Phunware's Return on Invested Capital (ROIC) is -17.56%, indicating it is not generating sufficient returns to cover its cost of capital.Remark Holdings, Inc. (NASDAQ:MARK) and Exela Technologies, Inc. (NASDAQ:XELA) show positive ROIC, highlighting more effective capital utilization.Phunware's significantly negative ROIC compared to peers suggests a need for strategic improvements in capital efficiency.Phunware, Inc. (NASDAQ:PHUN) is a technology company that provides a fully integrated enterprise cloud pla ...

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Financial Data and Key Metrics Changes - Total revenue for Q1 2026 grew by 12% compared to the previous year, while adjusted EBITDA increased by 15% [4] - Same-store sales were nearly flat at -0.4%, with retail revenue up 1.4% and league revenue up 2.1% [4] - Capital expenditures (CapEx) for the quarter were $26 million, down from $42 million a year ago, reflecting tighter capital allocation [5] Business Line Data and Key Metrics Changes - Retail foot traffic showed strength, finishing nearly 1.5% up, while league participation increased over 2% [10] - The offline events business, primarily corporate bookings, was down 11%, impacting total comps by approximately 160 basis points [4] - Food and beverage revenue increased by 10%, significantly outpacing overall retail growth of 1.4% [41] Market Data and Key Metrics Changes - The company experienced strong performance in markets outside California and Washington, where layoffs impacted corporate events [27] - The events business in New York, Texas, and Florida showed strong results, contrasting with the challenges faced in California [27] Company Strategy and Development Direction - The company is focused on improving free cash flow through disciplined cost management and capital efficiency [5] - A strategic real estate investment was made, acquiring land and buildings for 58 locations for $306 million, enhancing flexibility and reducing future rent exposure [5] - The company aims to expand its brand presence, with plans to reach 100 rebranded locations by the end of 2026 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the events business, noting October was the strongest month of the year for both offline and total events [4] - The company anticipates same-store sales growth of 1-5% for the year, with expectations for stronger performance in the fourth quarter [16] - Management highlighted the importance of enhancing food and beverage offerings to drive customer engagement and revenue [41] Other Important Information - The company completed a $1.7 billion refinancing, extending debt maturities to 2032 at an average weighted cost of capital of 7% [5] - The acquisition of two water parks and three family entertainment centers is expected to generate returns above historical averages [6] Q&A Session Summary Question: What are the drivers of Q1's flat comp? - Management noted strength in retail and league categories, with league participation up over 2% and food and beverage revenue from league bowlers reaching all-time highs [10][11] Question: How should we think about same-store sales for the rest of the year? - Management guided for same-store sales to remain in the range of 1-5%, with stronger performance expected in the fourth quarter [16] Question: What is the status of the Lucky Strike rebrand? - The company is on track to reach 100 rebranded locations by the end of the year, with positive results from rebranded properties [24][25] Question: How is the events business performing geographically? - The events business is strong in New York, Texas, and Florida, but facing challenges in California due to layoffs [27] Question: What is the outlook for food and beverage revenue? - Food and beverage revenue increased by 10% without price increases, driven by improved attachments and product quality [41][47] Question: What is the focus for the remainder of the year regarding acquisitions? - The company is prioritizing organic growth and free cash flow, with a focus on internal improvements rather than new acquisitions unless they are exceptional opportunities [51]

Financial Data and Key Metrics Changes - Coterra Energy reported strong third-quarter results, with oil, natural gas, and BOE production exceeding guidance by approximately 2.5% [12][14] - Pre-hedge oil and gas revenues reached $1.7 billion, with oil production contributing 57% of revenues, up from 52% in the previous quarter [15] - Cash operating costs increased to $9.81 per BOE, a 5% rise quarter-over-quarter, attributed to production mix and higher workover activity [15][19] - Free cash flow for the quarter was $533 million, benefiting from negative current taxes related to recent U.S. tax law changes [15][19] Business Line Data and Key Metrics Changes - NGL production hit an all-time high of approximately 136 MBbl per day [13] - In the Permian, 38 net turn-in lines were recorded, slightly below guidance, while