Financial Data and Key Metrics Changes - The bank's net interest margin (NIM) expanded to 3.21%, up 2 basis points from the prior quarter [6][7] - Return on average tangible equity was 15.8% for the fourth quarter and 16.3% for the full year [4] - Net interest income for the fourth quarter was $170.3 million, an increase of $1 million from the previous quarter [6][7] - The effective tax rate for the fourth quarter was 24.8%, expected to return to about 23.2% going forward [4] Business Line Data and Key Metrics Changes - Total loans grew by $183 million in the quarter, or 5.2% on an annualized basis, with significant growth in commercial and industrial (C&I) loans [5] - Retail and commercial deposits increased by $233 million, while public deposits declined by $447 million, resulting in a net increase of $214 million in deposits [6] - Non-interest income was reported at $55.6 million, while non-interest expense was $125.1 million for the fourth quarter [7] Market Data and Key Metrics Changes - The state unemployment rate was 2.2% in November, significantly lower than the national rate of 4.5% [3] - Total visitor arrivals in Hawaii were down 0.2% year-over-year, but spending increased by 6% to $19.6 billion [3] - The median single-family home price in Oahu rose to $1.1 million, a 4.3% increase from the previous year [3] Company Strategy and Development Direction - The company aims for full-year loan growth in the range of 3%-4%, primarily driven by C&I and commercial real estate (CRE) loans [11] - The bank plans to maintain a conservative approach to credit losses, with an allowance for credit losses increasing to $168.5 million [9] - The new stock repurchase authorization is for $250 million, providing flexibility for capital return strategies [5][54] Management's Comments on Operating Environment and Future Outlook - Management noted that credit risk remains low and stable, with no broad signs of weakness in consumer or commercial books [8] - The outlook for NIM is projected to be in the range of 3.16%-3.18%, with expectations of tailwinds from fixed asset repricing [11] - Management expressed confidence in the growth of multifamily loans and anticipated a normalization of growth in the second half of the year [18][39] Other Important Information - The bank repurchased about 1 million shares, utilizing the remaining $26 million of its $100 million purchase authorization for 2025 [5] - The bank's capital position remains strong, with a common equity tier 1 (CET1) ratio above the targeted 12% [54] Q&A Session Summary Question: Loan growth trends and pipeline - Management indicated that loan growth was broad-based, with C&I growth driven by existing lines and new dealer relationships [17] Question: Payoffs and paydowns in the industry - Management noted that payoffs have been occurring sooner than expected due to increased competition from permanent lenders [21] Question: Deposit trends and NIM expansion - Management confirmed that the margin guide reflects the ability to continue cutting deposit rates and fixed asset repricing [25] Question: Expense growth expectations - Management expects a normalization of expense growth in 2026, with a projected expense of about $520 million [45] Question: Capital return and buyback strategy - Management expressed a strong appetite for continuing the share buyback program while considering organic growth opportunities [51]

Financial Data and Key Metrics Changes - Net revenue for Q3 2026 was $581 million, an increase of $59 million or 11.3% from $522 million in the prior year quarter [15] - Consolidated gross margin as a percentage of net revenue decreased to 23.4% from 24.9% in the same period last year [16] - Net income was $44.1 million, down from $56.5 million in the same quarter of the prior year, with diluted earnings per share at $5.58 compared to $6.90 [19] Business Line Data and Key Metrics Changes - Factory-built housing segment net revenue was $558.5 million, up 11.5% from $500.9 million in the prior year quarter, primarily due to the addition of American Homestar [15] - Financial services segment net revenue increased to $22.5 million, up 6.2% from $21.2 million in the prior year quarter, driven by higher insurance premium rates [16] - Gross profit in the factory-built housing segment decreased to 21.7% from 23.6% in the prior year quarter due to higher per unit costs [17] Market Data and Key Metrics Changes - Industry shipments slowed in October and November, down 13% from the calendar 2024 period, with Cavco's volume down about 4% compared to last year [5] - The Southeast region stabilized and saw higher volume in Q3 versus Q2, while most other regions experienced declining shipments [8] - Average selling price grew sequentially despite the volume drop-off, with single-section home prices roughly flat and multi-section pricing up [9] Company Strategy and Development Direction - The company is focused on integrating American Homestar, with estimated annual synergies above $10 million, half of which has been achieved [12] - Continued share repurchases during the quarter amounted to $44 million, with a healthy unrestricted cash balance of $225 million at the end of Q3 [14] - The company is optimistic about the spring selling season, with healthy leading indicators such as quotes and retail traffic [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the tone in operations and the market is optimistic, with discussions around affordable housing gaining traction [10] - The company is maintaining production rates and staffing levels to be well-positioned for potential increases in demand during the spring [28] - Management acknowledged challenges due to weather impacting operations but expressed confidence in the stability of backlogs [82] Other Important Information - SG&A expenses increased to $81.4 million, or 14% of net revenue, primarily due to the addition of American Homestar and higher compensation costs [17] - Interest income decreased to $3 million from $5.4 million in the prior year quarter due to lower cash balances after the acquisition [18] Q&A Session Summary Question: What caused the lower utilization and how should production be viewed for Q4? - Management indicated that the industry experienced a significant downtick in October and November, but production rates were maintained to prepare for potential increases in the spring [28][30] Question: Can you elaborate on gross margin impacts and acquisition accounting? - Management clarified that there was no impact on gross margins from the acquisition, with year-over-year declines attributed to increases in input costs [38][65] Question: What are the updated synergy targets from the American Homestar acquisition? - Management stated that annualized synergies are expected to reach $10 million, with approximately half already realized [99]

