Financial Data and Key Metrics Changes - In Q4 2025, revenues grew by 7.3% driven by better-than-expected contributions from pricing, volume, and M&A despite headwinds from foreign exchange [13] - Adjusted EBITDA for the full year reached $1.985 billion, with a margin of 30% for the first time in company history, reflecting a 130 basis point increase over 2024 [7][9] - Adjusted Free Cash Flow for Q4 was $425 million, totaling $756 million for 2025, ahead of plan due to EBITDA outperformance [16] Business Line Data and Key Metrics Changes - Q4 pricing increased by 6.4% for the quarter and 6.1% for the year, exceeding original plans [13] - Adjusted EBITDA margins in the Canadian segment increased by 175 basis points, while U.S. margins were up materially when excluding prior year hurricane volumes [15] - C&D-related volume remained soft, but the company is positioned for recovery when the economy improves [14] Market Data and Key Metrics Changes - Q4 volumes were 70 basis points ahead of plan, attributed to unanticipated special waste activity [14] - The pricing environment remains constructive, with expectations for continued pricing above internal cost of inflation [8] - Commodity prices decreased by 33% year-over-year, impacting margins, but underlying consolidated margins improved by over 150 basis points from the prior year [15][18] Company Strategy and Development Direction - The company aims to achieve low- to mid-30s margins by 2028, supported by operational efficiencies and capital allocation strategies [9][11] - The relocation of the executive headquarters to the U.S. is expected to enhance visibility with investors and broaden eligibility for U.S. equity indices [12] - The company plans to continue focusing on M&A opportunities within existing markets to leverage infrastructure and achieve higher returns [65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet and potentially exceed 2026 guidance, citing multiple avenues for upside [12] - The macro environment remains challenging, but there are signs of improvement in customer sentiment and capital plans for 2026 [98] - The company is committed to maintaining leverage in the low to mid-3s range while pursuing growth opportunities [24] Other Important Information - The company completed $1 billion in M&A and repurchased over $3 billion of its own shares in 2025 [10][16] - The adjusted Free Cash Flow conversion improved to 38%, despite headwinds from M&A and FX [16] - The company expects 2026 revenue to be approximately $7 billion, an 8% increase over 2025 [18] Q&A Session Summary Question: Does the leverage guidance assume no incremental M&A and buyback? - Management confirmed that the leverage guidance is committed to low to mid threes, and any M&A or buybacks would increase that number [24] Question: Can you break down the EBITDA bridge for 2026? - Management acknowledged the complexity of the EBITDA bridge, noting that organic EBITDA growth is expected to be in the mid- to high single digits [25][27] Question: What is the expected ramp for EPR and R&G investments? - Management indicated that EPR contributions will be front-end loaded, with expectations for a significant portion in Q1 [33] Question: How do you balance M&A and share buybacks? - Management stated that while the stock is undervalued, they will continue to evaluate both M&A opportunities and share buybacks based on market conditions [40][41] Question: How did GIP and ES perform in 2025? - Management reported that both businesses performed in line with expectations, with GIP primarily driven by government contracts [48] Question: Is there any guidance for Q1? - Management provided Q1 revenue guidance of CAD 1.6 billion to CAD 1.625 billion, with a margin of approximately 28.8% [55]

Q2 (NYSE:QTWO) Q4 2025 Earnings call February 11, 2026 05:00 PM ET Company ParticipantsAlex Sklar - Raymond JamesAndrew Schmidt - Managing DirectorJonathan Price - CFOJosh Yankovich - Head of Investor RelationsMatt Flake - CEOMatt VanVliet - Managing DirectorMatthew Inglis - Assistant VPParker Lane - Director of SoftwareTerry Tillman - Managing DirectorConference Call ParticipantsCharles Nabhan - Managing Director and Research AnalystChris Kennedy - Research AnalystElla Smith - Equity Research AnalystJames ...

