Element Solutions (NYSE:ESI) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsBen Gliklich - CEOBhavesh Lodaya - US Chemicals Equity ResearchCarey Dorman - CFOFrank Mitsch - PresidentJosh Spector - Director of Equity ResearchVarun Gokarn - VP of Strategy and IntegrationConference Call ParticipantsAleksey Yefremov - Managing Director and Equity Research AnalystChris Parkinson - Managing Director and Senior Research AnalystDuffy Fischer - Chemicals Equity Research AnalystJohn Roberts - ...

Financial Data and Key Metrics Changes - Revenue for 2025 grew by 10%, accelerating from 8% in 2024 [4] - Adjusted EBITDA reached $92 million, up 23% year-over-year, with a margin of 21% [4] - Fourth quarter revenue was $107.2 million, up 3% year-over-year, with record adjusted EBITDA of $26.5 million and an adjusted EBITDA margin of 25% [15][16] - Free cash flow in Q4 2025 was $21.8 million [16] - For 2026, revenue is expected to be in the range of $380 million to $420 million, representing year-over-year growth of -12% to -3% [19][21] 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 [16] - Services revenue in Q4 was $35.6 million, representing year-over-year growth of 18% and accounting for 33% of total revenue [18] - GMV from transactions over $1,000 grew 22.8% year-over-year in Q4 [17] Market Data and Key Metrics Changes - The company is experiencing a shift in marketplace dynamics, with a decline in low-end transactions and an increase in high-value work [17][36] - Projects over $1,000 currently represent less than 15% of marketplace GMV but are growing at a rate of 23% year-over-year [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 [5][10] - A multi-year execution plan is being developed around four pillars: matching, product, go-to-market, and operational excellence [11] - The company aims to prioritize high-value work and AI-native use cases, with a focus on building partnerships and expanding into enterprise channels [9][28] Management's Comments on Operating Environment and Future Outlook - Management believes that AI is reshaping access to talent and expanding project ambition, leading to increased demand for higher-value specialized work [7][12] - The company expects 2026 to be a transformational year, with significant investments in data infrastructure and product experience [11][19] - Management anticipates elevated volatility in marketplace revenue as the company deprioritizes low-end transactions [17] Other Important Information - The company has initiated a restructuring to accelerate its transformation and has appointed new leadership roles to support this transition [13][14] - The company maintains a disciplined capital allocation strategy, with $67.5 million remaining on its buyback authorization [19][73] Q&A Session Summary 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 [26] - The balance sheet has approximately $300 million in cash, with a disciplined approach to M&A [30] Question: Financial implications of deprioritizing lower-end market - The deprioritization is aimed at directing resources towards high-end segments, which have shown significant growth [35][36] Question: Margin profile expectations post-transformation - Short-term EBITDA margins may see pressure due to increased investments, but long-term margins are expected to return to around 25% [41] Question: Revenue expectations for 2026 - Revenue is expected to decline in the second half of the year due to ongoing trends in the marketplace [60] Question: Free cash flow expectations for 2026 - Free cash flow is expected to follow EBITDA trends, with a midpoint EBITDA margin of 18% [68] Question: Building marketplace for recurring work - The company is upgrading data infrastructure and matching algorithms to optimize for recurring work [72] Question: Disconnect between new business formations and company performance - New business formations impact only a small part of the catalog focused on early-stage companies [77]

