Definitive Healthcare (NasdaqGS:DH) FY Conference January 14, 2026 09:30 AM ET Company ParticipantsCasey Heller - CFORyan MacDonald - Head of Healthcare ITConference Call ParticipantsNone - AnalystRyan MacDonaldAwesome. Welcome, everyone, to this next session at the 28th Annual Needham & Company Growth Conference. I'm Ryan MacDonald, and I lead Needham & Company's healthcare IT efforts. With me in this session is Definitive Healthcare's CFO, Casey Heller. Casey, thanks for joining me today.Casey HellerThank ...

Lattice Semiconductor FY Conference Summary Company Overview - **Company**: Lattice Semiconductor (NasdaqGS:LSCC) - **Industry**: Semiconductor, specifically low-power programmable devices - **Market Position**: Leading provider with over 40 years of innovation in the programmable market - **Key Markets**: Communications, computing, industrial, automotive, and consumer markets [1][2] Core Business Insights - **Revenue Breakdown**: - Communications and computing account for over 50% of revenue - Server business grew 80% year-on-year - Communication segment grew 63% year-on-year - Industrial automotive segment is expected to return to growth in 2026 [3][22] - **Production Volume**: Shipped over 150 million units last year, expected to increase to 180 million this year [3] Strategic Pillars 1. **Companion Role**: Lattice provides support functions for powerful ASICs, enhancing their performance and functionality [4][5] 2. **Small and Mid-Range FPGA Roadmap**: Focused on developing the best roadmap for small and mid-range FPGAs, emphasizing low latency, high precision, and parallel processing capabilities [15][18] 3. **Sustainable Growth**: The company aims for sustainable growth through innovation and expanding its product portfolio [18][19] Market Trends and Growth Drivers - **Disaggregation in AI Servers**: Transition from single board to multiple specialized boards (processor, networking, storage, etc.) is increasing FPGA usage per rack [25][26] - **CapEx Growth**: Anticipated 50% growth in capital expenditures for cloud service providers, contributing to demand for FPGAs [26] - **AI Server Growth**: AI servers currently represent 12% of total servers, with higher FPGA content compared to traditional servers [27][28] Financial Performance and Projections - **Gross Margin**: Currently at 69%-70%, with strong EBITDA and free cash flow [21] - **Long-Term Growth Rate**: Expected to be between 15%-20%, with a consensus growth rate of 21% for the current year [21][23] - **2026 Outlook**: Anticipated to be a strong year for data centers and small FPGAs, with growth in industrial automotive expected to ramp up in 2027 [22][23] Competitive Landscape - **Main Competitors**: Xilinx is the primary competitor, with Altera being monitored for potential aggressive moves in the market [39][40] - **Market Differentiation**: Lattice emphasizes its unique low-power, small FPGA architecture as a sustainable competitive advantage [39] Capital Allocation and M&A Strategy - **Focus on Organic Growth**: Prioritizing organic investments in product expansion and innovation [41] - **Potential for Inorganic Growth**: Open to strategic acquisitions to enhance customer offerings and capabilities [42][43] Conclusion - Lattice Semiconductor is well-positioned for growth in the semiconductor industry, particularly in low-power programmable devices, with a strong focus on innovation, market expansion, and strategic partnerships. The company is set to capitalize on emerging trends in AI and data centers while maintaining a competitive edge through its unique product offerings and robust financial health [20][44]

