BJ’s Wholesale Club (NYSE:BJ) Q3 2026 Earnings Call November 21, 2025 08:30 AM ET Company ParticipantsLaura Felice - CFOAng Singh - VP FP&ASteven Zaccone - Director of Equity ResearchNone - Unknown Speaker 2Bill Werner - Executive VPNone - Unknown Speaker 1Bob Eddy - Chairman and CEOConference Call ParticipantsRobbie Owens - AnalystMike Baker - Managing Director and Senior Research AnalystKate McShane - AnalystRupesh Parikh - AnalystPeter Benedict - AnalystPedro Gale - AnalystChuck Grom - AnalystOperatorHel ...

Financial Data and Key Metrics Changes - In Q3 2025, total net revenue reached RMB 1.96 billion, reflecting a 23.9% year-over-year increase but a 13.7% decline sequentially from Q2 [6][14] - Income from operations was RMB 331.9 million, down 29.9% year-over-year and 46.4% sequentially, primarily due to higher provisions for credit losses [14] - Net income was RMB 421.2 million, up 12.1% year-over-year but down 20.2% sequentially [14] - The delinquency rates increased, with the 31-60 day delinquency rate rising to 1.85% from 1.16% in Q2 and 1.02% a year ago [7][14] Business Line Data and Key Metrics Changes - The company facilitated and originated RMB 33.64 billion in loans, an 18.7% increase year-over-year but a 13.7% decline sequentially [4][10] - The outstanding loan balance at the end of the quarter was RMB 62.83 billion, up 37.3% from the previous year [10] - Approximately 3.48 million loans were facilitated, representing a 32% increase year-over-year, with an average loan size of RMB 9,654 [10] Market Data and Key Metrics Changes - The active borrower base was approximately 2.44 million, down 14.4% sequentially but up 24.2% year-over-year [10] - The regulatory environment remains stringent, with a focus on consumer protection and responsible lending practices [9] Company Strategy and Development Direction - The company is prioritizing asset quality and risk management over short-term volume expansion, reflecting a strategic shift in response to regulatory pressures [4][9] - There is a commitment to maintaining a compliance-first mindset and adapting to evolving regulatory standards [9][10] - The focus is on cost efficiency and disciplined execution to ensure long-term value preservation [12] Management's Comments on Operating Environment and Future Outlook - Management expects challenges to persist in the coming quarters but remains confident in the company's ability to navigate these with prudence [18] - The outlook for Q4 2025 anticipates total loan facilitation in the range of RMB 21 billion to RMB 23 billion, reflecting a measured pace of origination [17] - Management acknowledges the potential for continued pressure on industry pricing and profitability due to regulatory changes [9][10] Other Important Information - The company repurchased approximately $67.9 million in shares under its buyback program, with about $48 million remaining under the existing plan [16][26] - The balance sheet remains strong, with total assets at RMB 14.69 billion, up 26.4% year-over-year [15] Q&A Session Summary Question: What is the expected take rate for Q4 given the current risk situation? - Management indicated that the new regulatory regime will likely have a material negative impact on volume, margin, and profitability, making it premature to discuss specific take rates [24][25] Question: Is the company considering returning more capital to shareholders? - Management confirmed that capital return remains a key strategy, with ongoing share repurchases and a commitment to maintaining dividends despite industry pressures [26][27] Question: How does management view the regulatory environment going into early 2026? - Management expressed uncertainty about future regulatory actions but emphasized a focus on compliance and consumer protection [32] Question: Can management provide more details on the uptick in delinquencies? - Management acknowledged the increase in delinquencies due to broader economic challenges and indicated that they expect the delinquency rate to continue climbing in the short term [33][34]

BJ’s Wholesale Club (NYSE:BJ) Q3 2026 Earnings Call November 21, 2025 08:30 AM ET Company ParticipantsLaura Felice - CFOAng Singh - VP FP&ASteven Zaccone - Director of Equity ResearchNone - Unknown Speaker 2Bill Werner - Executive VPNone - Unknown Speaker 1Bob Eddy - Chairman and CEOConference Call ParticipantsRobbie Owens - AnalystMike Baker - Managing Director and Senior Research AnalystKate McShane - AnalystRupesh Parikh - AnalystPeter Benedict - AnalystPedro Gale - AnalystChuck Grom - AnalystOperatorHel ...

