Pharming Group (NasdaqGM:PHAR) Q4 2025 Earnings call March 12, 2026 08:30 AM ET Company ParticipantsAnurag Relan - CMOFabrice Chouraqui - CEOJoseph Pantginis - Managing Director, Equity ResearchKenneth Lynard - CFOLaVerne Marsh - Chief Commercial OfficerConference Call ParticipantsJeff Jones - Managing Director and Senior AnalystLucy Codrington - Research AnalystNatalia Webster - AnalystSheila Hernandez - AnalystSimon Scholes - Senior AnalystOperatorGood day, thank you for standing by. Welcome to the Pharmi ...

Financial Data and Key Metrics Changes - For the fourth quarter, net sales were $771 million, down 8% from $840 million in the same period last year [30] - Full year net sales were $2.96 billion, compared to $3.18 billion in the previous year [32] - Non-GAAP net income for the fourth quarter was $13 million, or $0.30 per diluted share, compared to $58 million, or $1.20 per diluted share in the previous year [32] - Full year non-GAAP net income was $116 million, or $2.61 per diluted share, down from $204 million, or $4.42 per diluted share in the previous year [35] Business Line Data and Key Metrics Changes - Key owned brands, including DKNY, Donna Karan, Karl Lagerfeld, and Vilebrequin, collectively delivered mid-single-digit growth, accounting for close to 60% of revenue, up from roughly 50% last year [9] - The wholesale segment's net sales were $737 million, down from $799 million in the previous year, while the retail segment's net sales increased to $63 million from $56 million [30] - Gross margins for the full year were 39.4%, down from 40.8% in the previous year, reflecting approximately $65 million of unmitigated impact from tariffs [34] Market Data and Key Metrics Changes - International sales accounted for just over 20% of fiscal 2026 net sales, indicating significant growth potential in global markets [10] - The brand Donna Karan saw approximately 40% growth, with strong performance in North America and a significant increase in online sales [11] - Karl Lagerfeld generated approximately $630 million in reported net sales, with a focus on expanding its global retail footprint [16] Company Strategy and Development Direction - The company is transitioning out of Calvin Klein and Tommy Hilfiger businesses, focusing on a strategic transformation of its portfolio [4] - Investments in infrastructure, technology, and talent are being made to support long-term growth [5] - The strategy emphasizes capturing the long-term potential of owned brands, driving direct-to-consumer sales, and expanding internationally [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of their own brands and the ability to manage inventory levels effectively [50] - The company anticipates net sales of approximately $2.71 billion for fiscal 2027, reflecting a reduction due to the exit of Calvin Klein and Tommy Hilfiger businesses [37] - Non-GAAP net income for fiscal 2027 is expected to be between $88 million and $92 million, indicating a decrease from the previous year [38] Other Important Information - The company ended the year with over $400 million in cash and more than $900 million in total liquidity, after returning over $50 million to shareholders [36] - The company initiated its first-ever dividend program in December of the previous year [36] - The focus remains on enhancing omni-channel capabilities and returning the North American retail segment to profitability [24] Q&A Session Summary Question: Visibility on own brands for the year - Management noted that own brands grew high single digits last year, with inventory levels being controlled to support full-price business [49] Question: Update on Converse launch - Management indicated that they are building the Converse brand globally and are optimistic about its potential, contingent on Nike's support [55] Question: Prioritization of acquisitions versus licensing - Management stated that they are pursuing both acquisitions and licensing opportunities simultaneously, supported by a strong balance sheet [61] Question: Category expansion revenue contributors - Hospitality and DKNY were highlighted as key drivers for growth, with significant global licensing deals being signed [62]

Pharming Group (NasdaqGM:PHAR) Q4 2025 Earnings call March 12, 2026 08:30 AM ET Company ParticipantsAnurag Relan - CMOFabrice Chouraqui - CEOJoseph Pantginis - Managing Director, Equity ResearchKenneth Lynard - CFOLaVerne Marsh - Chief Commercial OfficerConference Call ParticipantsJeff Jones - Managing Director and Senior AnalystLucy Codrington - Research AnalystNatalia Webster - AnalystSheila Hernandez - AnalystSimon Scholes - Senior AnalystOperatorGood day, thank you for standing by. Welcome to the Pharmi ...

