CONMED (NYSE:CNMD) Q4 2025 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsPatrick Beyer - President and CEOTodd Garner - EVP and CFOConference Call ParticipantsMatthew O'Brien - AnalystMike Matson - AnalystRobbie Marcus - AnalystTravis Steed - AnalystVik Chopra - AnalystYoung Li - AnalystOperatorGood day, and thank you for standing by. Welcome to CONMED's fourth quarter fiscal 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's present ...

Canadian Pacific Kansas City (NYSE:CP) Q4 2025 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsChris Wetherbee - Managing Director and Head of Transportation and Shipping ResearchChris de Bruyn - VP of Capital MarketsJohn Brooks - EVP and CMOJonathan Chappell - Senior Managing DirectorKeith Creel - President and CEOKen Hoexter - Managing DirectorKonark Gupta - Director of Equity ResearchMark Redd - EVP and COONadeem Velani - EVP and CFORavi Shanker - Managing DirectorWalter Spracklin - Direct ...

Las Vegas Sands (NYSE:LVS) Q4 2025 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsDaniel Briggs - SVP of Investor RelationsDaniel Politzer - Executive Director of Equity ResearchDavid Katz - Managing DirectorGrant Chum - CEO and PresidentJohn DeCree - Head of Equity ResearchPatrick Dumont - President and COORob Goldstein - Chairman and CEORobin Farley - Managing DirectorStephen Grambling - Head of US Gaming, Lodging, and Leisure ResearchSteven Wieczynski - Managing DirectorConference Call Pa ...

Financial Data and Key Metrics Changes - Truck transportation revenue in Q4 2025 was nearly flat year-over-year, with total revenue decreasing approximately 1% year-over-year when excluding certain items [11][12] - Heavy haul revenue reached a record $569 million in FY 2025, a 14% increase from FY 2024 [8] - Gross profit for Q4 2025 was $85.6 million, down from $109.4 million in Q4 2024, with a gross profit margin of 7.3% compared to 9% in the previous year [36][38] Business Line Data and Key Metrics Changes - Heavy haul service revenue increased by 23% year-over-year in Q4 2025, with loadings up approximately 7% and revenue per load up 16% [15][31] - Non-truck transportation service revenue decreased by 28% or $30 million compared to Q4 2024, with a 15% decrease when excluding a prior year fraud-related revenue [31][32] Market Data and Key Metrics Changes - The freight environment in Q4 2025 was characterized by soft demand, with the ISM Index below 50 throughout the quarter [15][16] - The number of loads hauled via truck decreased approximately 1% year-over-year, offset by a 1% increase in truck revenue per load [17][28] Company Strategy and Development Direction - The company has established the "Five Points of the Star" to guide its business strategy, focusing on accelerating the model, executing growth strategies, managing risk, leveraging financial strength, and enhancing support [7] - The company is investing approximately 50% of its IT CapEx budget for 2026 in AI enablement and solutions to enhance support for its network [10][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the freight recession has lasted longer than expected, but they remain optimistic about leveraging their strategic growth initiatives when the environment improves [5][11] - The company will provide revenue commentary for Q1 2026 instead of formal guidance due to the uncertain operating environment [44] Other Important Information - The company returned approximately $261 million to shareholders through share repurchases and $245 million in cash dividends over the past two years [10] - The accident frequency rate was reported at 0.59 DOT reportable accidents per million miles during 2025, which is below the national average [25] Q&A Session All Questions and Answers Question: Impact of recent storms on BCO utilization - Management acknowledged challenges due to storms affecting dispatch loads but expressed confidence in recovery as weather clears [49][51] Question: AI initiatives compared to competitors - Management highlighted that their AI strategy focuses on enabling agents and BCOs rather than cost reduction, differentiating their approach from competitors [54][55] Question: BCO count and retention in the first quarter - Management indicated that while seasonality typically leads to a decrease in BCO count, they are optimistic about retention and growth in 2026 [66][72]

Viavi Solutions (NasdaqGS:VIAV) Q2 2026 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsIlan Daskal - CFOOleg Khaykin - CEORuben Roy - Managing DirectorVibhuti Nayar - Head of Investor RelationsConference Call ParticipantsAndrew Spinola - AnalystRyan Koontz - Senior AnalystTim Savageaux - AnalystOperatorLadies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Viavi Solutions Fiscal Second Quarter ...

Viavi Solutions (NasdaqGS:VIAV) Q2 2026 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsIlan Daskal - CFOOleg Khaykin - CEORuben Roy - Managing DirectorVibhuti Nayar - Head of Investor RelationsConference Call ParticipantsAndrew Spinola - AnalystRyan Koontz - Senior AnalystTim Savageaux - AnalystOperatorLadies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the VIAVI Solutions Fiscal Second Quarter ...

