Financial Performance Highlights - Birkenstock's FY25 revenue reached €2097 million, a 16% increase or 18% at constant currency[14,57] - Direct-to-Consumer (DTC) revenue was €795 million, up 11% or 12% at constant currency[14,57] - Business-to-Business (B2B) revenue grew by 20% or 21% at constant currency, reaching €1298 million[14,57] - Adjusted EBITDA increased by 20% to €667 million, with a margin of 318%, a 100 basis points increase[14,60] - Adjusted net profit rose by 44% to €346 million[14,62] - Adjusted EPS increased by 45% to €185[14,34] Regional Performance - Americas revenue reached €1086 million, up 15% or 18% at constant currency[17,57] - EMEA revenue was €785 million, a 14% increase at both reported and constant currency[17,57] - APAC revenue increased by 31% or 34% at constant currency, reaching €222 million[17,57] Financial Health - Net leverage decreased by 17% to 15x LTM Adjusted EBITDA[14,41] - Gross profit reached €1240 million with a margin of 591%, a 30 basis points increase[14,24] Outlook for FY26 - The company projects revenue to increase by 13-15% at constant currencies, targeting €2300-€2350 million[49,51] - Adjusted EBITDA is expected to be at least €700 million, with a margin of 300-305%[49,51]

Financial Performance - Total revenues reached $18.7 billion, a 5% increase in local currency[2] - Adjusted earnings per share increased by 10% to $3.94, excluding a $0.40 per share business optimization impact[3] - Adjusted operating margin increased by 30 bps to 17.0%, excluding a 170 bps business optimization impact[4] - Free cash flow was $1.5 billion[5] Revenue Breakdown - Consulting revenues were $9.4 billion, a 3% increase in local currency[3] - Managed Services revenues were $9.3 billion, a 7% increase in local currency[3] - Americas revenues were $9.1 billion, a 4% increase in local currency[2] - EMEA revenues were $6.9 billion, a 4% increase in local currency[2] - Asia Pacific revenues were $2.7 billion, a 9% increase in local currency[2] - Communications, Media & Technology revenues were $3.1 billion, an 8% increase in local currency[2] - Financial Services revenues were $3.6 billion, a 12% increase in local currency[2] Cash Return and Bookings - $1 billion was paid in dividends and $2.3 billion in share repurchases[5] - New bookings totaled $20.9 billion, reflecting 10% local currency growth, with a book-to-bill ratio of 1.1[5] AI and Ecosystem - Advanced AI bookings were $2.2 billion, with revenues of $1.1 billion, representing YoY growth of 76% and 120% respectively in USD[22] - Over 60% of revenue was driven by the top 10 ecosystem partners in Q1 FY26[11] Fiscal Year 2026 Outlook - Revenue growth in local currency is projected to be between 2% and 5%[8] - Adjusted earnings per share are expected to increase by 5% to 8% over FY25, reaching $13.52 - $13.90[8] - Free cash flow is projected to be between $9.8 billion and $10.5 billion[8] - At least $9.3 billion of cash is expected to be returned to shareholders, a 12% or $1 billion increase over FY25[29]

Investor Presentation NOVEMBER 2025 Forward-Looking Statements Historical financial and operating data in this presentation reflect the consolidated results of WD-40 Company and its subsidiaries (collectively, the "Company"). The Company markets maintenance products ("MP") under the WD-40®, 3-IN-ONE® and GT85® brand names. The WD-40 brand portfolio also includes the WD-40® Multi-Use Product, the WD-40 Specialist® and WD-40 BIKE® product lines. The Company markets the homecare and cleaning products ("HCCP") ...

