Financial Data and Key Metrics Changes - The company reported a 6.4% growth in FFO for Q4 and a 4.3% growth for the year, with guidance for 2026 close to 6% at the midpoint [6][18] - The overall portfolio was 96.1% leased and 94.1% occupied, with a 50 basis points increase when excluding newly acquired centers [6][12] - FFO per share for Q4 was $1.84, reflecting a 6.4% growth year-over-year [18] Business Line Data and Key Metrics Changes - In Q4, 601,000 sq ft of comparable deals were completed at a 12% rollover, with 2.3 million sq ft for the year at a 15% rollover, resulting in an incremental $11 million of new rent under contract [7][14] - The company signed 105 comparable deals in Q4, achieving a 12% rollover, with a weighted average contractual rent bump of 2.6% [14][15] Market Data and Key Metrics Changes - The company noted strong demand in California, which is expected to be a significant source of growth in the coming years [69] - Foot traffic in the greater Washington, D.C. area increased by 3% in Q4, with annual sales moving higher year-over-year [15][17] Company Strategy and Development Direction - The company is focused on driving rent growth, disciplined expense management, and capitalizing on quality real estate for multi-year growth opportunities [14] - The redevelopment pipeline includes $500 million in projects, with 780 residential units planned at existing retail properties [20][22] - The company plans to maintain a strong leverage metric, with annualized adjusted net debt to EBITDA expected to trend further to the low- to mid-5 times range [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for assets and the ability to achieve near 6% growth in 2026 [6][12] - The company anticipates a temporary drag on comparable POI growth due to turnover in anchor space, but expects occupancy levels to improve by year-end 2026 [24][57] Other Important Information - The company will report both NAREIT FFO and core FFO going forward to enhance comparability across periods [22] - Guidance for 2026 includes a forecast for comparable POI growth of 3%-3.5% and assumes a full year's contribution from $750 million of high-quality assets acquired in 2025 [23][25] Q&A Session Summary Question: Can you provide insight into the investment pipeline? - The company is targeting large, dominant shopping centers and expects more opportunities in the second half of the year [30][31] Question: How much more peripheral multifamily could be marketed for sale this year? - There are opportunities to monetize residential products, with an estimated $400 million-$500 million available for sale [34][35] Question: Is the pricing power driving rent spreads broad-based? - Management indicated that the pricing power is broad-based, driven by high demand and limited supply across various property types [41][42] Question: Can you break down the same-store NOI growth? - The company expects about 3%-3.5% growth, with a significant portion coming from rent bumps and rollover [46] Question: What is the status of tenant credit and any watch list items? - The company has limited exposure to tenant credit issues, with Saks and Container Store being monitored [62][64] Question: What is driving the robust performance in California? - California is expected to be a major growth contributor due to leasing and development activity [69] Question: What is the timing for the development expansion pipeline? - The increase in the development pipeline is expected to be pro rata throughout the year [71] Question: What percentage of NOI is captured in the comp pool today? - Approximately 85%-90% of NOI is captured in the comparable pool [75]

Financial Data and Key Metrics Changes - In 2025, net revenue increased by 4% year-over-year to $1.46 billion, while net income grew by 10% year-over-year to $146 million, resulting in a net income margin of 10% [5][14] - Adjusted EBITDA rose by 3% year-over-year to $369 million, representing a 25% adjusted EBITDA margin [5][14] - For Q4 2025, net revenue decreased by 1% year-over-year to $360 million, and net income fell by 10% year-over-year to $38 million, maintaining a 10% margin [14][15] Business Line Data and Key Metrics Changes - Revenue from RR&O categories declined by 6% year-over-year to $444 million, while advertising revenue from services increased by 8% year-over-year to a record $948 million [6] - Total ad clicks decreased by 7% year-over-year, with average cost per click increasing by 10% year-over-year [7] - Other revenue accelerated significantly, up 17% year-over-year, driven by growth in transaction, subscription, and data licensing revenue [7] Market Data and Key Metrics Changes - Total paying advertising locations decreased by 3% year-over-year, with a decline in RR&O offsetting growth in services [7][15] - App unique devices were down 2% year-over-year as consumers visited restaurants with reduced frequency [7] Company Strategy and Development Direction - The company plans to invest in three strategic initiatives in 2026, focusing on transforming the Yelp experience with AI, delivering AI tools for local businesses, and extending reach in the AI ecosystem [8][10] - The acquisition of