Vivid Seats (NasdaqGS:SEAT) Q4 2025 Earnings call March 12, 2026 08:30 AM ET Company ParticipantsAustin Arnett - General Counsel and Corporate SecretaryJoe Thomas - CFOLarry Fey - CEOConference Call ParticipantsAndrew Marok - Senior Equity Research AnalystCameron Mansson-Perrone - Equity Research AnalystDan Kurnos - Senior Equity Research AnalystMaria Ripps - Managing Director and Senior Equity Research AnalystRalph Schackart - Research AnalystRyan Sigdahl - Senior Research AnalystThomas Forte - Managing Di ...

Financial Data and Key Metrics Changes - For the full year 2025, combined revenue grew approximately 4% to $2.1 billion, marking the highest full-year revenue for the company [9] - Adjusted EBITDA for the full year was approximately $312 million, with an adjusted EBITDA margin of 14.8% [24] - Full-year combined adjusted gross profit was $794 million, with an adjusted gross margin of 37.6%, up 14 basis points [19] Business Line Data and Key Metrics Changes - In the Inspection and Mitigation (I&M) segment, revenue was approximately $1.1 billion for 2025, roughly flat year-over-year, with adjusted gross margin at 27.8% compared to 28.5% in the prior year [19][20] - Consulting Engineering (CE) revenue was $714 million, up roughly 8% against 2024, with an adjusted gross margin of 47.0%, up 150 basis points [20][21] - Geospatial (Geo) revenue was $298 million, up roughly 6% against 2024, with an adjusted gross margin of 51.5%, down from 53.6% in the prior year [21] Market Data and Key Metrics Changes - Year-end backlog within CE and Geo was $1.07 billion, up about 10% from approximately $970 million last year [15] - Data center revenue increased significantly year-over-year, reaching nearly $70 million in 2025, more than doubling versus the prior year [12] - The federal funding lapse affected timing of work in Geo but did not result in material cancellations [14] Company Strategy and Development Direction - The company aims to accelerate organic growth with a focus on cross-selling and deeper client engagement across segments [10] - Plans to strengthen organizational alignment and cultural cohesion while driving margin expansion through cost management and service mix improvement [10][16] - A $200 million share repurchase program has been authorized to enhance capital allocation flexibility [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on growth targets, citing structural tailwinds in infrastructure reinvestment and regulatory compliance [34] - The company expects revenue for 2026 in the range of $2.15 billion to $2.25 billion, with adjusted EBITDA between $330 million and $355 million [27] - Anticipated growth in CE and Geo is expected to outpace growth in I&M for the full year [27] Other Important Information - A planned leadership transition was announced, with Ben Heraud set to become CEO effective March 31, 2026, succeeding Tal Pizzey [2][7] - The integration program is on track to deliver $25 million in cost synergies, with half expected to be realized during 2026 [26] Q&A Session Summary Question: Can you talk a little bit more about the integration process in a little more detail? - Management expressed high confidence in the integration process, focusing on communications and culture, with specific milestones being tracked [39] Question: Can you discuss the biggest potential synergies and go-to-market strategies? - Management highlighted exciting developments in cross-selling opportunities, particularly in the data center space, and emphasized the importance of servicing clients throughout the asset lifecycle [40][41] Question: What are your expectations on the inspection side for the energy and oil end markets? - Management indicated good visibility on planned outages and run and maintain contracts, suggesting stability in the energy sector [48] Question: Could you elaborate on the timing and rationale for the CEO transition? - The transition was planned as part of succession planning, allowing for a unified culture and strategic continuity [56] Question: How could the current situation in the Middle East and rising oil prices impact your business? - The Middle East represents a small portion of the business, and current impacts from rising oil prices are minimal, with potential for increased work around pipelines [60] Question: Can you talk about the primary variables that could affect revenue guidance? - Management expressed high confidence in revenue guidance, citing strong tailwinds across all end markets [62]

