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UWM (UWMC) - 2025 Q4 - Annual Results
2026-02-25 13:45
Exhibit 99.1 UWM Holdings Corporation Announces Fourth Quarter & Full Year 2025 Results Loan Origination Volume of $49.6 Billion; Largest Quarterly Originations Since 2021 PONTIAC, MI, February 25, 2026 - UWM Holdings Corporation (NYSE: UWMC) ("UWMC" or the "Company"), the publicly traded indirect parent of United Wholesale Mortgage ("UWM"), today announced its results for the fourth quarter and full year ended December 31, 2025. Total loan origination volume was $49.6 billion for the fourth quarter 2025 an ...
Lowe's(LOW) - 2026 Q4 - Annual Results
2026-02-25 13:44
Exhibit 99.1 February 25, 2026 For 6:00 a.m. ET Release LOWE'S REPORTS FOURTH QUARTER 2025 SALES AND EARNINGS RESULTS — Comparable Sales Increased 1.3% — — Diluted EPS of $1.78; Adjusted Diluted EPS of $1.98 — — Provides Full Year 2026 Outlook — 1 MOORESVILLE, N.C., Feb. 25, 2026 – Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $1.0 billion and diluted earnings per share (EPS) of $1.78 for the quarter ended Jan. 30, 2026, compared to diluted EPS of $1.99 in the fourth quarter of 2024. Dur ...
SolarEdge(SEDG) - 2025 Q4 - Annual Report
2026-02-25 13:41
Revenue Breakdown - Revenues from the sale of Power Optimizers represented 41.4%, 34.9%, and 30.3% of total revenues for the years ended December 31, 2025, 2024, and 2023, respectively[34]. - Revenues from the sale of inverters represented 28.2%, 27.5%, and 46.2% of total revenues for the years ended December 31, 2025, 2024, and 2023, respectively[44]. - In 2025, Consolidated Electrical Distributors, Inc. accounted for 18.6% of SolarEdge's revenues, highlighting reliance on key customers[84]. Product Offerings and Innovations - The SolarEdge ONE platform optimizes energy usage for residential systems, allowing homeowners to store solar energy at cost-effective times and improve ROI[27]. - The commercial SolarEdge ONE capabilities include synchronization of production, consumption, and storage to enhance operational efficiencies and lower maintenance costs[28]. - The DC optimized inverter system allows for direct storage of solar energy in batteries, eliminating energy loss associated with conversions and improving overall ROI[30]. - The SolarEdge Power Optimizers are designed to operate in harsh environments and carry a 25-year product warranty[34]. - The company plans to launch the SolarEdge Duo Power Optimizer featuring dual input design for enhanced system performance[41]. - The SolarEdge TerraMax™ inverters are designed for ground mount installations, supporting configurations for community solar and floating PV[43]. - The company has expanded its offerings to include energy storage systems, EV chargers, and energy management software through organic growth and acquisitions[24]. - The company is launching the next-generation SolarEdge Nexis Inverters, with the 3-phase model providing between 8-20 kW and the 1-phase model providing 3.8-13 kW for residential markets[49]. - The SolarEdge Home Battery 400V offers a capacity of 10 kWh and can scale up to 3 batteries per inverter, while the 48V version provides 4.6/4.85 kWh and can scale up to 5 batteries[51]. - The CSS-OD 197 commercial battery solution has a capacity of 197 kWh and can scale up to 4 MWh per site, designed for maximum electricity savings and backup power[59]. - The SolarEdge ONE EV Charger supports both residential and commercial installations, designed for flexible configurations and integration with the SolarEdge ecosystem[66]. - The SolarEdge ONE for Residential energy optimization system adapts to real-time market and weather changes, optimizing energy use and maximizing savings[69]. - The company plans to introduce the SolarEdge Nexis Battery with a capacity of 4.65 kWh, scalable up to 78.4 kWh per inverter, designed for backup power during outages[55]. - The SolarEdge monitoring platform collects and analyzes data from inverters and Power Optimizers, enabling performance monitoring at various levels[72]. - The SolarEdge Go app streamlines installation and management for installers, enhancing efficiency and reducing downtime[74]. - The company is developing new features for its smart energy management solutions, including the SolarEdge ONE Controller for commercial applications[70]. - In 2025, SolarEdge continued to enhance its product offerings, including the release of the Mapper Application for efficient PV site registration, which aids in remote diagnostics and reduces maintenance costs[75]. - The SetApp application is being replaced by SolarEdge Go to streamline inverter activation and configuration during commissioning, improving installation efficiency[76]. Manufacturing and Operations - Manufacturing operations have shifted to the U.S. with inverters produced in Texas and Florida, and battery manufacturing ramping up in Utah, in response to the Inflation Reduction Act[90]. - SolarEdge is actively automating its manufacturing processes to improve efficiency and product innovation, reflecting a commitment to leveraging technology in production[92]. - The company has relocated contract manufacturing to the U.S., with a significant portion of products now manufactured domestically, while still sourcing critical subcomponents from abroad[122]. - The company relies heavily on a small number of