Transaction Overview - Coeur will acquire all outstanding common shares of New Gold, valuing the transaction at approximately $7 billion based on New Gold's basic common shares outstanding[18] - New Gold shareholders will receive 04959 of a Coeur share for each New Gold share, implying a consideration of $851 per New Gold share, representing a 16% premium[18] - Coeur and New Gold shareholders will own approximately 62% and 38% of the combined company, respectively[18] Combined Company Financial Highlights (2026E) - The combined company is expected to generate approximately $3 billion of EBITDA and approximately $2 billion of free cash flow[10] - The combined entity is projected to have $390 million in cash[40] - The combined entity is projected to have $761 million in debt[40] Production and Revenue - The combined company is expected to produce approximately 20 million ounces of silver, 900000 ounces of gold, and 100 million pounds of copper[12] - The combined company's 2026 estimated gold equivalent production is 1243 Koz Au Eq[46] - Gold is expected to account for 72% of the combined 2026 estimated revenue, silver 20%, and copper 8%[13] New Gold Asset Overview (YTD 2025) - New Afton's operating cash flow is $197 million and free cash flow is $115 million[21] - New Afton's copper production is 391 million pounds and gold production is 502K ounces[21] - Rainy River's operating cash flow is $412 million and free cash flow is $215 million[28] - Rainy River's gold production is 1958K ounces[28]

Financial Data and Key Metrics Changes - Copper production in Q3 2025 reached 12,800 tons, down 24% year-on-year, primarily due to processing of ore stockpiled during the previous year's suspension [5] - Silver production was 4.3 million ounces, a 3% decrease from 4.4 million ounces in the same period last year, attributed to lower output at Uchuchaco and Yumpac [6] - Gold production totaled 30,894 ounces, down 21% year-on-year, mainly due to reduced output at Orcompampa and Tambomayo [6] - EBITDA from direct operations was $202.1 million, a 48% increase compared to $136.5 million in Q3 2024 [6] - Net income for the quarter was $167.1 million, down from $236.9 million in Q3 2024, which included $157.3 million from the sale of Chaupilón [6] - The company ended the quarter with a cash position of $486 million and total debt of $711 million, resulting in a leverage ratio of 0.41 times [7] Business Line Data and Key Metrics Changes - CAPEX for the San Gabriel project in Q3 2025 was $92 million, aimed at completing the processing plant for commercial production in Q4 2025 [7][9] - San Gabriel's overall progress reached 96% completion, with construction at 95% complete [10][12] - Coimolache received a new operating permit, allowing full capacity production, with expectations to produce over 8,000 ounces of gold next year [11] Market Data and Key Metrics Changes - The company is on track to begin production at San Gabriel in Q4 2025, pending timely approval of necessary permits [10] - The operational ramp-up at San Gabriel is expected to start in January, with projected production of 70,000 to 90,000 ounces of gold next year [23] Company Strategy and Development Direction - The company is focused on stable and continuous production at flagship operations while prioritizing cost efficiency [11] - Strong cash flow generation and a solid balance sheet enable the company to return value to shareholders and resume its dividend policy [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in obtaining final permits for San Gabriel and anticipates producing the first gold bar by the end of the year [15][17] - The company expects to reach break-even by the second quarter of next year, even if not operating at full capacity [25] Other Important Information - The Board of Directors approved a dividend payment of $0.1446 per ADS [7] Q&A Session Summary Question: What is still pending for San Gabriel regarding permits and government approvals? - Management is confident that all necessary permits will be granted, with production of two bars expected by the end of the year [15] Question: What is the timeline for the commissioning process and production ramp-up at San Gabriel? - The power line construction is complete, and commissioning will take about two months, with the first gold bar expected by mid-December [21][23] Question: When does management expect San Gabriel to be EBITDA neutral? - Management anticipates reaching break-even by the first or second quarter of next year, even with initial high-grade production [25]

Core Insights - The financial results for the second quarter of FY '25 show a significant increase in GMV and EBITDA, indicating positive growth for the company [3]. Financial Performance - GMV increased by 11.9% year-on-year to JPY 312.4 billion [3] - GMV, excluding other GMV, increased by 12.2% year-on-year to JPY 292.6 billion [3] - EBITDA increased by 5.8% year-on-year to JPY 34.7 billion [3] - The EBITDA margin was 11.9%, reflecting a 0.7 percentage point decrease compared to the same period last year [3] Progress Against Company Plan - Progress against the revised company plan announced on July 31 shows GMV, excluding other GMV, at 44.8% and EBITDA at 45.3% [4]