Las Vegas Sands (NYSE:LVS) Q4 2025 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsDaniel Briggs - SVP of Investor RelationsDaniel Politzer - Executive Director of Equity ResearchDavid Katz - Managing DirectorGrant Chum - CEO and PresidentJohn DeCree - Head of Equity ResearchPatrick Dumont - President and COORob Goldstein - Chairman and CEORobin Farley - Managing DirectorStephen Grambling - Head of US Gaming, Lodging, and Leisure ResearchSteven Wieczynski - Managing DirectorConference Call Pa ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $59.9 billion, up 24% year-over-year, or 23% on a constant currency basis [15][33] - Operating income was $24.7 billion, representing a 41% operating margin [16] - Net income reached $22.8 billion, or $8.88 per share [16] - Total expenses were $35.1 billion, up 40% year-over-year, driven by employee compensation, legal expenses, and infrastructure costs [15][33] - Free cash flow was $14.1 billion, with cash and marketable securities totaling $81.6 billion [16] Business Line Data and Key Metrics Changes - Family of apps revenue was $58.9 billion in Q4, up 25% year-over-year, with ad revenue at $58.1 billion, up 24% [13] - Reality Labs revenue was $955 million, down 12% year-over-year due to the previous year's product introduction [14] - Average price per ad increased by 6% year-over-year, benefiting from improved ad performance [13] Market Data and Key Metrics Changes - Over 3.5 billion people used at least one of the company's apps daily, with over 2 billion daily active users on Facebook and WhatsApp [3] - Engagement metrics showed significant growth, with Instagram Reels watch time up more than 30% year-over-year in the U.S. [17] Company Strategy and Development Direction - The company is focusing on AI-driven performance gains and plans to release new AI models and products throughout 2026 [3][4] - Investments are being directed towards glasses and wearables, with Reality Labs expected to gradually reduce losses [9] - The company aims to enhance user experiences through personalized AI and improved recommendation systems [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the acceleration of AI and its potential to transform business operations and product offerings [10][11] - The company anticipates strong revenue growth in Q1 2026, with a guidance range of $53.5 billion to $56.5 billion [33] - Legal and regulatory challenges in the U.S. and E.U. are being monitored, which could impact financial results [35] Other Important Information - The company is investing significantly in infrastructure to support AI initiatives and improve operational efficiency [31][32] - The capital expenditures for 2026 are expected to be between $115 billion and $135 billion, driven by investments in AI and core business [34] Q&A Session Summary Question: Long-term revenue opportunities from AI investments - Management indicated that while the focus remains on improving core products, there are new business opportunities expected from AI advancements, including subscriptions and advertising [38][41] Question: Drivers of revenue growth in 2026 - Management highlighted strong demand and improvements in ad performance as key drivers for accelerated revenue growth in 2026 [39][44] Question: Internal compute capacity and its impact on ads business - Management acknowledged ongoing capacity constraints but expects to increase compute resources significantly in 2026, which should enhance ad performance [47][48] Question: Progress on Meta Superintelligence Labs (MSL) - Management noted that MSL is in its early stages, with positive early indicators, but emphasized that it is a long-term effort [62][63] Question: Expanding opportunities beyond ads - Management confirmed that while ads will remain the primary growth driver, there is a focus on exploring additional revenue streams beyond advertising [68][70] Question: Acceleration in e-commerce activity - Management reported healthy year-over-year growth across all verticals, with online commerce being the largest contributor to growth [72][73]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue decreased approximately 1% year-over-year, primarily due to decreased ocean revenue, while truck transportation revenue remained nearly flat [9][10] - Heavy haul revenue set a new record of $569 million in FY 2025, a 14% increase from FY 2024 [6] - Gross profit was $85.6 million in Q4 2025, down from $109.4 million in Q4 2024, with a gross profit margin of 7.3% compared to 9% in the prior year [31][33] Business Line Data and Key Metrics Changes - Heavy haul service revenue increased by 23% year-over-year in Q4 2025, with loadings up approximately 7% and revenue per load up 16% [12][27] - Non-truck transportation service revenue decreased by 28% year-over-year, or $30 million, in Q4 2025 [27] - Truck revenue per load increased approximately 1% year-over-year, driven by a 7.5% increase in revenue per load on unsided platform equipment [24] Market Data and Key Metrics Changes - The freight environment in Q4 2025 was characterized by soft demand, with the ISM Index below 50 throughout the quarter [12] - Revenue hauled on behalf of other truck transportation companies was 15% below Q4 2024, indicating accessible capacity in the marketplace [30] - The number of loads hauled via truck in January 2026 was approximately 1% below January 2025, while revenue per load was approximately 4% above January 2025 [39] Company Strategy and Development Direction - The company focuses on five key priorities: accelerating the model, executing growth strategy, managing risk, leveraging financial strength, and enhancing support [5] - Landstar is investing approximately 50% of its IT CapEx budget for 2026 in AI enablement and solutions [8] - The company aims to enhance its technology strategy through AI, improving decision-making and operational efficiency [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the freight recession has lasted longer than expected, but they remain optimistic about leveraging their strategic growth initiatives when the environment improves [5][9] - The company will provide revenue commentary for Q1 2026 instead of formal guidance due to the uncertain operating environment [39] - Management expressed confidence in the ability to recover from weather-related disruptions impacting loads in early 2026 [45][47] Other Important Information - The company returned approximately $261 million to shareholders over the last two years through share repurchases and cash dividends [8] - The accident frequency rate was reported at 0.59 DOT reportable accidents per million miles in 2025, below the national average [22] - The effective income tax rate decreased to 18.3% in Q4 2025 from 21.4% in Q4 2024 due to favorable resolutions of state tax matters [37] Q&A Session Summary Question: Impact of recent storms on BCO utilization - Management acknowledged challenges due to storms affecting dispatch loads but expressed optimism about recovery as weather clears [45][46] Question: AI initiatives compared to competitors - Management highlighted that their AI strategy focuses on enabling agents and BCOs rather than cost reduction, differentiating from competitors like C.H. Robinson [51][52] Question: BCO count and retention in Q1 2026 - Management indicated that while seasonality typically leads to a decline in BCO count, they are optimistic about retention and recruitment efforts [62][63] Question: Variable contribution margin with increased BCO count - Management confirmed that an increase in BCO count and improved rates could positively impact variable contribution margin [71]

