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Semaglutide study suggests such drugs could have wider benefits, though researchers find shrinking waistlines linked to better heart outcomes
Youth have collective wisdom that helps them navigate changes in society. Like salmon swimming upstream year after year. The Okanagan Indian Band’s (OKIB) Youth Leadership Council, with help and support from the band’s public safety department, have taken the salmon comparison and run with it with whopping success. The youth council’s second annual What Happens Upstream – A Time For Action conference on Monday, Oct. 20, at Vernon’s Prestige Hotel and Resort, drew a capacity crowd of 300 attendees aged 14 to 25 who wanted – needed – their voices to be heard. “The challenge the salmon face every year going upstream symbolizes our youth, and with our logo being a salmon egg, the youth need to know that the work that needs to be happening is not for them now, but for future generations,” said Odessa Clough from OKIB’s public safety department. “So the youth are swimming upstream to lay their eggs of wisdom for the next generation.” The day-long conference highlights the importance of collaboration, emphasizing that while individual efforts matter, it’s the group’s strength that shapes a bright future. Emmerie-Rae Louis is a recent high school graduate who sits on the OKIB youth council. She encourages all youth to recognize they have a voice, and use it. “People want to hear you talk, and what you need or want in your life,” said Louis, 18. “If it’s at school, home, workplaces, or extra-curricular programs, we want to hear what you have to say, and we want to support them.” OKIB’s public safety department is set up to provide support, education, awareness, and advocacy, to counselling to elders, and even to help navigate the justice system. It’s most important function, however, is the gathering of the youth leadership council. “It’s really important to create safe spaces for our youth to gather, to share, and to support them in any capacity that we can,” said Jami Tonasket from public safety. “It’s a safe space that’s very much needed in our community, the youth have a space (at the OKIB office) and make it their own,” said Tonasket. “The safe space reflects our OKIB youth council. The murals on the wall, the pictures, they’re all chosen by our youth. They made it their safe space, where they can learn, they can drum and sing, talk to elders, and really just share among themselves and with the adults and the community what their needs are.” One of the first things keynote speaker Vanessa Mitchell noticed as she walked around the packed tables of the conference rooms was a murmur and rustling, indicating the use of items left on the centre of each table. “Organizers ensured inclusivity, I love it,” said Mitchell, an elected school board trustee in the Vernon School District. “There are so many different ways of learning and listening that’s available. It was great to see and hear that.” Mitchell would have loved to attend the conference had there been one when she was growing up. “Mostly because it’s local,” she said. “Most of the times we would have had to go to Vancouver for such an event. These organizers have opened this conference to all youth, they can take away connections, they get a sense of belonging, and learn that it’s okay to ask for help and not know everything. “They will find new resources and tools as they navigate life.” Joining Mitchell as a keynote address speaker was Okanagan hip-hop artist K.A.S.P. (Keeping Stories Alive for the People). He spent his youth in East Vancouver and Penticton (where he resides today), growing up in 33 foster care homes and 13 groups homes. He’s worked with the like of RunDMC, Fredro Starr (ONYX), and Shyheim (Wu-Tang Clan), but jumped at the chance to present at the conference. “I love performing locally and helping inspire youth, empowering them and showing them they can do whatever they want, no matter where they are in life,” said K.A.S.P. “I’ve got tons of new music coming out, I’ve won lots of awards, all while living in Penticton. It doesn’t matter where you live, but how hard you work and put your mind to it.” Akasha Eustache has certainly been empowered. Eustache, 21, from the OKIB youth council, was one of the organizers of the day-long conference. Since she joined the council and began organizing events like What Happens Upstream, Eustache has felt her confidence soar. “I feel more confident speaking out on my own needs and other people’s needs,” said Eustache. “We’re next. We want to create something good, not just for us but for the younger generation. It’s important for us to take care of our community and the younger ones. Our generation, we’re doing a lot of work, we’re not just sitting around.” OKIB Chief Dan Wilson knows the youth leadership council is vital to the band. “We need to keep consulting with youth and their views, they’re our future leaders,” said Wilson, who also shared how he overcame what he called “cultural embarrassment” as a high school student in Vernon. He was at the Vernon Senior Secondary auditorium in 1977, listening to a talk from OKIB Councillor Ray Williams, who noticed Wilson sitting at the back of the auditorium with his head hanging down. Williams caught up to Wilson in the school parking lot. “‘Danny,’ he said, ‘I never want to see that again. You have to be proud of our culture. You’re one of our future leaders, people your age look up to you,’” recalled Wilson. “He said, ‘Keep your head up. Like a flag, you’re representing us.’ I took his advice when I went to university and wherever I went I would keep my chin up. “Our youth today are like that.” Reaction to the one-day conference – both years – has been “nothing short of awesome,” said Verlynn Mariano with the public safety department. “We’ve worked with the youth and youth-oriented organizations like NOYFSS (North Okanagan Youth and Family Services Society), School District 22, Vernon Native Housing, they’ve all really supported us this year and last year,” she said. “The youth have been very proud and gained so much confidence that they’ve shared this with their networks. It’s a full house with youth participating eagerly. They tell us they need this, need a platform to share their voices, their ideas, their solutions to things.” Plans have already begun for the third annual conference in 2026. “We just might need a bigger venue,” smiled Eustache. READ MORE: Youth conference sparks call for action in Vernon READ MORE: Hometown player signs with Vernon Vipers
Ashleigh Gardner scored a sensational century for Australia against England in Match 23 of the ICC Women's World Cup 2025 in Indore on Wednesday. The star all-rounder joined hands with fellow all-rounder Annabel Sutherland when Australia were 68/4 in a chase of 245. The two dictated the tempo thereafter and floored England with a majestic chase. Gardner remained unbeaten on 104. This was one of the finest partnerships in Women's World Cup history. Sutherland saw Gardner join her and the two just bossed the show. Sutherland looked set for her 100 till a late charge from Gardner saw her overtake the former. England were stunned and had no answers to a superb 180*-run stand which came off just 148 balls. Both players deserve the plaudits. Gardner's knock of 104* had 16 fours. With this knock, Gardner surpassed 1,500 runs in WODIs. She owns 1,591 runs at 32.46. This was her 3rd WODI ton (50s: 7). As per ESPNcricinfo, against England, Gardner owns 479 runs from 17 matches at 36.84 (100s: 2). Gardner now owns 2 World Cup tons. She has 399 runs from 13 innings (20 matches). Gardner scored her 3rd hundred in WODIs from No. 6 or below, as per Cricbuzz. She is the first to achieve it on three occasions. Most 100s from No. 6 or below in WODIs 3 - Ash Gardner (AUS-W) 1 - Shemaine Campbelle (WI-W) 1 - Annerie Dercksen (SA-W)
‘Nurses and Pharmacists Scarce!’ Health and Wellness Minister Kevin Bernard says Belize continues to face shortages of nurses and pharmacists, even as the government increases support for training and retention. He explained, “Nursing is a necessity. As you are very well aware, we have been losing some of our nurses to the bigger countries. So this is an ongoing process that we have to invest in, try to get as much of our Belizeans to study in this profession.” Regarding pharmacists, Bernard said, “Just as nursing, pharmacy is a profession that as soon as these people finish their studies, they’re taken at the different areas. We fight with the private sector to try and get pharmacists in…because every drugstore, you have to have a pharmacy.” He noted that the ministry “increased the salary scale for pharmacists so that we could hold onto our pharmacists as well” and that further scholarships are being planned for next year. Bernard added that the ministry is planning ahead for staffing at the new San Pedro Hospital and the upcoming Belmopan tertiary facility. “Training takes a minimum three to five years in these areas,” he said, “so we have to plan so that by the time these hospitals become operationalised, we have the staffing that is important.”
The new season brings global voices together for truth-seeking discussions Qatar Foundation’s Doha Debates launched a new season of its flagship program, Doha Debates, on October 21, co-produced with Al Jazeera Digital. The upcoming season features high-profile guests, bold global themes and a renewed focus on open, truth-seeking dialogue. Airing weekly on Tuesdays through December 9, the eight-episode season explores three overarching themes—freedom, grand narratives and family. Each episode features leading thinkers and young changemakers engaging in timely conversations on the issues shaping humanity, ranging from meritocracy to social media; from love to architecture; from ancient traditions to the future of work. The season opened with a debate on neo-feudalism. Guests include Yanis Varoufakis, economist and former finance minister of Greece; Evgeny Morozov, technology critic and founder of The Syllabus; Daniel Susskind, author of A World Without Work; and Nanjira Sambuli, digital rights advocate and researcher. Together, they explore whether modern capitalism liberates or confines society, discussing how corporate power, public accountability and human dignity intersect in today’s global economy. “This season deepens Doha Debates’ mission of fostering spaces for honest disagreement and meaningful understanding,” said Amjad Atallah, managing director of Doha Debates. “At a time when noise often replaces nuance, we’re inviting audiences to think critically and engage with diverse perspectives in a spirit of openness and empathy. Commenting on the co-production, Carlos Van Meek, Director of Digital Innovation & Programing at Al Jazeera, stated: “Doha Debates embodies the kind of bold, open dialogue that Al Jazeera Digital champions — honest conversations that challenge assumptions and connect us through understanding. We are honored to be associated with such an inspiring project and its people.” Filmed in Doha, the show maintains its Majlis-style approach, rooted in Qatar’s tradition of open dialogue. The format emphasizes respectful listening, curiosity and open-mindedness, creating candid exchanges that celebrate intellectual diversity and shared humanity. The new season also debuts a refreshed visual identity, inspired by Doha Debates’ hallmark geometric design and reflecting the dynamism and interconnectedness of its global conversations. Alongside the debates, Doha Debates will continue its wider programming through town halls and new podcast episodes, expanding opportunities for audiences to join the conversation.
Once the king of coffee, Starbucks (SBUX 0.47%) has been struggling to find its footing in a changing landscape. Sales have been heading lower for too long, and competition everywhere is creating challenges for a rebound. It's been just over a year since superstar CEO Brian Niccol took over, and investors will get an update on how things are going when Starbucks reports fiscal fourth-quarter earnings on Oct. 29. Let's take a look at what's been going on, what investors could expect, and whether to buy the stock now. Going back to its roots Starbucks has been mired in problems ranging from too-long lines to outdated equipment and old-style cafes. It's the classic example of a company getting too big to handle and in danger of becoming a dinosaur. It now operates more than 41,000 stores worldwide, and that's not an easy boat to steer. It's gone through four different CEOs over the past five years, and when Niccol joined last year, he laid out a plan to return the company to its roots as a gathering place for customers to enjoy coffee. He said the process felt "transactional," product has been inconsistent, and the wait is too long. Prior to his joining, the company had become too promotional, which marred what was supposed to be an elevated Starbucks experience. Some changes he's made since then are bringing back the condiments bar, which made it quicker for baristas to hand off beverages, and new technology to streamline the ordering process. This is still a work in progress, but there have already been some positive results, including some quicker order fulfilment. How it's playing out Starbucks is still reporting declines, but management isn't expecting an immediate turnaround. "We've fixed a lot and done the hard work on the hard things to build a strong operating foundation," Niccol said after the fiscal third-quarter (ended June 29) report, "and based on my experience of turnarounds, we are ahead of schedule." He's still in the rebuilding stage, and he expects to "unleash a wave of innovation" in 2026 that will bring Starbucks into its next phase of growth. Although comparable sales (comps) fell 2% from last year in the quarter, Starbucks opened 308 stores, and total sales increased 4%. Comps also increased 2% in China, a strong showing in a large growth market. What management might tell shareholders In other words, don't expect any incredible improvement in the fourth quarter. Management declined to provide specific guidance for the quarter and said that it felt "conservative" about how the quarter would turn out. On the negative side, it's still dealing with inflation and tariff changes, and it's expecting year-over-year cost comparisons to peak in the 2026 first quarter. It's still heavily investing in its turnaround plan, and that will hit the bottom line in the fourth quarter. On the positive side, transactions are improving, and it has changed its supply practices to hedge better for tariffs and cost changes. The new technology it has implemented to improve the order and fulfilment process is also leading to better outcomes in stores. One update the company already gave is that it recently had its "strongest single Tuesday and week of sales in company history the week Pumpkin Spice Latte and other fall favorites returned." Should you buy Starbucks stock? Starbucks stock is down 7% in 2025, and at the current price, it trades at a forward, 1-year P/E ratio of 26. That's not exactly cheap for a company that's struggling. It points to the market's overall positive view of what Starbucks can achieve under Niccol's leadership. There's always the chance that Starbucks overdelivers in the fourth quarter and the price jumps, but investors shouldn't buy before Oct. 29 with that expectation. If you can buy and hold for the long term, Starbucks could end up making a huge recovery and offering years of growth and stability. It also pays a dividend that yields 2.9% at today's price, and it could be a good candidate for passive income even today.
It is crazy to think, but we are nearly halfway through the 2025 NFL season. Week 8 is upon us, which means fantasy football leagues are beginning to take shape. This week, six NFL teams are on bye: the Detroit Lions, Las Vegas Raiders, Los Angeles Rams, Arizona Cardinals, Seattle Seahawks, and Jacksonville Jaguars. That is leaving fantasy managers scrambling, with so many stars out of action. The Lions alone remove Jared Goff, Jahmyr Gibbs, David Montgomery, Amon-Ra St. Brown, Jameson Williams, and Sam LaPorta from lineups. In this article, we will focus solely on quarterbacks. This season, there have been more undrafted fantasy quarterbacks making an unexpected splash than in years past. Indianapolis Colts’ QB Daniel Jones has come out of nowhere to rank QB8. Justin Herbert is one spot ahead of him. Drake Maye ranks third, with Matthew Stafford fifth. All four of those players were consistently drafted outside the top 12 at the position, if at all. Meanwhile, Josh Allen is QB10. Yeah, that is the fantasy football world we are living in. It begs the question each week: Which ones do you want to start? Which signal-callers should you avoid? So, let’s get to it for Week 8 of the NFL season. Start Packers QB Jordan Love © Mark J. Rebilas-Imagn Images The Green Bay Packers are an interesting case study this year. On paper, they are cruising, holding the NFC’s best record at 4-1-1. They have a ton of talent on both sides of the ball and at the skill positions. Yet, when you look deeper, there are some cracks. They are surviving against poor competition, not thriving. That means they are not putting teams away early and solely running the football in the second half. Quarterback Jordan Love is quietly having a very good season. Through six games, he has 10 passing touchdowns to just two interceptions. He has also added 110 yards on the ground. In Week 8, the Packers play at Pittsburgh. Storylines galore drip from this matchup, with Aaron Rodgers facing his former team. But Love, who supplanted Rodgers, will be looking to prove the Packers right. The Steelers have allowed the fifth-most fantasy points to opposing quarterbacks. So, the matchup is solid. But Pittsburgh’s offense has been highly efficient this year, which means this should be a close game. The Packers are favored by three points on Sunday Night Football. In what ought to be a nail-biter, Love should have plenty of success. Feel confident placing him into your starting lineup. Start Broncos’ Bo Nix Fantasy football managers were excited to draft Denver Broncos quarterback Bo Nix this year. And why not? He broke onto the scene as a rookie and looked better and better as the season progressed. That prompted fantasy managers to draft him in the early-to-mid rounds, much of the time ahead of Patrick Mahomes. As someone who drafted Mahomes three times after Nix was off the board, I am thrilled. Nevertheless, Nix is a must-start in Week 8. The second-year pro will face the Dallas Cowboys and their 32nd-ranked pass defense. I know Dallas looked better last week against the Washington Commanders. But that was because their offense did whatever it wanted, building a large lead, allowing their pass rushers to tee off. The Broncos’ defense is far from the Commanders’ defense. Nix has been very inconsistent this year, especially throwing the football. His rushing prowess has given the former Oregon Duck a solid floor. But this week, look for a top-5 finish at the position. Sit Bears QB Caleb Williams © Mike Dinovo-Imagn Images Fantasy managers who drafted Chicago Bears QB Caleb Williams were likely excited to see what new head coach Ben Johnson could do for him. Thus far, the results are mixed. On one hand, he has 11 total touchdowns to just three interceptions. But the rest of his metrics have remained rather poor. He is completing just 61 percent of his passes, worse than his rookie season of 62. These days in the NFL, most competent quarterbacks should be completing at least 65 percent. Williams has the 20th-best QBR at 52.2. The matchup this week is juicy. The Bears travel to Baltimore to face a banged-up Ravens secondary. Baltimore has allowed the second-most fantasy points per game to opposing quarterbacks. Williams has shown the ability to have really big games. So, why sit him this week? I simply do not trust him or this offense. The Ravens are coming off a bye and are a desperate football team. They are 1-5 and three games back of the Steelers in the AFC North. Quarterback Lamar Jackson is back at practice and may suit up. That would change everything for this game and this defense. You should have safer options than Williams in Week 8. Sit Jaxson Dart vs. Eagles The New York Giants’ season looked like a dumpster fire early on. Then they benched Russell Wilson for rookie QB Jaxson Dart. He immediately energized the team and the offense. Dart is coming off the best game of his young career when he put up 34 fantasy points against the Broncos. That is pretty impressive. Now, he faces an Eagles team that he dominated two weeks ago. Can he duplicate that feat? I doubt it. With so many better options likely available in fantasy football, I think you have to sit Dart in this spot at Lincoln Financial.