NASDAQ: FBIZ Earnings Release Supplement Fourth Quarter 2025 Forward-Looking Statements When used in this presentation, and in any other oral statements made with the approval of an authorized executive officer, the words or phrases "may," "could," "should," "hope," "might," "believe," "expect," "plan," "assume," "intend," "estimate," "anticipate," "project," "likely," or similar expressions are intended to identify "forward‐looking statements" within the meaning of such term in the Private Securities Litig ...

4 th Quarter 2025 Earnings Call January 30, 2026 | | Q4 2025 | Q3 2025 | | --- | --- | --- | | Net Income ($mm) | $69.9 | $73.8 | | Diluted EPS | $0.56 | $0.59 | | Net Interest Margin | 3.21% | 3.19% | | Efficiency Ratio | 55.1% | 55.3% | | ROA / ROATA2 | 1.16% / 1.21% | 1.22% / 1.27% | | ROE / ROATCE2 | 10.07% / 15.76% | 10.81% / 17.08% | | Tier 1 Leverage Ratio | 9.27% | 9.16% | | CET1 Capital Ratio | 13.17% | 13.24% | | Total Capital ratio | 14.42% | 14.49% | | Dividend3 | $0.26 / share | $0.26 / share | ...

Church & Dwight (NYSE:CHD) 2026 Earnings Call Summary Company Overview - Church & Dwight is a $6.2 billion company with 77% of sales from domestic markets, 18% from international, and 5% from specialty products division (SPD) [5][6] - The company has a balanced portfolio, with 75% of sales and profits coming from seven key brands [5][6] Financial Performance - In Q4 2025, total sales grew by 3.9%, exceeding expectations, with organic growth at 0.7% [17][20] - Excluding the vitamins and minerals supplement (VMS) business, organic sales growth was 1.8% [18][20] - Gross margin improved by 90 basis points year-over-year, leading to an EPS of $0.86, a 12% increase from the previous year [18][20] - For the full year 2025, total sales were $1.6 billion, with organic growth adjusted to 2% after excluding VMS [20][21] - Cash flow for the year was strong at $1.2 billion, allowing for shareholder returns of $900 million [21][23] Strategic Initiatives - The company is focused on three growth pillars: growing core brands, expanding into new categories, and enhancing international presence [8][9][16] - The Evergreen Model is central to the company's strategy, aiming for 3%-4% organic growth in 2026, with reported sales expected to decline slightly due to business exits [24][27] - Gross margin is projected to improve by 100 basis points in 2026, with continued investment in marketing at 11% of sales [24][30] Brand Performance and Growth Strategies - **Arm & Hammer**: Targeting growth from $2 billion to $3 billion, leveraging its strong market position in laundry and cat litter [8][39] - Achieved a record share of 14.5% in laundry detergent, with a focus on value offerings [40][41] - Plans to expand in lightweight cat litter, where it currently holds an 8.5% share [41] - **TheraBreath**: Aiming to become the number one mouthwash brand, currently holding a 22% market share [47] - Plans to launch a new toothpaste product, tapping into a $4 billion category [48] - **Hero**: The acne brand grew at three times the category rate, with a focus on expanding its product line [54][56] - **Batiste**: Despite a decline in 2025, the brand remains a leader and will focus on innovation and revitalization efforts [57][59] Acquisitions and Portfolio Management - The acquisition of Touchland has been a significant driver of growth, with plans to expand its product offerings [23][63] - The company has divested from lower-performing brands, such as Spinbrush and vitamins, to focus on higher-margin products [3][22] Market Challenges and Consumer Sentiment - The overall market has seen deceleration, with consumer confidence at five-year lows, impacting category growth [7][8] - The company is adapting to these challenges by focusing on internal growth strategies and maintaining a strong balance sheet [3][22] Conclusion - Church & Dwight is optimistic about its future, with a strong focus on innovation, brand strength, and strategic acquisitions to drive growth in 2026 and beyond [39][37]

