Financial Data and Key Metrics Changes - Full-year Adjusted EBITDA reached $613.8 million and Distributable Cash Flow (DCF) was $385.7 million, both records for the company [3][12] - Fourth quarter net income was $27.8 million, operating income was $76.6 million, and net cash provided by operating activities was $139.5 million [11] - Average pricing per horsepower increased to $21.69, a 1% sequential increase and a 4% increase year-over-year [11] - The leverage ratio at the end of Q4 was 4.0 times [11] Business Line Data and Key Metrics Changes - Average active horsepower increased approximately 1% to 3.579 million [11] - Total fleet horsepower at the end of Q4 was approximately 3.9 million, adding about 21,000 horsepower compared to the prior quarter [11] - Average utilization for Q4 was 94.5%, a slight increase compared to the prior quarter [12] Market Data and Key Metrics Changes - Natural gas prices averaged $3.52 per MMBTU, a 56% increase from the prior year [5] - Oil production flattened in the latter half of the year, while natural gas production increased approximately 9% year-over-year [4] Company Strategy and Development Direction - The company aims to integrate the J-W Power acquisition, expecting annual run-rate synergies of $10 million to $20 million by the end of 2027 [8][9] - Focus on increasing customer retention and extending average contract duration [9] - Plans to add approximately 105,000 new horsepower in 2026, representing a 2% increase in active horsepower [6][13] Management's Comments on Operating Environment and Future Outlook - The energy macroenvironment stabilized in 2025, but development pace slowed in the Permian due to lower oil prices [4] - Management remains bullish on the long-term prospects of the Permian basin despite short-term challenges [4] - The company is optimistic about the demand from data centers and LNG, indicating a positive outlook for the gas industry [43] Other Important Information - The company refinanced its ABL and senior notes, significantly reducing weighted average borrowing costs [3][14] - Expansion capital expenditures for Q4 were $40 million, with maintenance capital expenditures at $7.8 million [12] Q&A Session Summary Question: Growth CapEx guidance breakdown - Approximately $205 million of growth capital is tied to the typical compression business, with about $150 million for new units [20] Question: Impact of balance sheet actions on distribution coverage - The normalized distribution coverage is about 1.55x, with expectations to reach 1.6+ in the coming year [26] Question: Timing of new horsepower delivery - Most new horsepower is expected to come in the back half of the year, primarily from July onward [29] Question: Evaluation of distributed power space - The company has evaluated opportunities in the distributed power business but has not yet found suitable candidates [33] Question: Expectations for remaining new horsepower - The remaining balance of new horsepower is expected to be contracted soon, focusing on tier one customers [34] Question: Long-term horsepower growth strategy impact - Lead times for new packages are challenging but will not affect 2026 growth; efforts are being made to secure growth for 2027 [36]

Company Overview - Walmart has been ranked as the largest company in the US for either 13 or 14 consecutive years, with approximately 4,600 locations in the US and 1.6 million employees, making it the largest private employer [2] - Walmart generated revenue of $690 billion in its most recent fiscal year, which ends on January 31 [2] Revenue Comparison - Amazon ranked as the No. 1 company last year with revenue of $717 billion, benefiting from a higher growth rate of approximately 14% compared to Walmart's annual increase of about 5% [3] - Amazon's market capitalization stands at $2.1 trillion, while Walmart's is $1.1 trillion [4] E-commerce and Market Position - Despite advancements in Walmart's e-commerce operations, it remains significantly behind Amazon, which had e-commerce revenue of approximately $575 billion worldwide in 2025 [5] - Walmart is primarily a bricks-and-mortar company, facing challenges in decoupling from the retail category's growth rate, where few companies exceed a 5% growth rate [6] Diversification and Growth - Amazon has diversified into several fast-growing sectors, including being a primary competitor to Netflix and the world's largest cloud computing company, with AWS growing at over 20% year over year [7] - Amazon is also a major player in the AI sector, although its impact on revenue is still uncertain [7]

Company Initiatives - Dell announced the launch of a unified enterprise platform named "One Dell Way" on May 3, 2026, described as the largest transformation since the company's inception, aimed at integrating data systems and simplifying processes to enhance operational efficiency and customer experience in the AI era [2] Business Progress - In the third fiscal quarter of 2026 (ending October 31, 2025), Dell's AI server orders reached a record high of $12.3 billion, with a backlog of $18.4 billion. The company raised its full-year AI server shipment guidance to approximately $25 billion, representing a year-over-year increase of over 150%. The order backlog for the next five quarters is viewed as a key growth driver, covering new cloud service providers, sovereign clouds, and enterprise customers [3] Brand Marketing Activities - At CES 2026, Dell showcased the return of the XPS series laptops and the expansion of the Alienware brand, aiming to meet diverse user needs. The XPS series focuses on the high-end lightweight laptop market, while Alienware expands into mainstream price segments to strengthen its competitiveness in the AI PC and gaming ecosystem [4] Financial Performance - Dell recently reported a record high revenue of $27 billion for the third fiscal quarter of 2026, with an optimistic guidance for the fourth quarter (ending January 31, 2026), expecting a midpoint revenue of $31.5 billion, a year-over-year increase of 32%. Future earnings report schedules will be announced through official channels [5]

