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LeMaitre Vascular(LMAT) - 2025 Q4 - Annual Results
2026-02-25 21:54
Exhibit 99.1 LeMaitre Q4 2025 Financial Results BURLINGTON, MA, February 25, 2026 – LeMaitre Vascular, Inc. (Nasdaq: LMAT), a provider of vascular devices, implants, and services, today reported Q4 2025 results, announced a quarterly dividend of $0.25/share (+25%), and provided guidance. Q4 2025: Grafts (+27%), valvulotomes (+20%), and carotid shunts (+18%) drove Q4 sales growth. EMEA sales increased 29%, APAC 20%, and the Americas 10%. Gross margin of 71.7% (+240 bps) increased due to higher average sellin ...
Chesapeake Utilities(CPK) - 2025 Q4 - Annual Report
2026-02-25 21:54
Financial Performance and Risks - The company's financial results may fluctuate significantly, and past performance should not be relied upon as an indicator of future results[83]. - Increases in interest rates could adversely affect the company's operating results and cash flows, particularly if higher costs cannot be fully recovered from utility customers[86]. - Higher commodity prices for natural gas and propane may increase operating costs and affect the company's competitive position[119]. - Changes in tax provisions or exposure to additional tax liabilities could materially impact profitability and cash flow[134]. - The company's financial condition could be adversely affected if franchise agreements for its regulated energy business are not renewed or obtained[115]. - Slowdowns in customer growth in the natural gas, propane, and electric distribution sectors may negatively impact the company's earnings and cash flows[116]. Capital and Investment - Access to capital markets at competitive rates is crucial for the company's growth strategy, which requires capital investment exceeding cash flow from operations[84]. - The company’s capital-intensive operations are subject to regulatory oversight, and delays in obtaining necessary permits and approvals could adversely affect future earnings[113]. - The company's ability to grow through acquisitions may be hindered by integration challenges and the realization of anticipated synergies[124]. - The company’s capital-intensive nature means that delays or increased costs in infrastructure projects could adversely affect future earnings and cash flows[113]. Regulatory and Compliance Risks - Regulatory changes regarding pipeline safety and environmental compliance may impose significant costs and liabilities on the company[128][131]. - Compliance with environmental laws and regulations may lead to increased operating costs, adversely affecting financial condition and cash flows[132]. - Regulatory changes may impact the company's ability to obtain timely rate increases, affecting overall financial condition and cash flows[127]. Operational and Supply Chain Challenges - Supply chain issues and inflation may impact the availability and cost of necessary equipment and materials, affecting the company's financial condition[87][88]. - Severe weather events and natural disasters pose operational risks that could damage assets and disrupt services, negatively impacting financial performance[101]. - Construction of new facilities is subject to regulatory risks that could limit future growth and adversely affect financial condition[93]. Competitive Landscape - The company faces competitive risks in its natural gas, electric, and propane operations, which could adversely affect customer retention and market share[96][98]. - Competitive pressures in natural gas, electric, and propane markets could lead to loss of customers, adversely impacting financial results[96][97][98]. - Legislative initiatives promoting energy efficiency and alternative energy sources could reduce demand for the company's products and services, potentially leading to lower profits[117]. Cybersecurity and Technology Risks - Cybersecurity risks are evolving, and breaches could disrupt operations and increase costs, affecting the company's reputation and financial condition[105][107]. - The company's reliance on information technology systems is critical, and interruptions could adversely affect business operations and compliance with data protection regulations[108]. - The company faces a heightened risk of cybersecurity breaches due to remote work, necessitating significant resources for enhancing cybersecurity measures[106]. - The implementation of a technology roadmap involves risks related to the use of AI, which may result in reputational harm and increased operational costs if not managed properly[110]. Weather and Climate Impact - Weather fluctuations significantly influence the company's revenue from natural gas and propane sales, particularly during the peak heating season[99]. - Climate change regulations may impose additional operating costs and reduce demand for energy delivery services, affecting financial position and results[135]. - Severe weather events and climate changes could lead to increased operational costs and volatility in revenues, impacting financial results[136]. - Climate change may impact customer energy demand and financial results due to variations in weather conditions, potentially increasing costs and system stresses[136].
Crescent Energy Co(CRGY) - 2025 Q4 - Annual Report
2026-02-25 21:53
Table of Contents For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-41132 Crescent Energy Company (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 87-1133610 (State or othe ...