Financial Data and Key Metrics Changes - Total radiopharmaceutical revenues for Q3 2025 were $1.3 million, an 18% increase compared to Q3 2024, and year-to-date revenues reached $3.6 million, a 24% increase versus 2024 [31] - Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025 [32] - Net loss from operations for year-to-date 2025 was $34.9 million, compared to $18.7 million for the same period in 2024 [32] - Cash balance as of September 30, 2025, was $113.9 million, reflecting net proceeds of approximately $56 million from common stock issuance during Q3 2025 [34] Business Line Data and Key Metrics Changes - The multi-isotope plant in South Africa is currently enriching silicon-28 and has shipped commercial samples validated for isotopic purity [4] - The nuclear medical segment has seen growth in volumes and doses sold, leading to increased revenues [9] - The carbon plant is expected to start producing carbon-14, with the first full batch anticipated in January 2026 [8] Market Data and Key Metrics Changes - The acquisition of Renergen is expected to enhance the company's capabilities in the semiconductor gas vertical, with regulatory approvals nearly complete [5] - The company has secured a contract for silicon-28 and aims to fulfill customer orders by 2026 [4] Company Strategy and Development Direction - The company aims to diversify its operations beyond South Africa and expand its radiopharmaceutical footprint globally [70] - Quantum Leap Energy (QLE) plans to secure the nuclear supply chain and has raised $64.3 million via convertible notes to support its initiatives [13][14] - The acquisition of Skyline Builders is part of a strategy to secure critical material supply chains essential for the U.S. and ASP Isotopes [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational capabilities and customer relationships, emphasizing the positive feedback from customers regarding the enrichment processes [38] - The focus for the next six months includes completing the Renergen acquisition and achieving operational de-risking by the end of Q1 2026 [39][40] - The company is committed to providing further guidance on revenue projections as clarity improves internally [52][53] Other Important Information - The company is planning to begin construction of new plants in various locations, including Iceland, the U.S., and the U.K., during 2026 [29] - The first quantum enrichment plant is producing ytterbium-176, with commercial quantities expected in the first half of 2026 [7] Q&A Session Summary Question: Can you talk about the delays in shipping Silicon-28? - Delays were due to the complexity of the production process and modifications made after customer visits, which improved the customer-supplier relationship [37][38] Question: When do you expect to achieve operational de-risking in respect of Renergen? - Operational de-risking is expected by the end of Q1 2026, focusing on completing phase 1C of the project [39][40] Question: When will the company begin to recognize revenue in its isotopes enrichment segment? - Revenue recognition for carbon is expected by the end of December, with silicon isotopes anticipated in the first half of 2026 [41][42] Question: What did the customers say about our samples of both Ytterbium and Silicon? - Customers were pleased with the results of the samples, indicating that the technology works effectively [44][47] Question: Is the $50-$70 million revenue opportunity in 2026 and 2027 still valid? - The company is not changing previous guidance and will provide updates as more clarity is achieved [49][50][52] Question: Can you help us understand the capital commitment in 2026 for new facilities? - Detailed breakdowns of capital commitments and revenue opportunities will be provided in future updates [54][55] Question: Can you discuss the opportunity for LEU Plus? - LEU Plus is a new focus based on customer inquiries, aimed at increasing power density and extending the life of existing nuclear power plants [56][60] Question: Should we model the $3 million revenue from Skyline Builders going forward? - The revenue from Skyline Builders is not expected to continue, as the focus will shift away from construction [64][66]