Financial Data and Key Metrics Changes - The company achieved a 20% bit shipment growth in fiscal 2026, driven by efficiencies in existing fabs and node transitions [6][21] - Gross margin reached 68%, with expectations for gradual increases in the future due to strong demand and supply constraints [24][25][27] - Free cash flow margin was near 30% in the first quarter, with record-setting free cash flow reported [51][70] Business Line Data and Key Metrics Changes - DRAM pricing increased by 20% sequentially, while NAND pricing also saw significant growth [12][21] - The attach rate for high-capacity SSDs in AI servers is growing, with Micron leading in QLC workloads [18][19] Market Data and Key Metrics Changes - There is a substantial mismatch between supply and demand across all segments, including DRAM and NAND, with the data center segment seeing particularly high demand [13][14][30] - The company is experiencing challenges in meeting customer demand due to industry-wide supply constraints [13][57] Company Strategy and Development Direction - The company is focusing on diversifying its business across segments while prioritizing strategic customers [14][15] - Future growth is expected to tilt more towards the data center market, with ongoing investments in technology and capacity [15][56] Management's Comments on Operating Environment and Future Outlook - Management highlighted a generational change in technology driven by AI, which is expected to sustain demand for memory products [25][26] - The company is committed to maintaining technology leadership and ensuring adequate supply to meet customer needs [70][71] Other Important Information - The company plans to double construction CapEx from fiscal 2025 to 2026, indicating a strong commitment to expanding capacity [46][75] - The company has paid down $2.7 billion of debt in the first quarter and has returned to a net cash position [51][70] Q&A Session Summary Question: How has the company factored in bit shipments between NAND and Flash? - The company is working to increase bit supply and expects modest growth in bit shipments sequentially [6][7] Question: How does the company decide to allocate capacity between conventional DRAM and HBM? - The company is facing a significant demand-supply mismatch and is working to ensure adequate supply for all segments [13][14] Question: What is the outlook for gross margins moving forward? - Management indicated that gross margins could continue to rise due to strong demand and supply constraints [24][25][27] Question: How does the company manage wafer allocation between different product types? - The company can change wafer allocation within one process cycle time, but design stability is crucial for complex products like HBM [39][41] Question: What are the priorities for cash generation moving forward? - The company prioritizes reinvestment in the business, maintaining technology leadership, and strengthening the balance sheet [70][71]

Financial Data and Key Metrics Changes - The company reported a 20% bit shipment growth in fiscal 2026, driven by efficiencies in existing fabs and node transitions [7][8] - Gross margin reached 68%, with expectations for gradual increases in the future due to strong demand and operational efficiencies [25][28] - Free cash flow margin was near 30% in the first quarter, with plans to increase free cash flow throughout the year [52][70] Business Line Data and Key Metrics Changes - DRAM pricing increased by 20% sequentially, while NAND pricing also saw significant growth [13][22] - The attach rate for high-capacity SSDs in AI servers is growing, with Micron leading in QLC workloads [19][20] - SSD business exceeded $1 billion in the first quarter of 2026, with expectations for accelerated growth as supply chain issues are resolved [22] Market Data and Key Metrics Changes - Demand for both DRAM and NAND is substantially higher than supply, affecting all segments [14][15] - The company is experiencing a mismatch between supply and demand across all market segments, particularly in data centers [15][16] Company Strategy and Development Direction - The company is focusing on diversifying its business across segments while prioritizing strategic customers [15][16] - There is a shift towards data center products, with an emphasis on higher ROI segments [56] - The company plans to double construction CapEx from fiscal 2025 to 2026, indicating a strong commitment to expanding capacity [47][76] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand environment is expected to remain strong, with significant unmet demand across all segments [30][31] - The company is confident in its ability to sustain or expand margins due to favorable market conditions and operational efficiencies [28][70] Other Important Information - The company paid down $2.7 billion of debt in the first quarter and returned to a net cash position [52][70] - CapEx as a percentage of sales is expected to be in the mid-20s for the second quarter, down from below 35% in the first quarter [51] Q&A Session Summary Question: Bit shipments of DRAM and guidance for NAND and Flash - The company achieved a slight increase in bit shipments of DRAM and expects more growth in the second quarter, primarily driven by price [6][8] Question: DRAM pricing and capacity allocation - The company is unable to meet the demand for both conventional DRAM and HBM due to supply constraints, with a focus on strategic customer relationships [14][15] Question: Future gross margin expectations - Management indicated that gross margins could increase gradually, supported by strong demand and operational efficiencies [25][28] Question: HBM production and flexibility - The company is sold out for HBM, with significant unmet demand, and any increases in supply will not significantly impact overall demand [30][31] Question: CapEx breakdown and trends - The company plans to increase construction CapEx significantly, with a focus on expanding capacity in various locations [47][76] Question: Allocation decisions across markets - The company faces challenges in balancing allocation across different markets, ensuring support for strategic customers while optimizing for gross margin [66][68]