Core Insights - Escalade, Inc. reported third quarter 2025 results with net sales of $67.8 million, net income of $5.6 million, and diluted earnings per share of $0.40, showing a slight increase in sales compared to the previous year [2][8]. Financial Performance - Total net sales increased by 0.1% year-over-year, driven by growth in archery, table tennis, billiards, and safety categories, while basketball sales declined due to softer market demand and strategic exits from certain categories [3][4]. - Gross margin improved to 28.1%, up 334 basis points from the prior year, attributed to lower fixed costs and reduced inventory storage and handling costs, despite facing $4.3 million in tariff-related costs [4][9]. - EBITDA decreased by $1.3 million to $8.6 million compared to $9.9 million in the prior year, influenced by a non-recurring gain on asset sales in the previous period [4][19]. Cash Flow and Debt Management - Operating activities generated a cash flow of ($0.1) million, a significant decline from $10.5 million in the same quarter of 2024, reflecting a seasonal buildup in working capital ahead of the holiday season [5]. - Total debt decreased by 31.4% to $20.2 million from $29.5 million year-over-year, with a net debt to trailing twelve-month EBITDA ratio of 0.7x [5][8]. Dividend and Shareholder Returns - The company declared a quarterly dividend of $0.15 per share, scheduled for payment on January 12, 2026, to shareholders of record on January 5, 2026 [6][8]. Management Commentary - Management expressed confidence in the results, highlighting strong demand in core categories and market share gains, particularly in safety and archery, despite a challenging macroeconomic environment [7][9]. - The company is focused on a balanced promotional strategy for the holiday season, aiming to maximize sell-through while maintaining improved gross margin performance [9]. Strategic Developments - Escalade completed the acquisition of Gold Tip, enhancing its archery product portfolio and positioning for further market share gains in the archery category [9].

Core Viewpoint - Tenaris S.A. reported its financial results for the third quarter of 2025, showing mixed performance compared to previous periods, with net sales slightly increasing year-on-year but declining sequentially, while operating income improved. Financial Performance - Net sales for Q3 2025 were $2,978 million, a 2% increase from Q3 2024 but a 3% decrease from Q2 2025 [3] - Operating income rose to $597 million, up 11% year-on-year and 2% sequentially [3] - Net income decreased by 1% year-on-year to $453 million, and fell 16% from the previous quarter [3] - EBITDA for Q3 2025 was $753 million, reflecting a 9% increase year-on-year, with an EBITDA margin of 25.3% [3][11] Segment Analysis - Tubes segment net sales decreased by 2% sequentially to $2,875 million but increased by 3% year-on-year [10] - Seamless pipe sales volume decreased by 3% sequentially but increased by 5% year-on-year, while welded pipe sales volume increased by 11% sequentially [10] - The North America region showed a 3% increase in net sales compared to Q2 2025, while Europe experienced a 12% decline [10] Cash Flow and Liquidity - Free cash flow for Q3 2025 was $133 million, down from $373 million in Q3 2024, primarily due to a $312 million increase in working capital [5][18] - The net cash position decreased to $3,483 million, impacted by $351 million spent on share buybacks [5][18] Dividend Announcement - The board approved an interim dividend of $0.29 per share, totaling approximately $300 million, with payment scheduled for November 26, 2025 [6][7] Market Outlook - Oil prices have softened due to increased inventories and production, leading to a volatile market environment [6] - Despite a reduction in drilling activity in the U.S., overall drilling remains resilient as operators focus on long-term strategies [8] - The company anticipates sales for Q4 2025 to remain stable compared to Q3, although costs and margins will be affected by tariff increases [9]

