Financial Data and Key Metrics Changes - Adjusted revenue for full year 2025 was $3.04 billion, down 4.2% from $3.18 billion in 2024 [15] - Adjusted EBITDA for the year was $164 million, compared to $124 million in 2024, with an adjusted EBITDA margin of 5.4%, up 150 basis points year-over-year [15][16] - Adjusted free cash flow was -$130 million for the year, with Q4 adjusted free cash flow being positive at $28 million [19][20] Business Line Data and Key Metrics Changes - Government segment adjusted revenue was $922 million, down 6.3% from 2024, but grew 1.8% in Q4 [17][18] - Transportation segment adjusted revenue was $609 million, an increase of 3.9%, with adjusted EBITDA margin at 3%, up 300 basis points from 2024 [18] - Commercial segment adjusted revenue was $1.5 billion, down 5.9% from 2024, with adjusted EBITDA margin at 10.2%, down 30 basis points year-over-year [16][18] Market Data and Key Metrics Changes - New business annual contract value (ACV) for Q4 was $152 million, up 11% from Q4 2024, with full year 2025 new business ACV at $517 million, up 6% from 2024 [12][14] - Government segment new business ACV increased by 50%, while transportation segment was up 14% compared to 2024 [12] - Commercial segment new capability ACV increased by 60% year-over-year [13] Company Strategy and Development Direction - The company aims for consistent year-over-year revenue and EBITDA growth, supported by strong free cash flow generation [5][6] - Key priorities include faster decision-making, financial discipline, lowering cost structure, and rationalizing the portfolio [9][10] - The company is focusing on organic revenue growth and improving conversion rates from the qualified ACV pipeline, which stands at $3.2 billion [10][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current environment as a turnaround story, emphasizing the need for transparency and accountability [7][22] - The company is committed to executing its strategy and improving financial performance, with a focus on sustainable revenue growth and margin expansion [22][23] - Management is optimistic about the government and transportation segments, while acknowledging challenges in the commercial segment [43][44] Other Important Information - The company plans to host an Analyst Day in New York City to discuss strategy and execution plans [7] - Management is reviewing each business unit to categorize them as fix, sell, or grow, with clear accountability for results [10][26] Q&A Session Summary Question: Metrics for evaluating business units - Management will consider growth metrics, EBITDA margins, capital allocation needs, and competitive moats when evaluating business units [26][27] Question: Philosophy on business unit overlap - The company aims to focus on core competencies and avoid being everything to everyone, emphasizing the importance of client relationships [34][35] Question: Evidence of improved commercial performance - Management sees good momentum in public sector businesses but acknowledges the need for improvement in the commercial segment [42][43] Question: AI disruptors and revenue exposure - Approximately 15%-20% of the business may be exposed to AI disruptors, with a focus on partnering with technology providers [64][67] Question: Free cash flow expectations for 2026 - Management is focused on improving free cash flow and expects to provide more precise goals in future guidance [75] Question: Portfolio rationalization status - Portfolio rationalization is a high priority, with efforts to accelerate the process and focus on core business operations [76][77]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted EPS was $2.39, reflecting double-digit year-over-year earnings growth despite external pressures [23][24] - For the full year, revenue was $4.2 billion, adjusted operating income was $550 million, and adjusted EBITDA was $743 million, with adjusted EPS at $9.61, indicating another year of double-digit growth [31][32] Business Line Data and Key Metrics Changes - The EFT segment showed strong performance with revenue growing 8%, adjusted operating income increasing 12%, and adjusted EBITDA growing 13% [24] - The epay segment experienced a revenue decline of approximately 2%, with adjusted operating income down 7% and adjusted EBITDA down 8% due to macroeconomic pressures [25] - Money transfer revenue declined 1% year-over-year, with adjusted operating income down 6% and adjusted EBITDA down 5%, primarily due to macroeconomic conditions and immigration-related dynamics [26][27] Market Data and Key Metrics Changes - The global digital channel for money transfer saw 31% transaction growth and 33% revenue growth in Q4, with a significant increase in new customer acquisitions [20] - The gaming-related branded payments business within epay accounted for 37% of total branded payments margin, benefiting from the growing global video game