Financial Data and Key Metrics Changes - For the full year 2025, revenue grew 18% to $751.5 million, with recurring revenue increasing by 20% driven by fulfillment growth of 22% year-over-year [5][11] - In Q4 2025, revenue was $192.7 million, a 13% increase over Q4 of the previous year, marking the 100th consecutive quarter of revenue growth [11] - Adjusted EBITDA for the year grew 24% to $231.4 million, with Q4 Adjusted EBITDA increasing 22% to $60.5 million [11][12] Business Line Data and Key Metrics Changes - The total number of recurring revenue customers was approximately 54,600, with the number of 1P customers flat sequentially and a decline of 350 in 3P customers [11] - Average Revenue Per User (ARPU) for the year increased to approximately $14,350 [11] Market Data and Key Metrics Changes - The company faced challenges in the macroeconomic environment, including tariff-related uncertainties that contributed to spend scrutiny and delayed purchase decisions [5][11] - The revenue recovery segment represents a $750 million addressable market across 1P US sellers, indicating significant cross-selling opportunities within the network [6] Company Strategy and Development Direction - The company acquired Carbon6 to enhance its revenue recovery solutions and expand its network [6] - The introduction of AI-enabled products, such as the Max agentic capabilities, is expected to enhance competitive positioning and customer value [10][19] - The company aims to achieve at least high single-digit revenue growth without acquisitions beyond 2026 and plans to increase Adjusted EBITDA margin by 2 percentage points annually [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds affecting customer spending and invoice scrutiny, particularly in the revenue recovery segment [24][25] - The outlook for 2026 includes expected revenue growth of approximately 7% over 2025, with a focus on ARPU growth and customer retention [14][15][41] Other Important Information - The CFO, Kim Nelson, announced her retirement after nearly 20 years with the company, with Joseph Del Preto set to assume the role [17][18] - The board approved an increase of $200 million in the share repurchase program, demonstrating a commitment to returning capital to shareholders [12][13] Q&A Session Summary Question: Challenges in Q4 and their impact on expectations - Management noted that headwinds from existing customers and invoice scrutiny contributed to lower-than-expected revenue, despite strong demand in revenue recovery [24][25] Question: Monetization of new AI solutions - The new Max capabilities are expected to enhance competitive positioning and customer retention, with monetization strategies to be developed as customer usage is monitored [26][27] Question: Future growth strategies and investments - The company plans to increase customer count through retail enablement programs and enhance marketing capabilities to attract new customers [32][33] Question: Changes in revenue recovery focus - Management indicated a continued investment in the 1P area of revenue recovery, aligning with the ideal customer profile, while managing the 3P side with less focus [34][35] Question: Timing of enablement campaigns - Management expects the majority of enablement campaigns to impact customer count more in the latter half of 2026 due to timing delays [56][63] Question: Pricing pressure and connection downsizing - Management stated that pricing on a per connection basis remains consistent, with downsizing driven by customer business losses rather than pricing sensitivity [77][78]

Financial Data and Key Metrics Changes - Revenue grew 40.7% year-over-year to $19.2 million, marking the fourteenth consecutive quarter of double-digit revenue growth [7][15] - Adjusted EBITDA increased 61.6% to $3 million, reflecting scale and effective cost management [8][15] - Net income rose 46% to $2 million, or $0.15 per diluted share, up from $0.10 in the prior year quarter [8][16] - Year-to-date revenue for six months ended December 31, 2025, grew 39.6% to $38.6 million [18] Business Line Data and Key Metrics Changes - New student starts increased by 49.4% to 593 from 397 last year, driven by strong enrollment and disciplined marketing execution [15][16] - Enrollment at Contra Costa Medical Career College reached all-time highs of over 500 students [10] Market Data and Key Metrics Changes - The healthcare occupation sector is projected to be the fastest-growing major industry from 2024 to 2034, with about 1.9 million openings projected each year on average [5][6] Company Strategy and Development Direction - The company is focused on scaling quality, improving outcomes, and training job-ready graduates for essential roles in healthcare [5][7] - Strategic priorities include sustained enrollment growth, curriculum expansion, and operational innovation [21][23] - The company is pursuing additional regulatory approvals and evaluating accretive acquisitions to enhance growth [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and operational execution, emphasizing the importance of maintaining high standards in curriculum and compliance [11][25] - The company is well-positioned to navigate regulatory changes and is focused on delivering strong outcomes for students [25][26] Other Important Information - The company has a strong balance sheet with $21.1 million in cash and little debt at $600,000 [19] - The effective tax rate increased to 28.9% from 27.3% due to fluctuations in stock option exercises [16] Q&A Session Summary Question: Discussion on new student starts - Management noted that the robust new student starts were driven by additional cohorts in hybrid programs and strong performance in vocational nursing and surgical tech programs [28][29] Question: Outlook on new program launches - Management confirmed optimism about new program launches in Q3 and Q4, including cardiac sonography and MRI programs [31][32] Question: Acquisition pipeline and geographic expansion - Management indicated that they are exploring acquisition opportunities both within and outside California, focusing on multi-campus opportunities [46][47] Question: Hybrid program structure and student commitments - Management clarified that hybrid programs require full-time commitment, with students balancing online theory and in-person lab sessions [50][51] Question: Revenue per student and program performance - Management explained that the increase in revenue per student is attributed to more students entering higher-margin programs and the impact of new enrollments [55]

