Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $205 million, up 6% from Q4 2024, with contribution ex-TAC at $195 million, an increase of 8% year-over-year and 16% excluding political [15][16] - Adjusted EBITDA grew 9% to $84 million, resulting in a 43% margin [17][18] - For the full year 2025, contribution ex-TAC totaled $670 million, a year-over-year increase of 10% or 14% excluding political impacts [14][15] - Net income for Q4 was $123 million, significantly up from $36 million in Q4 2024, primarily due to a one-time tax benefit [17][18] Business Line Data and Key Metrics Changes - CTV contribution ex-TAC grew 32% in Q4 2025, reaching 48% of total contribution ex-TAC, while DV+ grew 4% excluding political, but was below expectations [5][14][15] - DV+ contribution ex-TAC was $101 million, a decrease of 1% year-over-year, indicating a shift in spending from DV+ to CTV [16][19] - The contribution ex-TAC mix for Q4 was 48% CTV, 37% mobile, and 15% desktop [16] Market Data and Key Metrics Changes - CTV is now larger than DV+, marking a significant shift in the company's business model towards streaming [5] - The company noted strong growth from major players in the industry, including LG Ads, Netflix, and Paramount, indicating a broad-based adoption of CTV [5][6] - The company observed accelerated budget reallocation from DV+ into CTV, particularly in Q1 2026 [8][12] Company Strategy and Development Direction - The company is focused on capitalizing on the shift towards streaming and programmatic CTV, which is now seen as a dominant form of video consumption [12][13] - The management emphasized the importance of AI and automation in enhancing the advertising marketplace, positioning the company as a foundational player in the future of digital advertising [10][11] - The company plans to return approximately 50% of free cash flow to shareholders through share repurchases, indicating a strong capital allocation strategy [21][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic position, citing the ongoing shift to CTV and the expected sustained double-digit growth in CTV advertising [12][13] - The company anticipates contribution ex-TAC growth of 8%-10% for Q1 2026, with CTV expected to surpass 50% of total contribution ex-TAC for the first time [22][23] - Management noted that the first quarter is typically the lowest margin quarter, but expects Adjusted EBITDA margin to exceed 35% for the full year 2026 [23] Other Important Information - The company has a cash balance of $553 million and plans to pay off $205 million in convertible notes at maturity [19][20] - The company is actively testing AI capabilities and making strategic investments to improve efficiencies in its platform [24] Q&A Session Summary Question: Sustainability of CTV Growth - Management noted that CTV growth is broad-based and driven by both large advertisers and performance-oriented SMBs, indicating a sustainable trend [26][27] Question: Risk and Client Relationships - Management confirmed that deep integrations with large CTV players enhance client relationships and reduce investment risks [29] Question: CTV vs. Organic Growth - Management indicated that the shift from DV+ to CTV is significant, with both platforms showing growth, but CTV is expected to continue outperforming [33][34] Question: Future Growth Rates - Management expects CTV to sustain high teens to 20% growth rates, while DV+ may face pressure but has emerging growth areas like mobile apps [47][51] Question: AI and Market Impact - Management believes AI will enhance efficiencies in the ad tech sector without significantly compressing take rates, as value creation remains strong [82][84] Question: Open Path and Market Share - Management stated that Open Path has been successfully integrated and is not an existential threat, with no impact on CTV performance [52][53]

Tucows (NasdaqCM:TCX) Q4 2025 Earnings call February 25, 2026 04:00 PM ET Company ParticipantsDavid Woroch - President and CEONone - Company RepresentativeNoneWelcome to Tucows question and answer dialogue for Q4 2025. David Woroch, President and Chief Executive Officer of Tucows and Tucows Domains, will be responding to your questions. For your convenience, this audio file is also available as a transcript in the investors section of our website, along with our Q4 2025 financial results and updated reports ...

Tucows (NasdaqCM:TCX) Q4 2025 Earnings call February 25, 2026 04:00 PM ET Company ParticipantsDavid Woroch - President and CEONone - Company RepresentativeNoneWelcome to Tucows question and answer dialogue for Q4 2025. David Woroch, President and Chief Executive Officer of Tucows and Tucows Domains, will be responding to your questions. For your convenience, this audio file is also available as a transcript in the investors section of our website, along with our Q4 2025 financial results and updated reports ...

Tucows (NasdaqCM:TCX) Q4 2025 Earnings call February 25, 2026 04:00 PM ET Speaker1Welcome to Tucows question and answer dialogue for Q4 2025. David Woroch, President and Chief Executive Officer of Tucows and Tucows Domains, will be responding to your questions. For your convenience, this audio file is also available as a transcript in the investors section of our website, along with our Q4 2025 financial results and updated reports. I would also like to remind investors that if you would like to receive our ...