Trump administration hardens stance against the Kremlin day after cancelling a planned summit with Russian leader
The BC Conservative Party’s management committee has penned a letter to leader John Rustad asking him to resign immediately. While the committee has no power to remove Rustad as leader, the letter is signed by some of the key people who helped the BC Conservatives win 44 seats in the last provincial election. “As the leader, it is your responsibility to unite the party around a common vision and to lead us forward with purpose and clarity,” the letter reads in part. “As evidenced by sagging poll numbers, memberships, fundraising, a shrinking caucus and staff, philosophically inconsistent policy, low morale, and perhaps most importantly, a lack of enthusiasm and tepid endorsement from our membership, your leadership has ceased to serve that purpose.” This comes two days after Penticton-Summerland MLA Amelia Boultbee announced she was quitting the BC Conservative Party to sit as an independent. “I’m shocked on one level because that to me seems very significant, but I think that’s the right thing to do,” Boultbee told Global News on Wednesday. “I support that letter. I haven’t read it myself, but I hope that John will take a look at the real situation here, stop deluding himself. He’s convinced himself there’s no problem and that this is all just gonna go away.” Rustad has already responded to the letter, saying he will not resign as leader. Rustad told reporters that the letter was an “internal matter within the party” and he plans to “have an opportunity to speak with the management committee.” –with files from The Canadian Press
What happened According to a filing with the Securities and Exchange Commission dated October 22, 2025, wealth management company Stevens Capital Partners initiated a new position in The Buckle (BKE +0.24%) during the third quarter, acquiring 61,439 shares. The estimated transaction value was $3.60 million. This is the fund’s first reported stake in the apparel retailer as of the September 30, 2025 filing. What else to know This new position represented 1.08% of reportable 13F assets under management as of September 30, 2025. Top holdings after the quarter were: VUG: $75.52 million (23% of AUM)IVV: $20.85 million (6.2% of AUM)ITOT: $16.27 million (4.9% of AUM)EVTR: $12.33 million (3.7% of AUM)IUSG: $11.55 million (3.34% of AUM) As of October 21, 2025, The Buckle shares were priced at $55.05, up 26.15% over the year ending October 21, 2025 and outperforming the S&P 500 by 24.2 percentage points over the same period. Company Overview Company Snapshot The Buckle, Inc. is a U.S. specialty retailer focused on casual apparel and accessories for young men and women. The company combines a broad selection of well-known brands with exclusive private label offerings, leveraging a multi-channel presence across physical stores and digital platforms. Its competitive edge stems from curated product assortments and personalized customer service. The Buckle offers casual apparel, footwear, and accessories for young men and women, including both branded and private label merchandise. It generates revenue through retail store sales and e-commerce, supported by value-added services such as hemming, loyalty programs, and private label credit cards. The company targets fashion-conscious young adults in the United States through a network of retail stores and an online platform. Foolish take Stevens Capital Partners initiating a position in The Buckle stock suggests the wealth management company has a bullish outlook on the retailer's future. It's understandable to see why by digging into the company's performance. In The Buckle's fiscal second quarter ended Aug. 2, revenue rose 8% year over year to $305.7 million. The company followed this up by announcing August store sales grew 12% year over year, while September saw a 7% increase. The Buckle's outstanding performance is amidst a challenging macroeconomic environment. Persistent inflation and the Trump administration's ever-evolving tariff policies are headwinds for the retail sector. Yet The Buckle's ongoing sales growth in recent months indicates the company is able to attract consumer spending despite the industry headwinds. Not only that, The Buckle's Q2 net income increased to $45 million from the prior year's $39.3 million, thanks to its ability to manage rising costs effectively. The Buckle's strong performance in Q2 and the first couple of months in Q3 may have been the catalyst that drew in the investment from Stevens Capital Partners. Given The Buckle's excellent financials amidst a tough retail environment, the stock looks like a good investment for the long haul. 13F assets under management (AUM): The total value of securities reported by an institutional investment manager in quarterly SEC Form 13F filings.Stake: An ownership interest or investment in a company, typically represented by shares.Initiated a new position: When an investor or fund buys shares of a company for the first time.Reportable: Required to be disclosed in regulatory filings, such as those submitted to the SEC.Top holdings: The largest investments in a fund's portfolio, ranked by value.Dividend yield: Annual dividends paid by a company divided by its share price, expressed as a percentage.Private label: Products manufactured by one company but sold under another company's brand, often exclusive to a retailer.Multi-channel presence: Selling products through multiple methods, such as physical stores and online platforms.Loyalty programs: Marketing strategies that reward repeat customers with benefits or incentives.TTM: The 12-month period ending with the most recent quarterly report.
The White House has tried to blunt the shutdown's impacts on Americans. But that may not last much longer.
Wednesday, Oct. 22, 2025, at 11 a.m. ET Call participants Chairman and Chief Executive Officer — G. Timothy LaneyPresident — Aldis BirkansChief Financial Officer — Nicole Van DenabeeleDirector of Investor Relations — Emily Gooden Need a quote from a Motley Fool analyst? Email [email protected] Adjusted net income -- $36.6 million adjusted net income, up 30% annualized from the prior quarter, excluding $1.7 million in Vista Bank merger expenses for the third quarter of 2025.Adjusted EPS -- $0.96 per diluted share, excluding non-recurring transaction costs for the third quarter of 2025.Net interest margin (tax-equivalent) -- Expanded three basis points sequentially to 3.98%.Pre-provision net revenue (tax-equivalent, adjusted) -- Fully taxable equivalent adjusted pre-provision net revenue grew 17.5% annualized over the prior quarter.Loan funding -- $421 million funded. The commercial and industrial (C&I) portfolio annualized growth was 8.7%.Deposit trends -- Core deposits grew by approximately $200 million on a linked-quarter spot basis. Total deposits increased $22 million sequentially, with average deposits at $8.2 billion.Allowance for loan losses -- Maintained at 1.2% of total loans, with $18 million in additional credit marks on acquired portfolios, representing 24 basis points of supplemental loan loss coverage.Noninterest income -- Increased 21% sequentially to $20.7 million, 13% higher year-over-year, aided by $3.5 million in partnership investment gains.Noninterest expense -- Totaled $67.2 million in the third quarter. Adjusted projected core noninterest expense is $64 million to $66 million for the fourth quarter of 2025, excluding acquisition costs, with $7 million to $9 million expected for 2Unify in the fourth quarter of 2025.Tangible book value per share -- Increased at a 12% annualized rate to $27.45 sequentially.Capital position -- Tangible common equity ratio was 10.6%, Tier 1 leverage ratio was 11.5%, and common equity Tier 1 ratio stood at 14.7%.Share repurchases -- 240,000 shares repurchased for $8.9 million. 359,000 shares repurchased year to date.Vista Bank merger -- On track to close in the first quarter; $1.7 million in related expenses incurred.2Unify platform launch -- Launched during the quarter, with expense step-up to $6.2 million. Expected ongoing quarterly 2Unify expenses of $7 million to $9 million for the fourth quarter of 2025; revenue guidance deferred until the next earnings call. National Bank Holdings (NBHC +2.30%) management confirmed that the Vista Bank acquisition remains on schedule and noted specific integration synergies, particularly across treasury management and wealth business lines. Stable credit quality trends included further reductions in nonperforming loans and assets. The company indicated flexibility for further capital deployment through mergers and acquisitions, enhanced by significant year-to-date share repurchases totaling 359,000 shares. Guidance for the next quarter implies continued focus on controlling core noninterest expenses and supporting growth in new business lines such as 2Unify. The chief financial officer stated that the fully taxable equivalent net interest margin is expected to remain in the mid-three nines for the remainder of 2025, barring further Federal Reserve action.Leadership described recent loan balance declines as driven by a heavy volume of payoffs in commercial real estate, not by credit concerns or internal risk actions.The bank expects deposit costs to decrease in the fourth quarter as a result of actions aligned with the latest Federal Reserve rate cut.Pro forma with Vista Bank, management expects to remain comfortably below the 200% non-owner occupied commercial real estate/risk-based capital threshold.Management cited a very important partnership discussion that could have a powerful impact on the trajectory of the 2Unify platform.The company maintains that classified and criticized assets declined sequentially, suggesting credit resilience in the commercial portfolio.Commenting on the competitive loan environment, the chief executive officer noted that private credit continues to step into the market, lending money on credit terms and at pricing that is highly competitive. Industry glossary 2Unify: NBHC’s proprietary digital banking platform, referenced as a business line and cost center in the call.C&I (Commercial & Industrial): Loans made to business borrowers for equipment, working capital, and other business purposes, distinct from commercial real estate lending.Core deposits: Stable, low-cost deposits from customers, excluding brokered and high-balance, rate-sensitive accounts.Non-owner occupied CRE: Commercial real estate loans for properties not occupied by the borrower, typically presenting higher regulatory scrutiny and risk.Camber deposits: Specialized deposit product used by NBHC to manage regulatory asset thresholds. Full Conference Call Transcript Emily Gooden: Thank you, Shelly, and good morning. We will begin today's call with prepared remarks followed by a question and answer session. I would like to remind you that this conference call will contain forward-looking statements including, but not limited to, statements regarding the company's strategy, loans, deposits, capital, net interest income, noninterest income, margins, allowance, taxes, and noninterest expense. Actual results could differ materially from those discussed today. These forward-looking statements are subject to risks, uncertainties, and other factors, which are disclosed in more detail in the company's most recent filings with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this call and National Bank Holdings Corporation undertakes no obligation to update or revise these statements. In addition, the call today will reference certain non-GAAP measures, which National Bank Holdings Corporation believes provides useful information for investors. Reconciliations of these non-GAAP financial measures to the GAAP measures are provided in the news release posted on the Investor Relations section of www.nationalbankholdings.com. It is now my pleasure to turn the call over and introduce National Bank Holdings Corporation's Chairman and CEO, Mr. Tim Laney. G. Timothy Laney: Thank you, Emily. That's one of the more enthusiastic readouts of disclaimer I've heard in a while. That was great. So thank you. Good morning all and thanks for joining us as we discuss National Bank Holdings third quarter earnings results. I'm joined by our President, Aldis Birkans, as well as our Chief Financial Officer, Nicole Van Denabeele. We're pleased to have delivered $0.96 of earnings per diluted share and a return on tangible common equity of 14.72%, and it should be noted that this return was achieved while maintaining a high level of capital. We were able to deliver these results despite continued headwinds related to heavy volume of payoffs coming primarily out of our CRE portfolio. Now having said this, I'm proud of our team's new loan production during the quarter and the quality of the new relationships is very strong. We're pleased to announce our merger with Vista Bank shares or to have announced our merger with Vista Bank shares during the quarter. I'll have to say the more we learn about the quality of our new teammates, the more excited we become about future possibilities. And we believe we're set up for a nice fourth quarter. New relationship activity is strong, credit quality trends continue to be positive, we have additional productivity initiatives in the work and we believe we have some very positive possibilities for 2Unify. So on that note, I'll turn the call over to Nicole to cover the quarter in greater detail. Nicole Van Denabeele: Thank you, Tim, and good morning. During today's call, I will cover the financial results for the third quarter, as well as touch on our guidance for the remainder of the year, which does not include any future interest rate policy changes by the Fed. For the third quarter, we reported net income of $35.3 million or $0.92 of earnings per diluted share. We recently announced our planned merger with Vista Bank and we remain on track to close in the first quarter. In conjunction with the acquisition work, we incurred approximately $1.7 million in deal-related expenses during the quarter. Excluding the acquisition expenses, adjusted net income increased 30% annualized over the prior quarter to $36.6 million or $0.96 of earnings per diluted share. This resulted in a strong adjusted return on average tangible assets of 1.6% and an adjusted return on average tangible common equity of 14.7% on an elevated equity base. During the third quarter, we grew our fully taxable equivalent adjusted pre-provision net revenue by 17.5% annualized over the prior quarter, maintained a top quartile net interest margin, and built additional excess capital. Also during the quarter, our teams generated $421 million of loan funding bringing total year-to-date loan fundings to $1 billion. Quarterly loan fundings have increased each 2025 and our bankers continue to build loan pipeline. Aldis will touch on the loan paydown headwinds we've been experiencing in his comments. Our disciplined approach to loan and deposit pricing over the last twelve months has resulted in solid margin expansion. Fully taxable equivalent net interest margin expanded three basis points during the third quarter to 3.98%, which is 11 points of margin expense expansion over the same quarter last year. The remainder of 2025, we project fully taxable equivalent net interest margin to remain in the mid-three nines and as I mentioned earlier, this does not incorporate any future interest rate decisions by the Fed. Credit quality improved during the quarter with a 20% in non-performing loans which now stand at just $27 million. Our non-performing loan ratio improved nine basis points during the quarter to 36 basis points, which is 10 basis points lower than year-end levels. As a result of proactive efforts to resolve problem loans, we realized net recoveries of five basis points annualized during the quarter. The allowance to total loans ratio remained consistent at 1.2%. Additionally, we continue to hold $18 million of March against our acquired loan portfolio which adds an additional 24 basis points of loan loss coverage if applied across the entire loan portfolio. Turning to deposits. Total deposits ended the quarter $22 million higher than the prior quarter end, and average deposits held steady at $8.2 billion. Cost of deposits totaled 2% and our total cost of funds was 2.1%. Non-interest income for the third quarter totaled $20.7 million, 21% higher than the second quarter and 13% higher than the third quarter of last year. The quarter benefited from $3.5 million of unrealized gains on partnership investments as well as higher service charges and mortgage banking income over the prior quarter. For the remainder of 2025, we project our total non-interest income to be in the range of $15 million to $17 million. We are pleased to have launched 2Unify during the quarter and we plan to provide 2Unify revenue guidance during our next quarterly earnings call. Non-interest expense totaled $67.2 million and included $1.7 million of acquisition expenses and $6.2 million of 2Unify expense. Now that we are live with 2Unify, our linked quarter 2Unify expense increased as expected, with the amortization of the associated capitalized development assets. When adjusting for the acquisition expenses, an increase 2Unify expense impacting the quarter, we remain on track to deliver the results expected from the expense reduction actions taken during the second quarter. As a result, we project core non-interest expense for the remainder of the year to be in the range of $64 million to $66 million before the impact of acquisition-related expenses. We maintain strong levels of liquidity and continue to build excess capital. We ended the quarter with a strong TCE ratio of 10.6%, Tier one leverage ratio of 11.5%, and a common equity Tier one ratio of 14.7%. We repurchased 240,000 shares during the quarter totaling $8.9 million bringing total shares repurchased year to date to 359,000 shares. During the third quarter, our tangible book value per share grew 12% annualized to $27.45. With that, I will turn the call over to Aldis. Aldis Birkans: Thank you, Nicole, good morning. Let me start by saying that our preparations for Vista merger are well and remain on track. Vista reported strong financial results for third quarter, which further validate the strategic value of this transaction and we continue to be very excited about what this partnership will bring to our combined organization. For NBH this quarter, we saw loan production return to more normalized levels with total loan funding so $421 million. Fundings were led by commercial banking, particularly in our C&I portfolio, which expanded at an annualized rate of 8.7%. This reflects a healthy rebound in client activity and continued progress in building our relationship-driven commercial franchise. While we are encouraged by this growth, overall loan portfolio outstandings were tempered by continued loan pay downs, particularly in certain CIB categories where stabilized properties have moved to permanent financing. At quarter end, our total non-owner occupied CRE to total risk-based capital ratio stood at a low 132%, reflecting a well-balanced risk profile. On pro forma basis, incorporating the pending Vista transaction we expect to remain comfortably below the 200% level. Credit metrics continue to demonstrate a stable loan portfolio with improving trends. Both classified and criticized assets declined during the third quarter. Non-performing assets decreased by another $6.3 million with the NPA ratio improving by eight basis points from the prior quarter and by 10 basis points on a year-to-date basis. Overall, we are pleased with the return