Financial Data and Key Metrics Changes - Total radiopharmaceutical revenues for Q3 2025 were $1.3 million, an 18% increase compared to Q3 2024, and year-to-date revenues reached $3.6 million, a 24% increase versus 2024 [31][32] - Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025 [31][32] - Net loss from operations for year-to-date 2025 was $34.9 million, compared to $18.7 million for the same period in 2024 [32][33] - Cash balance as of September 30, 2025, was $113.9 million, reflecting net proceeds of approximately $56 million from common stock issuance during Q3 2025 [34] Business Line Data and Key Metrics Changes - The multi-isotope plant in South Africa is currently enriching silicon-28 and has shipped commercial samples validated for isotopic purity [4][5] - The nuclear medical segment has seen growth in volumes and doses sold, leading to increased revenues [9] - The carbon plant is expected to start producing carbon-14, with the first full batch anticipated in January 2026 [8] Market Data and Key Metrics Changes - The acquisition of Renergen is expected to enhance the company's capabilities in the semiconductor gas vertical, with regulatory approvals nearly complete [5][6] - The company is expanding its radiopharmaceutical operations globally, with the first purchase in the U.S. announced for East Coast Nuclear in Florida [10] Company Strategy and Development Direction - The company aims to secure supply chains of critical materials essential to the U.S. and ASP Isotopes, with recent acquisitions supporting this strategy [21][22] - Quantum Leap Energy (QLE) plans to produce lithium-7 and lithium-6 isotopes to meet the growing demand in the nuclear industry [15][16] - The company is focused on operational de-risking and plans to complete the Renergen acquisition and IPO of QLE in the near future [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational capabilities and customer relationships, emphasizing the positive feedback from customers regarding the silicon-28 enrichment process [38] - The company anticipates significant revenue opportunities in 2026 and 2027, particularly around ytterbium-176 and silicon-28 [49][50] Other Important Information - The company has raised $64.3 million via convertible notes, bringing pro forma cash on hand to $81.6 million [13] - The company is planning to construct new plants in various locations, including Iceland, the U.S., and the U.K., during 2026 [29][30] Q&A Session Summary Question: Can you talk about the delays in shipping Silicon-28? - Delays were due to the complexity of the production process and modifications made after customer visits, which improved the customer-supplier relationship [37][38] Question: When do you expect to achieve operational de-risking in respect of Renergen? - Operational de-risking is expected by the end of Q1 2026, focusing on completing phase 1C of the project [39][40] Question: When will the company begin to recognize revenue in its isotopes enrichment segment? - Revenue recognition for carbon is expected by the end of December 2025, with silicon isotopes anticipated in the first half of 2026 [41][42] Question: What did the customers say about our samples of both Ytterbium and Silicon? - Customers were pleased with the results of the samples, indicating that the technology works effectively [44][47] Question: Can you discuss the revenue opportunity for Ytterbium-176 and Silicon-28? - The company is maintaining previous revenue guidance of $50-$70 million for 2026 and 2027 [49][50] Question: What is the capital commitment for building new facilities in 2026? - Detailed capital commitment information will be provided in future updates [54][55] Question: Can you elaborate on the LEU Plus opportunity? - LEU Plus is a subcategory of HALEU, driven by customer inquiries, aimed at increasing power density and extending the life of nuclear power plants [56][60] Question: Should the $3 million revenue from Skyline Builders be modeled going forward? - The revenue from Skyline Builders is not expected to continue, as the focus will shift to securing the nuclear supply chain [64][66]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $159 million, up 6% year-over-year, and up 4% organically, with full-year revenue at $594 million, reflecting a 4% increase on a reported basis and 3% organic growth [14][15] - Non-GAAP EPS for Q4 was $0.21, and $0.51 for the full year, with adjusted EBITDA margin at 13% for Q4 and 11.2% for the full year, representing an expansion of approximately 230 basis points in Q4 and 310 basis points for the full year [14][15] - Free cash flow for the full year was $38 million, a notable improvement of $26 million year-over-year, with $546 million in cash, cash equivalents, and marketable securities at year-end [15][20] Business Line Data and Key Metrics Changes - Sample Management Solutions (SMS) revenue was $86 million for Q4, up 2% reported and flat organically, with a non-GAAP gross margin of 49.3%, up 180 basis points year-over-year [17][18] - Multi-Omix segment delivered record revenue of $73 million in Q4, representing 11% growth on a reported basis and 10% organic growth, driven by a 50% year-over-year increase in sequencing volume [18][19] Market Data and Key Metrics Changes - The macro environment remains volatile, with