ResMed (NYSE:RMD) Q2 2026 Earnings call January 29, 2026 04:30 PM ET Company ParticipantsBrett Sandercock - CFOJon Block - Managing Director for Medical Technology and SuppliesMick Farrell - CEO and ChairmanNathan Treybeck - VP of Equity Research for Medical DevicesSalli Schwartz - Chief Investor Relations OfficerConference Call ParticipantsAnthony Petrone - Managing Director and Senior Medical Devices, Diagnostics and Therapeutics Equity Research AnalystBrandon Vazquez - Equity Research Analyst for Healthc ...

Financial Data and Key Metrics Changes - For the third quarter, the company reported revenue of $1.96 billion, a 7% increase compared to the prior year [9][33] - Gross margin for the quarter was 59.8%, better than expected due to lower-than-anticipated tariff impacts and effective pricing actions [34] - Diluted earnings per share reached a record $3.33, reflecting an 11% increase from the previous year [10][36] Business Line Data and Key Metrics Changes - HOKA revenue increased by 18% to $629 million, contributing significantly to overall growth [9][33] - UGG revenue grew by 5% to a record $1.3 billion, benefiting from improved direct-to-consumer (DTC) performance [11][33] - DTC revenue for UGG increased by 5%, while wholesale revenue grew by 4% [13] Market Data and Key Metrics Changes - International markets saw a 15% revenue increase for HOKA and UGG combined, while the U.S. market experienced a 5% increase [9] - HOKA's market share in the road running category increased significantly, establishing it as a top brand in the segment [23] Company Strategy and Development Direction - The company aims for continued international expansion and brand performance, focusing on product development and marketplace management [5][31] - HOKA is advancing its lifestyle strategy, identifying significant opportunities for product development and expansion through wholesale distribution [24][25] - The company is committed to maintaining a pull model of demand while gradually improving the balance between DTC and wholesale channels [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum for both UGG and HOKA, supported by effective marketplace management and innovative products [31][45] - The company raised its full-year revenue expectations to a range of $5.4 billion to $5.425 billion, reflecting strong brand performance [38] Other Important Information - The company repurchased approximately $349 million worth of shares in the third quarter, with a total of $1.8 billion remaining authorized for share repurchases [37][38] - The anticipated net tariff impact for fiscal year 2026 is approximately $25 million, significantly lower than previous estimates [40] Q&A Session Summary Question: What has driven the improvement in HOKA's business this quarter? - Management noted that spacing out key franchise launches and tightening inventories contributed to the improvement, with confidence in sustaining this trajectory [50][51] Question: Can you elaborate on the lifestyle strategy and its development? - The company aims to boost capabilities across innovation and design, viewing the lifestyle category as a significant opportunity for growth [54][55] Question: How should the market expect UGG's channel strategy to evolve in fiscal 2027? - Management indicated a balanced growth strategy across all channels, with continued segmentation and differentiation expected [60][62] Question: What is the outlook for the U.S. consumer and its impact on growth? - Management remains optimistic about the brand's performance, noting strong consumer demand despite previous caution regarding the economy [85][86]

MaxLinear (NasdaqGS:MXL) Q4 2025 Earnings call January 29, 2026 04:30 PM ET Company ParticipantsKishore Seendripu - CEO, President and ChairmanLeslie Green - IRRoss Seymore - MDSamuel Feldman - Equity Research AssociateSteven Litchfield - CFO and CCSOTore Svanberg - MDConference Call ParticipantsDavid Williams - Senior Equity Research AnalystTim Savageaux - Senior Research AnalystOperatorGreetings and welcome to the MaxLinear fourth quarter 2025 earnings call. At this time, all participants are in a listen- ...

NewtekOne (NasdaqGM:NEWT) Q4 2025 Earnings call January 29, 2026 04:30 PM ET Company ParticipantsBarry Sloane - President and CEOFrank DeMaria - EVP and CFOConference Call ParticipantsChristopher Nolan - AnalystDillion Hines - AnalystStephen Moss - AnalystTim Switzer - Senior Research AnalystOperatorThank you for standing by and welcome to NewtekOne, Inc.'s Fourth Quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a ...

