OneSpaWorld (NasdaqCM:OSW) Q3 2025 Earnings Call October 29, 2025 10:00 AM ET Company ParticipantsLeonard Fluxman - CEO and Executive ChairmanSteve Wieczynski - Managing DirectorStephen Lazarus - President, COO and CFOAllison Malkin - PartnerSharon Zackfia - Partner and Head of Consumer Equity ResearchConference Call ParticipantsAssia Georgieva - AnalystGregory Miller - Stock AnalystDrew May - Research AnalystMax Rakhlenko - Equity Research AnalystOperatorGood day and welcome to the OneSpaWorld third quarte ...

Financial Data and Key Metrics Changes - Funds from operations (FFO) per share for Q3 2025 was $1.74, which is $0.04 above the forecast and $0.02 above market consensus [5][38] - The midpoint of the earnings guidance for the full year 2025 was raised by $0.03, now projected at $6.89-$6.92 per share [5][40] - Occupancy in the same property pool increased by 20 basis points from the previous quarter, reaching 86.6% [21][38] Business Line Data and Key Metrics Changes - Over 1.5 million sq ft of leasing was completed in Q3 2025, a 39% increase compared to Q3 2024 and 130% of the last five-year average for the same quarter [6][5] - Year-to-date leasing activity reached 3.8 million sq ft, which is 14% greater than the first three quarters of 2024 [6] - The total portfolio percentage leased for the quarter was 88.8%, a decline of 30 basis points, but an increase of 10 basis points from June 30 [22] Market Data and Key Metrics Changes - S&P 500 earnings have been growing for nine consecutive quarters, with a projected growth of around 11%-12% for 2025 [6] - Office transaction volume in private markets improved, with significant office sales reaching $12.9 billion in Q3 2025, up 6% from Q2 and 55% from Q3 2024 [8] - Direct vacancy for premier workplaces in key markets is 11.7%, which is 22% lower than the broader market [10] Company Strategy and Development Direction - The company aims to lease space and grow occupancy, with a focus on premier workplace assets in core gateway markets [5][10] - A strategic goal includes selling 27 non-strategic assets for approximately $1.9 billion by the end of 2027, with $1.25 billion in transactions already closed or underway [7][8] - The company is reallocating capital to premier workplace assets and has launched new developments in New York and Washington, DC [12][14] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are growing and utilizing their space more intensively, leading to positive leasing market conditions [16] - The company expects to see a 200 basis point increase in occupancy by the end of 2026, driven by active leasing and market conditions [52][70] - The overall market for office space is improving, with more availability of capital at better pricing [16][37] Other Important Information - The company recorded $212 million in impairments related to assets part of its strategic sales program [39] - The debt markets have improved, allowing the company to access financing at favorable terms, including a $1 billion unsecured exchangeable notes offering [35][37] Q&A Session Summary Question: How is the company approaching smaller markets like Seattle and LA? - Management indicated that there are no current development opportunities in LA or Seattle due to weaker leasing conditions, but they would consider acquisition opportunities if they arise [46][47] Question: What is the confidence level regarding occupancy increases in 2026? - Management expressed confidence in achieving a 200+ basis point increase in occupancy by the end of 2026, supported by ongoing leasing activity [51][52] Question: How is the company addressing the recovery in San Francisco? - Management noted that AI demand is primarily in low-rise buildings south of Mission Street, and they are seeing growth in leasing activity from technology companies [54][56]

