Financial Data and Key Metrics Changes - Blue Bird achieved record sales and adjusted EBITDA for Fiscal 2025, with adjusted EBITDA of $221 million, representing 15% of revenue, which is $38 million higher than the previous year [7][20][21] - Total revenue for Fiscal 2025 reached $1.48 billion, an increase of $133 million compared to the prior year [7][19] - Adjusted net income for the fourth quarter was $43.4 million, a 68% improvement year-over-year [17] Business Line Data and Key Metrics Changes - The company sold 9,409 buses in Fiscal 2025, with an average bus revenue per unit of $146,000, up $8,000 from the previous year [7][19] - Electric vehicle (EV) sales totaled 901 units for the year, marking a 30% increase compared to the previous year [7][19] - Parts revenue for the year remained flat at $103 million, indicating strong demand due to an aging fleet [19] Market Data and Key Metrics Changes - The backlog at the end of Q4 was 3,100 units, which included 680 EVs, but has since increased to nearly 4,000 units [8][16] - Year-over-year selling prices for buses increased by almost $8,300 per unit, reflecting pricing actions and tariff recovery [9] - The company maintains a strong position in the alternative powered vehicles segment, with all powered buses representing 56% of mixed unit sales for the year [9] Company Strategy and Development Direction - Blue Bird is focusing on long-term manufacturing strategies, including automation and production efficiency improvements [4][6] - The company plans to invest in projects with clear returns and aims to maintain a disciplined pricing strategy [5][6] - The outlook for EVs remains optimistic, with expectations of stable demand supported by government funding programs [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating tariff volatility and maintaining margin-neutral outcomes [7] - The company anticipates a heavy replacement cycle in the school bus market, driven by an aging fleet and pent-up demand [9] - Management remains cautious about the impact of tariffs and material costs but expects strong demand to continue [24] Other Important Information - Blue Bird ended the year with $229 million in cash and a liquidity of $371 million, reflecting a strong financial position [22][23] - The company has repurchased $40 million worth of shares during the year and plans to continue returning value to shareholders [23][30] Q&A Session Summary Question: Importance of federal EV bus program for Fiscal 2026 guidance - Management indicated that Fiscal 2026 guidance does not rely on rounds four and five of the federal EV program, with a strong backlog supporting the outlook [39][41] Question: Order season and demand outlook - Management acknowledged that while the order season typically picks up after the Christmas break, they are confident in the underlying demand fundamentals [43][45] Question: Commercial chassis project details - Management confirmed that prototypes are being tested and received positively by customers, indicating potential for market entry [47][48] Question: EV backlog and state incentive programs - Management noted that New Jersey's updated incentive program reflects a trend of increasing state-level funding for EVs, which is expected to continue [70][72] Question: Pricing dynamics and guidance for first half versus second half - Management explained that pricing stability and the new price increase will impact the second half of the fiscal year, with a ramp expected in production [60][80]

Financial Data and Key Metrics Changes - Net sales for fiscal 2025 were $3.1 billion, a decrease of 2% due to proactive decisions to reduce exposure to lower-margin businesses and the transition of two third-party product lines to a direct-to-retail model [14][15] - Non-GAAP gross profit increased to $1 billion, up 4.5%, with non-GAAP gross margin expanding 210 basis points to 32.1% [15] - Non-GAAP net income totaled $174 million, up 22%, with record GAAP and non-GAAP earnings per share of $2.55 and $2.73, respectively [17] Business Line Data and Key Metrics Changes - In the pet segment, net sales were $428 million, a decrease of 2% due to the closure of U.K. operations and lower durable sales, partially offset by strong growth in animal health businesses [21] - The garden segment saw net sales of $250 million, a 7% increase, benefiting from an extended selling season and improved sell-through [22] - Consumables now represent approximately 84% of total pet segment sales, highlighting the strength of the core business [21] Market Data and Key Metrics Changes - E-commerce represented 27% of total pet segment sales, consistent with previous quarters, indicating steady consumer engagement across digital platforms [22] - Garden e-commerce sales grew at a double-digit rate, surpassing 10% of total segment sales for the first time [23] Company Strategy and Development Direction - The company is focused on a "central-to-home" strategy, streamlining operations, consolidating facilities, and optimizing the portfolio to enhance cost structure and drive sustainable growth [5][9] - Strategic investments