to normalized loan production, the strength in our C&I portfolio, and the disciplined management of our CRE exposure, all of which position us well for sustainable high-quality growth going forward. A good example of our relationship banking success this quarter was in core deposits, which grew approximately $200 million on linked quarter spot balance basis, with nearly half of that growth coming from non-interest bearing transaction deposits. Regarding deposit costs, we expect to see a decrease in the fourth quarter as a result of actions taken in late September following the most recent Fed rate cut. We are also prepared to take additional measures should the Fed continue on its rate cutting path. One final note on deposits. In the fourth quarter, we plan to use the flexibility provided by our Camber deposits to manage our balance sheet and remain below the $10 billion threshold. Lastly, I'd like to highlight the strong performance from our longstanding FinTech partnership investments, which delivered $3.5 million in gains included in this quarter's financials. While these results from these initiatives may not always move in a straight line, we continue to expect positive financial and strategic outcomes over the long term. Tim, I'll turn it back to you. G. Timothy Laney: Thanks, Aldis. Well, we had an active third quarter. We generated $421 million in loan fundings, we had solid deposit growth, we maintained pricing discipline resulting in a net interest margin of 3.98%. We experienced a decline in classified and criticized assets accompanied by a nice decrease in non-performing assets. We grew our tangible book value per share 12% annualized during the quarter and we announced a meaningful acquisition of Vista Bank shares. And on that note, Shelly, I would ask you to open up the call for questions. Operator: Thank you. If you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, you could press star 1 to ask a question, and we'll pause for just a moment to allow everyone an opportunity to signal for questions. And we'll now take your first question coming from the line of Jeff Rulis with D.A. Davidson. Jeff Rulis: Thanks. Good morning. G. Timothy Laney: Hey, good morning. Jeff Rulis: I wanted to dig into the margin in a little more detail. The mid-three ninety guide talking about entering the quarter with some lower deposit costs. Just kind of engage with that a little bit more on what looks like rate cuts that are near certainty. The impact of which and maybe the push and pull of why at three ninety-eight you're kind of pulling it back down I suppose, absent cuts. But maybe you could touch on the expected impact there. Nicole Van Denabeele: Yes, good morning Jeff, this is Nicole. I'll mention that the third quarter's margin, it was positively impacted by about $0.5 million of interest and fees recovered on the large recovery that we had in the quarter. That was about two basis points of margin impact. So we still feel good and solid mid-3.9s margin for the quarter. Looking ahead to the potential for rate cuts in Q4, the very likely outcome of a rate cut next week. Our teams have started teeing up action to take down deposit rates in line with the Fed. We have a history of being very disciplined both on rates up and rates down cycles of managing our on both sides of the balance sheet and we are prepared to take those actions next week. And we do believe for that rate cut that deposit actions that we have planned will offset the impact of the repricing on our variable loan portfolio. Jeff Rulis: Okay, really helpful. I appreciate it. And then on the expense side, can the 2Unify step up, is that can we view that as kind of will now be in the run rate? Do you see a leg up higher again in coming quarters? Or just trying to get a little more color on the expense build if any, regarding that piece before we get kind of the revenue potential visibility in the fourth quarter call. Nicole Van Denabeele: Yeah, on the topic of 2U, expenses, that step up this quarter was expected in line with launching 2Unify. We were expecting a step up in depreciation expense of that capitalized development asset. We will continue to invest in marketing for 2Unify and then as we onboard 2Unify clients, there's a component of some variable expense that will come online as well. Jeff Rulis: I guess if Nicole if we were to zoom out a little bit and think about 26% expenses, I don't want to front run as you pull budgets. But trying to think about overall with 2Unify included, I know you've had some actions to reduce costs as well. I don't know if you could speak to overall growth of expenses expected in 2026 or just maybe frame up the push and pull of what from a jump off point of what you kind of framed up of call it $65 million core in fourth quarter? G. Timothy Laney: Jeff, this is Tim. We're in the middle of some pretty partnership discussions as it relates to 2Unify right now. And we're really not in a position to speak in more detail to what might happen there in '26. We will maintain our commitment, as Nicole mentioned, earlier, to address 2Unify one way or the other. In our fourth quarter earnings call. I would tell you even with the step up in if everything was status quo even with a step up in amortization, depreciation next year on 2Unify we will work to keep those expenses relatively flat. But that's assuming status quo and at this point, we just can't speak to any more detail on 2U. Jeff Rulis: Yep. Appreciate gonna take a little time to kinda pull that together. So thanks for the thoughts. I'll step back. Operator: Your next question is coming from the line of Kelly Molda with KBW. Kelly Molda: Hey, morning. Thanks for the question. Maybe turning back to loan growth, it was nice to see, I think you called out a step up in production. I see balances were down. Can you speak to if any of the paydowns here? I know in prior quarters, had been managing the book for credit. Was there any kind of puts and pulls related to that? And if you could provide an outlook for given what sounds like strength in the pipelines, what the expectations are ahead? What do you expect to reverse this trend now Q4? G. Timothy Laney: Thanks, Kelly. This is Tim. I'll begin and then turn it to Aldis. I would tell you that third quarter reduction volume was not driven by directive pay downs. We really think we've moved through addressing any risk in the portfolio that we felt we needed to address given the macroeconomic environment. What we've seen in the third quarter was largely heavy volume of payoffs as temporary or construction funding was going to perm with very attractive perm financing by alternative lenders. And quite frankly, we have seen private credit continue to step into the market lending money on credit terms and at pricing that you know, I've done this or call it four decades, and I just don't understand what they're doing because we've just simply seen price and credit term competition from private credit that we're not going to compete with. So I'll turn it to Aldis to talk about how we believe we're positioned to overcome that. Because we are feeling very good about our pipeline and where we now stand with our, in particular, CRE portfolio. Aldis Birkans: Yes. Thanks, Tim. And I'll just add on the Page 10 of the investor deck on the loan summary table, it actually is visible. If you look at our commercial real estate production itself was pretty healthy this quarter but embedded we kind of had I'll call it, between $100 million, $150 million headwind from pay downs that Tim was mentioning, and those are on the table above that you can see on between our originated and acquired books. Looking at the fourth quarter, our pipelines, just like entering this quarter, look very healthy, very good. We are optimistic that we return to growth subject to this behavior that we just discussed. But other than that, I'm very optimistic about fourth quarter. Kelly Molda: Got it. That's helpful. And then just on the expenses, you know, you announced the cost save plan, last July. Wondering, did we get the full benefit of that this quarter? And one. And then two, I apologize if I missed it, but how much 2Unify expenses were in Q3 as well as what's baked into that 64 to 66 for Q4. Nicole Van Denabeele: Yeah, good morning, Kelly. I'll take that one. We've been closely monitoring our progress on the expense reduction actions that we announced last quarter. And we are delivering on those commitments. You're right, Q3 was a little noisy. It was by $1.7 million of acquisition expenses, $6.2 million of 2Unify expenses, the third quarter, it was impacted by higher mortgage commissions, view that as a positive. Because it was driven by higher mortgage revenues. And then there was a couple of other timing impacts in the third quarter. We had about a $700,000 fair value adjusted on our deferred comp liability and then we were impacted by the timing of certain occupancy and equipment expenses. Kelly Molda: Got it. Thanks. I think the last thing was, how much 2Unify is in the Q4 run rate. Nicole Van Denabeele: Yeah. We in the Q4 run rate, we're expecting 2Unify expenses somewhere in the range of $7 million to $9 million and that does account for some step up in marketing spend and variable costs associated with user increases. Kelly Molda: Got it. That's helpful. Last question for me. You guys announced a really exciting acquisition last month. And it's on track to close next quarter. Wondering if you found the pace of this discussions, clearly, you're in the market, given your announcement. So wondering if you've provide us, Tim, with kind of if you've seen any flurry of inbound on the back of that announcement. Thanks. G. Timothy Laney: Kelly, I think I've slept in my own bed four nights in over the last three weeks. There have been a lot of discussions and we remain focused across our existing footprint. We would love to do more in tech and build on what John and his team at Vista have built. And we're seeing other interesting opportunities that we think could create meaningful market share step ups in markets that we already do business with. So short answer to your question is, yes, we're very active. Kelly Molda: Great. Thank you. I will step back. Operator: Next question is coming from the line of Andrew Terrell with Stephens. Andrew Terrell: Hey, good morning. G. Timothy Laney: Hey, good morning. Andrew Terrell: Tim, I wanted to ask a question around 2Unify, and I've also don't wanna, you know, front run any conversation we'll have in January and I get that, you know, maybe not too much to share here. But I guess I'm just curious from a big picture standpoint, you guys have been pretty clear on some of the expense recently associated with that. And you know, it sounds like marketing spend could ramp, and then there's also maybe a variable component as you begin onboarding clients from an expense standpoint. I'm just curious, when you look near to medium term, how long do you think it takes to generate positive operating leverage and do you feel like you have near term visibility to positive operating leverage in that business? G. Timothy Laney: I applaud you asked for asking the question, and I'll simply say again, we'll be providing all of that detail on our fourth quarter earnings call. I think I would also, and I mentioned this earlier, repeat that we're in we're literally in the middle of a very important partnership discussion that we believe could have a powerful impact on the way 2Unify forward. And it's just inappropriate to be talking about 2Unify anymore this morning. Andrew Terrell: Understood. I appreciate it. Yeah. I had to had to give it a shot there. Thank you. G. Timothy Laney: And I applaud. Andrew Terrell: I was also, you know, interested just on your discussion around private credit. And the competition you guys are experiencing there. And I'm curious, Tim, if you could share any more specifically around where you're seeing that either geographically from product type? Just any more color on where you're seeing private credit be most competitive? G. Timothy Laney: Yes. I mean, really, primarily in the commercial real estate sector. And I would tell you that's the vast majority of the action we're seeing there. Andrew Terrell: Yep. Okay. And then last one for me. Just I thought you guys bought back a little bit of stock this quarter. Your capital is still built very nicely. You'll close Vista but still have a pretty strong capital position. And I know sounds like interested in future M&A, but any interest in further capital deployment on the buyback? Aldis Birkans: Yes, Andrew, this is Aldis. So as you mentioned, we did buy $8 million or so in. We still have about $35 million, $36 million out authorization left. We'll be optimistic whether along the in sort of in light of the discussions that we're having with potential M&A targets as well. But also it'd be remiss if I didn't mention the 12% tangible book value growth this quarter that we built on top of that. $8 million buyback. So we feel very good about our capital build over the last twelve months, sit very strong excess capital levels and we are looking at potential strategic options there. Andrew Terrell: Perfect. Thank you guys for taking the questions. G. Timothy Laney: Thank you. Operator: And your next question will be coming from the line of Brett Rabatin with Hovde Group. Brett Rabatin: Hey. Good morning, everybody. I won't ask about 2Unify. Wanted to go back just to the payoffs. I know we've kinda beat that to death here a little bit too, but just wanted to make sure, you know, it sounds like you're expecting better trends in the fourth quarter, private credit aside. Does the shape of the curve on the longer end coming in here, how that impact maybe the commercial real estate portfolio? And do you have any line of sight into know, the CRE books staying? Or what's any thoughts on yield curve from here relative to that portfolio? Aldis Birkans: Not at this moment. I don't think we've seen I'll say I have not heard from our bankers that we've seen a pay down prepay, so to say, based on the refinancing opportunities and lower yields. Now that's not to say that, that doesn't come through at some time, but to date shape of the yield curve has not impacted our pay down activity. Brett Rabatin: Okay. And then the other question I had was just around the Vista deal. And, Tim, it sounds like you've been on the road quite a bit. Just was hoping to hear I know one of the aspects of the transaction that you're excited about is treasury management. Wealth, and trust. You know, any thoughts relative to the deal call on fee income and those things, specifically? G. Timothy Laney: We lost you at the end. You said any thoughts related to what? Brett Rabatin: Oh, I'm sorry. Any thoughts related to wealth, treasury management, trusts, those opportunities for the pro forma franchise? G. Timothy Laney: Well, look, first and foremost, what I'm excited about is the caliber of leadership and the quality of the new teammates coming in from Vista Bank shares. Think they've done a remarkable job taking market share and I'm in an important market like Dallas, Texas. And I don't have any reason to expect that to do anything but other than grow. I think combination of these teams is going to make us incredibly strong we're going to be leveraging key talent out of Vista across our entire organization. We remain committed to taking best practices, whether they come from NBH or Vista and running with those best practices. And we are going to be delivering frankly, a much broader suite of treasury management capabilities into Texas, into Vista with NBH's arsenal of treasury capabilities. We're super excited about what we can do in the trust and wealth management arena as a matter. Vista had been outsourcing that to a third party. Given what we're able to do with our Wyoming-based trust business in particular, and bringing those opportunities to clients in the state of Texas, just as we're doing around the rest of the franchise, I think can be monumental mean, I am genuinely that excited about it. I continue to say that what we're able to do in Wyoming for clients who are really concerned about privacy that are concerned about controlling their trust, etcetera. Is unfortunately one of the better kept secrets. But as we work to get that message out, I think we're going to continue to see exceptional growth there. Now was there one other? I hit treasury, I hit trust. Brett Rabatin: Wealth management. And really, I'll say with Vista, they've had they've built a solid private banking business and again have been outsourcing that trust and wealth management piece. And so for the opportunity to bring that in house is exciting. And Aldis, I'd ask you to comment. Aldis Birkans: Just say that we're not waiting until first quarter when we come together to start working on these partnerships. John and I have weekly calls and we bring our teams together and to the extent that they already handing off those opportunities someplace else, we'd rather be there in the fourth quarter already picking up those opportunities. So that work is underway and those synergies should be hopefully start showing their benefits here in fourth quarter. Brett Rabatin: Okay. That's all really helpful. Thanks so much guys. Aldis Birkans: Alright. Thank you. Operator: Next question is coming from the line of Kelly Molda with KBW. Kelly Molda: Hey. Thanks for letting me jump on. I think your kind of while we have you, NBH been great at managing credit. You did have that you know, one idiosyncratic loan. I think it won Q, but otherwise, it's been really strong. Tim, Aldis, I'm just wondering, the focus on NDFI lending, doesn't look like NBH has much exposure here. Wondering if you have some high level thoughts as to you know, potential risks and anything else that you might be direct analysts to more carefully watch? Thank you. Aldis Birkans: Yes. We really don't have any thoughts because we really don't have much of that well below 1%. So of total loans. Maybe that's indicative of our thoughts. G. Timothy Laney: Yes, but that's the answer. In terms of other sectors that I just think we have to continue to be watching closely in the ag space, it's commodity row crops and the vulnerability there. And it's again a space we have limited exposure to. But I mean cattle operations are probably at some of the best performance levels in history. On the other hand, commodity exposure, that would be tough place to be exposed to. We've talked about it before, but another space that continues to just face tragic headwinds is transportation. And we worked aggressively to reduce the exposure that we were concerned about there. And think that's a forgive the pun, but a long road back for those truckers. So those would be a couple of areas that you know, we I guess if we were on the investor side, we would be keeping an eye on. Kelly Molda: Got it. Thank you so much. G. Timothy Laney: You bet, Kelly. Thanks for the question. Operator: Thank you. And I'm showing we have no further questions at this time. I will now turn the call back to Mr. Laney for his closing remarks. G. Timothy Laney: Thank you, Shelly. I'll be brief. Just thank you so much for your time and attention this morning. Please feel free to reach out to us if you have any and we will respond promptly. Have a great day. Operator: And this concludes today's conference call. If you would like to listen to the telephone replay of this call, it will be available in approximately twenty-four hours and the link will be on the company's website on the Investor Relations page. Thank you very much and have a great day. You may now disconnect.