Financial Data and Key Metrics Changes - For Q4 fiscal 2026, consolidated revenues totaled $84.9 million, a decrease from $86.4 million in the prior year [29] - Net income for Q4 was $2.5 million, or $0.09 per diluted share, compared to a net loss of $5.4 million, or -$0.19 per diluted share in the previous year [30] - Gross margin improved to 47.8% of net revenues, up from 46.8% in the prior year [31] - SG&A expenses decreased by $10.6 million to $37.3 million, representing 43.9% of net revenues, down from 55.4% [32] - Operating income from continuing operations was $3.6 million, compared to an operating loss of $7.3 million in the prior year [33] Business Line Data and Key Metrics Changes - Direct segment revenues for Q4 were $74.5 million, a 2.6% decrease from $76.5 million in the prior year [30] - Indirect segment revenues increased by 4.9% to $10.4 million, driven by a large wholesale spring collaboration [31] - Comparable sales declined by 0.7%, showing sequential improvement throughout the fiscal year [30] Market Data and Key Metrics Changes - The company experienced a revenue decline of 1.7% overall in Q4, with indirect channel revenue growth of just under 5% [9] - The direct channel registered a revenue decline of 2.6%, but showed significant sequential improvement from previous quarters [8] Company Strategy and Development Direction - The company is focused on Project Sunshine, which aims to reclaim brand relevance and increase market share through five strategic pillars [4][7] - The leadership transition reflects confidence in the strategic direction and momentum of the company [3] - The company plans to stabilize sales between $255 million and $270 million for FY 2027, emphasizing a focus on rebuilding the wholesale business [5][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformation plans and the potential for long-term sustainable growth [27] - The company is optimistic about the early successes of Project Sunshine and the stabilization of the business [12][13] - Management acknowledged the need to navigate through inventory challenges from previous projects while building a strong foundation for future growth [40][41] Other Important Information - The company generated $17 million in operating cash flow in Q4, allowing for the payoff of its ABL facility [12] - Inventory decreased by nearly 17% year-over-year, with inventory turns improving to 1.6 from 1.5 [34][35] - The company will not hold its annual outlet sale in Q1 to focus on inventory for stores [36] Q&A Session Summary Question: When should product flows and mix be where the company wants them to be? - Management indicated that about 80% of the spring/summer product mix has been influenced, with a blank slate for fall/winter [39] Question: What is the focus on stores versus digital channels? - Management emphasized the importance of both digital and brick-and-mortar channels, with plans to optimize the existing store fleet and selectively open new brand stores [43][45] Question: Will more Outlet 2.0 stores open in FY 2027? - Management expressed an inclination to open a few more Outlet 2.0 stores in the fiscal year, refining the approach based on early results [47][50]

Financial Data and Key Metrics Changes - For the full year 2025, the company generated revenue of $120.5 million, representing nearly 9% year-over-year growth [7] - In Q4 2025, revenue reached $34.4 million, up nearly 22% year-over-year, indicating accelerating momentum [7] - GAAP net income for 2025 was $10.8 million, a year-over-year increase of more than 37%, with earnings per share of $0.10 [7] - Adjusted EBITDA expanded to $27.5 million with a 23% margin, up more than 14% year-over-year [8] - Free cash flow reached approximately $20.5 million for 2025, compared to $13.2 million in 2024, representing growth of more than 500% from 2023 [8] Business Line Data and Key Metrics Changes - The company completed multiple acquisitions in 2025, including Medsphere Systems, which expanded its capabilities into the inpatient hospital market [10] - The integration of AI tools into the platform has already resulted in new customer wins under the CareCloud umbrella [11] - The company aims to penetrate newly acquired health system customers with its RCM and AI products as part of its 2026 growth strategy [12] Market Data and Key Metrics Changes - The healthcare technology market is at an inflection point, with AI adoption moving from pilot programs to production deployment [12] - The company recognizes a multi-billion-dollar addressable opportunity in the U.S. for its AI front desk assistant [12] Company Strategy and Development Direction - The company’s 2026 growth strategy focuses on leveraging its dual platform footprint in ambulatory and inpatient markets to drive organic growth and acquisition synergies [13] - Strategic acquisitions have been a cornerstone of growth, with a disciplined approach to acquiring companies at attractive valuations [14] - The company plans to remain active in M&A in 2026 and beyond, identifying complementary targets that can benefit from its AI capabilities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue guidance of $128 million-$130 million for 2026, with adjusted EBITDA of $29 million-$31 million [15] - The company anticipates GAAP EPS of $0.20-$0.23 per share, representing an increase of more than 100% over 2025 [15] - Management highlighted the importance of disciplined execution and innovation to create long-term value for stakeholders [35] Other Important Information - The company resumed dividends on its preferred shares at the beginning of 2025 and plans to pay double dividends on Series B preferred stock starting in 2026 [9] - The conversion of approximately 80% of Series A preferred shares into common eliminated more than $7 million in annual dividend obligations [9] Q&A Session Summary Question: Can you expand on how you're planning on monetizing AI in 2026? - Management discussed the favorable M&A environment and the strategy to integrate AI capabilities into acquired platforms to enhance their attractiveness and market position [38][41] Question: What was behind the recent contract wins and future opportunities? - Management noted the expansion of the sales team and the focus on cross-selling additional services to existing clients acquired through recent transactions [45][46] Question: How does CareCloud's exposure to AI disruption compare to being an AI beneficiary? - Management emphasized that CareCloud operates in a niche healthcare IT space with deep industry moats, making it less vulnerable to generic AI disruptions [54][56] Question: What are the focuses for the use of excess cash flow? - Management indicated that the focus would be on acquisitions, enhancing capital structure, and investing in AI development [73] Question: Who are CareCloud's main competitors? - Management identified competitors in the EHR space such as eClinicalWorks and athenahealth, and noted that the AI competitive landscape varies depending on the product [75][76]