are being made in innovation, e-commerce, and digital technology, with a key priority on making data AI-ready [10][11] - The company is actively pursuing margin-accretive consumable businesses for growth through M&A, although market engagement has been limited [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for fiscal 2026, anticipating challenges due to tariffs and consumer confidence but remains committed to delivering profitable growth [9][61] - The company expects non-GAAP earnings per share for fiscal 2026 to be $2.70 or better, supported by margin expansion and operational performance [9][26] - Management noted that the bifurcation of income is affecting consumer behavior, impacting both pet and garden categories [61] Other Important Information - Cash flow from operations was $333 million, with a strong liquidity position reflected in cash and cash equivalents totaling $882 million [24][25] - The company plans to invest approximately $50 million-$60 million in CapEx for maintenance and productivity initiatives [27] Q&A Session Summary Question: Can you discuss the operating margin outlook for the upcoming fiscal year? - Management indicated intentions to expand margins into 2026, though the pace may be slower due to previously captured efficiencies [32][33] Question: What is the outlook for the garden segment in the upcoming season? - Management expressed cautious optimism, citing increased distribution points and strong execution, but noted that weather remains a significant factor [35][36] Question: Can you quantify the impact of tariffs on the fourth quarter? - Tariffs were estimated to be around $7 million-$8 million in the fourth quarter [42] Question: How is the company navigating pricing with retail customers? - Management is in negotiations with customers regarding pricing adjustments to offset costs, with expectations to finalize discussions soon [50][51] Question: What is the company's view on pet ownership trends? - Management noted that pet ownership trends appear to be stabilizing, with slight growth observed in Q4 [68][70] Question: What is the company's capital allocation strategy given the strong cash position? - Management is focused on M&A opportunities while remaining opportunistic with share repurchases, indicating a preference for growth through acquisitions [71][88]

Financial Data and Key Metrics Changes - Blue Bird achieved record sales and Adjusted EBITDA for fiscal 2025, with Adjusted EBITDA at $221 million, representing 15% of revenue, which is $38 million higher than the previous year [7][20][34] - Total revenue for fiscal 2025 reached $1.48 billion, an increase of $133 million compared to the prior year [7][20] - Free cash flow for the year was $153 million, marking a significant achievement [8][22] Business Line Data and Key Metrics Changes - The company sold 9,409 buses in fiscal 2025, with an average bus revenue per unit of $146,000, up $8,000 from the previous year [7][19] - Electric vehicle (EV) sales totaled 901 units, representing a 30% increase year-over-year [7][19] - Parts revenue remained stable at $103 million, reflecting strong demand due to an aging fleet [19] Market Data and Key Metrics Changes - The backlog at the end of fiscal 2025 was 3,100 units, which is expected to increase to nearly 4,000 units, including 850 EVs [4][16] - Year-over-year selling prices for buses increased by approximately $8,300 per unit, driven by pricing actions and tariff recovery [9][19] - The company noted that the fleet is aging, leading to a heavy replacement cycle and pent-up demand in the market [8][9] Company Strategy and Development Direction - Blue Bird is focusing on long-term manufacturing strategies, including automation and production efficiency improvements [4][6] - The company aims to maintain its leadership in alternative powered vehicles, particularly in the EV segment, with a strong outlook for future demand [5][10] - Investment in projects with clear returns is a priority, with plans to enhance manufacturing capabilities and product offerings [6][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating tariff volatility and maintaining margin-neutral outcomes [7][11] - The outlook for EVs remains optimistic, supported by government funding programs and stable demand [10][34] - The company anticipates a strong demand driven by an aging fleet and stable pricing, despite some headwinds from tariffs and material costs [22][23] Other Important Information - Blue Bird's liquidity reached a record $371 million, with $229 million in cash at year-end [22] - The company plans to invest up to $200 million in manufacturing capabilities over the next two years while also returning value to shareholders through stock buybacks [28][29] Q&A Session Summary Question: Importance of federal EV bus program for fiscal 2026 guidance - Management indicated that fiscal 2026 guidance does not rely on federal funding rounds four and five, with a strong backlog supporting the outlook for 750 EV sales [37][39] Question: Order season and demand outlook - Management acknowledged strong fundamentals and a stable demand outlook, with confidence in production capabilities to meet potential increases in demand [41][42] Question: Commercial chassis project details - Prototypes are undergoing testing, and initial customer feedback has been positive, indicating a favorable market reception [44][45] Question: EV backlog and state incentive programs - Management confirmed an increase in EV backlog and noted that state-level funding programs are becoming increasingly significant drivers of demand [65][68] Question: Competitive dynamics in the school bus market - Management stated it is too early to assess any significant competitive shifts in the market, with no meaningful changes observed so far [83][88]

