Financial Data and Key Metrics Changes - In Q4 2025, the company reported net revenues of $903 million, an 18% increase sequentially and a 22% increase year-over-year, driven by higher average metal prices and improved mining performance [16][5] - Adjusted EBITDA for Q4 reached $300 million, reflecting a 33% margin, with full-year adjusted EBITDA totaling $772 million, an 8% increase compared to 2024 [16][17] - Net income for the year was $223 million, or $1 per share, while free cash flow was negative $105 million due to debt reductions and dividends [7][20] Business Line Data and Key Metrics Changes - Zinc production in Q4 was 91,000 tons, a 9% increase from Q3, with full-year production totaling 316,000 tons, meeting guidance [8][6] - The mining segment generated net revenues of $532 million in Q4, with adjusted EBITDA of $266 million, resulting in a 50% EBITDA margin [9] - In the smelting segment, total metal sales were 142,000 tons for Q4 and 567,000 tons for the full year, with net revenues of $573 million in Q4 and $2 billion for the full year [13][14] Market Data and Key Metrics Changes - Zinc prices remained well-supported throughout 2025 due to persistent concentrate tightness and low LME inventories, with treatment charges in China averaging negative levels [23] - Copper prices appreciated in 2025 driven by supply discipline and sustained demand, particularly from electrification [24] Company Strategy and Development Direction - The company is focused on enhancing operational stability and cash generation, particularly through the Aripuanã project, which is expected to reach full capacity in 2026 [10][29] - The Cerro Pasco Integration Project aims for a life-of-mine extension of over 15 years, enhancing profitability and solidifying the company's presence in Peru [11][29] - The company is actively evaluating value-accretive opportunities, particularly in copper, as it aims to strengthen its balance sheet and reduce debt [29][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational stability and cash flow generation for 2026, despite potential challenges from the rainy season and political uncertainties in Peru [35][57] - The company remains committed to reducing gross debt and enhancing financial flexibility while maintaining a strong investment-grade rating [22][30] Other Important Information - The company reported a net debt reduction of $96 million, reflecting its liability management efforts [20] - The liquidity position remains robust, with total liquidity of $842 million, supporting financial commitments over the next five years [22] Q&A Session Summary Question: Impact of seasonal rains on Aripuanã production - Management indicated that the rainy season has not significantly impacted production, with expectations to reach full capacity in the second half of the year due to the installation of the fourth filter [34][35] Question: Consideration of additional silver streaming - Management confirmed that while they are aware of the interest in silver, they are not currently prioritizing additional silver streaming agreements [41][43] Question: Cash flow impact of Cerro Lindo silver stream - Management noted that the silver streaming agreement will step down from 65% to 25%, which will positively impact cash flow [46][47] Question: Update on Ayawilca project and Tinka Resources investment - Management stated that they are assessing the Ayawilca project following the disapproval of the environmental impact study and have decided not to pursue further investment in Tinka Resources at this time [54][55] Question: Current electoral environment in Peru - Management acknowledged the political instability but emphasized that the economic context remains strong and that relationships with local communities are stable [57][59] Question: Debt repayment plans for 2026 and 2027 - Management indicated that any excess cash generated will be used for dividends and debt repayment, with a focus on reducing debt [60][62] Question: Details on hedging program for silver and gold - Management confirmed a small portion of silver production has been hedged, with a floor around $52 and a cap around $84 [60] Question: CapEx for Cerro Pasco project - Management confirmed that CapEx for the Cerro Pasco project is on track, with expectations to spend around $42 million this year [68]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net revenues of $903 million, an 18% increase sequentially and a 22% increase year-over-year [16] - Adjusted EBITDA for Q4 was $300 million, reflecting a 33% EBITDA margin, with a full-year adjusted EBITDA of $772 million, an 8% increase compared to 2024 [16][17] - The company recorded a net income of $81 million or $0.38 per share for Q4, and a full-year net income of $223 million or $1 per share [5][7] - Free cash flow for the full year was negative $105 million, impacted by debt reductions and dividends [20] Business Line Data and Key Metrics Changes - Zinc production in Q4 reached 91,000 tons, a 9% increase from Q3, with full-year production totaling 316,000 tons, meeting guidance [4][6][8] - The mining segment generated net revenues of $532 million and adjusted EBITDA of $266 million in Q4, resulting in a 50% EBITDA margin [9] - In the smelting segment, total metal sales were 142,000 tons for Q4 and 567,000 tons for the full year, with net revenues of $573 million and adjusted EBITDA of $34 million in Q4 [13][14] Market Data and Key Metrics Changes - Zinc prices remained well-supported throughout 2025 due to persistent concentrate tightness and low LME inventories [23] - Treatment charges in China