Hatch, an AI lead management platform, is expected to enhance Yelp's capabilities in lead management and support growth [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment for RR&O categories remains challenging, but they are optimistic about the potential of AI to transform consumer experiences and drive engagement [24][25] - For Q1 2026, the company expects net revenue to be in the range of $350 million to $355 million, with full-year revenue guidance of $1.455 billion to $1.475 billion [19] Other Important Information - The company repurchased $292 million worth of shares in 2025, with an additional $500 million authorized for share repurchases in February 2026 [18] - Management aims to reduce stock-based compensation as a percentage of revenue to less than 6% by the end of 2027 [17] Q&A Session Summary Question: Environment for services and revenue outlook for 2026 - Management acknowledged a softening in services demand, particularly in RR&O, but emphasized the importance of Yelp Assistant in driving engagement and monetization [24][25] Question: Details on OpenAI agreement and its impact - Management highlighted the significance of high-quality content for local search and the potential for increased traffic and monetization through the OpenAI partnership [28][29] Question: AI transition and consumer interaction - Management discussed leveraging AI to enhance consumer experiences, including natural language search and the rollout of Yelp Assistant [33][36] Question: Margin trajectory goals for Hatch - Management indicated that the immediate focus for Hatch is on top-line growth rather than margin, with expectations for margins to converge with typical SaaS profiles over time [56] Question: Stabilization of restaurant and retail advertiser base - Management noted the challenges faced by restaurants and retailers but expressed confidence in the potential for recovery and the role of Yelp Assistant in improving consumer interactions [52][53]

American Well (NYSE:AMWL) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsEric Percher - Co-founderIdo Schoenberg - Chairman and CEOMark Hirschhorn - CFO and COOConference Call ParticipantsCraig Hettenbach - Managing Director and Senior Equity Research AnalystDave Larsen - Managing Director, Senior Healthcare IT and Digital Health AnalystJailendra Singh - Managing Director and Senior Equity Research AnalystRyan MacDonald - Managing Director and Senior Equity Research AnalystNone - An ...

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 ...

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 with 47 net new deployments, indicating customer excitement about product development [5] - B2C ARR experienced softness due to a pullback in marketing channels, impacting trial-to-subscriber conversion rates [8] - 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] Market Data and Key Metrics Changes - The company noted increased competition in the B2C segment, which is expected to continue as digital marketing spend becomes more competitive [4] - The total active customer count decreased to 1,321 from 1,384 year-over-year [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] - A strategic shift is underway from a document delivery model to an "answers and access" platform, integrating API and AI capabilities [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 expressed optimism about the second half of the fiscal year, expecting stronger B2B and transaction performance compared to the first half [16] - The company is focused on maintaining balance sheet flexibility to fund high-return growth initiatives while managing operating expenses [15] - Management acknowledged the potential disruption from AI but believes their unique data capabilities will insulate them from direct competition [16][30] Other Important Information - Cash and cash equivalents as of December 31, 2025, were $12.3 million, reflecting disciplined working capital management [12] - The company has no outstanding borrowings on its revolving line of credit, providing additional balance sheet flexibility [13] Q&A Session Summary Question: Can you discuss the pipeline for B2B deals, particularly related to the API model? - Management noted consistent growth in the pipeline, with many deals now being API integrations, leading to larger contracts [32] Question: What are the trends in B2C business growth? - Management indicated uncertainty about B2C growth, citing increased competition and lower conversion rates from trials to subscribers [33][34] Question: What are the top priorities for improvement? - Key focuses include operating expense management, understanding churn causes, and enhancing working capital management [39] Question: How is AI being utilized internally to improve efficiency? - AI is being leveraged for software development and productivity improvements, with ongoing training for staff [45][51] Question: What is the market opportunity for the infrastructure model? - Management believes the ASP could increase by 20%-30%, with new pricing models being explored for API usage [55] Question: How is the relationship with smaller publishers evolving? - There is a growing interest from smaller publishers in AI rights and collaboration, which could strengthen the company's position [77][80]

