Haverty Furniture (HVT) Q3 2026 Earnings Call Transcript

DATE

Wednesday, Nov. 4, 2026

CALL PARTICIPANTS

• Assistant Vice President of Financial Reporting and Investor Relations - Tiffany Hinkle
• President and Chief Executive Officer - Steve Burdette
• Executive Vice President and Chief Financial Officer - Richard Hare

TAKEAWAYS

• Net Sales -- $203.2 million, up 4.5% year over year driven by increased average tickets and growth in the designer business.
• Comparable Store Sales -- up 4.1%, reflecting steady conversion rates despite a mid-single-digit decline in quarterly traffic.
• Gross Profit Margin -- 62.3%, up from 60.3% last year due to the receipt of $3.2 million in tariff refunds during the quarter.
• Adjusted Gross Profit Margin -- 60.7% when excluding the $3.2 million tariff refund, compared to 60.3% in the prior year period.
• Diluted Earnings Per Share -- $0.39, compared to $0.28 in the prior year, representing a 39.3% increase in per-share earnings.
• Average Ticket -- $3,838, a 7.4% increase over last year primarily driven by retail pricing adjustments.
• Designer Business -- 34.6% of written sales, with the category growing 4% for the quarter and maintaining a 7.2% higher average ticket than non-designer sales.
• Custom Upholstery Orders -- 31.4% of the upholstery segment, representing a 16.9% increase over the prior year.
• Inventories -- $86.7 million at quarter end, representing a reduction from $100.5 million at the end of the second quarter.
• Cash Position -- $127.0 million in total cash and equivalents as of Sept. 30, 2026, with the company maintaining no funded debt on its balance sheet.
• 2026 Gross Margin Guidance -- 61.3% to 61.5%, an increase from previous estimates following the receipt of IEEPA tariff refunds.
• 2026 SG&A Fixed Expenses -- $307 million to $309 million, remaining consistent with prior projections for the full year.
• 2026 SG&A Variable Expenses -- 19.2% to 19.4%, revised upward from previous guidance due to higher fuel, transportation, and credit costs.
• Capital Expenditures -- $34 million planned for 2026, with $23 million already invested through the first nine months.
• E-commerce Growth -- double-digit written sales growth achieved for another quarter, supported by improved organic website traffic.
• Customer Deposits -- $46.2 million at quarter end, an increase of $10.7 million from Dec. 31, 2025.
• Share Repurchases -- $16.6 million for the first nine months of 2026, with approximately $16.8 million in remaining authorization.
• Dividends -- $15.8 million paid in regular dividends through the first three quarters of 2026.
• Store Count -- 129 stores at the end of the third quarter, with management expecting to reach 133 stores by the end of the year.
• Synchrony Credit Metrics -- approval rates remain near 90% for customers with credit scores above 750, who comprise a significant portion of the credit user base.

Need a quote from a Motley Fool analyst? Email pr@fool.com

RISKS

• Burdette stated, "container availability, Customs and Border Protection, enhanced inspections, and in Vietnam, the labor availability, along with the government's required 7% wage increase on January 1, 2027, are becoming issues," noting that lead times are being pushed out.
• Burdette warned that management is "waiting for confirmation from the administration if Section 232 tariffs on upholstered wood furniture will go from 25%-30% effective January 1, 2027," which may necessitate pricing adjustments.
• Burdette noted that "diesel fuel at roughly $6 per gal impacts home delivery and transportation costs, as well as material costs, which are up mid-single digits."
• Burdette indicated that the company is hearing rumors of a reciprocal agreement between the U.S. and Vietnam that could remove the current 12.5% Section 301 tariff in favor of a "potential higher tariff percentage."

SUMMARY

Haverty Furniture Companies, Inc. (NYSE:HVT) reported year-over-year growth in net sales and earnings for the third quarter, supported by an expansion in average ticket size and a significant infusion from tariff refunds. Management noted that the retail environment was characterized by steady conversion rates despite a general decline in store traffic, which was partially attributed to disruptions from midterm election advertising cycles in key Southern markets. The company continues to execute its store expansion strategy, entering the Pennsylvania market and relocating existing showrooms to higher-performing locations, while leveraging its designer business and custom upholstery programs to drive higher-value transactions.