Financial Data and Key Metrics Changes - Genco Shipping reported a net income of $15.4 million for Q4 2025, translating to 35 cents per share, with adjusted net income at $17.3 million or 40 cents per share, excluding certain expenses [18] - Adjusted EBITDA for Q4 reached $42 million, a 94% increase compared to Q3, contributing to a full-year total of $85.9 million for 2025 [18] - The company ended 2025 with cash and debt positions of $55.5 million and $200 million, respectively, and had $400 million in undrawn revolver availability [18] Business Line Data and Key Metrics Changes - Genco declared its 26th consecutive dividend, marking an annualized yield of 9% on the current share price, the highest level since Q4 2022 [7] - The company achieved its highest levels of EBITDA and Time Charter Equivalent (TCE) for the year at $42 million and $20,064 per day, respectively [7][8] - The estimated Q1 2026 TCE is projected to be approximately $18,000 per day, over 50% higher than Q1 2025 levels [9] Market Data and Key Metrics Changes - The dry bulk freight rate environment improved significantly in the second half of 2025, with the Baltic Capesize Index averaging nearly $29,000 per day in Q4 [24] - China's iron ore imports rose by 7% year-over-year in Q4, contributing to a strong demand for dry bulk shipping [24] - Brazilian iron ore shipments increased by 26% in the second half of 2025 compared to the first half, indicating robust supply growth [25] Company Strategy and Development Direction - Genco's comprehensive value strategy focuses on dividends, financial deleveraging, and opportunistic fleet growth, with notable success in achieving these objectives over the past five years [5][6] - The company plans to continue capital allocation towards dividends and fleet modernization, cycling out older vessels for more fuel-efficient ships [36] - Genco aims to maintain a balanced fleet composition, with a focus on high-specification, premium-earning vessels, particularly in the Capesize sector [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and future prospects, highlighting a strong balance sheet and significant operating leverage [28] - The company anticipates a higher dividend in Q1 2026 compared to the previous year, supported by strong cash flow and TCE levels [9][21] - Management noted that the current market conditions are favorable, with low supply growth and increasing demand expected to drive future earnings [25][27] Other Important Information - Genco has invested $347 million in modern vessels and distributed $270 million in dividends since the implementation of its value strategy [6] - The company has a low cash flow breakeven rate of under $10,000 per day, providing a competitive advantage in various market conditions [20] - Genco's corporate governance practices are highlighted as a differentiator, with a diverse and independent board and no related party transactions [16][17] Q&A Session Summary Question: Strategic outlook for Genco considering asset values - Management indicated that capital allocation will prioritize dividends and fleet modernization, with a focus on replacing older vessels with modern, fuel-efficient ships [36] Question: Insights on term charter markets and deployment of ships - Management noted that there has not been as much liquidity in the dry bulk time charter market, with owners hesitant to lock in rates due to positive market sentiment [40] Question: Activity of Chinese buyers in the S&P market - Management confirmed that Chinese buyers remain active, particularly in acquiring older assets, which reflects confidence in the market [57] Question: Impact of geopolitical disruptions on dry bulk shipping - Management stated that a resolution to the Russia-Ukraine situation could lead to increased grain shipments, which would be beneficial for dry bulk shipping [60] Question: Operating costs and chartered-in fleet strategy - Management emphasized a focus on larger ships for growth and noted that chartering-in is opportunistic, with no plans for speculative long-term charters [70]

Financial Data and Key Metrics Changes - Genco Shipping recorded a net income of $15.4 million or $0.35 per share for Q4 2025, with adjusted net income at $17.3 million or $0.40 per share, excluding certain expenses [18] - Adjusted EBITDA for Q4 totaled $42 million, a 94% increase compared to Q3 2025, bringing the full year 2025 total to $85.9 million [18] - The company ended Q4 2025 with cash of $55.5 million and debt of $200 million, with an undrawn revolver availability of $400 million [18] Business Line Data and Key Metrics Changes - Genco declared its 26th consecutive dividend, representing an annualized yield of 9% on the current share price, marking the highest dividend level since Q4 2022 [7] - The company generated the highest levels of EBITDA and TCE for the year at $42 million and $20,064 per day, respectively [7][8] - Estimated Q1 2026 TCE is approximately $18,000 per day for 80% of the quarter, which is over 50% higher than Q1 2025 levels [9][22] Market Data and Key Metrics Changes - The dry bulk freight rate environment improved significantly in the second half of 2025, with the Baltic Capesize Index averaging nearly $29,000 per day in Q4 [24] - China's iron ore imports rose by 7% year-over-year in Q4, contributing to the strong demand for dry bulk shipping [24] - Brazilian iron ore shipments increased by 26% in the second half of 2025 compared to the first half, indicating a positive trend for the Capesize sector [25] Company Strategy and Development Direction - Genco's comprehensive value strategy focuses on dividends, financial deleveraging, and opportunistic fleet growth, with notable success in achieving these objectives over the past five years [5][6] - The company aims to transform into a low-leverage, high-dividend entity while maintaining flexibility for fleet growth [5] - Genco plans to continue capital allocation towards dividends and fleet renewal, cycling out older vessels for more modern, fuel-efficient ships [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and future prospects, highlighting a strong balance sheet and significant operating leverage [28] - The company anticipates a higher dividend in Q1 2026 compared to the previous year, supported by strong TCE levels and a favorable market environment [9][21] - Management noted that the current market conditions provide a solid foundation for a positive outlook in the dry bulk sector, despite potential volatility [27] Other Important Information - Genco has invested $347 million in high-quality vessels and distributed $270 million in dividends since the implementation of its value strategy [6] - The company has a low cash flow breakeven rate of under $10,000 per day, which is a key differentiator compared to peers [10][20] - Genco's corporate governance practices are highlighted as a core part of its identity, with a diverse and independent board and no related party transactions [16][17] Q&A Session Summary Question: Strategic outlook for Genco considering asset values - Management emphasized that dividends and the value strategy remain top priorities, with plans to cycle out older vessels and invest in modern ships as asset values rise [36] Question: Insights on term charter markets - Management noted that there has not been as much liquidity in the dry bulk TC market compared to tankers, with owners hesitant to lock in rates due to optimistic market conditions [40] Question: Activity of Chinese buyers in the S&P market - Management confirmed that Chinese buyers remain active, particularly in acquiring older assets, which reflects confidence in the market's future [57] Question: Impact of geopolitical disruptions on dry bulk shipping - Management indicated that a resolution to the Russia-Ukraine situation could positively impact grain and iron ore shipments, while disruptions in the Red Sea have minimal effect on dry bulk operations [60] Question: Operating costs and chartered-in fleet strategy - Management acknowledged operating cost inflation but emphasized a focus on maintaining low break-even costs and being opportunistic with chartered-in vessels [71]

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. ...