Summary of Advanced Energy Industries FY Conference Call Company Overview - **Company**: Advanced Energy Industries (NasdaqGS: AEIS) - **Date of Conference**: January 14, 2026 - **Key Speakers**: Steve Kelley (President and CEO), Paul Oldham (Executive Vice President and CFO) Revenue Breakdown - **Q3 Revenue Composition**: - Semiconductor Equipment: 42% - AI Data Center: 37% - Remaining: Industrial, Medical, Telecom, Networking [6] Growth Expectations - **2026 Growth Forecast**: Anticipated growth of 25%-30% in the data center segment, following a projected doubling of the business in 2025 [7] - **Design Wins**: Revenue forecast for 2026 is based on designs secured in 2025 and ongoing business [8] Market Dynamics - **AI Data Center vs. Conventional Data Center**: The AI data center market is characterized by rapid changes and increasing power requirements due to new GPUs and silicon [8] - **Customer Engagement**: The company maintains a high win rate (close to 100%) with a targeted customer base in the data center sector [18] Capacity and Production - **Production Sites**: Key production facilities are located in the Philippines, Mexicali (Mexico), and a new factory in Thailand, which is expected to start operations in the second half of 2026 [10][42] - **Inventory Management**: Strategic inventory levels have been established to mitigate component shortages experienced during COVID [19] Margin Insights - **Margin Improvement**: Data center margins have improved significantly, approaching corporate averages, with a goal to maintain or slightly improve these margins [20][22] - **Impact of Tariffs**: Current tariff impacts gross margins by approximately 100 basis points, but the company is actively working to mitigate these costs [46][47] Semiconductor Market Outlook - **Optimism in Semiconductor Market**: Growth is expected in leading-edge logic and memory sectors, driven by major players like TSMC, SK Hynix, and Samsung [24] - **New Product Contributions**: Technologies like eVoS and Everest are expected to contribute $10-$20 million in revenue in 2025, with significant growth anticipated in 2027 and 2028 [30] Industrial and Medical Market - **Market Recovery**: The industrial and medical segment is recovering from previous inventory corrections, with increasing order rates and revenues expected in 2026 [35] - **Aerospace and Defense Exposure**: Currently low but anticipated to grow significantly in 2026 due to increased demand in the defense sector [37] Strategic Goals - **Sole Source Products**: The company aims to increase the percentage of revenue from sole source products from 70% to 80%, with significant progress already made in semiconductor and industrial medical sectors [40][41] - **M&A Strategy**: The company is actively seeking acquisitions to strengthen its position in the industrial medical market and to fill technology gaps [55] Financial Health - **Balance Sheet**: Strong financial position with $750 million in cash and $565 million in debt as of September [54] Conclusion - Advanced Energy Industries is positioned for growth in the data center and semiconductor markets, with strategic investments in capacity and technology. The company is focused on maintaining healthy margins while navigating challenges such as tariffs and component shortages. The outlook for 2026 and beyond appears optimistic, supported by new product introductions and a recovering industrial medical market.

Clean Harbors (NYSE:CLH) FY Conference January 14, 2026 08:45 AM ET Company ParticipantsEric Dugas - EVP and CFOJim Buckley - SVP of Investor RelationsConference Call ParticipantsLarry Solow - Research AnalystLarry SolowGood morning and welcome to the CJS 26th Annual "New Ideas for the New Year" Conference. I'm Larry Solow, a research analyst and partner here at CJS, and I'm joined by the management of Clean Harbors. To briefly remind everyone of the format for our conference fireside presentations until ea ...