softer academic and NIH funding impacting growth, particularly in the U.S. market [9][10] - The company anticipates organic revenue growth of 3%-5% for fiscal 2026, with expectations of a decline of approximately 1%-2% in Q1 due to capital expenditure slowdowns and government shutdown impacts [21][60] Company Strategy and Development Direction - The company has implemented the Azenta Business System (ABS) to enhance operational efficiency and accountability, focusing on driving productivity, organic growth, and targeted M&A [8][10] - Strategic priorities include embedding ABS deeper across the organization, optimizing capital deployment, and continuing to deliver core growth and margin expansion [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and highlighted opportunities arising from customers consolidating partners and investing in automation [9][10] - The company is well-positioned for fiscal 2026, with a focus on operational excellence and a strong balance sheet to support growth initiatives [11][22] Other Important Information - The results exclude B Medical Systems, which is treated as discontinued operations, with an additional non-cash loss of $4 million recorded in Q4 [13] - The company plans to host an Investor Day to outline its multi-year growth strategy and capital deployment priorities [11][21] Q&A Session Summary Question: Guidance on growth expectations and market conditions - Management noted that the market is expected to grow at 1-2%, with capital expenditure slowdowns impacting growth, particularly in the U.S. [25][26] Question: Update on SMS growth and backlog - Confidence in mid-single-digit growth for SMS is supported by a strong backlog and recent investments in commercial initiatives [29][30] Question: Insights on macroeconomic trends affecting customer bases - Management highlighted strength in pharma spending, with some projects being put on hold but showing signs of recovery [38][40] Question: Expectations for M&A activity - The company is focused on tuck-in acquisitions to expand its core business, particularly in SRS and automated solutions [69][70]

Financial Data and Key Metrics Changes - In Q3 2025, total net revenue reached RMB 1.96 billion, reflecting a 23.9% year-over-year increase but a 13.7% decline sequentially from Q2 [14][5] - Income from operations was RMB 331.9 million, down 29.9% year-over-year and 46.4% sequentially, primarily due to higher provisions for credit losses [15] - Net income was RMB 421.2 million, up 12.1% year-over-year but down 20.2% sequentially [15] - The delinquency rates increased, with the 31-60 day delinquency rate rising to 1.85% from 1.16% in Q2 and 1.02% a year ago, and the 91-180 day delinquency rate increasing to 3.52% from 2.91% in Q2 [6][15] Business Line Data and Key Metrics Changes - The company facilitated and originated RMB 33.64 billion in loans, an 18.7% increase year-over-year but a 13.7% decline sequentially [4][11] - The outstanding loan balance at the end of the quarter was RMB 62.83 billion, up 37.3% from the previous year [11] - Approximately 3.48 million loans were facilitated, representing a 32% increase year-over-year, with an average loan size of RMB 9,654 [11] Market Data and Key Metrics Changes - The active borrower base was approximately 2.44 million, which is 14.4% lower sequentially but 24.2% higher year-over-year [11] - The regulatory environment remains stringent, with a focus on consumer protection and responsible lending practices, impacting industry pricing and profitability [10][11] Company Strategy and Development Direction - The company is prioritizing asset quality and risk management over near-term volume expansion, reflecting a deliberate moderation in growth pace [4][19] - There is a commitment to maintaining a compliance-first mindset amid evolving regulatory standards, which is seen as a foundation for long-term stability [10][11] - The focus is on cost efficiency and disciplined execution, ensuring that expenses align with the current measured pace of activity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expects challenges to persist in the coming quarters but remains confident in the ability to navigate them with prudence and maintain profitability [19] - The outlook for Q4 2025 anticipates total loan facilitation in the range of RMB 21 billion to RMB 23 billion, reflecting a continued focus on asset quality and credit discipline [18] - The company acknowledges the potential for further increases in delinquency rates due to broader economic conditions but believes that tighter underwriting will lead to better quality vintages over time [35][36] Other Important Information - The company repurchased approximately $67.9 million in shares under its buyback program, with