Financial Data and Key Metrics Changes - Trinity Capital achieved record net investment income of $144 million or $2.08 per share in 2025, with a 15% increase in Q4 net investment income to $40 million compared to the same quarter last year [3][4] - The company's net asset value (NAV) grew 10% quarter-over-quarter to a record $1.1 billion, and total assets under management (AUM) increased to over $2.8 billion, up 38% year-over-year [4][5] - The return on equity was reported at 15.3%, ranking among the highest in the Business Development Company (BDC) space [15] Business Line Data and Key Metrics Changes - The funding for the year reached a record $1.5 billion, with Q4 funding amounting to $435 million, representing a 21% increase from the previous year [6] - The breakdown of Q4 fundings included 27% to sponsor finance, 25% to equipment financing, 20% to life sciences, 15% to tech lending, and 13% to asset-backed lending [20] Market Data and Key Metrics Changes - The company maintained strong credit quality, with non-accruals at less than 1% of the portfolio at fair value, totaling $15.2 million [4][20] - Portfolio companies collectively raised over $7.8 billion in equity during 2025, indicating strong access to capital [20] Company Strategy and Development Direction - Trinity Capital is focused on expanding its managed funds business and has established several co-investment vehicles to enhance liquidity and income for shareholders [4][11] - The company is strategically diversifying its portfolio, particularly in the AI and software sectors, while maintaining a disciplined underwriting approach [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on market opportunities, particularly in the context of current volatility, and emphasized the importance of maintaining liquidity [35][40] - The management team believes that the best days are still ahead for Trinity Capital, supported by a diversified pipeline and disciplined investment strategy [15][14] Other Important Information - The company transitioned to a monthly dividend of $0.17 per share starting January 2026, maintaining the same aggregate quarterly payout [15] - Trinity Capital's stock has delivered a cumulative total return of 109% since its IPO, outperforming both the peer average of 70% and the S&P 500's 82% [5] Q&A Session Summary Question: Opportunities in Software Loans - The management acknowledged the potential to take advantage of turmoil in the software sector and mentioned being opportunistic in converting some loans to equipment finance [23][25] Question: Portfolio Concerns - Management indicated a focus on industries with disruptive technology and strong capital backing, maintaining a cautious approach to sectors not receiving equity dollars [30][31] Question: Strategic Opportunities Amidst Volatility - Management confirmed the intention to remain opportunistic and leverage liquidity to capitalize on market dislocations [35][36] Question: Fund Management Business Growth - Management expressed optimism about the growth of the fund management business, anticipating increased interest from investors seeking diversification [40][41] Question: Portfolio Breakdown and Credit Quality - Management provided insights into the portfolio's performance, noting low non-accrual rates and the strength of existing portfolio companies raising capital [50][56]

Financial Data and Key Metrics Changes - In 2025, the company reported adjusted earnings per diluted share from continuing operations increased nearly 19%, from $3.07 in 2024 to $3.65 in 2025, representing a $0.58 improvement year-over-year [27] - Adjusted net income increased by 8.7% from $261.2 million in 2024 to $283.9 million in 2025, exceeding guidance by nearly $9 million [29] - Consolidated GAAP earnings per diluted share for 2025 were $6.08, which included discontinued operations from the sale of Centuri [26] Business Line Data and Key Metrics Changes - The utility's substantial net income growth was primarily driven by positive regulatory outcomes and strong economic activity in the service area, further enhanced by cost optimization efforts [12] - The company achieved a nearly $120 million improvement in operating margin, reflecting combined rate relief and continued customer growth [30] Market Data and Key Metrics Changes - The company expects significant earnings per share growth of 12%-14% from 2025-2030, driven by anticipated improvements in the regulatory environment [9] - The company anticipates filing rate cases in Arizona and Nevada, which are expected to be catalysts for better aligning capital recovery with investments [15] Company Strategy and Development Direction - The company has transitioned to a fully regulated natural gas business, allowing for a stronger foundation and greater flexibility to execute strategic priorities [5] - The 2026 strategy is anchored in operational excellence, financial discipline, and regulatory progress, with a focus on improving returns and advancing customer-focused investments [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the introduction of 2026 and long-term guidance ranges, with a focus on sustainable value for customers and shareholders [8] - The company is confident in its ability to execute its plan with discipline and create long-term value for stockholders while driving meaningful outcomes for all stakeholders [14] Other Important Information - The board approved a 4% increase in the annual dividend, bringing it to an annualized $2.58 per share for 2026 [41] - The company has a significant cash balance of nearly $600 million, expected to be utilized for dividend payments and reinvestment in the utility business [12] Q&A Session Summary Question: Discussion on equity and timing - Management indicated that they do not anticipate needing equity in 2026 and plan to utilize holding company leverage capacity to offset capital needs [55][56] Question: Scope of the Great Basin project - Management confirmed that there is strong demand for the Great Basin project, with potential for additional capacity based on future customer interest [60][62] Question: Earnings contribution post-Great Basin in-service - Management expects the Great Basin project to contribute significantly to margin, with full benefits anticipated in 2029 and 2030 [72] Question: Rate case outcomes and historical experience - Management acknowledged the importance of historical success in rate case outcomes and the potential for formula rate adjustments to enhance earnings contributions [74] Question: Progress in Nevada workshops - Management reported positive progress in Nevada workshops, with expectations for draft regulations to be released soon [79]

