Operator

Greetings, and welcome to the Willdan Group Fourth Quarter and Fiscal Year 2025 Financial Results Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce Al Kaschalk, Investor Relations. Please go ahead, sir.

Al Kaschalk
Vice President of Investor Relations

Thank you, Rochelle. Good afternoon, everyone, and welcome to Willdan Group’s Fourth Quarter 2025 Earnings Call. Joining our call today are Mike Bieber, President and Chief Executive Officer; and Kim Early, Executive Vice President and Chief Financial Officer.

Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today’s press release and in the presentation slides, all of which are available on our website. Please note that year-over-year commentary or variances on revenue, adjusted EBITDA and adjusted EPS discussed during our prepared remarks are on an actual basis unless otherwise specified.

We will make forward-looking statements about our performance. These statements are based on how things we see today. While we may elect to update these forward-looking statements at some point in the future, we do not undertake any obligation to do so. As described in our SEC filings, actual results may differ materially due to risks and uncertainties.

With that, I’ll hand the call over to Mike, who will begin on Slide 2.

Michael Bieber
CEO, Director & President

Thanks, Al. We closed 2025 with record financial performance and strong momentum across

Netflix, Inc. (NFLX) shares surged nearly 9% in after-hours trading Thursday after the streaming leader announced it would not match a higher competing bid from Paramount Skydance for Warner Bros. Discovery, ending months of merger speculation.

The stock closed regular trading at $84.59, up 2.29% or $1.89 on volume of more than 85 million shares. After-hours prices climbed to around $92, with some platforms showing peaks near $92.56, reflecting strong investor approval of Netflix’s decision to avoid an expensive escalation.

Netflix co-CEOs Ted Sarandos and Greg Peters stated the company declined to raise its offer after Warner Bros. Discovery’s board deemed Paramount Skydance’s latest proposal a “superior” one under their existing merger agreement. “The transaction we negotiated would have created shareholder value with a clear path to regulatory approval,” they said. “However, we’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive.”

The move follows Netflix’s December agreement to acquire Warner Bros. Discovery’s studio and streaming assets in an $83 billion deal, including assumed debt. Paramount’s revised bid, reportedly valued at $111 billion for the full company, prompted the shift. Netflix stands to receive a substantial breakup fee, estimated around $2.8 billion in some reports.

The announcement provided relief to investors concerned about integration risks, added debt and dilution from a larger acquisition. Netflix shares had fallen sharply earlier in February, dipping toward the 52-week low of $75.01 amid deal uncertainty, down from a 2025 high of $134.12.

Despite the M&A drama, Netflix’s core business shows strength. The company ended 2025 with over 325 million paid subscribers and projected 2026 revenue of $50.7 billion to $51.7 billion, up 12-14%. Advertising revenue is expected to roughly double to $3 billion, fueled by the ad-supported tier launched in 2022.

Content spending will rise about 10% to $20 billion, supporting a robust slate of originals. Free cash flow has improved, offering flexibility for buybacks or other priorities.

Analysts praised the disciplined approach, noting Netflix’s focus on organic growth amid competition from Disney+, Amazon and others. Technical support sits near $80-82, with resistance around $90-95. The stock’s beta indicates elevated volatility typical for media-growth names.

Broader markets were mixed Thursday, but Netflix’s relief rally stood out in the sector. Traders will watch subscriber trends, ad momentum and any regulatory updates as Netflix refocuses inward.

The decision clears the path for Paramount Skydance to advance its Warner Bros. deal, potentially reshaping Hollywood. For Netflix, avoiding overpayment bolsters its position as streaming’s leader while preserving capital for future opportunities.

Bitcoin, the world’s leading cryptocurrency, was trading at approximately $67,500 USD on Friday, reflecting a modest pullback after a brief surge earlier in the week that briefly pushed it toward $70,000.