Financial Data and Key Metrics Changes - Revenue for the second quarter was $3,025 million, up 31% quarter-over-quarter and 61% year-over-year, exceeding guidance of $2,550-$2,650 million [16] - Non-GAAP gross margin for the second quarter was 51.1%, up from 29.9% in the prior quarter, and above guidance of 41%-43% [16] - Non-GAAP EPS for the second quarter was $6.20, up from $1.22 in the prior quarter, exceeding guidance of $3.00-$3.40 [17] Business Line Data and Key Metrics Changes - Data center revenue was $440 million, up 64% sequentially, reflecting strong demand driven by AI workloads [16][8] - Edge revenue was $1,678 million, up 21% sequentially, with demand exceeding supply due to AI adoption [16][9] - Consumer revenue was $907 million, up 39% quarter-over-quarter, with a shift towards premium products [16][10] Market Data and Key Metrics Changes - The NAND market is undergoing structural evolution driven by AI, with data center expected to become the largest market for NAND in 2026 [12][21] - Higher demand for NAND in data centers is impacting other markets, leading to overall growth across segments [13] - The company anticipates continued strong demand well above supply beyond calendar year 2026 [11] Company Strategy and Development Direction - The company is transitioning to multi-year agreements with customers to ensure supply certainty and better align planning cycles with demand [5][6] - Focus on disciplined execution through the BiCS8 transition, supporting average long-term bit growth in the mid to high teens [11] - Continued investment in R&D and capital expenditures to support advanced semiconductor technologies [11][19] Management's Comments on Operating Environment and Future Outlook - Management noted that the NAND industry is becoming more durable and structurally attractive with higher average returns [6] - The company expects margins to reset at a structurally higher level, delivering fair returns on innovation and investment [22] - Management expressed optimism about the evolving business practices in the data center market, which is becoming increasingly strategic [70] Other Important Information - The company closed the quarter with $1,539 million in cash and cash equivalents and $603 million in debt, with a net cash position of $936 million [18] - An agreement was reached with Kioxia to extend the Yokkaichi joint venture through December 31, 2034, ensuring continued product supply [19] - For the third quarter, the company expects revenue between $4.4-$4.8 billion and non-GAAP gross margin between 65% and 67% [20] Q&A Session All Questions and Answers Question: How are you thinking about long-term agreements? - Management acknowledged the pros and cons of long-term agreements, emphasizing the need for confidence in demand and pricing stability [24][30] Question: Any plans to add supply given the current undersupply situation? - Management indicated that supply plans are in place, and they are focused on meeting customer demand while ensuring profitability [25][35] Question: Can you quantify incremental demand for NAND related to AI infrastructure? - Management noted that data center exabyte growth is forecasted to be high 60s for 2026, driven largely by AI [47] Question: How should we think about capital return plans, particularly around share repurchases? - Management stated that the priority is to continue investing in the business and reducing debt, with capital return plans to be evaluated at the right time [48] Question: Can you provide an update on the product roadmap to meet new performance requirements? - Management highlighted ongoing innovation in high-performance products and the introduction of new technologies to meet AI demands [87]

