Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Trip.com Group Limited due to allegations of materially misleading business information issued by the company [1]. Group 1: Investigation Details - The investigation is prompted by a report from Investing.com stating that Trip.com is under investigation by China's market regulator for potential antitrust violations, which led to a 17% drop in the company's American Depositary Shares on January 14, 2026 [1]. Group 2: Class Action Information - Investors who purchased Trip.com securities may be entitled to compensation through a class action lawsuit, with no out-of-pocket fees or costs due to a contingency fee arrangement [1]. - Interested investors can join the prospective class action by visiting the provided link or contacting the law firm directly [1]. Group 3: Rosen Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for the number of settlements in 2017 [1]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [1].

Core Viewpoint - Perimeter Solutions is facing operational challenges at the Sauget plant, impacting production and financial performance, while pursuing legal remedies and strategic alternatives to ensure supply continuity and restore financial health [1][2]. Operational Issues - The Sauget Lenore P2S5 facility has experienced unplanned downtime, significantly reducing production volumes and negatively affecting financial results [2]. - Recurring safety incidents have contributed to a decline in performance since Flexsys was acquired by One Rock Capital in 2021 [2]. Business Initiatives - In Fire Safety, the company is expanding into new business areas, including preventative rail-applied retardant in Europe and air-based services, while also improving productivity through a new manufacturing facility [3]. - The company is shifting fire retardant contract structures towards fixed and recurring models, reducing sensitivity to fire season volatility [3]. Financial Performance - For 2025, Perimeter reported consolidated revenue of $652.9 million, a 16% increase from the previous year, with adjusted EBITDA rising 18% to $331.7 million [9]. - The fourth quarter saw revenue increase by 19% to $102.8 million, while adjusted EBITDA rose 9% to $36.0 million [10]. Segment Performance - Fire Safety revenue for the full year was $488.9 million, up 12%, while fourth-quarter revenue declined 4% to $58.1 million [18]. - Specialty Products revenue increased 31% to $163.9 million for the full year, with fourth-quarter revenue rising 75% to $44.6 million [18]. M&A Strategy - The company is actively pursuing acquisitions, including the recent acquisition of Medical Manufacturing Technologies (MMT) for $685 million, which is expected to enhance growth and profitability [7][15]. - Perimeter plans to invest "tens of millions of dollars annually" into high-IRR product line acquisitions [6]. Capital Allocation - In 2025, Perimeter deployed approximately $149 million in capital across various initiatives, including capital expenditures and share repurchases [14]. - The company reported a net leverage of 1.1x at quarter-end, with a pro forma leverage of approximately 3.0x following the MMT transaction [15][16].

Core Insights - Pursuit Attractions and Hospitality reported record financial performance in 2025, with adjusted EBITDA rising by $40.1 million to $117.1 million, supported by revenue growth and improved margins [1][6] - The company achieved a full-year revenue increase of 23% year-over-year, reaching $452.4 million, primarily driven by the recovery of Jasper properties and new experiences [2][6] - Pursuit introduced "Vision 2030" financial targets, aiming for over $845 million in revenue and more than $265 million in adjusted EBITDA by 2030, with a significant investment pipeline planned [5][10] Financial Performance - Adjusted net income increased to $33.5 million from $3.7 million a year earlier, while net income attributable to Pursuit was $22.7 million compared to $368.5 million in the prior year, largely due to the sale of GES [1] - The company served 4.2 million attraction visitors and 439,000 room nights during the year, indicating strong demand across its portfolio [3][6] Strategic Actions - Pursuit completed several acquisitions, including Tabacon and full ownership of Glacier Park, and agreed to sell its non-core FlyOver business at a valuation of approximately 15 times 2025 adjusted EBITDA [6][18] - The company returned $14.5 million to shareholders through share repurchases, reflecting a commitment to shareholder value [18] Vision 2030 and Growth Strategy - Management outlined a "Refresh and Build" pipeline of over $300 million planned from 2026 to 2030, aimed at expanding capacity and enhancing guest experiences [12][11] - The growth plan is supported by four levers: improving existing experiences, organic investments, strategic acquisitions, and opportunistic share repurchases [11] 2026 Outlook - For 2026, Pursuit guided adjusted EBITDA to be between $123 million and $133 million, representing about 9% growth at the midpoint compared to 2025 [14] - The guidance includes an expected contribution of approximately $0.5 million from FlyOver, with incremental adjusted EBITDA from Tabacon anticipated to be around $7 million to $8 million [15][14] Demand Indicators - Early lodging pacing in Canada and the U.S. is reported to be strong, with several destination-specific tailwinds expected to support growth, including renewed free admission to Canadian national parks and expanded air service in Anchorage [21]

