Financial Data and Key Metrics Changes - Ensysce Biosciences has achieved significant progress in the development of its next-generation analgesics, PF614 and PF614 MPAR, with the latter receiving Breakthrough Therapy designation from the FDA in 2024 [13][14] - The company received a second $5 million installment of a multi-year $15 million grant from the National Institute on Drug Abuse to support the development of PF614 MPAR [13] Business Line Data and Key Metrics Changes - The pivotal trial for PF614 has been initiated, focusing on its analgesic and safety properties in subjects undergoing abdominoplasty, with enrollment starting in December [14] - Clinical development for PF614 MPAR has progressed, with parts one and two of a three-part trial completed [14] Market Data and Key Metrics Changes - The FDA has provided support for the manufacturing approach of PF614, allowing the company to move towards commercialization scale [14] Company Strategy and Development Direction - Ensysce aims to continue executing the phase 3 trial for PF614 and is preparing for an NDA submission [15] - The company is expanding its patent portfolios to include novel treatments for opioid use disorder and ADHD [14] Management's Comments on Operating Environment and Future Outlook - Management expressed gratitude for the continued support from stockholders and emphasized the dedication of the team in providing safer medications for pain relief [15] - The company is positioned to bring a highly novel opioid analgesic to market, addressing severe pain [15] Other Important Information - The company has successfully approved several proposals during the annual meeting, including the issuance of shares and the amendment of the Omnibus Incentive Plan [18] Q&A Session Summary - There were no specific questions or answers documented during the meeting, as the format was primarily focused on the presentation and voting results [20]

Financial Data and Key Metrics Changes - The company will release its quarter one results and host an earnings call with analysts on January 8, 2026, providing insights into financial performance [5] - The meeting included a vote on the advisory compensation of named executive officers, which was approved, indicating shareholder support for executive pay practices [7][12] Business Line Data and Key Metrics Changes - No specific data on business line performance was provided during the meeting [2][3] Market Data and Key Metrics Changes - No specific market data or metrics were discussed in the meeting [2][3] Company Strategy and Development Direction - The board emphasized the importance of aligning executive compensation with financial and business goals to attract and retain top executives, which is part of the overall strategy to generate shareholder value [7][8] - An amendment to the 2021 Stock Incentive Plan was proposed to add one million shares to the pool, aimed at motivating officers and aligning their interests with shareholders [8][9] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [2][3] Other Important Information - The company’s board recommended increasing the number of authorized shares of common stock from 50 million to 100 million, which was approved by shareholders [9][12] - KPMG was ratified as the company's independent auditor for fiscal year 2026 [10][12] Q&A Session Summary - No questions were received from shareholders during the Q&A session, leading to the conclusion of the meeting without any inquiries being addressed [13][15]

Financial Data and Key Metrics Changes - The company will release its quarter one results and host an earnings call with analysts on January 8, 2026, which may provide insights into financial performance [5] - The preliminary voting results indicated that all director nominees were elected, and the advisory vote on compensation was approved, reflecting shareholder support [12] Business Line Data and Key Metrics Changes - No specific data on business line performance was provided during the meeting [13] Market Data and Key Metrics Changes - No specific market data or metrics were discussed in the meeting [13] Company Strategy and Development Direction - The company aims to attract and retain top executives through its executive compensation program, which links a significant portion of pay to financial and business goals [8] - An amendment to the 2021 Stock Incentive Plan was proposed to add one million shares to the pool available for issuance, aligning interests with long-term shareholder value [9][10] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [13] Other Important Information - The company’s board recommended an increase in the number of authorized shares for common stock from 50 million to 100 million, allowing for future issuances without requiring further shareholder action [10] Q&A Session Summary - No questions were submitted in the web portal, leading to the conclusion of the Q&A session [13][14]