Live data from major tracking platforms showed the Bitcoin price in USD ranging between about $67,000 and $68,000 in early Asian trading hours. CoinMarketCap reported the live price at $67,545 USD, down roughly 1.2% over the past 24 hours, with a market capitalization exceeding $1.35 trillion. CoinGecko pegged it slightly higher at $67,690, while other sources like CoinDesk and Binance aligned closely around the $67,600–$67,800 level. Trading volume remained robust, surpassing $40 billion in the last day, underscoring continued investor interest despite the dip.

The cryptocurrency has experienced sharp swings in recent sessions. On Wednesday, Bitcoin staged a strong rebound, surging more than 6% in one of its best single-day performances in nearly a year. That rally lifted it from lows near $64,000 to highs around $68,500, with some reports indicating brief touches above $70,000 late in the U.S. session. Analysts attributed the move to a short squeeze, where bearish positions were forced to cover amid improving sentiment, alongside broader market dynamics including comments from political figures and easing concerns over macroeconomic pressures.

However, Thursday and Friday saw a reversal, with Bitcoin giving back much of those gains. It fell below $67,000 at points, mirroring declines in tech-heavy equities like the Nasdaq, which dropped nearly 2% amid post-earnings pressure on major stocks. The pullback highlighted Bitcoin’s ongoing correlation with risk assets during periods of uncertainty.

Earlier in February, the asset faced steeper declines, dipping below $63,000 amid broader market jitters over geopolitical risks and tariff discussions. That low represented a significant retreat from peaks earlier in the year, where Bitcoin had climbed above $126,000 in late 2025 or early 2026 records, according to historical data referencing all-time highs around $126,277.

Market observers note that Bitcoin’s circulating supply now stands near 20 million coins, approaching the protocol’s 21 million cap. This scarcity factor continues to underpin long-term bullish arguments, even as short-term traders navigate volatility.

Several factors appear to be influencing the current price action. Institutional participation remains a key driver, with spot Bitcoin ETFs and corporate treasuries holding substantial positions. Meanwhile, macroeconomic signals — including interest rate expectations, inflation trends, and equity market performance — continue to sway sentiment. The recent rebound coincided with a relief rally across altcoins like Ether, Solana, and Dogecoin, suggesting coordinated movement in the crypto sector.

Technical analysts point to key levels in play. Resistance near $70,000 has proven significant this month, acting as a ceiling during attempts to recover from January-February lows. A sustained break above that zone could signal stronger momentum, while failure to hold support around $66,000–$67,000 might invite further downside testing toward $60,000 or lower in bearish scenarios. Some forecasts have cautioned that deeper corrections remain possible, with one analysis suggesting potential drops of 30% from recent levels if broader risk-off sentiment intensifies.

Despite the choppiness, Bitcoin’s year-to-date performance reflects resilience. From earlier 2026 levels, it has shown recovery attempts following sharp sell-offs, maintaining its position as the dominant force in digital assets with a market share well above 50% of the total crypto ecosystem.

Investors and traders are watching upcoming economic data releases and any regulatory developments for cues. In the U.S., discussions around cryptocurrency policy continue under evolving administrations, while global adoption trends — including payment integrations and blockchain innovations — bolster the narrative for long-term growth.

As of midday Friday in Seoul (corresponding to late Thursday/early Friday UTC), Bitcoin’s price stabilized near $67,600–$67,800 across exchanges, with 24-hour lows dipping to around $66,500 and highs reaching $68,700–$68,800. This range-bound behavior follows a pattern seen throughout February, where volatility spikes have alternated with consolidation.

The asset’s performance stands in contrast to traditional markets, where equities have shown mixed results amid corporate earnings seasons. Bitcoin’s ability to rebound sharply from dips has kept it in focus for both retail and institutional participants seeking diversification or speculative exposure.

Looking ahead, market participants anticipate continued fluctuations as the crypto sector digests recent events and positions for potential catalysts in the coming months. Whether Bitcoin can reclaim higher ground toward its all-time highs or faces additional pressure will depend on a mix of technical momentum, sentiment shifts, and external economic influences.