averaged negative levels during the year, reflecting raw material scarcity [23] - Copper prices appreciated in 2025 driven by supply discipline and sustained demand, particularly from electrification [24] Company Strategy and Development Direction - The company is focused on operational stability and disciplined capital allocation, with key projects like Aripuanã and Cerro Pasco Integration Project being central to long-term value creation [29] - The company aims to generate sustainable cash flow to strengthen its balance sheet and support a balanced capital allocation approach, including deleveraging and shareholder returns [30] - The company is actively looking for opportunities in the copper market, with a focus on maintaining a solid financial position [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational stability and cash generation potential of Aripuanã, especially with the upcoming commissioning of the fourth filter [10][29] - The company remains committed to reducing gross debt and enhancing financial flexibility, with a target of lowering interest expenses over time [22] - Management acknowledged the political environment in Peru but emphasized the strong economic context and good relationships with local communities [56][58] Other Important Information - The company maintained a robust liquidity position with total liquidity of $842 million, including an undrawn $320 million revolving credit facility [22] - The average debt maturity increased to 7.6 years, reflecting proactive liability management [22] - The company is advancing its ESG strategy, focusing on climate action, community engagement, and governance improvements [27] Q&A Session Summary Question: Impact of seasonal rains on Aripuanã production - Management confirmed that the rainy season has not significantly impacted production, with expectations to reach full capacity in the second half of the year [34][35] Question: Consideration of additional silver streaming - Management stated that while they are aware of the interest in silver, they are not currently considering additional silver streaming as a priority [41][43] Question: Cash flow impact of Cerro Lindo silver stream - Management explained that the silver streaming agreement will step down from 65% to 25%, which will positively impact cash flow [46] Question: Update on Ayawilca project and Tinka Resources investment - Management indicated that they are assessing the Ayawilca project following the disapproval of the environmental impact study and have decided not to pursue further investment in Tinka Resources [54] Question: Debt repayment plans for 2026 and 2027 - Management confirmed that debt repayment remains a priority, with plans to use excess cash for debt reduction [59] Question: Details on hedging program for silver and gold - Management provided details on the hedging program, with a floor around $52 and a cap around $84 for silver [60] Question: CapEx for Cerro Pasco integration project - Management confirmed that CapEx for the Cerro Pasco project is on track, with expectations to spend around $42 million this year [68]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $1.14 for Q4 2025, an 8% increase from $1.06 in the prior year [4] - For the full year 2025, adjusted EPS was $3.85, a 9% increase compared to $3.53 in 2024 [5] - The effective tax rate increased, which negatively impacted EPS growth by $0.06 for the year [5][6] Business Line Data and Key Metrics Changes - Comparable funeral revenues increased by $3 million, or less than 1%, in Q4 2025, with core funeral revenue up by $6 million, or just over 1% [6][7] - Non-funeral home revenue increased by over $2 million, primarily due to an 11% increase in average revenue per service [8] - Comparable cemetery revenue increased by $5 million, or about 1%, driven by an $8 million increase in other revenue [11] Market Data and Key Metrics Changes - The company experienced a decline in core funeral services performed by 1.9% in Q4 2025 [6] - For the full year 2025, comparable funeral volume declined less than 1% [7] - Pre-need cemetery sales production increased by about 2% in Q4 2025, with core sales accounting for a $13 million increase [12] Company Strategy and Development Direction - The company aims to grow pre-need cemetery sales production in the low to mid-single-digit percentage range for 2026, resulting in cemetery revenue growth of about 2%-5% [15] - The focus is on managing inflationary costs and leveraging scale to drive profit growth [15] - The company plans to continue returning capital to shareholders through dividends and share repurchase programs [28] Management's Comments on Operating Environment and Future Outlook - Management expects flat to slightly down funeral volume in 2026, with average revenue per case growing at inflationary rates [14] - The company anticipates a normalized EPS range of $4.05-$4.35 for 2026, reflecting 5%-13% growth [13] - Management expressed confidence in the momentum carried into 2026, particularly in pre-need sales and core customer engagement [14][38] Other Important Information - The company generated strong adjusted operating cash flow of $213 million in Q4 2025, exceeding guidance [18] - Capital investments for Q4 2025 totaled $174 million, with a full-year total of $508 million [20] - The company returned $107 million to shareholders in Q4 2025 through share repurchases and dividends [23] Q&A Session Summary Question: Can you break down your assumptions for cemetery pre-sales production growth for 2026? - Management indicated a slight increase of 2%-3% for large sales and a