Financial Data and Key Metrics Changes - In 2025, the company closed $4.3 billion in new transactions, an increase of 87% compared to 2024, with a growing pipeline from over $5.5 billion at the end of Q1 to over $6.5 billion at the end of 2025 [6][10] - Adjusted EPS growth was 10.2% in 2025, reaching $2.70 per share, while adjusted recurring net investment income increased by 25% to $362 million [17][18] - Adjusted ROE rose by 70 basis points to 13.4% in 2025, with incremental ROE exceeding 19% [18][13] Business Line Data and Key Metrics Changes - The company reported a significant increase in investment volumes, with $3.6 billion retained on the balance sheet, up approximately 140% year-over-year from $1.5 billion in 2024 [9] - The residential solar and storage sector continues to thrive, with a joint venture totaling $500 million with Sunrun, reflecting strong demand for affordable and resilient energy solutions [14] - The grid-connected business is benefiting from a growing renewables pipeline, primarily driven by solar and storage, which now exceeds $230 billion [11] Market Data and Key Metrics Changes - The underlying demand for power and the cost-effectiveness of the company's asset classes have created an attractive investing environment, with PPA rates increasing more than 40% over the past three years [10] - Renewables now comprise 99% of the projected capacity additions in 2026, indicating a strong market trend towards sustainable energy [11] Company Strategy and Development Direction - The company aims to enhance capital efficiency and profitability, with a focus on recycling capital to reduce the payout ratio to below 50% by 2028 and below 40% by 2030 [16] - The strategy includes expanding equity commitments in CCH1 and leveraging new funding sources to optimize returns and reduce reliance on new equity issuance [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing ability to achieve profitability objectives, with a three-year guidance extending to 2028, expecting adjusted EPS in the range of $3.50-$3.60 [15][16] - The company noted that while 2026 guidance is not explicitly provided, the strong pipeline and transaction closings suggest continued growth [32] Other Important Information - The company achieved a record of 1.7 million metric tons of avoided annual CO emissions from new investments in 2025, contributing to a total of 10 million metric tons avoided to date [24] - Significant investments in talent and technology have been made to position the business for further scale, exceeding $16 billion in managed assets [25] Q&A Session Summary Question: Outlook for 2028 and growth above 10% CAGR - Management highlighted the importance of management credibility and pathways to exceed guidance through increased volume and better yields [28][29] Question: Immediate outlook for 2026 - Management indicated that while they do not expect to reach $4.3 billion in transactions again, they anticipate being higher than historical closings [33] Question: Change in guidance strategy - The switch to nominal EPS guidance allows for more precise adjustments in future quarters, reflecting increased confidence in the business [39] Question: Impact of PPA renegotiations on earnings - Management noted that positive renegotiations of PPAs could lead to higher EPS than current guidance, as these renegotiations improve long-term cash flows [73][76] Question: Approach to data center financing - Management is evaluating potential roles in the data center ecosystem, recognizing the indirect involvement through demand-driven projects [81][82]

Financial Data and Key Metrics Changes - Revenue for Q1 2026 was $15.5 million, a 39% increase from $11.1 million in the prior year [12] - Gross margins improved to 32.9%, up 240 basis points from 30.5% in the previous year [12] - Operating profit increased to $1.4 million from an operating loss of $0.2 million in the prior year [13] - Net profit for the quarter was $1 million, a significant increase from a net loss of $0.4 million in the prior year [14] - Adjusted EBITDA was $2 million, a 265% increase from $0.5 million in the prior year [15] - Positive cash flow from operations was $1.7 million, compared to cash used in operating activities of $0.3 million in the prior year [15] - Total debt increased to $27.3 million from $15.3 million in the prior year, with working capital debt decreasing to $10.9 million [16] Business Line Data and Key Metrics Changes - The core material handling vertical showed strong progress, with new OEM integrated high-voltage battery systems scheduled for commercial deliveries in March 2026 [7] - Deliveries were made to a global defense contractor for a new vehicle platform, indicating growth in the defense sector [7] - Robotics is viewed as a high-growth vertical, with commercial deliveries of modular 48-volt battery systems initiated in January [8] Market Data and Key Metrics Changes - A Japanese subsidiary was established to support growing demands in Japan and the Asia Pacific region [8] - The company is seeing encouraging interest across multiple verticals, including automation, robotics, and energy