Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted earnings of $0.51 per share, an increase from $0.49 in the same period last year [14] - Full-year adjusted earnings were $1.90 per share compared to $1.75 in 2024, reflecting strong financial management and regulatory execution [14] - The company achieved a Funds From Operations (FFO) to Debt ratio of 16.1%, exceeding the targeted guidance range and up 150 basis points from the previous year [21] Business Line Data and Key Metrics Changes - The base business continues to perform well, with a full-year adjusted EPS of $1.90 and FFO to debt of 16.1%, both surpassing guidance [5][14] - The capital plan includes $21 billion of base utility investment over the next five years, focusing on grid modernization and safety [15] - The Amazon project at GenCo represents a significant capital investment of $6-$7 billion through 2032, aligning cash inflows with customer ramp rates [15] Market Data and Key Metrics Changes - The company is actively engaged in approximately 24 data center projects, reflecting strong demand in Virginia, which is noted as the data center capital of the world [10] - In Indiana, the Economic Development Team managed over 140 active projects, indicating robust economic development across the service territory [10] Company Strategy and Development Direction - The company aims to deliver safe, reliable, and competitive energy while focusing on disciplined capital deployment and operational excellence [4] - A commitment to customer affordability is highlighted through regulatory and rate design tools that mitigate bill impacts [6] - The company is advancing its data center initiative, with key milestones achieved, including zoning approvals for the Amazon project [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic direction and highlighted the importance of regulatory support in achieving financial commitments [20] - The company anticipates continued growth in adjusted EPS, reaffirming guidance for 2026 at $2.02-$2.07 per share, representing approximately 8% year-over-year growth [18] - Management noted that significant upside remains in developing projects supporting data center growth and economic development [8] Other Important Information - The company has maintained ISO 55001 and API 1173 certifications, underscoring its commitment to safety management [8] - A 7.1% increase in dividends for 2026 was approved, reflecting the company's commitment to aligning dividend growth with earnings growth [20] Q&A Session Summary Question: What should investors look for regarding GenCo's progress? - Management indicated that a dedicated team is focused on executing data center opportunities, suggesting faster execution for future transactions compared to the Amazon deal [25][27] Question: How is the Pennsylvania strategy being considered? - Management stated that there are no current plans for a rate case in Pennsylvania, following a recent successful rate case that increased revenue [29] Question: What is the status of the NIPSCO gas rate case filing? - Management confirmed that no determination has been made to file for a rate case at this time, considering various factors [32] Question: What is the significance of Senate Bill 103 for large load customer opportunities in Ohio? - Management noted that they are working on optimizing regulatory strategies based on recent legislative changes, but no upside from economic development has been incorporated into the current forecasts [36] Question: What is the plan for the Schahfer coal plant? - Management confirmed that they will comply with federal orders to operate the Schahfer plant beyond its planned retirement, with flexibility in the capital plan to accommodate this [40]

Core Insights - The company experienced varied performance across brands, with luxury brand revenue declining by 12.7% year over year, influenced by challenging prior-year comparisons and weak sales promotions late in the quarter [1] - Same-store revenues were flat, and gross profit decreased by 1.2%, reflecting strong execution relative to market conditions [2] - The company achieved record revenues of $9.2 billion in the fourth quarter, contributing to a full-year revenue of $37.6 billion, which is a 4% increase from the previous year [4] Revenue and Profitability - New vehicle revenue declined by 6.6% due to an 8.3% unit decline as industry demand softened and supply normalized, with new vehicle gross profit per unit (GPU) at $2,760, down $300 year over year [2] - Used vehicle revenue increased by 6.1%, driven by a 4.7% unit growth, while used GPU was $1,575, down $151 year over year [5] - Aftersales revenue grew by 10.9%, with gross profit increasing by 9.8%, resulting in a gross margin of 57.3% [7] Operational Efficiency - The company is focusing on improving market share and volume to enhance profitability, with a strategy to reduce selling, general, and administrative (SG&A) expenses while increasing dynamic pricing [3][8] - Inventory levels remained stable, with new vehicle day supply at 54 days and used inventory at 40 days, contributing to lower floor plan