Financial Data and Key Metrics Changes - SkyWest reported a net income of $91 million, or $2.21 per diluted share for Q4 2025, and a full year net income of $428 million, or $10.35 per diluted share, reflecting a 31% increase in pre-tax income for 2025 compared to the previous year [4][11] - Total Q4 revenue was $1 billion, down from $1.1 billion in Q3 2025, but up 8% from $944 million in Q4 2024 [9] - Pre-tax income for 2025 was $566 million, up 31% from 2024, with EBITDA reaching $982 million, an increase of over $100 million from 2024 [11][12] Business Line Data and Key Metrics Changes - Contract revenue for Q4 was $803 million, down from $844 million in Q3 2025, but up from $786 million in Q4 2024 [9] - Prorate and charter revenue was $167 million in Q4, flat with Q3 2025, and up from $126 million in Q4 2024 [10] - Leasing and other revenue increased to $54 million in Q4, up from $39 million in Q3 and $32 million in Q4 2024, driven by maintenance services provided to third parties [10] Market Data and Key Metrics Changes - SkyWest Airlines achieved over 250 days of 100% controllable completion in 2025, with over 2,500 daily scheduled departures [6] - The fourth quarter faced challenges due to a government shutdown and mandatory flight reductions, leading to more canceled flights than major partners [6][22] Company Strategy and Development Direction - SkyWest announced extensions on key flying agreements, including 40 E175s with United and 13 E175s with Delta, solidifying partnerships and ensuring ongoing revenue stability [5][18] - The company plans to acquire and finance 29 additional E175s by the end of 2028, with a total of nearly 300 E175s expected in service by that time [14][20] - SkyWest aims to enhance service to underserved communities and capitalize on strong demand for its prorate product [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth possibilities in 2026, expecting mid-single-digit percentage growth in block hours compared to 2025 [16][18] - The effective tax rate for 2026 is anticipated to be approximately 24%, similar to 2025 [17] - Management acknowledged challenges in the third-party MRO network but remains committed to enhancing fleet flexibility and operational execution [23][24] Other Important Information - The company reduced its debt by $1 billion over the past three years, ending Q4 with $2.4 billion in debt, down from $2.7 billion at the end of 2024 [12][14] - Cash balance at the end of Q4 was $707 million, down from $753 million in Q3 2025 and $802 million in Q4 2024 [13] Q&A Session Summary Question: Impact of FAA cuts and government shutdown - Management acknowledged the significant impact of the government shutdown and flight cancellations, noting that they worked collaboratively with partners to mitigate effects [26][27] Question: Update on encumbered assets - Management reported approximately $1.5 billion in unencumbered assets, with expectations for this to increase as more E175s are paid off [29][31] Question: Aircraft order book and placement discussions - Management confirmed ongoing discussions with major partners regarding the placement of new aircraft, with most deliveries in 2027 and 2028 already spoken for [34] Question: Trends in aircraft utilization - Management noted positive trends in aircraft utilization, with expectations for increased utilization in the upcoming spring and summer [35][36] Question: E175 renewals and contract terms - Management indicated that the terms of the E175 renewals are economically similar to previous contracts, with some evolution due to changing market conditions [40][44] Question: Maintenance expenses and aircraft readiness - Management confirmed that maintenance expenses are consistent with previous levels, with 20 aircraft currently in heavy maintenance and expected to return to service soon [47][48] Question: Revenue model and growth opportunities - Management expressed optimism about the revenue model for parked aircraft and ongoing demand for services, with plans to capitalize on opportunities as they arise [75][76]