Financial Data and Key Metrics Changes - In Q4 2025, revenue declined by 6% year-over-year to $101.1 million, while full-year revenue decreased by 8% to $396.9 million compared to $432.5 million in 2024 [20][28] - Free cash flow for 2025 was approximately $18 million, with client retention reaching 87%, up from the start of 2025 [10][29] - Net income for Q4 decreased by 53% to $3.2 million, with earnings per share at $0.17, while full-year net income decreased by 21% to $22.2 million [28][31] Business Line Data and Key Metrics Changes - Research segment revenue for Q4 was $76.6 million, down 4% year-over-year, and $295.6 million for the full year, a decline of 7% [25] - Consulting revenue for Q4 was $21.8 million, down 16%, and $88.2 million for the full year, a decline of 9% [26] - Events revenue for Q4 was $2.7 million, a decline of 1%, and for the full year, it decreased by 29% to $13.1 million [26] Market Data and Key Metrics Changes - Client count increased in Q4 for the first time since Q4 2021, reflecting a positive trend in client engagement [10] - The percentage of contract value (CV) from multi-year deals increased to 72% at year-end, up from 69% in Q4 2024 [10] Company Strategy and Development Direction - The company is focusing on four initiatives for 2026: improving retention lifecycle execution, introducing more product options, fostering a culture of growth in sales, and producing actionable research [11][12] - A restructuring plan affecting 8% of employees was announced to align costs with revenue and focus on expanding research contract value [16][22] - The strategy consulting business will be exited due to ongoing instability and competition, while advisory services will continue [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are navigating a new paradigm shaped by AI, with increasing complexity in decision-making and technology challenges [6][7] - The company expressed optimism about returning to CV growth in 2026, driven by improvements in client retention and the success of the new AI Access product [11][19] - Management acknowledged ongoing macro uncertainties and the impact of the U.S. government's consulting pullback on performance [20][31] Other Important Information - The company plans to enhance its AI capabilities and expand its product offerings, including a rebranding of its flagship AI tool to Forrester AI [13][19] - The new event strategy will focus on smaller, localized events to better meet client needs [17][53] Q&A Session Summary Question: Can you elaborate on the consulting restructure and expected revenue impact? - The revenue impact from sunsetting strategy consulting is approximately $6 million, with a backlog of about $8 million to service throughout 2026 [36] Question: What are the reasons for lower wallet retention? - Management indicated that volatility in the U.S. government sector and uncertainties in the U.S. business are contributing factors [38][39] Question: Can you discuss the product pipeline for the year? - The company is looking to provide more ways for clients to engage and embed Forrester's offerings into their daily work [47][48] Question: How is AI Access performing versus expectations? - AI Access exceeded expectations in Q4, with a strong pipeline and positive client engagement [72][78] Question: Will there be changes in the sales process with new leadership? - The sales strategy will be reorganized around six industries, focusing on high-potential accounts and improving retention lifecycle execution [68][71]