interest costs [7] - The company is investing in technology to enhance operational efficiency, including AI-powered solutions and a new dealer management system [10][22] Financing Operations - Driveway Finance Corporation (DFC) reported record income with a managed receivables portfolio of $4.8 billion, up 23% year over year, and a net interest margin of 4.8% [24] - DFC's penetration rate reached 15% for the quarter, up 650 basis points, indicating strong growth potential [24] - The company aims for a long-term target of 20% penetration for DFC, which will enhance recurring income streams [11] Capital Allocation - The company repurchased 3.8% of its shares in the quarter and 11.4% of its shares in the previous year, focusing on maximizing shareholder returns through disciplined capital deployment [12][27] - A balanced capital strategy will be maintained, prioritizing share buybacks, selective acquisitions, and organic investments [28][29] - The company aims to acquire $2 billion to $4 billion in annualized revenues, targeting high-return acquisitions to strengthen its market position [16] Future Outlook - The company is positioned for compounding earnings growth in 2026 as industry conditions normalize, with a focus on increasing profitability and expanding its digital reach [13][30] - Strategic acquisitions remain a core pillar, with a goal to triple revenue while maintaining consistent EPS growth [14][15] - The company anticipates mid-single-digit growth in aftersales and aims to improve used vehicle pricing strategies to enhance GPU [56][50]

Financial Data and Key Metrics Changes - The fourth quarter revenue rose 3.4% in Mexican peso terms to MXN 245 billion, and was up 6.2% at constant exchange rates, with service revenue expanding 5.3% [8][9] - EBITDA increased by 4.2% in Mexican peso terms to MXN 95 billion, and was up 6.9% at constant exchange rates [9] - Net profit for the quarter was MXN 19 billion, which was four times larger than the previous year, equivalent to MXN 0.32 per share or $0.35 per ADR [10] - Free cash flow for the year 2025 was MXN 82 billion, representing a nearly 40% year-on-year increase [11] Business Line Data and Key Metrics Changes - The company added 2.5 million wireless subscribers in the quarter, with 2.8 million postpaid net gains and 298,000 prepaid losses, ending December with 331 million wireless subscribers [5][6] - The mobile postpaid base grew by 8.4% year-on-year, while broadband accesses expanded by 5.6% [8] - Fixed line service revenue increased by 3.6% year-over-year, with fixed broadband revenue rising by 6.4% [10] Market Data and Key Metrics Changes - The dollar depreciated against most currencies in the region, declining 2.3% versus the Mexican peso and 5.7% versus the Chilean peso [5] - Brazil led in postpaid net additions with 644,000 subscribers, followed by Colombia with 276,000 and Peru with 148,000 [6] Company Strategy and Development Direction - The company aims to maintain a capital expenditure target of around 14%-15% of revenues, approximately $6.8 billion to $7 billion for 2026 [16][20] - The management is focused on reducing debt and preparing for potential consolidation opportunities in the region, particularly in small fiber companies [40][41] Management's Comments on Operating Environment and Future Outlook - The management noted that the U.S. government shutdown raised uncertainty about economic activity, impacting employment and economic indicators [4] - The competitive landscape in Latin America is changing, with expectations of further consolidation in the market, which could benefit the company [66] Other Important Information - The company disconnected 79,000 voice lines in the fixed line segment, while adding 77,000 pay TV units [7] - The comprehensive financing costs were roughly half those of the previous year [10] Q&A Session Summary Question: CapEx outlook for 2026 - The company targets a CapEx of around 14%-15% of revenues, approximately $6.8 billion to $7 billion for 2026 [16][20] Question: Pre-tax non-operating expenses - The management acknowledged the increase in pre-tax non-operating expenses and suggested contacting investor relations for detailed information [24][26] Question: Telefónica's sale of operations in Chile - The company decided not to proceed with a bid for Telefónica's operations due to regulatory complexities and high leverage concerns, but remains committed to competing in Chile [32][34] Question: Capital allocation strategy - The management emphasized a focus on reducing debt and preparing for potential M&A opportunities, while also considering shareholder returns through buybacks and dividends [39][41] Question: Impact of FX on results - The management discussed the complexities of managing multiple currencies and emphasized the importance of constant exchange rates for accurate financial reporting [52][54] Question: Regulatory environment and consolidation in Latin America - The management sees potential for consolidation in the market, particularly in mobile and fixed services, and believes this will be beneficial for the company [61][66] Question: Brazilian number portability trends - The management indicated that both NuCel and the company's postpaid operations are contributing to strong number portability trends in Brazil [72][73] Question: Sustainability of broadband growth in Mexico - The management expressed confidence in sustaining broadband growth due to successful promotions and high customer satisfaction with service bundles [80]