We're back on Morning Trade Live. Here's where Warner Brothers, Netflix, and Paramount are trading to start the week as the back and forth to acquire Warner Brothers continues. We are mixed.We've got Warner Brothers Discovery High by 2.3%. Netflix is down one and a half. Paramount Skyance is up 5.8%.So, that very much is the focus of the morning trade. Joining us now for a closer look is Marley Kalin. And Marley, it wouldn't be an M&A Monday on a Tuesday without an update on this uh ongoing saga and another ...

Summary of General Motors Company (NYSE: GM) 2026 Conference Call Company Overview - **Company**: General Motors Company (GM) - **Date of Conference**: February 17, 2026 - **Key Speakers**: Paul Jacobson (CFO), Ashish Core Industry Insights - **Stability in 2026**: The company feels that 2026 is the most stable year in recent times, despite acknowledging that unexpected events may occur [3][5] - **Tariff Environment**: GM anticipates managing $3 billion to $4 billion in tariffs for the year, which is seen as manageable based on previous experiences [7] - **Inventory Management**: GM is carrying 30%-40% less inventory than in the past, allowing for quicker responses to market demands and improved cash flow [15] Financial Performance and Strategy - **Capital Allocation**: GM's priorities include heavy investment in the business, maintaining a strong balance sheet, and returning cash to shareholders [9] - **Cash Flow Improvement**: The disciplined approach to inventory management has resulted in $3 billion to $4 billion in better cash performance [25] - **Share Buybacks**: The company has been actively buying back shares, indicating confidence in its stock value despite market fluctuations [139][140] Product Development and Market Position - **New Truck Launch**: The launch of new trucks is expected to be significant for GM, with strong demand anticipated [42] - **Electric Vehicles (EVs)**: GM is focused on achieving cost parity between EVs and internal combustion engine (ICE) vehicles, with ongoing improvements in battery technology expected to reduce costs significantly [116][119] - **Consumer Demand**: There is a belief that EV demand will continue to grow, supported by technology advancements and expanding charging infrastructure [65] Cultural and Operational Changes - **Culture of Execution**: A significant cultural shift has occurred within GM, emphasizing proactive decision-making and execution [12][14] - **Supplier Relationships**: GM has improved its relationships with suppliers, focusing on mutually beneficial solutions to navigate supply chain challenges [49] Risks and Challenges - **Geopolitical and Regulatory Risks**: The company acknowledges the need for resilience against geopolitical risks and regulatory changes, particularly concerning tariffs and labor costs [43][44] - **Market Cyclicality**: GM aims to reduce self-induced cyclicality in the auto industry, which has historically led to deeper troughs during downturns [35][39] Future Outlook - **Focus on Technology**: GM is investing in AI and technology to enhance operational efficiency across various functions, including manufacturing and customer experience [98] - **Long-term Growth**: The company is positioning itself to capture the millennial and Gen Z markets by offering a diverse vehicle portfolio that appeals to younger consumers [105][107] Additional Insights - **Deferred Revenue**: GM is seeing growth in deferred revenue from software and services, which is expected to contribute positively to overall margins [82][94] - **Sustainability of EVs**: The company is committed to a balanced approach in EV investments, ensuring that products are competitive and profitable without overextending [75][76] This summary encapsulates the key points discussed during the conference call, highlighting GM's strategic focus, financial performance, and market positioning as it navigates the evolving automotive landscape.

Acquisition of Own Shares - Sanoma Corporation executed a share buyback on 17 February 2026, acquiring 14,482 shares at an average price of EUR 8.9814 per share, with a total cost of EUR 130,068.63 [1] - The highest and lowest prices per share during the transaction were EUR 9.0700 and EUR 8.9200, respectively [1] Shareholding Information - Following the acquisition, Sanoma holds a total of 848,300 of its own shares [2] Company Overview - Sanoma is a learning and media company operating across Europe, focusing on providing high-quality educational content and solutions for K12 education [2][4] - The company employs nearly 5,000 professionals and reported net sales of approximately EUR 1.3 billion in 2025, with an adjusted operating profit margin of 14.4% [5] Strategic Focus - Sanoma aims for organic growth in K12 education and plans to accelerate this growth through value-creating mergers and acquisitions [4] - The company is committed to sustainability, aligning its strategy with the UN Sustainable Development Goals and emphasizing the responsible use of AI [4]

Meridian Funds, managed by ArrowMark Partners, released its fourth-quarter 2025 investor letter for “Meridian Hedged Equity Fund”. A copy of the letter can be downloaded here. U.S. equity markets experienced a quarter supported by optimism about potential monetary easing and caution regarding economic growth and valuations. Early gains were driven by strong AI-related earnings and the US Federal Reserve’s rate cut in October, which improved expectations for financial conditions. However, market sentiment c ...