Financial Data and Key Metrics Changes - Warrior reported a record high quarterly sales volume of 2.9 million short tons in Q4 2025, a 53% increase compared to 1.9 million tons in Q4 2024 [14] - Total sales volume for 2025 reached 9.6 million short tons, a 21% increase year-over-year, while production volume was 10.2 million short tons, a 24% increase from 2024 [6][7] - Adjusted EBITDA for Q4 2025 was $93 million, a 31% increase from Q3 2025, and a 75% increase from $53 million in Q4 2024 [21][23] - Net income for Q4 2025 was $23 million, or $0.44 per diluted share, compared to $1 million or $0.02 per diluted share in Q4 2024 [23] Business Line Data and Key Metrics Changes - Blue Creek mine began longwall operations in Q4 2025, contributing 1.3 million tons to production, exceeding expectations [15][16] - Mine No. 4 set a new record high output for both sales and production volume, continuing its strong performance [7] - Cash costs per ton decreased to approximately $94 in Q4 2025 from $120 in the same quarter last year, reflecting lower overall spending and the contribution of low-cost Blue Creek tons [27] Market Data and Key Metrics Changes - The PLV FOB Australia index averaged $182 per short ton in Q4 2025, a 9% increase from Q3 2025 [9] - Chinese steel export volumes for 2025 reached a record high of 119 million metric tons, a 7.2% increase year-over-year, while crude steel production decreased by 4.4% [8] - The average East Coast HVA index price decreased by $6 per ton, or 4%, in Q4 2025 compared to Q3 2025 [10][11] Company Strategy and Development Direction - Warrior aims to reduce coal inventory levels to just below 1 million tons while ramping up production in line with contractual volumes [35] - The company plans to spend the remaining construction CapEx of $50-$75 million on the Blue Creek project in Q1 2026 [33] - Warrior's strategy includes maintaining a strong liquidity position while focusing on shareholder returns post-Blue Creek ramp-up [89] Management's Comments on Operating Environment and Future Outlook - Management expects steelmaking coal markets to remain consistent with 2025 levels, entering 2026 from a position of strength with higher contracted volumes and record production capacity [32] - The company anticipates total sales and production volumes to be significantly higher in 2026 due to the early start of Blue Creek longwall operations [32] - Management expressed cautious optimism regarding pricing, noting that recent disruptions in supply chains may be temporary [36] Other Important Information - Warrior's total available liquidity at the end of Q4 2025 was $484 million, consisting of cash and cash equivalents of $300 million, short-term investments of $43 million, and $141 million available under the ABL Facility [31] - The company achieved double-digit volume growth in both sales and production for the full year 2025, despite weak market conditions for steelmaking coal [6][19] Q&A Session Summary Question: What is the PLV price assumption for 2026? - The PLV assumption is a range of $185-$215 per short ton [41] Question: How should working capital be expected to change in 2026? - Working capital is expected to build early in the year, with a potential increase of upwards of $50 million in the first half [65] Question: What are the payments for federal leases? - The payments for federal leases are about $9 million per year for four years [47] Question: How does the company plan to return cash to shareholders? - The company plans to return cash through a higher fixed quarterly dividend, special cash dividends, and selective stock buybacks [58] Question: What is the expected sustaining CapEx for 2027 and beyond? - Sustaining CapEx is expected to increase by $20 million-$30 million annually, leading to a run rate of approximately $110-$140 million [78]