storage for data centers [8] Company Strategy and Development Direction - The company aims to expand manufacturing capacity in Jamestown, New York, and develop next-generation products and technologies [7] - The focus is on maintaining profitability while exploring new market verticals and enhancing product offerings [18] - The company plans to launch new products for Class Three material handling vehicles and next-generation software solutions at MODEX 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining strong margins and profitability into fiscal 2026 and beyond [14] - The company reaffirmed its revenue guidance of 30% growth for fiscal 2026, despite historical seasonality in Q1 [18] - Management highlighted the potential for increased revenue from airport ground support equipment and other new product developments [65] Other Important Information - The company raised gross proceeds of $28 million from an equity issuance, enhancing its financial foundation for expansion [16] - The company is transitioning to a U.S. domestic filer under SEC rules, which may broaden its investor base and improve trading liquidity [18][19] Q&A Session Summary Question: Update on customer sales funnel velocity - Management indicated that large Fortune 100 and 500 companies dominate the customer base, with good visibility on demand for the fiscal year [24] Question: Progress on stationary storage project pilots - Management confirmed pilots are scheduled, including a government-backed project, with discussions ongoing for energy storage systems [28] Question: Expected revenue contribution from defense sector - Management expects robotics to be the second-largest revenue driver, with defense also contributing meaningfully [32] Question: CapEx outlook and workforce hiring for Jamestown - Management anticipates significant CapEx spending in Q2 and Q3, with ongoing hiring of experienced personnel for the Jamestown facility [53][54] Question: Revenue contribution from Jamestown facility - Cell manufacturing is expected to start contributing in fiscal 2027, while battery systems may generate revenue in Q4 of fiscal 2026 [57] Question: Impact of semiconductor costs on margins - Management noted that input material price variations have a nuanced impact on margins, with no significant issues reported [84][87] Question: Military spending contribution to revenue - Management indicated that defense margins are expected to be higher, but scaling in volume may be slow due to qualification processes [89]

Financial Data and Key Metrics Changes - For 2025, the company reported total revenue of $673 million, representing a 20% growth over 2024, exceeding the upper end of guidance [11] - The net loss for the year was $575 million, or $5.83 per share, with cash, cash equivalents, and marketable securities totaling $738 million as of December 31 [12] - Guidance for 2026 expects total revenue between $730 million and $760 million, reflecting an 8%-13% growth over 2025 [12][13] Business Line Data and Key Metrics Changes - Crysvita contributed $481 million in revenue, with a 17% growth over 2024, while Dojolvi generated $96 million, representing a 9% growth [11] - Evkeeza saw significant growth of 84% over 2024, contributing $59 million, and Mepsevii contributed $37 million [11] - The company anticipates Crysvita revenue in 2026 to be between $500 million and $520 million, with Dojolvi expected to generate between $100 million and $110 million [13] Market Data and Key Metrics Changes - The commercial business delivered a significant 20% year-over-year growth in 2025, with treatments now available in over 35 countries [8] - In Latin America, Crysvita's business is anchored in Brazil and Argentina, with solid reimbursement growth in Mexico and Colombia [17] - Dojolvi continues to grow steadily in the U.S. and EMEA, with recent regulatory wins in Kuwait and the U.K. [18] Company Strategy and Development Direction - The company is focused on achieving profitability by 2027 through a strategic restructuring plan that includes a 10% workforce reduction and realignment of resources towards high-impact opportunities [9][10] - The company aims to launch three additional treatments over the next two years while continuing to grow its existing commercial products [10][24] - The strategic restructuring will allow the company to maintain a diversified pipeline, not solely focused on gene therapy [54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming year, highlighting key inflection points with potential approvals in MPS IIIA and glycogen storage disease type Ia, as well as pivotal data readouts in Angelman syndrome [4][20] - The management acknowledged the challenges posed by the FDA's incomplete response letter regarding UX111 but emphasized their commitment to providing the necessary documentation for resubmission [7][52] - The company remains optimistic about its ability to deliver meaningful growth and reach profitability, supported by a strong commercial infrastructure and ongoing product launches [20][42] Other Important Information - The company has implemented a strategic restructuring plan