Operator

Good afternoon, ladies and gentlemen, and welcome to the Evertz Q4 Investor Conference Call. [Operator Instructions]

This call is being recorded on June 24, 2026. I would now like to turn the conference over to Brian Campbell, Executive Vice President of Business Development. Please go ahead.

Brian Campbell
Executive Vice-President of Business Development

Thank you, John. Good afternoon, everyone, and welcome to Evertz Technologies conference call for our 2026 Fourth Quarter and Year ended April 30 with Doug Moore, Evertz’ Chief Financial Officer; and myself, Brian Campbell. Please note that our financial press release and MD&A will be available on SEDAR and on the company’s investor website. Doug and I will comment on the financial results and then open the call to your questions.

Turning now to Evertz results. I’ll begin by providing a few highlights, and then Doug will provide additional detail. First off, we had record annual sales in excess of $0.5 billion, coming in at $515.8 million for the year. This includes revenue in the international region of $148 million, up 16% from the prior year. Reoccurring software, services and other software revenue increased 8% year-over-year, totaling $240.7 million in the year.

Margin rates remain consistently strong, coming in at 59.3% versus 59.5% prior year and 58.8% 2 years ago. Total margin dollars were $306 million. Net earnings were $64.4 million, resulting in a fully diluted earnings per share of $0.83. Our sales base is well diversified with the top 10 customers accounting for approximately 44% of sales with no single

The Thai baht faces downward pressure due to a dovish central bank, widening US interest rate differentials, and regional investor caution. Recovery hinges on Middle East de-escalation, a Fed pivot, or improved Thai exports. Hedging is advised.

Key Points

• The Thai baht faces short-term pressure, potentially testing 33.00-33.20 resistance. Factors like Middle East tensions, US rate hike expectations, and the Bank of Thailand’s dovish policy contribute to weakness.
• The baht’s appeal is diminished by a significant interest rate differential with the US, leading to capital outflows from Thai equities and bonds. This weakness is shared by other Asian net oil importers.
• A baht recovery hinges on a Middle East ceasefire, a US Federal Reserve pivot, or improved Thai export demand. Until then, hedging is advised, with the baht remaining in a downtrend unless it breaks through 32.00.

Baht’s Short-Term Challenges and Key Resistance Levels

The Thai baht is currently facing short-term pressure, with market strategists indicating it could test the 33.00–33.20 resistance band. This weakness is influenced by ongoing geopolitical tensions in the Middle East and the Federal Reserve’s rate-hike expectations. However, a de-escalation of the Middle East conflict or signs of softening US economic data that dampen rate-hike anticipation could trigger a baht recovery towards the 32.50 support level. Krungthai Global Markets has established a weekly trading range for the baht at 32.50–32.20, with a tighter 24-hour band of 32.85–33.05. Earlier forecasts from Bank of America had projected baht weakness towards 33 per dollar by mid-2026, attributing this to the cumulative impact of elevated oil prices and a contracting current account buffer, especially during the seasonally weaker second quarter.

Domestic Policy and Regional Currency Pressures

The Bank of Thailand’s accommodative monetary policy is a significant contributor to the baht’s current predicament. The Monetary Policy Committee (MPC) has implemented three rate cuts since October 2025, bringing the benchmark rate to 1.00%, its lowest point since September 2022, in an effort to stimulate economic recovery. With projected GDP growth at a mere 1.5% for 2026, significantly below potential due to US trade measures and energy shocks, and with core inflation expected to remain stable, the MPC is likely to maintain current interest rates at its upcoming meeting. This contrasts sharply with the US Federal Reserve’s higher rate of 3.50–3.75%, creating a substantial interest rate differential that makes the baht less attractive for foreign investment, leading to capital outflows.

Regional Vulnerabilities and Paths to Recovery

Thailand is categorized among the more vulnerable Asian currency markets, with bearish sentiment prevalent towards currencies of net oil importers like the Indonesian rupiah, Indian rupee, Philippine peso, and the Thai baht itself. While some regional central banks, like Bank Indonesia, have implemented aggressive rate hikes and direct market interventions, these measures have not entirely quelled bearish positions. In contrast, net energy exporters such as Malaysia and Singapore have seen their currencies perform better. For the baht to strengthen, a durable Middle East ceasefire reducing oil prices, a dovish shift in Fed policy, or a significant improvement in Thailand’s trade balance driven by tech exports are crucial. Until then, hedging strategies are advised, and the baht remains in a downtrend unless it can decisively reclaim the 32.00 level.

Source : Thai Baht Buckles Under the Weight of Oil Shock and a Hawkish Fed

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I have heard many similar stories. I myself was born blind, and remember very well my first school report, when I was six, which advised my parents to send me to a school for children with learning disabilities.

I grew up speaking both German and Arabic and constantly mixed them up, not understanding that they were separate languages. If my parents had not ignored that first school report, I too might have ended up in a workshop. Instead, today I’m one of only a handful of journalists in Germany with a visible disability.