more robust increase for core sales, expressing confidence in momentum [33][34] Question: How are sales tracking so far this year, particularly in the Rose Hills location? - Management reported positive trends in pre-need cemetery and funeral sales, with a focus on improving lead conversion rates [35][38] Question: What are the plans for developing and selling premium cemetery inventory? - The company plans to invest in tiered inventory offerings to cater to different customer segments, leveraging existing cemetery capacity [67][69] Question: Can you discuss the drivers of lower than inflation expense growth? - Management attributed this to effective cost management strategies, including labor efficiency and supply chain improvements [56][58] Question: What is the outlook for perpetual care trust revenue in 2026? - The company expects continued strong performance in trust funds, with a typical market return model of about 7% [85][86]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted earnings per share (EPS) of $1.14, an 8% increase from $1.06 in the prior year [4] - For the full year 2025, adjusted EPS was $3.85, a 9% increase compared to $3.53 in 2024 [5] - The company experienced solid increases in revenue, gross profit, and comparable margin percentages in both funeral and cemetery segments [5][6] Business Line Data and Key Metrics Changes - Comparable funeral revenues increased by $3 million, or less than 1%, with core funeral revenue up by $6 million, or just over 1% [6] - Non-funeral home revenue increased by $3 million, primarily due to an 11% increase in average revenue per service [7] - Comparable cemetery revenue increased by $5 million, or about 1%, driven by an $8 million increase in other revenue [12] Market Data and Key Metrics Changes - The company noted a decline in core funeral services performed by 1.9% for Q4 2025, while comparable funeral volume for the full year declined less than 1% [7] - The average revenue per service in the funeral segment grew by 3.2%, despite a modest increase in the cremation rate [6] - Pre-need cemetery sales production increased by $8 million, or about 2%, with core sales accounting for a $13 million increase [13] Company Strategy and Development Direction - The company anticipates a normalized EPS range of $4.05-$4.35 for 2026, indicating a growth of 5%-13% [14] - The strategy includes managing fixed costs below inflationary levels while focusing on productivity to drive profit growth [15] - The company plans to continue returning capital to shareholders through dividends and share repurchase programs [29] Management's Comments on Operating Environment and Future Outlook - Management expects flat to slightly down funeral volume in 2026, with average revenue per case growing at inflationary rates [15] - The company is optimistic about pre-need sales production growth in both core and SCI Direct businesses [16] - Management highlighted a strong financial position and liquidity, allowing for opportunistic investments in 2026 [30] Other Important Information - The company generated strong adjusted operating cash flow of $213 million in Q4 2025, exceeding guidance [20] - Capital investments for the quarter totaled $174 million, with a full-year total of $508 million [22] - The company returned $107 million to shareholders in Q4 2025 through share repurchases and dividends [24] Q&A Session Summary Question: Can you break down your assumptions for cemetery pre-sales production growth? - Management indicated a slight increase of 2%-3% for large sales and a more robust increase for core sales, expressing confidence in momentum heading into 2026 [34] Question: How are sales tracking in your Rose Hills location? - Management reported positive trends in pre-need cemetery and funeral sales, with a focus on improving lead conversion rates [36] Question: What are the opportunities for growing cemetery sales for cremation customers? - The company is piloting initiatives to enhance visibility and awareness for cremation customers, with plans to roll out these efforts across more markets [41] Question: Can you discuss the drivers of lower than inflation expense growth? - Management attributed this to effective supply chain management and labor efficiency initiatives, allowing for better cost control [56] Question: What is the outlook for perpetual care trust revenue? - The company expects continued strong performance in trust funds, with a typical market return modeled at around 7% [84]

Financial Data and Key Metrics Changes - For the full year 2025, XPLR Infrastructure reported Adjusted EBITDA of $1.88 billion and Free Cash Flow before growth of $746 million, reflecting strong cash flow-generating capabilities [5][17] - The 2025 Adjusted EBITDA was impacted by the absence of a $40 million one-time settlement payment from 2024 and asset dispositions, but was partially offset by improved pricing and lower operating costs [17] - The company expects 2026 Adjusted EBITDA to be between $1.75 billion and $1.95 billion, with Free Cash Flow before growth projected at $600 million to $700 million [18] Business Line Data and Key Metrics Changes - XPLR completed the sale of investments in the Meade Pipeline and certain distributed generation assets, generating approximately $160 million in net proceeds [6] - The company achieved a reduction of over $1.1 billion in third-party non-controlling equity interests through addressing two Convertible Equity Portfolio Financings (CEPF) [5][19] Market Data and Key Metrics Changes - XPLR's diversified portfolio of power generation assets is positioned to benefit