market, projected to grow at a 13% CAGR through 2031 [15] Company Strategy and Development Direction - The company remains focused on digital growth across all segments, with significant investments in digital strategies and acquisitions to drive future growth [8][19] - The acquisition of CoreCard is expected to enhance the company's capabilities in credit card issuance and processing, aligning with its strategy to expand into high-growth fintech areas [12][13] - The company aims to maintain a disciplined approach to capital allocation, balancing growth investments with shareholder returns through share repurchases [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about potential improvements in the operating environment, particularly regarding immigration policies and macroeconomic conditions [39][40] - The company anticipates adjusted EPS growth of 10%-15% in 2026, supported by ongoing growth initiatives and an optimized operating model [30][31] Other Important Information - The company returned approximately $388 million in capital to shareholders through share repurchases in 2025, reflecting a commitment to shareholder value [7][33] - The EFT segment's growth is attributed to its diverse product offerings and expansion into new markets, including Morocco, Egypt, and the Philippines [24][25] Q&A Session Summary Question: Are there signs of improvement in macro issues affecting the business? - Management noted some positive trends in January but cautioned against drawing conclusions too early, emphasizing the ongoing challenges posed by immigration policies [39][40] Question: What triggered the review of the money transfer business? - The review was initiated to ensure the organization aligns with the growth of the money transfer segment, which has seen significant success since the acquisition of Ria [44][46] Question: What is the expected contribution of CoreCard in 2026? - While specific numbers were not provided, management indicated that they expect CoreCard to perform well, leveraging its strong platform and customer base [72][75] Question: How does the company view the impact of competitors' partnerships? - Management stated that the impact from competitors, such as Kroger's exclusive relationship, would be marginal, and they remain focused on their diversified business model [81][82]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted EPS was $2.39, reflecting double-digit year-over-year earnings growth despite external pressures [22][23] - Full-year revenue reached $4.2 billion, with adjusted operating income of $550 million and adjusted EBITDA of $743 million, indicating continued double-digit earnings growth [31][32] - Consolidated operating margins expanded by approximately 30 basis points compared to the previous year, with expectations for continued margin improvement into 2026 [31][32] Business Line Data and Key Metrics Changes - The EFT segment showed strong performance with revenue growing 8%, adjusted operating income increasing 12%, and adjusted EBITDA growing 13% in Q4 [23][24] - The Money Transfer segment experienced a 1% decline in revenue year-over-year, with adjusted operating income down 6% and adjusted EBITDA down 5%, primarily due to macroeconomic and immigration-related pressures [24][27] - Epay revenue declined approximately 2%, with adjusted operating income decreasing 7% and adjusted EBITDA declining 8%, reflecting product mix shifts and macroeconomic challenges [24] Market Data and Key Metrics Changes - The global digital channel for Money Transfer saw 31% transaction growth and 33% revenue growth in Q4, with a significant increase in new customer acquisitions [19] - The gaming-related branded payments business within Epay accounted for 37% of total branded payments margin, benefiting from the growing global video game market, projected to grow at a 13% CAGR through 2031 [14][15] - Remittances into Mexico declined approximately 2% in Q4 2025, reflecting broader industry trends influenced by macroeconomic conditions [27] Company Strategy and Development Direction - The company remains focused on executing growth initiatives across all segments, particularly in digital strategies and expanding its global network [4][8] - Recent acquisitions, including Kyodai and CrediaBank's merchant acquiring business, are expected to drive multiyear growth and enhance the company's competitive position [7][11] - The company aims to optimize its operations and enhance digital customer engagement, particularly in the Money Transfer segment, to support future growth [17][29] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, acknowledging ongoing macroeconomic challenges but highlighting positive trends in January [38][39] - The company anticipates adjusted EPS growth of 10%-15% in 2026, supported by a strong pipeline of growth initiatives and an optimized operating model [30][36] - Management emphasized the