Financial Performance - The company reported Q2 revenues of $464 million, an increase of 11% year-over-year, setting a Q2 record [4][13] - Non-GAAP adjusted EPS reached a record of $2.58, reflecting strong earnings growth [4] - Operating cash flow was solid at $62 million, with expectations for even stronger cash flow in calendar 2026 [4][19] Business Segment Performance - The security division achieved revenues of $335 million, up 15% year-over-year, driven by higher service revenues and RF business growth [13][14] - Optoelectronics and Manufacturing division revenues increased 12% year-over-year to $113 million, marking a new Q2 record [14][10] - The Healthcare division faced challenges, with sales being soft in Q2, but the company is focused on long-term value creation through intensified sales efforts and new product development [11][12] Market Performance - The security division's bookings were lower than expected due to delays from the U.S. government shutdown and international customer pushouts, but the pipeline remains strong [7][26] - The RF business is expanding with new contracts, including a $30 million order for naval operations and participation in the Golden Dome missile defense initiative [9][10] - The optoelectronics division is benefiting from OEMs diversifying supply chains away from China, with strong demand across various industries [11] Company Strategy and Industry Competition - The company is committed to innovation, as reflected in increased R&D spending, which rose to $19.8 million in Q2 [16][17] - The expansion of manufacturing facilities in Texas aims to enhance production capacity and operational efficiency in the RF sector [10] - The company is well-positioned in the security market, with a broad range of offerings and a healthy backlog, providing confidence for future growth [6][10] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the second half of fiscal 2026, anticipating strong cash flow and operational excellence [24][23] - The company raised its fiscal 2026 non-GAAP EPS guidance to a range of $10.30-$10.55, reflecting expected growth despite challenges from reduced revenues related to Mexico contracts [21][22] - Management acknowledged the impact of the government shutdown on order timing but remains confident in the pipeline and future opportunities [35][36] Other Important Information - The company completed a convertible notes transaction, raising $575 million, which enhances liquidity and financial flexibility [20] - The balance sheet remains solid, with net leverage at approximately 2.2 [20] Q&A Session Summary Question: Orders activity in security was softer than expected - Management noted that orders were pushed due to the government shutdown, but the pipeline remains strong and they expect a robust next six months [26] Question: Details on the Golden Dome contract - Management indicated that while timing is uncertain, they feel well-positioned for future orders related to the Golden Dome initiative [27][28] Question: Interest expense outlook - Management anticipates a decrease in interest expense from Q2 to Q3 due to the paydown of the revolver [29] Question: Potential for additional share purchases - Management confirmed that stock buybacks remain an option, with a sizable buyback already executed in Q2 [31] Question: Impact of government shutdown on RFP timing - Management stated that while some funds are flowing in, most significant impacts will be felt later in calendar 2026 [34] Question: Mexico DSO and cash flow expectations - Management expects significant free cash flow conversion as Mexico receivables normalize, driving down DSO [36] Question: Service revenue growth potential - Management is optimistic about service revenue growth outpacing product revenue growth, leading to margin expansion [38][39] Question: Revenue guidance for the back half of the year - Management indicated that Q4 is expected to be significantly stronger than Q3 due to the timing of Mexico revenues [42][43] Question: Aviation market pipeline - Management confirmed that the aviation market remains strong, with a healthy pipeline despite some delays [45][46] Question: International demand for security products - Management noted strong international demand, particularly in the Middle East, with various countries increasing focus on security [67] Question: Funding impact on revenue outlook - Management stated that near-term funding issues are not expected to significantly impact revenue or cash outlook [68]

Financial Data and Key Metrics Changes - The company reported an 11% headline revenue growth and a 9% growth on a constant currency basis for the second quarter of fiscal year 2026, with GAAP EPS growth of 16% [4][28] - Gross margin increased by 110 basis points year-over-year and by 30 basis points sequentially, reaching 62%-63% for fiscal year 2026 [30][31] - Operating profits increased by 19%, with an operating margin improvement to 36.3% compared to 34% in the prior year [32] Business Line Data and Key Metrics Changes - Global devices revenue experienced high single-digit growth, while masks, accessories, and other revenue saw double-digit growth [4][5] - Residential care software revenue increased by 5% on a constant currency basis, driven by strong performance from the Medifox Dan software vertical [30] Market Data and Key Metrics Changes - Sales in the U.S., Canada, and Latin America increased by 11%, with a 6% increase on a constant currency basis [29] - In Europe, Asia, and other regions, device sales increased by 5% on a constant currency basis, while masks and other sales increased by 8% [29] Company Strategy and Development Direction - The company aims to build a leading digital health ecosystem encompassing sleep health, breathing health, and healthcare technology delivered in the home [8] - Continued focus on operational excellence and innovation, with a commitment to R&D investments of 6%-7% of revenues and SG&A investments of 19%-20% [26][31] - The company is expanding its digital sleep health concierge capabilities and enhancing its manufacturing footprint to improve delivery efficiency [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in re-accelerating growth in Europe, Asia, and the rest of the world, with expectations of sustainable high single-digit growth in the residential care software business by fiscal year 2027 [5][6] - The company is closely monitoring the global trade environment and regulatory landscape, with positive implications from recent developments in competitive bidding programs [21][23] Other Important Information - The company returned $263 million to shareholders through dividends and $175 million in share repurchases during the quarter, with plans to increase share repurchases to over $600 million for fiscal year 2026 [34][26] - The launch of new AI-enabled products, such as Comfort Match, is expected to enhance patient adherence to therapy [12][19] Q&A Session Summary Question: Strong US mask number and impact of Virtuox - Management confirmed that the strong growth in masks includes contributions from Virtuox, but even without it, there was solid double-digit growth in masks and accessories [36][38] Question: Update on GLP-1 landscape and its impact - Management noted a 10%-11% higher start rate for CPAP therapy among patients with GLP-1 prescriptions, indicating a motivated patient group [39][41] Question: SG&A growth ahead of revenue growth - Management explained that the SG&A growth includes impacts from the Virtuox acquisition and promotional activities, but underlying growth is tracking closely with revenue [43] Question: Impact on patient funnel stages - Management highlighted significant progress in the top of the funnel due to increased awareness from Big Pharma and tech, while focusing on scaling home sleep apnea testing [45][47] Question: Potential return of Philips to the US market - Management expressed confidence in competing effectively against Philips, noting that they have been performing well in various markets despite Philips' presence [60][62]