from increasing demand in U.S. power markets, with expectations of significant embedded value and investment opportunities [15] - Approximately 80% of the megawatt-hours sold are contracted at prices below current market prices, indicating potential for over $200 million in incremental revenue by 2040 as contracts mature [15] Company Strategy and Development Direction - The company is focused on simplifying its capital structure and executing selected investments, particularly in wind repowering projects, to enhance financial and strategic flexibility [4][8] - XPLR is pursuing a capital allocation strategy that includes retaining cash flows to fund CEPF buyouts and selected investments, while maintaining balance sheet strength [8][24] - The company announced a co-investment agreement with NextEra Energy Resources to monetize surplus interconnection capacity and invest in battery storage projects, enhancing its portfolio [9][10] Management's Comments on Operating Environment and Future Outlook - Management believes long-term fundamentals for energy infrastructure assets are improving, particularly for those providing efficient, clean energy [7] - The company is positioned to capture future opportunities as market dynamics evolve, with a disciplined approach to capital allocation and investment [15][24] Other Important Information - XPLR has completed nearly 1.3 gigawatts of its repowering plan, with projects achieving commercial operations on time and on budget [7] - The company plans to increase its equity ownership in CEPF 5 with partial buyout investments of approximately $150 million in 2026 and $470 million in 2027 [23] Q&A Session Summary Question: Capital allocation and potential for unit buybacks - Management indicated that retained cash flows will cover CEPF buyouts and investments, with potential for about $1 billion available for investments and debt reduction over the next five years [26][28] Question: Update on CEPF 3 and asset sales - Management clarified that there is no change in the plan for CEPF 3, and options for asset sales remain open without urgency to exercise call options [29][30] Question: Timing for battery storage projects - Battery storage projects are expected to reach commercial operations by the end of 2027, contributing to cash flows in 2028 and beyond [34] Question: Future opportunities with NextEra - Management stated that there are no commitments beyond the current transaction with NextEra, focusing on the capital plan laid out [37] Question: Returns on battery investments versus repowerings - Management targets minimum double-digit returns for repowerings, while battery storage projects are expected to yield attractive returns as well [46][47]

Core Insights - Many Maryland business owners are experiencing revenue growth but facing cash constraints, prompting the development of a financial resilience framework by Sustain CFO to assist growth-stage companies in scaling without compromising liquidity [1][4][10] Financial Challenges - Recent data from the Fed Small Business' 2025 Report highlights that 74% of businesses report increased operating costs, 61% face weak or uneven sales, and 51% struggle with inconsistent cash flow, making growth-related cash crunches more likely if not proactively managed [5] - Growth-related cash strain is often caused by multiple operational factors, including accelerated expenses and lagging cash inflows as businesses scale [6][13] Financial Resilience Framework - Sustain CFO's framework helps businesses understand the financial mechanics behind cash flow challenges, guiding leadership teams through cash readiness, growth capacity, and downside risk exposure before making expansion decisions [4][11] - The framework emphasizes adopting a cash flow operating system approach, encouraging businesses to implement forward-looking financial processes that make cash impacts visible in advance [7][8] Cash Flow Management - Regularly updated rolling cash forecasts enable businesses to anticipate obligations and understand how growth decisions affect liquidity over time, allowing for informed decision-making regarding initiatives and capital needs [8][11] - The framework aims to reduce panic-driven decisions and align growth investments with actual cash availability rather than just revenue expectations [9][10] Fractional CFO Services - Sustain CFO offers fractional CFO-level support to provide financial insight without the cost of a full-time hire, helping businesses understand the cash implications of expansion decisions [10][12] - The services focus on establishing reliable forecasts and financial operating rhythms within a 90-day visibility horizon to support informed decision-making [11][12]

Core Insights - Equinor reported lower earnings in Q4 2025 compared to the previous year, impacted by weaker liquids prices and impairment charges, despite achieving record annual production and outlining measures to enhance cash flow and competitiveness [1] Financial Performance - Adjusted operating income for Q4 reached $6.2 billion, a decrease from the same period in 2024, while adjusted net income was $2.04 billion, translating to adjusted earnings per share of $0.81; reported net income stood at $1.31 billion, supported by higher production and stronger U.S. gas prices, which partially offset lower oil prices and impairments [2] - For the full year, Equinor generated $18.0 billion in cash flow from operations after tax, with organic capital expenditure totaling $13.1 billion in 2025; the company plans to reduce its organic capex outlook for 2026 and 2027 by $4 billion, mainly