importance of maintaining a diversified business model to mitigate risks associated with specific markets, such as Mexico [82] Other Important Information - The company returned approximately $388 million in capital to shareholders through share repurchases in 2025, reflecting a disciplined capital allocation strategy [31][33] - The EFT business is evolving from a model centered on ATM ownership to one focused on payments infrastructure, enhancing its capabilities in digital transactions [13] Q&A Session Summary Question: Are there signs of improvement in macro issues affecting the business? - Management noted some positive trends in January but cautioned against over-optimism due to ongoing challenges in the operating environment [38][39] Question: What triggered the review of the Money Transfer business? - The review was initiated to ensure the organization aligns with the growth opportunities and customer base, not out of desperation but to optimize operations [42][44] Question: What is the expected contribution of CoreCard in 2026? - Management indicated that CoreCard is expected to perform well, leveraging its strong platform and customer relationships, but specific numbers were not disclosed [71][74] Question: How is the merchant processing business performing? - The merchant acquiring business is experiencing significant growth, with combined EBITDA from both epay and EFT segments reaching approximately $90 million [51] Question: What are the expectations for free cash flow in 2026? - Free cash flow is expected to improve in line with earnings growth, with a strong focus on supporting digital initiatives across all segments [55][56]

Financial Data and Key Metrics Changes - In Q4 2025, IFF generated revenue of nearly $2.6 billion, with a 1% growth compared to a 6% year-ago comparable, and a 4% increase on a two-year average basis [12] - EBITDA totaled $437 million for Q4, a 7% increase, with EBITDA margin increasing by 90 basis points to 16.9% [12] - For the full year 2025, IFF achieved 7% EBITDA growth with 100 basis points of margin expansion [11] Business Line Data and Key Metrics Changes - Taste segment sales increased 2% to $588 million, with EBITDA rising 17% to $94 million [13] - Health & Biosciences segment achieved sales of $589 million, a 5% increase, with EBITDA growing 20% to $155 million [15] - Scent segment delivered sales of $610 million, representing 4% growth, with EBITDA increasing 1% to $106 million [16] - Food Ingredients sales were down 4% to $802 million, but EBITDA grew by 10% due to margin improvements [14] Market Data and Key Metrics Changes - The performance in North America for the Taste segment showed high-single-digit growth driven by new wins [13] - Health & Biosciences saw strong growth in Food Biosciences and Animal Nutrition, both growing double digits [15] - The Scent segment's Fine Fragrance grew by 10%, while Fragrance Ingredients faced pressure due to market softness [16] Company Strategy and Development Direction - IFF is focusing on high-value, innovation-driven businesses, having completed divestitures of several lower-margin businesses [8] - The company is pursuing a sale for its Food Ingredients business to optimize its portfolio [9] - IFF aims to drive profitable growth while maintaining a disciplined capital allocation strategy, with net debt to credit-adjusted EBITDA down to 2.6x [7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting sales growth in the range of $10.5 billion to $10.8 billion, representing 1%-4% growth [20] - The company anticipates that macroeconomic uncertainty will persist but believes in its ability to achieve consistent, profitable growth [10] - Management highlighted the importance of innovation and productivity in driving future performance [26] Other Important Information - Cash flow from operations totaled $850 million for the full year, with CapEx at $594 million [16] - The company returned $409 million to shareholders through dividends and share repurchases [18] - IFF's cash and cash equivalents finished at $590 million, with gross debt decreasing by nearly $3 billion compared to 2024 [18] Q&A Session Summary Question: Assumptions around price and volume in 2026 - Management indicated that expected growth for 2026 is volume-driven, with incremental margins on volumes around 30%-35% depending on the business segment [32] Question: Top and bottom end of the 1%-4% currency neutral sales outlook - Management expressed cautious optimism, driven by a strong pipeline and customer emphasis on volume growth, with expectations for all divisions to grow within the range [35] Question: Early interest in the sale of Food Ingredients - Management confirmed strong interest from both strategic and private equity firms, with proceeds expected to be used for share buybacks and debt reduction [40] Question: Price dynamics in the Scent segment - Management noted