Werner Enterprises (NasdaqGS:WERN) Q4 2025 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsAndrew Cox - Research Associate IIChris Neil - Senior VP of Pricing and Strategic PlanningChris Wikoff - EVP, Treasurer, and CFODerek Leathers - Chairman and CEOJason Seidl - Managing DirectorKen Hoexter - Managing DirectorRavi Shanker - Managing DirectorConference Call ParticipantsBrian Ossenbeck - Managing Director and Senior Analyst of TransportationJordan Alliger - VP and Equity Research Analyst of ...

Affirm (NasdaqGS:AFRM) Q2 2026 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsAdam Frisch - Senior Managing DirectorBryan Keane - Head of North America Payments Processors & IT Services ResearchDan Perlin - Managing DirectorDarrin Peller - Managing DirectorJohn Hecht - Managing DirectorMatt Coad - Equity Research DirectorMax Levchin - Founder and CEOMichael Linford - COONate Svensson - Director in Equity ResearchRayna Kumar - Managing Director and Head of Fintech Equity ResearchReginald Smi ...

QuinStreet (NasdaqGS:QNST) Q2 2026 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsDoug Valenti - CEOGreg Wong - CFORobert Amparo - VP of Investor Relations and FinanceConference Call ParticipantsEric Martinuzzi - Senior Research AnalystJason Kreyer - Senior Research AnalystPatrick Sholl - Research AnalystZachary Cummins - Senior Equity Research AnalystOperatorGood day and welcome to QuinStreet's fiscal second quarter 2026 financial results conference call. Today's conference is being record ...

Envista (NYSE:NVST) Q4 2025 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsElizabeth Anderson - Senior Managing DirectorEric Hammes - CFOJim Gustafson - VP of Investor RelationsJonathan Block - Managing DirectorKevin Caliendo - Healthcare Equity ResearchLilly Quezada - Senior Branch ManagerPaul Keel - CEOConference Call ParticipantsBrandon Vazquez - Research AnalystJeffrey Johnson - Senior Research AnalystSteven Valiquette - Managing Director and Senior Equity Research AnalystNone - Analyst ...

Financial Data and Key Metrics Changes - The company reported Core FFO per share of $1.86 for Q4 2025 and $7.39 for the full year, representing a 10% increase over 2024 [5][25] - Core FFO per share grew by 8% year-over-year in Q4 2025, reflecting strong core growth and continued growth in fee income [19][25] - Same capital cash NOI growth was 8.6% year-over-year in Q4, driven by an 8.2% increase in data center revenue [26] Business Line Data and Key Metrics Changes - The 0-1 MW-plus interconnection product set posted nearly $340 million in bookings, a record and 35%+ increase over 2024 levels [9] - The company signed leases representing $400 million of annualized rent in Q4, with strong demand for both larger capacity blocks and smaller colocation capacity [20] - The 0-1 MW-plus interconnection category set a new quarterly leasing record of $96 million, 7% higher than the previous record [21] Market Data and Key Metrics Changes - New leasing activity was particularly strong in the Americas, accounting for 65% of bookings in Q4 [20] - Interconnection bookings increased by 22% year-over-year, driven by record bookings in EMEA and momentum within the ServiceFabric product [22] - Hyperscale leasing exceeded $800 million in 2025, indicating strong demand in the Americas [10] Company Strategy and Development Direction - The company aims to evolve its funding strategy to support the growth of hyperscale data center capacity, with over $3.2 billion in LP equity commitments to its closed-end fund [6][31] - The strategy focuses on a global, full-spectrum, and connectivity-rich platform, emphasizing operational excellence and disciplined capital allocation [8] - The company is expanding its footprint in the APAC region, with recent investments in Indonesia and Malaysia to strengthen its presence in fast-growing markets [12][80] Management's Comments on Operating Environment and Future Outlook - Management noted that data centers have gained prominence due to accelerated AI adoption and cloud platform scaling, with power becoming a primary constraint in the industry [8] - The company anticipates continued strong demand for cloud and AI services, with infrastructure needs evolving to support low-latency, secure, and cost-efficient AI workflows [15] - Management expressed confidence in the company's ability to meet future demand, citing a robust backlog of nearly $1.4 billion [23][33] Other Important Information - The company plans to enhance its reporting by transitioning to power-based metrics, aligning occupancy reporting with IT load [26] - The total development pipeline is valued at over $10 billion, with an expected stabilized yield of 11.9% [29] - The company raised EUR 1.4 billion in a dual tranche green Eurobond offering to support its capital needs [30] Q&A Session Summary Question: Insights on hyperscaler activity and bookings - Management noted a significant increase in hyperscaler demand, particularly in Northern Virginia, Charlotte, Atlanta, and Dallas, with customers looking further out for power capacity [38] Question: Context around inference scaling in 2026 - Management indicated that both hyperscale and enterprise businesses are seeing increased demand for AI-related capacity, with a mix of cloud and AI use cases becoming a priority [41] Question: Impact of industry capacity growth on bookings - Management stated that while there is a significant amount of capacity coming online in 2027 and 2028, demand remains strong, and the company is well-positioned to meet this demand [66] Question: Disconnect between public and private data center valuations - Management discussed that asset mix influences valuations and emphasized the company's strong backlog and execution, which positions it well for future growth [72][74] Question: Investments in new markets and interconnection-focused facilities - Management highlighted strategic acquisitions in Malaysia, Indonesia, and Portugal, focusing on network-dense, highly connected assets to support growth [78]