PagerDuty FY Conference Summary Company Overview - **Company**: PagerDuty (NYSE: PD) - **Industry**: Digital Operations Management - **Focus**: AI-enabled enterprise solutions for managing digital operations and infrastructure [1][2] Core Points and Arguments - **Digital Operations Management**: PagerDuty helps companies manage complex digital infrastructures to ensure optimal customer experiences [2][3] - **Incident Management**: The company emphasizes the importance of rapid response to incidents and proactive issue management [3][4] - **Product Offerings**: PagerDuty's platform includes incident management, automation, AI Ops, and customer service operations, with a focus on integrating AI and automation [6][9] - **Operations Cloud**: The platform is built on four pillars: incident management, AI Ops, automation, and customer service operations, allowing for a comprehensive management of operations [6][10] - **Integration Capabilities**: PagerDuty integrates with over 700 different systems, including monitoring, observability, security, and communication tools [5][12] Financial Performance - **Q3 Results**: Revenue was $125 million, representing a 5% year-over-year growth, with a non-GAAP operating margin of 29% [18] - **Long-term Financial Goals**: Targeting gross margins of 84%-86% and aiming for GAAP profitability in the upcoming year [19][58] Market Opportunity - **Total Addressable Market**: There are 87 million potential users for PagerDuty, with over 1 million currently using the platform [13] - **Cost of Incidents**: Customer-facing incidents can cost companies up to $800,000 per minute, highlighting the value of PagerDuty's services in protecting revenue and reputation [14] Customer Engagement and Adoption - **Customer Base**: Over 34,000 companies use PagerDuty, including more than half of the Fortune 500 [16][21] - **Flex Pricing Model**: Introduced to provide customers with access to the full Operations Cloud, enhancing product discovery and flexibility [41][42] Product Innovation - **AI Agents**: Recent offerings include generative AI agents that assist in incident management and operational tasks, with positive initial feedback from customers [25][27] - **Adoption Curve**: The adoption of AI agents has been gradual, with a focus on building trust and transparency with customers [31][32] Strategic Outlook - **M&A Considerations**: PagerDuty is open to acquisitions that enhance its product offerings and expand its technology footprint [60] - **Balancing Growth and Profitability**: The company aims to drive top-line growth while maintaining a focus on profitability and operational efficiency [58] Additional Insights - **Customer-Centric Approach**: The company emphasizes collaboration with customers to ensure the reliability and effectiveness of its AI solutions [31] - **Continuous Improvement**: PagerDuty is committed to ongoing innovation, having delivered over 150 new capabilities in the past year [21]

Summary of Worthington Enterprises Conference Call Company Overview - **Company Name**: Worthington Enterprises - **Industry**: Consumer and Building Products - **Background**: Formerly known as Worthington Industries, the company separated its steel processing business on December 1, 2023, creating distinct value opportunities for both entities [3][4] Core Business Segments - **Business Segmentation**: - Building Products: Approximately 60% of revenue, 75% of EBITDA [8][9] - Consumer Products: Includes tools, outdoor living products, and celebrations [12][21] - **Manufacturing**: Over 80% of products are sourced and manufactured in the U.S. [5] Financial Performance - **Recent Financials**: - Adjusted EBITDA increased by 21%, nearly $50 million year-over-year [19] - EBITDA margins expanded by approximately 260 basis points [19] - Free cash flow conversion is nearly 96% [23] - **CapEx**: $30 million spent on facility modernization projects, with an additional $30 million planned [23][41] Strategic Initiatives - **M&A Strategy**: - Focus on acquiring high-margin, lower capital intensity businesses in niche markets [16] - Recent acquisitions include Elgin and LSI, both expected to enhance the company's portfolio [18][39] - **Innovation and Transformation**: Emphasis on continuous improvement and operational excellence [6][8] Market Dynamics - **Consumer Products**: - Facing headwinds from tariffs, high interest rates, and cautious consumer spending [13][21] - Store count for Balloon Time products increased by 63% over the last two years [12] - **Building Products**: - Strong performance in heating and cooking, with a shift from heating oil to propane noted [31][32] - Joint ventures like WAVE and ClarkDietrich are performing well despite market fluctuations [25][26] Challenges and Risks - **Tariff Exposure**: Approximately 6%-7% of revenue is affected by tariffs, primarily from Asian imports [33][34] - **Market Conditions**: Commercial construction is expected to peak in May 2024, with potential slowdowns thereafter [11][26] Competitive Positioning - **Market Leadership**: The company positions itself as a domestic manufacturer with a strong value proposition, particularly in the building products sector [34] - **Financial Flexibility**: Maintains a conservative leverage ratio of less than 0.5 times net debt to EBITDA, allowing for strategic capital deployment [43][44] Conclusion - Worthington Enterprises is well-positioned for growth through strategic acquisitions, operational excellence, and a focus on innovation, despite facing macroeconomic challenges and tariff-related risks. The company’s strong financial performance and market leadership in niche segments provide a solid foundation for future opportunities.