that pricing was flat year-over-year, with margin pressure primarily from input costs, and a shift towards higher growth proprietary ingredients will take time [42] Question: Health & Biosciences margin uplift - Management attributed strong performance to volume growth and productivity, with expectations for the Health business to stabilize and grow in the second half of 2026 [46] Question: Free Cash Flow expectations - Management expects meaningful improvement in Free Cash Flow for 2026, driven by profitability growth and disciplined cash management [51] Question: R&D efforts and innovation pipeline - Management reported significant investments in innovation capabilities, with expected benefits starting in the second half of 2026 [56] Question: Reformulation opportunities in the marketplace - Management noted ongoing reformulation trends, with opportunities for IFF to support customers in creating healthier products [85]

Financial Data and Key Metrics Changes - In 2025, the company achieved dollar-based EPS growth of 6% to $3.73 per share, with a 9.4% increase in constant currency [22][26] - EBITDA increased by 4.9%, with margin expansion of 101 basis points, resulting in a revenue per hectoliter increase of 4.4% [7][21] - Free cash flow was maintained at $11.3 billion, allowing for increased share buybacks and a 15% increase in total dividends compared to the previous year [7][24] Business Line Data and Key Metrics Changes - The Mega Brands and premium portfolio outperformed the overall business, with the Beyond Beer and non-alcohol beer portfolios growing revenues by 23% and 34%, respectively [6][15] - The BEES Marketplace GMV increased by 61% to $3.5 billion, indicating strong growth in the digital marketplace segment [6][17] Market Data and Key Metrics Changes - Revenue increased in 65% of the company's markets, with EBITDA growth in four of five operating regions [8] - In the U.S., market share gains were noted in both beer and spirits, with significant growth from brands like Michelob ULTRA and Cutwater [9][10] - In China, revenue declined by low teens, but market share trends improved towards the end of the year [11][45] Company Strategy and Development Direction - The company continues to focus on premiumization, innovation, and expanding its digital ecosystem through the BEES Marketplace [12][18] - The strategy emphasizes long-term growth drivers such as balanced choices, premiumization, and the Beyond Beer segment [33][60] - The company aims to leverage its diversified geographic footprint to capture future industry growth, particularly in emerging markets [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the 2026 outlook, citing improved momentum as the company exited 2025 and the upcoming FIFA World Cup as a significant opportunity [26][33] - The operating environment in 2025 was described as dynamic, with challenges in consumer demand and weather impacting performance [26][32] Other Important Information - The company invested $7.4 billion in sales and marketing in 2025, maintaining an average of over $7 billion per year since 2021 [12] - The company has a strong focus on sustainability, achieving goals in water and agriculture while making progress in climate and packaging objectives [24][25] Q&A Session Summary Question: Insights on beer as a passion point for consumers - Management emphasized the role of beer in bringing people together and creating moments of celebration, highlighting the importance of moderate consumption [30][31] Question: Key elements of the U.S. market turnaround - Management noted the importance of consistency and long-term investment strategies in the U.S. market turnaround, with a focus on portfolio rebalancing and brand innovation [37][39] Question: Update on China’s commercial execution - Management reported progress in penetrating the off-trade channel and noted stabilization in the on-trade channel, with cautious optimism for 2026 [43][45] Question: Competitive dynamics in Brazil - Management indicated that improved weather conditions and closing price gaps contributed to positive momentum in Brazil, with strong brand demand continuing into the new year [46][47] Question: Thoughts on phasing in 2026 - Management acknowledged the unique dynamics of 2026, particularly with the World Cup, and indicated a concentration of marketing investments in the second and third quarters [64][67] Question: CapEx sustainability - Management expressed confidence in maintaining low CapEx levels through efficiency and technology, ensuring support for business needs [68][69] Question: Potential of BEES Marketplace - Management highlighted the growth opportunity in the BEES Marketplace, particularly in the third-party segment, which is becoming increasingly profitable [72][75] Question: Growth in non-alcohol beer and RTDs - Management attributed high growth in non-alcohol beer to superior product quality and technology investments, with plans for further expansion in the U.S. [79][80]

