BRC (NYSE:BRCC) FY 2026 Conference January 13, 2026 09:00 AM ET Company ParticipantsEvan Hafer - Founder and Executive ChairmanNone - Video Narrator 4None - Video Narrator 6None - Video Narrator 8Chris Mondzelewski - President and CEONone - Video Narrator 5Matt McGinley - VP of Investor RelationsNone - Video Narrator 7NoneTo introduce the management team of Black Rifle Coffee. We have the whole team here. We got the company founder and Executive Chairman, Evan Hafer, President and CEO, Chris Mondzelewski, C ...

Financial Data and Key Metrics Changes - The company is projected to achieve $395 million in net revenue by 2025, with 65% of that revenue coming from wholesale, indicating a deliberate diversification strategy [28] - The company has experienced a 22% unit growth despite rising coffee prices, which have doubled over the last two years due to adverse weather conditions and tariffs [23][31] - Operating margins have been impacted by cost inflation, but the company has a pathway to restore gross margins to 40% over time [30][32] Business Line Data and Key Metrics Changes - The core business remains coffee, with pods and bags generating the majority of cash profitability [21] - The ready-to-drink (RTD) coffee segment has become the third largest in America, with plans for innovation to drive growth in this category [22][25] - The energy segment is being approached with caution, focusing on strategic distribution to ensure success in select geographies [26][27] Market Data and Key Metrics Changes - The company has diversified its customer base from 90% direct-to-consumer in 2019 to a more balanced approach with significant wholesale distribution [28] - The company is now present in 55% of measurable grocery and mass stores across the country, indicating a successful land and expand strategy [23] Company Strategy and Development Direction - The company emphasizes its mission-driven narrative and authentic brand story, leveraging partnerships with influential figures to enhance brand visibility [10][14] - The focus is on maintaining investment in core competencies while exploring adjacent markets for growth, particularly in energy and RTD coffee [21][25] - The company aims to build credibility and consistency over the next two years, reinforcing its strategic advantage as a veteran-backed brand [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by rising coffee prices and inflation but remains confident in the company's ability to navigate these issues through strategic pricing and operational efficiencies [31][32] - The company is committed to maintaining a strong operating structure to support scaling and profitability, with a focus on reducing headcount and simplifying operations [33] Other Important Information - The company has seen significant changes in its operating structure, reducing headcount by nearly 50% from highs in 2022 to prepare for future growth [33] - Management has highlighted the importance of maintaining a nimble approach to adapt to market conditions and consumer demands [26] Q&A Session Summary Question: What are the long-term financial targets for the company? - The company aims for revenue growth of 10%-15% and to restore gross margins to 40% over time, with adjusted gross margins expected to outpace sales growth [34]

Financial Data and Key Metrics Changes - The company reported a significant increase in share price, up over 170% in 2025, indicating strong market performance and investor confidence [3] - Operating margin expansion of 120 basis points through Q3 2025, reflecting improved profitability [12] Business Line Data and Key Metrics Changes - The company is focusing on evolving its product mix, with a shift towards premium frames and lenses, which are expected to generate higher gross margin dollars [12][19] - The percentage of frames priced over $99 increased from 20% in 2024 to 40% by the end of 2025, indicating a strategic shift towards higher-value offerings [18] Market Data and Key Metrics Changes - Managed care transactions now account for approximately 40% of the company's mix, up from low single digits when the company was founded, showcasing a successful shift in customer targeting [23] - The eyewear category is described as resilient, with 70% of the market driven by managed vision care, which is expected to grow [37] Company Strategy and Development Direction - The company is transitioning from an analog model to a digitally driven approach, focusing on customer segmentation, product mix, customer experience, and new store growth [8][12] - Investments in remote health technology and a revamped CRM platform are part of the strategy to enhance customer engagement and operational efficiency [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's insulated position against macroeconomic shifts due to the nature of the eyewear category and its reliance on managed care [37][48] - The long-term growth algorithm targets high single-digit revenue growth and mid-single-digit same-store sales growth, with a focus on operating margin expansion [44] Other Important Information - The company plans to continue investing 4%-5% of revenue into capital expenditures annually, with a focus on store refreshes and strategic initiatives [45] - The introduction of premium products, such as Ray-Ban Meta smart glasses, has been well received, indicating a positive consumer response to the evolving product assortment [18][19] Q&A Session Summary Question: What is the current competitive landscape for National Vision? - The company operates in a resilient category, with 50% of the market held by independent optometrists and a growing share of managed care consumers [39] Question: How has telehealth impacted the company's strategy? - The company has invested in remote health technology, with over 10% of exams now conducted remotely, indicating a shift towards more accessible care [41] Question: What are the long-term financial targets for investors? - The company aims for high single-digit revenue growth and mid-single-digit comps, with operating margin expansion of 50 to 150 basis points annually [44]

