Artivion (NYSE:AORT) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsBill Plovanic - Managing Director and Healthcare Equity ResearchDaniel Stoter - 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 fourth quarter and year-en ...

Pinterest (NYSE:PINS) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsAndrew Somberg - VP of Investor Relations and TreasurerBill Ready - CEOBrian Nowak - Managing DirectorEric Sheridan - Managing DirectorJulia Donnelly - CFORon Josey - Managing DirectorConference Call ParticipantsColin Sebastian - Baird logo Managing Director and Senior Research Analyst for Internet and Digital MediaDoug Anmuth - Managing Director and Internet AnalystJustin Patterson - Managing Director and Equity R ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $376.9 million, up 12% year-over-year [12] - Subscription revenue was $261.4 million, reflecting a 15% increase year-over-year [12] - Adjusted operating income for Q4 was $45 million, up 26% from the previous year [16] - Free cash flow for the full year 2025 increased to $75.4 million, a 95% year-over-year increase [18] Business Line Data and Key Metrics Changes - Subscription pets increased by 5% year-over-year to over 1,096,000 pets [12] - Adjusted operating income from the subscription business was $43.1 million, a 23% increase from last year [15] - Other business revenue was $115.4 million for the quarter, a 5% year-over-year increase [15] Market Data and Key Metrics Changes - Average monthly retention for the trailing twelve months was 98.34%, up from 98.25% in the previous year [12] - The veterinary channel remains critical for distribution, with nearly 200 territory partners educating pet parents [10] Company Strategy and Development Direction - The company aims to invest aggressively in pet acquisition and retention strategies to strengthen the Trupanion brand [22] - Plans to broaden the existing Trupanion offering and introduce a new lower-priced product in the next 36 months [48] - Focus on enhancing brand awareness and education to reach pet parents earlier in their decision-making journey [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving consistent revenue growth and margin targets for 2026 [19] - The company anticipates total revenue for 2026 to be between $1.55 billion and $1.582 billion, with subscription revenue expected to grow approximately 14% year-over-year [19] - Management noted that veterinary inflation is being monitored closely, with no significant changes expected at this time [58] Other Important Information - The company paid an extraordinary dividend of $15 million to its operating company, following a previous $26 million dividend [18] - Non-cash expenses included $9.4 million in stock-based compensation and a $1.1 million goodwill impairment charge related to European businesses [17] Q&A Session Summary Question: Can you talk about some successes in reaching pet parents and how that will be accelerated going forward? - Management highlighted that brand spend is focused on increasing visibility among pet parents, particularly in the veterinary space, leading to quicker conversions and encouraging results [27][28] Question: Was there any favorable reserve development in the loss ratio reported? - Management noted a slight adverse development of about 30 basis points, but expressed satisfaction with the overall loss ratio improvement [30] Question: Can you provide insights on the 2026 guidance regarding gross adds and commercial strategy? - Management indicated that pricing will continue to be a dominant contributor to revenue growth, with expectations for increased gross adds and improved expense management [33] Question: What is the status of the lower-priced insurance plan? - Management confirmed plans to broaden the existing Trupanion offering and introduce a new lower-priced product as part of their 36-month strategy [48] Question: How is retention improving across different cohorts? - Management reported that retention is improving across all cohorts, with specific improvements noted in those receiving rate increases of under 20% [37][38]

Financial Data and Key Metrics Changes - Net income increased year-over-year to $9.4 million, up from $7.1 million, representing an increase of 32.4% [5][17] - Adjusted EBITDA rose to $18.5 million, an increase of $2.4 million year-over-year [5][17] - Gross margin expanded by 210 basis points to 12.8% [5][16] Business Line Data and Key Metrics Changes - Physical movie revenue increased 33% year-over-year to $114 million, driven by premium formats [9] - Collectibles revenue increased 31% year-over-year, reflecting growth in premium and licensed offerings [11][12] - Gross profit for the six-month period increased to $84.3 million, compared with $67.8 million a year ago [19] Market Data and Key Metrics Changes - Overall net revenue for the quarter was $369 million, down from $394 million in the prior year, reflecting softness in lower margin categories [16] - The collectibles business is expected to grow as the company expands its portfolio and licensing agreements [12][27] Company Strategy and Development Direction - The company is focused on building a business that generates sustainable profitability and positions itself for long-term value creation [8] - The strategy emphasizes higher quality revenue, stronger margins, and disciplined growth, particularly in premium physical media and collectibles [7][8] - The acquisition of Endstate Authentic is aimed at enhancing the collectibles market through technology-enabled trust and authentication [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the margin profile and the ongoing shift towards higher value products [25] - The company is not providing formal guidance but is optimistic about the pipeline of premium and exclusive content [25][27] - Management highlighted the importance of maintaining operational rigor while investing selectively in growth areas [24][29] Other Important Information - The company ended the quarter with approximately $74 million in working capital, reflecting disciplined management of inventory and payables [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 with Paramount and MGM position the company as a premier solution for licensing physical DVD products [32][33] Question: Can you discuss the gaming hardware revenue performance? - The gaming hardware segment has been affected by supply issues with Microsoft consoles, while Nintendo has performed well [34][35] Question: What are your thoughts on strategic M&A opportunities? - Management is optimistic about ongoing M&A 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 hardware and arcade business saw significant declines, but management expects improvements as inventory issues are resolved [44][45] Question: What is the status of the Alliance Authentic initiative? - The company is launching products with NFC digital chips and expects to see traction in sales soon [53][69]