Financial Data and Key Metrics Changes - Total revenues increased by 5.7% year-over-year in Q4 2025, reflecting improved trends in Proximity Americas and continued growth outside of Mexico, particularly in Coca-Cola FEMSA and Valora [26] - Operating income rose by 8.5%, driven by cost containment initiatives that offset gross margin pressure [26] - Net consolidated income for the quarter reached MXN 12.7 billion, a 33.6% increase compared to Q4 of the previous year, primarily due to an increase in income from operations and a significant reduction in non-operating expenses [27] Business Line Data and Key Metrics Changes - Proximity Americas saw total revenues increase by 5.3%, or 6.3% on a comparable basis, mainly due to same-store sales growth in Mexico and top-line growth in OXXO Colombia and Peru [28] - OXXO Mexico's same-store sales for Proximity Americas approached mid-single-digit growth at 4.4%, with traffic improving to a decline of only 0.6% [5] - OXXO Colombia generated positive EBITDA for the first time for the full year, with nearly break-even EBIT in Q4 [12] Market Data and Key Metrics Changes - The consumer environment in Mexico remained soft, with macro sentiment around investment and economic activity stabilizing but not improving significantly [8] - OXXO USA ended the year with 50 converted stores under the OXXO banner, focusing on expanding food service offerings [29] - Valora in Europe delivered revenue growth of 2.5% in pesos in Q4, with operating income increasing by 10.8% [30] Company Strategy and Development Direction - The company aims to regain OXXO Mexico's growth and relevance by focusing on recovering traffic and same-store sales through a sharper value proposition and improved customer experience [9] - A leaner organizational structure has been implemented to increase efficiency and effectiveness, consolidating leadership teams across divisions [22] - The company plans to increase its store base by more than one-third over the next decade, capturing a broader share of consumer spending [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in traffic and same-store sales, emphasizing the importance of profitable growth and market share expansion [44] - The company acknowledged challenges in the Health Division, particularly in the Colombian institutional business, but is implementing initiatives focused on cash flow generation and returns [15] - Management highlighted the need for a disciplined approach to capital allocation, linking expansion decisions to traffic recovery and margin sustainability [38] Other Important Information - The company deployed over $1 billion in CapEx for organic growth in Mexico for the third consecutive year, despite a reduction at the consolidated level compared to 2024 [12] - The restructuring efforts are expected to generate a positive impact on the bottom line of approximately MXN 1 billion on an annualized basis, primarily at the corporate level [25] Q&A Session Summary Question: Balance between growth and profitability in OXXO Mexico - Management acknowledged the need for profitable traffic growth and emphasized ongoing initiatives to improve the value proposition and assortment in Mexico [42][44] Question: Magnitude of restructuring initiatives - Management indicated that efficiency opportunities are being explored, with a focus on reducing unnecessary expenses and optimizing operations [46][48] Question: Financial services strategy and remittances - Management highlighted the growth potential in financial services and remittances, emphasizing the integration of Spin within the OXXO ecosystem to enhance customer engagement [60][62] Question: Coca-Cola FEMSA's fit within the new structure - Management clarified that Coca-Cola FEMSA and Proximity are seen as core businesses, with no plans for separation, focusing instead on maximizing value within the current structure [78][80] Question: Security incidents affecting stores - Management recognized the heroic efforts of employees during recent security incidents, confirming that no customers were injured and only minor injuries were reported among employees [81]

