Financial Data and Key Metrics Changes - The company has achieved a compounded earnings growth of approximately 14.5% from 2004 to 2019, exceeding its targeted growth framework of 8-12% [2] - The company anticipates a more normalized earnings growth framework of 8-12% moving forward into 2026 [4] Business Line Data and Key Metrics Changes - The SCI Direct segment generates about $200 million of the company's $4.2 billion revenue, with a significant focus on pre-need production [16] - The company has seen a 13-14% growth in matured pre-need production in the third quarter, indicating a positive trend in this segment [19] Market Data and Key Metrics Changes - The company expects a flat to slightly down volume in the near term, with a decline from 6% to 2.5% over the past few years [5] - The demographic trends indicate that the oldest baby boomers will start impacting the market significantly around 2029, leading to a gradual increase in volumes over the next decade [7][8] Company Strategy and Development Direction - The company is focusing on capital deployment and executing a clustering strategy to maximize operational leverage [2] - There is a strong emphasis on managing consumer preferences towards cremation, with a current cremation mix of 57-58% expected to stabilize around 75-80% in the long term [10][11] - The company is actively pursuing acquisition opportunities, targeting a spend of $75 million-$125 million to expand its footprint [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of COVID-19 on volumes and expects a normalization of business operations moving forward [3] - The company is optimistic about future growth driven by demographic trends and strategic initiatives [4][7] Other Important Information - The company has shifted from trust-funded pre-need products to insurance-funded products, enhancing economic terms and general agency commissions [48][50] - The company has invested approximately $160 million in capital to enhance cemetery offerings, creating tiered inventory options [14] Q&A Session Summary Question: What impact do you expect from the decision to stop delivering pre-need merchandise at the time of sale? - The company expects a near-term headwind from this shift but anticipates growth in matured pre-need production over the next decade as the backlog fills out [19] Question: How do you see the opportunity for consolidation in the market? - The company sees a strong pipeline of acquisition opportunities and aims to increase its market share from 17% to around 25-30% [34][36] Question: Have you seen any trade-downs in service selection among consumers? - The company has not observed significant trade-downs, particularly among the upper-middle and upper-income consumers [31][32]

Financial Data and Key Metrics Changes - The company reported adjusted EPS for Q3 2025 of $6.75 per share, compared to $6.5 per share in Q3 2024, reflecting a slight increase [9] - Adjusted net income decreased by $2.7 million to $124.1 million in Q3 2025 from $126.8 million in Q3 2024, primarily due to increased operating costs and decreased dividend income [10] - Adjusted EBITDA increased by 1.5% to $181.6 million in Q3 2025 from $178.9 million in Q3 2024 [13] Business Line Data and Key Metrics Changes - Vessel operating expenses increased by $2.4 million to $52.3 million in Q3 2025, attributed to a higher average number of vessels in the fleet [11] - Daily operating costs slightly increased to $6,927 per vessel per day in Q3 2025 from $6,860 in Q3 2024 [11] - The container segment experienced a $4.3 million decrease in revenues due to lower contracted charter rates [10] Market Data and Key Metrics Changes - The charter market remains robust with an all-time low idle fleet, and demand for mid-size and larger vessels continues unabated [4][5] - The company has secured new charters for vessels extending as far out as early 2028, indicating strong future demand [5] Company Strategy and Development Direction - The company is selectively extending its new building program at below-market prices and has secured multi-year employment for new orders [5] - The company plans to opportunistically invest in the dry bulk Capesize market segment, expecting outsized returns due to supply constraints [8] - A quarterly dividend increase to $0.90 per share was announced, consistent with the policy of yearly increases [8][14] Management's Comments on Operating Environment and Future Outlook - The management noted that the war in Ukraine continues with no end in sight, impacting global trade dynamics [4] - The de-escalation of trade tensions between the U.S. and China has allowed trade to resume, contributing to high container traffic [4] - Management expressed uncertainty about the strength of the market in 2026, indicating that the situation remains fluid [22][23] Other Important Information - The company completed a $500 million unsecured seven-year bond offering with a 6.85% coupon, enhancing its financial flexibility [6][7] - As of September 30, 2025, the company reported cash of $596 million and total liquidity of $971 million [15] Q&A Session Summary Question: Insights on container shipping chartering activity and demand - Management noted that despite lower trade and tariffs, demand for charters remains high due to global production capacity and market dynamism outside traditional Western areas [20][22] Question: Update on Capesize vessel investment and future plans - The company aims to grow its investment in the dry bulk market selectively, focusing on high-quality second-hand vessels rather than new builds [25] Question: Share repurchase program activity - Management confirmed that the share buyback program continues, albeit at a smaller pace, as they believe the stock is undervalued [26][27] Question: Update on investment in Star Bulk and interest in other segments - Management expressed satisfaction with the investment in Star Bulk and indicated no current plans to expand into other segments like Panamaxes or Supramaxes [31]

