Financial Data and Key Metrics Changes - Total net revenues increased by 21% year over year to $18.8 million, driven by higher services revenues and growth in recurring subscription and support revenues [4][10] - Subscription and support revenues rose approximately 5.1% to $9.1 million, while service revenues increased by 40.9% to $9.6 million [10][11] - Gross profit was $9 million, representing 48% of net revenues, with cost of sales at $9.8 million or 52% of net revenues, reflecting improved margins [11][12] Business Line Data and Key Metrics Changes - Services revenues grew significantly, primarily from new implementations, indicating strong demand for the company's offerings [4][10] - Recurring subscription and support revenues increased by 7.2% to $18 million for the six months ended December 31, 2025, compared to the prior year [14][16] Market Data and Key Metrics Changes - Demand for digital automotive retail solutions remains strong, with new dealer groups and franchised dealerships signing on during the quarter [6][7] - The company secured a $50 million four-year contract extension with a tier one global auto captive, reinforcing customer trust and revenue visibility [6] Company Strategy and Development Direction - The company is focused on product innovation, including the launch of an AI-enabled credit decisioning engine, Check, aimed at modernizing credit underwriting [5][9] - There is a commitment to expanding the global footprint and enhancing solutions to meet evolving client needs, with an increased revenue growth guidance for fiscal 2026 to nearly $73 million [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capitalizing on market opportunities and emphasized the importance of long-term customer relationships supported by a strong pipeline [18] - The company acknowledged macroeconomic and currency dynamics as considerations but highlighted a diversified business model and resilient customer base as a solid foundation for future growth [18] Other Important Information - The company appointed Sardar Abubakr as Chief Financial Officer, enhancing the leadership team to support growth initiatives [7] - Cash and cash equivalents were reported at $18.1 million, indicating a solid liquidity position [16] Q&A Session Summary Question: About margin improvement expectations - Management anticipates improving margins in the coming quarters, driven by investments in growth strategies and new hires [22][24] Question: Inquiry about non-controlling interest computation - The company follows standard GAAP definitions for non-controlling interest, with profits from the Pakistani subsidiary allocated accordingly [35][38] Question: Consideration of stock buyback or dividend - Management is open to the idea of allocating cash for stock buybacks or dividends but will decide based on board discussions [39][41]

FedEx 2026 Investor Day Summary Company Overview - **Company**: FedEx Corporation (NYSE: FDX) - **Event**: 2026 Investor Day held on February 12, 2026 - **Key Speakers**: Raj Subramaniam (CEO), Jeni Hollander (VP of Investor Relations), and other business leaders Core Industry Insights - **Industry**: Logistics and Supply Chain Management - **Market Position**: FedEx operates one of the world's most valuable industrial networks, connecting over 99% of global GDP and transporting approximately $2 trillion of goods annually, delivering over 17 million packages each business day [6][21] Key Strategic Points 1. **Vision and Mission**: FedEx aims to make supply chains smarter for everyone, focusing on enhancing customer experience, modern technology, and lower costs [4][25] 2. **Transformation Strategy**: The company is undergoing a transformation to create an integrated, intelligent industrial network that combines physical and digital capabilities [24][34] 3. **Financial Performance Goals**: FedEx expects revenue to grow at a compound annual growth rate (CAGR) of 4% from fiscal 2026 to 2029, with adjusted operating income growth of approximately 14% during the same period [33][56] Operational Highlights - **Workforce**: FedEx employs over 500,000 people globally, emphasizing a culture of safety, service, and innovation [7][10] - **Data Utilization**: The company generates and processes 2 petabytes of data daily, leveraging AI and data analytics for network planning, forecasting, and customer visibility [22][68] - **Cost Savings**: Structural changes have led to $4 billion in savings from FY 2023 through FY 2025, with an additional $2 billion expected by the end of 2027 [25][26] Market Segmentation and Growth Areas 1. **Revenue Breakdown**: Approximately 70% of revenue comes from U.S. Domestic operations, while 30% is from International markets [21][38] 2. **Target Verticals**: Focus on high-margin sectors such as healthcare, automotive, aerospace, and data centers, with a combined market opportunity of $130 billion [40][42] 3. **B2B and B2C Strategies**: Targeting $6.5 billion in incremental B2B growth, with a focus on high-value goods and specialized B2C segments [41][54] Technological Advancements - **Digital Transformation**: FedEx is modernizing its technology stack, embedding AI into operations, and simplifying processes to enhance efficiency and customer experience [62][75] - **AI Integration**: Plans to integrate AI into over 50% of core operational workflows by 2028, improving service and reducing costs [75][76] Strategic Partnerships - **InPost Investment**: FedEx is participating in a consortium to acquire InPost, a European out-of-home delivery enabler, which is expected to enhance B2C last-mile operations and improve financial performance [30][31] Conclusion - **Future Outlook**: FedEx is positioned to leverage its extensive network and technological advancements to drive growth, improve profitability, and enhance customer service, with a clear focus on high-margin verticals and operational efficiency [34][57]