Financial Data and Key Metrics Changes - For fiscal year 2025, net revenues reached $18.5 billion, a 3.5% increase from $17.9 billion in fiscal 2024, while Adjusted EBITDA rose to $2.27 billion, up 2.5% from $2.211 billion in the previous year [24][26]. - In Q4 2025, net revenues were $4.52 billion compared to $4.37 billion a year ago, with Adjusted EBITDA of $415.1 million and a margin of 9.2%, down from $525.7 million and a 12% margin in Q4 2024 [24][25]. Business Line Data and Key Metrics Changes - The U.S. business reported net revenues of $11 billion for the fiscal year, up from $10.6 billion in fiscal 2024, with Adjusted EBITDA of $1.63 billion and a margin of 14.8% [26]. - In Europe, Q4 Adjusted EBITDA was $131.4 million, an increase from $117.1 million in 2024, while full-year Adjusted EBITDA improved 11.4% to $453.1 million [27]. - Mexico's Q4 Adjusted EBITDA was $9.5 million, down from $36.9 million last year, with a full-year margin of 8.8%, down from 11.8% [28]. Market Data and Key Metrics Changes - The USDA indicated that ready-to-cook production for the U.S. rose 2.1% year-over-year in 2025, driven by increased headcount and improved live performance [8]. - Consumer sentiment remains low due to economic uncertainty, but chicken's affordability is appealing across channels [9][10]. Company Strategy and Development Direction - The company is focusing on diversifying its portfolio, with significant growth in branded offerings, particularly the Just BARE brand, which exceeded $1 billion in retail sales [4][6]. - Investments are being made in both fresh and prepared foods to drive profitable growth and reduce volatility [6][20]. - The company plans to convert a Big Bird plant to a case-ready plant and expand its prepared foods facility in Georgia to support growth [22][31]. Management's Comments on Operating Environment and Future Outlook - Management noted that while there are challenges in the market, particularly in Mexico due to increased imports, the long-term growth potential remains strong [20][21]. - The company anticipates moderate production growth of 1% in 2026, with overall protein availability projected to grow by 1.5% [9]. - Management expressed confidence in the demand for chicken, driven by affordability and consumer preferences [49][66]. Other Important Information - The company reported a strong balance sheet with net debt of approximately $2.45 billion and over $1.8 billion in total cash and available credit [30]. - Capital expenditures for 2026 are forecasted to be between $900 million and $950 million, reflecting ongoing growth projects [31]. Q&A Session Summary Question: Current growing conditions and market dynamics - Management indicated that the breeding flock is down 1.9% year-over-year, impacting supply growth, which is projected at only 1% for the year [36]. Question: Capital allocation and future projects - The company is investing in new facilities and expanding its presence in Mexico, with some projects expected to carry into 2027 [42]. Question: Commodity prices and sustainability - Management noted that chicken demand is supported by macroeconomic trends, with consumers shifting to retail due to inflation concerns [48]. Question: Mexico's supply-demand situation - The company is evolving its portfolio to mitigate volatility and is seeing a more stable supply-demand balance in Mexico [58]. Question: European market performance - Management acknowledged seasonality in the U.K. but emphasized the long-term growth of chicken, driven by affordability and consumer preferences [60]. Question: Disease pressure in Europe - The ASF situation in Spain has impacted the pork market, but management expects the Richmond brand to recover from recent challenges [68].

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Anterix (NasdaqCM:ATEX) Q3 2026 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsChris Guttman-McCabe - Chief Regulatory and Communications OfficerElena Marquez - CFOGeorge Sutton - Co-Director of Research and PartnerMike Crawford - Senior Managing DirectorNatasha Vecchiarelli - VP of Investor Relations and Corporate CommunicationsScott Lang - President and CEOOperatorGood day, and thank you for standing by. Welcome to the Anterix third quarter fiscal 2026 earnings conference call. At this ti ...

Anterix (NasdaqCM:ATEX) Q3 2026 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsChris Guttman-McCabe - Chief Regulatory and Communications OfficerElena Marquez - CFOGeorge Sutton - Co-Director of Research and PartnerMike Crawford - Senior Managing DirectorNatasha Vecchiarelli - VP of Investor Relations and Corporate CommunicationsScott Lang - President and CEOOperatorGood day, and thank you for standing by. Welcome to the Anterix third quarter fiscal 2026 earnings conference call. At this ti ...