Zynex (NasdaqGS:ZYXI) Q3 2025 Earnings Call November 18, 2025 09:00 AM ET Company ParticipantsStephen Dyson - CEOVikram Bajaj - CFOOperatorGood morning, ladies and gentlemen, and thank you for standing by. Welcome to the Zynex third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. I would now like to turn the conference over to Vikram Bajaj, Chief Financial Officer of Zynex. Please go ahead.Vikram BajajThank yo ...

Financial Data and Key Metrics Changes - The company has targeted an 8-12% earnings growth framework since 2004, achieving a compounded earnings growth of approximately 14.5% from 2004 to 2019 [2][4] - The company expects to continue executing on a normalized basis within the 8-12% earnings growth framework for 2026 and beyond [4][24] - The company reported a revenue of $4.2 billion, with SCI Direct contributing about $200 million [18][24] Business Line Data and Key Metrics Changes - The core funeral business has a cremation mix of approximately 57%-58%, with expectations to stabilize around 75%-80% in the long term [11][12] - The company has seen a decline in volumes from 6% in 2022 to a flat to slightly down expectation for 2025, indicating a normalization post-COVID [5][8] - Cemetery pre-need production is bifurcated into core sales and large sales, with large sales representing about 12%-14% of total cemetery pre-need production [25][26] Market Data and Key Metrics Changes - The demographic trends indicate that the oldest baby boomers will turn 80 next year, which is expected to gradually impact the company's volumes starting in 2029 [6][7] - The company anticipates a gradual increase in volumes of about 0.5% to 2% over the next decade as the baby boomer demographic begins to impact the market [8][9] Company Strategy and Development Direction - The company is focusing on capital deployment and executing a clustering strategy to maximize operating leverage [2][4] - The company is actively pursuing acquisitions, targeting a spend of $75 million-$125 million, with a goal to increase market share from 17%-18% to around 25%-30% [36][39] - The company is shifting from trust-funded pre-need products to insurance-funded products to enhance economic terms and improve revenue [51][54] Management's Comments on Operating Environment and Future Outlook - Management noted that the impact of COVID-19 has subsided, leading to a normalization of volumes and a focus on long-term growth strategies [3][5] - The company is optimistic about future growth driven by demographic trends and strategic acquisitions, despite current market challenges [36][41] Other Important Information - The company has invested approximately $160 million in capital to enhance cemetery offerings and create tiered inventory options [15][16] - The company has shifted its sales strategy to defer the delivery of certain pre-need merchandise, which is expected to create a backlog but ultimately lead to growth in the pre-need matured line item [20][21] Q&A Session Summary Question: What are the demographic trends impacting the business? - Management highlighted that the oldest baby boomers will turn 80 next year, which will gradually impact healthcare and the company's services starting in 2029 [6][7] Question: How is the company addressing the shift towards cremation? - The company has a cremation mix of about 57%-58% and is managing this trend by providing diverse offerings and educating consumers about cremation options [11][12][14] Question: What is the impact of the decision to stop delivering pre-need merchandise at the time of sale? - Management explained that this decision is expected to create a backlog but will lead to growth in the pre-need matured line item over the next decade [20][21] Question: How does the company plan to grow through acquisitions? - The company has a strong pipeline of acquisition opportunities and aims to increase its market share through strategic tuck-in acquisitions [36][39] Question: What are the expectations for EPS growth moving forward? - The company targets an 8-12% EPS growth, with 5-7% coming from base business growth and the remainder from share buybacks and acquisitions [46][47]