Core Insights - The company reported record levels of demand in 2025, achieving a system peak of 8,648 megawatts, which is over 400 MW higher than the previous year [2] - Management emphasized improvements in customer satisfaction and digital engagement, with APS ranking in the top quartile for residential satisfaction and first quartile in digital experience [1][2] - The company is focused on disciplined execution of grid expansion plans and maintaining safety as a top priority, especially during extreme weather conditions [2] Financial Performance - For Q4 2025, the company reported earnings per share (EPS) of $0.13, compared to a loss of $0.06 in Q4 2024, and a full-year EPS of $5.05, down from $5.24 in 2024 [4][10] - Weather-normalized sales growth was 6.8% in Q4 and 5% for the full year, with residential growth at 2% and commercial and industrial growth at 7.5% [11] - The company reiterated its 2026 EPS guidance of $4.55 to $4.75 and long-term sales growth expectations of 5% to 7% through 2030 [15] Capital and Regulatory Plans - APS completed over 400 MW of owned resources ahead of schedule and is pursuing up to 2 GW of additional gas capacity by 2030 [3][5] - The company plans to file an updated 15-year integrated resource plan (IRP) mid-year, reflecting committed customer demand and resource needs [6][8] - A rate case is scheduled for hearings in May, with management emphasizing collaboration with regulators to reduce regulatory lag [16][19] Infrastructure and Growth - The company added more than 34,000 new meters for the second consecutive year, marking the highest level of customer additions in 20 years [4][11] - Management is developing a pipeline of generation and transmission projects to support large-load customers and is open to settlements regarding regulatory matters [9][17] - The company is monitoring the expansion of the Transwestern Desert Southwest Pipeline to meet strong regional demand [5]

Core Insights - United Parks & Resorts reported a decline in fiscal 2025 results, with Q4 revenue of $373.5 million, down 2.8% year-over-year, and full-year revenue of $1.66 billion, down 3.6% from fiscal 2024 [2][6][7] - Attendance decreased by approximately 378,000 guests, totaling 21.2 million, a decline of 1.8% [6][7] - The company acknowledged underperformance in cost management and plans to implement approximately $50 million in gross cost reductions across various expense categories [5][10] Financial Performance - Operating expenses fell by $1.8 million (1.0%), while selling, general, and administrative expenses rose by $8.7 million (17.4%) [1] - Net income for Q4 was $15.1 million, down from $27.9 million in the prior-year quarter, with adjusted EBITDA reported at $115.2 million [1] - Full-year net income was $168.4 million, with adjusted EBITDA at $605.1 million [7] Attendance and Spending Trends - Attendance dropped by about 126,000 guests (2.6%) year-over-year, primarily due to lower international visitation [2] - Despite the decline in attendance, in-park per capita spending increased by 2.1%, achieving record levels during the quarter [1][6] Strategic Initiatives for 2026 - The company is focusing on new attractions, expanded events, and a revamped marketing strategy to drive attendance and guest spending, with planned capital expenditures of approximately $225 million [4][10] - Management plans to address cost execution issues and anticipates known expense headwinds to flatten or reduce year-over-year expense growth [5][10] Capital Allocation and Liquidity - The company repurchased 6.7 million shares, representing about 12% of shares outstanding, and ended 2025 with a net leverage ratio of 3.4x and approximately $789 million in available liquidity [4][12][13] - Capital expenditures for 2025 totaled $217.5 million, with expectations of $175 million for core CapEx and $50 million for growth projects in 2026 [13] Real Estate and Development Opportunities - The company owns over 2,000 acres of land, including more than 400 acres of undeveloped land, and is exploring various development opportunities [14] - Management has received multiple sale-leaseback proposals and is in discussions related to hotels, timeshare, and other commercial developments [14] Early Indicators for 2026 - Early indicators for 2026 show positive trends, with advanced booking revenue for Discovery Cove up in the high single digits and company-wide group booking revenue pacing up more than 50% [15]