Financial Data and Key Metrics Changes - The company reported a peak equipment inventory of approximately $1.3 billion, with guidance suggesting a reduction of about $550 million by the end of January [25] - Equipment margins improved from 3% in the first half of fiscal 2026 to 7% in the third quarter, indicating a recovery in profitability [29][30] - Floor plan interest, which had been as high as 56%, is on a downward trajectory, with expectations for continued improvement [33] Business Line Data and Key Metrics Changes - Equipment sales account for about 75% of revenue, while parts and service contribute nearly 25%, providing over 50% of gross profit dollars [4][5] - The service side has a gross profitability margin in the low 60s%, while parts have a margin in the low 30s% [5] Market Data and Key Metrics Changes - Industry volumes in the U.S. are expected to be about 50% of the long-term average from 2000 to 2025, marking the lowest point in several decades [19][20] - The company anticipates that 2026 may represent the bottom of the current cycle, with expectations for gradual recovery thereafter [20] Company Strategy and Development Direction - The company is focusing on consolidating its dealership footprint to enhance service efficiency and customer care, particularly in rural areas [6][11] - Recent divestitures in Germany were part of a strategy to concentrate on markets where the company can achieve higher profitability and efficiency [14][15] - The company is investing in digitization and automation to improve operational efficiency and is over a year into implementing a new ERP system [31] Management's Comments on Operating Environment and Future Outlook - Management noted that low commodity prices are pressuring farmer profitability, leading to a lower demand environment [27] - The company is proactively addressing cycle-related challenges and is proud of its execution in managing inventory and operational adjustments [39] Other Important Information - The company is focused on maintaining a tighter inventory range of two and a half times turn, with initiatives to drive higher presale rates and regionalized stock inventory [22][23] - The leadership team has extensive industry experience and is committed to proactive decision-making in response to market conditions [39] Q&A Session Summary Question: How does the company source M&A opportunities? - The company relies on relationships within the industry and proactively engages with neighboring dealers to express interest in potential acquisitions [9] Question: What is the company's strategy regarding inventory management? - The company has focused on reducing inventory levels and improving the mix, with a goal of operating within a tighter range to enhance efficiency [22][30] Question: How does the company plan to navigate the current cycle? - Management emphasized the importance of being proactive in addressing cycle-related issues and adjusting strategies as needed to maintain profitability [39]

Financial Data and Key Metrics Changes - The firm reported net income of $13 billion and EPS of $4.63 for Q4 2025, with an ROTCE of 18% [3] - Full year net income was $57.5 billion, EPS of $20.18, and revenue of $185 billion, with an ROTCE of 20% [4] - Revenue for Q4 increased by 7% year on year to $46.8 billion, driven by higher markets revenue and asset management fees [3] - Expenses for Q4 were $24 billion, up 5% year on year, primarily due to higher volume and revenue-related expenses [3] Business Line Data and Key Metrics Changes - Consumer & Community Banking (CCB) reported net income of $3.6 billion, with revenue of $19.4 billion, up 6% year on year [5] - Corporate & Investment Banking (CIB) net income was $7.3 billion, with revenue of $19.4 billion, up 10% year on year [6] - Asset and Wealth Management (AWM) reported net income of $1.8 billion, with revenue of $6.5 billion, up 13% year on year [7] Market Data and Key Metrics Changes - Markets fixed income revenue was up 7% year on year, while equities revenue increased by 40% [7] - The firm experienced net inflows of $105 billion for the quarter and $183 billion for the year in liquidity [8] - Long-term net inflows for AWM were $52 billion for the quarter and $209 billion for the full year, positive across all channels and asset classes [7] Company Strategy and Development Direction - The company is focused on making necessary investments to secure its position against both traditional and non-traditional competitors [13] - The integration of the Apple Card is expected to enhance modernization and user experience in the card business [41][50] - The firm anticipates strong client engagement and deal activity in 2026, supported by constructive market dynamics [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment for 2026, citing consumer resilience and potential deregulation benefits [56] - Concerns were raised about geopolitical risks and large deficits, which could impact the economy [56] - The firm expects NII ex-Markets to be about $95 billion for 2026, with modest expectations for consumer deposit growth [11][62] Other Important Information - The firm is closely monitoring leading indicators for signs of stress in consumer behavior, with current trends remaining consistent with historical norms [6] - The advanced RWA contribution from the Apple Card transaction was about $110 billion, expected to reduce to approximately $30 billion in the near term [5] Q&A Session Questions and Answers Question: On the stablecoin issue and its impact on banks - Jamie Dimon discussed the risks of a parallel banking system without appropriate regulation, emphasizing the importance of consumer benefits [20][22] Question: Regarding deposit growth despite new checking accounts - Dimon noted that while checking account growth was strong, yield-seeking flows and a lower savings rate impacted deposit growth [24][25] Question: On the credit card business and Apple Card acquisition - Jeremy Barnum highlighted the economic appeal of the Apple Card deal and its potential to enhance the firm's modernization agenda [40][41] Question: About potential caps on credit card APRs - Barnum explained that price controls could lead to reduced access to credit, particularly for subprime borrowers, negatively impacting the industry [42][43] Question: On technology spending and AI investments - Dimon indicated that technology spending would increase, driven by opportunities in various areas, including AI [88][89]