to reduce operating expenses and align resources with high-impact opportunities, aiming for profitability in 2027 [9][10] - The company expects R&D and SG&A expenses to decrease significantly in 2027, driven by the completion of clinical studies and reduced early-stage research efforts [15] Q&A Session Summary Question: Can you explain the choice of cognition as the primary endpoint for the Angelman study? - The decision was based on the fundamental nature of cognition and its interrelation with communication, with a focus on a broader assessment through the Multidomain Responder Index [27][28] Question: What is the baseline profile of patients in the Angelman study? - The baseline data from the phase 2 trial is reflective of the phase 3 program, and the company is comfortable with the comparability of the cohorts [33] Question: How does the company plan to achieve profitability in 2027? - The pathway to profitability includes continued growth from existing products, cost reductions, and contributions from upcoming launches [38][40] Question: What is the status of the DTX-301 program? - The DTX-301 program is ongoing, with data expected to be released this year [49] Question: Can you provide an update on the UX111 program and the IRL received? - The company is preparing to provide comprehensive documentation to address the IRL issues and is committed to resubmitting the BLA [52][53]

Financial Data and Key Metrics Changes - In Q4 2025, Roku achieved platform revenue growth of 18%, surpassing $1.2 billion, with Adjusted EBITDA of $169 million and net income of $80 million, all records for the company [11][12] - For the full year, platform revenue also grew 18%, with Adjusted EBITDA of $421 million, representing a margin expansion of 255 basis points, and free cash flow of $484 million, over 100% year-over-year growth [12][13] - The outlook for Q1 2026 indicates platform revenue growth of over 21% and 18% for the full year, with full-year adjusted EBITDA guidance of $635 million, representing over 50% year-over-year growth [12][13] Business Line Data and Key Metrics Changes - The advertising segment saw deepened integration with leading demand-side platforms, enhancing measurement and performance capabilities, contributing to the overall revenue growth [9][10] - Q4 2025 was the biggest quarter ever for premium subscription net adds, with plans to add more tier one partners and roll out bundles [9][10] Market Data and Key Metrics Changes - Roku is positioned in over half of U.S. broadband households, with nearly half of all TV streaming occurring on its platform, indicating strong market penetration [18][92] - Internationally, Roku is focusing on monetization in Canada and Mexico, where it has significant scale, while still building scale in Brazil and other Latin American countries [42][44] Company Strategy and Development Direction - Roku's strategy includes broadening and diversifying retail distribution, optimizing investments across retail and OEM partners, and expanding its licensing agreements with major TV manufacturers [15][17] - The company is leveraging AI to enhance content discovery, engagement, and monetization opportunities, viewing it as a significant opportunity rather than a disruptor [24][26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit platform revenue growth while continuing to grow profitability, with a strong focus on operational efficiency and maintaining low cash taxes due to a deferred tax asset [13][19] - The company anticipates that international markets will become a larger percentage of overall platform revenue over time, with ongoing efforts to monetize subscriptions and advertising [44][46] Other Important Information - Roku has a strong free cash flow position, with plans to achieve over $1 billion in free cash flow by the end of 2028 [13][19] - The company is actively investing in its advertising platform, including the launch of Ads Manager, which targets small and medium-sized businesses [66][70] Q&A Session Summary Question: Can you help bridge the Q1 revenue outlook of over 21% growth to the full year outlook of about 18% growth? - Management explained that Q1 has an easier comp from the previous year and includes the full benefit of the Frndly acquisition, with stronger visibility into Q1 compared to the second half of the year [14][15] Question: Can you comment on your retail distribution strategy for 2026? - Management stated that they are focused on broadening retail distribution and optimizing investments, with expansions at Best Buy and Target, and plans to increase sales of first-party TVs after shifting production to Mexico [15][17] Question: How do you think AI could impact the streaming landscape? - Management expressed excitement about AI reducing content costs, which would increase engagement on the platform, and highlighted its integration across the technology stack to improve discovery and monetization [24][26][28] Question: How is the third-party ad demand partnership with Amazon impacting the business? - Management indicated that it is early days for the Amazon partnership, but they are optimistic about its potential as it ramps up, and they are integrating with multiple DSPs to enhance performance [33][35] Question: Can you discuss the international viewership and monetization opportunities? - Management noted that they are seeing scale in Canada and Mexico, with a focus on monetization strategies, while Brazil is still in the scale-building phase [42][44] Question: How do you think about the balance between performance-oriented advertising and maintaining high-quality advertisers? - Management emphasized their ability to serve both high-end clients and performance-oriented advertisers, leveraging their unique position in the CTV landscape [62][66]