CompaniesWaymo LLCAlphabet IncGeneral Motors Co Oct 22 (Reuters) - Alphabet's (GOOGL.O), opens new tab Waymo said on Wednesday it will begin manual testing of its autonomous vehicles at Newark Liberty International Airport, as the firm looks to bring its robotaxis to one of the three main airports serving the New York City area. The robotaxi firm has grown slowly but steadily over the years in the United States despite tough regulations and expensive technology. Now, it is picking up speed through partnerships with ride-hailing platforms and fleet operators at a time when Tesla (TSLA.O), opens new tab is rolling out its long-promised robotaxi service in the country. Advertisement · Scroll to continue Waymo will carry out the testing with human drivers at the Newark airport in collaboration with the Port Authority of New York and New Jersey, it said in a post, opens new tab on X. Commercializing autonomous vehicles has proven difficult in the U.S. amid setbacks for several companies, including General Motors' (GM.N), opens new tab Cruise, due to collisions, recalls and federal investigations. Waymo last week said it plans to launch its fully driverless ride-hailing service in London in 2026, looking to expand its footprint to major international cities. Reporting by Juby Babu in Mexico City; Editing by Alan Barona Purchase Licensing Rights
Wednesday, October 22, 2025 at 5 p.m. ET CALL PARTICIPANTS President and Chief Executive Officer — Steven A. Brass Vice President and Chief Financial Officer — Sara K. Hyzer Executive — Wendy D. Kelley Need a quote from a Motley Fool analyst? Email [email protected] Consolidated Net Sales -- $163 million in the fourth quarter and $620 million for the full fiscal year 2025, both reflecting approximately 5% year-over-year growth Maintenance Product Sales -- $156 million in the fourth quarter and $591 million for fiscal year 2025, each up 6% compared to the prior year and representing approximately 95% of total net sales for both periods. Gross Margin -- 54.7% for the quarter and 55.1% for the year; company noted a 730 basis point improvement in gross margin for the fourth quarter since 2021 and stated the margin would reach 55.6% for the year when excluding assets held for sale. Segment Results -- Americas sales declined 2% to $77 million for the quarter; EMEA sales increased 7% to $63 million for the quarter. Asia Pacific sales climbed 28% to $23 million in the quarter. WD-40 Specialist Sales -- Increased 18% in EMEA and 38% in Asia Pacific year-over-year; full-year global WD-40 Specialist sales grew 11% to $82 million. Home Care and Cleaning Divestiture -- U.K. Home Care and Cleaning businesses sold to Supreme Imports Limited for up to $7.5 million in an all-cash transaction completed in the fourth quarter. Full-Year Operating Income -- $98.1 million in operating income for the year, falling within guidance expectations. Diluted Earnings Per Share (EPS) -- $1.56 for the quarter (up 27%) and $5.50 for the full year, both measured on a pro forma basis, excluding home care sales (non-GAAP). Adjusted EBITDA -- $30.5 million for the fourth quarter (up 16% year-over-year) and $114.4 million for the full fiscal year (up 8% year-over-year), with margins at 18% both periods. Advertising and Promotion (A&P) -- 7.6% of net sales in the quarter; $1.6 million increase in advertising and promotion expenses in the quarter compared to the same period last year 2026 Guidance -- Pro forma net sales of $630 million to $655 million (5%-9% growth) for fiscal 2026, gross margin of 55.5%-56.5% for fiscal 2026, operating income of $103 million to $110 million for fiscal 2026, and EPS of $5.75 to $6.15. Dividend and Buyback -- Quarterly dividend of $0.94 per share approved; repurchased approximately 50,000 shares for $12.3 million during the year, with $30 million remaining under the repurchase plan set to expire at year-end. Return on Invested Capital -- 26.9% for the year, improving from 25.5% in the prior year and ahead of the company’s 25% target. WD-40 Company (WDFC +1.21%) delivered record net sales and higher gross margin for fiscal year 2025, driven by strong growth in EMEA and Asia Pacific maintenance product sales and the strategic exit from low-margin home care and cleaning lines in the U.K. during the fourth quarter. Sales mix and geographic expansion factored heavily into gross margin dynamics for the quarter, with gross margin improvement above 55% for the year. The company’s guidance for fiscal 2026 calls for continued top- and bottom-line gains on a pro forma basis. Steven A. Brass indicated that operationally, the company achieved global on-time delivery of 96.4% for the year, above the current target, and inventory levels of ninety-nine days on hand, coming closer to the target of ninety days. Management stated that “Premiumized products currently account for approximately 50% of WD-40 Multi-Use Product sales and 40% of units sold,” highlighting further growth opportunity through premiumization efforts. Steven A. Brass described the digital commerce strategy as a catalyst for growth, with e-commerce sales up 10% for the year and increasing emphasis on digital platforms for brand building and education. Sara K. Hyzer confirmed that “gross margin performance this quarter was strong across all three trade blocks.” Management intends to “sustain gross margin above 55% in fiscal 2026.” The pending Americas home care and cleaning brands sale, if not completed, would add about $12.5 million in annual net sales and $0.20 to EPS, based on current projections. INDUSTRY GLOSSARY 4x4 Strategic Framework: WD-40 Company’s internal structure for prioritizing four “Must Win Battles” and four “Strategic Enablers” to drive long-term growth and operational excellence. Premiumization: Company strategy of developing and prioritizing higher-priced, value-added product formats (such as Smart Straw and Easy Reach) to drive margin expansion and customer loyalty. Assets Held for Sale: Product lines or business units (such as home care and cleaning brands) presented as separate assets on the balance sheet due to ongoing or imminent divestiture. DACH: Acronym for Germany (Deutschland), Austria, and Switzerland, considered a key geographic subregion in EMEA market commentary. Full Conference Call Transcript Wendy D. Kelley: On our call today are WD-40 Company's President, Chief Executive Officer, Steven A. Brass, Vice President and Chief Financial Officer, Sara K. Hyzer. In addition to the financial information presented on today's call, we encourage investors to review our earnings presentation, earnings press release, and Form 10-Ks for the period ending 08/31/2025. These documents will be made available on our Investor Relations website at investor.wd40company.com. A replay and transcript of today's call will also be made available shortly after this call. On today's call, we will discuss certain non-GAAP measures. The descriptions and reconciliations of these non-GAAP measures are available in our SEC filings as well as the earnings documents posted on our Investor Relations website. As a reminder, today's call includes forward-looking statements about our expectations for the company's future performance. Actual results could differ materially. Company's expectations, beliefs, projections are expressed in good faith but there can be no assurance that they will be achieved or accomplished. Please refer to the risk factors detailed in our SEC filings for further discussion. Finally, for anyone listening to a webcast replay, or reviewing a written transcript of this call, please note that all information presented is current only as of today's date, 10/22/2025. The company disclaims any duty or obligation to update any forward-looking information as a result of new information, future events, or otherwise. With that, I'd now like to turn the call over to Steven A. Brass. Thank you, Wendy, and thanks to all of you for joining us this afternoon. Steven A. Brass: Fiscal year 2025 was marked by complexity and resilience. A tale of navigating global headwinds while making strategic progress. Despite challenges ranging from geopolitical tensions to shifting economic policies, WD-40 Company seized opportunities and continued to build on the strong foundation that has supported our success for more than seventy-two years. Today, I'll start with an overview of our sales results for the fourth quarter and full fiscal year 2025. And then provide an update on the progress we've made against our 4x4 strategic framework. Then Sara will dive deeper into our financial performance, review our business model, give an update on the divestiture of our Home Care and Cleaning businesses, and share our outlook for fiscal year 2026. After that, we'll open the floor for your questions. Today, we reported consolidated net sales of $163 million for the fourth quarter and $620 million for the full fiscal year. Each reflecting approximately 5% growth compared to the prior year. This performance represented a record quarter for the company and underscores the continued strength of our brand and the resilience of our business. As you know, maintenance products remain our primary strategic focus accounting for approximately 95% of total net sales in both the fourth quarter and the full fiscal year. Net sales for these products reached $156 million in Q4 and $591 million for the year. Each reflecting a 6% year-over-year increase. This performance is consistent with our long-term growth target of mid to high single digits and reinforces the strength of our core business. In addition, I'm pleased to report that our gross margin continues to improve and has now surpassed our target of 55%. For the full fiscal year, we delivered a gross margin of 55.1%. Gross margin would have been 55.6% if we remove the financial impact of the assets held for sale. For the fourth quarter, delivered a gross margin of 54.7%, an impressive 730 basis point improvement from 2021 when we hit our inflection point and our long-term gross margin recovery plan began to take hold. Sara will share more details about gross margin in just a few minutes. Now let's talk about fourth quarter sales results in dollars by segment starting with The Americas. Unless otherwise noted, we will discuss net sales on a reported basis compared to the fourth quarter of last fiscal year. Sales in The Americas, which includes The United States, Latin America, and Canada, decreased 2% to $77 million compared to last year. In reported currency, sales of maintenance products decreased 2% or $1.2 million to $74 million compared to last year. The decline was primarily driven by lower sales in Latin America influenced by the impacts of foreign currency exchange fluctuations, the timing of customer orders, and broader macroeconomic challenges especially in Mexico. Sales of maintenance products in The United States and Canada also down slightly primarily due to the timing of customer orders and in Canada, broader macroeconomic challenges. In The Americas, sales of WD-40 Specialist remained constant to the same period last year. Home care and cleaning product sales declined $600,000 compared to last year, reflecting our strategic shift towards higher margin maintenance products in alignment with our 4x4 strategic framework. In total, our Americas segment made up 47% of our global business in the fourth quarter. For the full fiscal year, maintenance product sales in The Americas totaled $277 million reflecting a 4% increase compared to the prior year. Although this growth was slightly below our long-term target of 5-8% annual growth for the region, we remain confident in the TradeBlock's long-term growth potential. Now let's take a look at sales in EMEA, which includes Europe, India, The Middle East, and Africa. Total sales grew 7% or $4.1 million to $63 million compared to last year. After adjusting for the impact of foreign currency translation, EMEA net sales were unchanged in the same quarter last year. In reported currency, sales of maintenance products increased 8% or $4.6 million to $60.7 million compared to last year. The strong growth is driven most significantly by higher sales volumes of WD-40 Multi-Use Product in our direct markets. Sales increased most significantly in DACH, France, and Benelux which were up 20%, 19%, and 23% respectively. Strong sales in our direct markets were offset by softer performance in our EMEA distributor markets driven by the timing of customer orders and ongoing instability in certain regions. In EMEA, sales of WD-40 Specialist increased 18% compared to last year driven primarily by increased demand and higher volumes across several direct markets especially in DACH and France where targeted promotional activity with key customers proved highly effective. Home care and cleaning product sales declined approximately $500,000 compared to the same period last year. In the fourth quarter, we completed the divestiture of our U.K. Home Care and Cleaning product businesses to Supreme Imports Limited. This strategic move allows us to sharpen our focus on higher growth, higher margin maintenance products and reinforces our commitment to growing the blue and yellow brand with a little red top. In total, our EMEA segment made up 38% of our business in the fourth quarter. For the full fiscal year, maintenance product sales in EMEA totaled $230 million, a 9% increase compared to the prior year. This growth aligns with our long-term target of 8% to 11% annual growth. Now turning to Asia Pacific. Sales in Asia Pacific, which includes Australia, China, and other countries in the Asia region, grew 28% or $5.1 million to $23 million compared to last year. Foreign currency translation had no material impact on our fourth quarter results. Sales and maintenance products increased 30% or $4.8 million to $21 million compared to last year. This growth was primarily driven by a 44% increase in sales of the WD-40 Multi-Use Products in our Asia distributor markets where we saw strong demand across nearly all countries, particularly in Indonesia, Malaysia, Singapore, and The Philippines. Fueled by geographic expansion, broader distribution, and the timing of customer orders. Sales and maintenance products also grew in Australia and China, increasing by 12% and 6%, respectively, compared to the same period last year. In Asia Pacific, sales of WD-40 Specialist increased 38% compared to last year, due to higher sales volume from successful promotions and marketing efforts in our Asia distributor markets and China. Sales of home care and cleaning products, including No Vac Carpet Cleaners and Solvol Hand Cleaners sold in Australia, increased 15% or approximately $300,000 compared to the same period last year. Our Home Care portfolio in Australia benefits from strong brand recognition, a solid competitive position, and meaningful growth opportunities. In total, our Asia Pacific segment made up 15% of our global business in the fourth quarter. For the full fiscal year, maintenance product sales in Asia Pacific totaled $84 million, a 6% increase compared to the prior year. While this growth falls short of our long-term target of 10% to 13% annual growth for the region, we remain confident in the strong fundamentals of this high-growth trade block. Now, let's take a look at the strategic progress we made in fiscal year 2025 against our 4x4 strategic framework. As you recall, this framework was designed to drive profitable growth and sustainable value creation. And is built around our four Must Win Battles and four strategic enablers. Must Win Battles focus on what we do to increase sales and profitability and these are long-term growth drivers. We will focus on full-year results. Starting with Must Win Battle number one, the geographic expansion. Global sales of WD-40 Multi-Use Product in fiscal year 2025 were $478 million, representing growth of 6% over the prior year. We experienced solid sales of our signature multi-use product brand in all three trade blocks with 8% growth in EMEA, 4% growth in The Americas, and 6% growth in Asia Pacific. We saw solid sales growth this year, 12% in Latin America, 10% in China, 14% in France, and 20% in India. But what's most important to emphasize is that we still have significant room to grow. Geographic expansion is our most significant long-term growth opportunity. Over the last five years, we've achieved an annual growth rate for net sales of WD-40 Multi-Use Product of 9.4%. Our path forward is clear. We're expanding availability across more channels and geographies while deepening product penetration by increasing brand awareness through sampling and putting more cans in the hands of end users around the world. We estimate the global attainable market for the WD-40 Multi-Use Product to be approximately $1.9 billion based on our updated benchmark sales potential. And to date, we've achieved only 25% of our benchmark growth potential, leaving a growth opportunity of approximately $1.4 billion. Our second Must Win Battle is accelerating premiumization. Innovation is at the core of this strategy. We developed products like Smart Straw and Easy Reach with our end users at the center of every decision. Their needs drive our product development efforts, enabling us to deliver high-performance solutions that solve real-world problems. End-user focused innovation fosters brand loyalty and contributes to gross margin expansion and differentiated offerings. In fiscal year 2025, global sales of Smart Straw and Easy Reach when combined were up 7% over the prior year. Premiumized products currently account for approximately 50% of WD-40 Multi-Use Product sales and 40% of units sold, leaving considerable room for continued growth. Over the last five years, we've achieved a compound annual growth rate for net sales of premiumized products of 9.4%. On a go-forward basis, we'll be targeting a compound annual growth rate for net sales of premium format products of greater than 10%. Our third Must Win Battle is to drive growth in WD-40 Specialist. This product line is a strategic extension of our trusted core brand. Designed to meet the evolving needs of professionals and industrial users. When we introduced the WD-40 Specialist alongside the WD-40 Multi-Use Product, we're not just adding variety, we're strengthening our brand, capturing new segments, and offering end users more choice without diluting what makes our core brand iconic. By leveraging the strength of the WD-40 brand, we're driving category leadership and expanding market share in adjacent segments. In fiscal year 2025, global sales of the WD-40 Specialist products were $82 million, up 11% over the prior year. Once again, we saw growth of WD-40 Specialist products across all three trade blocks with growth of 6% in The Americas, 15% in EMEA, and 12% in Asia Pacific. Over the last five years, we've achieved a compound annual growth rate for net sales of the WD-40 Specialist of 14.4%. On a go-forward basis, we'll be targeting a compound annual growth rate for net sales of WD-40 Specialist of greater than 10%. As the WD-40 Specialist has matured and its market base has expanded, we've recalibrated our long-term growth expectations to reflect the product line's evolution within its life cycle. We estimate the global attainable market for WD-40 Specialist to be approximately $665 million based on our updated benchmark sales potential. And today, we've achieved only 12% of our benchmark growth potential, leaving a growth opportunity of approximately $583 million. Our fourth and final Must Win Battle is to accelerate digital commerce. Our digital commerce strategy is a catalyst for growth across the business. Not merely a channel for online sales, it plays a vital role in advancing each of our Must Win Battles by increasing brand visibility, improving accessibility, and driving deeper engagement with end users across global markets. In fiscal year 2025, e-commerce sales increased 10%, reflecting strong momentum in our digital strategy. But digital is more than a transactional platform, it's a powerful engine for brand building and education. For example, the digital space serves as a dynamic environment for product discovery. It allows us to showcase new applications for our products while fostering peer-to-peer learning. Many of these insights originate from our end users themselves, who continually uncover innovative ways to use our products, often in ways we hadn't imagined. By leveraging digital touchpoints, we're deepening engagement, enhancing product understanding, and strengthening brand affinity across the globe. Turning to the second element of our 4x4 strategic framework, our strategic enablers. Our strategic enablers focus on operational excellence and they collectively underpin and drive the success of our Must Win Battles. Strategic Enabler number one is ensuring a people-first mindset. At WD-40 Company, our most powerful competitive advantage is the commitment of our 714 employees. We've long said we're a purpose-driven, values-guided organization, and that's not just a tagline. Our values are the foundation of our culture. They shape how we lead, how we collaborate, and how we make decisions every day. In our February 2025 Global Engagement Survey, 94% of our people reported being engaged in their work, more than four times Gallup's global average of 21%. 