Financial Data and Key Metrics Changes - For the third quarter, the company reported revenue of $1.96 billion, a 7% increase compared to the prior year [7][31] - Gross margin for the quarter was 59.8%, better than expected due to lower-than-anticipated tariff impacts and effective pricing actions [32] - Diluted earnings per share reached a record $3.33, representing an 11% increase year-over-year [9][33] Business Line Data and Key Metrics Changes - HOKA revenue increased by 18% to $629 million, driven by strong performance in both DTC and wholesale channels [17][31] - UGG revenue grew by 5% to a record $1.3 billion, benefiting from improved global DTC performance [10][31] - DTC revenue for UGG increased by 5%, while wholesale revenue grew by 4% [12] Market Data and Key Metrics Changes - International markets saw a 15% revenue increase for HOKA and UGG combined, while the U.S. market grew by 5% [8] - HOKA's market share in the U.S. road running category increased significantly, indicating strong brand performance [21] Company Strategy and Development Direction - The company aims for continued international expansion and brand performance, focusing on consumer demand and product development [4][29] - Strategic initiatives include enhancing the DTC channel and maintaining a balanced approach between DTC and wholesale [20][29] - The company is committed to returning value to shareholders through a share repurchase program, with plans to repurchase over $1 billion in total by the end of the fiscal year [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum for both UGG and HOKA, supported by effective marketplace management and innovative products [29][43] - The company anticipates continued growth in FY 2027 for both brands, driven by strong consumer demand [71] Other Important Information - The company has approximately $1.8 billion remaining authorized for share repurchases [34] - The expected net tariff impact for fiscal year 2026 is approximately $25 million, reflecting robust pricing power [38] Q&A Session Summary Question: What has driven the improvement in HOKA's business this quarter? - Management noted that strategic spacing of product launches and better inventory management contributed to the improvement, with confidence in sustainability going forward [48][49] Question: Can you elaborate on the lifestyle segment and its growth potential? - The company sees significant opportunities in the lifestyle category, with positive early reads on new products and a focus on effective market segmentation [52][53] Question: How will the UGG brand be managed across wholesale and DTC channels in FY 2027? - Management indicated a balanced growth strategy across all channels, with continued segmentation and differentiation in the marketplace [58][59] Question: What is the outlook for the U.S. consumer and its impact on growth? - Management remains optimistic about the brands' performance, noting strong consumer demand despite previous caution regarding the economy [82]

Stryker (NYSE:SYK) Q4 2025 Earnings call January 29, 2026 04:30 PM ET Speaker2Welcome to the fourth quarter and full year 2025 Stryker Earnings Call. My name is Layla, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Following the conference, we will conduct a question-and-answer session. This conference call is being recorded for replay purposes. Before we begin, I would like to remind you that the discussions during this conference call will include for ...