Materion (NYSE:MTRN) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsDan Moore - Managing DirectorDave Storms - Director of Equity ResearchDavid Silver - Managing DirectorJugal Vijayvargiya - CEOKyle Kelleher - Director of Investor Relations and Corporate FP&AShelley Chadwick - CFOConference Call ParticipantsMike Harrison - Managing Director and Senior Chemicals AnalystPhil Gibbs - Managing Director and Metals Equity Research AnalystOperatorGreetings. Welcome to the Materion Fourth Q ...

Financial Data and Key Metrics Changes - Core FFO per share for Q4 and full year 2025 was $0.32 and $1.17 respectively, aligning with guidance [9] - Same-store NOI grew 1.8% in Q4 and 2.4% for the full year, driven by a 2% increase in same-store revenue [9][10] - Average effective monthly rents increased by 60 basis points in Q4 and 80 basis points for the full year [11][12] Business Line Data and Key Metrics Changes - Same-store revenue growth in Q4 was supported by a 124 basis point improvement in bad debt and a 60 basis point increase in average effective monthly rents [10] - For 2025, same-store operating expenses were modestly higher due to increased advertising and contract service costs, offset by lower insurance and real estate taxes [11] Market Data and Key Metrics Changes - Job growth in major markets is forecasted to average 60 basis points, double the national average of 30 basis points [8] - The majority of NOI is generated from communities in high in-migration states, with nearly 70% of NOI from seven of the ten highest in-migration states [8] Company Strategy and Development Direction - The company plans to renovate between 2,000 and 2,500 units in 2026, with a focus on value-add programs [7] - The strategy includes maintaining operational stability and efficiency to maximize revenue growth while capitalizing on market recovery [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of market fundamentals, driven by job and population growth exceeding national averages [23] - The company anticipates same-store NOI growth of 1.7% and a 3.4% increase in total same-store operating expenses for 2026 [18][20] Other Important Information - The company sold a 356-unit community for $50 million and entered a new joint venture for a 318-unit community [14] - A $350 million unsecured term loan was secured to improve liquidity and manage debt maturities [16] Q&A Session Summary Question: How does the new lease rate growth assumption incorporate market rent growth? - The new lease growth starts negative in January and improves throughout the year, with first half guidance at -2.25% and second half at +75 basis points [25] Question: Can you discuss the performance of non-same-store properties? - Non-same-store properties are performing in line with expectations, but two development deals are behind schedule due to higher concessions [27] Question: What impact do concessions have on rent growth projections? - Lower concessions are expected in the second half of the year, which should improve rental rate growth [31] Question: What are the expectations for occupancy stabilization at the Flatirons development? - Occupancy is expected to stabilize at about 90% by June, which is a quarter behind expectations due to market supply pressures [80] Question: What is the strategy regarding fixed and floating rate debt? - The company plans to maintain a more floating rate debt strategy in the current environment, with a focus on managing interest rate expenses [87]