Financial Data and Key Metrics Changes - Net income increased year-over-year to $9.4 million, up from $7.1 million, reflecting a strong earnings profile [5][17] - Adjusted EBITDA rose to $18.5 million, an increase of $2.4 million year-over-year, with an adjusted EBITDA margin improvement to approximately 5% from 4.1% [5][17] - Gross margin expanded by 210 basis points to 12.8%, driven by a favorable product mix and operational discipline [5][16] Business Line Data and Key Metrics Changes - Physical movie revenue increased 33% year-over-year to $114 million, driven by demand for premium formats [9] - Collectibles revenue increased 31% year-over-year, supported by higher value product launches and improved mix [11][12] - The gaming hardware segment experienced a decline, with a $34 million drop in arcade sales and overall gaming hardware down $24 million [34][44] Market Data and Key Metrics Changes - The company reported net revenue of $369 million for the quarter, down from $394 million in the prior year, reflecting softness in lower margin categories [16] - For the six-month period, net revenue was $623 million, essentially flat compared to the prior year, indicating a shift towards higher value products [18] Company Strategy and Development Direction - The company is focused on building a business that generates sustainable profitability through higher quality revenue and disciplined growth [8][25] - Strategic partnerships with studios like Paramount and MGM are expected to enhance premium physical media offerings and collectibles [10][27] - The introduction of NState Authentic aims to enhance the collectibles market through technology-enabled authentication, expanding the company's role in the ecosystem [13][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the margin profile and the ongoing shift towards premium products [25][29] - The company is not providing formal guidance but is optimistic about the pipeline of premium content and the execution of strategic initiatives [25][28] - Management emphasized the importance of maintaining operational rigor while selectively investing in growth opportunities [24][29] Other Important Information - The company ended the quarter with approximately $74 million in working capital, reflecting disciplined inventory and payables management [22] - A new $120 million senior secured revolving credit facility was established, reducing borrowing costs and extending maturity [22] Q&A Session Summary Question: Can you talk about your ability to sign additional exclusive deals with studios? - Management is in active conversations with various studios and believes that the recent partnerships position the company as a premier solution for licensing physical DVD products [32][33] Question: Can you discuss the external forces affecting gaming hardware revenue? - The gaming hardware segment has been impacted by supply issues with Microsoft consoles, while Nintendo has performed well [34][44] Question: What are your thoughts on strategic M&A opportunities? - Management is optimistic about ongoing acquisition conversations and is focused on finding the right opportunities that are financially accretive [36][37] Question: Can you provide an update on the gaming division's performance? - The gaming division saw significant declines in arcade sales and hardware, but management expects improvements as inventory issues are resolved [44][45] Question: What is the timeline for the rollout of NState Authentic? - The company is actively working on marketing and product launches related to NState Authentic, with expectations for traction in the near term [51][69]

Artivion (NYSE:AORT) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsBill Plovanic - Managing Director and Healthcare Equity ResearchDaniel Stauder - VP of Equity ResearchLance Berry - COO and CFOLane Morgan - Associate Vice PresidentPat Mackin - CEOConference Call ParticipantsJohn McCalley - Equity Research AnalystMike Matson - Managing Director and Senior Equity Research AnalystNone - AnalystNone - AnalystOperatorGood afternoon, and welcome to the Artivion Q4 and Year-end 2025 Earn ...

Financial Data and Key Metrics Changes - Revenues for Q4 2025 were $4.9 million, a decrease from $31 million in Q4 2024, primarily due to lower unit sales [13] - Full year revenues for 2025 were $27.5 million, down from $41.8 million in 2024, driven by reduced sales to the largest customer [16] - Gross profit for Q4 2025 was $1.9 million, or 38.8% of revenues, compared to $7.1 million, or 54.2% in Q4 2024 [14] - Net loss for Q4 2025 was $3.2 million, or a loss of $0.19 per share, compared to net income of $1.5 million, or $0.09 per diluted share in Q4 2024 [15] - Full year net loss for 2025 was $7.7 million, or a loss of $0.47 per share, compared to net income of $6.6 million, or $0.41 per diluted share in 2024 [18] Business Line Data and Key Metrics Changes - The company shipped 14 units in Q4 2025, with 8 in the U.S. and 6 internationally, with no sales to the largest customer [5][22] - Utilization across the Fair Deal Agreement program increased substantially, with treatments up more than eightfold year-over-year and the number of patients treated increasing by over 250% [6] Market Data and Key Metrics Changes - International sales were strong in Q4 2025, with shipments to China and a growing demand in Asia, particularly in Taiwan and South Korea [7][28] - The company expects international markets to remain a significant part of its growth strategy, with Brazil clearance anticipated in 2026 [28] Company Strategy and Development Direction - The introduction of new CPT codes for SRT and IG-SRT technology is expected to enhance physician reimbursement and support broader adoption [4][20] - The company aims to achieve full-year profitability in 2026, supported by a diversified customer base and expanding international opportunities [8][19] - A disciplined approach to scaling the sales organization is being implemented, with plans to hire additional sales representatives [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with greater clarity and control over the business, emphasizing the positive impact of new reimbursement codes [20] - The company is focused on educating physicians about the new reimbursement codes to drive adoption and growth [5][8] Other Important Information - The company ended 2025 with $22.1 million in cash and cash equivalents, unchanged from the previous year, and no outstanding debt [18] - Research and development expenses for 2025 increased to $7.8 million, primarily due to higher costs related to billing and reimbursement efforts [17] Q&A Session Summary Question: Guidance on revenue growth excluding the largest customer - Management confirmed that projections for 2026 do not include expectations from the largest customer, as they are reevaluating their model moving forward [22][23] Question: Update on TDI and FDA approval - Management indicated ongoing efforts with the FDA regarding TDI but could not provide a timeline for approval [25] Question: International demand outlook - Management highlighted strong demand in China and growth in Taiwan, with expectations for further expansion in Asia and South America [27][28] Question: Reaction to reimbursement and system mix - Management noted a shift towards outright purchases and leasing options due to improved reimbursement clarity, with a stronger focus on SRT technology [37][41] Question: Interest from private equity-backed groups - Increased interest from private equity groups was noted, with a reevaluation of acquisition strategies due to clearer reimbursement pathways [42]