Financial Data and Key Metrics Changes - In 2025, the company achieved 36% revenue growth, 32% EBITDA growth, and 22% FFO per share growth while deleveraging its balance sheet [4][11] - The fourth quarter reported net income attributable to common stockholders of $0.14 per diluted share and normalized FFO of $1.45 per diluted share, representing 28.3% year-over-year growth [33] Business Line Data and Key Metrics Changes - The senior housing operating portfolio reported a same-store net operating income (NOI) growth of 20.4% in the fourth quarter, marking the 13th consecutive quarter of growth exceeding 20% [18][19] - Organic revenue growth remained around 10%, driven by 400 basis points of year-over-year occupancy gains and healthy rate growth [8][19] Market Data and Key Metrics Changes - The company noted a significant increase in occupancy, with 400 basis points of year-over-year growth, among the highest levels in its history [19] - The company expects strong occupancy upside in 2026, supported by a growing 80+ population and a favorable demand-supply picture [8][9] Company Strategy and Development Direction - The company is focused on transforming from a real estate deal-oriented business to an operations and technology-first model, emphasizing customer trust and employee experience [6][10] - A significant capital rotation was executed, with nearly $11 billion in net investment activity, primarily in high-growth senior housing properties [11][12] - The company launched its private funds management business and closed Senior Housing Equity Fund One, marking a significant expansion of its capital allocation strategy [17][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for senior housing products, anticipating continued growth despite macroeconomic uncertainties [8][9] - The company highlighted the importance of operational excellence and technology in driving future growth and enhancing customer experiences [22][24] Other Important Information - The company completed the sale of its outpatient medical business for $7.2 billion, which significantly contributed to its capital rotation strategy [11][12] - The management team has undergone significant changes, with a focus on attracting high-caliber talent to drive the company's transformation [23][24] Q&A Session Summary Question: Can you provide more quantitative insights on compounding and duration? - Management emphasized the focus on partial earnings and cash flow growth, indicating a belief in double-digit NOI growth for the long term [49][51] Question: What challenges remain in the senior housing space? - Management acknowledged that while the data science platform is mature, there is still significant work to be done in operational technology [55][56] Question: How does the Integra disposition frame the skilled nursing portfolio? - The skilled nursing strategy involves acquiring assets with operational turnaround stories, with a focus on high-quality operators [60][61] Question: What is the size and characteristics of the non-same store pool? - The non-same store portfolio is primarily composed of recently acquired assets, with characteristics similar to the same store portfolio but generally less occupied [63][64] Question: How is occupancy performance being driven? - Management highlighted the importance of marketing, customer experience, and operational execution in driving occupancy growth [68][69] Question: How long can the company continue to acquire unstabilized SHOP? - Management stated that acquisition opportunities depend on market conditions and emphasized the goal of creating value for shareholders [71][72]

Financial Data and Key Metrics Changes - In 2025, the company achieved 36% revenue growth, 32% EBITDA growth, and 22% FFO per share growth while deleveraging its balance sheet [4][33] - The fourth quarter reported net income attributable to common stockholders of $0.14 per diluted share and normalized FFO of $1.45 per diluted share, representing 28.3% year-over-year growth [33][34] - Total portfolio same-store NOI growth was 15%, driven by 20.4% growth in the senior housing operating portfolio [18][33] Business Line Data and Key Metrics Changes - The senior housing operating portfolio reported 13 consecutive quarters of same-store net operating income growth exceeding 20% [7][18] - Organic revenue growth remained around 10%, supported by 400 basis points of year-over-year occupancy gains and healthy rate growth [8][19] - ExPOR (expenses per occupied room) growth increased by only 0.8%, leading to strong margin expansion of 270 basis points [20][21] Market Data and Key Metrics Changes - The demand for senior housing products continues to strengthen, with occupancy gains during a