Financial Data and Key Metrics Changes - Net sales increased by 2.1% to $348.6 million, driven by $18.4 million in inorganic sales from the acquisition of UW Solutions and favorable product mix, partially offset by lower volume, primarily in metals [10] - Adjusted EBITDA margin decreased slightly to 13.2%, primarily due to lower volume and price, as well as higher aluminum and health insurance costs [10] - Adjusted diluted EPS was $1.02, down year-over-year, primarily due to higher amortization and interest expense from the UW Solutions acquisition [11] Business Line Data and Key Metrics Changes - Metals segment net sales declined due to lower volume, but adjusted EBITDA margin improved to 13.5% driven by increased productivity and cost savings from Fortify Phase 2 [11] - Services segment achieved its seventh consecutive quarter of year-over-year net sales growth, with adjusted EBITDA margin increasing to 9.7% due to lower incentive compensation expense [11] - Glass segment net sales increased slightly to approximately $71 million, driven by increased volume and favorable mix, but adjusted EBITDA margin moderated due to lower price and higher material costs [12] Market Data and Key Metrics Changes - Average aluminum prices rose approximately 13% compared to the second quarter and over 50% compared to the third quarter of last year, impacting volume and margin compression in the Metals segment [15] - Backlog for services ended the quarter at $775 million, down slightly from Q2 but up over 4% compared to Q3 of last year [11] Company Strategy and Development Direction - The company remains focused on becoming the economic leader in target markets, managing its portfolio, and pursuing accretive M&A opportunities, with no change in strategic direction [19] - The UW Solutions acquisition is expected to contribute to market and geographical expansion, with fiscal 2026 expectations of $100 million in net sales and approximately 20% adjusted EBITDA margin [7] - The company aims to strengthen its core by driving more efficient operations and enabling sustained profitable growth [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenging macroeconomic factors but believes the company is well-positioned due to operational excellence and a strong balance sheet [8] - The company anticipates continued pressure on pricing and volume in both Metals and Glass segments, with expectations of cost headwinds from normalization of incentive compensation and higher health insurance costs [15] - Management is taking proactive measures, including expanding Project Fortify Phase 2, to manage near-term headwinds and position for growth opportunities [16] Other Important Information - The company reported net cash provided by operating activities of $29.3 million for Q3, down from $31 million in the prior year [12] - The balance sheet remains strong with a consolidated leverage ratio of 1.4x and significant capital available for future deployment [13] Q&A Session Summary Question: What is the board looking for in new leadership? - The company is looking for someone with deep growth and operational excellence experience, particularly in M&A integration [20] Question: Is the updated outlook primarily impacted by aluminum inflation? - Yes, both Metals and Glass segments are experiencing pressure from rising aluminum prices, impacting margins [27] Question: What is the focus on M&A activity going forward? - The company has a robust M&A pipeline and is actively pursuing opportunities, with the UW Solutions acquisition being a successful example [36] Question: How is the company managing pricing discipline in a competitive market? - The company is focused on maximizing EBITDA dollar contribution while protecting premium margins, despite challenges in volume and price [44] Question: What are the near-term priorities for growth? - The company is focused on delivering results, expanding Project Fortify Phase 2, and leveraging the Apogee Management System for cost structure improvements [64][66]

Financial Data and Key Metrics Changes - Revenues increased to $621.3 million, up 2.7% from the prior year period [3][10] - Operating income declined to $45.3 million from $55.5 million year-over-year [10] - Net income decreased to $34.4 million, or $1.89 per diluted share, down from $43.1 million, or $2.31 per diluted share [10] - Adjusted EBITDA was $82.8 million compared to $94 million in the prior year [10] - Effective tax rate increased to 26.9% from 25.6% in the prior year [10] Business Line Data and Key Metrics Changes - Uniform and Facility Service Solutions segment revenues increased to $565.9 million, with organic growth of 2.4% [11][12] - Operating margin for the Uniform and Facility Service Solutions segment was 7.4%, down from 8.8% in the previous year [12] - First Aid and Safety Solutions segment revenues grew by 15.3% to $30.2 million [14] - Other segment revenues decreased by 2.9% to $25.2 million [14] Market Data and Key Metrics Changes - The employment climate has softened, affecting rental and direct sale accounts [6][14] - Energy costs represented 4.1% of revenues in the first quarter [13] Company Strategy and Development Direction - The company is focused on investments in sales and service organizations to build a sustainable growth platform [3][4] - Key initiatives include operational excellence through the UniFirst Way, enhanced inventory management, and digital transformation [4][5] - The company is evaluating an unsolicited proposal from Cintas, engaging independent advisors to determine the best course of action [8][9] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the ongoing investments yielding measurable improvements [7] - The full-year guidance for fiscal 2026 remains unchanged, with consolidated revenue expected between $2.475 billion and $2.495 billion [16] - Management anticipates steady improvement towards mid-single-digit organic growth and high-teens adjusted EBITDA margins by 2027 or 2028 [18][19] Other Important Information - The company repurchased approximately $32 million of common stock during the quarter and increased the common stock dividend [7] - Capital expenditures for the quarter were $38.9 million, with four first-aid businesses acquired for $14.9 million [15] Q&A Session Summary Question: Timeline for achieving long-term objectives - Management expects to see steady improvement towards mid-single-digit organic growth and high-teens adjusted EBITDA margins by 2027 or 2028 [18][19] Question: New account growth and customer mix - New account growth is strong, particularly in mid-size accounts, due to a tiered sales organization [31][32] Question: Impact of employment climate on growth - The employment climate has become a headwind, affecting existing account penetration and overall growth [33][34] Question: Unchanged revenue guidance - Management feels positive about top-line momentum but believes it is too early to make meaningful changes to guidance [38][39] Question: Categories of savings from margin improvement initiatives - Significant opportunities include global inventory sharing and new product launches, with benefits expected to materialize over the next few years [41][42][43]

Financial Data and Key Metrics Changes - Net sales increased by 2.1% to $348.6 million, driven by $18.4 million in inorganic sales from the acquisition of UW Solutions and favorable product mix, partially offset by lower volume in metals [10] - Adjusted EBITDA margin decreased slightly to 13.2%, primarily due to lower volume and price, as well as higher aluminum and health insurance costs [10] - Adjusted diluted EPS was $1.02, down year-over-year, mainly due to higher amortization and interest expense from the UW Solutions acquisition [11] Business Line Data and Key Metrics Changes - Metals segment net sales declined due to lower volume, but adjusted EBITDA margin improved to 13.5% driven by increased productivity and cost savings from Fortify Phase Two [11] - Services segment achieved its seventh consecutive quarter of year-over-year net sales growth, with adjusted EBITDA margin increasing to 9.7% due to lower incentive compensation expense [11] - Glass segment net sales increased slightly to approximately $71 million, driven by increased volume and favorable mix, though adjusted EBITDA margin moderated due to lower price and higher material costs [12] Market Data and Key Metrics Changes - Average aluminum prices rose approximately 13% from Q2 to Q3 and are up over 50% compared to the same quarter last year, impacting volume and margin [15] - Backlog for services ended the quarter at $775 million, down slightly from Q2 but up over 4% compared to Q3 of last year [11] Company Strategy and Development Direction - The company aims to become the economic leader in target markets, manage its portfolio through creative M&A opportunities, and strengthen core operations for sustained profitable growth [8][19] - The acquisition of UW Solutions is expected to expand market reach and provide a platform for growth in fiscal 2027 and beyond [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenging macroeconomic factors but believes the company is well-positioned due to operational excellence, cost-out execution, and a strong balance sheet [8] - The company expects continued pressure from competitive market dynamics in both Metals and Glass segments, with margin compression anticipated to persist into fiscal 2027 [15] Other Important Information - The company is expanding the scope of Project Fortify Phase Two to include further restructuring actions, primarily in Metals and corporate, with expected pre-tax charges of approximately $28-$29 million and annual pre-tax cost savings of $25-$26 million [16] Q&A Session Summary Question: What is the board looking for in new leadership and any changes in strategic direction? - No change in strategy; focus remains on becoming the economic leader, managing the portfolio, and pursuing accretive M&A opportunities [19] Question: How is the company addressing the impact of rising aluminum prices? - Rising aluminum prices are impacting margins, and the company is focused on managing costs and implementing strategies to control expenses [27] Question: What is the company's approach to M&A activity moving forward? - The M&A pipeline is robust, with successful integration of UW Solutions and ongoing efforts to identify strategic acquisitions [36] Question: How does the company view its growth trajectory and ROIC metrics? - The strategy remains unchanged, with a focus on becoming the economic leader and managing the portfolio for growth opportunities [61] Question: What are the near-term priorities for the company? - Delivering results and focusing on Project Fortify Phase Two and the Apogee Management System to drive cost structure improvements [63][64]