• Management reported that midterm election news cycles and advertising volumes disrupted marketing plans, with CEO Burdette noting, "the news cycle over the last 60 days across our entire footprint was a disruption, but the elections are over."
• The company noted that inventory levels experienced a sharp decline during the quarter, with Burdette stating, "the efforts by our supply chain to get control of our inventories took a pendulum swing too far."
• Havertys is expanding its retail footprint into its 18th state with a new store opening in Pittsburgh, Pennsylvania, as part of a plan to reach 133 total stores by year-end.
• CFO Hare explained that approximately $2 million of the SG&A increase was due to the "accelerated vesting of stock awards" triggered by employees reaching specific age milestones, a cost he described as temporary.
• The company is increasing its use of artificial intelligence in customer-facing areas, including chat, sales interfaces, and home delivery, to improve the accuracy of information shared with consumers.
• Management confirmed that the ongoing refresh of mattress departments and design centers across all stores remains on track for completion in 2027.

INDUSTRY GLOSSARY

• LIFO: Last-In, First-Out; a method of inventory accounting where the costs of the most recent items produced or purchased are the first to be expensed.
• IEEPA: International Emergency Economic Powers Act; the legal framework through which certain U.S. tariffs and subsequent refunds are managed.
• Section 301: A U.S. trade provision that allows for the imposition of tariffs to address trade practices of foreign countries.
• Section 232: A provision of the Trade Expansion Act of 1962 that permits the U.S. to impose trade barriers for national security reasons.
• Synchrony: The third-party financial institution that provides consumer financing and credit programs for Havertys' customers.

Full Conference Call Transcript

Operator: Welcome to the Havertys third quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Tiffany Hinkle, Assistant Vice President of Financial Reporting and Investor Relations. Thank you, Tiffany. You may begin.

Tiffany Hinkle: Thank you, operator. Good morning, and thank you for joining us for our third quarter earnings call. I am here today with our President and CEO, Steve Burdette, and Executive Vice President and CFO, Richard Hare. Before we begin, I would like to remind everyone that today's conference call may contain forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those made or implied in such statements, which we speak only as of the date they are made and which we undertake no obligation to publicly update or revise. Factors that could cause actual results to differ include economic and competitive conditions and other uncertainties detailed in the company's reports filed with the SEC.

We will also refer to certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are included in our earnings release. A replay of this call will be available on our investor relations website this afternoon. For commentary about our business, I will now turn the call over to Steve.

Steve Burdette: Thank you, Tiffany. Good morning, and thank you for joining our 2026 third quarter conference call. Q3 was another strong quarter, with increases in written and delivered comp sales against tougher year-over-year comps. Net sales were $203.2 million, up 4.5%, with comp sales up 4.1%. Total written sales increased 2.8%, with written comp sales up 2.3%. Additional tariff refunds received during the quarter contributed to gross margin expanding to 62.3%, compared with 60.3% last year. Pre-tax income was $8.6 million, or 4.2% of sales, compared with $6.4 million, or 3.3% of sales a year ago. Earnings per share was $0.39 versus $0.28 a year ago.

Richard will discuss the impact of tariff refunds on gross margins, higher interest rates on credit cost, increase in stock expenses, and higher oil prices on delivery, transportation, and material costs. Quarterly traffic declined by mid-single digits, but conversion rates held steady and average ticket rose 7.4%. Written sales varied monthly with the Labor Day event calendar shift. Our July 4th weekend sales started slowly, with traffic and sales down during the first six days. The decline can be attributed to many nationwide celebrations of our country's 250th anniversary and July 4th itself falling on a Saturday. Traffic and written sales improved through the rest of July, with written sales ending the month up 5.1%.

Given the one-week calendar shift in Labor Day, we believe August and September are best viewed together. Across those two months, traffic remained down mid-single digits, while business increased 1.7%. The two-week Labor Day event experienced weaker traffic, but we were able to end the two-week promotion with flat sales compared to last year due to a strong average ticket and steady conversion rates. Our designer business grew 4% for the quarter, accounting for 34.6% of our business, with designer average ticket growing 7.2%. Custom orders rose to 31.4% of our upholstery business, increasing 16.9% over last year.