Financial Data and Key Metrics Changes - High Tide reported record revenue of CAD 164 million for Q4 2025, representing a 19% year-over-year increase and a 10% sequential increase [7][26] - The annual revenue run rate exceeded CAD 650 million, with record Adjusted EBITDA of CAD 12.4 million, up 51% year-over-year [7][28] - Consolidated gross margins were 26% in Q4, consistent with the previous year, while Adjusted EBITDA margins reached a new record of 9.4% [27][28] Business Line Data and Key Metrics Changes - The brick-and-mortar segment led revenue growth, achieving a 15% year-over-year increase, driven by same-store sales growth of 5.5% [7][26] - Cabanalytics, the business data and insight platform, generated CAD 13.1 million in Q4, up 20% year-over-year [26] - The adjusted EBITDA for the brick-and-mortar segment was CAD 14.1 million, highlighting strong cost controls and operational efficiency [28] Market Data and Key Metrics Changes - Canna Cabana's market share in the five provinces increased to 12%, up from 11% a year ago, while total industry sales in these provinces grew by only 4% [11][12] - The average Canna Cabana store generated an annual revenue run rate of CAD 2.6 million, significantly higher than the peer average of CAD 1.2 million [11] - The company has expanded its store count by 27% in Ontario, accounting for all growth in the province, while the rest of the industry remained flat [15] Company Strategy and Development Direction - High Tide aims to add another 20-30 new stores in 2026, continuing its focus on organic growth [8] - The company is exploring M&A opportunities, with discussions ongoing regarding potential acquisitions [8][56] - High Tide's strategy includes leveraging relationships with licensed producers to enhance procurement and operational efficiency, particularly in the German market through the acquisition of Remaxion [19][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, particularly in the German medical cannabis market, despite short-term challenges related to inventory [22][40] - The company anticipates that the U.S. regulatory environment may shift positively, creating opportunities for strategic partnerships and market entry [75] - Management highlighted the resilience of the business model, noting that competitors are exiting the market, which could provide further growth opportunities [56] Other Important Information - High Tide generated CAD 12 million of Free Cash Flow for the fiscal year, meeting its goal of remaining positive [32] - The company has a strong balance sheet with total debt of CAD 65.5 million and CAD 47.9 million in cash and cash equivalents [32] - The Cabana Club loyalty program has grown to 2.5 million members, up 45% year-over-year, contributing to customer retention and sales growth [9][47] Q&A Session Summary Question: Impact of inventory issues in Germany on Q1 results - Management acknowledged that inventory issues in Portugal would impact Q1 results but expressed confidence in future growth once these challenges are resolved [36][40] Question: Brick-and-mortar business margins and growth - Management confirmed that brick-and-mortar margins have increased for four consecutive quarters, driven by strong sales and operational efficiencies [41][46] Question: M&A environment and competitor exits - Management noted that smaller competitors are exiting the market, creating opportunities for potential acquisitions, and expressed optimism about future M&A activity [56][57] Question: Budtender training and engagement - Management emphasized the importance of budtender training and engagement to enhance customer experience and brand loyalty [64] Question: January performance and Remaxion's outlook - Management reported improved performance in January compared to previous months and expressed optimism about future gross margins for Remaxion [67][68]