90% said they feel a strong sense of belonging and 95% expressed pride in our purpose, mission, and values. This deep connection to who we are and what we stand for translates directly into growth and opportunity. Nearly 40% of our people experience career progression within their first five years at the company. To our employees, thank you for consistently showing what it means to live our purpose. To create positive, lasting memories in everything you do. What our investors and stakeholders see in our performance is a direct reflection of your commitment to doing meaningful work the right way. Strategic Enabler number two is to build an enduring business for the future. At WD-40 Company, long-term value creation means operating with a clear commitment to balancing economic growth, environmental responsibility, and social impact. One of our primary objectives under this strategic enabler is to lead our category with high-performing products designed for environmental sustainability. I'm excited to share that in the upcoming fiscal year, we'll introduce a new innovation under the WD-40 Specialist product line, which will be our first bio-based format of our multi-use product. Our latest maintenance product is designed to reduce our environmental impact and to have a reduced carbon footprint, utilizing ISO standard 14,067 while still delivering the trusted performance expected from the WD-40 brand products. The product will launch in select European markets later this fiscal year, and we look forward to sharing updates with you in the quarters ahead. Strategic Enabler number three is achieving operational excellence in our supply chain. Profitable growth at WD-40 Company depends on a supply chain that is optimized, high-performing, and resilient. In fiscal year 2025, this strategic enabler played a vital role in protecting gross margins. We delivered several million dollars in economic value through cost reduction initiatives such as packaging enhancements, logistics efficiencies, and strategic sourcing. These efforts helped to offset the financial impact of tariffs, underscoring the importance of this enabler. Operationally, in fiscal year 2025, we achieved global on-time delivery of 96.4%, above our current target, and also inventory levels of ninety-nine days on hand, coming closer to our target of ninety days. Strategic Enabler number four is to drive productivity through enhanced systems. At WD-40 Company, technology is a key enabler of productivity and resilience. We're building a scalable digital infrastructure designed to support global growth and enhance operational agility, accelerating our strategic execution. By partnering with leading technology companies, we're investing in proven AI-enabled systems such as D365 and Salesforce that we believe will drive future gains in productivity. While we are taking a pragmatic approach to adopting AI across our organization, we've already identified several promising use cases that will help us to boost employee productivity, build our brand more effectively around the world, and accelerate learning and improve collaboration within our global community. With that, I'll now turn the call over to Sara. Sara K. Hyzer: Thanks, Steve, for that overview of our sales results and strategic framework. I'm pleased to share that we delivered a strong fourth quarter performance, culminating in an excellent bottom-line finish to fiscal year 2025. Today, I'll walk through how we performed against our fiscal year 2025 guidance, share insights into our business model, and highlight key takeaways from our fourth quarter financial results. I'll also provide an update on the divestiture of our home care and cleaning business in The UK and close with our outlook for fiscal year 2026. Let's start with a discussion about how we performed against our fiscal year 2025 guidance. As a reminder, we issued our guidance in fiscal year 2025 on a pro forma basis. I encourage investors to review our earnings presentation, which includes a pro forma view. Since we issued our fiscal year 2025 guidance on a pro forma basis, I will provide the following summary on a non-GAAP pro forma basis. We expect net sales growth adjusted for currency to be between 6-9%, with net sales of between $620 and $630 million over our pro forma 2024 results. Today, we reported pro forma net sales adjusted for currency of $603 million, a 6% increase over the 2024 pro forma results. If we include the assets held for sale, consolidated net sales adjusted for currency were $622 million in fiscal year 2025. We expected full-year gross margin to be in the range of 55% to 56%. Today, we reported a gross margin of 55.6%, in line with our expectations. We expected our advertising and promotion investment to be around 6% of net sales. Today, we reported an A&P investment of 6%. We expected operating income to be between $96 and $101 million. Today, we reported operating income of $98.1 million, in line with our expectations. We expected diluted EPS of between $5.30 and $5.60. Today, we reported diluted EPS of $5.50, in line with our expectations. I'm pleased with the resilience and performance of our business in what has been a volatile and uncertain environment. Throughout fiscal year 2025, we navigated a range of challenges, from tariffs and macroeconomic instability to geopolitical tensions and a shifting policy landscape. Despite these headwinds, we grew our top line, expanded margins, and delivered solid bottom-line growth. Thank you to all our employees for their focus, adaptability, and commitment to delivering meaningful results for our stakeholders. Let's start with a look at our business model. Our business model is a strategic tool we use to guide our business. The model is built around three core areas: gross margin, cost of doing business, and adjusted EBITDA. Let's look at our fourth quarter gross margin performance. In the fourth quarter, our gross margin was 54.7% compared to 54.1% last year, which represents an improvement of 60 basis points and was most significantly impacted by the following favorable factors: 110 basis points from lower specialty chemical costs, 110 basis points from higher average selling prices, including the impact of premiumization, and 60 basis points from lower input costs. Offsetting those benefits to gross margin were a few unfavorable factors: 140 basis points from unfavorable sales mix and other miscellaneous mix impacts, and 60 basis points from higher warehousing, distribution, and freight costs, primarily in The Americas. I'm happy to share that gross margin performance this quarter was strong across all three trade blocks, with results either exceeding our stated target or showing year-over-year improvement. In The Americas, gross margin increased by 70 basis points compared to the prior year fourth quarter, reaching 53.2%. EMEA held steady at 55.5%, remaining above our target. And in Asia Pacific, gross margin increased by 110 basis points compared to the prior year fourth quarter, reaching 57.5%. For the full fiscal year, gross margin was 55.1%, compared to 53.4% last year, which represents an improvement of 170 basis points. As Steve mentioned earlier, we're very encouraged by the consistent improvement to gross margin we've seen over the past three years. Today, we're proud to report full fiscal year gross margin over the high end of our targeted range of 50% to 55%, recovering our gross margin a year ahead of schedule and marking a significant milestone in our recovery journey. It's important for stakeholders to understand that while certain risks, such as cost volatility, tariff uncertainty, and inflationary pressures, will always be part of the operating environment, we're actively pursuing a range of initiatives designed to help us mitigate those risks and strengthen gross margin over time. These include supply chain cost reduction projects, cost optimization efforts, progress on asset divestitures, new product introductions, premiumization strategies, and geographic expansion. Each of these levers contributes positively to gross margin and reinforces our confidence in its long-term potential. Supported by our current performance and strategic initiatives, we're confident in our ability to sustain gross margin above 55% in fiscal year 2026. In addition, gross margin enhancement remains a key priority for senior leaders who continue to be incentivized to drive further improvement. Now turning to our cost of doing business, which we define as total operating expenses plus adjustments for certain non-cash expenses. Our cost of doing business is primarily driven by three key areas: strategic investments in our people, global brand-building efforts, and freight expenses associated with delivering products to our customers. In the fourth quarter, our cost of doing business was 36% compared to 38% in the prior year quarter. In dollar terms, our cost of doing business remained relatively stable period over period. For the full fiscal year, the cost of doing business was 37% compared to 36% last year. In dollar terms, our cost of doing business increased $19 million or 9% period over period. In the fourth quarter, advertising and promotion expenses increased $1.6 million or 15% period over period. As a percentage of net sales, A&P investment was 7.6% this quarter compared to 7% in the same period last year. The phasing of our A&P investments is not evenly distributed over the course of the year. And in recent years, our brand-building activities have been more heavily weighted in the second half of the year. For the full fiscal year, our A&P investment remains within our annual expectations. While our long-term goal is to manage the cost of doing business within the 30% to 35% range, we continue to make thoughtful strategic investments to support long-term growth. WD-40 Company has long been committed to operating with discipline and efficiency, a commitment reflected in our ability to manage the business with just 714 employees, each generating approximately $860,000 in revenue. This level of productivity speaks volumes about the strength of our culture, the effectiveness of our operating model, the awareness of our brand, and the value we deliver across our global footprint. What continues to evolve is our need to operate as a global business in an increasingly complex and uncertain environment. To reduce risk and drive top-line growth, we've implemented a number of structural changes in recent years to strengthen and sustain our business for the future. We're investing with discipline across technology, sustainability, innovation, research and development, legal risk management, and brand building to strengthen our foundation, build brand awareness, and ensure long-term resilience and growth. We also need time to absorb the loss of revenues associated with the home care and cleaning divestitures. These investments have pushed our cost of doing business above our target range. However, we believe they've strengthened the business, enhanced its resilience, and positioned us to deliver sustainable long-term value to our stakeholders. Turning now to adjusted EBITDA margin. We believe adjusted EBITDA as a percentage of sales is a valuable metric for assessing both profitability and operational efficiency. It reflects our operating performance and cash-generating ability, providing the clearest view of our company's underlying financial health. Our 25% target for adjusted EBITDA margin is a long-term aspiration. However, we continue to believe we can move adjusted EBITDA margin back to our mid-term target range of 20% to 22% once we have absorbed the loss of revenues associated with the home care and cleaning divestitures. In the fourth quarter, our adjusted EBITDA was $30.5 million, up 16% from the same period last year. Our adjusted EBITDA margin this quarter was 18% compared to 17% in the same period last year. For the full fiscal year, our adjusted EBITDA was $114.4 million, up 8% from the same period last year. Adjusted EBITDA margin this year was 18%, which is the same as last year. Now let's turn to other key measures of our financial performance: operating income, net income, and earnings per share in the fourth quarter. Operating income improved to $28 million in the fourth quarter, an increase of 17% over the prior period. Net income improved to $21.2 million in the fourth quarter, an increase of 27% compared to the prior period. Diluted earnings per common share for the quarter were $1.56 compared to $1.23 in the prior period, reflecting an increase of 27% over the prior period. Our diluted EPS reflects 13.6 million weighted average shares outstanding. Now let's review our balance sheet and capital allocation strategy. We maintain a strong financial position and healthy liquidity, enabling a disciplined capital allocation approach that both fuels long-term growth and generates significant value for our stockholders. Maintaining a disciplined and balanced capital allocation approach remains a priority for us. For the foreseeable future, we expect CapEx of between 1-2% of sales per fiscal year. Our cash flow from operations this quarter was $30 million, and we elected to use approximately $9.5 million of that cash to pay down a portion of our short-term higher interest rate borrowing. Although our usual target for debt to adjusted EBITDA is one to two times, we are currently slightly below that range. This provides us with strategic flexibility as we explore opportunities to return capital to stockholders and drive long-term growth. We continue to return capital to our stockholders through regular dividends and buybacks. Annual dividends will continue to be our priority and are targeted at greater than 50% of earnings. On October 9, the Board of Directors approved a quarterly cash dividend of $0.94 per share. During fiscal year 2025, we repurchased approximately 50,000 shares of stock at a total cost of $12.3 million under our share repurchase plan. We have approximately $30 million remaining under our current repurchase plan, which is set to expire at the end of this fiscal year. Looking ahead, we intend to accelerate our buyback activity and fully utilize the remaining authorization, underscoring our strong conviction in the long-term fundamentals of the business. We're focused on accretive capital returns that reflect our confidence in the long-term value of our stock. In fiscal year 2025, excluding the positive impact of the one-time non-cash income tax adjustment, our return on invested capital was 26.9%, improving from 25.5% last fiscal year and ahead of our target of 25%. Steven A. Brass: In September, we announced the sale of our 1001 and 1001 Carpet Fresh brands in The UK to Supreme Imports Limited, a Manchester-based consumer products company. The all-cash transaction valued at up to $7.5 million was completed in 2025. WD-40 Company is providing limited transition services for up to three months. This divestiture reflects our continued focus on optimizing our portfolio and directing resources toward areas that drive long-term value. We continue to make progress on the sale of our America's home care and cleaning product brands. Our investment base continues active discussions with multiple potential buyers. Although there's no certainty of the deal, we remain optimistic, and I will provide further updates as appropriate. Now moving to FY '26 guidance. Given the anticipated divestiture of our America's Home Care and Cleaning brands, we are continuing to present this year's guidance on a pro forma basis excluding the financial impact of the assets held for sale. We're also providing a pro forma view of fiscal year 2025 excluding the brands we divested in The UK in the fourth quarter, the brands currently held for sale, and the impact of the one-time tax benefit recorded in the second quarter, to help with modeling and period-over-period comparison. Please refer to our fourth quarter and full-year earnings presentation on our Investor Relations website for those details. Now with that backdrop, let's take a closer look at our guidance for fiscal year 2026. We're excited about what lies ahead in fiscal year 2026. By balancing strong performance today with thoughtful investments for tomorrow, we're building a foundation for lasting growth and long-term value creation. For fiscal year 2026, we expect net sales growth from the pro forma 2025 results is projected to be between 5-9% with net sales between $630 and $655 million after adjusting for foreign currency impact. Gross margin is expected to be between 55.5-56.5%. Advertising and promotion investment is projected to be around 6% of net sales. Operating income is expected to be between $103 and $110 million, representing growth of between 5-12% from the pro forma 2025 results. The provision for income tax is expected to be between 22.5-23.5%. And diluted earnings per share is expected to be between $5.75 and $6.15, which is based on an estimated 13.4 million weighted average shares outstanding. This range represents growth of between 5-12% over the pro forma 2025 results. This guidance assumes no major changes to the current economic environment. Unanticipated inflationary headwinds and other unforeseen events may affect our view of fiscal year 2026. In the event we are unsuccessful in the divestiture of The Americas Home Care and Cleaning brands, our guidance would be positively impacted by approximately $12.5 million in net sales, $3.6 million in operating income, and $0.20 in diluted EPS on a full-year basis. That completes the financial overview. Sara K. Hyzer: Now I would like to turn the call back to Steven A. Brass. Thank you, Sara, for that update. Steven A. Brass: As we close another fiscal year at WD-40 Company, I'm reminded how fortunate we are to lead such a remarkable business. We have a world-class brand with a sustainable competitive advantage, a highly diversified global footprint, and a long runway for growth. Our capital-light efficient business model generates significant cash, providing a strong financial foundation that allows us to invest in growing our brands and accelerate the development of our future leaders while continuing to prioritize returning capital to our investors. And if that's not enough, what did you hear from us on this call? You heard that we reported currency-adjusted pro forma net sales of $603 million, a 6% increase over FY 2024 results and right in line with our expectations. You heard that sales of our maintenance products were up 6% in both the fourth quarter and fiscal year and that this performance aligns with our long-term growth target. You heard that we estimate the benchmark sales opportunity for WD-40 Multi-Use Product to be approximately $1.9 billion and that we have achieved only 25% of that benchmark opportunity. You heard that we estimate the benchmark sales opportunity for WD-40 Specialist to be approximately $665 million and that we've achieved only 12% of that benchmark opportunity. You heard that we sold our UK home care and cleaning product brands. You heard that the full fiscal year delivered a gross margin of 55.1% or 55.6% if we remove the financial impact of the assets held for sale. You heard that for the fourth quarter, delivered a gross margin of 54.7%, an impressive 730 basis point improvement from 2021. You heard that supported by current performance and our strategic initiatives, we believe we're well-positioned to target a gross margin of above 55% in FY 2026. You heard that by looking ahead to fiscal year 2026, we intend to accelerate our buyback activity and fully utilize the remaining authorization, underscoring our strong conviction in the long-term fundamentals of the business. And you heard that we're issuing guidance for fiscal year 2026 on a pro forma basis excluding the brands we expect to divest this year. Thank you for joining our call today. We'd now be pleased to answer your questions. Operator: Ladies and gentlemen, please make sure your mute function is turned off to allow your signal to reach our equipment. If your question has been answered and you would like to withdraw your registration, please press the pound key then the number one on your telephone keypad. Your first question comes from the line of Daniel Rizzo from Jefferies. Hey, guys. Thanks for taking my question. Daniel Rizzo: I just need a clarification. So when you guys gave your initial guidance last year, that excluded the home care sales. Same thing as this year. But when you reported throughout the year, you reported including the home care sales. Is that correct? Sara K. Hyzer: Hi, Daniel. Yes. So in the press release and in the 10-Q, you'll see those include them, obviously, because those are reported on a GAAP basis or U.S. GAAP basis. In the investor deck on every quarter, we showed a pro forma view so that you could back out those sales, although you can easily see those sales in our footnotes because we do break out the HCCP sales in both The Americas and EMEA regions. But the pro forma view went a step further to take you all the way down in the P&L, you could actually see the impact down to EPS. Daniel Rizzo: Okay. So I'm looking at now. So the pro forma is $5.50 in EPS in 2025. Right? Sara K. Hyzer: That's correct. Daniel Rizzo: Alright. Sorry. I just wanted clarification on that. Thanks. Thank you for that. So then with you mentioned that I said kind of a mixed headwind. I was wondering if you could provide color on that. I mean, I've assumed the premiumization is kind of a mixed tailwind, but I was wondering what's kind of countering that you pointed out in the gross margin. Sara K. Hyzer: Oh, on the gross margin from a tailwind for the year? Daniel Rizzo: Well, you said there was a mixed headwind there and all the things. I was wondering what that what that what you're referring to. Sara K. Hyzer: Oh, I think the mixed what I, so maybe it clear. The mix is a sales mix and other miscellaneous sales or other miscellaneous mix impact. So yes, so the premiumization, if you look at it for the full year, it's more for the quarter, the impact for the quarter, the sales mix, and other miscellaneous mix impacts had a headwind of about 140 basis points. Daniel Rizzo: I'm sorry. Was just looking what exactly that is. Is that, like, is that I mean, just going distributor versus direct or how? Sara K. Hyzer: It's a mix. So, yes, it's a mix of both, how the market play out, so direct and distributors, but then there is also a mix of product. So premiumization, into that, but also bulk and specialist and MUPs. It's just a general product sales mix in addition to the market mix. Daniel Rizzo: Okay. And then my final question, you know, with premiumization, that's doing fairly well with the multi-use product. I wonder if premiumization like an easy reach straw or something like that would be applied to, like, the specialist product line. Is that something that's being considered? Or are we kind of far from that, or how we should think about it? Steven A. Brass: Hey, Daniel. It's Steve. And so the specialist the specialist yeah. The whole specialist line, you know, sells at a higher gross margin as well. So effectively, that is a premium. Every kind of the WD-40 Specialist we sell is margin accretive. And so that is a separate form of premiumization. Having said that, we already in several countries around the world, we've also launched particularly Easy Reach delivery system on things like our penetrant product, which you have in The U.S. and one or two other countries around the world. And so and certainly, Smart Straw, we leverage as part of our specialist premiumization strategy. So yes, it applies to both the core product and to specialists as well, Dan. Daniel Rizzo: Alright. Thank you very much. Operator: Your next question comes from the line of Keegan Cox from D.A. Davidson. Your line is open. Hi, guys. Keegan on for Michael Allen Baker today. Keegan Cox: I just wanted to ask if you could, you know, give any color or thoughts on potential gross margin headwinds and tailwinds that you're expecting within your 2026 guidance? Sara K. Hyzer: Hi, Keegan. This is Sara. So yes, I would say in our guidance, we have, you know, we have built in both headwinds and tailwinds. We are seeing stability from a cost input standpoint. And when you look at what we've built into our gross margin guidance, if oil stays at the levels that they're at right now, that could be a small tailwind for us since we've tried to be a little bit conservative in what we've built in for an oil assumption because you just never really know which direction that is going to go. There are a number of cost-saving initiatives that we have in the pipeline based on actions that we've taken in FY 2025. That will feed into FY 2026 along with new actions that we've built around cost supply chain optimization and continuation of the efforts that we've had in FY 2025 on the sourcing side. We had a lot of success this year from a global sourcing standpoint and our cost savings expectations that we had this year. Some of those will then benefit our margin going into FY 2026. Keegan Cox: Got it. And then as I looked at kind of the sales results in Asia Pacific specifically, say that five times, it looks like the distributors accounted for, you know, most of the growth there. What did kind of the runway left for, I guess, the that distributor market? Steven A. Brass: Sure. It's a very, very long runway. And so China also had a good well, all three areas were up, right? So Australia, I believe, was up 6% for the year. China was up in double digits. And then yes, for the fourth quarter in particular, we had a very strong comeback in distributor. And so as we look at all of those markets, there's a very, very long runway for growth. In places like Indonesia, where we've introduced our new kind of hybrid business model, it's been growing at a CAGR of around 20% over the past few years. Many of those other key markets across the Asia region have a very, very long runway for growth. And so the improved performance in the back half in Asia and there may be some kind of impact in terms of customer distributors are a little more lumpy, right? And so going into the first quarter, you may see some kind of pullback. That's just really, again, kind of inventory management in Asia for Q1. But beyond that, we see a really strong rebound in Asia Pacific later in the fiscal year. Keegan Cox: Got it. Thank you. Operator: Ladies and gentlemen, that does conclude our conference for today. We thank you for your participation on today's conference call. We ask that you please disconnect your line.