Crane NXT Conference Call Summary Company Overview - **Company**: Crane NXT - **Industry**: Industrial Technology focused on securing, detecting, and authenticating critical items - **Sales Projection for 2025**: Approximately $1.6 billion with about 50% recurring revenue [3][4] - **Operating Margins**: Adjusted segment operating margins in the mid-20% range [3] Financial Performance - **Sales Composition**: Two segments - Security and Authentication Technologies (~$800 million) and Crane Payment Innovations (CPI) (~$850 million) [6] - **Geographic Distribution**: 60% of sales in the Americas, with growing presence in emerging markets (Middle East, Africa, APAC) [5] - **Recurring Revenue**: Strong recurring revenue model contributing to financial stability [3] Growth Strategy - **M&A Activity**: Focus on disciplined capital allocation and programmatic M&A to expand into adjacent markets [4][10] - **Recent Acquisition**: Antares Vision, expected to add approximately EUR 200 million in revenue with a 15% EBITDA margin [9] - **Future M&A Plans**: Healthy M&A funnel with a target of one to two acquisitions per year, maintaining leverage below three [43][44] Market Dynamics - **International Currency Segment**: Strong performance driven by high demand and a record backlog, with expectations for mid-single-digit growth [28][37] - **U.S. Currency Segment**: Anticipated high single-digit growth due to new currency designs and upgrades [37] - **Competitive Landscape**: Increased adoption of advanced technology in currency security, driven by counterfeiting concerns and regional competition [55][56] Operational Insights - **Capacity Investments**: Investments in capacity expansion at facilities to meet growing demand, particularly in micro-optics and printing [20][21] - **Margin Compression**: Short-term margin compression expected due to outsourcing and capacity expansion efforts [20][29] - **Free Cash Flow**: Expected to remain strong, with a conversion rate of 90%-110% [49] Technology and Innovation - **AI Integration**: Plans to leverage AI for productivity improvements, process reshaping, and product innovation, particularly in track and trace software [51][53] - **Continuous Improvement**: Ongoing application of the Crane Business System (CBS) to enhance operational efficiency and product quality [4][52] Upcoming Events - **Investor Day**: Scheduled for February 25, 2026, to provide further insights into company strategy and performance [59] Conclusion - Crane NXT is positioned for growth through strategic acquisitions, a strong focus on technology, and a commitment to operational excellence. The company anticipates continued success in both its international and U.S. currency segments, supported by a robust backlog and innovative solutions.

Eos Energy Enterprises Update Summary Company Overview - **Company**: Eos Energy Enterprises (NasdaqCM:EOSE) - **Industry**: Energy Storage Core Points and Arguments - **Energy Demand and System Strain**: The current energy system is under strain due to rising demand and expectations, which were not anticipated in the original grid design. This creates limitations for cities, industries, and data centers [1][2] - **Energy Storage as a Foundation**: Eos emphasizes that energy storage should not be a backup but the foundation of energy systems. Properly implemented storage can eliminate variability issues, allowing for smoother energy management and faster scaling of operations [2][3] - **Redefining Energy Storage**: Eos is reshaping energy storage by focusing on density, flexibility, and safety. The company introduces a new era of energy storage that is not limited by size or space, enabling limitless potential [3][4] - **Innovative Design Philosophy**: The company has developed the Z3 module, which is designed from the ground up using zinc chemistry. This module is safe, durable, and flexible, integrating intelligence through the Eos Dawn OS for real-time response and adaptation [4][5] - **Eos in Density Architecture**: The Eos in Density architecture is designed to deliver approximately four times the energy of traditional systems, targeting one gigawatt hour per acre. This high-density storage solution is adaptable to various environments, from rural to urban settings [5][9] - **Scalability and Configuration**: The system can be configured to achieve significant energy storage capacities, such as 250 megawatt hours per acre in rural areas, 500 megawatt hours in suburban areas, and up to one gigawatt hour in urban environments [9][10] - **Operational Flexibility**: The Eos in Density system allows for charging and discharging over a range of 4 to 16 hours, supporting multiple cycles per day and responding to grid demands in as little as five milliseconds [10][11] - **Safety Features**: Safety is a core aspect of the Eos in Density system, utilizing non-flammable materials and ensuring that all components are designed for safe operation in high-value infrastructure settings [11][12] Additional Important Content - **Team Expertise**: The development of the Eos in Density system is backed by a team with over 15 years of experience in energy storage, focusing on pushing boundaries and testing assumptions to create a system that adapts to changing conditions [13][14] - **Real-World Application**: Eos aims to provide energy solutions that support larger ideas and faster progress without compromising on safety or efficiency, positioning energy as a driver of innovation rather than a limitation [13][14]