Financial Data and Key Metrics Changes - Company reported sales of $13.3 million for Q3 2025, a slight decrease from $13.5 million in Q3 2024 [9] - Gross profit for Q3 2025 was $1.6 million, down from $3.5 million in the same quarter last year [9] - Operating profit for Q3 2025 was $50,000 compared to $1.9 million in Q3 2024 [9] - Net loss for Q3 2025 was $0.2 million, or $0.03 per share, compared to net income of $1.7 million, or $0.25 per share in Q3 2024 [10] - EBITDA for Q3 2025 amounted to $0.6 million, down from $2.3 million in the prior year [10] - Positive cash flow from operating activities was $2 million in Q3 2025, compared to $1.6 million in Q3 2024 [10] Business Line Data and Key Metrics Changes - Demand for products remains strong, particularly in the defense sector, which accounted for 63% of quarterly sales [6] - RigidFlex products represented 66% of quarterly sales and 65% of sales for the first nine months of the year [6] Market Data and Key Metrics Changes - Company is experiencing increased competition from new foreign entrants, particularly in the defense sector [6][23] - Delivery times across the industry remain extended due to strong global demand and constrained manufacturing capacity [6] - In low-volume, high-complexity production, competition remains limited, allowing for greater pricing flexibility [6] Company Strategy and Development Direction - Company is in a transition period, absorbing significant additional capacity and technology upgrades [5] - Production capacity expansion program is progressing well, with the new production hall nearing completion [7] - The RP project is on track to go live in 2026, aiming to integrate all company platforms for improved operational efficiency [8] Management's Comments on Operating Environment and Future Outlook - Management noted that operational instability is primarily due to the ramp-up of new equipment and the integration of new staff [5] - The impact of currency depreciation on operational profit was approximately $800,000 compared to Q3 2024 [4] - Management expects the revised pricing model to positively impact results in the coming quarters [4] Other Important Information - Company is facing pressure from large Israeli customers to extend credit terms, increasing working capital requirements [6] - Recent improvements in regional security have positively affected logistics, allowing for reduced inventory levels [6] Q&A Session Summary Question: What is the status of operational issues? - Management clarified that previous operational issues were related to construction and are now due to engineering and manpower challenges [12] Question: When will the pricing lift due to USD depreciation be realized? - Management indicated it typically takes six to nine months for pricing adjustments to translate into profits [13] Question: When will operational difficulties be resolved? - Management stated it is difficult to predict, as it depends on employee absorption rates and engineering proficiency [14] Question: When can gross margins of 26-27% be expected? - Management expects to stabilize production processes and improve gross margins by mid-2026 with the integration of new equipment [15] Question: What is the impact of new competition? - Management noted that competition is increasing from foreign entrants, particularly in the defense sector, affecting pricing flexibility [23] Question: Will currency and foreign exchange impacts continue? - Management confirmed that as long as the dollar remains weak, financial expenses and operating income will be negatively affected [27]