Boyd Gaming (NYSE:BYD) Q4 2025 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsDavid Strow - VP of Corporate CommunicationsJosh Hirsberg - CFOKeith Smith - President and CEOMax Marsh - Equity Research AssociateConference Call ParticipantsBen Chaiken - Managing Director and Senior Equity AnalystDan Politzer - Executive Director and Senior Equity Research AnalystDavid Katz - Managing Director and Senior Equity AnalystJordan Bender - Director and Senior Equity Research AnalystPatrick Scholes - ...

Synaptics (NasdaqGS:SYNA) Q2 2026 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsJoe Quatrochi - Managing DirectorKen Rizvi - CFOMunjal Shah - VP and Head of Investor RelationsRahul Patel - President and CEORobert Mertens - Equity Research AssociateConference Call ParticipantsChristopher Rolland - Managing Director and Senior Equity AnalystKevin Cassidy - Senior Research AnalystNeil Young - AnalystPeter Peng - Stock AnalystRoss Seymore - Managing Director and Senior Equity AnalystTom O'Mall ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $123 million or $1.55 per share for Q3 2026, primarily due to the change in fair value of StepStone Private Wealth profits interests [4] - Fee-related earnings were $89 million, up 20% year-over-year, with a FRE margin of 37% [5][17] - Adjusted net income for the quarter was $80 million or $0.65 per share, an increase from $53 million or $0.44 per share in the same quarter last year [5][20] Business Line Data and Key Metrics Changes - Core fee-related earnings, excluding retroactive fees, were $88 million, reflecting a 35% increase compared to the prior year [5] - The company generated gross AUM additions of over $8 billion in the quarter and over $34 billion for the calendar year, marking its best fundraising period [7][13] - In private wealth, the platform grew to $15 billion with over $2.2 billion in new subscriptions for the quarter [8][15] Market Data and Key Metrics Changes - Approximately two-thirds of the inflows were from outside North America, with strong fundraising in Asia and Europe [13][60] - The company reported a retention rate on managed accounts of over 90%, with reups growing by nearly 30% [14] Company Strategy and Development Direction - The company is focused on diversifying its investment approach across various asset classes and capital structures, particularly in the context of AI evolution [10][11] - The firm is currently in the market with several funds, including private equity co-investment and secondaries funds, expecting to activate fee-earning capital in the coming year [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory, citing an improving capital market environment that may yield stronger realizations [6] - The company anticipates continued growth in private wealth subscriptions and is optimistic about the upcoming fundraising efforts [8][9] Other Important Information - The company plans to pay out a supplemental dividend at the end of the fiscal year, subject to board approval based on performance-related revenues [20] - The net accrued carry finished the quarter at $875 million, indicating a mature investment portfolio ready for harvesting [21] Q&A Session Summary Question: Exposure to software companies across the portfolio - Management highlighted the diversified approach to private markets investing, emphasizing that not all software companies are equal and that they focus on portfolio construction and diversification to manage risks [24][25] Question: Growth in private wealth business and scaling existing products - Management noted that they are in early stages of building syndicates for new funds and expect to see growth in distribution over the coming year, with no new product announcements planned [31] Question: Managing inflows for Spring fund - Management stated that they have not faced issues with inflows and continue to see strong opportunities for deployment across various avenues [35] Question: Expectations for next vintages of funds - Management tempered expectations for modest growth in fund sizes, emphasizing the importance of matching fundraising to the size of the opportunity [37] Question: Performance attribution for Spring fund - Management explained that the performance was driven more by direct secondaries rather than discounts, highlighting the proactive approach in identifying value drivers [44][46]