Financial Data and Key Metrics Changes - Total revenue for Q2 fiscal 2026 was $11.8 million, a slight decrease from $11.9 million in Q2 fiscal 2025 [7] - Platform subscription revenue increased by approximately 14% to $5.2 million, driven by a net increase of 47 platform deployments [7] - Annual recurring revenue (ARR) reached $21.8 million, up 14% year-over-year, with B2B ARR at approximately $15.3 million and B2C ARR at about $6.4 million [7][8] - Gross profit for the quarter was $6.2 million, a 6% increase from the prior year, with a gross margin of 52.4%, reflecting a 350 basis point improvement [9] - Net income for the quarter was $547,000, or $0.02 per diluted share, compared to a net loss of $2 million in the prior year [11] Business Line Data and Key Metrics Changes - The B2B segment saw strong results in ARR bookings and net ARR bookings, with 47 net new deployments [5] - Transaction revenue for Q2 was $6.6 million, down from $7.3 million in the prior year, primarily due to churned accounts and volume reductions from larger customers [8] - The platform business recorded a gross margin of 88.1%, a 160 basis point increase compared to the prior year [10] Market Data and Key Metrics Changes - The total active customer count decreased to 1,321 from 1,384 year-over-year [8] - The company experienced increased competition in the B2C segment, impacting growth and conversion rates [4][8] Company Strategy and Development Direction - The company is focusing on B2B annual and multiyear agreements as the primary growth driver, while also making product and sales process improvements [5] - There is a strategic shift towards API and AI integration, evolving from a document delivery company to an answers and access platform [20][25] - The company aims to leverage its unique capabilities in data and rights management to support AI tools and enhance research efficiency [17][30] Management's Comments on Operating Environment and Future Outlook - Management expects continued pressure in B2C and transaction segments but anticipates stronger performance in B2B and overall profitability in the second half of the fiscal year [14][16] - The company is optimistic about its ability to grow cash balances while funding obligations from operating cash flow [12][14] - Management acknowledges the potential disruption from AI but believes their unique data capabilities will provide a competitive advantage [16][30] Other Important Information - The company has no outstanding borrowings on its revolving line of credit, providing additional balance sheet flexibility [13] - Cash flow from operations was $1.4 million, a 35% increase from the previous year, reflecting higher profitability and disciplined working capital management [12] Q&A Session Summary Question: Can you discuss the pipeline for B2B deals? - The pipeline has grown consistently, with many deals now being API integrations with larger customers, resulting in larger contracts [32] Question: What are the trends in B2C business? - There is increased competition in digital marketing, leading to lower conversion rates from trials to subscribers [33][34] Question: What are the top priorities for improvement? - Focus areas include operating expense management, understanding churn causes, and working capital management [38] Question: How is AI being utilized internally? - AI is being leveraged for software development and productivity improvements, enhancing efficiency across teams [44][50] Question: What is the market opportunity for infrastructure sales? - The ASP for infrastructure sales could be 20%-30% higher, with new pricing models being explored [53] Question: How is the relationship with smaller publishers developing? - There is a growing interest from smaller publishers in rights deals, with ongoing discussions to enhance collaboration [76][78]