Core Insights - CoStar Group (CSGP) reported non-GAAP earnings of 23 cents per share in Q3 2025, exceeding the Zacks Consensus Estimate by 27.78% and marking a 4.5% increase from 22 cents per share in the same quarter last year [1][8] Revenue Performance - Revenues reached $833.6 million, surpassing the Zacks Consensus Estimate by 0.91% and reflecting a 20.4% year-over-year growth, marking the 58th consecutive quarter of double-digit revenue growth [2][8] - Specific revenue contributions included: - CoStar's revenues of $277 million, beating estimates by 0.77% and increasing 7.8% year over year [3] - Information Services revenues of $41.3 million, exceeding estimates by 4.29% and growing 25.2% year over year [3] - Multifamily revenues of $303 million, missing estimates by 0.73% but increasing 11.5% year over year [3] - LoopNet revenues of $79.3 million, beating estimates by 0.76% and increasing 11.8% year over year [4] - Residential revenues of $54.9 million, surpassing estimates by 74.29% and growing 98.2% year over year [4] - Other marketplace revenues of $78.1 million, exceeding estimates by 4.13% and increasing 141.8% year over year [4] Operational Metrics - Net New Bookings reached $84 million, representing a 92% increase year over year [5] - Average monthly unique visitors to CoStar's sites reached 143 million, while Homes.com Network achieved 115 million [5] Expense Overview - Selling and marketing expenses increased 26.3% year over year to $418.3 million, accounting for 50.2% of revenues compared to 47.8% in the previous year [6] - General and administrative expenses rose to 18.8% of revenues, an increase of 360 basis points year over year [6] - Operating expenses increased 34.9% year over year to $712.5 million, representing 85.5% of revenues, an increase of 920 basis points [7] Profitability Metrics - Adjusted EBITDA was $114.6 million, up from $75.9 million in the previous year, with an adjusted EBITDA margin expanding 280 basis points to 13.7% [9] Guidance - For Q4 2025, the company expects revenues between $885 million and $895 million, indicating 25% growth at the midpoint, and anticipates adjusted EBITDA between $150 million and $160 million [11] - For the full year 2025, revenues are expected to be between $3.23 billion and $3.24 billion, indicating 18% year-over-year growth at the midpoint, with adjusted EBITDA anticipated between $415 million and $425 million [12]

Core Insights - Verizon Communications Inc. reported strong third-quarter 2025 results with wireless service revenues of $21 billion, reflecting a year-over-year increase of 2.1% [1][4] - Adjusted earnings surpassed the Zacks Consensus Estimate, while total revenues fell short of expectations [1][4] Financial Performance - Net income for the quarter was $5.06 billion, or $1.17 per share, compared to $3.41 billion, or 78 cents per share, in the same quarter last year, driven by top-line growth and reduced operating expenses [3] - Total operating revenues increased by 1.5% to $33.82 billion, but missed the consensus estimate of $34.18 billion [4] - Adjusted earnings were $1.21 per share, slightly above the previous year's $1.19 per share [3] Segment Results - Consumer segment revenues rose by 2.9% year over year to $26.1 billion, exceeding estimates [5] - Business segment revenues declined by 2.8% to $7.14 billion due to lower wholesale and enterprise revenues, falling short of estimates [8] Subscriber Growth - Fixed wireless access net additions reached 261,000, bringing the total subscriber base to nearly 5.4 million, with a target of 8 to 9 million by 2028 [2] - Wireless retail postpaid churn was recorded at 1.12%, while retail postpaid phone churn was 0.91% [6] Operating Metrics - Operating income improved by 36.8% to $8.1 billion, with total operating expenses down by 6.2% to $25.72 billion [11] - Consolidated adjusted EBITDA increased to $12.77 billion, reflecting growth in wireless service revenue [11] Cash Flow and Guidance - Verizon generated $28 billion in net cash from operating activities for the first nine months of 2025, compared to $26.48 billion in the previous year [12] - For 2025, the company anticipates wireless service revenue growth of 2%-2.8% and adjusted EBITDA growth of 2.5%-3.5% [13]