Crescent Capital BDC(CCAP) - 2025 Q4 - Annual Report
2026-02-25 21:51
Dividend and Investment Policies - The company has adopted a dividend reinvestment plan allowing stockholders to reinvest dividends in additional shares of common stock[72]. - The company has elected to be treated as a Regulated Investment Company (RIC) and must distribute at least 90% of its investment company taxable income annually to avoid corporate-level U.S. federal income taxes[99]. - To maintain RIC status, the company must derive at least 90% of its gross income from specific sources, including dividends and interest[102]. Regulatory Compliance - The company is regulated as a Business Development Company (BDC) under the 1940 Act, which requires it to primarily invest in private companies and provide significant managerial assistance[75]. - The company is subject to periodic examinations by the SEC for compliance with the 1940 Act[80]. - The company must adhere to corporate governance requirements set by the Nasdaq Stock Market LLC to maintain its listing[91]. - The company has implemented written compliance policies and procedures to detect and prevent violations of federal securities laws[88]. - The company is required to disclose the effectiveness of its disclosure controls and procedures in its periodic reports[95]. - The company must provide stockholders with annual reports containing audited financial statements and quarterly reports[97]. - The company has a code of ethics that prohibits investments by its personnel in securities that may be purchased or sold by the company[86]. Asset Management and Investment Restrictions - The company must maintain an asset coverage ratio of at least 150% after borrowing, limiting its ability to use debt for investments[78]. - The company is permitted to invest up to 30% of its portfolio in "non-qualifying assets," but must ensure that qualifying assets represent at least 70% of its total assets[81]. Taxation and Financial Exposure - The company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless it meets specific distribution requirements[101]. - If the company fails to qualify as a RIC, all taxable income will be subject to corporate tax rates, and distributions will be taxed as ordinary dividends[107]. - The company may be required to recognize taxable income without receiving cash, particularly from debt obligations treated as having Original Issue Discount (OID)[104]. - The company’s investment practices may be subject to complex tax provisions that could adversely affect its income and deductions[106]. Interest Rate and Currency Risk - The company has significant exposure to interest rate risk, with potential annualized impacts on net interest income ranging from $9.5 million to $(9.4) million based on hypothetical interest rate changes[403]. - The company regularly assesses its interest rate risk and may engage in hedging transactions to mitigate exposure[401]. - As of December 31, 2025, 98.0% of the investments at fair value in the company's portfolio were at variable rates, subject to interest rate floors[402]. - The company had £16.9 million, CHF 18.7 million, AUD $44.8 million, and SEK 11.6 million notional exposure to foreign currency forward contracts as of December 31, 2025[409].
Medline(MDLN) - 2025 Q4 - Annual Report
2026-02-25 21:51
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-43022 _________________________ Medline Inc. (Exact name of registrant as specifi ...
CF(CF) - 2025 Q4 - Annual Report
2026-02-25 21:51
Financial Performance - In 2025, the company reported a gross margin of $2.72 billion, an increase from $2.06 billion in 2024 and $2.55 billion in 2023 [54]. - The total sales volume for 2025 was 19,057 thousand tons, generating net sales of $7,084 million, compared to 18,943 thousand tons and $5,936 million in 2024 [54]. - CHS was the largest customer in 2025, accounting for approximately 13% of consolidated net sales [78]. Production and Capacity - The production volume for ammonia in 2025 was 10,120 thousand tons, an increase from 9,800 thousand tons in 2024 and 9,496 thousand tons in 2023 [58]. - The company operates eight manufacturing facilities in North America, with a combined production capacity representing approximately 40% of North American ammonia production capacity as of December 31, 2025 [55]. - The Donaldsonville facility has an estimated production capacity of 2.4 million to 3.3 million tons of granular urea and 1.2 million to 4.3 million tons of UAN annually [6]. - The Yazoo City facility's production capacity can reach 450,000 tons of UAN by reducing AN production to 900,000 tons [8]. - The company has a joint venture with Koch Fertilizer LLC at the Point Lisas facility, which has a capacity to produce 720,000 tons of ammonia annually [69]. Strategic Initiatives - The company completed its first sales of low-carbon ammonia in 2025, achieving a premium price compared to traditional ammonia, with expectations for continued demand growth in Europe and Africa [33]. - The Blue Point joint venture, formed in April 2025, involves a 40% ownership by the company, with JERA and Mitsui holding 35% and 25%, respectively, focusing on low-carbon ammonia production [49]. - The company is engaged in discussions for long-term offtake agreements related to low-carbon ammonia, indicating a strategic focus on expanding its market presence [35]. - The company has a long-term ammonia offtake agreement to supply up to 200,000 tons of ammonia per year to IPL's Dyno Nobel, Inc. subsidiary as part of the Waggaman acquisition [48]. Environmental and Regulatory Compliance - Environmental, health, and safety capital expenditures totaled approximately $37 million in 2025, with an estimated $46 