Financial Data and Key Metrics Changes - The company achieved all-time high EBITDA margins of 27% in electronic materials, reflecting improved cost structure and operational performance [5][6] - Sales increased by approximately 1% year-over-year, with adjusted earnings per share at $1.41, flat compared to the prior year and up 3% sequentially [5][13] - Adjusted EBITDA was $55.5 million, down 2% year-over-year, primarily due to lower volume from equipment downtime in Performance Materials [14] Business Line Data and Key Metrics Changes - **Performance Materials**: Value-added sales were $157.1 million, down 4% year-over-year due to equipment downtime, with adjusted EBITDA at $38 million, or 24.2% of value-added sales, down 18% compared to the prior year [12][14] - **Electronic Materials**: Value-added sales were $79.7 million, up 2% from the prior year and up 7% organically, with EBITDA margins reaching a record 27.1%, up 38% from the prior year [15][16] - **Precision Optics**: Value-added sales were $27.1 million, up 21% year-over-year, with adjusted EBITDA at $3.2 million, or 11.8% of value-added sales, marking a significant margin expansion [16][17] Market Data and Key Metrics Changes - The semiconductor market is recovering, with sales into high-performance memory applications increasing more than 30% year-to-date, excluding China [7] - Defense bookings increased by approximately 40% year-to-date, with the company working on about $150 million of RFQs [10][42] - The commercial space sector has seen sales increase fivefold in three years, driven by macro trends in AI and connectivity [10][11] Company Strategy and Development Direction - The company is focusing on high-growth markets such as semiconductor, defense, space, and energy, with a strong order book and improved operational performance expected to drive growth [6][11] - Strategic partnerships, such as with Kairos Power and Commonwealth Fusion Systems, are aimed at expanding the company's footprint in new energy applications [9][28] - The company aims to achieve midterm target margins of 23% and is actively addressing operational reliability issues in Performance Materials [6][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in finishing 2025 positively, driven by strong order rates and operational improvements [11][18] - There is uncertainty regarding the impact of geopolitical tensions, particularly concerning the China market, which is down about 20% year-over-year [70][86] - The company anticipates continued growth in defense spending and energy markets, with a focus on maintaining strong relationships with customers [10][94] Other Important Information - The company ended the quarter with a net debt position of approximately $441 million and $214 million of available capacity on its credit facility [17] - A new $50 million stock repurchase program was authorized by the Board of Directors, although organic growth remains the top priority for capital allocation [17][60] Q&A Session Summary Question: Why did the company not narrow the full-year outlook range? - Management cited uncertainty around China and potential impacts from the government shutdown as reasons for maintaining the range [25] Question: What financial impact is expected from the new agreement with Commonwealth Fusion? - Initial shipments are expected to contribute a few million this year, with a more significant annualized run rate anticipated next year [26][28] Question: What is the nature of the equipment downtime in Performance Materials? - The downtime was primarily due to issues in the largest plant, but it has been resolved, and the company expects to catch up on sales in Q4 [35][36] Question: What are the expectations for 2026 growth? - Management expressed optimism about growth in key markets, despite challenges in the auto market and geopolitical pressures [40][42] Question: How is the company addressing operational reliability? - The company is focused on capital improvements and maintenance to minimize future disruptions in Performance Materials [38][39] Question: What is the expected impact of tariffs on financial results? - The China business is down about 20% year-over-year, with some impacts from tariffs on raw materials, but the focus remains on stabilizing the supply chain [69][70] Question: Will beryllium be stockpiled by the government? - Increased U.S. defense spending is expected to drive demand for beryllium, with active discussions ongoing to ensure supply [94][95]

Old Dominion Freight Line (NasdaqGS:ODFL) Q3 2025 Earnings Call October 29, 2025 10:00 AM ET Company ParticipantsJo Hafling - VP of Equity ResearchJeff Kauffman - Partner of Transportation and Logistics Equity ResearchChris Wetherbee - Managing Director and Head of Transportation and Shipping ResearchKen Hoexter - Managing DirectorAdam Satterfield - CFOJack Atkins - Director of Investor RelationsBrian Ossenbeck - Managing DirectorJonathan Chappell - Senior Managing DirectorMarty Freeman - President and CEOJ ...

Inventrust Properties (NYSE:IVT) Q3 2025 Earnings Call October 29, 2025 10:00 AM ET Company ParticipantsLinda Tsai - Senior VPCooper Clark - Equity Research AssociateMike Phillips - CFODan Lombardo - VP of Investor RelationsMichael Gorman - Managing DirectorDJ Busch - President and CEOChristy David - COOConference Call ParticipantsAndrew Reale - Equity Research AnalystMike Mueller - Senior Equity Research AnalystPaulina Rojas - Equity Research AnalystHong Zhang - AnalystOperatorThank you for standing by and ...

Cementos Pacasmayo (NYSE:CPAC) Q3 2025 Earnings Call October 29, 2025 10:00 AM ET Company ParticipantsClaudia Bustamante - Investor Relations Managing DirectorEly Hayashi - CFOMarcelo Sa - Partner and Head of UtilitiesHumberto Nadal - CEOOperatorGood day, ladies and gentlemen. Welcome to Pacasmayo third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode, and please note that this call is being recorded. At the conclusion of our prepared remarks, we'll conduct a q ...