From a category perspective, our written business saw upholstery rise mid-single digits, with occasional bedroom and dining up low single digits, and mattresses and décor were down low single digits. Our merchandising and supply chain teams continue to push to bring in new, exciting products across the merchandise assortment. We are hearing that container availability, Customs and Border Protection, enhanced inspections, and in Vietnam, the labor availability, along with the government's required 7% wage increase on January 1st, 2027, are becoming issues. We are seeing lead times getting pushed out, but we have seen minimal impact on our partners and our supply chain network at this point.

As we approach Chinese New Year in early 2027, we will be watching closely for any further disruptions and adjust our ordering patterns accordingly. Our inventories dropped from $100.5 million at the end of Q2 to $86.7 million at the end of Q3. The efforts by our supply chain to get control of our inventories took a pendulum swing too far during the quarter. We expect to end the year somewhere between $90 million and $100 million, depending on product flow and sales. This is the level of inventory needed to meet our customers' delivery expectations. Regarding tariffs, all things remain consistent from Q2, with the new Section 301 tariffs implemented in July.

However, we are waiting for confirmation from the administration if Section 232 tariffs on upholstered wood furniture will go from 25%-30% effective January 1st, 2027. Also, we are hearing rumors that the governments of Vietnam and the U.S. have had meetings to finalize the reciprocal agreement between the countries that would remove the current Section 301 tariff of 12.5% imposed in July for a potential higher tariff percentage. We will make the necessary targeted adjustments in our pricing if these changes occur, but we will not get ahead of ourselves, as this is a fluid situation. As discussed on our Q2 conference call, bunker fuel rates remain high, causing a 25%-30% increase in our container rates.

Diesel fuel at roughly $6 per gal impacts home delivery and transportation costs, as well as material costs, which are up mid-single digits. LIFO costs are not slowing, health insurance costs continue to rise, and credit costs are becoming more expensive due to usage and interest rate increases. The tariff refunds of $3.2 million helped to offset some of these increases during the quarter. Our ability to leverage these increases is becoming more difficult in this environment. However, we continue to get more from our marketing spend, which was slightly lower for the quarter. Organic traffic to our site keeps improving, driving double-digit growth in written e-commerce sales for another quarter.

To stay competitive, we continue to offer aggressive no-interest credit promotions, such as 48-month and 60-month terms during the promotional periods. We are implementing tighter controls on their use outside of the promotional periods by raising the average ticket amounts allowed for each promotion. Our use of AI continues to expand into more customer-facing areas, including customer chat, sales and designer interfaces, marketing, supply chain, and home delivery. We believe this helps our team quickly share the most relevant and accurate information with customers, creating a better overall experience. Ultimately, the way we engage with every customer along their journey creates unmatched value and sets Havertys apart from our competition. We ended the quarter with 129 stores.

During the quarter, we opened a new market in Fredericksburg, Virginia, which we are pleased to report is outperforming our traffic and volume expectations. We plan to open five new stores in Q4 and close one that will be a relocation. McKinney, Texas, a suburb of Dallas, opened October 30th. Pittsburgh, Pennsylvania will be opening tomorrow, marking our entry into our 18th state. Snellville, Georgia, a suburb of Atlanta, will be relocated to a larger and better location next week. Baytown and Richmond, Texas, both suburbs of Houston, open in late November and early December, giving us five stores in the market. Also, we finalized the closing of our College Station, Texas store on August 31st.

The ongoing refresh of our mattress departments and design centers remain on track for completion in all stores in 2027. These improvements provide us with big opportunities to grow these two important categories. We will continue to evaluate our existing leases and locations so that we are reinvesting our capital to create the biggest return for our shareholders. We expect to end the year with 133 stores, and we have several new stores in lease negotiations for 2027 that we hope to be able to announce on our next call. We are optimistic about finishing the year strong.