Financial Data and Key Metrics Changes - For Q4 2026, consolidated revenues totaled $84.9 million, a decrease from $86.4 million in the prior year [29] - Net income for Q4 was $2.5 million, or $0.09 per diluted share, compared to a net loss of $5.4 million, or -$0.19 per diluted share in the previous year [30] - Gross margin improved to 47.8% of net revenues, up from 46.8% in the prior year [31] - SG&A expenses decreased by $10.6 million to $37.3 million, representing 43.9% of net revenues, down from 55.4% [32] - Operating income from continuing operations was $3.6 million, compared to an operating loss of $7.3 million in the prior year [33] Business Line Data and Key Metrics Changes - Direct segment revenues for Q4 were $74.5 million, a 2.6% decrease from $76.5 million in the prior year [30] - Indirect segment revenues increased by 4.9% to $10.4 million, driven by a large wholesale spring collaboration [31] - Comparable sales declined by 0.7%, showing sequential improvement throughout the fiscal year [30] Market Data and Key Metrics Changes - The company experienced a positive year-over-year indirect channel revenue growth of just under 5% [9] - The direct channel registered a revenue decline of 2.6% compared to the prior year, but showed significant sequential improvement [8] Company Strategy and Development Direction - The company is focused on Project Sunshine, which aims to reclaim brand relevance and expand market share [4][5] - Five strategic pillars under Project Sunshine include sharpening brand focus, resetting go-to-market approach, rewiring digital ecosystem, implementing Outlet 2.0, and reimagining organizational structure [6][7] - The company plans to stabilize direct business and rebuild wholesale under new leadership, with sales guidance for FY 2027 set between $255 million and $270 million [5][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformation plans and the ability to deliver long-term sustainable results [5][27] - The company acknowledged the need to navigate through inventory challenges from previous management while focusing on product improvement [40] - Management views FY 2027 as a year for stabilization and building a foundation for growth in FY 2028 and beyond [41] Other Important Information - The company generated $17 million in operating cash flow in Q4, allowing for the payoff of its ABL facility [12] - Inventory decreased by nearly 17% year-over-year, with inventory turns improving to 1.6 from 1.5 [34] Q&A Session Summary Question: When should we feel that the product flows and product mix are where you want them to be? - Management indicated that about 80% of the spring/summer assortment has been influenced, and they expect to have full impact on fall/winter products [39] Question: Where should we be thinking about the depth and focus on stores versus digital? - Management emphasized the importance of both digital and brick-and-mortar channels, with plans to optimize existing stores and selectively open new brand stores [42][45] Question: Will more Outlet 2.0 stores open in FY 2027? - Management expressed inclination to open a few more Outlet 2.0 stores in FY 2027, refining the approach based on current learnings [50]