in power and low-carbon activities, while maintaining annual oil and gas investments around $10 billion [7] Production and Operations - Equinor achieved record equity production of 2.14 million barrels of oil equivalent per day for the full year, a 3.4% increase from 2024; Q4 production rose 6% year-on-year to 2.20 million boepd, driven by strong performance on the Norwegian continental shelf (NCS) and higher output from U.S. onshore gas assets [3] - On the NCS, quarterly production increased 5% year-on-year, supported by new fields such as Johan Castberg, Halten East, and Verdande, which offset unplanned maintenance at Johan Castberg; full-year NCS production rose 2% compared to 2024 [4] - International production was influenced by portfolio changes, with higher output from the U.S. and new wells in Argentina and Angola, partially offset by exits from Nigeria and Azerbaijan in 2024 and the sale of a 40% operated interest in Brazil's Peregrino field late in 2025; the start-up of the Bacalhau field offshore Brazil contributed new volumes and long-term cash flow potential [5] Renewables and Future Outlook - In power and renewables, Equinor generated 5.65 TWh in 2025, a 25% year-on-year increase, with significant growth in offshore wind output as Dogger Bank A ramped up; the company also advanced battery storage in the U.S. and hybrid wind-solar projects in Brazil, although impairment charges in renewables reflected revised assumptions for future offshore wind developments in the U.S. [6]

Core Insights - Deluxe has announced a collaboration with Visa to implement Visa Direct, introducing dlxFastFunds, a funding solution that allows businesses to bypass the typical one- to two-day settlement delay [1][2]. Group 1: Collaboration and Technology - The combined technology of Deluxe and Visa Direct facilitates near real-time fund delivery to eligible cards and bank accounts, allowing businesses to select settlement options in eligible markets [2]. - This integrated solution aims to enhance operations by providing quicker access to capital, which is beneficial for covering inventory, payroll, or reinvestment opportunities [2][3]. Group 2: Business Impact - The collaboration is designed to empower businesses to manage cash flow effectively, enabling them to access earnings in near real-time, thus enhancing their agility and confidence in seizing opportunities [3]. - The dlxFastFunds solution is seamlessly integrated within the Deluxe Payments Platform, ensuring a straightforward enrollment process without additional systems or complications [3]. Group 3: Industry Context - As digital payments become more prevalent, the ability to send funds efficiently is seen as a competitive advantage for businesses [4]. - The partnership reflects a shared goal of modernizing disbursements, providing organizations with new methods to adapt to changing customer and operational needs [4]. Group 4: Company Overview - Deluxe is a trusted Payments and Data company that has been supporting businesses for over 100 years, processing more than $2 trillion in annual payment volume [4]. - The company serves millions of small businesses and thousands of financial institutions, positioning itself as a reliable partner for businesses at all stages of their lifecycle [4].

Core Insights - Gig workers, independent contractors, and small business owners often face cash flow challenges despite seeking freedom and flexibility in their work [1] Group 1: Cash Flow Management Tips - Automating billing processes and improving communication with clients can help shorten pay cycles and enhance cash flow [1] - Invoicing immediately upon project completion is crucial to avoid delays that can slow cash collection [3] - Setting aside time weekly to send invoices ensures that all clients, including those on retainer, are billed consistently [3][4] Group 2: Payment Terms and Client Interaction - Negotiating shorter payment terms, such as moving from net-30 to net-7 or net-14, can improve cash flow [5] - Making payment processes easier for clients by accepting various payment methods, including online payments, can facilitate quicker transactions [6]

Core Insights - Investors and finance leaders are increasingly focused on cash flow management, emphasizing the need for organizations to eliminate blind spots in invoice processing to enhance liquidity [1] Group 1: Cash Flow Management - Organizations are under pressure to tighten cash cycles, as the timing of outflows impacts working capital strategy and vendor performance [1] - APQC's benchmarks indicate significant variation in payment processing times, with companies at or below the 25th percentile averaging 12 days to transmit payment after receiving an invoice, while the median company takes 15 days and upper-quartile organizations take 24 days [2] Group 2: Invoice Processing Efficiency - Shorter invoice-to-payment cycles often indicate efficient workflows and strong cash availability, whereas longer cycles may suggest process issues or strategic liquidity preservation [3] - The invoice-to-payment cycle time is a clearer measure of internal process efficiency compared to days payable outstanding (DPO), as it starts when the invoice enters the organization [4] Group 3: Identifying Payment Delays - Common issues that slow down payments include misrouting of invoices and inaccuracies in invoice details, which can lead to delays and increased workload [6][7] - Organizations may intentionally extend payment times to manage liquidity, indicating that longer cycles can reflect strategic decisions rather than inefficiencies [8]