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 - 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].

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]

Service Corporation International (NYSE:SCI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsA.J. Rice - Managing DirectorEric Tanzberger - CFOScott Schneeberger - Managing DirectorTobey Sommer - Managing DirectorTom Ryan - Chairman and CEOTomohiko Sano - Managing DirectorTrey Bocage - Assistant VP of Treasury and Investor RelationsConference Call ParticipantsJoanna Gajuk - Equity Research AnalystParker Snure - Associate AnalystOperatorGood day, and welcome to the SCI Fourth Quarter ...

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 ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $1.14 for Q4 2025, an 8% increase from $1.06 in the prior year [4] - For the full year 2025, adjusted EPS was $3.85, a 9% increase compared to $3.53 in 2024 [5] - The effective tax rate increased, which negatively impacted EPS growth by $0.06 for the year [5][6] Business Line Data and Key Metrics Changes - Comparable funeral revenues increased by $3 million, or less than 1%, in Q4 2025, with core funeral revenue up by $6 million, or just over 1% [6][7] - Non-funeral home revenue increased by over $2 million, primarily due to an 11% increase in average revenue per service [8] - Comparable cemetery revenue increased by $5 million, or about 1%, driven by an $8 million increase in other revenue [11] Market Data and Key Metrics Changes - The company experienced a decline in core funeral services performed by 1.9% in Q4 2025 [6] - For the full year 2025, comparable funeral volume declined less than 1% [7] - Pre-need cemetery sales production increased by about 2% in Q4 2025, with core sales accounting for a $13 million increase [12] Company Strategy and Development Direction - The company aims to grow pre-need cemetery sales production in the low to mid-single-digit percentage range for 2026, resulting in cemetery revenue growth of about 2%-5% [15] - The focus is on managing inflationary costs and leveraging scale to drive profit growth [15] - The company plans to continue returning capital to shareholders through dividends and share repurchase programs [28] Management's Comments on Operating Environment and Future Outlook - Management expects flat to slightly down funeral volume in 2026, with average revenue per case growing at inflationary rates [14] - The company anticipates a normalized EPS range of $4.05-$4.35 for 2026, reflecting 5%-13% growth [13] - Management expressed confidence in the momentum carried into 2026, particularly in pre-need sales and core customer engagement [14][38] Other Important Information - The company generated strong adjusted operating cash flow of $213 million in Q4 2025, exceeding guidance [18] - Capital investments for Q4 2025 totaled $174 million, with a full-year total of $508 million [20] - The company returned $107 million to shareholders in Q4 2025 through share repurchases and dividends [23] Q&A Session Summary Question: Can you break down your assumptions for cemetery pre-sales production growth for 2026? - Management indicated a slight increase of 2%-3% for large sales and a more robust increase for core sales, expressing confidence in momentum [33][34] Question: How are sales tracking so far this year, particularly in the Rose Hills location? - Management reported positive trends in pre-need cemetery and funeral sales, with a focus on improving lead conversion rates [35][38] Question: What are the plans for developing and selling premium cemetery inventory? - The company plans to invest in tiered inventory offerings to cater to different customer segments, leveraging existing cemetery capacity [67][69] Question: Can you discuss the drivers of lower than inflation expense growth? - Management attributed this to effective cost management strategies, including labor efficiency and supply chain improvements [56][58] Question: What is the outlook for perpetual care trust revenue in 2026? - The company expects continued strong performance in trust funds, with a typical market return model of about 7% [85][86]

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][10] - EBITDA totaled $437 million for Q4, a 7% increase, with an EBITDA margin increase of 90 basis points to 16.9% [12][10] - 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 up 17% to $94 million [13] - Health and Biosciences segment sales grew 5% to $589 million, with EBITDA increasing 20% to $155 million [15] - Scent segment sales rose 4% to $610 million, with EBITDA increasing 1% to $106 million [16] - Food ingredients sales decreased 4% to $802 million, but EBITDA grew 10% with a 150 basis points margin expansion [11][15] 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 and Biosciences saw strong growth in food biosciences and animal nutrition, both achieving double-digit growth [15] - The Scent segment's fine fragrance experienced double-digit growth, while fragrance ingredients faced declines due to market softness [11][16] Company Strategy and Development Direction - IFF is focusing on high-value, innovation-driven businesses, having divested from lower-margin segments [8][9] - The company is pursuing a sale for its food ingredients business to optimize its portfolio [8][19] - IFF aims to enhance competitiveness through investments in innovation, digital transformation, and operational excellence [25][26] 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 EBITDA for 2026 to be between $2.05 billion and $2.15 billion, reflecting 3%-8% growth [21] - Management acknowledged ongoing macroeconomic uncertainties but emphasized confidence in achieving profitable growth [10][20] 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 [17] - IFF's net debt to credit-adjusted EBITDA improved to 2.6 times, down from 3.8 times in 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 segment [30][31] 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 [33][34] 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 [39][41] Question: Price dynamics in the scent segment - Management noted that pricing was flat year-over-year, with margin pressure primarily from input costs [43][44] Question: Health and biosciences margin uplift - Management attributed strong performance to volume growth and productivity, with expectations for stabilization and growth in the health business [46][48] Question: Free cash flow expectations for 2026 - Management expects meaningful improvement in cash flow driven by profitability growth and working capital management [50][52] Question: R&D efforts and innovation metrics - Management highlighted a $100 million investment in innovation capabilities, with expected benefits materializing in the second half of 2026 [56][58] Question: Reformulation opportunities in the marketplace - Management noted ongoing reformulation trends, viewing them as opportunities for growth in healthier product offerings [88][90]