Financial Data and Key Metrics Changes - For Q2 fiscal 2026, net sales decreased to $769.5 million from $954.7 million, a decline of 19.4% [17] - Total shell egg sales fell to $649.6 million from $903.9 million, down 28.1%, with selling prices down 26.5% and sales volumes down 2.2% [17] - Gross profit was $207.4 million, down 41.8% from $356 million, primarily due to lower shell egg selling prices [18] - Net income attributable to Cal-Maine Foods was $102.8 million, down 53.1% from $219.1 million, with diluted earnings per share at $2.13, down 52.3% [18] - For the first half of fiscal 2026, net sales were $1.7 billion, down 2.8% from the previous year [22] Business Line Data and Key Metrics Changes - Shell egg sales represented 84.4% of total net sales in Q2, down from 94.7% [3] - Specialty eggs accounted for 44% of total shell egg sales, up from 31.7% [4] - Prepared food sales surged to $71.7 million from $10.4 million, an increase of 586.4% [17] - In the first half, specialty egg sales rose to $569.2 million, up 4.7% with 3.8% higher sales volumes [23] Market Data and Key Metrics Changes - Breeder flocks grew by 12.7%, total chicks hatched rose by 65.1%, and the average number of layer hens expanded by 2.6% [17] - The company is experiencing a shift in sales mix towards specialty and prepared foods, which is expected to enhance earnings predictability [3][4] Company Strategy and Development Direction - The company is evolving into a more resilient, strategically diversified portfolio, focusing on specialty eggs and prepared foods [7][10] - Investments include a $15 million project to expand prepared foods capabilities, expected to add $17 million in annual production by mid-fiscal 2027 [8] - The company aims to maintain a strong balance sheet and pursue disciplined capital allocation for growth [21] Management's Comments on Operating Environment and Future Outlook - Management believes the company is well-positioned to navigate through market cycles, emphasizing the importance of reliability in supply [12][14] - The company anticipates continued growth in specialty eggs and prepared foods, with a target of 30% growth in prepared foods over the next 18-24 months [31][46] - Management acknowledges ongoing supply challenges related to avian influenza and emphasizes the need for operational execution [11][12] Other Important Information - The company maintains a virtually debt-free status with cash and temporary cash investments of $1.1 billion [19] - A cash dividend of approximately $0.72 per share is planned for Q2 fiscal 2026 [20] Q&A Session Summary Question: How does Cal-Maine plan to weather down markets without generating losses? - Management highlighted the strength of their balance sheet and diversification into specialty eggs and prepared foods, which are expected to perform well in lower market conditions [31][34] Question: What is the expected gross margin for prepared foods moving forward? - Management indicated a target of a 19% EBITDA margin for prepared foods, despite some short-term slippage due to ongoing adjustments [39] Question: How does the company view M&A opportunities in the current market? - Management believes that the attractiveness of prepared foods remains stable, and they will continue to evaluate acquisitions in a disciplined manner [41] Question: What is the expected cadence of specialty egg capacity growth? - Management anticipates specialty eggs could exceed 50% of total shell egg net sales in the long term, supported by recent acquisitions [46] Question: How should SG&A expenses be expected to trend for the rest of the year? - Management noted that SG&A expenses may remain elevated due to increased professional fees and promotional activities as specialty volumes grow [72]