Quad/Graphics (NYSE:QUAD) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsJoel Quadracci - Chairman and CEOJulie Currie - EVP and Chief Revenue OfficerTony Staniak - CFO and TreasurerConference Call ParticipantsBarton Crockett - Managing Director and Senior Research AnalystKevin Steinke - Equity Research AnalystOperatorA slide presentation accompanies today's webcast, and participants are invited to follow along, advancing the slides themselves. To access the webcast, follow the inst ...

Verisk Analytics (NasdaqGS:VRSK) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsElizabeth Mann - CFOFaiza Alwy - Managing Director of U.S. Company ResearchGregory Peters - Managing DirectorLee Shavel - President and CEOScott Wurtzel - Director Equity ResearchStacey Brodbar - Head of Investor RelationsNone - Company RepresentativeConference Call ParticipantsAndrew Nicholas - VP and Senior Equity Research AnalystDavid Paige - Equity Research AnalystGeorge Tong - Managing Director and ...

The Andersons (NasdaqGS:ANDE) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsBill Krueger - President and CEOBrian Valentine - EVP and CFOMike Hoelter - VP of Corporate Controller and Investor RelationsConference Call ParticipantsBen Klieve - Equity Research AnalystBen Mayhew - AnalystPooran Sharma - AnalystOperatorAs a reminder, this conference is being recorded for playback purposes. I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corpora ...

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 - For the full year of 2025, consolidated GMV grew 12.1%, supported by Four's triple-digit growth at approximately 144% [9] - Adjusted EBITDA from continuing operations for 2025 was $269 million, essentially flat compared to last year, and non-GAAP diluted EPS from continuing operations was $3.51, exceeding previous guidance [10][33] - Q4 consolidated revenues from continued operations declined 5.2% year-over-year to $574.6 million, reflecting a smaller leasing portfolio [32] Business Line Data and Key Metrics Changes - Progressive Leasing's Q4 GMV declined 10.6% year-over-year, primarily due to the impact of the Big Lots bankruptcy and intentional tightening actions [28] - Four Technologies delivered approximately $736 million of GMV in 2025, representing 144% growth year-over-year, and generated approximately $10 million of adjusted EBITDA [31] - MoneyApp approached break-even Adjusted EBITDA as it exited the year, reflecting improving standalone economics while driving incremental leasing volume [21] Market Data and Key Metrics Changes - E-commerce GMV reached an all-time high of approximately 30% of total Progressive Leasing GMV in Q4 2025, compared to 17% in 2024, indicating a shift towards digital engagement [14] - The company expects to begin 2026 with a smaller lease portfolio, down 9.4% year-over-year, which creates revenue headwinds [23] Company Strategy and Development Direction - The company is focused on a three-pillar strategy: grow, enhance, and expand, leveraging a multiproduct platform to drive growth and customer engagement [11][22] - The acquisition of Purchasing Power is expected to expand offerings into a differentiated channel and enhance customer lifetime value across the platform [21][24] Management's Comments on Operating Environment and Future Outlook - The management anticipates a challenging operating environment in 2026, particularly for consumer segments, but expects higher tax refunds to provide incremental liquidity [22][23] - The company plans to reinvest in the business while prioritizing debt reduction, aiming for a long-term net leverage ratio of 1.5-2 times [24][36] Other Important Information - The company sold its Vive portfolio in early Q4 2025, allowing for capital redeployment towards opportunities with stronger strategic alignment [7] - The management highlighted the importance of AI in improving operational efficiency and customer engagement, with significant advancements made in 2025 [16][17] Q&A Session Summary Question: Performance expectations for Purchasing Power - The company expects low double-digit revenue growth for Purchasing Power in 2026, with potential for synergies and improved EBITDA margins over time [43][44] Question: Credit outlook by product - The management is encouraged by the outcomes of tightening efforts in Progressive Leasing and expects to maintain disciplined decisioning while monitoring macroeconomic indicators [48][49] Question: Trends in GMV and retail partnerships - The company noted a slight rebound in GMV towards the end of 2025, with expectations for improved trends in 2026 as they lap previous headwinds from partner bankruptcies [75][76]