Applied Materials (NasdaqGS:AMAT) Q1 2026 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsBlayne Curtis - Managing DirectorBrice Hill - CFOCJ Muse - Senior Managing DirectorGary Dickerson - CEOHarlan Sur - Executive Director of Equity ResearchKrish Sankar - Managing DirectorMark Lipacis - Senior Managing DirectorMelissa Weathers - Director of Equity ResearchMike Sullivan - Corporate VP of Investor RelationsTimothy Arcuri - Managing DirectorVivek Arya - Managing DirectorConference Call Partic ...

Expedia Group (NasdaqGS:EXPE) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsAriane Gorin - CEOEric Sheridan - Managing DirectorLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing DirectorNaved Khan - Managing DirectorRob Bevegni - VP of Investor RelationsScott Schenkel - CFOConference Call ParticipantsConor Cunningham - Director and Travel and Transports AnalystDeepak Mathivanan - Senior Equity Research AnalystJed Kelly - Managing Director and Equity Re ...

Financial Data and Key Metrics Changes - Fourth quarter revenue reached $122 million, a 30% increase year-over-year, with 40% from systems and 60% from recurring revenue [5][10] - Full year revenue for 2025 was $453 million, up 13% year-over-year, indicating a market recovery trajectory [6][10] - Gross margin for Q4 was 40.8%, lower than guidance due to one-time inventory charges [11] - Cash and investments increased by $286 million during Q4, totaling $484 million at year-end [12] Business Line Data and Key Metrics Changes - Recurring revenue grew 4% quarter-over-quarter and 25% year-over-year, representing about 60% of total revenue in Q4 [4][5] - Systems demand increased 47% quarter-over-quarter, driven by higher equipment orders from major global customers [4] - The top ten customers accounted for approximately 63% of Q4 bookings, indicating healthy diversification [5] Market Data and Key Metrics Changes - Test utilization trends improved, with estimated utilization at 76% by the end of December, with computing at 78% and automotive at 75% [7] - Increased activity noted in automotive and industrial semiconductor sectors, alongside strong demand from RF and connectivity device customers [4][9] Company Strategy and Development Direction - The company is focusing on high-performance computing, HBM memory, and AI-related high-growth opportunities [11][12] - A strategic convertible notes offering was completed to strengthen the balance sheet and support strategic initiatives [12] - The company aims to support R&D investments enabling design wins in compute markets, including AI data center infrastructure [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating regional shifts and aligning with customers investing in long-term technology transitions [9] - The outlook for Q1 2026 anticipates revenue to be seasonally flat with Q4, with recurring revenue expected to represent about 60% of total revenue [14] - Management expects continued growth in 2026, building on the 13% revenue growth in 2025 [35] Other Important Information - The company secured significant orders for new products, including a high-performance thermal configuration of the Eclipse handler and a multi-unit order for a new handler targeting automotive and AI device tests [8][9] - The company has a solid risk balance profile due to low direct exposure to China and strong customer diversification across North America, Europe, and Asia [9] Q&A Session Summary Question: Order activity in Q4 - Management noted systems orders were up 47% quarter-over-quarter, with recurring orders up 34% quarter-over-quarter, indicating strong demand [18][20] Question: Revenue from Neon high bandwidth memory - The company exited 2025 with $11 million in HBM revenue and forecasts $15 million to $20 million for 2026 [22] Question: Eclipse activity and capacity - Management confirmed capacity to meet demand for the Eclipse handler, with expectations for increased shipments in the second quarter [25][26] Question: Customer activity changes - Management observed increased demand from traditional customers and strong forecasts for the Eclipse product line in compute and mobile applications [34] Question: IDM vs. OSAT performance - Utilization rates for IDMs were slightly higher than OSATs in Q4, with expectations that OSATs may see faster growth in the first quarter [50]