Financial Data and Key Metrics Changes - The company reported a 20% growth in bit shipments for fiscal 2026, driven by efficiencies in existing fabs and node transitions [6][20] - Gross margin reached 68%, with expectations for gradual increases in the future due to strong demand and supply constraints [23][24] Business Line Data and Key Metrics Changes - DRAM pricing increased by 20% sequentially, while NAND pricing also saw significant growth [12][24] - The attach rate for high-capacity SSDs in AI servers is growing, with the company leading in QLC workloads [17][20] Market Data and Key Metrics Changes - Demand for both DRAM and NAND is substantially higher than supply, creating challenges in meeting customer needs across all segments [13][14] - The company is experiencing a significant mismatch between supply and demand, particularly in the data center market [14][30] Company Strategy and Development Direction - The company is focusing on diversifying its business across segments while prioritizing strategic customers for long-term deals [14][15] - Future growth is expected to tilt more towards the data center segment, with ongoing investments in technology and capacity [15][50] Management Comments on Operating Environment and Future Outlook - Management highlighted the ongoing structural supply constraints and the positive long-term demand driven by AI technology [24][25] - The company is optimistic about sustaining or expanding margins due to strong market conditions and effective cost management [25][26] Other Important Information - The company plans to double construction CapEx from fiscal 2025 to 2026, indicating a strong commitment to expanding capacity [41][45] - Free cash flow margin was near 30% in the first quarter, with plans to continue paying down debt and potentially increasing dividends [46][62] Q&A Session Summary Question: DRAM and NAND bit shipments growth - The company confirmed a slight sequential increase in DRAM bit shipments and expects more growth in the second quarter, primarily driven by pricing [5][7] Question: DRAM pricing and capacity allocation - Management noted that the aggregate demand for DRAM and NAND is significantly higher than supply, complicating capacity allocation decisions [12][13] Question: Future gross margin expectations - Management indicated that while gross margins are at record levels, they expect gradual increases moving forward, influenced by strong demand and supply constraints [23][24][26] Question: HBM production and flexibility - The company stated that it is sold out for HBM based on current agreements, with significant unmet demand remaining [29][30] Question: CapEx breakdown and trends - Management did not provide specific breakdowns for 2027 but indicated that total CapEx will increase compared to 2026, with a focus on construction and equipment [40][41] Question: Allocation decisions for different markets - The company emphasized the difficulty in balancing allocation across various markets, ensuring support for strategic customers while optimizing for gross margin [57][59] Question: Cash generation priorities - The company plans to prioritize reinvestment in the business, maintaining technology leadership, and managing the balance sheet effectively [60][62]

Summary of CVB Financial and Heritage Commerce Corp Merger Conference Call Company and Industry - **Companies Involved**: CVB Financial Corporation and Heritage Commerce Corp - **Industry**: Banking, specifically focused on business banking Core Points and Arguments 1. **Merger Announcement**: The call discusses the definitive merger agreement between CVB Financial Corporation and Heritage Commerce Corp, marking a significant strategic acquisition for CVB Financial [2][4] 2. **Strategic Importance**: This merger is described as the largest by asset size in CVB's history, aimed at expanding into the Bay Area, a key strategic objective [4][5] 3. **Financial Projections**: - Projected return on average assets for 2027 is 1.5% - Projected return on average tangible common equity is approximately 17% [4] - Expected earnings per share (EPS) accretion of 13.2% in 2027 and an internal rate of return above 20% [5][7] - Anticipated tangible book value dilution of 7.7% with a projected earnback of 2.5 years [5][8] 4. **Transaction Details**: - The merger is a 100% stock deal with a fixed exchange ratio of 0.65 CVBF shares for each Heritage share - Total deal value is approximately $811 million based on recent stock prices [8] - Pricing multiples are 12.6 times 2027 EPS and 1.51 times Heritage's tangible book value [9] 5. **Cost Savings and Synergies**: Expected to achieve approximately 35% cost savings, with potential revenue synergies not yet modeled into financial metrics [9] 6. **Capital Position**: Pro forma company estimated to have a Common Equity Tier 1 (CT1) ratio of 14.6% at close, allowing for continued capital returns to shareholders through dividends and share repurchases [10] Additional Important Insights 1. **Cultural Fit**: Both companies share a similar culture focused on small and medium business customers, emphasizing pristine credit quality and low-cost deposits [6] 2. **Integration Strategy**: The management teams from both banks have extensive experience in mergers, and there is a strong commitment to ensuring a smooth integration process [29][31] 3. **Market Opportunities**: The merger is expected to enhance the ability to compete with larger banks, particularly in the Bay Area, by leveraging a larger balance sheet and expanded product offerings [55] 4. **Credit Quality**: Both banks have a strong credit culture, and due diligence revealed that Heritage's credit quality aligns well with CVB's standards [45][47] 5. **Future M&A Appetite**: Post-integration, the management will evaluate future M&A opportunities, but the immediate focus will be on successfully merging the two organizations [14][36] This summary encapsulates the key points discussed during the conference call regarding the merger between CVB Financial and Heritage Commerce Corp, highlighting the strategic, financial, and operational aspects of the transaction.