Financial Data and Key Metrics Changes - Trinity Capital achieved record net investment income of $144 million or $2.08 per share in 2025, with a 15% increase in Q4 net investment income to $40 million compared to the previous year [3][4] - The company's net asset value (NAV) grew 10% quarter-over-quarter to a record $1.1 billion, and total assets under management (AUM) increased to over $2.8 billion, up 38% year-over-year [4][5] - The return on equity was reported at 15.3%, among the highest in the BDC space, with a weighted average effective portfolio yield of 15.2% [15][16] Business Line Data and Key Metrics Changes - The funding breakdown in Q4 was as follows: 27% to sponsor finance, 25% to equipment financing, 20% to life sciences, 15% to tech lending, and 13% to asset-backed lending [20] - The managed funds business saw significant growth, with several co-investment vehicles established, contributing approximately $3.1 million or $0.04 per share of incremental net investment income in Q4 [4][17] Market Data and Key Metrics Changes - The company maintained strong credit quality, with non-accruals at less than 1% of the portfolio at fair value, and over 99% of debt investments performing at fair value [4][19] - Portfolio companies collectively raised more than $7.8 billion in equity during 2025, indicating strong access to capital [20] Company Strategy and Development Direction - Trinity Capital is focused on building a diversified platform with five complementary verticals, including sponsor finance, equipment finance, tech lending, asset-based lending, and life sciences, to drive growth and value creation [13][14] - The company is strategically positioned to capitalize on opportunities in the market, particularly in the software sector, by being opportunistic in its lending practices [6][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current market volatility, emphasizing the importance of maintaining liquidity to seize opportunities [35][40] - The management team believes that the best days are still ahead for Trinity Capital, supported by a diversified pipeline and disciplined underwriting [15][14] Other Important Information - The company transitioned to a monthly dividend of $0.17 per share starting January 2026, maintaining the same aggregate quarterly payout [15] - Estimated undistributed taxable income is approximately $69 million, or $0.84 per share, which will be reinvested for shareholder benefit [15] Q&A Session Summary Question: Opportunities in Software Loans - Management acknowledged the potential to capitalize on turmoil in the software sector, indicating a willingness to convert some loans to equipment finance loans for better risk-adjusted returns [23][25] Question: Portfolio Concerns - Management stated that they focus on industries with disruptive technology and strong capital backing, and they continue to adapt their investment philosophy based on market trends [30][31] Question: Strategic Opportunities Amid Volatility - Management confirmed that they are open to exploring strategic opportunities if market conditions remain favorable, emphasizing their strong liquidity position [35][36] Question: Fund Management Business Growth - Management noted increased interest and inflows into their fund management business, viewing current market volatility as an opportunity to differentiate from larger players [40][41] Question: Portfolio Breakdown and Credit Quality - Management provided insights into the portfolio's credit quality, noting that non-accruals remain low and that they are actively working with legacy borrowers facing challenges [50][51]

Financial Data and Key Metrics Changes - In 2025, the company reported adjusted net income of $283.9 million, an increase of 8.7% from $261.2 million in 2024, exceeding guidance by nearly $9 million [29][30] - Adjusted earnings per diluted share from continuing operations rose nearly 19% to $3.65 in 2025 from $3.07 in 2024, driven by utility optimization and lower financing costs [27][28] - The adjusted return on equity for the year was 8.3%, supported by effective cost management and regulatory outcomes [8] Business Line Data and Key Metrics Changes - The utility's substantial net income growth was primarily driven by positive regulatory outcomes and strong economic activity in the service area [12] - Operating margin improved by nearly $120 million, reflecting combined rate relief and customer growth [30] - O&M expenses increased by $16.8 million, with a focus on managing costs while delivering natural gas service [31] Market Data and Key Metrics Changes - The company anticipates significant earnings per share growth of 12%-14% from 2025 to 2030, driven by improvements in the regulatory environment [9][45] - The expected revenue increase in the Arizona rate case is over $100 million, with a proposed rate base of $3.9 billion [18] Company Strategy and Development Direction - The company has transitioned to a fully regulated natural gas business, allowing for a stronger focus on core operations and strategic priorities [5][11] - The 2026 strategy emphasizes operational excellence, financial discipline, and regulatory progress, with a capital plan of approximately $1.25 billion for 2026 [10][36] - The company is initiating a five-year capital guidance of approximately $6.3 billion, with 73% directed towards Southwest Gas and 27% towards Great Basin [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, particularly with the anticipated improvements in regulatory frameworks in Arizona and Nevada [9][15] - The company expects to maintain a disciplined strategy focused on investing in capital plans while sustaining responsible annual dividend growth [10][41] - Management highlighted the importance of reducing regulatory lag and aligning capital recovery with investments to improve long-term earnings visibility [15][63] Other Important Information - The board approved a 4% increase in the annual dividend, bringing it to an annualized $2.58 per share for 2026 [10][41] - The company achieved an S&P credit rating upgrade to BBB+ with stable outlooks following the completion of the Centuri disposition [11][12] Q&A Session Summary Question: Discussion on equity needs and timing - Management indicated that they do not anticipate equity needs in 2026 and plan to utilize holding company leverage capacity to offset capital needs [55][56] Question: Details on the Great Basin project and customer interest - Management confirmed strong demand for the Great Basin project, with nearly 800 MCF subscribed, and indicated potential for future open seasons to accommodate additional interest [60][62] Question: Earnings contribution post-Great Basin in-service - Management expects significant margin contributions from the Great Basin project, estimated at $215 million-$245 million annually once operational [72] Question: Rate case outcomes and historical success - Management acknowledged the importance of historical success in rate case outcomes and the potential for formula rate adjustments to enhance earnings contributions [74][75] Question: Progress in Nevada workshops and ROE considerations - Management reported positive progress in Nevada workshops and indicated that recent regulatory decisions could provide a constructive framework for future rate cases [78][80]