Financial Data and Key Metrics Changes - GTV for Q4 2025 was $9.85 billion, up 14% year-over-year, marking the strongest growth in three years [21] - Orders reached 89.5 million, up 16% year-over-year, while average order value decreased by 1% year-over-year [21] - GAAP net income was $81 million, down 46% year-over-year, primarily due to higher G&A expenses related to non-recurring legal matters [23] - Adjusted EBITDA grew 20% year-over-year to $303 million, with operating cash flow of $184 million, also up 20% year-over-year [23] Business Line Data and Key Metrics Changes - Advertising and other revenue grew 10% year-over-year, driven by strong GTV performance and onboarding of more Carrot Ads partners [22] - Transaction revenue grew 13% year-over-year, representing 7.1% of GTV, which was flat year-over-year [21] - The number of brands advertising on Instacart increased to over 9,000, up from 7,000 a year ago [46] Market Data and Key Metrics Changes - Instacart's marketplace now includes more than 2,200 retail banners across nearly 100,000 locations [8] - The company reported that approximately 10 million unique customers placed at least one order in December 2025, a new high [18] Company Strategy and Development Direction - The company aims to be the trusted platform for all grocery needs, leveraging technology for grocers and creating an advertising ecosystem for brands [8] - Instacart is focusing on expanding its enterprise partnerships, which include deeper integrations and shared planning with retailers [9] - The company is investing in AI to enhance operational efficiency and improve customer experiences [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive durable, profitable growth, citing strong momentum and a favorable operating environment [6][19] - The company anticipates GTV for Q1 2026 to range between $10.125 billion and $10.275 billion, representing year-over-year growth of 11%-13% [24] - Management noted that competition in the grocery e-commerce space is not negatively impacting Instacart's growth, as the market opportunity remains large [39] Other Important Information - The company will transition to an annual shareholder letter starting Q1 2026, aiming for a more holistic assessment of its long-term strategy [3] - Instacart repurchased $1.4 billion of shares in 2025, including $1.1 billion in Q4 alone [24] Q&A Session Summary Question: How should we think about the scope of the opportunity in marketplace and enterprise adoption? - Management highlighted that both marketplace and enterprise sides are growing, with enterprise providing deeper strategic conversations and technical integrations with retailers [30] Question: What has driven the acceleration in business metrics? - Management noted strong user growth and engagement, with record customer retention and increased spend per customer [36] Question: Can you discuss the stronger-than-expected advertising performance? - Management attributed the strong advertising performance to GTV growth and a diversification strategy across supply and demand [46] Question: How are you approaching international growth? - Management expressed excitement about international markets, noting that many retailers are still underdeveloped in e-commerce [50] Question: What is the status of Instacart Plus adoption? - Management reported that Instacart Plus continues to represent the majority of GTV and orders, with growing engagement and retention among members [67]

Financial Data and Key Metrics Changes - The company reported gross revenues of BRL 19.5 billion in 2025, an 8% increase year-over-year [9][33] - Adjusted net income for Q4 2025 was BRL 1.3 billion, and BRL 5.2 billion for the full year, representing a 15% expansion year-over-year [10][38] - The return on equity (ROE) reached 23.9% in 2025, a 94 basis points increase compared to 2024 [11][40] - The year-end BIS ratio was 20.4%, indicating a strong capital position [11][41] Business Line Data and Key Metrics Changes - Retail revenues totaled BRL 3.9 billion in Q4 2025, up 8% year-over-year, and BRL 14.6 billion for the full year, also an 8% increase [33][34] - Corporate and issuer services revenue reached BRL 895 million in Q4 2025, a 49% increase year-over-year, and BRL 2.7 billion for the full year, up 19% compared to 2024 [35][36] - The wholesale bank has become a key pillar of the company's strategy, integrating investment banking and institutional access [27][28] Market Data and Key Metrics Changes - Total client assets, including AUM and AUA, reached BRL 2.1 trillion, representing a 22% growth year-over-year [21] - Retail net new money was BRL 20 billion, while corporate and institutional net new money totaled BRL 12 billion, amounting to BRL 32 billion for the period [21][22] - The company faced challenges with small and medium enterprises withdrawing BRL 3 billion in investments, but individual client inflows totaled BRL 23 billion [22] Company Strategy and Development Direction - The company aims to become Brazil's leading investment platform by 2033, focusing on market