Financial Data and Key Metrics Changes - Adjusted earnings per share for the second quarter were $0.43, exceeding expectations, reflecting stronger-than-expected sales and gross margin performance [13] - Consolidated net sales for the quarter were $955 million, down 1.6% year over year on a reported basis and 2.5% lower organically [13] - Consolidated gross margin was 39%, including approximately $1 million in net tariff-related costs [14] - Operating cash flow generated was $65 million, with liquidity at $548 million [14] Business Line Data and Key Metrics Changes - North America contract segment net sales were $509 million, down 3.1% year over year, with orders increasing to $507 million, up 4.8% from the prior year [16] - International contract segment net sales were $171 million, down 6.3% on a reported basis, with orders rising to $162 million, up 6.6% [17] - Global retail segment net sales were $276 million, up 4.7% on a reported basis, with orders improving to $304 million, up 6% year over year [18] Market Data and Key Metrics Changes - Orders in North America retail increased 8%, with comparable sales growth also up 8% [6] - During the holiday cyber promotional period, orders rose 12% compared to the same period last year [7] - Total healthcare orders were up 5% year to date, indicating strong demand in resilient sectors [10] Company Strategy and Development Direction - The company is focused on expanding its retail footprint, delivering innovative products, and deepening customer engagement globally [5] - Plans to open 14-16 new stores in the US for the full fiscal year, aiming to double the DWR and Herman Miller store footprint over the next several years [8] - The strategy includes leveraging supply chain strength, with approximately 70% of North America retail's cost of goods sourced from the U.S. [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism based on solid order growth across all segments and encouraging signals in the market [11] - The return-to-office trend is positively impacting demand for commercial real estate and contract furniture [10] - Management highlighted the importance of innovation and partnerships in driving future growth [11] Other Important Information - The company announced the consolidation of its Muskegon, Michigan facility, expected to deliver $10 million in annual run rate savings by fiscal 2028 [15] - The company is focused on maintaining a strong balance sheet while balancing investments and growth [15] Q&A Session Summary Question: Insights on second quarter performance and expectations - Management noted that gross margin exceeded expectations due to channel and product mix, along with effective pricing realization [22][23] Question: Order trends and pipeline insights - Orders were consistent across all businesses, with mid-single-digit growth observed in the first weeks of the new quarter [24][25] Question: Geographic and industry strength - Strong demand was noted in the Bay Area, Southern California, and the Northeast Coast, with energy and professional services industries being particularly active [27] Question: Impact of AI on demand - Management indicated that while the impact of AI on workspaces is still minimal, future productivity gains are anticipated [29] Question: Expectations for the contract business in Q3 - Orders in North America contract were up about 5% on an organic basis, with expectations of continued mid-single-digit growth [34] Question: Retail growth drivers - Brand awareness and store openings were highlighted as key factors driving retail growth, with marketing spend remaining consistent year over year [39][40] Question: Roadmap for doubling store count - Plans to open 14-16 stores annually were confirmed, with expectations of improved operating income from new store investments in the upcoming fiscal year [49][50]

Financial Data and Key Metrics Changes - Gross profit improved to 29.2% in fiscal year 2025 compared to 28% in the prior fiscal year, driven by higher revenue and favorable manufacturing overhead rates [2] - Operating income increased by $2.3 million, or 47.9%, to $7.1 million in fiscal year 2025 from $4.8 million in fiscal year 2024 [3] - Net income applicable to common shareholders rose to $5.1 million in fiscal year 2025 from $3.8 million in fiscal year 2024, an increase of $1.3 million [3] - Adjusted EBITDA increased by $2.3 million to $8 million during the 12 months ended September 28, 2025, compared to $5.7 million in the prior year [4] Business Line Data and Key Metrics Changes - The company booked $36.2 million in new orders during the 12 months ended September 28, 2025, a 0.5% decrease from $36.4 million in the prior year [4] - Backlog as of September 28, 2025, was $39.1 million, down from $44.2 million as of September 29, 2024 [4] Market Data and Key Metrics Changes - Reduced demand attributed to delays