Financial Data and Key Metrics Changes - High Tide reported record revenue of CAD 164 million for Q4 2025, representing a 19% year-over-year increase and a 10% sequential increase [7][26] - The annual revenue run rate exceeded CAD 650 million, with record Adjusted EBITDA of CAD 12.4 million, up 51% year-over-year [7][28] - Consolidated gross margins were 26% in Q4, consistent with the previous year, while Adjusted EBITDA margins reached a new record of 9.4% [27][28] Business Line Data and Key Metrics Changes - The brick-and-mortar segment led revenue growth, achieving a 15% year-over-year increase, driven by same-store sales growth of 5.5% [7][26] - Cabanalytics, the business data and insight platform, generated CAD 13.1 million in Q4, up 20% year-over-year [26] - The adjusted EBITDA for the brick-and-mortar segment was CAD 14.1 million, highlighting strong cost controls and operational efficiency [28] Market Data and Key Metrics Changes - Canna Cabana's market share in the five provinces increased to 12%, up from 11% a year ago, while total industry sales in these provinces grew by only 4% [11][12] - The average Canna Cabana store generated an annual revenue run rate of CAD 2.6 million, significantly higher than the peer average of CAD 1.2 million [11] - The company added 27 stores in 2025, with plans to add another 20-30 stores in 2026, despite increased competition [8][24] Company Strategy and Development Direction - High Tide aims to continue organic growth through store expansion and enhancing its brand presence, with a robust pipeline of new store locations [8][24] - The company is exploring M&A opportunities, particularly in light of the retail shakeout in the cannabis industry, with discussions ongoing regarding potential acquisitions [8][56] - High Tide's strategy includes leveraging relationships with licensed producers to enhance procurement and operational efficiencies, particularly in the German medical cannabis market through the acquisition of Remaxion [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, particularly in the German market, despite short-term challenges related to inventory and supply chain issues [16][22] - The company remains confident in its ability to outperform competitors and capitalize on market opportunities, especially as weaker operators exit the market [14][54] - Management highlighted the importance of the Cabana Club loyalty program, which has seen significant growth, contributing to customer retention and brand loyalty [10][47] Other Important Information - High Tide generated CAD 12 million in free cash flow for the fiscal year, meeting its goal of remaining positive [9][32] - The company has a strong balance sheet with total debt of CAD 65.5 million and CAD 47.9 million in cash and cash equivalents [32] - An impairment of CAD 23.6 million was recorded for the e-commerce segment, reflecting challenges faced in that area [29] Q&A Session Summary Question: Impact of inventory issues in Germany on Q1 results - Management acknowledged that inventory issues in Portugal would impact Q1 results but expressed optimism for recovery in subsequent quarters [36][38] Question: Brick-and-mortar business margins - Management confirmed that brick-and-mortar margins have increased for four consecutive quarters, driven by strong sales and operational efficiencies [41][46] Question: M&A environment and competitor exit - Management noted that smaller competitors are exiting the market, creating opportunities for potential acquisitions, and expressed confidence in High Tide's growth strategy [55][56] Question: Budtender training and engagement - Management emphasized the importance of budtender training and engagement to enhance customer experience and brand loyalty [64][66] Question: Remaxion's performance and future prospects - Management reported improved performance in January and expressed confidence in achieving higher gross margins as new biomass is procured [67][70]

Financial Data and Key Metrics Changes - High Tide reported record revenue of CAD 164 million for Q4, representing a 19% year-over-year increase and a 10% sequential increase [6][28] - The annual revenue run rate exceeded CAD 650 million, with record Adjusted EBITDA of CAD 12.4 million, marking a 51% year-over-year growth [6][30] - Consolidated gross margins were 26% in Q4, consistent with the previous year, while Adjusted EBITDA margins reached a new record of 9.4% [29][30] Business Line Data and Key Metrics Changes - The brick-and-mortar segment led revenue growth, achieving a 15% year-over-year increase, driven by same-store sales growth of 5.5% [6][28] - Cabanalytics, the business data and insight platform, generated CAD 13.1 million in Q4, up 20% year-over-year [28] - The adjusted EBITDA for the brick-and-mortar segment was CAD 14.1 million, highlighting strong cost controls and operational efficiency [30] Market Data and Key Metrics Changes - Canna Cabana's market share in the five provinces increased to 12%, up from 11% a year ago, while total industry sales in these provinces grew by only 4% [11][12] - The average Canna Cabana store had an annual revenue run rate of CAD 2.6 million, significantly higher than the peer average of CAD 1.2 million [11] - The company added 27 stores in 2025, with plans to add another 20-30 stores in 2026, indicating a robust growth strategy [7][8] Company Strategy and Development Direction - High Tide is focused on organic growth, with a strong emphasis on high-quality locations for new stores [8] - The company is exploring M&A opportunities, particularly in the German medical cannabis market, following the acquisition of a majority stake in Remaxion [17][19] - The strategy includes leveraging relationships with licensed producers to procure cannabis at lower costs, enhancing operational efficiency [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, particularly in the German market, despite short-term challenges related to inventory [41][43] - The company is confident in its ability to navigate competitive pressures in Canada, with a strong brand and customer loyalty driving same-store sales growth [56][57] - Management highlighted the potential for significant growth in the U.S. market following regulatory changes, while remaining cautious about entering partnerships [78][79] Other Important Information - High Tide generated CAD 12 million of Free Cash Flow for the fiscal year, meeting its goal of remaining positive [35] - The company has a strong balance sheet with total debt of CAD 65.5 million and CAD 47.9 million in cash and cash equivalents [35] - The integration of Remaxion is progressing well, with expectations for improved financial contributions in the future [20][22] Q&A Session Summary Question: Impact of inventory issues in Germany on Q1 results - Management acknowledged that the Portugal inventory issue impacted Q4 results and will continue to affect Q1, but expressed optimism for recovery in subsequent quarters [39][41] Question: Brick-and-mortar business margins and growth - Management confirmed that brick-and-mortar margins have increased for four consecutive quarters, driven by strong sales and operational efficiencies [44][46] Question: Competition and M&A environment - Management noted that smaller competitors are exiting the market, creating opportunities for M&A, and expressed confidence in High Tide's growth prospects [59][60] Question: Budtender training and engagement - Management emphasized the importance of budtender training and engagement to enhance customer experience and brand loyalty [66][69] Question: Strategic partnerships in the U.S. market - Management indicated that while there is interest from U.S. operators, they are proceeding cautiously and evaluating potential partnerships as regulations evolve [78][79]