Porch Group (NasdaqCM:PRCH) Q4 2025 Earnings call February 11, 2026 05:00 PM ET Company ParticipantsJason Helfstein - Managing DirectorJohn Campbell - Head of Investor RelationsMatt Ehrlichman - CEO, Chairman, and FounderMatthew Neagle - COORyan Tomasello - Managing DirectorShawn Tabak - CFOConference Call ParticipantsDan Kurnos - Managing Director and Senior Equity AnalystJason Kreyer - Senior Research AnalystTim Grubbs - Equity Research AnalystTimothy D'Agostino - Equity Research AnalystJohn CampbellGood ...

Inspire Medical Systems (NYSE:INSP) Q4 2025 Earnings call February 11, 2026 05:00 PM ET Company ParticipantsEzgi Yagci - VP of Investor RelationsMatt Osberg - CFOMike Kratky - Senior Managing Director in Medical Devices and TechnologyTim Herbert - Chairman and CEOConference Call ParticipantsAdam Maeder - Managing Director and Senior Research Analyst in Medical Technology and DevicesAnthony Petrone - Managing Director, Senior Medical Devices, Diagnostics and Therapeutics Equity Research AnalystBrett Fishbin ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $544 million, up 10% year-over-year, while full-year revenue reached $2.05 billion, exceeding initial expectations with a 10% growth in recurring and other revenue to $1.94 billion [10][11] - Adjusted EBITDA margin for Q4 was 43.4%, with full-year adjusted EBITDA growing 14% year-over-year to $882 million, representing a margin expansion of 180 basis points to 43% [11][12] - GAAP net income for Q4 was $114 million, or $2.07 per diluted share, while full-year GAAP net income was $453 million, or $8.08 per diluted share [11][12] - Operating cash flow increased 27% year-over-year to $679 million, with a margin of 33%, up 470 basis points [13] - Free cash flow for 2025 was $404 million, up 20% year-over-year, with a free cash flow margin expanding to approximately 20% [14] Business Line Data and Key Metrics Changes - The company achieved a record revenue retention rate of 91% in 2025, up from 90% in 2024, attributed to investments in automation and service [17] - The average daily balance on funds held for clients was approximately $2.8 billion in Q4 2025, up 11% year-over-year [16] - Client count grew to approximately 39,200, representing a 4% increase compared to 2024, with significant growth in clients over 1,000 employees [16] Market Data and Key Metrics Changes - The company maintains approximately 5% of the total addressable market, indicating substantial growth opportunities ahead [7][18] - The company is focused on expanding its market share and enhancing its technological lead in automation solutions [10][18] Company Strategy and Development Direction - The company is committed to full solution automation and enhancing client ROI through innovative products like IWant, Beti, and GONE [6][8] - The strategy includes a focus on new logo acquisition and expanding sales capacity, particularly in larger client segments [31][76] - The company plans to continue investing in technology and automation to drive long-term sustainable growth [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory despite a conservative revenue guidance for 2026, expecting total revenue growth of 6% to 7% [17][18] - The management noted that client demand remains strong, with no observed reluctance from prospects to adopt their products [34] - The company anticipates stabilization in the employment environment, which is crucial for its business model [40] Other Important Information - The company repurchased over 1.7 million shares for $370 million in 2025, with a remaining buyback authorization of approximately $1.1 billion [15] - The board approved a quarterly dividend of $0.375 per share, payable in mid-March [15] Q&A Session Summary Question: Can you reconcile the positive product developments with the guidance that suggests a slowdown? - Management acknowledged the positive client retention and product automation but indicated that sales opportunities remain a focus area for improvement [20][22] Question: Will changes in sales leadership lead to significant go-to-market changes? - Management indicated that the focus is on effectively communicating the value of full solution automation to clients, with ongoing training for sales personnel [24][25] Question: What are the expectations for recurring revenue growth compared to last year? - Management guided for 6%-7% total revenue growth, with a focus on sales and client service to drive retention and satisfaction [27][29] Question: Are there any changes in client behavior or decision-making processes? - Management reported no changes in client willingness to purchase, emphasizing the importance of effective training and communication of product value [34] Question: How is AI impacting internal productivity and efficiencies? - Management highlighted that AI is enhancing processing speed and overall productivity, allowing for quicker development and integration of new solutions [49][50] Question: What is the outlook for new sales office openings? - Management confirmed plans to expand sales teams and open new offices, aiming to capture more market opportunities [60][61] Question: How is the competitive landscape affecting win rates and pricing? - Management remains optimistic about win rates, citing product differentiation and improved sales processes as key factors [86]