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TCF vendors Exponential Interactive, Inc d/b/a VDX.tvCookie duration: 90 (days).Data collected and processed: IP addresses, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Index Exchange Inc. Cookie duration: 395 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Non-precise location data, Precise location data, Privacy choicesmoreCookie duration resets each session. 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View details | Storage details | Privacy policy AdikteevDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Non-precise location data, Users’ profilesmoreUses other forms of storage.View details | Privacy policy RTB House S.A.Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Privacy policy The UK Trade Desk LtdCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Nexxen Inc.Cookie duration: 180 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. 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Uses other forms of storage.View details | Privacy policy Xandr, Inc.Cookie duration: 90 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Nexxen Group LLCCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy NEURAL.ONECookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy ADITION (Virtual Minds GmbH)Cookie duration: 90 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Active Agent (Virtual Minds GmbH)Cookie duration: 90 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy EquativCookie duration: 366 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Adform A/SCookie duration: 3650 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Magnite, Inc. Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy RATEGAIN ADARA INCCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Sift Media, IncDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Non-precise location data, Precise location datamoreView details | Privacy policy Lumen Research LimitedDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Browsing and interaction data, Non-precise location data, Privacy choicesmoreUses other forms of storage.View details | Privacy policy OpenXCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Yieldlab (Virtual Minds GmbH)Cookie duration: 90 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Simplifi Holdings LLCCookie duration: 366 (days).Data collected and processed: IP addresses, Device identifiers, Precise location datamoreUses other forms of storage.View details | Privacy policy PubMatic, IncCookie duration: 1827 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Comscore B.V.Cookie duration: 720 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Privacy policy FlashtalkingCookie duration: 730 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. 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Uses other forms of storage.View details | Storage details | Privacy policy Crimtan Holdings LimitedCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Privacy policy Criteo SACookie duration: 390 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreUses other forms of storage.View details | Storage details | Privacy policy Adloox SADoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location datamoreUses other forms of storage.View details | Privacy policy LiveRampCookie duration: 3653 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy WPP MediaCookie duration: 395 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Sonobi, IncCookie duration: 365 (days).Data collected and processed: IP addresses, Device identifiers, Non-precise location datamoreCookie duration resets each session. View details | Storage details | Privacy policy LoopMe LimitedCookie duration: 90 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Dynata LLCCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Ask LocalaDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Non-precise location data, Precise location data, Privacy choicesmoreUses other forms of storage.View details | Privacy policy AziraDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreUses other forms of storage.View details | Privacy policy DoubleVerify Inc.Doesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreView details | Privacy policy BIDSWITCH GmbHCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy IPONWEB GmbHCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Privacy policy NextRoll, Inc.Cookie duration: 395 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Media.net Advertising FZ-LLCCookie duration: 396 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Privacy policy LiveIntent Inc.Cookie duration: 731 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Basis Global Technologies, Inc.Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Privacy policy Seedtag Advertising S.LCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy SMADEX, S.L.U.Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Privacy policy Bombora Inc.Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Users’ profilesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Outbrain UK.Cookie duration: 1825 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Yieldmo, Inc.Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy A Million AdsDoesn't use cookies.Data collected and processed: IP addresses, Device characteristicsmoreView details | Storage details | Privacy policy Remerge GmbHDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location datamoreUses other forms of storage.View details | Privacy policy Affle Iberia SLCookie duration: 730 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Non-precise location data, Precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Magnite CTV, Inc.Cookie duration: 366 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Delta Projects ABCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreView details | Storage details | Privacy policy Zemanta Inc.Cookie duration: 1825 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy AcuityAds Inc.Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Rockerbox, IncCookie duration: 30 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Privacy choicesmoreUses other forms of storage.View details | Storage details | Privacy policy StackAdapt Inc.Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy OneTag LimitedCookie duration: 396 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Smartology LimitedDoesn't use cookies.Data collected and processed: IP addressesmoreUses other forms of storage.View details | Privacy policy Improve DigitalCookie duration: 90 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Adobe Advertising CloudCookie duration: 730 (days).Data collected and processed: IP addresses, Device identifiers, Authentication-derived identifiers, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Bannerflow ABCookie duration: 366 (days).Data collected and processed: IP addresses, Device characteristics, Non-precise location data, Privacy choicesmoreCookie duration resets each session. View details | Privacy policy TabMo SASCookie duration: 90 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Integral Ad Science (incorporating ADmantX)Doesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Browsing and interaction data, Non-precise location data, Privacy choicesmoreView details | Privacy policy WizalyCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy WeboramaCookie duration: 393 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreUses other forms of storage.View details | Storage details | Privacy policy Readpeak OyDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreUses other forms of storage.View details | Privacy policy Jivox CorporationCookie duration: 365 (days).Data collected and processed: IP addresses, Device identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Sojern, Inc.Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Polar Mobile Group Inc.Doesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Browsing and interaction data, Privacy choicesmoreView details | Privacy policy On Device Research LimitedCookie duration: 30 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location datamoreCookie duration resets each session. View details | Storage details | Privacy policy Exactag GmbHCookie duration: 180 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Privacy choicesmoreCookie duration resets each session. View details | Privacy policy Celtra Inc.Doesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Precise location datamoreUses other forms of storage.View details | Storage details | Privacy policy ADTIMING TECHNOLOGY PTE. LTDCookie duration: 30 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction datamoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Gemius SACookie duration: 1825 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy InMobi Pte LtdDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profilesmoreUses other forms of storage.View details | Privacy policy The Kantar Group LimitedCookie duration: 914 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Privacy policy Samba TV UK LimitedCookie duration: 390 (days).Data collected and processed: IP addresses, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Nielsen Media Research Ltd.Cookie duration: 120 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, User-provided data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy RevXDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Users’ profiles, Privacy choicesmoreView details | Privacy policy Pixalate, Inc.Cookie duration: 728 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location datamoreView details | Storage details | Privacy policy Triapodi Ltd. d/b/a Digital TurbineDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Privacy choicesmoreView details | Privacy policy AudienceProject A/SCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Eulerian TechnologiesCookie duration: 390 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Privacy policy Seenthis ABDoesn't use cookies.Data collected and processed: IP addresses, Device characteristicsmoreView details | Privacy policy travel audience GmbHCookie duration: 397 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy HUMANDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Non-precise location datamoreView details | Privacy policy Streamwise srlCookie duration: 366 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Innovid LLCCookie duration: 90 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Zeta Global Corp.Cookie duration: 390 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreView details | Privacy policy MadingtonDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Probabilistic identifiers, Non-precise location datamoreView details | Privacy policy Opinary (Affinity Global GmbH)Cookie duration: 60 (days).Data collected and processed: IP addresses, Device characteristics, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreUses other forms of storage.View details | Storage details | Privacy policy GumGum, Inc.Cookie duration: 90 (days).Data collected and processed: IP addresses, Device characteristics, Browsing and interaction data, Non-precise location datamoreCookie duration resets each session. View details | Storage details | Privacy policy Lucid Holdings, LLCCookie duration: 730 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Privacy choicesmoreUses other forms of storage.View details | Privacy policy Jampp LTDDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Precise location datamoreUses other forms of storage.View details | Privacy policy Realtime Technologies GmbHDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, User-provided data, Non-precise location data, Privacy choicesmoreUses other forms of storage.View details | Privacy policy DeepIntent, Inc.Cookie duration: 548 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Non-precise location datamoreCookie duration resets each session. View details | Storage details | Privacy policy HappydemicsDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreUses other forms of storage.View details | Privacy policy Otto GmbH & Co. KGaACookie duration: 365 (days).Data collected and processed: IP addresses, Device identifiers, Browsing and interaction data, User-provided data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Adobe Audience Manager, Adobe Experience PlatformCookie duration: 180 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy CHEQ AI TECHNOLOGIESCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristicsmoreCookie duration resets each session. 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It's safe to say UniFirst (UNF 4.84%) wasn't first in the minds of many market players Wednesday. The uniform and workwear specialist's share price took a nearly 5% hit on the day, following the company's release of fourth-quarter and full-year 2025 results. Its stock decline was notably more pronounced than the 0.5% dip of the benchmark S&P 500 (SNPINDEX: ^GSPC). Fundamentals declined, but still topped projections The quarter saw UniFirst earned revenue of just over $614 million, which was down from nearly $640 million in the same period of fiscal 2024. Net income according to generally accepted accounting principles (GAAP) also slid over that stretch of time, landing at slightly more than $41 million ($2.23 per share) against the year-ago profit of $44.6 million. Despite weakening fundamentals, both figures topped the average analyst estimates. Collectively, prognosticators tracking UniFirst's fortunes were anticipating less than $608 million on the top line, and GAAP bottom-line profitability of $2.08 per share. UniFirst said in its earnings release that its revenue decline was due to factors such as acquisitions and the impact of an extra week of business operations near the end of 2024. Had it not been for these, the company would have posted organic -- which excludes these and other items -- growth of almost 3%. Guidance was an issue Investors likely would have been pleased by the double beat; however, most of them tend to trade on future potential rather than trailing performance. And that was the rub for UniFirst. For the entirety of its current fiscal year (2026), it's modeling revenue of nearly $2.48 billion to almost $2.5 billion, with earnings per share coming in at $6.58 to $6.98. However, both ranges are below the average analyst forecasts of nearly $2.51 billion and $8.69, respectively.