seasonally slower period [19] - The company noted that the 80+ population is expected to grow rapidly, enhancing end-market demand for its products [8][9] - New construction remains at low levels, contributing to a favorable supply-demand dynamic [9] Company Strategy and Development Direction - The company is focused on transforming from a real estate deal shop to an operations and technology-first business, emphasizing customer trust and employee experience [6][10] - A significant capital rotation was executed, with nearly $11 billion in net investment activity, primarily in high-growth senior housing properties [11][12] - The company launched its private funds management business and closed Senior Housing Equity Fund One, indicating a strategic expansion into capitalized businesses [17][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive outsized NOI growth and margin expansion in the coming years, despite macroeconomic uncertainties [21][24] - The company is committed to investing in technology and talent to enhance operations and customer experience [22][23] - Management highlighted the importance of operational execution and customer experience in driving occupancy and revenue growth [68] Other Important Information - The company completed the sale of its outpatient medical business for $7.2 billion, which significantly contributed to its capital rotation strategy [11][26] - The management team has undergone significant changes, with a focus on retaining top talent and enhancing incentive structures [39][40] Q&A Session Summary Question: Can you provide more quantitative insights on compounding and duration? - Management emphasized the focus on partial earnings and cash flow growth, indicating a belief in double-digit NOI growth for the long term [50][52] Question: What challenges remain in the senior housing space? - Management acknowledged that while the data science platform is mature, there is still significant work to be done in operational technology [54][55] Question: How does the Integra disposition frame the SNF portfolio for future acquisitions? - The skilled nursing strategy involves acquiring assets with operational turnaround potential, with proceeds from sales being opportunistically deployed [59][60] Question: What is the current status of the non-same store pool? - The non-same store portfolio is characterized by lower occupancy and is strategically focused on acquiring assets with significant upside potential [62][64] Question: How is occupancy performance being driven? - Management highlighted the importance of marketing, customer experience, and operational execution in driving occupancy growth [68][69]

Financial Data and Key Metrics Changes - Welltower reported a 36% revenue growth, 32% EBITDA growth, and 22% FFO per share growth in 2025, while also deleveraging its balance sheet [3][4] - The company ended the year with a net income attributable to common stockholders of $0.14 per diluted share and normalized FFO of $1.45 per diluted share, representing a 28.3% year-over-year growth [32] Business Line Data and Key Metrics Changes - The senior housing operating portfolio achieved a same-store NOI growth of 20.4%, marking the 13th consecutive quarter of growth exceeding 20% [17][18] - Organic revenue growth remained around 10%, driven by 400 basis points of year-over-year occupancy gains and healthy rate growth [6][18] - The company reported a same-store revenue growth of 9.6% across all geographies and senior housing acuity levels [18] Market Data and Key Metrics Changes - The demand for senior housing products continues to strengthen, with occupancy gains of 400 basis points year-over-year, among the highest levels in the company's history [18] - The company noted that new construction remains at trough levels, contributing to a favorable supply-demand picture [6] Company Strategy and Development Direction - Welltower is focused on transforming from a real estate deal shop to an operations and technology-first business, emphasizing customer trust and employee experience [4][5] - The company launched its private funds management business and made significant investments in technology and talent to enhance operational efficiency [3][16] - Welltower aims to continue driving meaningful alpha for shareholders through the full-scale modernization of its senior housing portfolio via the Welltower Business System [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the high visibility of end-market demand for senior housing, particularly as the 80+ population continues to grow [6] - The company anticipates another year of strong occupancy upside in 2026, along with strong pricing power [6][19] - Management acknowledged the challenges of the senior living business but emphasized the importance of execution and operational excellence [8][20] Other Important Information - Welltower completed nearly $11 billion of net investment activity in 2025, primarily in high-growth senior housing properties [10] - The company sold its outpatient medical business for $7.2 billion, which significantly contributed to its capital rotation