Financial Data and Key Metrics Changes - In 2025, the company achieved nearly $5,500 improvement in average sales price year-over-year due to the introduction of second generation R1 quad models and increased base prices for the 2026 model year [11] - The automotive cost of goods sold per unit improved by approximately $9,500 year-over-year due to material cost reductions and operational efficiencies [11] - The company reported over $1.3 billion improvement in full year gross profit, marking 2025 as the first full year of positive gross profit [12] - Consolidated revenues for Q4 were approximately $1.3 billion, with a gross profit margin of 9% [14] - Adjusted EBITDA losses for Q4 were -$465 million, a $137 million improvement from Q3 2025 [14] Business Line Data and Key Metrics Changes - In Q4, the company produced 10,974 vehicles and delivered 9,745 vehicles, generating $839 million in automotive revenue [14] - Automotive gross profit for Q4 was -$59 million, a $71 million improvement from Q3 2025 due to a higher mix of commercial vans [15] - The software and services segment reported $447 million in revenue and $179 million in gross profit, with 60% of this revenue attributable to the joint venture with Volkswagen Group [15] Market Data and Key Metrics Changes - The R1S was the best-selling premium electric vehicle priced above $70,000 in several states, including California and New York [5] - The company anticipates delivering between 62,000-67,000 total vehicles across R1, R2, and commercial vans in 2026, with quarterly deliveries expected to be approximately 9,000-11,000 in the first half of 2026 [16] Company Strategy and Development Direction - The company aims to scale its business with the launch of R2, targeting the mass market and driving automotive segment growth and profitability [11] - The R2 vehicle is designed to provide a compelling alternative in the mid-size SUV market, priced around or below $50,000 [6] - The company is focused on developing its autonomy platform and plans to launch new features, including point-to-point navigation, by the end of the year [81] Management Comments on Operating Environment and Future Outlook - Management believes 2026 will be a transformational year for automotive gross profit, with expectations of positive gross profit for R2 and overall automotive segment by year-end [22] - The company is confident in the demand for R2, citing a lack of high-quality choices in the mid-size SUV segment [27] - Management acknowledges potential challenges in ramping production but is focused on coordinating with the supply chain to meet demand [46] Other Important Information - The company ended 2025 with approximately $6.1 billion in cash and equivalents, expecting an additional $2 billion from the Volkswagen joint venture in 2026 [15][40] - Capital expenditures for 2026 are expected to be between $1.95 billion and $2.05 billion, related to R2 construction and infrastructure development [18] Q&A Session Summary Question: What is the expected cadence for vehicle deliveries in 2026? - Management expects first deliveries of R2 to begin in Q2 2026, with a gradual ramp-up in the second half of the year [21] Question: Is there confidence in demand for R2 before the new ADAS platform is available? - Management is confident that the demand for R2 will remain strong despite the absence of the new hardware at launch [28] Question: What is the outlook for the Volkswagen relationship and potential licensing deals? - The Volkswagen relationship is progressing well, with ongoing winter testing and potential for future collaborations with other manufacturers [31] Question: How will the company manage hiring for the second and third shifts? - The hiring process is on track, with sufficient candidates available, and training programs are in place to prepare new hires [74] Question: What are the expectations for working capital flows during the R2 ramp? - Working capital is expected to be an outflow in 2026 due to inventory buildup associated with R2 [83]

Financial Data and Key Metrics Changes - In fiscal year 2025, total revenue was $531.8 million, up 24% year-over-year [7][18] - Q4 total revenues reached $145.3 million, a 25% increase year-over-year [18] - Cloud revenue for 2025 was $243.3 million, representing 45% year-over-year growth [7][19] - Q4 cloud revenues grew to $70.2 million, up 42% year-over-year, accounting for 48% of total revenues [18][19] - Gross profit in Q4 was $121.6 million, with a gross margin of 83.7% [22] - Non-GAAP earnings per share for 2025 was $0.82, a 26% increase year-over-year [23] Business Line Data and Key Metrics Changes - Greater than $1 million customers grew to 74%, a 42% year-over-year increase [7] - Customers spending more than $100,000 annually increased to 1,168, a 15% year-over-year growth [7] - Security Core products represented 16% of ending remaining performance obligation (RPO), up from 12% the previous year [11][21] - Security Core revenue was 7% of total revenues for 2025, with significant growth in customer adoption [20] Market Data and Key Metrics Changes - JFrog's customer count in fiscal year 2025 was approximately 6,600 [21] - The company reported a net dollar retention rate of 119%, indicating strong customer commitment [21] - The company ended 2025 with $704 million in cash and short-term investments, compared to $522 million at the end of 2024 [24] Company Strategy and Development Direction - JFrog aims to be the foundational infrastructure for software delivery in an AI-driven world, focusing on security and governance of software supply chains [8][10] - The company is expanding its product portfolio and building partnerships with leading companies to enhance value for enterprise customers [6][7] - JFrog is committed