Financial Data and Key Metrics Changes - Revenue for Q2 fiscal 2026 was $1.3 million, down from $1.6 million in Q2 fiscal 2025 and $1.4 million in Q1 fiscal 2026 [13] - GAAP net loss for the quarter was $1.9 million, or $0.11 per share, compared to a net loss of $2.9 million, or $0.24 per share in the prior year, and a net loss of $1.5 million, or $0.09 per share in the previous quarter [15] - Adjusted EBITDA loss for the quarter was $917,000, compared to a gain of $647,000 in the same period last year and a loss of $450,000 in Q1 fiscal 2026 [16] - The company closed the quarter with $38.6 million in cash and cash equivalents, an increase of $425,000 from the previous quarter [16] Business Line Data and Key Metrics Changes - Government R&D contracts were the principal source of revenue for the quarter, providing non-dilutive funding for R&D investments [14] - The company is witnessing a shift in customer conversations from interest and evaluation to pricing and planning, indicating progress in commercialization [6][12] Market Data and Key Metrics Changes - The top four hyperscalers invested over $300 billion in data center CapEx in 2025, expected to surpass $1 trillion by 2029, presenting a significant market opportunity [4] - The mobile market is preparing to adopt short-wave infrared (SWIR) sensors, with Aeluma's manufacturing platform enabling the necessary scale for mass markets [5][6] Company Strategy and Development Direction - Aeluma is focused on transitioning to commercialization and expanding its operations to scale, with a strong emphasis on the mobile, AI, and defense markets [12] - The company aims to capitalize on its progress and the growing market horizon while pursuing strategic opportunities to accelerate commercialization [12] - Aeluma's technology is positioned to provide a competitive advantage in the photonics industry, particularly in quantum photonics and SWIR applications [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing interest in Aeluma's technology and the increasing number of requests for price quotations, indicating a positive market response [18] - The company expects revenue for the full fiscal year 2026 to be in the range of $4 million to $6 million, with ongoing efforts to ramp up manufacturing readiness [17] Other Important Information - Aeluma has expanded its patent portfolio to 35 issued and pending patents, enhancing its credibility in high-growth markets [11] - The company has appointed Bouch Nessar as Senior Vice President of Business Development and Product, expected to accelerate the go-to-market strategy [7][8] Q&A Session Summary Question: What are the end markets that you're getting sales orders for? - Management indicated that sales orders are coming from multiple markets including mobile, AI, data centers, and defense, but specific customer or product information is not being disclosed at this time [21][22] Question: Is this for receiving or operations or routing or sending of photons? - The current focus is primarily on generating photons, with foundational work being done to develop a platform for integrating nonlinear materials [23] Question: Can you provide more details on the magnitude of customer engagement? - Management noted that the increase in requests for quotations is a significant milestone, and they expect this trend to grow over time [28] Question: Can you discuss the strategic opportunities for commercialization? - Aeluma is exploring various pathways to market adoption, including licensing deals and partnerships with supply chain partners [34]

Q2 (NYSE:QTWO) Q4 2025 Earnings call February 11, 2026 05:00 PM ET Company ParticipantsAlex Sklar - Raymond JamesAndrew Schmidt - Managing DirectorJonathan Price - CFOJosh Yankovich - Head of Investor RelationsMatt Flake - CEOMatt VanVliet - Managing DirectorMatthew Inglis - Assistant VPMatthew Kikkert - Equity Research AssociateMike Infante - VP of Equity ResearchTerry Tillman - Managing DirectorConference Call ParticipantsCharles Nabhan - Managing Director and Research AnalystChris Kennedy - Research Anal ...