While many headwinds remain, today we have turned the page on what we believe has been our biggest headwind over the last few months, the midterm elections. Hotly contested races in Florida, Texas, Georgia, North Carolina, and South Carolina, where roughly two-thirds of our stores are located, created disruptions in our marketing plans. More broadly, the news cycle over the last 60 days across our entire footprint was a disruption, but the elections are over. As the country moves forward, we expect our customers to quickly put the midterms behind them and focus on their future. Looking ahead, our optimism rests on four things. First, our people, who share the belief that we must out-serve our competition.

Second, our design program, which inspires customers and gives them confidence in their decisions with tremendous upside potential. Third, our organic store growth strategy of opening five stores a year, which further strengthens and expands the brand. Fourth, our execution, with roughly 2,400 team members across 18 states whose hard work, dedication, and passion for serving customers, fellow team members, and shareholders is contagious and appreciated. I will now turn the call over to Richard.

Richard Hare: Thank you, Steve, and good morning. In the third quarter of 2026, net sales were $203.2 million, a 4.5% increase over the prior year quarter. Comparable store sales were up 4.1% over the prior year period. Our gross profit margin increased 200 basis points to 62.3% from 60.3%. Excluding the impact of approximately $3.2 million in tariff refunds recognized in the quarter, our gross profit margin was 60.7% in the third quarter of 2026 compared to 60.3% in the prior year quarter.

Further, excluding the impact of LIFO, a $1 million expense in the third quarter of 2026 and a $624,000 expense in the prior year quarter, our adjusted gross profit margin was 61.3% in the third quarter of 2026 and 60.6% in the prior year quarter. Selling, general, and administrative expenses increased $6.7 million, or 6%, to $119 million. As a percentage of sales, these costs approximated 58.6% of sales, up from 57.8% in the prior year's quarter.

We experienced an increase in selling expense of $1.8 million, primarily due to higher commission-based compensation and third-party credit costs, and an increase in administrative expenses of $4.1 million, primarily from stock-based compensation subject to acceleration recognition, performance-based incentive compensation, and increased group insurance costs. Other income expense in the third quarter of 2026 was $20,000, and interest income was approximately $983,000 in the third quarter of 2026. Income before interest and income taxes increased $2.3 million to $7.6 million. Our tax expense was $2.2 million for the third quarter of 2026, which resulted in an effective tax rate of 26% versus 26.4% in the prior year period.

The primary difference in the effective tax rate and the statutory rate is due to state income taxes and the impact of vesting of stock awards. Net income for the third quarter of 2026 was $6.3 million, or $0.39 per diluted share on our common stock, compared to net income of $4.7 million, or $0.28 per share in the comparable quarter last year. During the third quarter, we recognized approximately $3.2 million in tariff refunds related to our indirect import programs as a reduction in cost of sales.

Year to date, through September 30, 2026, we have received approximately $5.4 million in tariff refunds related to our direct and indirect programs, of which $4.7 million was recorded as a reduction to cost of goods sold, $170,000 was recorded as a reduction to inventory, and $67,000 was recorded as interest income, and the remainder was rebated to certain supplier partners. Excluding the impact of the tariff refunds on our income statement, our net income for the quarter was $4 million, or $0.25 per diluted share. Now turning to our balance sheet. At the end of the third quarter, inventories were $86.7 million, which was down $9.5 million from December 31, 2025, and down $5.7 million versus Q3 of 2025.

At the end of the third quarter, our customer deposits were $46.2 million, which was up $10.7 million from December 31, 2025, and up $2.4 million from Q3 2025. We ended the quarter with $120.3 million of cash and cash equivalents. We have no funded debt on our balance sheet at the end of the third quarter of 2026, and we have credit availability of $100 million under our revolving credit facility. Looking at some of the cash flow usage, capital expenditures totaled $23 million during the first nine months of 2026, and we paid out $15.8 million of regular dividends year to date.

We did not participate in our share repurchase program during the third quarter of 2026. on August 7th, 2026, our board of directors authorized an additional $15 million of buyback capacity. We have approximately $16.8 million of remaining authorization under our buyback program. Our earnings release lists out several additional forward-looking statements indicating our future expectations of certain financial metrics. I will highlight a few, but please refer to our press release for additional commentary. Our 2026 guidance includes tariffs currently in effect as of November 4, 2026, but excludes any future tariff refunds that may be received from indirectly sourced products. We are closely monitoring the tariff developments to manage our exposure and minimize the impact on our business.