For now, the Bitcoin price in USD remains a closely watched barometer for broader digital asset trends, with traders advised to monitor key support and resistance zones closely in this dynamic environment.

Burger King announced Feb. 26, 2026, the first significant enhancements to its signature Whopper sandwich in nearly 10 years, responding directly to customer feedback with upgrades to the bun, mayonnaise and packaging while preserving the flame-grilled beef patty that defines the iconic item.

The changes, described by the chain as an “elevation” rather than a reinvention, aim to deliver a “higher-quality Whopper experience” from the first bite to the last. The revamped Whopper now features a more premium, better-tasting bun, creamier and improved mayonnaise, freshly cut onions and tomatoes, crisp lettuce, tangy pickles, and new clamshell box packaging designed to prevent squishing and ensure the burger arrives looking as perfect as when it left the kitchen.

“Over the past several years, we’ve focused on strengthening our operations and modernizing our restaurants to build a more consistent foundation across the system,” Burger King U.S. & Canada President Tom Curtis said in the company’s press release. “With that work well underway, we’re now in a position to thoughtfully elevate our core menu. The Whopper is an icon, so we didn’t set out to reinvent it. Instead, we elevated it based on direct Guest feedback.”

The updates follow a recent initiative where Curtis invited customers to call or text him personally with suggestions, part of Burger King’s broader push to incorporate guest input into operations, restaurant aesthetics and menu decisions. Complaints about smashed burgers, soft buns that failed to hold up, and ingredients spilling out during transport prompted the packaging shift and ingredient tweaks.

The core remains unchanged: more than a quarter-pound of 100% flame-grilled beef, sesame seed bun (now upgraded), and classic toppings. The chain emphasized that the flame-grilled flavor — a hallmark since the Whopper’s 1957 debut — stays intact.

Rollout began this week across more than 7,000 U.S. restaurants, with franchisees absorbing an estimated additional $4,000 per location annually in costs. Burger King advised owners against raising prices to maintain affordability.

Social media and food blogs reacted quickly. Some fans praised the move for addressing long-standing gripes about presentation and texture, while others expressed skepticism about noticeable differences in taste. Early taste tests by outlets like CBS News and YouTube reviewers noted subtle improvements in bun freshness and mayo creaminess, with the box preventing the common “squished” look.

The Whopper has long been Burger King’s flagship item, often credited with helping the chain compete against McDonald’s Big Mac since its introduction. Past tweaks, like the 2015-2017 removal and return of artificial ingredients, focused on “cleaner” formulations, but this marks the most comprehensive structural update in recent memory.

Industry analysts view the changes as part of Burger King’s turnaround efforts under Restaurant Brands International. The chain has modernized stores, improved consistency and launched items like the Breakfast Whopper to boost traffic. The Whopper upgrades align with consumer demands for better quality in fast food amid rising expectations from premium competitors and home cooking trends.

No immediate price adjustments were announced, though franchise cost increases could pressure margins if not offset by higher sales volume. The company highlighted the changes as a way to enhance perceived value without altering the beloved formula.

Customer reactions varied online. Reddit threads in fast-food communities debated whether the premium bun would hold up better during drive-thru transport, with many hoping for less mess. Some longtime fans worried any alteration might dilute the nostalgic appeal, but most welcomed fixes to practical issues.

Burger King positioned the update as proof of its responsiveness, building on Curtis’ direct outreach. The president’s feedback line, launched earlier in February, already influenced other operational tweaks.

As fast-food chains navigate inflation, labor costs and shifting tastes, subtle premiumizations like this help retain loyalty without alienating price-sensitive customers. The Whopper’s enduring popularity — millions sold annually — makes it a safe bet for refinement rather than overhaul.

With the rollout underway, Burger King invites guests to try the elevated version and share thoughts, continuing the feedback loop that sparked the changes. Whether the updates translate to noticeable improvements or simply polish an already iconic sandwich remains a question for diners nationwide.