Financial Data and Key Metrics Changes - FBRT reported GAAP net income of $18.4 million, or $0.13 per fully converted common share, with distributable earnings of $17.9 million, or $0.12 per fully converted share [13] - The company decided to reset the quarterly dividend to $0.20 per common share starting Q1 2026 to stabilize book value and better match current earnings to dividends [7][8] - Book value per share ended the quarter at $14.15, reflecting dividends outpacing earnings [15] Business Line Data and Key Metrics Changes - The core portfolio finished Q4 at approximately $4.4 billion, with 77% of loans backed by multifamily assets [19] - During Q4, the company originated 37 loans at a weighted average spread of 284 basis points, with multifamily representing 76% of new loan originations [20] - Agency volume reached $1.1 billion in new loan originations for the quarter, with expectations of $4.5 billion to $5.5 billion in 2026 [16] Market Data and Key Metrics Changes - Market conditions are improving, with abundant liquidity and tighter spreads, the tightest seen since pre-GFC days [11] - Regional banks are slowly returning to the market, particularly in the multifamily space, but the company is cautious about chasing current market spreads [11] Company Strategy and Development Direction - The company has transitioned from being a pure play mortgage REIT to a commercial real estate investment platform, focusing on sustainable dividend coverage and book value growth [8][10] - The acquisition of NewPoint is expected to provide steadier recurring servicing and fee revenue, contributing to long-term growth [9][10] - The company aims to balance attractive current income with disciplined book value growth, positioning itself differently from traditional mortgage REITs [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow earnings, despite current challenges and a reset in dividend [29] - The company is navigating a rate-sensitive environment, with expectations that lower rates could significantly increase market volume [58] - Management believes that the disconnect between book value and share price is not reflective of the company's underlying asset quality [62] Other Important Information - The company completed a $1 billion CLO, increasing non-recourse financing capacity and lowering financing costs in 2026 [14] - Share buybacks totaled $14.4 million in Q4, contributing $0.05 to book value, with a reauthorized share repurchase program of $50 million available through December 2026 [15] Q&A Session Summary Question: How should we think about capital allocation this quarter? - Management indicated that they are focused on origination and have a $1.7 billion under-application pipeline, adjusting the mix of origination to avoid chasing tight spreads [26][27] Question: Should we expect the dividend reset to be a good baseline for run rate earnings going forward? - Management expects to grow earnings over the next several quarters and aims to return to a higher earnings level, indicating that the current earnings are not a steady state [28][30] Question: Will the company have some percentage of capital in direct real estate investments going forward? - Management confirmed that they have multiple equity investments and expect to allocate a slightly higher percentage of capital to equity investments over the next few years [34][37] Question: How is the multifamily volume progressing year to date in 2026? - Management noted that the business is highly sensitive to rates, and a slight change could significantly impact volume, indicating uncertainty in the near term [58] Question: Are most of the repayments behind the company? - Management stated that they are cycling through the legacy portfolio and expect to continue addressing legacy positions, with confidence in the quality of the loan portfolio [60][62]

Sendas Distribuidora (NYSE:ASAI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsAymar Giglio Jr. - CFOBelmiro Gomes - CEODanniela Eiger - Head of Equity ResearchIrma Sgarz - Managing DirectorConference Call ParticipantsAndrew Ruben - Research AnalystJoseph Giordano - Stock AnalystJoão Soares - Senior AnalystLucas Steves - Senior Equity AnalystRodrigo Gastim - Equity Research AnalystTales Granello - Equity AnalystNone - AnalystOperatorHi, everyone. Good morning, ladies and gentlemen. ...

US Foods (NYSE:USFD) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsDave Flitman - CEODirk Locascio - CFOJacob Aiken-Phillips - Director of Equity ResearchJohn Heinbockel - Managing DirectorKaren Holthouse - VPLauren Silberman - DirectorMargaret-May Binshtok - VP of Equity ResearchMark Carden - Executive Director of Equity ResearchMichael Neese - SVP of Investor RelationsConference Call ParticipantsAlex Slagle - SVP and Equity Research AnalystDanilo Gargiulo - Senior AnalystEdward K ...