Core Insights - The company announced a 7% increase in its quarterly base dividend to $0.16 per share, achieving a 40% CAGR since its inception in 2022 [1] - The company reported record operational performance in Q4, including the highest oil production and lowest drilling and completion costs in its history [2][5] - The 2026 plan aims for a 5% production growth to 415,000 BOE/d while reducing CapEx to $1.85 billion [4][13] Financial Performance - In Q4, the company achieved an adjusted free cash flow of $403 million and free cash flow per share of $1.94, marking an 18% year-over-year increase [5] - The company reduced its debt by over $600 million during the year [1][5] Operational Metrics - The company set records in Q4 for oil production at 188.6 kbpd and total production at 401.5 kBOE/d [5] - The company achieved a 5% increase in oil production compared to its original 2025 guidance, aided by bolt-on acquisitions and structural cost reductions [6] Gas Marketing Strategy - Management is reducing Waha exposure to approximately 10% of volumes by exiting around 400 mmcf/d in 2026, with expectations to realize a $0.50 premium to Waha pricing [3][8] - The company anticipates a potentially "bumpy road" for Waha pricing in 2026 but expects conditions to improve by 2027 [9] M&A Activity - The company closed about 140 transactions totaling $240 million in Q4, adding 7,700 net acres and 1,300 net royalty acres [10] - For the full year 2025, the company completed approximately $1.1 billion in acquisitions, adding about 250 locations and 13,000 BOE per day [11] Capital Allocation and Future Guidance - The company prioritizes its base dividend, with additional free cash flow directed towards acquisitions, debt reduction, and opportunistic share repurchases [15] - The 2026 guidance includes a target for production growth while reducing D&C costs to about $675 per foot, which is roughly 20% cheaper than 2024 [14]

Core Insights - The company reported a 2% decline in CORE organic net sales and a $4 million decrease in CORE operating income for the fourth quarter, with CORE EPS at $0.76, down $0.02 year over year [1] - For the full year 2025, all-in operating income grew by 2% and EPS increased by 7% to $2.75, while on a CORE basis, operating income rose by 7% and CORE EPS increased by 14% [1][4] Financial Performance - Management presented results through two lenses: "all-in" (historical operations) and "CORE Perrigo," which excludes infant formula and announced divestitures [2] - The company reported a non-cash $1.3 billion goodwill impairment in 2025, which does not affect cash flow, but is expected to create a $0.60 EPS headwind in 2026 [6][8] - The company ended 2025 with $532 million in cash and generated fourth-quarter operating cash flow of $175 million, totaling $239 million for the full year [20] Strategic Initiatives - The CEO highlighted the "Three-S plan" aimed at simplifying, streamlining, and strengthening the business, with evidence of market share gains and over $100 million in new U.S. store-brand distribution [3][7] - A two-year program targeting annualized pre-tax savings of $80–$100 million was launched, involving a workforce reduction of approximately 7% [5][15] - The company is pursuing a sale of its dermacosmetics business and conducting a strategic review of its infant formula segment to reduce debt and improve margins [5][21] Market Trends and Outlook - The company gained market share across most U.S. OTC categories, reversing years of decline, and noted positive momentum in Europe despite a soft market environment [9] - Looking ahead, management anticipates a difficult start to 2026 for category consumption, with U.S. OTC dollar sales down 5.1% over the last 13 weeks compared to the previous year [10] - Management expects low- to mid-single-digit revenue growth in infant formula in 2026, which is anticipated to help deplete higher inventory levels [22] Future Guidance - For 2026, management guided CORE EPS to be in the range of $2.25 to $2.55, with all-in EPS expected to be between $2.00 and $2.30 [19] - The company described 2026 as a "transition year," with an unfavorable EPS impact of approximately $0.60 due to manufacturing under-absorption [14] - Management reiterated capital allocation priorities of investing in the business, reducing debt, and returning value through dividends, with expectations of achieving net leverage below 3x in the next two to three years [21]

