Zillow Group (NasdaqGS:Z) 2025 Conference December 02, 2025 11:35 AM ET Company ParticipantsJeremy Hofmann - CFOConference Call ParticipantsStephen Ju - Managing Director and Senior Equity Research AnalystStephen JuAll right. I think we're live. All right. We're going to go ahead and get started. I'm Stephen Ju with the UBS Internet team. Sitting to my left and to your right is Jeremy Hofmann, who serves as the CFO of Zillow. Welcome to the conference, Jeremy, and thanks for joining us.Jeremy HofmannThank y ...

Summary of Cimpress Conference Call Company Overview - **Company**: Cimpress (NasdaqGS:CMPR) - **Industry**: Custom print and promotional products - **Market Size**: Approximately $100 billion in North America, Europe, and Australia [9] Key Points and Arguments Business Model and Market Position - Cimpress specializes in web-to-print mass customization, allowing for the delivery of custom products in small quantities with the reliability and affordability of mass production [8] - The company has generated $2.3 billion of unlevered free cash flow and over $1.5 billion of adjusted free cash flow in the last 10 years [8] - The company has a diverse product range, including legacy products like business cards and newer categories such as paper bags, corrugated boxes, and flexible packaging [9][10] Financial Performance and Guidance - For fiscal 2026, Cimpress has guided revenue growth of 5-6% and organic constant currency growth of 2-3% [13] - Adjusted EBITDA is projected to be $450 million, with operating cash flow of $310 million and adjusted free cash flow of about $140 million [13] - The company expects to achieve $70 million-$80 million of annual EBITDA improvement by FY2028, with adjusted EBITDA projected to reach at least $600 million [15][16] Capital Expenditures and Investments - Cimpress plans to invest approximately $100 million in capital expenditures this year, focusing on new equipment and optimizing manufacturing locations [14] - Maintenance-oriented CapEx is about 1.5% of revenue, while total CapEx is expected to be around 3% of revenue [14] AI and Technological Integration - AI is seen as a significant opportunity for optimization across various business functions, including software engineering and customer service [19][20] - The company is exploring AI's potential in design, which could democratize design access and increase demand for physical products [21] Customer Dynamics and Revenue Growth - Revenue growth is driven by wallet share gains from higher-value customers, with a focus on retaining existing customers and attracting new ones [22][23] - The company believes there is a long-term relevance for physical products despite some legacy products experiencing decline [32] Tariffs and Cost Management - Cimpress has managed to limit tariff impacts to less than $500,000 in the recent quarter through supply chain adjustments [26] - The company anticipates generating about $16 million in cost savings this year, with a total of $70-$80 million expected across the P&L [28] Capital Allocation and Future Outlook - Cimpress is open to small tuck-in acquisitions to enhance product offerings and technology but does not foresee major shifts in its financial strategy [25] - The company aims to reduce net leverage to below two times trailing 12-month EBITDA by the end of FY2028 [18] Taxation - Cimpress is a cash taxpayer, with guidance for cash taxes in the range of $55 million-$60 million for the current year [35] Additional Important Insights - The company has experienced upgrades from rating agencies, currently holding credit ratings of BB- and Ba3 [13] - Cimpress acknowledges the volatility in the market and has built in downside risk factors into its guidance [27] - The company is focused on customer satisfaction and maintaining strong reviews to drive revenue growth [22]

Summary of Custom Truck One Source (CTOS) Conference Call Company Overview - Custom Truck One Source operates as a one-stop shop for utility contractors, focusing on two primary businesses: specialty rental fleet and truck outfitting [2][3] - The company has approximately 10,000 trucks in its specialty rental fleet [2] Revenue Breakdown - Revenue is derived from four primary end markets: - Utility: 55% - Infrastructure: just under 30% - Telecom: just under 5% - Rail: just under 5% [3] Market Demand and Growth - Strong demand is noted in the Transmission and Distribution (T&D) sector, with expected high single-digit growth rates for the next four to five years [4] - Distribution growth is around 8%, while transmission growth is in the low to mid-teens [4] - Key demand drivers include: - Grid upgrades due to aging infrastructure - Electrification, although its growth has slowed - Increased power demand from data centers [5] Rental Business Insights - Approximately 70% of the rental fleet is utilized for utility work [8] - Utility contractors typically rent about 50% of their fleet, indicating room for growth in rental penetration [9] - The rental segment has been performing well since Q3 of the previous year, with utilization rates improving from around 70% to the 80s [12][22] Impact of Government Regulations - Federal stimulus has positively impacted the truck and equipment sales business, while tariffs and EPA rulings have created headwinds [13][14] - Tariffs have led to a wait-and-see approach among contractors, affecting sales volumes [15][17] - The EPA's low NOx regulation for 2027 engines is causing uncertainty, particularly in California [16] Inventory Management - The company aimed to reduce its whole goods inventory from $1.05 billion to approximately $850 million but has adjusted expectations to a reduction of $125 million to $150 million [19][20] - A reduction in inventory is expected to unlock $15 million to $20 million in cash flow [20] Capital Expenditures (CapEx) - The company plans to invest $400 million gross in its rental fleet, with an increase in expectations for 2025 by $25 million to $50 million due to strong demand [21][22] - A $10 million to $15 million investment in Kansas City is aimed at expanding capacity [21] Financial Goals and Leverage - The company aims to reduce leverage to three times by 2027, with a focus on improving EBITDA and managing working capital [24][25] - Current leverage is at four and a half times, with expectations to decrease by one turn by the end of next year [53] Strategic Considerations - Discussions are ongoing regarding the potential separation of the rental and manufacturing businesses to enhance clarity and valuation [34][35] - The company is exploring ways to improve its market valuation, particularly in light of its high asset intensity and free cash flow generation [41][42] Shareholder Dynamics - Platinum Equity owns 70% of Custom Truck One Source, having invested in 2021 with a vision for growth and eventual monetization of their investment [45][46] - Feedback from equity shareholders indicates concerns about the overhang from Platinum's ownership and leverage levels [51] Conclusion - The company is positioned for growth in the T&D market, with strong demand and strategic investments planned for the future [30][32] - Risks include execution challenges and the need to capitalize on current demand effectively [31]