share and democratizing wealth planning for retail clients [51][52] - A third wave of strategy is being implemented to enhance service models and client segmentation, moving away from a product-driven approach [52][54] - Continued investments in technology and advisor training are expected to drive growth and improve service quality [18][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing future opportunities despite a challenging environment for 2026 [7][22] - The company is focused on maintaining strong returns while expanding its credit offerings and addressing the needs of small and medium enterprises [29][45] - Concerns were raised regarding recent irregularities in the financial system, with a commitment to support structural improvements [46][48] Other Important Information - The company returned BRL 2.4 billion to shareholders through dividends and buybacks in 2025 [39] - Adjusted EPS for Q4 was BRL 2.56, growing 15% year-over-year, and for the full year, it reached BRL 9.81, an 18% increase [40][41] - The company is launching new products, including a proprietary dollar-backed stablecoin and expanding its insurance offerings [23][24] Q&A Session Summary Question: Ambition to become Brazil's leading investment platform by 2033 - The company aims for market share leadership by 2033, with plans indicating the ability to achieve this in seven years through democratizing wealth planning and enhancing service models [51][52] Question: Impact of entry into the controlling group - The CEO stated that there is no change in management style or operations, emphasizing stronger alignment among executives [54] Question: Impact of CVM's recommendation on RLP business - Management views the removal of caps on orders as positive for the RLP business, enhancing market-making capabilities [60][62] Question: Tax increases and their relation to revenue mix - The CFO clarified that the increase in taxes is due to the revenue mix, particularly from corporate and issuer services, and not related to structural changes [63][64] Question: Strategy to capture volumes from Banco Master reimbursements - The company is seeing a significant inflow from Banco Master, retaining over 85% of the funds, and will disclose net new money figures in Q1 [68][69]

Financial Data and Key Metrics Changes - Recurring gross profits increased by 33% in 2025, with adjusted EBITDA margins expanding to 34% [5][26] - Annual recurring revenue (ARR) grew by 26%, reaching over $2 billion, with payment volume hitting $195 billion [26] - GAAP operating income rose to $292 million from $16 million a year ago, driven by strong adjusted EBITDA and effective management of stock-based compensation [27][30] Business Line Data and Key Metrics Changes - SaaS ARR and subscription revenue each grew by 28% year-over-year, with SaaS ARPU in the core growing even faster than total SaaS ARPU [29] - Subscription gross profit increased by 33%, with SaaS gross margin expanding by 300 basis points year-over-year to 80% in Q4 [30] - Payments ARR grew by 24%, while fintech gross profit increased by 25% in Q4 [30] Market Data and Key Metrics Changes - The company added a record 30,000 net locations in 2025, ending the year with 164,000 locations [26] - The net retention rate remained healthy at 109% in 2025, supported by upsell and location expansion from existing customers [30] - The company powers 20% of SMB and mid-market restaurants in the U.S., nearly doubling over the past three years [8] Company Strategy and Development Direction - The company aims to double market share in its core U.S. SMB and mid-market restaurants, while also expanding into new markets [8][12] - Investments will focus on product differentiation, particularly in AI and customer support, to enhance operational efficiency [10][21] - The company plans to launch new products, including a drive-thru solution, to capture additional market segments [14][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining high growth for the next 5-10 years, driven by strong customer signals and market opportunities [38] - The company anticipates a 20%-22% growth in recurring gross profit streams for 2026, with adjusted EBITDA expected to be between $775 million and $795 million [36] - Management highlighted the importance of disciplined capital allocation while investing in high-priority initiatives [24][35] Other Important Information - The company has repurchased approximately 8 million shares for $235 million since the inception of its buyback authorization in 2024 [35] - The company is experiencing cost pressures from higher memory chip costs, which are expected to impact margins in the second half of 2026 [36][37] Q&A Session Summary Question: SaaS ARR per location and enterprise metrics - Management confirmed confidence in mid-single-digit SaaS ARPU growth for 2026, with core SaaS ARPU growing faster than total company metrics [41][44] - Enterprise sales cycles are different, and management evaluates them on a deal-by-deal basis, focusing on total ARR [44] Question: Net adds and new verticals - Management indicated that net add growth in 2026 is expected to be higher than in 2025, with a similar pattern