Financial Data and Key Metrics Changes - Revenues increased to $621.3 million, up 2.7% from the prior year period [3][9] - Operating income decreased to $45.3 million from $55.5 million year-over-year [9] - Net income decreased to $34.4 million, or $1.89 per diluted share, down from $43.1 million, or $2.31 per diluted share [9] - Adjusted EBITDA decreased to $82.8 million from $94 million in the prior year [9] - Effective tax rate increased to 26.9% from 25.6% in the prior year [9] Business Line Data and Key Metrics Changes - Uniform and Facility Service Solutions revenues increased to $565.9 million, with organic growth of 2.4% driven by strong new account sales and improved customer retention [10][12] - First Aid and Safety Solutions revenues increased by 15.3% to $30.2 million, primarily due to investments in the First Aid van business [13] - Other segment revenues decreased by 2.9% to $25.2 million, reflecting the anticipated start of a large refurbishment project wind-down [13] Market Data and Key Metrics Changes - The employment climate has softened, affecting both rental and direct sale accounts, which has tempered growth [6][32] - Energy costs represented 4.1% of revenues in the first quarter [12] Company Strategy and Development Direction - The company is focused on investments in sales and service organizations to build a stronger platform for growth [3][4] - Key initiatives include operational excellence through the UniFirst Way, enhanced inventory management, and digital transformation [4][5] - The company is committed to creating value for all stakeholders, including employees, customers, and shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the ongoing investments yielding measurable improvements in growth metrics [6] - The full-year guidance for fiscal 2026 remains unchanged, with consolidated revenue expected between $2.475 billion and $2.495 billion [15] - Management anticipates inflection points in profitability and growth initiatives by 2027 and 2028 [19][40] Other Important Information - The company repurchased approximately $32 million of common stock during the quarter and over $77 million in the past two quarters [6] - The board is evaluating an unsolicited non-binding proposal from Cintas, engaging independent financial and legal advisors [7][8] Q&A Session Summary Question: Timeline for achieving long-term objectives - Management expects steady improvement towards mid-single-digit organic growth and high-teens adjusted EBITDA margins by 2027 and 2028 [17][19] Question: New account growth and customer mix - New accounts are primarily from mid-size customers, with a focus on improving sales organization structure [29][30] Question: Impact of employment climate on growth - The employment situation has become incrementally more impactful, affecting existing account penetration [32] Question: Unchanged revenue guidance despite momentum - Management believes it is early in the year to make meaningful changes to guidance, despite positive top-line momentum [38] Question: ERP implementation status - The ERP project is ongoing, with core financial modules being prioritized this year and supply chain enhancements expected in 2027 [50][51]

Financial Data and Key Metrics Changes - Net sales increased by 2.1% to $348.6 million, driven by $18.4 million in inorganic sales from the acquisition of UW Solutions and favorable product mix, partially offset by lower volume primarily in metals [10] - Adjusted EBITDA margin decreased slightly to 13.2%, impacted by lower volume and price, as well as higher aluminum and health insurance costs [10] - Adjusted diluted EPS was $1.02, down year-over-year due to higher amortization and interest expense from the UW Solutions acquisition [11] Business Line Data and Key Metrics Changes - Metals segment net sales declined due to lower volume, but adjusted EBITDA margin improved to 13.5% driven by increased productivity and cost savings from Fortify Phase Two [11] - Services segment achieved its seventh consecutive quarter of year-over-year net sales growth, with adjusted EBITDA margin increasing to 9.7% due to lower incentive compensation expense [11] - Glass segment net sales increased slightly to approximately $71 million, driven by increased volume and favorable mix, though adjusted EBITDA margin moderated due to lower price and higher material costs [12] Market Data and Key Metrics Changes - Average aluminum prices rose approximately 13% from Q2 to Q3 and are up over 50% compared to the same quarter last year, impacting volume and margin [14] - Backlog for services ended the quarter at $775 million, down slightly from Q2 but up over 4% compared to Q3 of last year [11] Company Strategy and Development Direction - The company aims to become the economic leader in target markets with differentiated offerings and competitive cost structures, while also managing its portfolio through creative M&A opportunities [8] - The acquisition of UW Solutions is expected to contribute to market and geographical expansion, with fiscal 2026 expectations of $100 million in net sales and approximately 20% adjusted EBITDA margin [6] - The company is focused on operational excellence through the Apogee Management System (AMS) to drive productivity improvements and cost savings [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenging macroeconomic factors but believes the company is well-positioned due to operational excellence, cost-out execution, and a strong balance sheet [7] - The outlook for fiscal 2026 has been updated to expect net sales of approximately $1.39 billion and adjusted diluted EPS in the range of $3.40-$3.50, factoring in tariff