Lincoln Electric FY Conference Summary Company Overview - **Company**: Lincoln Electric (NasdaqGS:LECO) - **Event**: FY Conference held on February 17, 2026 Key Points Strategic Initiatives - **RISE Strategy**: An evolution of the existing strategy aimed at enhancing safety, productivity, and quality in operations. The acronym stands for: - **R**: Reimagine work processes - **I**: Innovate to differentiate from competitors - **S**: Serve customers better - **E**: Elevate team members' career aspirations [6][7] - **Focus on M&A**: The company aims for 300-400 basis points of growth through mergers and acquisitions, targeting both legacy welding and automation businesses [17][19]. Market Position and Growth - **Market Share**: The company is experiencing stable market share, with gains particularly in North America due to a balanced go-to-market strategy [45][47]. - **End Markets**: Greater visibility in automotive, heavy fabrication, and construction sectors, with a strong position in the Americas region [33][34]. Financial Performance and Outlook - **Volume Growth**: Anticipated mid-single-digit sales growth, with a focus on automation and core welding business [29][32]. - **Pricing Strategy**: Pricing is expected to remain flat in the second half of the year, with no incremental pricing built into forecasts [35][38]. - **Cost Management**: The company has successfully reduced finance costs by approximately 50 basis points as a percentage of sales [15]. Automation Business - **Short vs. Long Cycle**: About 20% of the automation business is short cycle, with margins more reflective of proprietary technology rather than project duration [48][49]. - **M&A Focus**: The company is looking to expand proprietary content in automation through targeted acquisitions [50][55]. Economic Indicators - **PMI Monitoring**: The company is closely watching the Purchasing Managers' Index (PMI) as a proxy for customer confidence in capital investments, which typically influences consumable volume growth [27][28]. Challenges and Risks - **European Market**: Facing challenges due to high fixed costs and competitive pricing pressures, particularly in the European market [46][75]. - **Economic Uncertainty**: The transition from internal combustion engines to electric vehicles has created headwinds in capital planning cycles for automotive clients [54]. Technology and Innovation - **AI Integration**: The company is leveraging AI to enhance internal operations and improve product value propositions, focusing on managing variability in factory environments [85][86]. Conclusion - **Future Outlook**: The company is cautiously optimistic about growth in 2026, emphasizing customer service and productivity improvements while preparing for potential market challenges [92][93].

Core Viewpoint - HP's stock price decline is attributed to a combination of lowered institutional expectations, weak sector performance, and internal operational pressures [5] Group 1: Institutional Perspectives - Citigroup analyst Asiya Merchant maintained a "hold" rating on HP but lowered the target price from $22 to $20, raising concerns about HP's profitability [1] Group 2: Industry Sector Situation - The tech sector experienced a general decline, with the Nasdaq index falling by 0.77% and the computer hardware sector dropping by 1.20%, influenced by cautious expectations regarding returns on high capital expenditures in the AI field [2] Group 3: Performance and Operational Conditions - HP's Q4 FY2025 earnings report showed a 4% year-over-year revenue growth, but net profit declined, and the FY2026 earnings per share guidance (ranging from $2.90 to $3.20) fell short of the market expectation of $3.33. Additionally, the company announced plans to lay off 4,000 to 6,000 employees by FY2028, raising concerns about cost pressures and sustainable growth [3] Group 4: Market Environment - Delayed expectations for Federal Reserve interest rate cuts, coupled with a low cash position of 3.7%, have put pressure on market liquidity-sensitive assets. Furthermore, a significant pullback in precious metal prices (with gold falling below $5,000) has further suppressed risk appetite for assets [4]

Carillon Tower Advisers, an investment management company, released its fourth-quarter 2025 investor letter for the “Carillon Eagle Small Cap Growth Fund”. You can download a copy of the letter here. Small-cap stocks delivered marginal gains in the fourth quarter of 2025. The Russell 2000® Value Index outperformed the Russell 2000® Growth Index in the quarter, with more balanced results. In line with the broader stock market, small-cap stocks delivered solid results in 2025. The Russell 2000 Growth Index re ...