Financial Data and Key Metrics Changes - VITAS net revenue was $407.7 million in Q3 2025, an increase of 4.2% compared to the prior year period [11] - Adjusted EBITDA for VITAS, excluding Medicare cap, totaled $70.4 million, a decline of 3.8% year-over-year [12] - Roto-Rooter revenue increased by 1.1% in Q3 2025 compared to the same period in 2024 [7] - Adjusted EBITDA at Roto-Rooter totaled $49.4 million, a decrease of 12.4% compared to the prior year quarter [15] Business Line Data and Key Metrics Changes - VITAS admissions totaled 17,714, a 5.6% improvement from the same period in 2024 [5] - Average revenue per patient day for VITAS was $205.08, up 2.98% from the prior year [12] - Roto-Rooter branch residential revenue increased by 3.4%, with residential plumbing revenue up 8.2% [13][8] - Revenue from independent contractors declined by 4.7% in Q3 2025 compared to the same period in 2024 [14] Market Data and Key Metrics Changes - The percentage of total admissions from hospitals in Florida was 44.5%, above the preferred range of 42% to 45% [6] - The average daily census for VITAS was 22,327 patients, an increase of 2.5% [17] - Hospital-directed admissions increased by 10.4%, while nursing home admissions declined by 8.9% [17] Company Strategy and Development Direction - The company aims to mitigate potential Florida Medicare cap billing limitations for fiscal 2026 [5] - VITAS is focusing on increasing hospital-based admissions to ensure long-term stability [6] - Roto-Rooter is implementing operational initiatives to stabilize and return to predictable growth [10] Management Comments on Operating Environment and Future Outlook - Management believes there will be no Medicare cap billing limitation related to the Florida program in 2026 [6] - The company is encouraged by the performance of both businesses in Q3 2025, with VITAS on track to resolve the Medicare cap issue [10] - Management anticipates a seasonal increase in demand and revenue in Q4 2025 [23] Other Important Information - The company has cleared hurdles to open a new location in Pinellas County, expected to open in early November [7] - The Medicare cap billing limitation for Q3 2025 was $6.1 million, slightly better than estimates [11] Q&A Session Summary Question: Insights on demand and cost trends for Q4 - Management noted that Q4 is typically stronger due to seasonal factors, with VITAS' margins expected to spike from the new rate increase [23][24] Question: Concerns about receivables and cash collections - Management indicated that elevated DSO is primarily a timing issue related to Medicaid payments, not a deterioration in collection efforts [31] Question: Growth rates and margins for 2026 - Management speculated on revenue growth in the 8% range and margins at 17.5%-18% for 2026, pending Q4 performance [37] Question: Sustainable margins in Roto-Rooter - Management indicated that while marketing costs are under pressure, they expect to absorb these costs through operational improvements [53] Question: Clarification on VITAS' Medicare cap liability - Management explained that the focus on hospital admissions and a favorable rate increase gives confidence in managing cap liability [65][69]

Core Insights - Kirby Corporation reported net earnings of $92.5 million or $1.65 per share for Q3 2025, a 6% increase from $90.0 million or $1.55 per share in Q3 2024 [1][5] - Consolidated revenues for Q3 2025 were $871.2 million, up from $831.1 million in Q3 2024 [1] Segment Performance - **Marine Transportation**: Revenues were $484.9 million, slightly down from $486.1 million in Q3 2024. Operating income decreased to $88.6 million from $99.5 million, with an operating margin of 18.3% compared to 20.5% [3][4][6] - **Inland Marine**: Average barge utilization was in the mid-80% range, impacted by seasonal weather and softer market conditions. Spot market rates declined in the low-to-mid single digits, while term contracts remained flat [2][4][5] - **Coastal Marine**: Strong market fundamentals with barge utilization in the mid to high-90% range. Revenues increased by 13% year-over-year, and operating margins reached around 20% [6][12] - **Distribution and Services**: Revenues rose to $386.2 million from $345.1 million, with operating income increasing to $42.7 million from $30.4 million. Operating margin improved to 11.0% from 8.8% [7][9] Financial Metrics - **EBITDA**: For Q3 2025, EBITDA was $201.4 million, up from $190.5 million in Q3 2024 [11][24] - **Cash Flow**: Net cash provided by operating activities was $227.5 million, with capital expenditures of $67.2 million. Free cash flow for the quarter was $160.3 million [11][32] - **Debt and Liquidity**: Total debt stood at $1,048.9 million, with a debt-to-capitalization ratio of 23.8%. The company had $47.0 million in cash and cash equivalents [11][24] Market Outlook - **Inland Marine**: Expected to see stable market conditions with signs of improvement. Higher barge utilization is anticipated due to seasonal factors [12][15] - **Coastal Marine**: Favorable market fundamentals are expected to continue, with steady customer demand and pricing benefiting from limited vessel availability [12][13] - **Distribution and Services**: Continued strength in power generation and marine repair markets, with full-year revenues expected to rise in the mid-single digits [15][16]

Core Viewpoint - CoreWeave is preparing to release its third-quarter 2025 financial results, which are significant for assessing the company's financial health and future prospects in the technology sector, particularly in cloud computing [1][6] Financial Performance - CoreWeave reported a quarterly revenue of approximately $1.21 billion, indicating strong revenue generation capabilities [3][6] - The company faced a net loss of $290.5 million, suggesting challenges in managing expenses or other financial obligations [3][6] - CoreWeave achieved a gross profit of $900.1 million, reflecting operational efficiency despite the net loss [3][6] - The operating income for the quarter was $19.2 million, with an EBITDA of $583.7 million, showcasing the company's ability to generate earnings from operations [4][6] - The earnings per share (EPS) for the quarter was a negative $0.6, impacted by the net loss [5] - The cost of revenue was $312.7 million, and the company incurred a pre-tax loss of $242.7 million, along with an income tax expense of $47.8 million [5]