Financial Data and Key Metrics Changes - For Q3 FY2026, net sales were $267 million, representing a 4% sequential increase and a 13% year-over-year increase, driven by data center and LoRa portfolio momentum [5][22] - Adjusted operating margins grew by 180 basis points sequentially and 230 basis points year-over-year [5][23] - Adjusted diluted earnings per share were $0.48, up 17% sequentially and 85% year-over-year [5][26] - Adjusted EBITDA was $62.7 million, up 11% sequentially and 23% year-over-year, with an adjusted EBITDA margin of 23.5% [23][26] Business Line Data and Key Metrics Changes - Infrastructure net sales were $77.9 million, up 6% sequentially and 18% year-over-year, supported by data center business [7] - Data center net sales reached a record $56.2 million, up 8% sequentially and 30% year-over-year [8] - High-end consumer net sales for Q3 were $41.9 million, up 2% sequentially and 5% year-over-year [13] - Industrial net sales were $147.2 million, up 3% sequentially and 12% year-over-year, driven by strong LoRa performance [14] Market Data and Key Metrics Changes - The data center business is expected to see continued growth, with projections for a 10% sequential increase in Q4 [27] - The high-end consumer market is anticipated to decrease by about 3% sequentially in Q4, partially offset by market share gains [27] - The industrial end market is expected to remain flat, with growth in IoT systems and connectivity offsetting declines [27] Company Strategy and Development Direction - The company is focused on capturing growth opportunities in core assets and optimizing its portfolio, including the recent acquisition of the Force Sensing business [6][20] - The strategy includes leveraging R&D resources to expand the portfolio, particularly in LoRa and data center technologies [6][19] - The company aims to strengthen its market position in next-generation data center solutions and LoRa-based IoT applications [18][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the data center business, supported by strong demand and customer engagement [8][62] - The company anticipates a meaningful contribution from LPO in Q4, with expectations for continued design wins [46][60] - Management highlighted the importance of power efficiency in their solutions, positioning the company to lead in ultra-power-efficient technologies [18][19] Other Important Information - The company completed a $402.5 million convertible note offering, significantly reducing interest expenses and improving cash flow [24][25] - The adjusted net leverage ratio improved to 1.5, down from 7.2 year-over-year, reflecting strong business performance and debt reduction [27][26] Q&A Session Summary Question: Insights on CopperEdge ramping with lead CSP - Management indicated that CopperEdge is designed into three programs with a significant ramp expected starting mid-2026, which is seen as a catalyst for broader adoption [34][36] Question: Size of the ACC opportunity - Management noted that ACC is positioned between DAC and AEC, with a substantial total addressable market (TAM) and expected to capture a significant portion as deployment ramps up [38][39] Question: Growth expectations for LPO - Management expects LPO to contribute meaningfully in Q4, with a strong growth opportunity anticipated [44][46] Question: Gross margin outlook for Q4 - Management clarified that semiconductor gross margins are expected to remain healthy, driven by data center and LoRa growth, despite lower margins in IoT systems [50][51] Question: Force-sensing acquisition details - The force-sensing technology is expected to enhance the company's sensing portfolio, with integration already underway and first products shipped [65][68] Question: Divestiture of non-core assets - Management confirmed that interest from potential acquirers has increased, and the divestiture remains a top priority [82][84]