million planned for 2026 [86]. - The excess emissions fee under Canadian regulations is CAD $110 per metric ton for 2026, increasing by CAD $15 per metric ton annually, reaching CAD $170 per metric ton by 2030 [90]. - The company is subject to GHG regulations in Canada, the United States, and the United Kingdom, with increasing stringency expected in the coming years [90]. - The company anticipates that more stringent GHG regulations may materially adversely affect its business, financial condition, and results of operations [94]. Workforce and Safety - As of December 31, 2025, the company employed approximately 2,900 employees, with 80% located in the United States, 14% in Canada, and 6% in the United Kingdom [98]. - The company reported a 12-month rolling recordable incident rate (RIR) of 0.26 incidents per 200,000 work hours as of December 31, 2025, with a total recordable injury/illness count of eight for the year [99]. - The company has approximately 5% of its workforce covered by collective bargaining agreements as of December 31, 2025 [98]. - The company is dedicated to creating a workplace culture of inclusion and engagement, investing in recruitment, training, and professional development [96]. Financial Instruments and Costs - The company holds senior notes totaling $3.25 billion in principal outstanding, with maturity dates ranging from March 15, 2034, to March 15, 2044 [447]. - A $1.00 per MMBtu change in the price of natural gas would affect the cost to produce a ton of ammonia by approximately $32 [443]. - As of December 31, 2025, the company had open natural gas derivative contracts covering 13.5 million MMBtus, with a favorable change in fair value of approximately $13 million for a $1.00 per MMBtu increase in prices [445]. - In 2025, natural gas accounted for approximately 34% of the total production costs, with the facilities consuming about 350 million MMBtus of natural gas [70][71]. Facility Operations - The company acquired an ammonia production facility in Waggaman, Louisiana, on December 1, 2023, for a purchase price of $1.675 billion, with a nameplate capacity of 880,000 tons of ammonia annually [48]. - The company plans to permanently close the ammonia plant at the Billingham facility, which had previously been idled since September 2022 [68]. - The company expects production at the Yazoo City facility to resume no earlier than Q4 2026 due to an incident that required temporary idling [66]. Seasonal Business Dynamics - The fertilizer business is seasonal, with the highest demand occurring during the spring planting season and the fall harvest [84].
Charles Schwab(SCHW) - 2025 Q4 - Annual Report
2026-02-25 21:49
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 1-9700 THE CHARLES SCHWAB CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-3025021 (I.R.S. Employer ...
Fortive(FTV) - 2025 Q4 - Annual Report
2026-02-25 21:49
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-37654 ____________ FORTIVE CORPORATION (Exact name of registrant as specified in its c ...
Franklin BSP Realty Trust(FBRT) - 2025 Q4 - Annual Report
2026-02-25 21:47
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-40923 Indicate by check mark whether the registrant submitted electronically every Interactive Data File requir ...
NerdWallet(NRDS) - 2025 Q4 - Annual Report
2026-02-25 21:46
Financial Risks and Dependencies - The company relies heavily on financial services partners, and any adverse changes in their financial strength or marketing strategies could negatively impact business operations and financial results [65]. - Macroeconomic conditions, including inflation in the U.S., could adversely affect business operations and revenue if financial partners reduce marketing budgets [69]. - The company faces risks from reliance on internet search engines, particularly Google, for traffic, which could decline due to algorithm changes [72]. - Dependence on third-party service providers for key functions poses risks; disruptions could significantly affect platform availability and revenue [83]. - The financial performance is heavily reliant on successfully referring users to financial services partners, with risks of users transacting directly with partners outside the platform [93]. - Adverse conditions in consumer finance markets could lead to reduced marketing budgets from financial services partners, negatively impacting the company's business and financial condition [105]. - The loan market, including student loans and mortgages, is crucial for the company, and fluctuations in this market could harm its financial results [106]. - The company is subject to various financial regulations in the U.S., Canada, and the UK, which may evolve and create compliance challenges [107]. - Non-compliance with financial regulations could result in significant costs, including fines and penalties, adversely affecting the company's operations [108]. - The company must obtain proper business licenses to operate in various jurisdictions, and failure to do so could lead to civil or criminal penalties [109]. User Engagement and Market Competition - User engagement is critical; a decline in perceived value or user experience on the platform may lead to reduced matches, harming financial performance [67]. - The competitive landscape is intensifying, with both existing competitors and new entrants potentially disrupting market dynamics [84]. - The company prioritizes long-term user trust over short-term revenue, which may impact immediate financial performance [80]. - The company has limited experience in newer market verticals such as mortgage brokering and wealth management, which may present greater operational challenges [99]. - The company’s