the Anadarko and Marcellus regions met expectations with six and four net turn-in lines, respectively [14] - The company expects oil production in Q4 2024 to average 175 MBbl per day, a 5% increase quarter-over-quarter [16] Market Data and Key Metrics Changes - Coterra's marketing team is actively engaged in discussions for new natural gas supply arrangements, with significant commitments already in place for LNG deals [8] - The company has committed 200 million cu ft per day to new LNG deals and 320 million cu ft per day to local power plants within the Marcellus [8] Company Strategy and Development Direction - Coterra is focused on consistent profitable growth and value creation for shareholders, with a commitment to a long-term path of capital efficiency and low breakevens [6][7] - The company plans to provide a comprehensive updated three-year outlook in February, emphasizing a disciplined approach to capital allocation [6][18] - Coterra aims to maintain a top-tier balance sheet and leverage of around 0.5x net debt to EBITDA, allowing for opportunistic share buybacks [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of natural gas, citing increasing LNG exports and electricity demand as positive indicators [8][9] - The company is monitoring oil markets closely, considering geopolitical factors and market dynamics before making capital allocation decisions [7][52] - Management emphasized the importance of patience and strategic decision-making in a rapidly changing environment [7][9] Other Important Information - Coterra announced a dividend of $0.22 per share, reflecting confidence in future cash flow and inventory quality [19] - The company repaid $250 million of outstanding term loans during the quarter, totaling $600 million in debt reduction for the year [19][20] - Management acknowledged a public letter from Cambridge, expressing openness to constructive engagement despite some factual inaccuracies [10][11] Q&A Session Summary Question: Comments on the Cambridge letter and portfolio performance - Management believes Coterra is a premier operator and sees benefits from being a multi-basin, multi-commodity company, despite the letter's implications [36] Question: Expectations for LOE and oil production - Management expects LOE costs to decrease as workover activities transition, with a focus on maintaining production growth [38][39] Question: Cash return strategy and buyback allocation - The company plans to balance debt reduction and share buybacks, aiming to return a significant portion of free cash flow to shareholders [41][43] Question: Activity in the Permian and production guidance - Production performance has met or exceeded expectations, with a focus on maintaining strong returns and managing rig counts effectively [46][48] Question: CapEx reduction and drivers for 2026 - Management anticipates modest CapEx reduction driven by asset performance and market conditions, with flexibility to adjust as needed [50][52] Question: Insights on Franklin Mountain and Avant acquisitions - The integration of acquired assets has exceeded expectations, with significant operational efficiencies and cost reductions realized [54][55] Question: Value of multi-basin operations - Management highlighted the advantages of operational synergies and best practices derived from being a multi-basin operator [58][60] Question: Scale and competitiveness in the Northeast - Coterra believes it has sufficient scale in the Northeast to negotiate effectively and drive down costs [62] Question: Running room and cost structure in the Northern Delaware - The company is focused on expanding its footprint and driving efficiencies through strategic acquisitions and operational improvements [66][68]

Financial Data and Key Metrics Changes - Coterra Energy reported strong third-quarter results, with oil, natural gas, and BOE production each exceeding guidance by approximately 2.5% [11][12] - Pre-hedge oil and gas revenues reached $1.7 billion, with oil production contributing 57% of revenues, up from 52% in the previous quarter, driven by an increase of 11,300 barrels per day, a 7% rise from Q2 [12][13] - Cash operating costs were $9.81 per BOE, a 5% increase quarter-over-quarter due to production mix and higher workover activity [13][19] - Free cash flow for the quarter was $533 million, benefiting from negative current taxes related to recent U.S. tax law changes [13][20] Business Line Data and Key Metrics Changes - In the Permian, Coterra had 38 net turn-in lines, slightly below guidance, while the Anadarko and Marcellus had net turn-in lines of six and four, respectively, in line with expectations [12][14] - NGL production reached an all-time high of approximately 136 MBbl per day [11] - The company expects oil production to average 175 MBbl per day in Q4, a 5% increase quarter-over-quarter [14][15] Market Data and Key Metrics Changes - Coterra's marketing team is actively engaged in discussions for new