Financial Data and Key Metrics Changes - For the fourth quarter ended August 31, 2025, total consolidated net sales decreased 4.4% to $22.3 million compared to the same period last year [5] - Fiscal 2025 consolidated net sales decreased 1.0% year-over-year [13] - NTIC reported a net loss of $1.1 million, or $0.11 per diluted share for Q4 2025, compared to net income of $1.8 million, or $0.19 per diluted share for Q4 2024 [17] - The effective tax rate for fiscal 2025 was 67.5%, significantly higher than 17.3% in the prior fiscal year [16] Business Line Data and Key Metrics Changes - Zerust oil and gas net sales decreased 29.4% in Q4 2025, totaling $3 million compared to $4.2 million in Q4 2024 [5][8] - NatureTech net sales declined 10% in Q4 2025, totaling $5.1 million [10] - Zerust industrial net sales increased by 5.8% [5] - NTIC China sales increased by 12% to $4 million in Q4 2025, and 14% to $16.2 million for the full fiscal year [7] Market Data and Key Metrics Changes - Joint venture sales increased by 4.7% in Q4 2025 to $24.4 million, but declined 4.9% for the full fiscal year [6] - The oil and gas group in North America was down close to 46% year-over-year, while NatureTech North America was down about 13% [39] Company Strategy and Development Direction - The company is focused on flattening operating expenses while expanding gross margins and driving sales in higher-margin areas [5] - NTIC is pursuing strategic initiatives to enhance long-term growth potential, including product innovation and emerging opportunities in the South American offshore oil and gas sector [4] - The company expects to start reaping benefits from strategic investments made over the past three years in fiscal 2026 [4] Management's Comments on Operating Environment and Future Outlook - Management anticipates macroeconomic headwinds to persist, especially in Europe, but believes NTIC is positioned for growth and improved profitability in key markets [5] - The company remains confident in its strategic growth plan despite challenges faced in fiscal 2025 [12] Other Important Information - NTIC's working capital as of August 31, 2025, was $20.4 million, down from $23.7 million a year earlier [18] - The company declared a quarterly cash dividend of $0.01 per common share payable on August 13, 2025 [19] Q&A Session Summary Question: Are the income taxes on international business higher than domestic taxes? - Management explained that the effective tax rate is influenced by profitability levels in North America, which were low in Q4 2025, leading to a high effective tax rate [22][23] Question: How much can the company cut expenses to improve profitability? - The goal is to maintain operating expenses close to fiscal 2025 levels, with expectations of revenue growth in 2026 from previous investments [25][26] Question: What is driving the oil and gas business? - The growth is attributed to general acceptance of the technology in the market and repeat business from existing customers [30] Question: What is the status of the compostable packaging business? - Trials are ongoing with several customers, and initial orders are expected to contribute to sales in 2026 [32] Question: Where is the weakness in North America coming from? - The main weaknesses were identified in the NatureTech and oil and gas groups, with significant declines reported [39] Question: Is the one-time customs charge a recurring issue? - Management confirmed it was a one-time event and does not expect it to impact future P&L [43][44]

Zynex (NasdaqGS:ZYXI) Q3 2025 Earnings Call November 18, 2025 09:00 AM ET Speaker2Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Zynex third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. I would now like to turn the conference over to Vikram Bajaj, Chief Financial Officer of Zynex. Please go ahead.Speaker1Thank you, Operator, and good afternoon, everyone. Yesterday, we rele ...

Financial Data and Key Metrics Changes - Total sales for Q3 2025 were $41.4 billion, an increase of 2.8% year-over-year, with adjusted diluted earnings per share at $3.74 compared to $3.78 in the same quarter last year [4][20] - Comp sales increased by 0.2% year-over-year, with U.S. comp sales up 0.1% [4][18] - Gross margin remained flat at 33.4%, while operating margin decreased to 12.9% from 13.5% year-over-year [18][19] - The effective tax rate was 24.3%, slightly down from 24.4% in Q3 2024 [19][20] Business Line Data and Key Metrics Changes - Nine out of 16 merchandising departments posted positive comps, including kitchen, bath, outdoor garden, and appliances [11] - Comp average ticket increased by 1.8%, while comp transactions decreased by 1.6% [11][12] - Online comp sales increased approximately 11% year-over-year, indicating strong performance in digital platforms [13] Market Data and Key Metrics Changes - In local currency, Canada and Mexico posted positive comps, while U.S. comps showed mixed results with positive growth in August and September but negative in October [18] - The company noted that the lack of storm activity significantly impacted sales in categories like roofing and plywood [11][18] Company Strategy and Development Direction - The company is focused on controlling operational aspects and investing in business growth, including the acquisition of GMS to enhance its market position [5][22] - Strategic initiatives are aimed at improving customer experience and operational efficiency, with a focus on pro customers through new tools and technology [9][10] - The company plans to continue investing approximately 2.5% of sales back into the business for fiscal 2025 [23] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over consumer uncertainty and ongoing pressure in the housing market, which are affecting home improvement demand [4][31] - The company revised its fiscal 2025 guidance, expecting total sales growth of approximately 3% and adjusted diluted earnings per share to decline by about 6% compared to fiscal 2024 [22][23] - Management believes that despite current challenges, the company is gaining market share and is well-positioned for future growth [34] Other Important Information - The company opened three new stores, bringing the total store count to 2,356 [20] - Merchandise inventories increased to $26.2 billion, reflecting a $2.3 billion increase year-over-year [20] Q&A Session Summary Question: Impact of GMS on EBIT shortfall - Management explained that the inclusion of GMS and associated transaction expenses contributed to a 20 basis point impact on operating margin, affecting the fiscal year guidance [26][27] Question: Consumer demand expectations - Management noted that the lack of storm activity was a primary driver of sales pressure, and while they expected demand to pick up, ongoing consumer uncertainty remains a challenge [30][31] Question: Average ticket and promotional activity - Management indicated that the increase in average ticket was due to customers trading up for innovative products, with promotional activity remaining consistent year-over-year [39][40] Question: Margin structure improvement for GMS and SRS - Management highlighted that while there is current margin pressure, synergies from cross-selling between GMS and SRS could lead to long-term margin improvements [72][86] Question: Regional performance and consumer fatigue - Management observed no significant fatigue in upper-income customers but noted a softening in larger project backlogs among pros [83]