about $48 million remaining under the existing plan [17][26] - The balance sheet remains strong, with total assets at RMB 14.69 billion, up 26.4% year-over-year, and total shareholders' equity at RMB 7.93 billion, up 15% year-over-year [16] Q&A Session Summary Question: What is the expected take rate for Q4 given the current risk situation? - Management indicated that the new regulatory regime will likely have a material negative impact on volume, margin, and profitability, making it premature to discuss specific take rates [24][25] Question: Is the company considering returning more capital to shareholders given lower business volume? - Management confirmed that capital return remains a priority, with ongoing share repurchases and a commitment to maintain dividends despite industry-wide margin pressures [25][26] Question: How does management view the regulatory environment going into early 2026? - Management expressed uncertainty about future regulatory actions but emphasized a focus on compliance and consumer protection, which may lead to a cautious approach in loan origination [28][29] Question: What is the outlook on delinquencies? - Management acknowledged the uptick in delinquencies due to broader economic challenges but expects stabilization within one to two months as tighter underwriting takes effect [30][31][36]

Financial Data and Key Metrics Changes - Net sales for Q3 were approximately $5.2 billion, growing 4.8% year over year [15] - Total comparable club sales increased 1.1% year over year, with merchandise comp sales growing by 1.8% [15][19] - Adjusted earnings per share were $1.16, a decrease of approximately 2% year over year due to a legal settlement [20] - Adjusted EBITDA was down about 2% year over year to $301.4 million, but grew approximately 5% when adjusting for the settlement [19][20] Business Line Data and Key Metrics Changes - Perishables, grocery, and sundries division grew comp sales by 1.8%, with a two-year stack of 6% [5][16] - General merchandise and services division also increased by 1.8% in Q3, with a two-year stack of about 2% [16] - Digital sales grew by 30% year over year and 61% on a two-year stack, now approaching 17% of total sales [10][17] Market Data and Key Metrics Changes - Membership fee income grew by nearly 10% to approximately $126.3 million, driven by strong member counts and a recent fee increase [8][17] - Comp gallons in the gas business grew 2% year over year, significantly outpacing the industry [19] Company Strategy and Development Direction - The company is focused on enhancing member value through improved merchandising, digital convenience, and expansion of physical footprint [25] - A new club opened in Warner Robins, Georgia, and another in Smyrna, Tennessee, both performing above expectations [10][11] - The company plans to open 14 new clubs this year, the most in many years, and aims for 25-30 new clubs in the next two years [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value despite a challenging macroeconomic environment [13][24] - The company is narrowing its full-year merchandise comp sales guidance to a range of 2%-3% and increasing expected adjusted earnings per share to $4.30-$4.40 [23][24] - Management highlighted the importance of maintaining a focus on member value and long-term growth strategies [25] Other Important Information - The company has launched new own-brand products aimed at providing high quality at lower prices, enhancing member loyalty [9] - A 10% discount for team members was introduced to support them during the holiday season [61] - The company is leveraging AI for improved shopping experiences and operational efficiencies [72][74] Q&A Session Summary Question: Exposure to SNAP program and member behavior across income demographics - Management noted that low-income consumers showed resilience in purchasing habits despite inflation pressures, with stable performance observed [28][30] Question: Long-term sales growth expectations - Management expressed confidence in achieving long-term growth through improved membership, merchandising, and convenience [35][36] Question: Competitive response in new markets - Management indicated strong performance in new clubs and confidence in competing effectively in markets like Dallas [39][40] Question: Inventory positioning for Q4 - Management acknowledged a conservative inventory position that may limit sales upside but supports overall value for members [44][45] Question: Fourth quarter same-store sales assumptions - Management is cautiously optimistic about Q4 performance, with preparations in place for the holiday season [53][54] Question: General merchandise inventory planning for next year - Management indicated that inventory decisions are made based on ongoing clarity regarding tariffs and consumer response [56][57] Question: Sustainability of SG&A per square foot levels - Management emphasized the importance of maintaining efficiency in operations while planning for future investments [83][84]