Financial Data and Key Metrics Changes - The preliminary results of the voting indicated that the compensation of the named executive officer was approved on an advisory basis [12] - The appointment of MaloneBailey, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was ratified [13] Business Line Data and Key Metrics Changes - No specific financial data or key metrics related to business lines were provided in the meeting [2][3] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [2][3] Company Strategy and Development Direction - The company is focused on good corporate practices, as evidenced by the advisory vote on executive compensation and the ratification of the auditor's appointment [10][11] Management Comments on Operating Environment and Future Outlook - Management noted that forward-looking statements regarding future events or financial performance involve risks and uncertainties, and actual results could differ materially from predictions [14] Other Important Information - The meeting was held virtually, and all necessary procedures for voting and quorum were followed [5][6] - The company emphasized the importance of investor sentiment regarding executive compensation [9][10] Q&A Session Summary - No questions were submitted by stockholders during the Q&A session, leading to the conclusion of the meeting [15]

Financial Data and Key Metrics Changes - Assets under management (AUM) reached a record $144.5 billion, up 5% from Q3 and over 30% year-over-year [5] - Adjusted revenues for Q4 were $147.4 million, a 17% increase from Q3 and approximately 33% year-over-year [8] - Adjusted net income for the quarter was $41.2 million, or $0.29 per share, reflecting strong performance [9] Business Line Data and Key Metrics Changes - European-listed products saw AUM increase from $30.7 billion to $53.3 billion, supported by over $6 billion of net inflows [6] - U.S. AUM increased to a record $88.5 billion, with $1.4 billion of net inflows driven by U.S. equity offerings [7] - Digital assets platform AUM reached approximately $770 million, reflecting strong inflows into the digital money market fund [7] Market Data and Key Metrics Changes - Global AUM today stands at $160.8 billion, up $16 billion or 11% from year-end, driven by favorable market conditions and almost $2 billion of net inflows [8] - European inflows were led by $4.3 billion into the UCITS franchise, with commodity products generating approximately $1 billion of inflows [6] Company Strategy and Development Direction - The company aims to continue delivering differentiated products and has launched over 30 new strategies across various asset classes [17] - Focus remains on expanding the digital assets platform and private markets, with the Ceres acquisition enhancing revenue streams [19] - The company is positioned to capture growth in metals and thematic investments, reflecting a multi-year growth story [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve financial and business goals despite macroeconomic volatility [3] - The company anticipates continued organic growth and margin expansion, with a focus on maintaining expense discipline [15] - Management highlighted the importance of diversification across asset classes and geographies for resilience and growth [22] Other Important Information - The company expects a compensation to revenue ratio of 26%-28% for 2026, reflecting planned hires and compensation adjustments [10] - Discretionary spending guidance is forecasted to range from $80 million-$86 million, driven by marketing and sales-related expenses [11] Q&A Session Summary Question: What are the biggest opportunities for WisdomTree in 2026 and 2027? - Management highlighted strong growth in thematic investments, particularly in Europe, and the potential for market share gains in commodities [25][26] Question: What are the major categories for discretionary spending? - Discretionary spending is largely driven by marketing and sales-related expenses to accelerate growth initiatives [32] Question: Can you discuss the digital asset strategy and user types? - The digital asset strategy focuses on serving clients already familiar with digital assets, with various use cases including treasury management and collateral instruments [52][63] Question: What lessons have been learned from the Ceres acquisition? - The integration of Ceres has gone smoothly, confirming the strategic fit and potential for synergies in distribution and product offerings [60][62]