impacts and cost headwinds [13] - Management anticipates continued margin pressure in the Metals and Glass segments due to competitive market dynamics and rising aluminum prices [14] Other Important Information - The company is expanding the scope of Project Fortify Phase Two to include further restructuring actions, primarily in Metals and corporate, to manage near-term headwinds [15] - The balance sheet remains strong with a consolidated leverage ratio of 1.4 times and no near-term debt maturities [13] Q&A Session Summary Question: What is the board looking for in new leadership? - The company is seeking someone with deep growth and operational excellence experience, particularly in M&A integration, with no change in strategic direction [18][19] Question: How is the updated outlook impacted by aluminum prices? - The primary issue is the continued increase in aluminum prices, which has led to margin pressures in both Metals and Glass segments [20][25] Question: What is the company's stance on M&A activity? - The M&A pipeline is robust, with successful integration of UW Solutions and ongoing efforts to identify new opportunities for growth [32][34] Question: How does the company view pricing discipline in the current market? - The company is focused on maximizing EBITDA dollar contribution while managing costs and maintaining pricing discipline in a competitive environment [40][41] Question: What are the near-term priorities for the company? - Key priorities include delivering results for the current year, expanding Project Fortify, and leveraging AMS for cost structure improvements [59][60]

Financial Data and Key Metrics Changes - Revenues increased to $621.3 million, up 2.7% from the prior year period [3][9] - Operating income decreased to $45.3 million from $55.5 million year-over-year [9] - Net income for the quarter decreased to $34.4 million, or $1.89 per diluted share, down from $43.1 million, or $2.31 per diluted share [9] - Consolidated Adjusted EBITDA was $82.8 million compared to $94 million in the prior year [9] - Effective tax rate increased to 26.9% from 25.6% in the prior year [9] Business Line Data and Key Metrics Changes - Uniform and Facility Service Solutions segment revenues increased to $565.9 million, with organic growth of 2.4% [10][11] - First Aid and Safety Solutions segment revenues grew by 15.3% to $30.2 million, driven by investments in the First Aid Van Business [5][12] - Other segment revenues decreased by 2.9% to $25.2 million due to anticipated project wind-downs [12][13] - Operating margin for Uniform and Facility Service Solutions was 7.4%, down from 8.8% in the previous year [11] Market Data and Key Metrics Changes - The employment climate has softened, affecting both rental and direct sale accounts [5][6] - Energy costs represented 4.1% of revenues in the first quarter [11] Company Strategy and Development Direction - The company is focused on investments in sales and service organizations to build a sustainable growth platform [3][4] - Key initiatives include operational excellence through the UniFirst Way, enhanced inventory management, and digital transformation [4][5] - The company is evaluating an unsolicited proposal from Cintas, engaging independent advisors to determine the best course of action [7][8] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the ongoing investments yielding measurable improvements in growth metrics [6] - The full-year fiscal 2026 guidance remains unchanged, with consolidated revenue expected between $2.475 billion and $2.495 billion [15] - Management anticipates steady improvement towards mid-single-digit organic growth and high-teens adjusted EBITDA margins by 2027-2028 [17][18] Other Important Information - The company repurchased approximately $32 million of common stock during the quarter and increased the common stock dividend [6] - Capital expenditures for the quarter were $38.9 million, with four first-aid businesses acquired for $14.9 million [14] Q&A Session Summary Question: Timeline for achieving long-term objectives - Management expects to see steady improvement towards mid-single-digit organic growth and high-teens adjusted EBITDA margins by 2027-2028, with significant milestones anticipated in the next 18-24 months [17][18] Question: New account growth and customer mix - New account growth is being driven by a tiered sales organization focusing on mid-size accounts, which has shown positive results [26][27] Question: Impact of employment climate on growth - The employment climate has become a headwind, but the company is making progress in product placements and customer retention [28][30] Question: Unchanged revenue guidance - Management feels positive about top-line momentum but believes it is too early to make meaningful changes to guidance due to economic weaknesses affecting customer purchasing [33][34] Question: ERP implementation status - The ERP project is ongoing, with foundational releases scheduled for this year and supply chain enhancements expected in 2027 [44][45]