to transitioning customers from on-premises solutions to cloud-based offerings, aligning with market trends [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the pipeline and a stabilized purchasing environment as they enter 2026 [25] - The company anticipates full-year 2026 baseline cloud growth to be in the range of 30%-32% [26] - Management highlighted the increasing threat environment as a driver for sustained customer adoption of security solutions [12][40] Other Important Information - JFrog's cash flow from operations for the full year 2025 was $145.7 million, with a free cash flow margin of 27% [24] - The company is focused on disciplined spending while investing in innovation across its platform [26] Q&A Session Summary Question: Customer count transition and focus on larger customers - Management confirmed a strategy focused on larger enterprise customers, resulting in a decrease in lower ASP customers while increasing spending from larger clients [36][37] Question: Structural growth drivers from security incidents - Management acknowledged the increasing frequency of security incidents as a structural growth driver, emphasizing the need for robust security solutions [40][42] Question: Revenue parallels from security incidents - Management indicated that potential revenue growth correlates with the number of enterprise customers adopting JFrog Security, highlighting multiple avenues for growth [45] Question: Consumption trends from AI-driven deployments - Management noted a significant increase in software artifacts and binaries due to AI-driven development, indicating a growing need for JFrog's solutions [49][50] Question: Governance and regulatory pressure in AI adoption - Management confirmed that JFrog's AppTrust is designed to address governance challenges arising from AI and automated code generation [54][55] Question: Partnerships with NVIDIA and Hugging Face - Management highlighted that partnerships with NVIDIA and Hugging Face validate JFrog's position as a secure model registry and are expected to drive new customer acquisitions [71][72]

Financial Data and Key Metrics Changes - Total revenue for 2025 was $249.3 million, with subscription revenue representing 53% of total revenue, up from 45% in 2024 [12][13] - In Q4 2025, total revenue was $55.3 million, a 22.1% year-over-year decline, with subscription revenue at $28.8 million, down 22% year-over-year [13][14] - Adjusted EBITDA for Q4 was a loss of $10.3 million, an improvement from a loss of $12.7 million in Q3 2025 and a 55% improvement from $22.8 million in Q4 2024 [16] - Net loss for Q4 was $25.2 million, compared to $30.7 million in Q3, representing a 43.5% improvement year-over-year [16] Business Line Data and Key Metrics Changes - Amwell Medical Group (AMG) visit revenue was $23.7 million in Q4, down 18.7% year-over-year, with paid AMG visits flat at approximately 340,000 [14] - Total platform visits were 1 million in Q4, down 28.4% year-over-year from 1.4 million visits in Q4 2024 [14] Market Data and Key Metrics Changes - The healthcare landscape is shifting towards operational efficiency, with payers and health systems pursuing platform consolidation and automation [3][4] - The Medicare population is aging, pharmacy costs are surging, and clinician shortages are worsening, creating a demand for technology-enabled care [4][5] Company Strategy and Development Direction - The company has focused exclusively on offering a tech platform, transitioning from a telehealth provider to a trusted enterprise infrastructure [9][10] - Amwell aims to achieve cash flow breakeven from operations in Q4 2026, with a focus on high-quality, sticky revenue [11][19] - The strategy includes leveraging AI to enhance patient experience and improve operational efficiencies [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the impact of AI on healthcare and the company's ability to integrate AI programs into a regulated infrastructure [26][28] - The company anticipates a strong secular trend towards technology-enabled care, with clients expected to invest in using the platform more frequently [42][43] Other Important Information - The company ended 2025 with approximately $182 million in cash and marketable securities, and no debt [17] - For 2026, revenue guidance is projected between $195 million and $205 million, with expected AMG visits between 1.32 million and 1.37 million [17][18] Q&A Session Summary Question: Client contract renewals and government opportunities - Management indicated that most contracts signed in 2025 were renewals, with fewer open renewals in 2026, except for the DHA renewal expected in summer 2026 [22] Question: AI impact and competitive landscape - Management is optimistic about AI's impact on healthcare, emphasizing the need for a consistent infrastructure to integrate multiple AI programs [26][28] Question: Headwinds and tailwinds for 2026 guidance - Tailwinds include earlier adoption of the technology-enabled platform, while headwinds involve the upcoming DHA renewal [32][33] Question: Revenue quality and de-emphasis of certain areas - The company has centralized its offering around the Amwell platform, divesting non-core activities to focus on high-quality revenue [48][49] Question: Go-to-market strategy for new opportunities - Renewals are seen as new sales due to the platform's evolution, with a focus on commercial payers and government sectors for growth [56][58]