Summary of Astronics Conference Call Company Overview - **Company Name**: Astronics - **Market Capitalization**: Approximately $2.3 billion, trading at or near all-time highs over the last six months [4] - **Stock Structure**: Two classes of stock, with Class B being convertible to common stock and having 10 votes compared to 1 vote for common stock. Institutional ownership is around 85% [4] - **Business Segments**: Primarily operates in aerospace (90% of volume) and defense/government (10% of volume) [6] Financial Performance - **Revenue Trends**: - Pre-pandemic revenue was approximately $773 million, which dropped to a low of $445 million during the pandemic [7] - Recovery from 2021 to 2024 averaged about 18% growth, with 2023 seeing a 28% increase [8] - Preliminary revenue for 2025 was around $860 million, indicating high single-digit growth [8] - Guidance for 2026 is projected to be up 10%-15% [8][22] - **Backlog**: As of early 2026, backlog reached $669 million, an all-time high, compared to pre-pandemic levels of about $440 million [11] Market Dynamics - **Aerospace Market**: - Significant exposure to commercial aerospace (70% of revenue) and defense (20%) [6] - Major aircraft manufacturers Boeing and Airbus are ramping up production, with Boeing aiming for 60 units per month and Airbus targeting 70 units [15][26] - The in-flight entertainment and connectivity business is a key growth area, representing half of Astronics' business [12][13] - **Production Challenges**: Both Boeing and Airbus face challenges in meeting production targets, which could impact Astronics' growth expectations [29] Strategic Initiatives - **In-Flight Entertainment and Connectivity**: - Astronics is a leading provider of in-flight entertainment systems, supplying to around 200 airlines and major entertainment companies [13] - The company benefits from a significant retrofit market as consumer electronics evolve [16][17] - **Defense Programs**: - The FLIR program is a significant opportunity, with expectations of a $90-$95 million program funded by the Army [33] - The program is in development, with a potential production ramp-up starting in 2027 [36] - **Emerging Technologies**: - Astronics is exploring opportunities in eVTOL and drone markets, leveraging advanced electrical systems technology [42][44] - The company is working with various players in the eVTOL space, although current revenue expectations from this segment are modest ($5 million-$10 million) [46] Risks and Considerations - **Government Contracts**: The timeline for the Army radio contract is uncertain due to delays, which could affect revenue projections [24][25] - **Production Risks**: The aerospace industry is complex, and production rates can be affected by various factors, including supply chain issues [29] Conclusion - Astronics is positioned for growth in both the aerospace and defense sectors, with strong recovery trends and a solid backlog. However, the company faces challenges related to production targets and government contract timelines, which could impact its financial performance in the near term. The focus on in-flight entertainment and emerging technologies presents significant opportunities for future growth.

T&D (OTCPK:TDHO.Y) Update / briefing January 14, 2026 12:00 AM ET Company ParticipantsDaisuke Sasaki - EVPHideo Watanabe - Senior Executive OfficerKai Talarek - Chief Growth and Optimization OfficerJeffrey Mauro - Chief Investment OfficerAlon Neches - CEOAtsuro Takemura - Executive Director of ResearchConference Call ParticipantsNone - AnalystMasao Muraki - Senior AnalystAlon NechesThanks so much, Ito-san, and thank you to the T&D team and all of the participants. If I may ask that we briefly turn to slides ...