contract manufacturers, which poses risks related to production capacity and quality control[188]. - The company has engaged two contract manufacturers in the U.S. to ramp up production in response to the IRA, but this process is dependent on various logistical factors[191]. Financial Performance and Challenges - The company incurred a net loss of $405.4 million for the year ended December 31, 2025, and a net loss of $1.806 billion for the year ended December 31, 2024, indicating ongoing financial challenges[145]. - There was a slowdown in demand for the company's products beginning in the third quarter of 2023, with substantial unexpected cancellations and push-outs from European distributors[145]. - Despite the demand slowdown, the company saw an increase in sales in the year ending December 31, 2025, attributed to more normalized channel inventory in the U.S. and Europe[145]. - The company may incur significant inventory write-downs due to overproduction or changes in anticipated order volumes, which could materially impact financial condition[163][164]. - The company has observed financial distress among some customers and installers, which could lead to write-offs of debts and negatively impact financial performance[201]. - The company has faced unexpected cancellations and financial distress among customers, including the bankruptcy of Posigen, Inc., which has impacted order volumes and financial performance[163][178]. - The company’s operating expenses, including research and development, are planned based on customer demand estimates, which may not be accurate, leading to potential financial harm[165]. - The company may not realize expected benefits from its cost reduction and restructuring efforts, which could adversely affect profitability[207]. Market Conditions and Risks - The solar energy market experiences seasonal fluctuations, particularly in winter months, which can affect the timing of product orders[124]. - The company continues to monitor trade regulations and tariffs that could impact its business operations and the pricing of its products in various markets[121][123]. - The solar industry is experiencing fluctuating demand, with significant cancellations and push-outs of orders, particularly in Europe, leading to a downturn that began in the second half of 2023 and is expected to continue through 2025[163]. - Increased competition from both traditional and new entrants in the solar market is expected to intensify, potentially affecting market share and profitability[174][175]. - The company is facing risks related to increased competition and changes in the global trade environment, including potential tariffs and regulatory changes[141]. - The evolving conflict in Israel and geopolitical conditions could disrupt the company's operations and affect its ability to develop and sell products[141]. - Macroeconomic conditions, including inflation and rising interest rates, are adversely affecting customer willingness to invest in solar energy products, potentially leading to reduced demand[166][171]. - The company relies heavily on distributors for visibility into end-customer demand, which can lead to inaccuracies in forecasting and planning if distributor information is incorrect or incomplete[162]. Corporate Governance and Social Responsibility - The company’s sustainability strategy aligns with 10 United Nations Sustainable Development Goals (SDGs), focusing on affordable clean energy[126]. - The company aims to maintain ethical conduct throughout its value chain and improve resource efficiency as part of its corporate social responsibility initiatives[131]. - The company has established a zero-injury culture in workplace safety, adhering to ISO 45001:2018 standards for occupational health and safety[134]. - The training portal, Edge Academy, hosted over 161,263 learners in 2025, demonstrating SolarEdge's commitment to educating its installer base[86]. - The company has implemented workforce reductions globally as part of its Restructuring Plans to align with current market conditions[206]. Cybersecurity and Operational Risks - The company has faced cybersecurity incidents that could harm its reputation and financial condition, despite efforts to protect data integrity[209]. - The company has faced challenges related to unauthorized access to its networks, which could result in significant costs and reputational harm[212]. - The company has experienced executive leadership transitions, including the resignation of the former CEO and the appointment of new executives, which may disrupt operations[218]. Geopolitical Factors - Political and military conditions in Israel have disrupted the company's operations, impacting workforce availability and potentially increasing shipment costs[219]. - The company may be forced to cease operations if the current war situation escalates, leading to delays in product distribution and sales[221]. - Several countries in the Middle East restrict business with Israeli companies, which could adversely affect the company's operations and sales in the region[222]. - The establishment of hostile regimes in neighboring states could further limit the company's ability to sell products in the region[222]. - The company's directors and employees in Israel are subject to military reserve duty, which may disrupt operations during emergencies[221].