Financial Data and Key Metrics Changes - Total revenues increased by 5.7% year-over-year in Q4 2025, reflecting improved trends in Proximity Americas and continued growth outside of Mexico, particularly in Coca-Cola FEMSA and Valora [26] - Operating income rose by 8.5%, driven by cost containment initiatives that offset gross margin pressure [26] - Net consolidated income for the quarter reached MXN 12.7 billion, a 33.6% increase compared to the same quarter last year, primarily due to an 8.5% increase in income from operations and a 62.7% reduction in non-operating expenses [27] Business Line Data and Key Metrics Changes - Proximity Americas saw total revenues increase by 5.3%, or 6.3% on a comparable basis, mainly due to same-store sales growth in Mexico and top-line growth in OXXO Colombia and Peru [28] - OXXO Mexico's same-store sales for Proximity Americas grew by 4.4%, while traffic was down 0.6%, showing improvement compared to earlier in the year [5] - OXXO Colombia generated positive EBITDA for the first time for the full year, with nearly break-even EBIT in Q4 [12] Market Data and Key Metrics Changes - OXXO USA ended the year with 50 converted stores under the OXXO banner, focusing on expanding food service offerings [30] - Valora in Europe delivered revenue growth of 2.5% in pesos in Q4, with operating income increasing by 10.8% [31] - The Health Division's revenues increased by 4.6%, driven by strong growth in Colombia and Ecuador, while Mexico remained under pressure due to a lower store base [32] Company Strategy and Development Direction - The company aims to regain OXXO Mexico's growth and relevance by focusing on recovering traffic and same-store sales through a sharper value proposition and improved customer experience [9] - A leaner organizational structure has been implemented to increase efficiency and effectiveness, consolidating leadership teams across divisions [22] - The company plans to increase its store base by more than one-third over the next decade, capturing a broader share of consumer spending [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in traffic and same-store sales, emphasizing the importance of gaining market share in core consumer locations [45] - The company acknowledged challenges in the macroeconomic environment but noted that initiatives implemented in the second half of 2025 have begun to show results [5] - Management highlighted the need to adapt to changing consumer demands and the importance of integrating digital capabilities with physical stores [63] Other Important Information - The company deployed over $1 billion in CapEx for organic growth in Mexico for the third consecutive year, despite a reduction compared to 2024 [12] - The restructuring efforts are expected to generate approximately MXN 1 billion in annualized savings, with full benefits anticipated by 2027 [25] - The company recorded provisions related to restructuring, which will temporarily offset some savings before full benefits are realized [36] Q&A Session Summary Question: Balance between growth and profitability in OXXO Mexico - Management acknowledged the need for profitable traffic growth and emphasized ongoing initiatives to improve the value proposition and assortment in Mexico [43][45] Question: Magnitude of restructuring initiatives - Management indicated that efficiency opportunities are being explored, with a focus on reducing unnecessary expenses and optimizing operations [44][48] Question: Financial services strategy and remittances - Management highlighted the growth potential in financial services and remittances, emphasizing the integration of Spin within the OXXO ecosystem to enhance customer engagement [60][62] Question: Coca-Cola FEMSA's fit within the new structure - Management clarified that Coca-Cola FEMSA and Proximity are seen as distinct businesses, with no current plans for separation, focusing instead on their individual growth potential [79][81] Question: Security incidents affecting stores - Management addressed recent security incidents, commending employees for their bravery and confirming that no customers were harmed, although some stores had to close temporarily [82]