Financial Data and Key Metrics Changes - ECD Automotive Design reported third-quarter revenue of $5.8 million, a decrease of $1.2 million compared to Q2 2025 and a decrease of $0.6 million year-on-year [24] - Gross profit for the quarter was negative $1.7 million, down $3.1 million from Q2 2025 and down $3.7 million from Q3 2024, primarily due to the completion of older builds [24] - Total operating expenses were $3.4 million, a decrease of $0.6 million from the prior quarter but an increase of $0.8 million from Q3 2024 [26] - Loss from operations was $5.1 million, an increase of $2.5 million from the prior quarter and $4.5 million from the prior year period [27] - Net income was $2.2 million compared to a net loss of $4.3 million in the prior quarter and a net loss of $2.6 million in Q3 2024, attributed to non-cash fair value gains from debt conversion [27] Business Line Data and Key Metrics Changes - The company focused on clearing production of older vehicles, which impacted gross margin, but is now shifting to new client builds with healthier economics [10] - The average selling prices of completed vehicles range between $300,000 and $400,000, with almost 700 vehicles completed to date [9] Market Data and Key Metrics Changes - ECD operates in a $90 billion-plus global classic car ecosystem, with a capital-light model and scalable manufacturing [7] - The company is expanding into high-demand segments, including Porsche 911 restorations, which are expected to elevate average selling prices and drive efficiencies [14] Company Strategy and Development Direction - ECD is diversifying its product offerings and has recently entered the Porsche market with a bespoke Porsche 911 restoration program [13] - The collaboration with Chelsea Truck Company aims to create modern luxury builds, expanding the total addressable market and leveraging existing factory capacity [18] - The company is also opening a second channel through partnerships with dealerships to offer ECD upgrade packages on new vehicle purchases [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged elevated costs from tariffs and shipping, but is implementing measures to optimize sourcing and reshape vendor strategies [10] - The company remains confident in achieving NASDAQ compliance by early 2026 and is focused on executing its growth strategy to deliver long-term value to shareholders [23][30] Other Important Information - ECD received an extension until January 26 to resolve bid price and shareholder equity deficits [23] - The company has initiated sales of common stock under an equity purchase facility agreement, providing capacity for up to $300 million in common stock sales [29] Q&A Session Summary Question: What is the company's strategy for compliance with NASDAQ? - The company is diligently working to resolve bid price and shareholder equity deficits and remains confident in achieving compliance early in 2026 [23] Question: How is the company addressing elevated costs? - Management is evaluating opportunities to reduce shipping and tariff expenses while optimizing sourcing and vendor strategies [10] Question: What are the expectations for the Porsche 911 program? - The company expects to deliver additional Porsche 911 commissions next calendar year and believes this segment could become a meaningful contributor to its offerings [16]

Financial Data and Key Metrics Changes - In Q4 2025, revenue reached $1,419 million, a 10% increase year-over-year, or 9% on a core basis [18] - Orders grew to $1,533 million, up 14% year-over-year, or 12% on a core basis [19] - Full year revenue was $5,375 million, an 8% increase as reported, or 7% on a core basis [19] - Earnings per share (EPS) for Q4 was $1.91, a 16% increase year-over-year, while full year EPS was $7.16, up 14% [19] Business Segment Data and Key Metrics Changes - The Communication Solutions Group (CSG) generated Q4 revenue of $990 million, up 11% reported, or 9% core [20] - The Electronic Industrial Solutions Group (EISG) reported revenue of $429 million, a 9% increase reported, or 8% core [20] - CSG achieved a gross margin of 66% and an operating margin of 27%, while EISG had a gross margin of 60% and an operating margin of 25% [20] Market Data and Key Metrics Changes - The aerospace, defense, and government sector saw record orders with an 8% revenue increase for the year [11] - Wireless orders and revenue grew high single digits for the full year, driven by advancements in 5G and early 6G research [10] - Wireline orders and revenue grew double digits both in Q4 and for the full year, setting a new record [7] Company Strategy and Development Direction - Keysight is focusing on software-centric solutions and has made strategic acquisitions to enhance its capabilities [6] - The company is well-positioned to capitalize on trends in AI, 6G, and defense modernization, aligning its solutions with customer priorities [5][6] - A new $1.5 billion share repurchase program has been authorized to support capital return to shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in wireless and wireline segments, driven by stabilization in 5G and advancements in AI infrastructure [28] - The company anticipates revenue growth in FY 2026 to be at or above the high end of its long-term target of 5%-7% [22] - Management highlighted a robust sales pipeline and backlog entering FY 2026, with expectations for continued strong performance [22] Other Important Information - Keysight achieved record free cash flow of $1.3 billion in FY 2025, with significant investments in R&D and acquisitions [7] - The company is working to realize over $100 