Tamboran Resources (NYSE:TBN) Q2 2026 Earnings call February 11, 2026 05:00 PM ET Company ParticipantsEric Dyer - CFOTodd Abbott - CEOConference Call ParticipantsAnish Kapadia - AnalystCharles Meade - AnalystJeff Grampp - Managing Director and Senior Energy AnalystKalei Akamine - AnalystPaul Diamond - AnalystScott Hanold - AnalystOperatorPlease note that this conference is being recorded. I will now turn the conference over to our host, Todd Abbott, Chief Executive Officer for Tamboran Resources. Thank you. ...

Financial Data and Key Metrics Changes - Revenue for Q2 fiscal 2026 was $1.3 million, down from $1.6 million in Q2 fiscal 2025 and $1.4 million in Q1 fiscal 2026 [13] - GAAP net loss for the quarter was $1.9 million, or $0.11 per share, compared to a net loss of $2.9 million, or $0.24 per share in the prior year, and a net loss of $1.5 million, or $0.09 per share in the previous quarter [15] - Adjusted EBITDA loss for the quarter was $917,000, compared to a gain of $647,000 in the same period last year and a loss of $450,000 in Q1 fiscal 2026 [16] - The company closed the quarter with $38.6 million in cash and cash equivalents, an increase of $425,000 from the previous quarter [16] Business Line Data and Key Metrics Changes - Government R&D contracts were the principal source of revenue for the quarter, providing non-dilutive funding for R&D investments [14] - The company is witnessing a shift in customer conversations from interest and evaluation to pricing and planning, indicating progress in commercialization [6] Market Data and Key Metrics Changes - The top four hyperscalers invested over $300 billion in data center CapEx in 2025, expected to surpass $1 trillion by 2029, presenting a significant market opportunity [4] - The mobile market is preparing to adopt short-wave infrared (SWIR) sensors, with Aeluma's manufacturing platform enabling the necessary scale for mass markets [5] Company Strategy and Development Direction - Aeluma is focused on three primary near-term target markets: data centers, mobile, and defense, with ongoing activities across each [5] - The company aims to capitalize on its progress and the growing market horizon while pursuing strategic opportunities to accelerate commercialization [12] - Aeluma's technology is positioned to provide scalable quantum photonic systems, with a focus on integrating highly nonlinear materials on large substrates [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum building within the company, emphasizing the importance of converting this momentum into customer programs and transitioning to commercialization [19] - The company is actively pursuing strategic government programs that can accelerate commercialization opportunities [14] Other Important Information - Aeluma has expanded its patent portfolio to 35 issued and pending patents, enhancing its competitive advantage [11] - The company has appointed Bouch Nassar as Senior Vice President of Business Development and Product, expected to accelerate the go-to-market strategy [7] Q&A Session Summary Question: What are the end markets that you're getting sales orders for? - Management indicated that sales orders are coming from multiple markets including mobile, AI, data centers, and defense, but specific customer or product information is not being disclosed at this time [22] Question: Is this for receiving or operations or routing or sending of photons? - The current work is primarily focused on generating photons, with interest in building a comprehensive platform for photon management [23] Question: Can you provide more details on the magnitude of customer engagement? - Management noted that the increase in requests for quotations is a positive sign, indicating growing interest in their technology [28] Question: Can you discuss the adoption timeline for SWIR in mobile applications? - While a specific timeline cannot be provided, management noted that the mobile industry is gearing up to adopt SWIR technology for future products [30] Question: What strategic opportunities are being pursued for commercialization? - Management is exploring various pathways to market, including licensing deals and partnerships with supply chain partners [34]

Motorola Solutions (NYSE:MSI) Q4 2025 Earnings call February 11, 2026 05:00 PM ET Company ParticipantsGreg Brown - Chairman and CEOJack Molloy - EVP and COOJason Winkler - EVP and CFOMahesh Saptharishi - EVP and CTOTim Yocum - VP of Investor RelationsConference Call ParticipantsAdam Tindle - AnalystAndrew Spinola - AnalystBen Bollin - AnalystGeorge Notter - AnalystJoseph Cardoso - AnalystKeith Housum - AnalystLouis DiPalma - AnalystMeta Marshall - AnalystTim Long - AnalystTomer Zilberman - AnalystVictor San ...