ability to attract and retain users in a cost-effective manner is critical for its growth and financial performance [168]. Regulatory and Compliance Challenges - The acquisition of NDL in October 2024 introduces additional risks related to compliance with federal and state regulations governing mortgage brokerage operations [85]. - The company is expanding into investment management services, which subjects it to extensive regulation under the Investment Advisers Act of 1940 and other jurisdictional laws [86]. - Regulatory scrutiny and compliance costs are increasing due to evolving rules in the investment advisory sector, which could limit growth opportunities [87]. - Compliance with data privacy laws, such as the GLBA and FCRA, is essential, as non-compliance could result in regulatory fines [114]. - The company anticipates increased scrutiny and potential regulatory actions related to data privacy and AI technologies, which could impact its business [120]. - The company is subject to increased regulatory requirements and scrutiny as a public company, which raises legal, accounting, and financial compliance costs [174]. Operational and Technological Investments - The company is actively investing in new products and technologies, with plans to increase these investments, though associated risks remain [65]. - The company is developing new products and services, including mortgage and financial products, but faces risks related to demand prediction and potential operational challenges [91]. - AI technology is integrated into the company's products, and ongoing development is critical for financial performance and long-term success [119]. Talent Management and Organizational Structure - The company faces challenges in recruiting and retaining talent in international markets, which could affect operational efficiency and company culture [90]. - The company relies heavily on its executive team and key employees for leadership in critical business areas, and the loss of any of these individuals could adversely affect operations [122]. - The company faces intense competition for qualified personnel, particularly engineers, which may hinder its ability to attract and retain talent necessary for growth [124]. - Transitioning to a remote-first company may lead to reduced employee morale and increased cybersecurity risks, potentially impacting business operations [126]. Financial Performance and Stockholder Considerations - The company anticipates that revenue growth rates may slow in future periods due to various factors, including increasing competition and market maturation [152]. - The dual class structure of the company's common stock allows Tim Chen to control approximately 89% of the voting power, limiting other shareholders' influence [155]. - The company may incur additional debt or issue equity for future acquisitions, which could adversely affect its financial condition and lead to stockholder dilution [149]. - The company has never declared or paid cash dividends and does not anticipate doing so in the foreseeable future, intending to retain future earnings for business development [167]. - The company’s stock price may be volatile due to various factors, including operating performance and market conditions, which could lead to significant fluctuations in stock value [164]. - Sales of substantial amounts of Class A common stock by existing stockholders could lead to a decline in stock price [176]. Legal and Liability Issues - The company is subject to various legal proceedings that could materially affect its results of operations and financial condition [151]. - Claims of intellectual property infringement could result in substantial legal costs and distract management from core business activities [133]. - The company may face challenges in obtaining licenses for third-party software, which could disrupt operations and harm financial results [138]. - The company maintains directors' and officers' liability insurance, but it may not cover all liabilities, potentially impacting available funds for third-party claims [184]. - The company has entered into indemnification agreements with directors and executive officers to attract and retain qualified individuals [183]. Miscellaneous Financial Information - The company has cash and cash equivalents of $98.3 million and $66.3 million as of December 31, 2025 and 2024, respectively [296]. - The company generates significantly all of its revenue in U.S. dollars, with the remainder in British pounds sterling and Canadian dollars [295]. - A hypothetical 10% change in foreign currency exchange rates would not have had a material impact on the company's historical consolidated financial statements for the years ended December 31, 2025, 2024, and 2023 [295]. - The company does not expect its operating results or cash flows to be materially affected by sudden changes in market interest rates due to the short-term nature of its investment portfolio [297]. - The company is governed by Section 203 of the Delaware General Corporation Law, which prohibits a person owning 15% or more of its outstanding voting stock from merging or combining for three years unless approved [181]. - The company has a dual class common stock structure, allowing Mr. Chen and his affiliated trusts to control outcomes requiring stockholder approval despite owning less than a majority of shares [180]. - The company’s amended and restated bylaws require advance notice procedures for stockholders to nominate candidates for election as directors [185]. - The company’s exclusive forum provisions may limit stockholders' ability to bring claims in favorable judicial forums, potentially increasing costs associated with disputes [189].