Financial Data and Key Metrics Changes - Third quarter revenues were $92.3 million, an 11% increase compared to $83.5 million in Q3 of the previous year [9] - Subscription fees were $67.6 million, up 13% year over year, representing 73% of total revenues [9] - Net income for the third quarter was $14.6 million, or diluted earnings per share of $0.74, an increase of 7% compared to $13.7 million, or diluted earnings per share of $0.69 in the same quarter last year [10] - EBITDA was $24.6 million, 26.7% of revenues, up 6% year over year [9] Business Line Data and Key Metrics Changes - The subscriber base reached 2,588,000 at quarter end, an increase of 40,000 in the quarter, with a year-over-year growth of 219,000 [10] - The geographic breakdown of revenues showed Israel at 55%, Brazil at 23%, and the rest of the world at 22% [9] Market Data and Key Metrics Changes - The company added 40,000 net subscribers in the third quarter, with expectations to add between 220,000 and 240,000 net new subscribers in 2025 [4][10] - Strong demand for location-based products and telematics services was noted in all regions, particularly in Israel due to high car theft rates [4] Company Strategy and Development Direction - The company is expanding its product offerings, including the Ituran Mob smart mobility platform, which is being introduced to the U.S. market [6][8] - The focus remains on partnerships with OEMs and expanding into new markets, particularly in Latin America and the U.S. [5][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting subscriber growth targets, citing strong demand across all regions and segments [21][22] - The company is optimistic about the long-term growth potential in the U.S. market, particularly among small to medium rental companies [15][19] Other Important Information - The company declared a dividend of $10 million for the quarter, reflecting continued profitability and strong cash generation [10] - A share buyback program was also noted, with $1.5 million purchased during the quarter and $5.2 million remaining available [10][7] Q&A Session Summary Question: Can you provide more details on the U.S. launch and target market? - Management indicated that the focus is on small to medium rental companies, which represent a significant portion of the market, and highlighted the strong demand for cost-saving solutions [15][16] Question: What is driving the increase in operating expenses this quarter? - The increase in operating expenses was primarily attributed to foreign exchange effects, with expectations for margin expansion as subscriber growth continues [20] Question: How is subscriber momentum performing against original guidance? - Management confirmed that they are on track to meet their guidance of 220,000-240,000 new subscribers, with strong contributions from various regions and segments [21][22] Question: Can you discuss the motorcycle market and partnerships? - The company is seeing strong traction in the motorcycle market in South America, particularly through partnerships with brands like BMW Motorrad, and expects significant subscriber growth starting in 2026 [29][30] Question: Are there concerns about manufacturers developing their own telematics systems? - Management emphasized that Ituran's strength lies in its service-oriented model and strong market presence, which mitigates the risk of disintermediation by manufacturers [47][48] Question: Update on efforts in India? - The company has a joint venture in India and signed a contract with Mercedes-Benz, but noted that the market is still developing and requires specific deals to be profitable [51]

The Campbell’s Company (NasdaqGS:CPB) FY 2025 Annual General Meeting November 18, 2025 09:00 AM ET Speaker5Hello and welcome to the annual meeting of shareholders of The Campbell's Company. Please note that today's meeting is being recorded. During the meeting, we will have two question-and-answer sessions. The first will address questions related to the formal agenda items, and the second will address questions related to the operations of the company. Shareholders who signed in with their 15-digit control ...