natural gas supply arrangements, with 200 million cubic feet per day committed to recent LNG deals [6][7] - The company is prepared to be patient regarding natural gas demand increases, with a focus on diversifying its portfolio [6][8] Company Strategy and Development Direction - Coterra is committed to a long-term path of consistency, profitable growth, and value creation for shareholders, with a focus on smart, full-cycle investments [3][5] - The company plans to deliver a comprehensive updated three-year outlook in February, with expectations for modestly lower capital year-over-year while maintaining production parameters [17][22] - Coterra aims to enhance capital efficiency and maintain a strong balance sheet, with a focus on shareholder returns through dividends and share buybacks [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of natural gas, citing increasing LNG exports and electricity demand as positive indicators [6][8] - The company is closely monitoring oil markets, considering various geopolitical factors, and remains disciplined in its growth strategy [5][8] - Management emphasized the importance of operational flexibility and maintaining a low breakeven portfolio to navigate commodity price volatility [17][19] Other Important Information - Coterra announced a dividend of $0.22 per share, reflecting confidence in its long-term free cash flow [18] - The company repaid $250 million of outstanding term loans, bringing total term loan pay down to $600 million through Q3 2025 [18][19] - Coterra's total debt outstanding decreased to $3.9 billion from $4.5 billion at the time of acquisitions [19] Q&A Session Summary Question: Comments on the Cambridge letter and company performance - Management acknowledged the Cambridge letter but emphasized Coterra's strong multi-basin, multi-commodity strategy, which they believe provides benefits over being a standalone entity [34][35] Question: Expectations for LOE and oil production - Management expects LOE costs to decrease as workover activities transition, with oil production anticipated to rise [36][37] Question: Cash return strategy and allocation of excess free cash flow - Management indicated a balanced approach between debt reduction and share buybacks, aiming to return to high levels of cash return to shareholders [40][42] Question: Activity in the Permian and production guidance - Management noted that production from new wells has met or exceeded expectations, with a cautious outlook for 2026 based on TIL timing [43][45] Question: Commentary on CapEx reduction and drivers - Management highlighted good asset performance as a driver for potential CapEx reduction, with a focus on cash flow and profitability rather than volume growth [49][50] Question: Insights on the Franklin Mountain and Avant acquisitions - Management reported that the integration of these assets has exceeded expectations, with improvements in productivity and cost efficiencies [53][54] Question: Value of operating as a multi-basin portfolio - Management discussed the advantages of being a multi-basin company, including operational efficiencies and better resilience during market fluctuations [57][59] Question: Plans for microgrids and power opportunities - Management confirmed ongoing efforts to expand microgrid capabilities to reduce power costs in the Permian [76][78] Question: Regional power demand growth in Northeast PA - Management expressed optimism about power demand growth in Northeast PA, with ongoing discussions for potential projects [80][82]

Financial Data and Key Metrics Changes - The company reported a 15% increase in free cash flow per share despite a 14% decline in oil prices [38] - Capital expenditures (CapEx) for Q4 are projected to be around $925 million, with a new baseline production level of 505,000 barrels per day [18][70] Business Line Data and Key Metrics Changes - The company has maintained a 36% reinvestment rate at mid-60s oil prices, focusing on generating free cash flow per share rather than just cash flow [8] - The company is co-developing all zones in the Midland Basin, resulting in higher overall returns per section [12] Market Data and Key Metrics Changes - The company expects to reduce its exposure to the Waha gas market from over 70% to just over 40% by year-end 2026 [33][81] - The outlook for oil prices remains uncertain, with a "yellow light" scenario indicating caution in capital spending [36][103] Company Strategy and Development Direction - The company is focused on maintaining a low-cost structure and high free cash flow generation, with plans to pivot based on macroeconomic conditions [9][38] - Continuous improvements in drilling efficiency and the implementation of continuous pumping designs are expected to enhance production rates [26][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current murky macro environment, emphasizing the importance of operational efficiency [38] - The company is prepared for