Clear Secure(YOU) - 2025 Q4 - Annual Report
2026-02-25 13:32
Membership and Revenue Growth - CLEAR+ currently retails for $209 per year per Member, with a family plan available for an additional $125 per year per Member[31] - The company aims to grow its CLEAR+ Member base and increase revenue per member through pricing and ancillary revenue initiatives, with airport coverage reaching approximately 79% of 2025 TSA checkpoint volume[54] - In 2025, 6% of all TSA checkpoint volume went through a CLEAR lane, up from 5% in 2024, indicating growth in member utilization[54] - CLEAR's strategic partnerships with airlines and financial institutions promote its services to customers, driving membership growth[41] Technology and Innovation - In 2024, CLEAR launched the Lane of the Future, featuring EnVe hardware that offers a verification experience approximately 5x faster than legacy pods[32] - CLEAR's investment in technology has led to a scalable and secure platform, allowing for quick application across various sectors[47] - The power of network effects has significantly increased the value proposition of CLEAR+ as membership growth accelerated after reaching a critical mass of airports[48] Employee and Workforce - CLEAR has approximately 3,708 employees deployed across its network to implement its platform and enhance brand reputation[45] - As of December 31, 2025, the company had 3,301 full-time employees, with the largest workforces located in New York, New Jersey, and Los Angeles[56] Financial Position - The company had cash and cash equivalents of $85.7 million as of December 31, 2025, with no outstanding borrowings under the revolving credit facility[340][341] - Marketable securities totaled $614.4 million as of December 31, 2025, primarily invested in government securities and corporate notes[342] Regulatory and Compliance - The company is subject to various regulatory frameworks, including the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR), which impose significant compliance obligations[57][61] Future Plans and Expansion - The company plans to scale the TSA PreCheck® enrollment program, which is expected to drive significant growth and provide an incremental revenue opportunity[54] - The company anticipates expanding into new verticals and products, particularly within the Travel sector, and has made progress in diversifying its offerings[54] - The company may pursue selective acquisitions to complement its existing platform capabilities and accelerate growth[54] Security and Information Assurance - CLEAR's commitment to information security is demonstrated by its FISMA High Rating certification from the Department of Homeland Security[30]
Graham Holdings(GHC) - 2025 Q4 - Annual Results
2026-02-25 13:31
GRAHAM HOLDINGS COMPANY REPORTS 2025 AND FOURTH QUARTER EARNINGS ARLINGTON, VA - Graham Holdings Company (NYSE: GHC) today reported its financial results for the fourth quarter and full year of 2025. The Company also filed its Form 10-K today for the year ended December 31, 2025 with the Securities and Exchange Commission. Division Operating Results Exhibit 99.1 Contact: Wallace R. Cooney For Immediate Release (703) 345-6470 February 25, 2026 Revenue for 2025 was $4,911.6 million, up 3% from $4,790.9 millio ...
Newmark(NMRK) - 2025 Q4 - Annual Results
2026-02-25 13:27
/////////;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;; Newmark Reports Fourth Quarter and Full Year Financial Results NEW YORK, NY - February 25, 2026 - Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, today reported its financial results for the three months and year ended December 31, 2025, and declared its quarterly dividend. Comm ...