in government contracts, including ARC3 Abrams replenishment contracts and the BNVG Night Vision Goggle program, impacting orders in the last three months of fiscal year 2025 [5] Company Strategy and Development Direction - The company aims to continue double-digit growth while exploring new opportunities, including the production of the Lightweight Transit and driver periscope assembly for the XM30 [11] - A strategic review identified key personnel and equipment to enhance product capabilities in reticles, coatings, and optical assembly [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about resolving government funding issues by the end of January 2026, despite current uncertainties [5] - The transition of leadership from Danny Schoening to Chad George was described as well-planned, with a focus on maintaining business performance [12][16] Other Important Information - Danny Schoening resigned as CEO, with Chad George appointed as his successor effective December 20, 2025, while Schoening remains as Chairman of the Board [6][7] Q&A Session Summary Question: Concerns about the transition period following the CEO's departure - Management clarified that the transition was planned over several months, ensuring a smooth handover of responsibilities [15][16]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $32.6 million, reflecting a 432% increase year-over-year and a 101% increase sequentially compared to Q2 2025 [4][18] - Adjusted EBITDA improved sequentially to negative $19.2 million, a $500,000 improvement from Q2 2025 [22] - The company expects revenue to exceed $180 million in fiscal year 2026, with a commitment to achieve positive adjusted EBITDA by the end of Q4 2026 [4][29] Business Line Data and Key Metrics Changes - Platform revenue totaled $19.8 million, up 127% sequentially, driven by strong advertising revenue from Masterworks [20] - Platform Solutions revenue was $12.7 million, up 71% sequentially, supported by strong performance from Masterworks and Midwestern [20][22] - The company anticipates that the acquisition of Westfall Gold will contribute approximately $20 million in revenue in fiscal year 2026 [12][29] Market Data and Key Metrics Changes - The company secured 20 customers expected to contribute over $1 million in annual contract revenue, indicating strong customer momentum [15] - The total addressable market for network capability providers is estimated to be around $60 billion, indicating significant growth potential [58] Company Strategy and Development Direction - Gloo aims to build a leading technology platform serving the faith and flourishing ecosystem, focusing on both churches and network capability providers [5][6] - The company is committed to leveraging strategic acquisitions to enhance its offerings and deepen its market presence [8][29] - Gloo is developing vertical-specific, values-aligned AI capabilities to serve the unique needs of its ecosystem [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand across the platform and the positive trajectory of revenue growth [4][25] - The company is focused on building a scalable business while managing costs responsibly, with expectations for significant sequential improvement in adjusted EBITDA starting in Q1 2026 [29][30] - Management highlighted the importance of maintaining discipline in M&A activities to ensure strategic alignment and profitability [78][79] Other Important Information - The company has recently closed two acquisitions, Igniter and XRI Global, which are expected to enhance its capabilities and revenue potential [8][12] - Gloo's IPO added approximately $72.3 million to its balance sheet, significantly strengthening its financial position [24] Q&A Session Summary Question: Can you walk through what the $1 million customers are buying? - Management indicated that the $1 million customers are primarily utilizing Gloo 360 for advanced technology infrastructures and Masterworks for donor engagement [34][35] Question: What factors affect the speed of revenue realization from these deals? - Management noted that proof points in various categories have accelerated deal closures, leading to faster revenue realization [37][38] Question: How much synergy realization is expected from recent acquisitions? - Management stated that synergy realizations will play a significant role in achieving profitability, with ongoing efforts to integrate and optimize across acquisitions [40][42] Question: What investments are being made in Gloo 360? - Management highlighted investments in sales capacity, staff integration from acquired companies, and targeted capabilities in SaaS applications and AI [46][48] Question: How should growth from upsell and conversion be viewed for 2026? - Management indicated a balanced approach between upselling existing customers and acquiring new customers, with a focus on organic growth [67][71]