Financial Data and Key Metrics Changes - Combined adjusted EBITDA for Q4 2025 was $336.1 million, an increase from $289 million in Q4 2024 and $245 million in Q3 2025 [12] - Total net sales for Q4 2025 reached $1.7 billion, compared to $1.4 billion in Q4 2024 [12] - Gross margins improved to 25.1% in Q4 2025 from 23.5% in Q4 2024 [13] - For the full year 2025, core ingredients EBITDA was $922 million, up from $790 million in 2024 [12] Business Line Data and Key Metrics Changes - Core ingredients EBITDA for Q4 2025 was $278 million, compared to $230 million in Q4 2024 [12] - Feed segment EBITDA improved to $193 million in Q4 2025 from $150 million a year ago, with total sales of $1.13 billion versus $924 million [13] - Food segment total sales for Q4 2025 were $429 million, up from $362 million in Q4 2024 [14] - Fuel segment, specifically Diamond Green Diesel (DGD), achieved $57.9 million in EBITDA for Q4 2025, marking its strongest quarter of the year [8][15] Market Data and Key Metrics Changes - Demand for domestic fats in the U.S. remains robust, supported by favorable agricultural and energy policies [8] - Internationally, the global rendering business in Europe, Canada, and Brazil showed solid year-over-year growth [8] - DGD sold approximately 1 billion gallons in 2025, earning $103.7 million in EBITDA, or $0.21 per gallon [9] Company Strategy and Development Direction - The company aims to be the world's largest and most profitable processor of animal byproducts, focusing on operational excellence and core strengths [5] - Plans to sharpen the portfolio may lead to asset sales, while also exploring opportunities to strengthen and expand core business [10] - The company is optimistic about the policy backdrop for renewable fuels, which is expected to enhance DGD's earning potential [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainties from evolving renewables public policy and global trade but emphasized a commitment to fundamentals [5] - The outlook for 2026 is encouraging, with positive global demand trends and expectations for improved margins in the fuel segment [8][20] - Management anticipates a modest pullback in Q1 2026 but expects core ingredients adjusted EBITDA to be in the range of $240 million to $250 million [21] Other Important Information - The company recorded an income tax benefit of $11 million for Q4 2025, with an effective tax rate of -15.3% [18] - Restructuring and impairment charges of $58 million were recorded in the quarter [19] - The company ended 2025 with approximately $1.3 billion available on its revolving credit facility [17] Q&A Session Summary Question: Guidance for DGD margins and potential inclusion in future guidance - Management indicated that guidance for DGD will depend on clarity regarding the Renewable Volume Obligation (RVO) [27][28] Question: Sensitivity of the feed business to RVO changes - Management noted that the feed business is sensitive to U.S. and North American feedstock values, which are expected to be supportive [29] Question: Insights on biofuels production and feedstock demand - Management stated that there hasn't been a significant increase in biofuel production yet, and better margins are needed to incentivize more production [33] Question: Expectations for the food business and EBITDA - Management expressed optimism for the collagen and gelatin business, expecting a year similar to or better than the previous year [35] Question: RVO expectations and potential impact on Darling's feed business - Management supports an RVO for advanced biofuels translating to 5.25 billion to 5.61 billion gallons, which would be constructive for margins [40] Question: Rationale for the Potencei Group acquisition - Management highlighted the strategic fit of the Potencei facilities within their existing footprint and the potential for margin enhancement [68] Question: Capital allocation priorities post-leverage targets - Management emphasized that capital allocation will focus on paying down debt, with reassessment following clarity on cash flow from DGD [79]