Impinj (NasdaqGS:PI) Q4 2025 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsAndy Cobb - VP, Corporate Finance and IRCary Baker - CFOChris Diorio - CEOConference Call ParticipantsDylan Oliver - AnalystEzra Weener - AnalystGuy Hardwick - AnalystHarsh V. Kumar - Managing Director and Senior Research AnalystJames Andrew Ricchiuti - Managing Director and Senior Equity Research AnalystNatalia Winkler - AnalystScott Wallace Searle - Managing Director and Senior Research AnalystTroy Donavon Jensen ...

Financial Data and Key Metrics Changes - Revenue for the first quarter of fiscal 2026 was $19 million, with Adjusted EBITDA at $1.4 million, both within guidance [5][11] - Gross margin as a percentage of sales increased to 44.8% from 38.4% year-over-year and 44.4% sequentially [14] - GAAP net income for the first quarter was $0.1 million or $0.01 per share, compared to $1.1 million or $0.07 per share in the previous quarter [15] Business Line Data and Key Metrics Changes - AI-related products accounted for 35% of revenue in the Thermal Processing Solutions (TPS) segment, up from 30% in the previous quarter [6][12] - Book-to-bill ratio was 1.1, driven by strong performance in the TPS segment due to AI equipment orders [6] - Specialty chemicals segment showed strong customer engagement and improved bookings, while PR Hoffman products faced weak demand [8] Market Data and Key Metrics Changes - Demand for AI infrastructure is driving growth, with semiconductor OEMs and OSATs increasing investments [6] - Weak demand in the mature node semiconductor market is impacting overall results, particularly for PR Hoffman products [8] Company Strategy and Development Direction - The company is focusing on next-generation equipment for high-density packaging and panel-level packaging, which is expected to drive future growth [7] - A semi-fabless manufacturing model is being adopted to increase revenue with minimal capital expenditures [9] - The company aims to overserve underserved customers with high-value applications in specialty chemicals [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued demand for AI-related equipment and strong bookings, with expectations for growth in the third and fourth quarters [6][32] - The company anticipates revenue for the second quarter to be in the range of $19 million to $21 million, driven primarily by AI-related equipment sales [16] Other Important Information - Cash generated from operations was $4.1 million for the first quarter, with a cash balance of $22.1 million and no debt [9][15] - The company did not repurchase any shares under its stock repurchase program since its initiation [15] Q&A Session Summary Question: Can you elaborate on the panel-level business? - Management explained that panel-level packaging is a cost-effective method for producing packaging in large formats, which is seen as the future of advanced packaging [21][22] Question: Are there any new products related to higher density packaging? - Management indicated that new products are being developed for higher density packaging, with meaningful demand expected around 2027 [23] Question: What are the most encouraging factors moving through fiscal 2026? - Management highlighted strong bookings, short lead times for AI packaging equipment, and a robust pipeline for specialty chemicals as encouraging factors [30][32] Question: Can you discuss the increase in SG&A and R&D expenses? - Management noted that R&D increases are primarily due to investments in next-generation packaging equipment for AI applications and specialty chemicals [36][38] Question: What is the outlook for AI revenue growth? - Management expressed improved visibility on AI revenue, with expectations for continued momentum and new facilities being built to support demand [40][42] Question: Can you explain the high tax rate this quarter? - Management clarified that the high tax rate is due to U.S. entities being in a loss position, resulting in no tax benefit recognized [43][46]