of growth from core and new towns [48][50] Question: AI disruption and competitive landscape - Management views AI as an opportunity to enhance the platform rather than a threat, emphasizing the unique value Toast provides through its integrated solutions [51][56] Question: R&D investment and margin framework - Management confirmed that the margin framework allows for increased R&D investment to capitalize on AI opportunities while targeting long-term margins of 40% [60][62] Question: Drive-through product rollout - The company plans to launch a drive-through product this year, which will significantly expand its market reach [73][74]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue grew 14% year-over-year to $44.6 million, with a sequential increase of 16% [7][27] - For the full year 2025, total revenue reached $160 million, representing a 4% growth over 2024 [7][30] - Non-GAAP gross margin improved to 40% in Q4 2025, up from 31% in Q4 2024, and for the full year, it was also 40%, compared to 33% in 2024 [31][24] - Non-GAAP operating expenses decreased to $56.2 million in Q4 2025, down 18% year-over-year, and for the full year, they were $229.9 million, down from $289.2 million in 2024 [32][24] - Cash burn improved from $214 million in 2023 to $105 million in 2025, with approximately $280 million in cash and investments at year-end [25][34] Business Line Data and Key Metrics Changes - Consumable revenue in Q4 2025 increased 15% year-over-year to $21.6 million, driven by an increase in the installed base and consistent system utilization [27][28] - Instrument revenue rose 13% in Q4 to $17.3 million, primarily due to increased shipments of Vega systems [28] - For the full year 2025, consumables revenue increased 16% to $82 million, while instrument revenue decreased 18% to $53.8 million [30] Market Data and Key Metrics Changes - Revenue from the Americas increased 3% to $20.7 million in Q4 2025, while Asia Pacific revenue rose 4% to $9.3 million, and EMEA revenue surged 45% to $14.6 million [29][10] - EMEA's strong growth was attributed to increased Vega instrument shipments and higher Revio consumables as clinical customers transitioned from pilot testing to broader adoption [11][29] Company Strategy and Development Direction - The company aims to enhance the economics of HiFi sequencing through the launch of SparkNex and multi-use smart cells, targeting increased market penetration [37] - Focus areas include accelerating clinical adoption in rare disease, oncology, and carrier screening, as well as enabling population-scale sequencing studies [37] - The company plans to leverage AI to unlock biological insights from multi-omic HiFi data [37] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued growth in clinical markets, particularly in rare disease and whole genome sequencing, despite a challenging academic funding environment [11][54] - The outlook for 2026 projects revenue between $165 million and $180 million, representing approximately 8% growth at the midpoint [34] - Management expects non-GAAP gross margin to improve by 100-400 basis points in 2026, driven by a higher consumables mix and the introduction of SparkNex [35] Other Important Information - The company sold its short-read sequencing assets for net proceeds of approximately $48 million, strengthening its balance sheet and extending its cash runway [26] - The company is committed to supporting existing customers during the transition period following the divestment of short-read assets [26] Q&A Session Summary Question: What should we expect for Revio pull-through and consumables growth? - Management expects SparkNex to lower sample costs, likely increasing utilization and expanding market share, while maintaining pull-through in the range of $225K-$250K [41][43] Question: What is the outlook for clinical growth outside the U.S.? - Management sees strong growth in clinical markets, particularly in EMEA, with significant movement from pilot phases to production [53] Question: Where are the biggest opportunities for OpEx reduction? - Management plans to focus on managing G&A expenses and R&D while continuing to reduce production costs through insourcing [66][68] Question: What impact will the short-read divestment have on costs? - Management indicated that while there won't be substantial additional costs taken out immediately, the divestment will provide a tailwind to gross margin over time [72] Question: How does long-read sequencing compare to standard care in terms of cost? - Long-read sequencing is expected to provide better diagnostic yield, faster turnaround times, and lower overall costs by consolidating multiple tests into one [74]

Pacific Biosciences of California (NasdaqGS:PACB) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsChristian Henry - CEODan Brennan - Managing DirectorJim Gibson - CFOKelly Guru - Director of Investors RelationsConference Call ParticipantsDavid Westenberg - Managing Director and Equity Research AnalystDoug Shenko - Senior AnalystJack Meehan - Equity Research AnalystKyle Mixon - Equity Research AnalystMason Carrico - Equity Research AnalystSubbu Nambi - Managing Director and Healthcare ...