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Wednesday, October 22, 2025 at 5 p.m. ET Call participants Chief Executive Officer — Scott C. Sanborn Chief Financial Officer — Drew LaBenne Head of Investor Relations — Artem Nalivayko Need a quote from a Motley Fool analyst? Email [email protected] Originations -- $2.62 billion in originations for Q3 2025, representing 37% year-over-year growth, and the highest quarterly level in three years. Revenue -- $266 million revenue for Q3 2025, up 32% year over year, fueled by expanded marketplace sales volumes and all-time high net interest income. Marketplace revenue -- 75% year-over-year growth to $108 million, reaching its highest point in three years, driven by loan sale volume lift and improved sale prices. Pre-provision net revenue -- $104 million pre-provision net revenue for Q3 2025, up 58% year over year. Net interest income -- $158 million net interest income for Q3 2025, an all-time record, supported by a $11.1 billion balance sheet. Net interest margin -- 6.2%. Non-interest expense -- Non-interest expense was $163 million for Q3 2025, up 19% year over year compared to Q3 2024 due primarily to increased marketing spend. Net income -- Net income was $44 million for Q3 2025, with diluted EPS of $0.37. Return on tangible common equity -- 13.2% (non-GAAP) for Q3 2025, exceeding management's guidance. Tangible book value per share -- $11.95 tangible book value per share. Deposit balance -- $9.4 billion total deposits for Q3 2025, slightly lower with a $100 million decrease in brokered deposits nearly offset by relationship deposits; LevelUp savings balances approaching $3 billion. Provision for credit losses -- $46 million for provision for credit losses, in line with stable credit and portfolio growth, factoring in longer-duration new businesses. Net charge-off ratio -- 2.9%, with future increases expected as loan vintages season. Structured certificate sales -- Over $1 billion sold in Q3 2025. BlackRock commitment -- Memorandum of understanding for up to $1 billion in loan purchases through 2026. Member base -- Now surpasses 5,000,000, with monthly app logins from borrowers up nearly 50%. LevelUp checking performance -- 7x increase in account openings versus the prior product, with nearly 60% of new account holders also being borrowers. Q4 2025 originations guidance -- Management projects $2.5 billion to $2.6 billion in new originations for Q4 2025, indicating year-over-year growth of 35%-41%. Q4 2025 outlook for ROTCE -- Expected range of 10%-11.5% in Q4 2025. Outlook for pre-provision net revenue -- Anticipated to be $90 million to $100 million in Q4 2025, inclusive of continued marketing investment. LendingClub (LC 1.20%) reported record net interest income and the highest originations and marketplace revenue in three years, attributing these results to product innovation, credit outperformance, and a growing member base. Management highlighted that demand for loans and marketplace products remains robust, with the company closing a memorandum of understanding earlier in the quarter with BlackRock for up to $1 billion in purchases through 2026. The shift to higher loan sale prices, significant engagement with new digital products, and continued funding cost optimization are central to LendingClub's current and projected operational momentum. LaBenne noted, "The business is firing on all cylinders, demonstrating the earnings power of our digital marketplace bank model." Management expects continued expansion through both balance sheet and marketplace channels, with a goal to "feed all of our desires to grow the balance sheet and we can feed all the investors in the marketplace that are paying the appropriate price." New rated products tailored for insurance capital, and the development of repeat member channels, are expected to bolster future loan sale pricing and acquisition efficiency. LendingClub intends to provide further strategic and financial guidance during the upcoming Investor Day on November 5. Industry glossary Structured certificates: Securitized pools of loans sold to institutional investors, often tailored to meet the investment criteria of specific buyers such as insurance companies. Held-for-investment (HFI): Loans retained on the company's balance sheet intended for ongoing investment income, rather than immediate sale. Held-for-sale extended seasoning portfolio: Loans held on the balance sheet past their initial origination period, aged to improve investor confidence and pricing, and designated for future marketplace sale. Pre-provision net revenue: A profitability metric calculated as total revenue less non-interest expenses, excluding provisions for credit losses. Return on tangible common equity (ROTCE): Net income divided by average tangible common equity, measuring profitability for ordinary shareholders while excluding intangible assets. Full Conference Call Transcript Operator: Ladies and gentlemen, thank you for joining us. And welcome to the LendingClub Corporation Q3 2025 Earnings Conference Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed in to today's call, please press 9 to raise your hand, 6 to unmute. We will now hand the conference over to Artem Nalivayko, Head of Investor Relations. Please go ahead. Artem Nalivayko: Thank you, and good afternoon. Welcome to LendingClub Corporation's third quarter 2025 earnings conference call. Joining me today to talk about our results are Scott C. Sanborn, CEO, and Drew LaBenne, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website. On the call, in addition to questions from analysts, we will also be answering some of the questions that were submitted for consideration via email. Our remarks today will include forward-looking statements, including with respect to our competitive advantages, demand for our loans and marketplace products, and future business and financial performance. Our actual results may differ materially from those by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release and earnings presentation. Any forward-looking statements that we make on this call are based on current expectations and assumptions, and we undertake no obligation to update these statements as a result of new information or future events. Our remarks also include non-GAAP measures related to our performance, including tangible book value per common share, pre-provision net revenue, and return on tangible common equity. You can find more information on our use of non-GAAP measures and a reconciliation to the most directly comparable GAAP measures in today's earnings release and presentation. Finally, please note all financial comparisons in today's prepared remarks are to the prior year-end period unless otherwise noted. And now, I'd like to turn the call over to Scott. Scott C. Sanborn: Thank you, Artem. Welcome, everybody. We delivered another outstanding quarter with 37% growth in originations, 32% growth in revenue, and a near tripling of diluted earnings per share. Innovative products and experiences, compelling value propositions, a 5,000,000 strong member base, consistent outperformance on credit, and a resilient balance sheet are all coming together to deliver sustainable, profitable growth. I'm excited to share more on our vision and our many competitive advantages at our upcoming Investor Day in two weeks, so I'll keep it brief today. Quarterly originations of $2.62 billion came in above the top end of our guidance, reflecting strong demand from both consumers and loan investors, our increased marketing efforts, and the power of our winning value proposition and customer experiences. With competitive loan rates enabled by our sophisticated credit models and a fast, frictionless process, we continue to be very successful at attracting our target customers. In fact, when our loan offers are made side by side on a leading loan comparison site, we close 50% more customers on average than the competition. We continue to be disciplined in our underwriting. Our asset yield remains strong, and our borrower base continues to perform well. In fact, we're delivering our originations growth while also demonstrating roughly 40% outperformance on credit versus our competitor set. Consistent strong credit performance on a high-yielding asset class has allowed us to confidently build our balance sheet, which now stands at over $11 billion, delivering a durable, resilient revenue stream that nonbanks can't replicate. In fact, this quarter we generated our highest ever net interest income of $158 million, enabled by a growing balance sheet and expanding net interest margin. Our loan marketplace is also thriving, with our reputation for strong credit performance and innovative solutions attracting marketplace investors at improving loan sales prices. We grew marketplace revenue by 75% to our highest level in three years and had our best quarter ever for structured certificate sales totaling over $1 billion. We also secured earlier in the quarter a memorandum of understanding by which funds and accounts managed by BlackRock would purchase up to $1 billion through LendingClub Corporation's marketplace programs through 2026. What's more, our new rated product, specifically designed to attract insurance capital, is capturing strong interest, which should help us to continue to improve loan sales prices and further boost marketplace revenue. As excited as I am about our financial performance, I'm equally excited about what we're seeing in member engagement and behavior. Our mobile app, combined with high engagement products and experiences like LevelUp checking and DebtIQ, are successfully encouraging members to visit us more often and are driving new product adoption. We launched LevelUp checking in June as the first-of-its-kind banking product designed specifically for our borrowers. Members are responding positively, with a 7x increase in account openings over our prior checking product. In a recent survey, 84% of respondents said they were more likely to consider a LendingClub Corporation loan given the offer of 2% cash back for on-time payments through LevelUp checking. And what's really encouraging is that nearly 60% of new accounts being opened are being opened by borrowers. Our efforts are driving a nearly 50% increase in monthly app logins from our borrowers, and with that engagement, an increasing portion of our repeat loan issuance is now coming through the app. That's proof that these investments are enabling lower-cost acquisition from repeat members, keeping pace with our new member growth as we continue to ramp our marketing efforts. We'll share more examples at Investor Day of how our intentional product design, coupled with an engaging mobile experience, is creating a flywheel to increase lifetime value. Before I turn it over to Drew, I want to thank all LendingClubbers for their incredible execution and dedication to improving banking for our more than 5,000,000 members. Their efforts are paying off, and I look forward to building on our momentum. With that, I'll turn it over to you, Drew. Drew LaBenne: Thanks, Scott, and good afternoon, everyone. We delivered another outstanding quarter, extending the momentum we built throughout the first half of the year. For the third quarter, we generated improved results across all key measures, including originations, revenue, profitability, and returns. Total originations grew 37% year over year to over $2.6 billion, reflecting the impact of our growth initiatives, scaling of our paid marketing channels, and continued expansion of loan investors on our marketplace platform. Revenue grew 32% to $266 million, driven by higher marketplace volume, improved loan sales prices, and expanding net interest income. Pre-provision net revenue, or revenue less expenses, grew 58% to $104 million, reflecting the scalability of our model. The net impact of all these items is that we nearly tripled both diluted earnings per share and return on tangible common equity to $0.37 per share and 13.2%, respectively. The business is firing on all cylinders, demonstrating the earnings power of our digital marketplace bank model. Now, let's turn to Page 12 of our earnings presentation. We will go further into originations growth. We delivered our highest level of originations in three years. Borrower demand remained strong, as the value we are providing in the core use case of refinancing credit card debt continues to be compelling. Loan investor demand also remains strong, with marketplace buyers looking to increase orders and prices steadily improving. Demand for our structured certificate program continues to grow as we added the rated product attracting new insurance capital. In addition to $1.4 billion of new issuance sold, we also sold $250 million of seasoned loans out of the extended seasoning portfolio, which included a rated transaction supported by Insurance Capital. Our consistently strong credit performance sets us apart from the competition and is one of the reasons we have been able to sell all of these loans without any need to provide credit enhancements. Leveraging one of the benefits of being a bank, we grew our held-for-sale extended seasoning portfolio to over $1.2 billion, consistent with our strategy to grow our balance sheet while maintaining an inventory of seasoned loans for our marketplace buyers. Finally, we retained nearly $600 million on our balance sheet in Q3 in our held-for-investment portfolio. Now let's turn to the two components of revenue on Page 13. Non-interest income grew 75% to $108 million, benefiting from higher marketplace sales volumes, improved loan sales prices, continued strong credit performance, and lower benchmark rates. Fair value adjustment of our held-for-sale portfolio benefited by approximately $5 million in the quarter from lower benchmark rates. Net interest income increased to $158 million, another all-time high, supported by a larger portfolio of interest-earning assets and continued funding cost optimization. The growth in this important recurring revenue stream is expected to continue into the future as we leverage our available capital and liquidity to further grow the balance sheet. If you turn to Page 14, you will see our net interest margin improved to 6.2%. We continue to see healthy deposit trends, and total deposits ended the quarter at $9.4 billion, a slight decrease from last year. The change was primarily attributable to a $100 million decrease in brokered deposits, which was mostly offset by an increase in relationship deposits. LevelUp savings remains a powerful franchise driver, approaching $3 billion in balances and representing the majority of our deposit growth this year. We are maintaining a disciplined approach to deposit pricing while providing meaningful value for our customers. Turning to expenses on Page 15, non-interest expense was $163 million, up 19% year over year. As we signaled last quarter, the majority of the sequential increase was driven by marketing spend as we continue to scale, test, and optimize our origination channels to support continued growth in 2026. We continue to generate strong operating leverage on our growing revenue, and our efficiency ratio approached an all-time best in the quarter. Let's move on to credit, where performance remains excellent. We continue to outperform the industry with delinquency and charge-off metrics in line with or better than our expectations. Provision for credit losses was $46 million, reflecting disciplined underwriting, stable consumer credit performance, and portfolio mix. Our net charge-off ratio improved modestly again this quarter to 2.9%, and we continue to see strong performance across our vintages. I would highlight that the net charge-off ratio also continues to benefit from the more recent vintages we've added to the balance sheet. We expect the charge-off ratio to revert upwards to more normalized levels as these vintages mature. These anticipated dynamics are already factored into our provision. On Page 16, you will see that our expectation for lifetime losses is also stable to improving across all vintages. Turning to the balance sheet, total assets grew to $11.1 billion, up 3% compared to the prior quarter. Our balance sheet remains a competitive strength, allowing us to generate recurring revenue through retained loans while maintaining the flexibility to scale marketplace volume as loan investor demand grows. We ended the quarter well-capitalized with strong liquidity and positioned to fund future growth without raising additional capital. Moving to Page 17, you can see that pretax income of $57 million more than tripled compared to a year ago, hitting a record high for the company. Taxes for the quarter were $13 million, reflecting an effective tax rate of 22.6%. We continue to expect a normalized effective tax rate of 25.5%, but we may have some variability in this line due to the timing of stock grants and other factors. Putting it all together, net income came in at $44 million, and diluted earnings per share were $0.37, which nearly tripled compared to a year ago. Importantly, return on tangible common equity of 13.2% showed continued improvement and came in above the high end of our guidance range, and our tangible book value per share now sits at $11.95. As we look ahead, the business enters the fourth quarter with significant momentum. Loan investor demand remains strong, loan sales pricing continues to trend higher, and our product and marketing initiatives are driving high-quality volume growth. As a reminder, in Q4, we typically see negative seasonality on originations due to the holiday season. With that in mind, we expect to deliver originations of $2.5 to $2.6 billion, up 35% to 41% year over year, respectively. Our outlook for pre-provision net revenue is $90 million to $100 million, up 21% to 35%, respectively. Our outlook assumes two interest rate cuts in Q4 and includes increased investment in marketing to test channel expansion, which will support originations growth in future quarters. We expect to deliver an ROTCE in the range of 10% to 11.5%, more than triple year over year. We will provide additional details on our strategic and financial framework at our Investor Day on November 5, where we hope you will join us. With that, we'll open it up for Q&A. Operator: We will now begin the question and answer session. A reminder that if you would like to ask a question, please raise your hand now. And star six to unmute. Your first question comes from the line of Bill Ryan with Seaport Research Partners. Your line is open. Please go ahead. Bill Ryan: Hello. I think you're on mute. Drew LaBenne: Got it. Operator: Thanks. So first question, I just want to ask about the disposition plans. Looking into the future between your various channels, structured certificate, whole loans, and extended seasoning, and what your plans are to continue to grow the held-for-investment portfolio on the balance sheet. Looks like there's a little bit of mix shift last couple of quarters, dialing back on the whole loan sales, focusing on the other two. And if you could also kind of maybe talk about the economics of what you're seeing between the various disposition channels. Drew LaBenne: Yeah. Great. Hey, Bill. Thanks for the question. So, you know, for HFI for Q4, it's kind of steady as she goes in terms of what we plan each quarter. So we're targeting, you know, roughly $500 million in HFI, and that sort of just depends on how the quarter evolves. Sometimes that's a little higher, a little lower. I'd say, generally, it's been a little higher the past couple of quarters. The other programs are roughly in line with where we've been for the past couple of quarters. We see demand for structured certificates being strong. We're seeing good pickup in the rated product as well, and we, as I mentioned, we sold one of those out of extended seasoning this quarter, a rated deal that is. So demand is strong and still there, and with issuance being targeted to be roughly the same, kind of the mix and disposition should also be roughly the same. I guess, Bill, to make sure you're tracking, you probably are. Not all of these sales are equal. Historically, whole loan sales to banks would come at a different price than, say, whole loan sales to an asset manager. As the insurance-rated transactions have been coming in, those prices, as we mentioned in the script, are really approaching bank prices now. And in those cases, we're generally not retaining the A note. So effectively, it is a whole loan sale, and it's coming at a higher price. So it's really the mix is based on where we're getting the best execution, and, you know, we are looking to certain channels. So that's a channel we're developing, and it's going in the direction we like, which is building demand and higher prices there. Bill Ryan: Okay. Thanks, Scott. And just one big picture follow-up. If you can maybe kind of touch on the competitive state of the market. I mean, origination volumes have increased quite a bit across the board. You've heard about some companies maybe have opened their credit boxes a little bit. Some with product structure, if you will. Fixed income investors' allocation more capital to the sector. I mean, if you could kind of give us an overview of have you seen any pressure on your underwriting standards at all? Scott C. Sanborn: No. We haven't. I'd say, you know, as we say every quarter, this has always been a competitive space. In our case, our growth is coming off of a low, and it's coming off of a low that's been informed not just by tighter credit underwriting, which, you know, we're maintaining the discipline there, but also because we just pulled back on marketing. So our ability to grow is if you still look at, you know, where you can see volume levels, you'll see we're still running below historical levels of spend and volume. In a TAM that's larger than it ever was. So we're not seeing the space as competitive. It's no more competitive than it was last quarter or the quarter before. As usual, we see a mix in who we're competing with in different environments. So when the interest rate environment shifted, we were competing more with banks and less with fintechs. I'd say now we're competing a bit more with fintechs and a little bit less with some of the banks, but that doesn't it's not changing, certainly not affecting our underwriting standards. You know, we are absolutely in this for the long game. And as you know, we're bringing our own cooking here. So we are looking to make sure we are delivering the returns for ourselves as well as for our loan buyers, and we don't view the way we get rewarded long term is by posting a temporary jump in growth through short-term making on credit. Bill Ryan: Okay. Thanks for taking my questions. Operator: Next question comes from the line of Tim Switzer with KBW. Tim, your line is open. Please go ahead. Tim Switzer: Hey, good afternoon. Thanks for taking my questions. My first one is, can you explain what drove the higher loss in the net fair value adjustment? And, you know, I think you mentioned earlier on the call that pricing seems to be holding up on loan sales. So just curious what drove that adjustment line. Drew LaBenne: Yeah. So keep in mind, we had a positive fair value adjustment in Q2 that I believe was about $9 million in the quarter, and we had $5 million this quarter. So positive adjustments in both quarters, but it was larger in Q2 than it was in Q3. And so that's a big part of the delta right there. You know, as I said, prices moved up a little bit, so it's not price that's driving that. The other piece is as we have a larger extended seasoning portfolio, there is natural roll down that happens, and that comes through that net fair value adjustment line. So that's also a little bit of the change that we're seeing quarter over quarter. It's just a larger portfolio. Tim Switzer: Got you. Is there a good way for us to be able to model the impact of the extended seasoning portfolio? Drew LaBenne: There is. It's probably a little complicated to get into the details on this call, but we can follow up with you afterwards. Tim Switzer: Appreciate that. We can do it offline. Scott C. Sanborn: Yeah. Tim Switzer: And then can you