Financial Data and Key Metrics Changes - Wynn Las Vegas reported adjusted property EBITDA of $240.8 million on operating revenue of $688.1 million, resulting in an EBITDA margin of 35% [13] - Boston's Encore generated adjusted property EBITDA of $57 million on revenue of $210.2 million, with an EBITDA margin of 27.1% [14] - Macau operations delivered adjusted property EBITDA of $270.9 million on $967.7 million of operating revenue, resulting in an EBITDA margin of 28% [15] Business Line Data and Key Metrics Changes - Las Vegas saw healthy demand with drop, handle, and ADR all up year-over-year, although RevPAR was slightly below last year [6] - Boston's RevPAR, table drop, and slot handle were all up year-over-year, despite lower-than-normal table hold [8] - Macau experienced significant volume growth with VIP turnover up 48% and mass drop up 18% year-over-year, although low VIP hold negatively impacted EBITDA by over $16 million [9][15] Market Data and Key Metrics Changes - The company expects over 55% of revenues to be generated in non-U.S. dollar-denominated markets, enhancing geographic diversification [5] - The premium segment continues to lead the market, with the expansion of the Chairman's Club at Wynn Palace expected to strengthen demand [10] Company Strategy and Development Direction - The company is focused on geographic diversification and enhancing its portfolio to meet affluent customers globally [5] - The opening of Wynn Al Marjan Island is seen as a significant milestone, with construction progressing rapidly [10] - The company aims to leverage technology and AI to enhance customer experience and operational efficiency [76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for 2026, driven by strong group and convention demand [7] - The company is optimistic about Macau's future following sustained double-digit market-wide GGR growth [9] - Management highlighted the importance of maintaining high rates over occupancy to optimize revenue [54] Other Important Information - The company has a strong liquidity position with global cash and revolver availability of $4.7 billion as of December 31 [17] - A quarterly cash dividend of $0.25 per share has been approved, reflecting the company's commitment to returning capital to shareholders [18] - Julie Cameron-Doe, the CFO, will be retiring before the next earnings call, marking a significant leadership transition [11] Q&A Session Summary Question: Growth in Las Vegas for 2026 - Management remains confident in the high-end customer segment and expects to continue pricing rooms effectively despite some headwinds from room renovations [22][24] Question: OpEx Growth in Vegas and Macau - OpEx in Vegas is expected to remain disciplined, with projections of $4.3 million-$4.5 million per day outside major events, while Macau's OpEx is aligned with previous expectations of $2.7 million-$2.9 million per day [25][26] Question: Margin Expansion in Vegas - Management does not provide specific margin guidance but focuses on maximizing revenue and managing OpEx effectively [31] Question: Impact of World Cup on Business - Management has a targeted strategy to leverage the World Cup's proximity to boost ADR in Boston and expects some marginal impact on 2026 [73] Question: Chairman's Club Expansion - The new Chairman's Club is expected to open by Chinese New Year, significantly expanding the space dedicated to high-value customers [44][46] Question: VIP and Premium Mass Business Mix in Macau - Management noted that margins were affected by low hold in VIP and mass segments, but there was no fundamental shift in business dynamics [41] Question: Future Development in Boston - The company is not developing hotels on its balance sheet but is considering land leases for potential hotel developments near Encore [99][100]