As a reminder, the following guidance is for calendar year 2026. When we release our Q4 earnings, we will provide 2027 guidelines. We expect our gross margins for 2026 to be between 61.3% and 61.5%, which is an increase in our previous guidance due to the receipt of tariff refunds. We anticipate gross profit margins will be impacted by our current estimates of product freight and LIFO expenses. Our fixed and discretionary-type SG&A expenses for 2026 are expected to remain in the $307 million-$309 million range.

The variable-type costs within SG&A for 2026 are expected to be in the range of 19.2%-19.4%, which is an increase from our prior guidance due to higher delivery and transportation costs associated with higher fuel prices and increased third-party credit costs. Our planned CapEx for 2026 remains at $34 million. Anticipated new or replacement stores, remodels, and expansions account for $27.7 million. Investments in our distribution network are expected to be $3.2 million, and investments in our information technology are expected to be approximately $3.1 million. Our anticipated effective tax rate for 2026 remains at 26%. This projection excludes the impact of vesting of stock awards and any potential new tax legislation.

This completes my financial commentary on the third quarter results. Operator, we would like to open the call for questions at this time.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question is from Anthony Lebiedzinski from Sidoti & Co. Please proceed with your question.

Anthony Lebiedzinski: Thank you, and good morning, everyone, and thanks for taking the questions. Certainly nice to see another quarter of sales and earnings growth here in 3Q. I know you touched on a little bit as far as trends during the quarter. Were there any notable regional differences that you saw as you progressed from July through September? I'm just curious about that.

Steve Burdette: Not anything that's notable, Anthony, that we've seen. I mean, it's pretty much across the board we're seeing the effect. Some are more so than others, but nothing notable.

Anthony Lebiedzinski: Mm-hmm. Gotcha. Yeah. Thanks, Steve. Then, in terms of the average ticket going up, how much of that you think was due to pricing versus unit volumes or mix? Do you think these average ticket increases are sustainable?

Steve Burdette: I'm still going to say it's probably still driven by price. We did see our units stay fairly flat per ticket overall, but we saw a little decrease in our designer deals on the unit numbers there. So, I'm still going to say it's driven by price majority on that. We do think there's opportunity to continue to maintain that and grow that. With our design businesses, we want to try to grow that from being in that 17% range or so of customers that are participating and driving that upwards to the 25% or so that we think that will certainly will drive more of the average ticket will be a big contributor to that success.

Anthony Lebiedzinski: Mm-hmm. Gotcha. Okay. Then, Steve, you also mentioned in your remarks about just the all the disruptions with the midterm elections, advertising, and marketing spending. Can you perhaps give us some little bit more details as far as how disruptive you think this might have been? I mean, October is typically not a seasonally strong month for furniture buying, but I mean, if you could just maybe kind of give us some color whether this was similar to the last election two years ago. Anything else you can add to that would be very helpful.

Steve Burdette: Yeah. I'm not going to talk about October, so we're talking about Q3 on the side of this. What we know so far, it's still early, you know the political ads take precedent on any TV, so you can get bumped with what you have. We saw that in the July 4th a little bit. We haven't gotten all the information for Labor Day yet on what happened there, but we suspect it was even more so or more prevalent during that time period as well. But we will know that shortly in the next probably 30-45 days. So, as far as comparing it to 2024, I think this was very contentious.

It was the biggest spend of any midterm ever. I think I heard a number of $12 billion was spent in advertising. I could be wrong. I heard that. It definitely created, I think there was a lot, as I talked about, a lot of anxiety, not just in the five states that make up two-thirds of our stores, but across the whole footprint. I mean, there was anxiety. You couldn't turn on an ad that you were hearing something, and it doesn't matter what side of the aisle you're on. There was just a lot of anxiety of what was going to happen.

But as I said in my comments, it's over, and there is no questions, and we don't have to worry about it. It's not lingering. We're going to move forward, and I think our customers will as well.