Financial Data and Key Metrics Changes - Marina Bay Sands achieved an EBITDA of $806 million, marking the highest quarter in the history of casino hotels, with a total EBITDA exceeding $2.9 billion for the year [4] - Macau delivered an EBITDA of $608 million for the quarter, with an adjusted EBITDA margin of 28.9%, down 390 basis points compared to Q4 2024 [6][8] - The company repurchased $500 million of LVS stock during the quarter and paid a recurring quarterly dividend of $0.25 per share [7] Business Line Data and Key Metrics Changes - Mass gaming in Singapore reached $951 million for the quarter, up 118% from Q4 2019 and up 27% from Q4 last year [4] - Macau's mass market revenue exceeded 25% share for the quarter, up 23.6% in the first quarter of 2025 [5] - The Venetian's EBITDA margin was 32.3%, while The Londoner's margin was 28.8% [6] Market Data and Key Metrics Changes - The Macau market is currently driven by the premium segment, with a focus on rolling and non-rolling segments [5][6] - The promotional environment in Macau has become more intense, particularly in the premium segments [31] Company Strategy and Development Direction - The company is focused on maximizing asset performance and achieving $700 million per quarter in Macau [5] - Continued investment in Singapore and renovations to enhance service offerings are planned [16] - The company is exploring new development opportunities in markets like Japan but is currently focused on existing properties [60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory in both Singapore and Macau, citing strong customer demand and market positioning [24][46] - The company acknowledged challenges in the base mass segment but remains committed to improving revenue and EBITDA [97] - Management emphasized the unpredictability of future performance but noted a strong belief in the potential for continued growth [46] Other Important Information - The company increased its ownership percentage of SCL to 74.8% as of December 31, 2025 [9] - The impact of the NBA events in Macau was noted as a significant success, contributing to brand projection and stakeholder engagement [70] Q&A Session Summary Question: What is driving the strong quarter in Singapore? - Management attributed the success to the property's offerings and an increase in customer visits, with no significant changes needed in operations [14][16] Question: What is the outlook for Macau's EBITDA recovery? - Management indicated that they are focused on customer growth and revenue, with a positive trajectory expected despite current margin pressures [22][24] Question: How is the promotional environment in Macau evolving? - The promotional environment remains intense, particularly in premium segments, but management sees stabilization in promotional intensity [31][32] Question: Are there any concerns about the World Cup affecting traffic? - Management believes the World Cup will not significantly impact traffic, as customers can engage with the event remotely [55] Question: What is the strategy for the base mass segment? - Management noted that while visitation remains strong, spend per head in the base mass segment has declined, and they are working on initiatives to stimulate higher spending [102]