Simon Property(SPG) - 2025 Q4 - Annual Report
2026-02-25 13:27
Property Ownership and Acquisitions - As of December 31, 2025, Simon Property Group owned or held interests in 212 income-producing properties in the U.S., including 108 malls and 70 Premium Outlets[27]. - Simon Property Group acquired the remaining 12% interest in The Taubman Realty Group on October 31, 2025, completing the TRG Acquisition[28]. - The company holds a 22.2% equity stake in Klépierre SA, a publicly traded real estate company in Europe[27]. - Simon increased its ownership interest in TRG from 80% to 100% by issuing a total of 8,278,193 units in the Operating Partnership[56]. - The company owns interests in 110 income-producing properties with other parties, of which 22 properties are included in its consolidated financial statements[131]. - The company has a 100% interest in two luxury outlet destinations in Italy, The Mall Luxury Outlets Firenze and The Mall Luxury Outlets Sanremo[200]. - The company has significant lease expirations scheduled through 2036, with 680 leases expiring, covering 3,408,311 square feet, and an average base minimum rent of $69.85 per square foot, contributing 2.9% to annual rental revenues[195]. Financial Structure and Debt - The Operating Partnership has a $5.0 billion unsecured revolving credit facility and a $3.5 billion supplemental unsecured revolving credit facility, with covenants limiting total debt to 65% of total assets[33]. - The Credit Facility can be increased by up to $1.0 billion, bringing the total to $6.0 billion, with an initial maturity date of June 30, 2027[36]. - Borrowings under the Credit Facility bear interest based on the corporate credit rating, currently at SOFR plus 70.0 basis points[37]. - The Supplemental Facility's initial borrowing capacity of $3.5 billion may be increased to $4.5 billion, with an initial maturity date of January 31, 2029[38]. - As of December 31, 2025, the company's consolidated mortgages and unsecured indebtedness totaled $28.6 billion, which significantly limits cash flow available for business growth[123]. - The total amount of unsecured notes is $8,250,000,000, with various maturities and interest rates ranging from 1.13% to 6.98%[223]. - The interest rate for the Revolving Credit Facility is 4.12% with a face value of $460,000,000 and annual debt service of $18,973,000, maturing on 06/30/28[223]. Operational Performance and Risks - The retail real estate industry is highly competitive, with Simon facing competition from various merchandise distribution channels and internet retailing[49]. - The company faces risks from tenant bankruptcies, vacant spaces, and competition from e-commerce, which could materially affect its operations[71]. - The company derives a significant portion of its lease income from overage rents based on tenant sales, making it vulnerable to declines in tenant performance[74]. - Macroeconomic conditions, including inflation and geopolitical events, could adversely impact consumer spending and retail demand[75]. - The company may experience difficulties in leasing new or redeveloped properties, affecting occupancy levels and rental rates[82]. - Increased competition from e-commerce and changing consumer preferences could negatively impact physical retail operations[84]. - Tenant bankruptcies could lead to lease terminations, impacting rental income and necessitating costly re-tenanting efforts[79]. Sustainability and Environmental Impact - Simon Property Group aims to reduce scope 1 and scope 2 greenhouse gas emissions by 68% from a 2019 baseline by 2035[213]. - The company has achieved a 20% reduction in water usage from a 2013 baseline and set a new target to reduce water for comparable centers by 15% by 2030, with a base year of 2022[214]. - The Governance and Nominating Committee of the Board oversees sustainability policies, while the Audit Committee manages annual disclosures of sustainability programs[215]. - Simon Property Group was awarded a Green Star rating for sustainability performance from 2014 to 2025[216]. Cybersecurity and Regulatory Compliance - The company has developed a cybersecurity risk management program to protect critical systems and information, integrating it with the overall enterprise risk management program[151]. - The Audit Committee oversees the cybersecurity risk management program and receives regular updates on cybersecurity risks and incidents[152]. - The company has not identified any known cybersecurity threats that have materially affected its operations or financial condition[151]. - The regulatory environment surrounding information security and privacy is increasingly demanding, with potential for governmental investigations and penalties[143]. Tenant and Lease Information - As of December 31, 2025, there are 3,156 leases expiring in U.S. malls and Premium Outlets, covering 10,840,848 square feet, with an average base minimum rent of $55.63 per square foot, contributing 8.7% to annual rental revenues[195]. - The inline stores and freestanding month-to-month leases total 957, covering 3,221,378 square feet, with an average base minimum rent of $63.60 per square foot, accounting for 3.0% of annual rental revenues[195]. - The average base minimum rent for leases expiring in 2030 is $75.60 per square foot, representing 7.1% of annual rental revenues[195]. International Operations - International activities accounted for approximately 2.3% of consolidated net income and 9.7% of net operating income (NOI) for the year ended December 31, 2025[146]. - The company holds a 50% interest in five operating joint venture properties in South Korea, with similar stakes in properties across Japan, Mexico, Malaysia, Thailand, Indonesia, and Canada[201]. - The total gross leasable area for the international properties is summarized in the property tables, which do not include equity investment in Klépierre[202]. - The ten Japanese Premium Outlets comprise over 3.9 million square feet of GLA and were 99.9% leased as of December 31, 2025[201].