Anthony Lebiedzinski: That's very helpful context. Well, thank you very much, guys, and best of luck.

Steve Burdette: Thanks, Anthony.

Operator: Our next question is from Cristina Fernández with Telsey Advisory Group. Please proceed with your question.

Cristina Fernández: Hi, good morning. I wanted to follow up on the last topic. You mentioned the midterms had an impact on your marketing expense and that it was down year-over-year. With the midterms behind now, do you plan to increase marketing expense in the fourth quarter, or how are you thinking about using that as a lever to drive sales going forward?

Steve Burdette: Yeah, Cristina, we've been pretty consistent with it all year. What we don't know is what didn't run, and that's the part I don't know in September. We get that after the fact and get credits back on that. So, I'm covering with you what our expense was and what was planned. What we are suspecting and what we've seen from July 4th, there was more prevalent probably in Labor Day as the ads started ramping up that we were getting pushed out. So, that's really kind of us thinking through it. I don't know it yet, but we're expecting that, and all indications lead to that, so I can't quantify it.

Going forward, we're going to continue to push and promote. Obviously, as we look forward, we know the elections were only ramping up in October. That's behind us now. We've got Veterans Day, and after Thanksgiving, we got moving into New Year's and after-Christmas sales. So, we will be back active and very aggressive to push through remainder of Q4 and then head into 2027.

Cristina Fernández: In your prepared remarks, you cited a number of inflationary pressures. As you look ahead, are there any levers you can pull to offset these costs? For example, do you plan to make changes in pricing, perhaps your delivery fees, or change your financing offers? How are you looking at offsetting some of these costs to the extent you can?

Steve Burdette: Yeah, I mentioned on credit costs, we're looking to try to offset those in the off-promotional periods, and looking at increasing the average ticket and where they can be used, and hopefully that can lower that. LIFO costs are hitting us, and that's real. That's about material increases that are coming. From those, we are making selective pricing changes, retail pricing changes, in order for us to maintain our margins and where we're going. That would apply to also the bunker fuel. I hope the bunker fuel and diesel fuel increases will subside, but we've got to get this war behind us, I believe, before we're ever going to see that.

That's kind of a unknown as to how long that's going to last at this point. We are not entertaining right now any increases in delivery fees at this point to our customers as we move forward. Health insurance costs, I mean, those are coming at us, and it will continue. Hopefully, we get a better performance going into next year, but that's just about the health of our team members and how well we're taking care of ourselves as we go forward. Obviously, we're trying to promote that internally and make sure everybody is as healthy as they can be.

There's not a lot, as I told you, it's more difficult to leverage this, Cristina, on these costs as we go forward. We've got to produce volume to create the leverage on some of these ones that we're dealing with.

Cristina Fernández: Yeah. No, understood. Lastly, just kind of big picture on your specific consumer. Up until recently, this consumer, more affluent, was in good health financially. Do you still feel like that's the case, and the behavior you saw in the third quarter was a bit more temporary? Or how do you think this consumer is financially and their propensity to spend as you look at the next, let's say, 6-12 months?

Richard Hare: Hey, Cristina, just a couple things on that. From what we're seeing from Synchrony, who has the credit statistics on our consumers, about a third of which use Synchrony to finance their product, we continue to see very strong approval rates, above 750 credit scores, almost 90% approval in store. Our consumer is holding up well. My personal opinion is there's some angst about the elections. That's behind us. The market's up today, which tells me the market thinks it's a good thing that all of it's behind us, and we're looking forward to the future. I also wanted to just point out one other thing on G&A costs.

About $2 million of the G&A cost increase related to accelerated vesting of stock awards, and that's just because certain individuals reached a certain age within the company. That's more of a one-off. All the increase is not permanent. At least $2 million of that is temporary and should not repeat itself in the near term.

Cristina Fernández: Thank you so much.

Operator: We have reached the end of the question and answer session. I would like to turn the floor back over to Tiffany Hinkle for closing comments.

Tiffany Hinkle: Thank you for your participation in today's call. We look forward to talking to you in the future when we release our fourth quarter results. Have a great day, everyone.

Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Parts of this article were created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.