Financial Data and Key Metrics Changes - In 2025, the company achieved nearly $5,500 improvement in average sales price year-over-year due to the introduction of second generation R1 quad models and increased base prices for the 2026 model year [12] - The automotive cost of goods sold per unit improved by approximately $9,500 year-over-year due to material cost reductions and operational efficiencies [12] - The company reported over $1.3 billion improvement in full year gross profit, marking 2025 as the first full year of positive gross profit [13] - For Q4 2025, consolidated revenues were approximately $1.3 billion, with a gross profit of $120 million and a gross profit margin of 9% [15] - Adjusted EBITDA losses for Q4 were -$465 million, a $137 million improvement from Q3 2025 [15] Business Line Data and Key Metrics Changes - In Q4, the company produced 10,974 vehicles and delivered 9,745 vehicles, generating $839 million in automotive revenue [15] - Automotive gross profit for Q4 was -$59 million, a $71 million improvement from Q3 2025 due to a higher mix of commercial vans [16] - The software and services segment reported $447 million in revenue and $179 million in gross profit, with approximately 60% of this revenue attributable to the joint venture with Volkswagen Group [16] Market Data and Key Metrics Changes - The R1S was the best-selling premium electric vehicle priced above $70,000 in several states, including California and New York [5] - The company anticipates that R2 will address the lack of high-quality EV choices in the market, particularly in the mid-size SUV segment priced around or below $50,000 [6][7] Company Strategy and Development Direction - The company aims to scale its business and believes that 2026 will be a transformative year, particularly with the launch of R2 [12][19] - The focus is on developing a mass-market product portfolio and enhancing the customer experience through technology and autonomy [11][19] - The company is committed to building a category-defining brand and believes the future of the automotive industry will be fully electric, autonomous, and AI-defined [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for R2 and the overall market's need for more choices in the mid-size SUV segment [28] - The company expects to face challenges in automotive gross profit during the second and third quarters of 2026 due to the complexity of launching a new vehicle [18] - Management believes that autonomy will be a key long-term differentiator for the business and is focused on scaling operations and enhancing technology [19] Other Important Information - The company ended 2025 with approximately $6.1 billion in cash, cash equivalents, and short-term investments, with an expectation of receiving an additional $2 billion from the Volkswagen Group in 2026 [16][41] - Capital expenditures for 2026 are expected to be between $1.95 billion and $2.05 billion, related to the construction and tooling for R2 and the Georgia plant [19] Q&A Session Summary Question: What is the expected cadence for vehicle deliveries in 2026? - The company expects to deliver between 62,000-67,000 total vehicles across R1, R2, and commercial vans, with approximately 9,000-11,000 deliveries per quarter in the first half of 2026 [17][22] Question: Will R2 achieve profitability in 2026? - Management expects 2026 to be a transformational year for automotive gross profit, with both R2 and overall automotive gross profit expected to be positive by the end of the year [23] Question: What is the demand outlook for R2? - Management is confident in the demand profile for R2, citing a significant backlog and the need for alternatives in the mid-size SUV market [28] Question: How is the partnership with Volkswagen progressing? - The relationship with Volkswagen is strong, with ongoing winter testing and plans for multiple product launches in 2027 [37][39] Question: What are the expectations for software and services revenue growth? - The company anticipates about 60% year-over-year growth in its software and services business, which will significantly contribute to gross profit [40] Question: How will the company manage production ramp-up for R2? - The company is focused on ensuring a smooth production launch and ramp, coordinating closely with its supply base to manage potential bottlenecks [46][48]

Airbnb (NasdaqGS:ABNB) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsAndrew Slabin - VP of Investor RelationsBrian Chesky - Co-founder and CEOBrian Nowak - Managing DirectorDoug Anmuth - Managing DirectorEllie Mertz - CFOKen Gawrelski - Managing DirectorLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing Director and Head of Internet ResearchRichard Clarke - Managing DirectorConference Call ParticipantsJed Kelly - Managing Director and Senior AnalystJoh ...