Southwest Gas (SWX) - 2025 Q4 - Annual Report
2026-02-25 13:27
Regulatory and Compliance - Southwest Gas filed a general rate case in California in September 2024, requesting rates effective January 1, 2026[38]. - California's legislation requires Southwest Gas to comply with the GHG Emissions Reporting Program and aims to reduce GHG emissions to 40% below 1990 levels by 2030, with an extension to 2045[64]. - Southwest Gas successfully met its three-year compliance obligation ending in 2023 by surrendering a sufficient number of allowances and carbon offsets[66]. - In December 2025, the CPUC conditionally approved Southwest Gas' purchasing agreement for RNG supplies, which was filed for approval on July 28, 2025[67]. Market and Supply - For the 2025/2026 heating season, firm fixed-price physical commodity purchases ranged from approximately $4.02 to approximately $5.37 per dekatherm[44]. - Southwest Gas acquired natural gas from 44 suppliers in 2025, ensuring competitive pricing and reliability in its supply portfolio[41]. - The natural gas market has shown stability in 2024 and 2025, with prices competitive compared to other energy forms[52]. - The company has limited market area storage services availability, impacting its operational flexibility[49]. Infrastructure and Capacity - Southwest Gas operates a 233,000 dekatherm above-ground LNG regasification facility in southern Arizona to enhance service reliability[50]. - Great Basin, a subsidiary of Southwest Gas, is undertaking an expansion project to increase system capacity and better serve customer demand[59]. Energy Initiatives and Sustainability - Southwest Gas is actively involved in energy efficiency initiatives and supports renewable energy efforts in response to state policies[57]. - The company does not anticipate any material adverse impact on operating margin from fuel switching or alternative energy initiatives over the near term[57]. - Southwest Gas is committed to providing safe, reliable, sustainable, and affordable natural gas service while supporting renewable initiatives and the use of RNG and CNG as transportation fuels[61]. - In 2025, Southwest Gas held a public hearing for its 2024 hydrogen blending application in California to establish a hydrogen injection standard[61]. - The company is actively working with California natural gas distribution companies to meet requirements for incorporating RNG produced from diverted waste into its gas supply portfolios[67]. Workforce and Culture - The average tenure of Southwest Gas employees is approximately 11 years, contributing to knowledge transfer and succession processes[73]. - As of December 31, 2025, Southwest Gas had 2,453 regular full-time equivalent employees, emphasizing the importance of a skilled workforce for safety performance and customer satisfaction[73]. - Southwest Gas is committed to a culture of continuous improvement in operations and efficiency, with safety metrics forming part of incentive compensation programs for leaders[72]. Financial Impact - The California Climate Credit, implemented in October 2018, represents a return of auction proceeds, updated annually and distributed each April, with no expected direct impact on earnings[66].
Pinnacle West(PNW) - 2025 Q4 - Annual Report
2026-02-25 13:26
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 Exact name of registrant as specified in its charter; State or other jurisdiction of incorporation or organization; Address of principal ...
Pinnacle West(PNW) - 2025 Q4 - Annual Results
2026-02-25 13:24
Exhibit 99.1 For the quarter ended Dec. 31, 2025, Pinnacle West reported consolidated net income attributable to common shareholders of $15.4 million, or $0.13 per diluted share, compared with a net loss of $6.8 million, or a loss of $0.06 per diluted share, for the same period in 2024. The higher 2025 full-year results reflect an increase of about $8 million, primarily as a result of increased customer usage, customer growth and related pricing; higher transmission revenues; and impacts of the 2022 rate ca ...