Financial Data and Key Metrics Changes - The company reported a net income from continuing operations of $21 million or $0.19 per share, a $49 million improvement compared to the prior year [5] - Adjusted EBITDA from continuing operations reached $50 million, an improvement of $48 million year-over-year [5] - Cash flow from continuing operations was $58 million, an increase of $44 million compared to 2024 [5] - For Q4, net sales grew by 9% year-over-year to just shy of $50 million, with net income from operations at $2.3 million and adjusted EBITDA of $8.6 million [13][26] Business Line Data and Key Metrics Changes - Global cannabis sales increased by 70% year-over-year, with significant contributions from the Netherlands business [4] - Canadian cannabis sales for Q4 were $52.7 million, a 10% increase compared to the same quarter last year, driven by international medicinal exports which grew by 384% [27] - Retail branded sales in Canada were flat compared to Q4 last year, but gross margins improved to 43%, above the target range of 30%-40% [14][28] Market Data and Key Metrics Changes - The company maintained a top five overall market share position in Canada and held the number one position in dried flower as of the end of the last month [14] - International export sales increased more than six-fold, benefiting from the company's leadership position as one of the largest EU GMP-certified cannabis operators [4] Company Strategy and Development Direction - The company is focused on improving margin performance, profitability, and cash generation to enable further growth investments [5] - The strategy includes a methodical approach to scaling operations, with a focus on high-margin products and international expansion [6][12] - The company is investing in capacity expansion projects in Canada and the Netherlands to meet increasing demand [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying fundamentals of the business, with strong demand domestically and internationally [19] - The company expects to return to sequential growth in international exports in Q1 and anticipates shipping to multiple new jurisdictions [19] - Management highlighted the importance of maintaining a balanced approach to capital allocation while pursuing growth opportunities [36] Other Important Information - The company ended the year with approximately $86 million in cash and a strong net cash position of $53 million [33] - The company has been active in its share repurchase program, purchasing nearly 813,000 shares at an aggregate cost of $3 million during Q4 [33] Q&A Session Summary Question: Share repurchases and capital allocation - Management indicated that share repurchases reflect confidence in cash generation and do not impact operational opportunities [39] Question: Growth in the German market - Management acknowledged a decline in import volumes but expects growth to resume, citing regulatory changes that favor their business model [41][42] Question: Capacity constraints and market share aspirations - Management clarified that Canadian operations remain a priority, balancing international demand with commitments in Canada [47] - The company regained its number one flower share position in January and expects continued growth in 2026 [48]

Financial Data and Key Metrics Changes - For the full year 2025, combined revenue grew approximately 4% to $2.1 billion, marking the highest full-year revenue for the company [10][20] - Adjusted EBITDA for the full year was approximately $312 million, with an adjusted EBITDA margin of 14.8% [10][25] - In the fourth quarter, total revenue was $508 million, reflecting a flat year-over-year performance, with adjusted gross profit increasing to $197 million, up 8% from the previous year [21][22] Business Line Data and Key Metrics Changes - In the Inspection and Mitigation (I&M) segment, revenue was approximately $1.1 billion for 2025, remaining roughly flat year-over-year, with adjusted gross margin at 27.8% [20] - Consulting Engineering (CE) revenue was $714 million, up roughly 8% against 2024, with an adjusted gross margin of 47.0% [20] - Geospatial (Geo) revenue was $298 million, up roughly 6% against 2024, with an adjusted gross margin of 51.5% [21] Market Data and Key Metrics Changes - Data center revenue increased significantly, reaching nearly $70 million in 2025, more than doubling from the prior year, with expectations to approach $100 million supported by contracted backlog [13][48] - Year-end backlog within CE and Geo was $1.07 billion, up about 10% from approximately $970 million last year [16] Company Strategy and Development Direction - The company aims to accelerate organic growth, focusing on cross-selling and deeper client engagement across segments [11][36] - A planned leadership transition was announced, with Ben Heraud set to become CEO on March 31, 2026, to ensure continuity and strategic execution [2][6] - The company is focused on margin expansion through prudent cost management and service mix improvement [11][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the structural tailwinds in markets, including infrastructure reinvestment and increasing regulatory complexity [36] - The company expects revenue for 2026 in the range of $2.15 billion to $2.25 billion, with adjusted EBITDA between $330 million and $355 million, indicating a growth outlook [28][29] Other Important Information - The company completed a $250 million private placement to strengthen its balance sheet and provide flexibility for growth opportunities [26] - An integration program is underway, targeting $25 million in cost synergies, with expectations to realize half of these savings in 2026 [27] Q&A Session Summary Question: Can you talk more about the integration process and specific milestones for 2026? - Management highlighted strong momentum in the integration process, focusing on communication and culture, with weekly meetings on milestones [41] Question: What are the biggest potential synergies and go-to-market strategies? - Management noted exciting developments in cross-selling opportunities, particularly in the data center space, and emphasized the ability to service clients throughout the asset lifecycle [42][43] Question: What are the expectations for the energy and oil end markets? - Management indicated good visibility on planned outages and run-and-maintain contracts, suggesting stability in the energy sector [55] Question: Can you elaborate on the EBITDA margins in the latest 2026 guidance? - Management acknowledged a lower EBITDA margin outlook due to a shift in compensation structure but emphasized growth and margin expansion from improved execution [62] Question: How does the current situation in the Middle East impact the business? - Management stated that the Middle East represents a small portion of the business, with minimal current impacts from rising oil prices [67] Question: What is the capital allocation strategy moving forward? - Management confirmed a robust tuck-in acquisition pipeline while maintaining flexibility for share buybacks based on market conditions [83][85]