was $8.5 million or $0.41 per share, unchanged from the previous year but improved on a per-share basis from $1.13 in Q4 2024 [16] - For the full year 2025, net loss was $34.2 million or $2.09 per share, compared to a net loss of $29 million or $4.91 per share in 2024 [17] - As of December 31, 2025, the company had $12.9 million in cash and equivalents, with additional gross proceeds of $3.7 million generated from warrant exercises post-quarter [18] Business Line Data and Key Metrics Changes - The company successfully completed the SHIELD II Phase 3 trial for D-PLEX100, achieving its primary and key secondary endpoints [5] - The focus remains on advancing the regulatory pathway for D-PLEX100 and commercial partnership discussions in the U.S. [5][7] Market Data and Key Metrics Changes - The company is engaging with potential U.S. commercial partners that have strong hospital-based commercialization experience [11] - Discussions with partners have progressed to advanced stages, reflecting the strong clinical profile of D-PLEX100 [7] Company Strategy and Development Direction - The company is transitioning from a primarily R&D-focused organization to one preparing for commercialization, with a renewed corporate brand to reflect this change [11][12] - The introduction of Kynatrix technology aims to expand capabilities beyond localized delivery, targeting metabolic diseases with a long-acting GLP-1 receptor agonist program [14] Management's Comments on Operating Environment and Future Outlook - Management believes 2026 could be transformative, with the rolling NDA submission expected to begin by the end of Q1 2026 [9] - Positive feedback from the FDA supports the regulatory pathway for D-PLEX100, with expectations for a rolling NDA submission [6][9] Other Important Information - The company appointed Ms. Brooke Story as chairman of the board in December 2025, bringing extensive experience in medical technology [9] Q&A Session Summary Question: Can you share how discussions around the scope of the label progressed? - The company is targeting an initial label for the prevention of surgical site infections in abdominal colorectal surgery, supported by Phase 3 data [22] Question: Any thoughts on plans for broader label expansion? - There may be opportunities for label expansion into broader abdominal surgical applications as the review process progresses [24] Question: What work is being done to prepare for potential approval of D-PLEX100? - The company is focusing on building awareness, market research, and creating a KOL network to prepare for commercialization [32] Question: How do you view the strategic timing for the GLP-1 program? - The company plans to partner at an early stage, leveraging robust preclinical data to attract interest [35] Question: What factors will play a role in identifying the final partner? - The ideal partner will have broad hospital-based capabilities and presence in the surgical suite [41] Question: What percentage of potential target IDNs would likely include D-PLEX on formulary within the first 12 months after approval? - The uptake will take time, with a few months before seeing meaningful updates, but once on formulary, usage is expected to grow steadily [50]

Shopify (NYSE:SHOP) Q4 2025 Earnings call February 11, 2026 08:30 AM ET Speaker0Good morning, and thank you for joining Shopify's fourth quarter 2025 conference call. I am Carrie Gillard, Director of Investor Relations, and joining us today are Harley Finkelstein, Shopify's President, and Jeff Hoffmeister, our CFO. After their prepared remarks, we will open it up for your questions. We will make forward-looking statements on our call today that are based on assumptions and therefore subject to risks and unc ...