million in synergies from recent acquisitions, expected to be accretive to earnings within 12 months post-close [22] Q&A Session Summary Question: How does the company see wireless trending in FY 2026? - Management is optimistic about wireless growth, driven by stabilization in 5G and investments in advanced technologies [28] Question: Will there be additional growth or acceleration in the adoption of 1.6 Terabit wireline? - The company believes its first-to-market solutions will continue to drive momentum in wireline, particularly with advancements in AI [30] Question: What is the expected cadence of revenue contribution from recent acquisitions? - Approximately 30% of the acquisition revenue is expected in Q1, with the remainder distributed evenly across the following quarters [61] Question: What are the expectations for EPS growth despite mild dilution from acquisitions? - Management indicated that the dilution would be low single digits, with expectations for EPS growth at or above 10% [66] Question: How does the company view the growth potential in the automotive sector? - The automotive sector is stabilizing, with growth seen in software-defined vehicles and electric vehicle solutions [106]

Financial Data and Key Metrics Changes - Net sales for fiscal 2025 were $3.1 billion, a decrease of 2% due to proactive decisions to reduce exposure to lower-margin businesses and the transition of two third-party product lines to a direct-to-retail model [15][16] - Non-GAAP gross profit increased to $1 billion, up 4.5%, with non-GAAP gross margin expanding 210 basis points to 32.1% [16] - Non-GAAP net income totaled $174 million, up 22%, with record GAAP and non-GAAP earnings per share of $2.55 and $2.73, respectively [18] Business Line Data and Key Metrics Changes - In the pet segment, net sales were $428 million, a decrease of 2%, primarily due to the closure of U.K. operations and lower durable sales [22] - The garden segment saw net sales of $250 million, a 7% increase, driven by favorable weather and improved sell-through [24] - Consumables now represent approximately 84% of total pet segment sales, highlighting the strength of the core business [22] Market Data and Key Metrics Changes - E-commerce represented 27% of total pet segment sales, consistent with previous quarters, indicating steady consumer engagement [23] - Garden e-commerce sales grew at a double-digit rate, surpassing 10% of total segment sales for the first time [24] Company Strategy and Development Direction - The company is focused on a central-to-home strategy, streamlining operations, and optimizing its portfolio to enhance cost structure and position for sustainable growth [5][10] - The company plans to invest in innovation, e-commerce, and digital technology, with a key priority of making data AI-ready [11][12] - M&A remains a strategic lever for growth, with a focus on margin-accretive consumable businesses [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for fiscal 2026, anticipating challenges due to tariffs and consumer confidence [62] - The company expects non-GAAP earnings per share for fiscal 2026 to be $2.70 or better, supported by margin expansion and operational performance [10][27] - Management noted that the bifurcation of income is affecting consumer behavior, but they are not seeing significant impacts in specific channels [100][101] Other Important Information - Cash flow from operations was $333 million, with a strong liquidity position reflected in cash and cash equivalents totaling $882 million [26] - The company plans to invest approximately $50 million-$60 million in CapEx for maintenance and productivity initiatives [28] Q&A Session Summary Question: Can you discuss the operating margin outlook for the upcoming fiscal year? - Management indicated intentions to expand margins into 2026, though the pace may be more modest due to previous gains [33][34] Question: What is the outlook for the garden category in 2026? - Management expressed cautious optimism, citing an expected increase in distribution points and the importance of weather conditions [36][37] Question: Can you quantify the impact of tariffs in the fourth quarter? - Tariffs were estimated to be around $7 million-$8 million in the fourth quarter [43] Question: How is the company navigating pricing with retail customers? - Management is in negotiations with customers regarding pricing adjustments to offset costs, with expectations to finalize discussions soon [51][52] Question: What is the company's view on pet ownership trends? - Management noted that pet ownership trends are stabilizing, with slight growth observed in Q4 [70][71] Question: What is the company's capital allocation strategy moving forward? - Management is focused on M&A opportunities while remaining opportunistic with share repurchases, emphasizing the importance of finding the right deals [72][89]