Financial Data and Key Metrics Changes - Total radiopharmaceutical revenues for Q3 2025 were $1.3 million, an 18% increase compared to Q3 2024, and year-to-date revenues reached $3.6 million, a 24% increase versus 2024 [31] - Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025 [32] - Net loss from operations for year-to-date 2025 was $34.9 million, compared to $18.7 million for the same period in 2024 [32] - Cash balance as of September 30, 2025, was $113.9 million, reflecting net proceeds of approximately $56 million from common stock issuance during Q3 2025 [34] Business Line Data and Key Metrics Changes - The multi-isotope plant in South Africa is currently enriching silicon-28 and has shipped commercial samples validated for isotopic purity [4] - The acquisition of Renergen is nearing completion, with all but one regulatory approval received, expected imminently [5] - The first quantum enrichment plant is producing ytterbium-176, with commercial quantities expected in the first half of 2026 [7] Market Data and Key Metrics Changes - The company has secured contracts for silicon-28 and is looking to satisfy all current customer orders in 2026 [4] - The acquisition of Skyline Builders aims to secure supply chains of critical materials essential to the U.S. and ASP Isotopes [21] Company Strategy and Development Direction - The company is focused on expanding its isotope enrichment capabilities and has plans for multiple new production facilities [8][28] - Quantum Leap Energy aims to stabilize the nuclear supply chain and is developing technologies for lithium-7 and HALEU production [12][18] - The company is also investing in radiopharmaceutical operations, with plans to expand into the U.S. market [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational progress and customer relationships, emphasizing the importance of completing phase 1C for de-risking projects [39] - The company anticipates significant revenue opportunities in 2026 and 2027, particularly around ytterbium-176 and silicon-28 [49] - Management acknowledged the complexities of the isotope industry and the need for transparency with investors regarding future projections [50][52] Other Important Information - The company is preparing for the IPO of Quantum Leap Energy, with S-1 documentation filed with the SEC [13][27] - The company plans to begin construction of new plants in various locations, including Iceland, the U.S., and the U.K. during 2026 [28] Q&A Session Summary Question: Can you talk about the delays in shipping Silicon-28? - Delays were due to the complexity of starting up the plant and modifications agreed upon with customers, but operations are currently going well [37] Question: When do you expect to achieve operational de-risking in respect of Renergen? - Expected by the end of the first quarter, focusing on completing phase 1C [39] Question: When will the company begin to recognize revenue in its isotopes enrichment segment? - Revenue from carbon is expected to ship by the end of December, with silicon isotopes expected to generate revenue in 2026 [41] Question: What did the customers say about our samples of both Ytterbium and Silicon? - Customers are satisfied with the results of the samples, indicating that the technology works [43][47] Question: Is the $50-$70 million revenue opportunity in 2026 and 2027 still valid? - The company is not changing previous guidance and will provide updates as more clarity is achieved [49][53] Question: Can you help us understand the capital commitment in 2026 for new facilities? - Detailed breakdowns will be provided in future updates, but specifics are not available at this time [54][55] Question: Can you talk about the opportunity for LEU Plus? - LEU Plus is a subcategory of HALEU, driven by customer inquiries, and is expected to enhance power density and extend refueling cycles for existing plants [58][60] Question: Should we model the $3 million revenue from Skyline Builders going forward? - This revenue is not expected to continue, as the focus will shift away from construction activities [63]

IES HOLDINGS, INC. (NASDAQ: IESC) | Fourth Quarter Fiscal 2025 Update | September 30, 2025 Disclosures Forward-Looking Statements Certain statements in this release may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, all of which are based upon various estimates and assumptions that the Company believes to be reasonable as of the date hereof. In some cases, you can identify forward-looking statemen ...