Uniti Group (NasdaqGS:UNIT) 2025 Conference December 02, 2025 11:30 AM ET Company ParticipantsBill DiTullio - Head of Investor Relations, SVP, and TreasurerPaul Bullington - CFO, SEVP, and TreasurerConference Call ParticipantsAna Goshko - Managing Director and Research AnalystAna Goshko2025 leverage finance conference. We're thrilled to have Uniti Group with us today, and Paul Bullington, the company's CFO. We also have Bill DiTullio, the company's Head of Investor Relations, with us. Without further ado, P ...

Inspire Medical Systems (NYSE:INSP) FY Conference December 02, 2025 11:30 AM ET Company ParticipantsAdam Maeder - Managing DirectorTim Herbert - Chairman and CEOEzgi Yagci - VP of Investor RelationsAdam MaederThrilled to have you. Maybe just to kick things off, wanted to touch on the implied Q4 guidance. You know, the Q3 print, nice bounce-back quarter. You beat the top line. You crushed EPS numbers. You did reaffirm the full-year guidance for 2025 on revenue, which implies a decent step up quarter over qua ...

Solid Biosciences (NasdaqGS:SLDB) FY Conference December 02, 2025 11:30 AM ET Company ParticipantsBo Cumbo - President and CEOConference Call ParticipantsBiren Amin - AnalystBiren AminAll right. Great. Let's get started.Bo CumboGreat.Biren AminWelcome everyone to the Piper Sandler Healthcare Conference. My name's Biren Amin. I'd like to welcome our next company, Solid Biosciences. With us, we have their President and CEO, Bo Cumbo. Welcome, Bo.Bo CumboYeah. Thanks, Biren. Thank you.Biren AminMaybe just star ...

NovoCure (NasdaqGS:NVCR) FY Conference December 02, 2025 11:30 AM ET Company ParticipantsBill Doyle - Executive ChairmanConference Call ParticipantsJason Bednar - Managing Director and Senior Research AnalystJason BednarAll right, when we get started, thanks everyone for joining here today. I'm Jason Bednar. I cover med tech here at Piper. Our next fireside chat is with NovoCure. Very happy to have with us today Executive Chairman, Bill Doyle. Also have, Head of IR, Adam Daney, in the audience here. Thanks ...

Dover (NYSE:DOV) Conference December 02, 2025 11:20 AM ET Company ParticipantsAmit Mehrotra - Managing DirectorRichard Tobin - Chairman and CEOAmit MehrotraOkay. Hey, everybody. Thanks for being in the room and on the webcast. Rich Tobin, Chairman and CEO of Dover, he was just telling me that this was the event that he was looking most forward to, this fireside chat. Obviously, he didn't say that to me, but nonetheless, we appreciate you, Rich, taking the time to talk about the business. My name is Amit Meh ...

APi Group (NYSE:APG) Conference December 02, 2025 11:20 AM ET Company ParticipantsDavid Jackola - CFOAdam Fee - Head of Investor RelationsConference Call ParticipantsJosh Chen - Business Services AnalystOperatorReady to go.Josh ChenAll right. I think we're live. Good morning, everybody. I'm Josh Chen, Business Services Analyst here at UBS. We're pleased today to have the APi Group join us. They inspect, service, and install building systems such as fire, security, elevators, and HVAC. They also provide infr ...

Insmed (NasdaqGS:INSM) FY Conference December 02, 2025 11:15 AM ET Company ParticipantsSara Bonstein - CFOGavin Clark-Gartner - Managing DirectorGavin Clark-GartnerAll right. Let's go ahead and get started. Thanks for joining us, everyone. Next up, we have Insmed's CFO, Sara Bonstein. Sara, over to you for an overview of the company, where things stand today on the back of a huge 2025, another exciting 2026. After that, we'll get into it.Sara BonsteinGreat. Great. Thank you so much, Gavin, for having us. Th ...