also walk us through the loan reserve dynamic a bit this quarter because it went up quite a bit, but if we look at your slide 16, that indicates lower loss expectations for those legacy vintages, I guess, and you obviously didn't grow the HFI book a whole lot. So I'm just curious on, you know, what was that reserve going up for, I guess? Drew LaBenne: Yep. So two factors. Again, last quarter, there was a one-timer that we called out in the provision line because we had a re-estimation of the lifetime losses, and that caused a positive benefit in the provision line. And so I think there's about $11 million. Right, Artem? Yeah. $11 million last quarter that you know, credit was great again this quarter, but we didn't do a change in the reserve on the previous vintages. So that's one factor. The other is just as we're growing some of our businesses, like, for example, our purchase finance business into HFI, the duration's a little longer, so it has a little higher upfront CECL charge, but also fantastic economics on balance sheet. And so those are the two main drivers. Tim Switzer: Gotcha. Thank you. And, one last one real quick. Can you explain what drove the increase in diluted shares? And the period went up a little bit, but not nearly as much as diluted share count. Sorry if you said this earlier on the call. Drew LaBenne: Yeah. No. I think share price is probably the biggest factor. Right? If you just do the treasury, if you just think of the treasury stock method on the diluted shares, the higher the share price, the more dilution you effectively get on the outstanding, you know, grants that have been issued. So there wasn't there was no step change in terms of kind of the, you know, the vehicles that cause diluted share count. Tim Switzer: Got you. Alright. Thank you. Drew LaBenne: Thank you. Operator: Next question comes from the line of Giuliano Bologna. Your line is open. Please go ahead. Giuliano, your line is open. Please go ahead. Joanna, I think you're on mute too. Okay. We can come back to Giuliano. We'll move on to Vincent Caintic of BTIG. Line is open. Please go ahead. Vincent Caintic: Hi. Great. Can you hear me? Scott C. Sanborn: Yes. Vincent Caintic: Yes. Having some tech issues. I have a feeling maybe others are as well. But yeah, so thank you for taking my questions. First question, kind of a follow-up on that funding side. And I want to ask it, kind of the demand for, you know, your marketplace loans, the structured certificates, and the seasoned portfolio. It's great to see that there's so much demand. And, you know, I think a lot of there's been a lot of investor questions over the past months where, you know, we've seen some other companies have some issues, some bankruptcies, and so forth. And so there's been some concerns broadly about institutional investor appetite for fintech-originated loans. So it looks like your demand is great. And I was wondering if you can maybe talk about kind of the broad industry and if you're seeing any differentiation. And if maybe that's a competitive advantage of your funding vehicles and mechanisms versus the rest of the industry. Thank you. Drew LaBenne: Yes. So thanks for the question, Vincent. A lot there. So I'd say, first of all, the comments I'm going to make are really just focused on our asset class in our industry, so not, you know, auto securitizations or any of the other things that are going on. But, you know, we just actually our team was just at a conference yesterday talking to, you know, loan current investors and potential investors, and I'd say the appetite is still very strong. I don't think there's any fade on the appetite at all for, you know, the various vehicles that are out there, whether it's a structured product, the rated product, or, you know, whole loans out of extended seasoning. So demand is definitely there. I think track record matters. So the demand is there for us. I think it's certainly there for other issuers as well. But I'd say on the margin that issuers are also being maybe slightly more cautious on who they're partnering with, and we're hearing that in we've been the partner of choice for years, and I think continue to be. So I think that plays to our advantage. Obviously, we're always watching the ABS markets to see if there's any, you know, major disruption there. And haven't seen much. Certainly, there's been a little noise, as you indicated, over the past couple of weeks, but in summary, demand remains good. Prices are strong, so we're feeling good going into the fourth quarter. Vincent Caintic: Okay. Great. Thank you. That's very helpful. And I guess also, real okay. Scott C. Sanborn: Just a little added color. We're certainly hearing that some capital providers are further narrowing their selection of who they're working with. But, you know, hard for us to kind of but, you know, we remain in the wallet and remain a really primary important partner there, but certainly hearing some chatter of that. Vincent Caintic: Okay. Great. That's super helpful. Thank you. And, actually, kind of related to, you know, the volatility we've been hearing over the past month just in broader consumer credit. Just wondering if you could talk about, you know, your credit performance and what you're seeing. So it was great to see charge-offs at 2.9% this quarter. That's great. Just wondering if you're noticing maybe not in the loans that you're that are on your balance sheet already. But as you get applications, maybe has the quality of that changed? Are you noticing maybe any themes in terms of delinquency evolution like, maybe with lower credit tiers or any comments you might say be seeing with that relative to press trend? Scott C. Sanborn: Yeah. No. I mean, I'd say for us, you know, reminder, we remain very, very restrictive compared to, you know, pre-COVID. And that is even more so the case in sort of the lower credit area. So I acknowledge there's definitely been a decent amount of press about a bifurcated economy and, you know, where certain subsets of consumers could be struggling. But, you know, in our portfolio, given how we're underwriting today, I mean, just for an example, there's talk about, you know, consumers earning less than $50k a year. I think that represents 5% of our originations right now. So very, very small. Same thing with student loans. As you know, we've restricted underwriting to that group. So the percent of that are, you know, delinquent on a student loan and current on us is, you know, now measured in basis points and is shrinking. So we on our book aren't seeing anything more than the normal kind of, you know, variability that you adapt and continue to manage to, which our platform is set up and our team is set up to do that quite well. So no not, you know, no kind of broad themes. Despite, again, we're reading the same thing you are, but we're not seeing it in our book. And I think that's based on how we're underwriting. Vincent Caintic: Great. Thanks. And maybe I'll sneak one more in, and this might end up having to be for the investor meeting. We want to leave some meat on there. But your CET1 of 18% is very healthy. I'm just wondering how much is too much. Thank you. Drew LaBenne: We'll see you in November. Vincent Caintic: Sounds good. Alright. Thanks, guys. I appreciate it. See you then. Drew LaBenne: In all seriousness, I think what you know, a little bit on that is, we do have what we would say is some excess capital, and our plan is to use that for growing the balance sheet as we ramp up originations. And, you know, if we have enough capital to satisfy that primary goal and more than enough after that, then I think we'll consider other options. Vincent Caintic: Okay. Great. And see you November 5. Thanks very much. Operator: Okay. Thank you. Our next question comes from Giuliano Bologna from Compass Point. Your line is now open. Giuliano Bologna: Sounds good. Hopefully, you guys can hear me now. I have the unmute notification this time. Congratulations on a great quarter. You know, it's great to see that, you know, continued, you know, great results. When I look forward, I mean, there's obviously a tremendous amount of demand, you know, through the marketplace, whether structured certificates or whole loan sales. I'm curious in a sense how much more do you think you'd want to grow that versus grow the kind overall HFI pie? Because, you know, the outlook is called 45% between HFI and extended seasoning. Which is a pretty, you know, healthy amount, and it looks like that could, you know, keep growing balances. But just trying to think about, you know, how you think about the balance going forward because you have a lot of dry powder, a lot of liquidity, a lot of capital to kind of keep pushing. So I'm curious how you think about how much you do want to, you know, push both sides there? Drew LaBenne: Yeah. And we'll get into this more at investor day. So but to give you an answer now for, you know, for Q4, the or even longer term. I mean, the end goal is to grow originations enough that we can feed all of our desires to grow the balance sheet and we can feed all the investors in the marketplace that are paying the appropriate price for the loans we're originating. So our goal is to be able to do both. And then, you know, if we're not quite there on total originations, then it's a bit of a balancing act. Right? We still want to see healthy growth on the balance sheet, but we originate loans that are better off in the marketplace on the sheet, and we're going to sell those. And we have long-term investors that we want to keep our relationship with, so we're going to make sure we're able to allocate to them as well. So, you know, always a bit of a balancing act while we're still ramping originations. The end goal is we have enough originations to feed both sides. Giuliano Bologna: That's very helpful. One thing I'm curious about, when I look at your marketing spend, as a percentage of volume, it, you know, came up a little bit, but it's still, you know, much lower than I would've expected, you given that pushing some new marketing channels. I mean, I'm calculating it, you know, 1.55%, 1.553%. You know, you obviously, you know, highlighted that you're gonna push a little bit more harder on the marketing side. In April, you know, in anticipation of, you know, growth in '26. Scott C. Sanborn: Know, looks like, you know, I mean, HFI was down, so there should be, you know, a little bit less of a benefit from more, you know, capitalization or amortization of that through, you know, on HFI. But seems like that's, you know, continued to be very efficient, you know, from a, you know, percentage of volume perspective. I'm just curious, you know, how I should think about that, you know, going over going forward over the next few quarters. Scott C. Sanborn: Yeah. So as I mentioned, I think we, you know, excitedly, I'd say we still see a lot of opportunity there. Right? We are coming from a place of reasonably low activity into a market that I think is pretty attractive in terms of the value proposition to the consumer, the experience we've got. We, you know, it's our efforts are working well. We are still, I mean, we're only two quarters into restarting direct mail as an example. We're on the third version of our response model. We will be on our fourth as we exit the year, you know, building the creative optimization library, optimizing the experience, and, you know, then take that across some of the other channels like digital and all the rest. So we still have a lot of opportunity in front of us. I think what you're also seeing in Q3 is not just the performance of those channels being, you know, positive. But also some of our other efforts. I touched on it in my prepared remarks. Our other we are growing, you know, we delivered 37% growth year on year. That was both in new and in repeat marketing over indexes to driving new. But repeat is coming at a, you know, much lower much lower cost. So our ability to scale that at an equivalent pace, we're still at fifty to jump in year on year marketing spend. We're still, you know, drive roughly fifty with new versus repeat. So both of those efforts are working in the external marketing efforts. And then the efforts to drive repeat and lifetime value from our customers. Giuliano Bologna: That's very, very helpful. I appreciate it. And, yeah, congrats on team performance. I'm looking forward to seeing you guys, you know, in a couple of weeks. Scott C. Sanborn: Great. Thanks, Giuliano. Operator: Thank you. And your next question comes from Reggie Smith of JPMorgan. Your line is open. Please go ahead. Reggie, your line is open. Reggie Smith: You're on mute, Reggie. Reggie Smith: There we go. Can you hear me now? Scott C. Sanborn: Yes. Reggie Smith: I'm sorry. I wanted to follow-up on the last question. So kind of thinking about marketing, you know, obviously, it costs less to reengage a previous customer. I guess thinking about that expense ratio, you know, the 1.5 that we see on the income statement, my sense is that it's not evenly distributed and that, you know, maybe your incremental or your marginal loan is a little bit more. Help me understand, I guess, how inefficient that is, or where is the marginal cost to underwrite a loan? And then maybe frame that against you could sell one for. Like, it's my sense and my gut is that despite the fact that your marketing channels are not optimized, that it's still, there's still room there to kind of go, almost as though you're leaving money on the table possibly. Not in a bad way, but just thinking about the opportunity there. So maybe talk a little bit about what the marginal cost to acquire a new loan is and then maybe frame that against, you know, what you can sell these loans for. Looks like origination, your marketplace ratio is about 5%. So there seems to be a lot of room there. But anything you could share there would be great. Thank you. Scott C. Sanborn: Yeah. So you're certainly thinking about it the right way. We're underwriting marginal cost of acquisition that reflects the lifetime value of the customer. And, you know, the part of this process, you know, book. And what we are very, very focused on is profitable sustainable growth. Right? We're not looking to just post inefficient volume that we can't rinse and repeat and drive further. So as we push into these new channels, we're where we'll find that efficient frontier and then we work to basically bring it in, right, by improving our targeting models, improving our creative and response rates, improving our pull-through on the experience and the conversion rate on the experience so that we can then go deeper and push harder in those channels. So I think you're right that we have more room to go, but it is very mathematically and or scientifically backed. Right? We've got a very good handle on what we can expect to get from our customers. Now that number is going up. Right? As we and we'll share a little bit more info on this. But as we get better and better, you know, these repeat customers are not only lower cost to acquire, they're also lower credit loss. And, oh, by the way, if we get you back once, it's likely we're gonna get you back three or four times. So, you know, there really is a real long-term benefit here. That will drive up the lifetime value, which will drive up our ability to pay up at acquisition, but we're building towards it. And we're building towards it incrementally every quarter. Reggie Smith: That makes sense. And if I could sneak one more in, I'd love to hear more about the BlackRock program and the insurance sales channel. If I'm thinking about that right, I guess, this is a way for civilians to get exposure to these types of notes? Like, is the liquidity there for the consumer, are they able to sell that stuff back? Like, how does that kind of work? And then on the insurance side, like, do you think we'll get to a point where you're announcing, you know, a committed number from the insurance channel, like you do for, you know, kind of private credit today? Thank you. Drew LaBenne: Yeah. So a couple of things there. One, this is not direct-to-consumer sales that's happening. This is really, you know, in the BlackRock example, I think they have many different ways that they may, you know, represent other clients where they're managing money to purchase this program. So I wouldn't want to box it into just one use case for them, but it's not a, you know, direct or indirect to consumer investors that's happening in any way. I think the insurance pool is extremely deep. And so, you know, these are insurance companies who are taking premiums for various insurance policies and investing that money. So, you know, it's a massive pool. It is, as Scott was saying, it usually, the price is not quite as good as banks, but generally, it's still a very low cost of capital. And so we think we can make progress in terms of growing that channel and helping our overall price that we're selling loans at as well. Reggie Smith: And I guess on the direct-to-consumer point, is that possible? Maybe not with BlackRock, but is that, like, a channel that one day could be a thing, or are there things that prevent that, regulatory-wise, that would prevent that or make that difficult? Scott C. Sanborn: So there is capital in our loan book today that is provided by it's usually coming through funds that are managed by RIAs at some of the wealth managers and, you know, hedge funds and all the rest. So there is private individual investor capital coming in to purchase the asset. So that's one. Going direct to consumer retail would be, you know, going back to our original model. And if you recall, you know, it is doable. Then the loans become securities, which comes with a lot of overhead and disclosure requirements, and we have been able to operate a much better business without that because what I mean by that is you we are required to announce when we make pricing changes. We're required to announce when we make credit changes. We had all of our competition downloading our publicly available data and using it to compete against us because we had to tell them what we were doing. So it's not something I would gladly go back in that old structure. But, certainly, high net worth individual through funds is a source of capital today. I was thinking about how I would love to pick up some yield versus what I get in my savings account now. Reggie Smith: So I think there's something there. I don't know. Scott C. Sanborn: We could open it up. Reggie Smith: Thanks a lot. Listen. Great quarter, guys. We'll talk soon. Thanks. Drew LaBenne: Thanks. Operator: Thank you. And a reminder that if you'd like to ask a question, please raise your hand. Our next question comes from Kyle Joseph of Stephens. Line is open. Please go ahead. Kyle Joseph: Hey. Good afternoon. For taking my questions. You guys have touched on this a bit, but just looking at Slide 10 and kind of delinquency trends amongst FICO bands. Obviously, at least amongst the competitor set, you saw a pretty big increase on the lower band there. Just give us a sense for how that impacts your originations, and investor demand, and, you know, where you're seeing kind of the best bang for your buck in terms across the FICO band score? Scott C. Sanborn: Yeah. So that doesn't directly affect us, as I touched on before. You know, we're certainly hearing some chatter about maybe people consolidating with a smaller handful of originators that have shown themselves to have more stable and predictable performance. What we're always looking at is what does the application profile look like coming at us? Is it shifting? Is it shifting in a way we like, we don't like? So, you know, when you see an uptick like that, it's generally gonna result in somebody else pulling back. It's we don't know. Is that one platform too? Three? Like, hard for us to say, but we'll be monitoring and adapting to is making sure we continue to get a consistent through-the-door population. And that we want. And because it may provide some opportunity. It might provide some risk, and that's part of, you know, what our day job is. Kyle Joseph: Got it. Helpful. And then, just one follow-up for me. Talked a lot about marketing expenses today, but just, you know, and imagine you'll cover this at the investor day as well. But just, you know, a sense for the operating leverage you have on the remaining expense items. Drew LaBenne: Yeah. We think it's pretty significant. We will get into it more at investor day. I think you can already see it happening right now in terms of, you know, the revenue growth we've produced year over year compared to expenses. And that's certainly not to say that other expenses won't go up as we grow the company. But I think marketing is where you'll see the most variable cost as we scale up. Kyle Joseph: Got it. That's it for me. Thanks very much for taking my questions. Scott C. Sanborn: Great. Operator: Thank you for your questions. I will now turn the call to Artem for some questions via email. Artem Nalivayko: Alright. Thanks, Kevin. So Scott and Drew, we've got a couple of questions here that were submitted by our retail investors. First question is, we noticed a difference in origination growth rate across issuers and originators. To what do you attribute differences in growth? Scott C. Sanborn: Yeah. So first, thanks to all the retail investors for submitting. I understand from Artem that we got quite a few this quarter, so that's great. Yeah. As we talked about on the call, not all originations are created equal. Our focus is on profitable sustainable originations growth, and, you know, I think 37% growth in originations to a level that's, you know, really getting close to our highest over the last several years. Is also coming with record high pretax net income and also coming with outperformance on credit by 40%. So it's we're not just looking at one number, which is dollars originated year on year. We're looking at a combined balance of what we think makes for a sustainable, profitable business. Artem Nalivayko: Perfect. Alright. Second question. You talked a little bit about a potential rebrand coming up. Any updates on the status? Scott C. Sanborn: Yep. I'm only talking about it because you all keep asking. But I would say we're yes. We have done quite a bit of work this year, and we're in the final stages of the let's call it, the research and development phase and landing on, you know, where we want to take it. Very excited about it. We're now entering the planning and execution phase. Which we're gonna be pretty deliberate about, as it won't surprise anyone on this call. We built up equity in this brand after almost twenty years. We think a new brand will give us a broader permission set with our customer base and kind of create new opportunities for us, but we gotta make sure we don't lose the, you know, tens of thousands of positive reviews and awards and our conversion rate that we finally honed across all these channels and so lots of work to do. So when will it be, you know, out in the ether will be probably of next year. Don't hold me to that date exactly, but we're doing the planning phase to make sure we know exactly what we're gonna get and can support it with the, you know, marketing oomph that it's gonna need to be successful. Artem Nalivayko: Alright. Perfect. And last question. Just any updates on the product roadmap or launching any new products? Scott C. Sanborn: Yeah. So, obviously, this year, as we've been getting back to growth, we've also been, you know, expanding our ambitions on the product mix. We talked about LevelUp checking on the call today. Of savings has been a big driver, which I think Drew talked about that IQ this year. So there is absolutely more to come. That's part of the reason we're gonna be investing in a new brand. What I'd say is, you know, stay tuned for investor day where we'll talk a little bit more about some opportunities we're gonna be pursuing in the years to come. Artem Nalivayko: Alright. Perfect. Thanks, Scott. Alright. So thank you, everyone. With that, we'll wrap up our third quarter earnings conference call. Thanks again for joining us today. And if you have any questions, please email us at [email protected].