Hüppe says the workshop system fails in one of its most basic responsibilities – to rehabilitate disabled people in order to prepare them to work in the mainstream economy.

“This responsibility just isn’t taken seriously,” he tells me.

The reason for that is in part the economic incentives that are offered to German companies to support the system. In Germany, any company that employs more than 20 people is legally obliged to employ at least one disabled person.

Larger companies have a minimum quota of 5%. Those who fail to meet this commitment have to pay a sum in compensation into a central fund that supports disabled people in the workplace.

Many companies choose simply to pay this money rather than meet their quota. They are offered a further incentive by the system, in that if they outsource production to a workshop the compensation they have to pay is reduced.

The result is that fewer than 1% of disabled people make a successful transition from workshop to a job with a mainstream company.

Hüppe also says workshops are reluctant to see their best staff move on. “Obviously a workshop is a commercial enterprise that survives on what it produces,” says Hüppe. “And so obviously they want to hold on to their best workers, the ones that would have the best chance of making it out in the mainstream economy.”

He points me to a 2023 report, external by the United Nations Committee on the Rights of Persons with Disabilities, which criticised Germany’s record on disability.

Specifically, it noted “the high number of persons with disabilities enrolled in sheltered workshops and the low rate of transition to the open labour market”.

Not everyone, however, is unhappy being employed in a workshop, including Medina Arnaut, 35. She works for one in Paderborn that is operated by a charity called Caritas.

Arnaut is also the chair of the local workshop council, which represents the interests of the workers in a similar way to a trade union.

“We have colleagues here who are so grateful that workshops exist,” she says. “These are colleagues who quite simply need this workshop environment because of their disability.”

Arnaut adds many of her colleagues have worked in the mainstream economy and the pressure there is completely different. “People come to me and say, I’ve experienced life out there in the commercial world and it made me sick.”

NEW YORK — The Nasdaq Composite Index closed lower on Wednesday, finishing at 25,512.67 after shedding 74.37 points, or 0.29 percent, as investors navigated ongoing volatility in technology shares.

The tech-heavy index reflected mixed signals across the market, with some pressure from profit-taking in high-valuation names offsetting broader economic optimism. Trading volumes remained solid as participants assessed corporate earnings and macroeconomic developments.

Major technology and semiconductor companies contributed to the modest decline. While artificial intelligence-related themes continue to drive long-term interest, near-term concerns over valuations and sector rotations weighed on performance.

The S&P 500 and Dow Jones Industrial Average showed varied results, highlighting a rotational dynamic where some sectors gained while growth-oriented stocks faced headwinds.

Market Drivers and Sentiment

Analysts pointed to a combination of factors behind the session’s movement. Profit-taking after recent gains, alongside caution ahead of key economic data releases, contributed to the pullback. Geopolitical developments and corporate news also influenced trading flows.

Technology remains a dominant force in the Nasdaq, with heavyweights in software, semiconductors and internet services playing outsized roles. The index has delivered strong returns over multiple years but experiences periodic corrections as investors recalibrate expectations.

Broader market resilience was evident in areas such as financials and industrials, which helped limit downside across major averages. Bond yields and currency movements provided additional context for equity pricing.

Sector Performance and Earnings Influence

Several high-profile companies reported or previewed results, adding layers to daily action. While some firms exceeded expectations, others faced scrutiny over growth outlooks and margin pressures.

The semiconductor space, a Nasdaq bellwether, showed mixed trading amid supply chain considerations and demand forecasts for AI infrastructure. Cloud computing and digital services names also contributed to index dynamics.

Smaller companies listed on the Nasdaq faced their own set of influences, with some benefiting from merger activity and innovation in emerging fields. The index’s composition, heavily tilted toward growth stocks, makes it particularly sensitive to interest rate expectations and risk appetite.

Longer-Term Perspective

Despite the daily dip, the Nasdaq Composite remains well above levels seen at the start of the year. Its performance underscores the market’s focus on technological transformation and productivity enhancements driven by artificial intelligence and related advancements.

Investors continue to monitor Federal Reserve policy signals for clues on borrowing costs and liquidity conditions. Any shifts in rate expectations can quickly ripple through growth-oriented segments.

Corporate earnings seasons often serve as key catalysts. Strong results from leading firms have supported valuations, though elevated multiples leave limited room for disappointment.

Economic Backdrop

U.S. economic indicators have presented a balanced picture, with solid consumer spending alongside manufacturing and inflation considerations. Labor market data and retail sales reports provide ongoing context for equity valuations.

Global factors, including trade dynamics and international growth, also influence multinational companies listed on the Nasdaq. Currency fluctuations affect reported earnings for firms with significant overseas exposure.

Market strategists emphasize diversification and a long-term horizon when navigating technology-driven volatility. While the Nasdaq has historically rewarded growth investors, drawdowns remain a feature of its risk profile.

Investor Considerations

For participants, the current environment calls for careful stock selection within the index. Companies demonstrating durable competitive advantages and clear growth paths tend to fare better during periods of rotation.