Financial Data and Key Metrics Changes - Revenue for Q3 FY 2025-2026 was INR 11,596 million, an increase of 11% compared to the same quarter last year [8] - EBITDA was INR 2,470 million, reflecting a 29% increase year-over-year [8] - Loss before tax was INR 2,570 million, and after tax, the loss was INR 3,290 million [8] - Capital expenditure during the quarter was INR 3,452 million, with a cash balance of INR 3,627 million at the end of the quarter [8] Business Line Data and Key Metrics Changes - Revenue split for the quarter: Network services 37%, Data center colocation services 40%, Digital services 23% [7] - Data center colocation capacity sold was 9.1 megawatts [7] - Sify Network Services operates through 1,214 fiber nodes, a 9% increase from the same quarter last year [7] Market Data and Key Metrics Changes - The company is experiencing a rising demand for secure and high-performance digital infrastructure, driven by increased focus on AI, cloud, and data-driven platforms [5][6] Company Strategy and Development Direction - Sify's strategy is aligned with India's growth in digital infrastructure, focusing on investments in hyperscaler data centers, resilient networks, and AI-driven platforms [6] - The company aims to enable enterprise transformation in India over the next decade [6] Management's Comments on Operating Environment and Future Outlook - Management highlighted India's strong economic fundamentals and accelerating digital adoption as key drivers for growth [5] - The company expects to reach break-even in the digital services segment by the latter part of FY 2026-2027 [18] Other Important Information - The company filed a draft prospectus for the IPO of Infinit Spaces in October 2025, expecting approval soon [13][14] - Total design capacity for data centers is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Q&A Session Summary Question: Update on the timing for the IPO of Infinit Spaces - Management expects approval of the draft prospectus this month, with further guidance from bankers on the timing of the issue [13][14] Question: Total design capacity and sold capacity - Total design capacity is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Question: Roadmap for new data center construction - Two facilities in the Rabale data center campus will go live this calendar year, with additional greenfield projects under construction [16] Question: Digital services operating at a loss - Management anticipates reaching break-even in the digital services segment by the latter part of FY 2026-2027 [18] Question: Network business performance - The network business experienced price corrections and a shift from MPLS to internet services, leading to flat revenue [63] Question: New growth initiatives with Google partnership - Sify is partnering with Google for a cable landing station in Vishakhapatnam, which will strategically enhance their network capabilities [67] Question: Related party transactions - Revenue and expense transfers are related to contracts signed by the parent company before the data center business was carved out [53] Question: Future capital requirements and IPO proceeds - The IPO proceeds will primarily fund data center expansion and partially retire existing loans [36][87]

Concentrix (NasdaqGS:CNXC) Q4 2025 Earnings call January 13, 2026 08:30 AM ET Company ParticipantsRuplu Bhattacharya - DirectorSara Buda - VP of Investor RelationsChris Caldwell - President and CEOLuke Morrison - VP for Equity ResearchAndre Valentine - EVP and CFOConference Call ParticipantsVincent Colicchio - Managing Director and Senior Equity AnalystDave Koning - Senior Research AnalystOperatorHello, everyone. Thank you for joining us, and welcome to the Concentrix Fourth Quarter and Fiscal Year 2025 Fin ...