potential downturns, with a strong balance sheet and a focus on shareholder returns through dividends and buybacks [103] Other Important Information - The company has committed up to 50 million cubic feet per day of natural gas to a new power plant, indicating a strategic move towards energy generation [32] - The company is exploring opportunities in power generation and other projects that could utilize its natural gas output [33] Q&A Session Summary Question: Activity levels compared to other operators - Management emphasized their commitment to capital discipline and maintaining a low-cost structure despite competitors accelerating activity [8] Question: Fourth quarter guidance and CapEx - Management indicated that the $925 million CapEx for Q4 is a good baseline for maintaining production levels [18] Question: Efficiency gains and drilling improvements - Management highlighted significant improvements in drilling efficiency, with more wells being completed in under five days [27] Question: Continuous pumping design implementation - Management confirmed that they are currently running two fleets with plans to expand to four full-time fleets [96] Question: Macro outlook and potential red light scenario - Management stated that a sustained drop in oil prices into the $50 range would prompt a reevaluation of capital spending [103] Question: M&A opportunities and asset sales - Management noted successful sales of non-core assets and expressed confidence in their asset base, indicating a selective approach to future M&A [40] Question: Gas market exposure and future plans - Management discussed plans to diversify gas sales away from Waha and utilize new pipeline infrastructure [81] Question: Core inventory and development cadence - Management provided insights into their core inventory strategy, indicating a focus on high-return zones while exploring additional lower-tier zones [86]

Financial Data and Key Metrics Changes - The company reported a CapEx of approximately $925 million for Q4 2025, indicating a shift towards maintenance mode and a new baseline production target of 505,000 barrels per day [18][19] - Year-to-date, the company achieved a 36% reinvestment rate at mid-60s oil prices, reflecting a focus on generating free cash flow per share rather than merely growing cash flow [8][40] - Free cash flow per share increased by 15% despite a 14% decline in oil prices [40] Business Line Data and Key Metrics Changes - The company emphasized a shift towards co-development across all zones in the Midland Basin, resulting in improved overall returns per section [12] - The drilling efficiency improved, with 10% of wells drilled in under five days, compared to previous quarters where only one or two wells achieved this [27] Market Data and Key Metrics Changes - The company noted a murky macroeconomic outlook, maintaining a "yellow light" status for the oil market, indicating caution in capital allocation [39][40] - The company expects to reduce its exposure to the Waha gas market from over 70% to just over 40% by the end of 2026, diversifying its gas sales [33][84] Company Strategy and Development Direction - The company is focused on maintaining a low-cost structure while generating free cash flow, with plans to adapt to changing macro conditions [8][40] - The strategy includes optimizing well productivity and exploring new zones, such as the Barnett and Woodford, to enhance resource expansion [59][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current macroeconomic challenges, emphasizing the importance of operational efficiency and cost control [40][106] - The company is prepared for potential downturns, with a strong balance sheet and a commitment to shareholder returns through dividends and buybacks [40][106] Other Important Information - The company is implementing continuous pumping in its frac operations, which is expected to improve efficiency and reduce costs over time [27][29] - A long-term supply agreement for natural gas was established with Competitive Power Ventures for a new power plant, indicating a strategic move towards energy diversification [32] Q&A Session Summary Question: How does the company view the activity levels in the Permian Basin? - Management acknowledged tracking competitor activity but emphasized their commitment to capital discipline and free cash flow generation [8][40] Question: What is the expected CapEx for maintaining production levels? - The company indicated that a CapEx of around $925 million is a reasonable target to maintain production levels of approximately 505,000 barrels per day [18][19] Question: Can the company elaborate on efficiency gains in drilling? - Management reported a significant improvement in drilling efficiency, with a notable percentage of wells being completed in under five days [27] Question: What are the company's thoughts on the macroeconomic environment? - Management reiterated a cautious outlook, maintaining a "yellow light" status while focusing on operational efficiency [39][40] Question: How does the company plan to manage gas sales and reduce Waha exposure? - The company plans to diversify its gas sales and reduce reliance on the Waha market through new pipeline commitments and power projects [33][84] Question: What is the company's strategy regarding M&A and asset sales? - Management highlighted successful non-core asset sales and expressed confidence in their asset base, indicating a selective approach to future M&A opportunities [42][110]