Financial Data and Key Metrics Changes - Total revenue for Q1 2026 was $3.9 million, up from $3.8 million in the prior year period [12] - Subscription revenue was $3.2 million, compared to $3.0 million in the prior year, representing 81% of total revenue [12] - Gross profit increased to $2.6 million from $2.5 million in the prior year, with a gross profit margin of 66% [13] - Net loss reduced to $100,000 from a loss of $600,000 in the prior year, with positive adjusted EBITDA of $122,000 compared to a negative $193,000 [14] Business Line Data and Key Metrics Changes - Core products accounted for 60% of total revenue, growing 17% to $2.4 million from $2.0 million last quarter [6] - HawkSearch represented 63% of subscription revenue, increasing to $2 million from $1.9 million last quarter [6] - Average annual recurring revenue (ARR) per customer increased by 12% to $28,000 from $25,000 last quarter [7] Market Data and Key Metrics Changes - New customer acquisition continued to grow, with 13 new licenses sold this quarter, totaling $1.2 million in contract value [7] - More than half of new license sales included AI products, indicating strong demand for AI capabilities [7] - HawkSearch was ranked number one in Gartner's 2025 Critical Capabilities Report, highlighting its competitive position in the market [8] Company Strategy and Development Direction - The company aims to increase core products to over 70% of overall revenue this year, driving faster and more profitable growth [11] - Investments in AI and product innovation are expected to enhance customer satisfaction and retention [11] - The focus remains on revenue growth, product innovation, customer success, and delivering shareholder value [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth, with expectations for HawkSearch to achieve a 20% growth rate this year [49] - The total addressable market remains unchanged, with a strong pipeline of new customers and opportunities for add-on growth within existing customers [52] - The competitive landscape has not significantly changed, with the company differentiating itself through advanced analytics and AI capabilities [46] Other Important Information - The company had cash of $1.5 million and total assets of $15.7 million as of December 31, 2025 [14][15] - Operating expenses decreased to $2.8 million from $3 million in the prior year [13] Q&A Session Summary Question: Clarification on ARR figures - The ARR per new customer increased to $28,000, up 12% from the previous quarter, and overall revenue per customer is now $33,000 [21][31] Question: Impact of increasing average package on market reach - The total addressable market remains large, and customers are now more willing to invest in AI add-ons [40][44] Question: Changes in competitive landscape - The same top competitors are present, but the company is differentiating through its analytics and data lake capabilities [46][47] Question: Expectations for future growth rates - The company expects continued growth, aiming for a 20% growth rate for HawkSearch this year [49] Question: Stability of gross margin - The combined gross margin is expected to remain in the mid-60s range, with subscription margins around 70% [64][72]

Financial Data and Key Metrics Changes - Revenue for Q2 2026 was $14.1 million, an increase from $13.2 million in the prior quarter but a decrease from $16.8 million in the same quarter last year [16] - Gross margin improved to 34.7% from 28.6% in the prior quarter and 32.5% in the same quarter last year, reflecting a 610 basis point sequential increase due to improved product mix and cost-saving initiatives [16] - Operating expenses decreased to $4.1 million from $5.9 million in the prior quarter and $6.9 million in the same quarter last year, a 31% sequential decrease [17] - Net income for Q2 was $0.6 million, or $0.03 per share, compared to a net loss of $2.6 million in the prior quarter and a net loss of $1.9 million in the same quarter last year [17] - Adjusted EBITDA was positive $1.5 million, compared to a loss of $1.4 million in the prior quarter and positive $130,000 in the same quarter a year ago [18] Business Line Data and Key Metrics Changes - The company achieved net profitability for the first time in its history, attributed to expense optimization and sequential revenue growth [4][5] - The introduction of the SkyLink telematics device is expected to enhance product offerings and customer engagement, with positive feedback from beta tests [9][10] Market Data and Key Metrics Changes - The lithium-ion forklift battery segment is projected to grow at an 8.8% CAGR through 2035, indicating strong long-term market opportunities [15] - The company is experiencing a capital freeze from its most significant customer, which may impact revenue for a significant portion of calendar year 2026 [14] Company Strategy and Development Direction - The company is focused on five strategic initiatives: profitable growth, operational efficiencies, solution selling, building the right products, and integrating value-added software [5] - The company is enhancing its product line and energy system software using AI to improve operational efficiencies and customer solutions [20] Management's Comments on Operating Environment and Future Outlook - Management noted that while the business is performing well, the capital freeze from a major customer may lead to materially lower revenue in the third quarter [14] - Despite short-term market pressures, management remains optimistic about the long-term growth potential in the lithium-ion battery market [15] Other Important Information - The company has implemented AI-driven tools in engineering design and operations to further improve efficiencies [7] - A new GAT 315 battery was released in response to customer demand, expanding the product line for the GSE segment [10] Q&A Session Summary Question: Is the capital freeze unique to one customer or seen across the industry? - Management confirmed that the capital freeze is specific to one individual customer [23] Question: How is the overall demand environment looking? - Management indicated that while there are lingering tariff effects, customers still need to purchase batteries to operate their businesses [24] Question: What is the rollout strategy for the SkyLink product? - The SkyLink telematics will be offered across the product line, with initial positive feedback from customers [25][26] Question: Will cost savings and warranty costs remain low to improve gross margins? - Management expects continued positive trends in warranty and repair costs, but gross margins may vary based on product mix [30][31] Question: What is the strategy for filling the revenue gap from the capital freeze? - The company is actively hiring new sales personnel and focusing on increasing adoption of lithium batteries [36] Question: Will new SkyLink features be sold at a premium? - Management plans to offer a standard and a premium version of the software, with higher gross margins expected from premium sales [39] Question: Can you elaborate on the State of Health patent and its revenue potential? - The patent includes algorithms for battery health insights, which will be part of a premium software package aimed at generating revenue [42]

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Legacy Education (NYSEAM:LGCY) Q2 2026 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsBrandon Pope - CFOLeeAnn Rohmann - CEONicole Joseph - SVPConference Call ParticipantsJeffrey Cohen - AnalystNone - AnalystOperatorGood day, and welcome to the Legacy Education Inc.'s second quarter fiscal year 2026 earnings conference call. Today's call is being recorded and broadcast live. It will also be archived on the Legacy Education website for future reference. To kick off the call, I will turn it o ...