Core Insights - Interactive Brokers has a competitive edge in the brokerage industry, but the durability of this edge is questioned as the industry evolves [1][19][20] Pricing Pressure - The brokerage industry faces structural pricing pressure due to the prevalence of zero-commission trading, impacting revenue per contract [4][5] - Interactive Brokers must rely on operating leverage to protect margins amidst industry-wide pricing declines, although its automated infrastructure provides a cost advantage [6][8] - The core clients of Interactive Brokers, including active traders and institutions, are less price-sensitive, which helps maintain loyalty [7] Technological Shifts - The rise of AI in trading and financial services is changing platform expectations, with a focus on user experience rather than just execution quality [10][11][12] - Interactive Brokers must integrate intelligent tools while maintaining its disciplined architecture, balancing innovation with stability [13][14] Retail vs. Institutional Focus - Interactive Brokers has expanded its retail client base, which enhances liquidity and balances but poses challenges due to differing behaviors between retail and institutional clients [15][16] - The company must navigate the tension between appealing to retail clients and maintaining its institutional strengths, as this will define its competitive trajectory [17][18] Investor Implications - The brokerage industry is evolving towards lower pricing, AI-enhanced tools, and retail-centric experiences, requiring Interactive Brokers to adapt while preserving its core strengths [19][20]

Group 1 - Lionsgate Studios Corp. (NYSE:LION) experienced a significant stock increase of 9.09 percent, closing at $9, marking its fifth consecutive day of gains as investors anticipate upcoming business updates [1][6] - The company's Chief Financial Officer, Jimmy Barge, will participate in a fireside chat at the 2026 Morgan Stanley Technology, Media, and Telecom Conference on March 4, where investors expect insights into the company's outlook [2] - In the third quarter of the fiscal year ending December 31, Lionsgate reported a widened net loss attributable to shareholders of $46.2 million, a 111 percent increase from $21.9 million year-on-year, while revenues rose by 15 percent to $724.3 million from $628.2 million [3] Group 2 - Over the nine-month period, Lionsgate's attributable net loss increased by 9.7 percent to $268.5 million from $244.7 million, with revenues remaining flat at $1.7 billion [3] - The company recently appointed former Treasury Secretary Steven Mnuchin to its board of directors, bringing valuable financial and regulatory expertise along with experience in the entertainment industry [4][6]

Core Insights - Crescent Energy Company (NYSE:CRGY) experienced a significant stock price increase of 7.76%, closing at $11.66, following its return to profitability in the previous year [1][8]. Financial Performance - The company reported an attributable net income of $132.9 million, a turnaround from a net loss of $114.6 million in 2024, with revenues increasing by 22% to $3.58 billion from $2.93 billion year-on-year [2]. - In the fourth quarter, Crescent Energy recorded an attributable net loss of $8.66 million, which is a 93% improvement from the $118 million net loss in the same quarter the previous year. Total revenues slightly decreased by 1% to $865 million from $875 million [3]. - Average total production for the year was 260 MBoe/d, including 104 MBo/d of oil, exceeding the company's guidance. For the current year, the production target is set between 320 and 335 MBoe/d [2][3]. Shareholder Returns - The company announced a dividend distribution of $0.12 per share to shareholders on record as of March 11, 2026, payable on March 25 [4]. - Crescent Energy has raised and extended its share repurchase program to $400 million from a previous $150 million, with $33 million already repurchased [5].