Piedmont Office Realty Trust (NYSE:PDM) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsBrent Smith - President and CEOChris Kollme - EVP of InvestmentsGeorge Wells - COOLaura Moon - Chief Accounting OfficerSherry Rexroad - CFOConference Call ParticipantsDylan Burzinski - Senior AnalystNick Thillman - Senior Research AnalystOperatorGreetings, and welcome to the Piedmont Realty Trust Inc fourth quarter 2025 earnings conference call. At this time, all participants are on a listen-only ...

Sendas Distribuidora (NYSE:ASAI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsAymar Giglio Jr. - CFOBelmiro Gomes - CEODanniela Eiger - Head of Equity ResearchIrma Sgarz - Managing DirectorConference Call ParticipantsAndrew Ruben - AnalystJoseph Giordano - Stock AnalystJoão Soares - Senior AnalystRodrigo Gastim - Equity Research AnalystOperatorHi, everyone. Good morning, ladies and gentlemen. Thank you for participating in our earnings call for the fourth quarter and the year of 2 ...

Financial Data and Key Metrics Changes - Adjusted revenue for full year 2025 was $3.04 billion, down 4.2% from $3.18 billion in 2024 [15] - Adjusted EBITDA for the year was $164 million, compared to $124 million in 2024, with an adjusted EBITDA margin of 5.4%, up 150 basis points year-over-year [15][16] - Adjusted free cash flow was -$130 million for the year, with Q4 adjusted free cash flow being positive at $28 million [19][20] Business Line Data and Key Metrics Changes - Government Segment adjusted revenue was down 6.3% at $922 million, but grew 1.8% in Q4 year-over-year [17] - Transportation Segment adjusted revenue was $609 million for the year, an increase of 3.9%, with adjusted EBITDA margin up 300 basis points versus 2024 [18] - Commercial Segment adjusted revenue was $1.5 billion, down 5.9% compared to 2024, with adjusted EBITDA margin of 10.2%, down 30 basis points year-over-year [16][17] Market Data and Key Metrics Changes - New business Annual Contract Value (ACV) signed in Q4 was $152 million, up 11% versus Q4 2024, with full year 2025 new business ACV at $517 million, up 6% versus 2024 [12] - Government Segment new business ACV was up 50%, and Transportation Segment was up 14% versus 2024 [12] - Commercial Segment new capability ACV increased by 60% this year [13] Company Strategy and Development Direction - The company aims for consistent year-over-year revenue and EBITDA growth, supported by strong free cash flow generation [5][6] - Key priorities include faster decision-making, financial discipline, lowering cost structure, rationalizing the portfolio, and improving conversion rates of the ACV pipeline [9][10][11] - The company is focused on organic revenue growth and will categorize businesses as fix, sell, or grow [10] Management's Comments on Operating Environment and Future Outlook - The CEO emphasized the need for transparency and accountability in executing the turnaround strategy [7][22] - Management is optimistic about the government and transportation segments, while acknowledging challenges in the commercial segment [43] - The CEO highlighted the importance of adapting to technological changes, particularly in AI, to maintain competitive advantage [64] Other Important Information - The company plans to host an Analyst Day in New York City to discuss strategy and execution plans [7] - The qualified ACV pipeline stands at $3.2 billion, up 4% year-over-year, driven by the government segment [14] Q&A Session Summary Question: Metrics for evaluating business units for fix, sell, or grow - The CEO mentioned factors such as growth metrics, predictable EBITDA margins, capital allocation needs, and competitive moats as key considerations [25][26] Question: Philosophy on keeping related business units - The CEO stated the importance of focusing on core competencies and avoiding being everything to everyone, emphasizing the need for discipline in service offerings [31][35] Question: Evidence of revamped go-to-market strategy in commercial segment - Management acknowledged the need for improvement in the commercial segment but noted positive momentum in government and transportation segments [42][43] Question: Exposure to AI disruptors - The CEO estimated that 15%-20% of the business may be exposed to AI disruptors, emphasizing the need for partnerships with technology providers [64] Question: Free cash flow expectations for 2026 - The CEO expressed optimism about turning around free cash flow but did not provide specific guidance [75]