Exchange-traded funds tracking the Nasdaq or its sub-sectors offer convenient exposure for both retail and institutional investors. Active management may help in identifying opportunities amid sector shifts.

Risk management remains essential given the index’s historical beta and sensitivity to macroeconomic surprises. Many advisors recommend balanced portfolios that include exposure beyond pure technology.

The Nasdaq’s role as a barometer for innovation and investor sentiment endures. Its movements often foreshadow broader trends in equity markets as technology reshapes industries.

Looking ahead, upcoming corporate reports and policy announcements will likely shape near-term direction. The index’s ability to consolidate gains while attracting fresh capital will be watched closely by market observers.

This article was written by

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BOSTON — Boston Celtics president of basketball operations Brad Stevens addressed ongoing rumors surrounding star forward Jaylen Brown, emphasizing the player’s importance to the franchise while declining to speculate on his long-term future.

The comments came Tuesday night following the Celtics’ selection of Houston center Chris Cenac Jr. with the 27th overall pick in the first round of the 2026 NBA Draft. Despite the focus on adding new talent, questions about Brown dominated the post-draft press conference.

Brown was reportedly included in trade discussions as the Celtics pursued Milwaukee Bucks superstar Giannis Antetokounmpo. Those efforts did not materialize, with Antetokounmpo ultimately landing with the Miami Heat.

ESPN’s Shams Charania reported that the Celtics have been open to listening to inquiries about Brown from other teams. Stevens acknowledged the difficult nature of such speculation for the player.

“We had a couple of meetings earlier at the end of May, also before he went back overseas a couple of days ago, or 10 days ago or so,” Stevens said. “Spent a lot of time just the two of us sitting down together, and then have been, like every offseason, in regular touch with his agent all the way through the last couple of days. Obviously, with all the rumor mill and all that stuff, and his name being splashed all over the place, that’s not easy – but we certainly wanted to be as proactive and upfront with that as possible, and I thought we had really good, candid conversations.”

Stevens made clear that Brown remains a central piece of the Celtics’ plans. “Jaylen Brown is a big part of us,” he said. “I’m never going to predict the future, but every indication, everything that I think about over the past few years has been building around those guys, right? So obviously, you never know.”

The Celtics have built their recent success around the tandem of Brown and Jayson Tatum. When asked whether the duo remains championship-caliber, Stevens offered a firm affirmation: “yes.”

Brown, a key contributor to Boston’s 2024 NBA championship run, is eligible for a contract extension in July. Stevens declined to discuss contractual matters publicly but highlighted Brown’s character and contributions.

“He’s been amazing. He’s been an amazing teammate, a great person to be around. And whether that run ends 10 years from now when he retires, or before, there’s a lot to celebrate. We have a great relationship, an open relationship where we talk about everything,” Stevens added.

Context of the Rumors

Trade speculation intensified as the Celtics explored ways to bolster their roster after falling short in recent playoff aspirations. The pursuit of Antetokounmpo signaled an aggressive approach to chasing another title, though the deal did not come to fruition.

Brown has been a cornerstone in Boston since being drafted third overall in 2016. His two-way play, leadership and clutch performances have made him a fan favorite and a core member alongside Tatum.

The Celtics enter the offseason with important decisions to make regarding roster construction, financial flexibility and future contention windows. Retaining both Brown and Tatum has been a foundational strategy, but NBA front offices must constantly evaluate opportunities in a league where player movement is common.

Draft Addition and Roster Outlook

The selection of Cenac Jr. adds depth to the frontcourt. The young center brings size, shot-blocking ability and potential as a rim protector, areas where Boston has sought improvement.

Stevens and the coaching staff will look to integrate the rookie while managing expectations. The Celtics’ draft strategy often focuses on high-character players who fit culturally and tactically within their system.

Offseason moves could still include free agency signings or additional trades as teams reshape rosters ahead of the 2026-27 season. Salary cap considerations and luxury tax implications will play significant roles in Boston’s planning.

Brown’s Career with Boston

Since arriving in the league, Brown has evolved into an All-Star caliber wing. His scoring, defense and versatility have been instrumental in the Celtics’ sustained competitiveness in the Eastern Conference.

Partnership with Tatum has produced deep playoff runs and a championship banner. Both players have expressed commitment to the franchise in the past, though the business of basketball often introduces uncertainty.

Stevens’ comments reflect a desire to maintain stability while acknowledging the fluid nature of roster management. Open communication with Brown and his representation aims to navigate the rumor cycle constructively.

Broader NBA Landscape

The league’s superstar movement continues to reshape contenders. High-profile trades and contract extensions define the modern NBA, where windows of contention can shift rapidly.

For the Celtics, preserving a championship core while adding complementary pieces remains the priority. Stevens, a former coach turned executive, brings a measured approach informed by years of experience.

As July approaches and free agency heats up, attention will turn to Brown’s contractual status and any potential roster adjustments. Fans and observers will watch closely for indications of the team’s direction.

The Celtics enter the new season with high expectations once again. Stevens’ emphasis on Brown’s value suggests continuity is the preferred path, barring transformative opportunities that align with long-term goals.