Financial Data and Key Metrics Changes - Shipments increased by 6% to 373,000 tonnes compared to Q3 2024, driven by higher shipments across all operating segments [7] - Revenue rose by 20% to $2.2 billion compared to Q3 2024, attributed to higher shipments and increased revenue per tonne, including higher metal prices [7] - Net income for the quarter was $88 million, a significant increase from $8 million in Q3 2024, primarily due to higher gross profit [8] - Adjusted EBITDA increased by 85% to $235 million, with a record adjusted EBITDA of $196 million when excluding the impact of metal price lag [8][9] - Free cash flow was strong at $30 million for the quarter [8] Business Line Data and Key Metrics Changes - **A&T Segment**: Adjusted EBITDA of $90 million, up 67% year-over-year, with TID shipments up 16% but aerospace shipments down 9% [13][14] - **Packaging Segment**: Adjusted EBITDA of $82 million, a 14% increase year-over-year, with packaging shipments up 11% [15] - **AS&I Segment**: Adjusted EBITDA of $33 million, a 371% increase year-over-year, with shipments up 40% [16] Market Data and Key Metrics Changes - Aerospace market backlogs are at record levels, with major OEMs increasing build rates for aircraft [24] - Demand in the packaging market remains healthy in North America and Europe, with long-term growth expected [25] - Automotive production in Europe remains below pre-COVID levels, with demand weak particularly in luxury and electric vehicle segments [27] Company Strategy and Development Direction - The company is focused on high value-added products, enhancing customer connectivity, and optimizing margins [23] - The leadership transition is aimed at continuing the strong foundation and strategic direction established [5][6] - The company is committed to maintaining a right-sized cost structure and executing its Vision 25 cost improvement program [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals driving aerospace demand, despite current supply chain challenges [24] - The company anticipates a modest benefit from recent aluminum supply chain interruptions in automotive, with expectations for improvement in 2026 [28] - Management raised guidance for 2025, targeting adjusted EBITDA of $670 million to $690 million and free cash flow in excess of $120 million [31] Other Important Information - The company completed a divestment of its Nanjing Automotive Structures plant during the quarter [9] - The current tariff environment is manageable, with indirect positive impacts from tariffs expected to continue [10][11] - The company has no bond maturities until 2028, with strong liquidity of $831 million as of the end of Q3 [22] Q&A Session Summary Question: Impact of scrap spread on future quarters - Management indicated that scrap spreads have tightened in 2024 and are expected to widen in 2025, with a potential impact of $15 to $20 million per quarter [35][41] Question: Aerospace margin outlook - Management noted that the aerospace segment has maintained strong margins due to a wide product portfolio and R&D capabilities, with expectations for continued improvement [47][56] Question: European market recovery indicators - Management highlighted mixed signals in the European market, with some sectors stabilizing while others remain weak, particularly in automotive [80][85] Question: Benefits from rising aluminum prices - Management clarified that rising aluminum prices primarily impact cash flow due to increased inventory costs, while scrap spreads are expected to provide some benefits [86][87]

Renasant (NYSE:RNST) Q3 2025 Earnings Call October 29, 2025 10:00 AM ET Speaker5Good day, and welcome to the Renasant Corporation 2025 third quarter earnings conference call and webcast. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press the star then one on your telephone keypad. To withdraw your q ...

Financial Data and Key Metrics Changes - Overall net sales decreased 5% year-over-year to $1.11 billion from $1.17 billion [4][24] - Residential net sales declined 13% to $627 million compared to $723 million in the prior year [24] - Commercial and industrial (C&I) product sales increased 9% to $358 million from $328 million in the prior year [25] - Gross profit margin was 38.3%, down from 40.2% in the prior year [26] - Adjusted EBITDA was $193 million, representing 17.3% of net sales, compared to $232 million or 19.8% in the prior year [27] - GAAP net income was $66 million, down from $114 million in the prior year [28] - Diluted net income per share was $1.12, compared to $1.89 in the prior year [31] Business Line Data and Key Metrics Changes - Home standby and portable generator shipments grew sequentially but were below seasonal expectations due to a low power outage environment [4][5] - Global C&I product sales increased 9%, driven by domestic telecom and industrial distributor channels [4] - Sales of residential energy technology solutions grew significantly, led by energy storage systems in Puerto Rico [12] Market Data and Key Metrics Changes - International sales increased 11%, benefiting from strong C&I product shipments in Europe and initial shipments to data center customers in Australia [17] - The backlog for large megawatt generators doubled to over $300 million in the last 90 days, indicating strong demand in the data center market [5][18] Company Strategy and Development Direction - The company is focused on leveraging new products and marketing capabilities to drive market share gains and significant sales growth [14] - Plans to recalibrate investment levels in response to a contracting market environment expected in 2026 due to reduced federal incentives [14] - The company aims to expand capacity and capabilities for C&I products, particularly in the data center market, with expectations of doubling C&I product sales over the next three to five years [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that the low outage environment has negatively impacted demand for home standby and portable generators, but structural trends indicate ongoing challenges with power reliability [21][22] - The company anticipates a contraction in the solar and storage market in 2026 but remains optimistic about long-term growth due to rising electricity prices and declining component costs [14][59] - Management expressed confidence in the data center market's growth potential, with significant backlog and ongoing discussions with hyperscalers [19][46] Other Important Information - The company expects consolidated net sales for the full year 2025 to be approximately flat compared to the prior year, with a shift in sales mix impacting gross and adjusted EBITDA margins [32][33] - Free cash flow is projected to be approximately $300 million for fiscal 2025, providing flexibility for future investments [35] Q&A Session Summary Question: What have you learned about the data center market opportunity? - The company sees a unique opportunity in the data center market due to supply constraints and ongoing demand for backup power solutions [44][45] - Conversations with hyperscalers are productive, and the company is optimistic about becoming an approved supplier [46] Question: How should we think about 2026 with the current moving parts? - Management indicated that the weak outage environment is temporary and expects a return to growth in residential products if outages normalize [53][55] - The company anticipates a contraction in the solar and storage market but remains confident in long-term growth potential [59][60] Question: What are the biggest challenges in adding capacity quickly? - The company is confident in its ability to bring new products online and has made significant upgrades to its facilities to support this [87] - Supply chain constraints are not expected to be a major issue, as the engine partner has ample capacity [88]