Financial Performance and Key Metrics - Keysight reported Q4 revenue of $1,419 million, a 10% increase year-over-year, and orders grew 14% to $1,533 million [18][19] - Full year revenue reached $5,375 million, up 8% as reported, with EPS increasing 14% to $7.16 [19][20] - Gross margin for Q4 was 64%, with an operating margin of 26% [19] Business Segment Performance - The Communication Solutions Group (CSG) generated Q4 revenue of $990 million, up 11%, driven by strong wireline and wireless growth [20] - The Electronic Industrial Solutions Group (EISG) reported revenue of $429 million, a 9% increase, with growth in semiconductor and general electronics [20][21] - Software and services accounted for approximately 37% of total revenue, with annual recurring revenue at 29% [20] Market Trends and Key Indicators - Strong demand in wireline driven by AI infrastructure buildouts and technology upgrades, with double-digit growth in orders and revenue [8][20] - Wireless segment saw high single-digit growth, supported by advancements in 5G and early 6G research [10][20] - Aerospace, defense, and government sectors achieved record orders, with an 8% revenue increase, reflecting strong customer engagement in defense modernization [11][20] Company Strategy and Industry Positioning - Keysight's strategy focuses on software-centric solutions and strategic acquisitions to enhance capabilities, including recent acquisitions of Spirent and Synopsys Optical Solutions Group [6][7] - The company is well-positioned to capitalize on trends in AI, 6G, and semiconductor advancements, with a robust pipeline of sales opportunities [5][17] - Keysight aims to achieve over $100 million in synergies from recent acquisitions while maintaining critical investments in R&D [22][23] Management Commentary on Business Environment and Outlook - Management expressed optimism about growth in wireless and wireline segments, anticipating continued demand driven by technological advancements [28][30] - The company expects Q1 2026 revenue to be between $1,530 million and $1,550 million, representing a 19% year-over-year growth at the midpoint [21][22] - Keysight's leadership remains confident in the fundamentals of its business model and long-term shareholder value creation [17][24] Other Important Information - Keysight achieved record free cash flow of $1.3 billion in FY25, with $375 million returned to shareholders through buybacks [7][21] - The company has authorized an additional $1.5 billion share repurchase program [7] Q&A Session Summary Question: Wireless segment outlook for FY2026 - Management is optimistic about wireless growth, driven by stabilization in 5G and investments in advanced technologies [26][28] Question: Growth potential from 1.6 TB per second wireline - The company is well-positioned to continue momentum in wireline, leveraging first-to-market solutions and technological complexity [29][30] Question: Order acceleration details - The significant acceleration in orders is attributed to broad strength across both CSG and EISG businesses, with a robust pipeline for future growth [34][36] Question: M&A revenue contribution cadence - Approximately 30% of the revenue from acquisitions is expected in Q1, with the remainder distributed evenly across the following quarters [61] Question: EPS growth despite dilution from acquisitions - Management indicated that the expected dilution from acquisitions is mild, with low single-digit percentage impacts [66][68] Question: Revenue growth expectations across different segments - AI is expected to be a significant growth driver, with wireline and wireless segments anticipated to grow in line with long-term targets [73][75]

Financial Data and Key Metrics Changes - ECD Automotive Design reported third-quarter revenue of $5.8 million, a decrease of $1.2 million compared to Q2 2025 and a decrease of $0.6 million year-on-year [15] - Gross profit for the quarter was negative $1.7 million, down $3.1 million from Q2 2025 and down $3.7 million from Q3 2024, primarily due to the completion of older builds [15][16] - Loss from operations was $5.1 million, an increase of $2.5 million from the prior quarter and $4.5 million from the prior year period [17] - Net income was $2.2 million compared to a net loss of $4.3 million in the prior quarter and a net loss of $2.6 million in Q3 2024, attributed to non-cash fair value gains from debt conversion [17] Business Line Data and Key Metrics Changes - The company focused on clearing production of older vehicles, which impacted gross margin, but is now shifting to new client builds with healthier economics [7] - The average selling prices of completed vehicles range between $300,000 and $400,000, with almost 700 vehicles completed to date [6] Market Data and Key Metrics Changes - ECD operates in a $90 billion-plus global classic car ecosystem, with a capital-light model and scalable manufacturing [5] - The company is expanding into high-demand segments, including Porsche 911 restorations, which are expected to elevate average selling prices and drive efficiencies [10] Company Strategy and Development Direction - ECD is diversifying its product offerings and has entered the Porsche market with a bespoke Porsche 911 restoration program [9] - The collaboration with Chelsea Truck Company aims to create modern