Financial Data and Key Metrics Changes - Revenue for Q3 FY 2025-26 was INR 11,596 million, an increase of 11% compared to the same quarter last year [8] - EBITDA was INR 2,470 million, reflecting a 29% increase year-over-year [8] - Loss before tax was INR 2,570 million, and after tax, the loss was INR 3,290 million [8] - Capital expenditure during the quarter was INR 3,452 million, with a cash balance of INR 3,627 million at the end of the quarter [8] Business Line Data and Key Metrics Changes - Revenue split for the quarter: Network services 37%, Data center colocation services 40%, Digital services 23% [7] - Data center colocation capacity sold was 9.1 megawatts [7] - Network services provided via 1,214 fiber nodes, a 9% increase year-over-year [7] Market Data and Key Metrics Changes - The company has deployed 9,695 SD-WAN service points across India as of December 31, 2025 [7] Company Strategy and Development Direction - The company is focused on investments in hyperscaler data centers, resilient networks, and AI-driven platforms to support enterprise transformation in India [5][6] - The strategy aligns with India's growth in digital infrastructure and cloud services, driven by increasing demand for secure and high-performance digital infrastructure [5] Management's Comments on Operating Environment and Future Outlook - Management highlighted India's strong economic fundamentals and accelerating digital adoption as key drivers for growth [5] - The company expects to achieve break-even in the digital services segment by the latter part of FY 2026-27, depending on market scaling for new offerings [18] Other Important Information - The company filed a draft prospectus for the IPO of Infinite Spaces in October 2025, expecting approval soon [13][14] - Total design capacity is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Q&A Session Summary Question: Update on the timing for the IPO of Infinite Spaces - The draft prospectus was filed in October 2025, with expected approval this month, followed by market listing [13][14] Question: Total design capacity and sold capacity - Total design capacity is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Question: Roadmap for new data center construction - Two facilities in Rabale will go live this calendar year, with two additional greenfield projects under construction [16] Question: Digital services operating at a loss - Expected to reach break-even in the latter part of FY 2026-27, with profitability anticipated thereafter [18] Question: Revenue-generating capacity from sold capacity - Out of 12.16 megawatts sold, approximately 4 megawatts will generate revenue in the upcoming quarter [22] Question: Average contract tenure and return on capital employed - Hyperscale contracts are typically for seven years, with enterprise contracts for five years [39] - Return on capital employed for fully populated facilities is in the high teens [40] Question: Use of proceeds from the IPO - Proceeds will primarily fund data center expansion, with some allocated for debt reduction [41] Question: Related party disclosures in the DRHP - Revenue and expense transfers relate to contracts signed by the parent company before the data center business was carved out [61] Question: Growth of the network business - The network business experienced price corrections and a shift from MPLS to internet services, impacting revenue [71] Question: AI investment and capacity upgrades - Incremental CapEx for AI workloads is marginal, with some costs borne by customers [79][84]

Financial Data and Key Metrics Changes - The company has adjusted its guidance for the remainder of the year to account for inventory rebalancing, indicating a healthy overall inventory in the retail channel [5] - The management expects that revenue growth will pressure margins in the short term but believes this strategy is more sustainable for long-term health [13][22] Business Line Data and Key Metrics Changes - The company identifies "green brands" such as Osprey, Braun, Olive & June, and OXO as needing more investment to grow faster, while other brands require renovation to modernize their market approach [3][4] - Innovations are being introduced across various brands, including new products for Hydro Flask and restaging efforts for Drybar and Curlsmith [9][10] Market Data and Key Metrics Changes - The international business currently represents approximately 20-30% of total sales, with a goal to increase this to 50% by focusing on key markets [30][32] - The company is experiencing a slower start to the cold cough season, which has impacted purchase intent, particularly for Vicks and Braun products [7][8] Company Strategy and Development Direction - The company is focusing on driving growth for its green brands while also stabilizing and renovating other brands to connect better with consumers [15] - There is an emphasis on maintaining investments in people, innovation, and brand despite pressures from tariffs and market conditions [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while consumers are being more selective due to economic pressures, innovative brands that solve consumer problems continue to perform well [26][28] - The company is committed to a balanced approach of revenue growth and cost efficiency, with a focus on improving operating leverage [12][13] Other Important Information - The company is consolidating distribution centers from three to two to improve efficiency and reduce costs [11][17] - There is a strategic focus on dual sourcing to mitigate risks associated with tariffs and supply chain disruptions [24] Q&A Session Summary Question: How is the company managing inventory levels? - The company views inventory as healthy overall, with some pockets of excess due to strong holiday orders, leading to adjusted guidance [5] Question: What is the outlook for the cold cough season? - Management noted a slower start to the season but believes retailers have enough inventory to meet demand should illness spike [8] Question: How is the company approaching capital allocation and debt management? - The company aims to reduce debt to a target leverage ratio of around two times before considering further capital deployment [11] Question: What is the company's strategy regarding brand portfolio management? - The company is continuously evaluating its brand portfolio to ensure it drives the most value, focusing on growing green brands and stabilizing others [14][15] Question: How is the company addressing competitive pressures in the beauty segment? - Management acknowledges competitive pressures but believes in their institutional knowledge and new product pipeline to regain momentum [36]

JPMorganChase (NYSE:JPM) Q4 2025 Earnings call January 13, 2026 08:30 AM ET Company ParticipantsJamie Dimon - Chairman and CEOMike Mayo - Managing Director and Head of U.S. Large-cap Bank ResearchJeremy Barnum - CFOGerard Cassidy - Managing DirectorEbrahim Poonawala - Head of North American Banks ResearchChristopher McGratty - Head of U.S. Bank ResearchKen Usdin - Managing DirectorBetsy Graseck - Managing DirectorConference Call ParticipantsJim Mitchell - Senior Equity AnalystErika Najarian - Managing Direc ...