Financial Data and Key Metrics Changes - The company reported revenue of $530 million for Q3 2025, representing a 12% year-over-year increase and an adjusted EPS of $0.48, up 11% year-over-year [4][21] - Adjusted EPS for the quarter was $0.48, reflecting a 10.8% year-over-year increase [24] - Revenue for the first nine months of 2025 was $1.55 billion, up 14% year-over-year on a constant currency basis [25] Business Line Data and Key Metrics Changes - Data and AI-led revenue grew 18% year-over-year, accounting for 56% of total revenue [4][6] - Digital operations revenue increased by 6% year-over-year, with some revenue shifting to the data and AI-led category [6] - The insurance segment grew 9% year-over-year, contributing a third of total revenue [6] - Healthcare and life sciences segment grew 22% year-over-year, driven by demand for data and AI solutions [6][22] - Banking, capital markets, and diversified industries grew 12% year-over-year, representing nearly a quarter of total revenue [7][22] Market Data and Key Metrics Changes - International growth markets segment generated revenue of $92.8 million, up 8.4% year-over-year [23] - The company noted a positive demand environment and an expanding sales pipeline for data and AI-led opportunities [8][9] Company Strategy and Development Direction - The company is focused on embedding AI into client workflows and has launched EXLdata.ai to help clients make their data AI-ready [12][13] - The strategy includes expanding capabilities in data and AI, with a strong emphasis on client engagement and innovation [11][56] - The company aims to maintain double-digit growth momentum into 2026, supported by a healthy new business pipeline [20][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained double-digit growth due to the increasing demand for AI-driven solutions [36][40] - The company is raising its revenue and EPS guidance for the full year based on strong performance and visibility [27][28] - Management highlighted the importance of transforming client business models and expanding total addressable markets through AI adoption [9][36] Other Important Information - More than 75% of the company's revenue is recurring or annuity, providing stability and predictability [11] - The company has received several industry recognitions for its AI services and solutions leadership [17][18] Q&A Session Summary Question: Change in overall demand environment - Management characterized the overall demand as very strong, with an expanding total addressable market for services and solutions [30][32] Question: Expectations for digital operations growth - Management indicated that digital operations growth is impacted by revenue shifting to data and AI-led categories, with a current growth rate of 6% [46][47] Question: Client relationship management changes - The company is enhancing client engagement by training teams to discuss complex technologies and expanding conversations to include higher-level executives [52][54] Question: Outlook for healthcare segment growth - Management believes the healthcare business has significant growth potential due to the data-rich and fragmented nature of the market [62][64] Question: Margin expectations for next year - Management expects more stable margin growth in 2026, with an adjusted margin improvement of 10 to 20 basis points per year [67][68] Question: Landscape for EXLdata.ai product - Management noted that while other companies are developing similar solutions, EXLdata.ai differentiates itself by using AI to prepare data for AI readiness [71][72] Question: International segment growth acceleration - The company is investing in marketing and talent to accelerate growth in international markets [75] Question: Requirements for deploying enterprise AI - Management discussed two engagement motions: standalone capabilities for data readiness and integrated solutions for embedding AI into workflows [78][80]