luxury builds, expanding the total addressable market and leveraging existing factory capacity [11][12] - The company is implementing cost-saving measures expected to yield over $1 million in annualized savings, with the majority impacting financials throughout 2026 [8][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged elevated costs from tariffs and shipping, which continue to pressure COGS, but expects margins to normalize following the completion of legacy builds [7][8] - The company remains confident in achieving NASDAQ compliance by early 2026 and is focused on executing its growth strategy to deliver long-term value to shareholders [15][18] Other Important Information - ECD has been granted an extension until January 26 to resolve bid price and shareholder equity deficits [15] - The company has initiated sales of common stock under an equity purchase facility agreement, providing capacity for up to $300 million in common stock sales [18] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from the CEO [20][22]

Financial Data and Key Metrics Changes - Agilent reported Q4 revenue of $1.86 billion, growing 7.2% on a core basis, marking the sixth consecutive quarter of core growth acceleration [8][28] - Earnings per share for the quarter was $1.59, above the midpoint of guidance and reflecting a 9% year-over-year growth [31] - Gross margins improved sequentially by 100 basis points to 54.1%, although down 100 basis points year-over-year due to tariff headwinds [30] Business Segment Data and Key Metrics Changes - Life Sciences and Diagnostics Group (LDG) grew 11%, driven by strong performance in LC and LCMS instruments and robust CDMO results [29] - Applied Markets Group (AMG) grew 3%, led by high single-digit growth in GC and GCMS [29] - Agilent CrossLab Group (ACG) grew 6%, with high single-digit growth in the rest of the world offset by mid-single-digit declines in China [29] Market Data and Key Metrics Changes - The pharma market saw a 12% growth, with biotech spending growing in the low 20s during the quarter [18][19] - Chemical and advanced materials grew 7%, driven by strong demand in the Americas and Europe [20] - Diagnostics and clinical grew 7%, while environmental and forensics grew 9% [20] Company Strategy and Development Direction - Agilent's strategy focuses on innovative products and services, customer intimacy, increased capabilities, and the Ignite Operating System to drive long-term growth [10][15] - The company aims to advance its Ignite operating system, sharpen commercial execution, and capture opportunities from improving end markets [22][24] - Agilent anticipates 4%-6% core growth for FY2026, supported by structural growth drivers and a focus on instrument replacement cycles [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving pharma market and the potential for reshoring in the pharmaceutical sector [23][60] - The company expects to deliver 75 basis points of operating margin expansion in FY2026, with a focus on innovation and strategic capacity expansion [25][26] - Management highlighted the importance of customer relationships and the positive impact of recent product innovations on future growth [50][66] Other Important Information - Agilent's Ignite Operating System has already delivered over $150 million in annualized savings and improved operational efficiencies [16][17] - The company is focused on deploying capital where it delivers the highest long-term value, balancing investments in innovation and returning capital to shareholders [26][27] Q&A Session Summary Question: Comments on BIOVECTRA performance and CapEx increase - Management expressed satisfaction with BIOVECTRA's performance, attributing strong results to GLP business and indicating plans for key molecules in 2026 [40] - The $100 million CapEx increase is primarily for NASD capacity and consumable expansion [41] Question: Insights on margins and potential for improvement - Management guided for a 75 basis points margin improvement in 2026, driven by pricing optimization and operational efficiencies [42][43] Question: General tone from biopharma customers - Management noted a 12% growth in pharma and low 20s growth in biotech, indicating improved funding and capital spending among large biotech firms [49][50] Question: Visibility on NASD business and capacity expansion - Management confirmed a robust order book for NASD and indicated that capacity expansions are expected to come online in early to mid-2027 [54] Question: Performance in China and future expectations - Management reported a 4% decline in China, attributing it to various market dynamics and maintaining a stable revenue expectation of around $300 million per quarter [57][58] Question: Growth outlook for GLP-1s and competitive positioning - Management indicated that GLP-1 revenue was approximately $130 million in 2025, with strong growth expected in 2026, particularly in India [64][66] Question: Academic and government market performance - Management reported a 10% decline in the academic and government market, primarily due to U.S. federal spending reductions [70]