Core Insights - Tenable Holdings, Inc. specializes in vulnerability management within the cybersecurity sector, competing with companies like Rapid7, Varonis Systems, Qualys, Elastic N.V., and Smartsheet [1] Financial Performance - Tenable's Return on Invested Capital (ROIC) is -0.97%, which is below its Weighted Average Cost of Capital (WACC) of 7.20%, indicating insufficient returns to cover capital costs [2] - Rapid7 has a positive ROIC of 1.29% against a WACC of 5.90%, resulting in a ROIC to WACC ratio of 0.22, suggesting better capital efficiency than Tenable, though still not optimal [3] - Varonis Systems demonstrates a stronger performance with a ROIC of 9% and a WACC of 6.26%, leading to a ROIC to WACC ratio of 1.43, indicating superior returns on invested capital [3] - Qualys exhibits the highest ROIC of 27.75% and a WACC of 6.58%, resulting in a ROIC to WACC ratio of 4.21, showcasing the best capital utilization among its peers [4]

Financial Data and Key Metrics Changes - The company reported a 6% growth in EPS, reaching $1.83 compared to $1.72 in the previous year [27] - Revenues increased by 1% year-over-year, driven by a 1% rise in RTMs and a 5% increase in carloads [21][27] - The operating ratio improved by 170 basis points to 61.4%, compared to 63.1% in the previous year [27] Business Line Data and Key Metrics Changes - Volume growth was approximately 1% in RTMs and 5% in carloads, although overall volumes were softer than expected, particularly in merchandise segments due to macroeconomic and tariff pressures [11][21] - Intermodal volumes increased, with domestic units up 18% and international units up 14% [24] - Petroleum and chemical volumes rose across major segments, with plastics and chemical RTMs up 8% [23] Market Data and Key Metrics Changes - The Canadian grain harvest is expected to be a record crop, despite a slower start [22] - Forest products, particularly lumber, saw a year-over-year decline due to weak demand and increased duties [23] - The company experienced market share gains in chemicals and plastics, with recent successes in domestic intermodal [24][25] Company Strategy and Development Direction - The company is focusing on a capital spend of $2.8 billion for 2026, down nearly $600 million from the current year's level, to address capacity bottlenecks and optimize fleet size [5][20] - There is an emphasis on enhancing shareholder value through increased free cash flow and accelerated share buybacks [7][8] - The company is committed to operational efficiency and productivity improvements, targeting a reduction of $75 million in management labor costs [6][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a weak macroeconomic environment and unexpected shocks from tariffs and labor [4][9] - The outlook for 2026 indicates limited volume growth, with expectations of a weak North American industrial production and housing starts [9][32] - Management expressed confidence in the company's ability to adapt and find growth opportunities despite external challenges [10][66] Other Important Information - The company has seen a 14% increase in free cash flow year-to-date, with expectations for continued acceleration into 2026 [11][31] - The company is actively participating in merger reviews to protect its franchise and competition in the industry [12] Q&A Session Summary Question: Concerns about CapEx cuts and capacity - Management reassured that the capital cuts will not jeopardize capacity, as significant growth opportunities have already been addressed [36][39] Question: Opportunities in commercial strategy for 2026 - Management highlighted a diversified book of business and ongoing efforts to drive market share gains, particularly in energy and agriculture [43][45] Question: Risks associated with M&A activity - Management emphasized that further consolidation may not be beneficial for the industry and expressed readiness to protect their network if necessary [48][51] Question: Challenges in forecasting - Management acknowledged the difficulties in forecasting due to macroeconomic volatility and emphasized the need for agility in responding to changes [56][58]

Financial Performance - Euler 2025 年第三季度协议费用增加超过一倍 (+110%)，达到 26 million 美元 [1] - Euler 2025 年第三季度净收入增长 +90%，达到 1.83 million 美元 [1] - Euler 的 TVL（总锁定价值）在 2025 年第三季度增长 +51% [1] Capital Efficiency - Euler 的收入增长超过 TVL 扩张，表明资本效率提高 [1][2] - Euler 的每一美元 TVL 正在产生更多收入 [2]