strategy [10][25] - Welltower launched its Senior Housing Equity Fund One, raising approximately $2.5 billion in equity commitments, marking a significant expansion of its capital allocation strategy [30] Q&A Session Summary Question: Can you provide more quantitative insights on compounding and duration? - Management emphasized that the focus is on partial earnings and cash flow growth rather than just same-store metrics, indicating a belief in double-digit NOI growth for the long term [48][49] Question: What challenges remain in the senior housing space? - Management acknowledged that while the data science platform is mature, there is still significant work to be done on the operational technology side [53][54] Question: How does the Integra disposition frame the SNF portfolio for future acquisitions? - Management described the skilled nursing portfolio as a structured credit investment, focusing on acquiring assets with operational turnaround stories [57][58] Question: How long can the company continue to acquire unstabilized SHOP? - Management stated that acquisition opportunities depend on market conditions and emphasized the goal of creating value for existing shareholders [67][69]

Financial Data and Key Metrics Changes - Revenue for the fourth quarter was reported at $466.7 million, a 6.6% increase year-over-year [9] - Year-over-year revenue growth exceeded 7%, with significant free cash flow generated [4] - Net income and diluted earnings per share were reported at $31.2 million and $0.44 per share, including an $8.3 million benefit related to tax treatment [11] - Cash flow from operations was reported at $17.4 million, adjusted to $36.4 million after accounting for a decrease in payroll accrual [11] Business Line Data and Key Metrics Changes - Environmental services segment revenues were reported at $210.8 million with a margin of 12.6% [9] - Dietary services segment revenues were reported at $255.9 million with a margin of 7.2% [9] - Cost of services was reported at $394.6 million, or 84.6%, with a goal to manage it in the 86% range for 2026 [9][10] Market Data and Key Metrics Changes - The company anticipates mid-single-digit revenue growth for 2026, supported by strong industry fundamentals and demographic trends [5][7] - The first baby boomers will turn 80 in 2026, increasing demand for long-term and post-acute care services [5] Company Strategy and Development Direction - The top three strategic priorities for 2026 include driving growth through management development, managing costs through operational execution, and optimizing cash flow [7] - The company plans to repurchase $75 million of common stock over the next 12 months, following the completion of a $50 million share repurchase plan [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the administration's focus on rationalizing regulations to better align with the needs of vulnerable populations [7] - The company is well-positioned to capitalize on opportunities in the market, with a robust business model and strong balance sheet [45] Other Important Information - The company ended the year with cash and marketable securities of $203.9 million, and an undrawn credit facility of $300 million [14] - The effective tax rate for 2026 is expected to be approximately 25% [11] Q&A Session Summary Question: Revenue upside opportunity in the nursing home sector - Management highlighted that growth is largely execution-based, with a robust sales pipeline and strong demand for services [19] Question: Margin expectations for 2026 - Margins are expected to continue improving due to strong service execution and operational efficiencies [21][22] Question: Split of campus services revenue - Campus services revenue is split evenly between the CSG brand and Meriwether Godsey, with expectations for accelerated organic growth [26][27] Question: Cash from operations trajectory for 2026 - Management expects cash from operations to approximate net income, with consistent margins and revenue growth [29] Question: Balancing share buybacks with M&A opportunities - The company is confident in its liquidity position, allowing for simultaneous focus on organic growth, M&A, and share buybacks [30][31] Question: New business additions for 2026 - Management anticipates continued organic growth driven by execution and a robust pipeline, with timing of new business adds being fluid [36][39] Question: Performance across different facility types - Service execution has remained consistent across all service segments and facility types, with expectations for continued strong performance [41]

Core Viewpoint - La Rosa Holdings Corp. has divested its 51% ownership interest in Horeb Kissimmee Realty LLC for $0.5 million, marking a strategic move to strengthen its balance sheet and focus on higher-return initiatives [1][4]. Financial Impact - The divestiture represents approximately 10% of the Company's total agent base and eliminates an unproductive operating component that was not generating positive cash flow [2][5]. - The $0.5 million valuation for the 51% interest implies a total enterprise valuation of about $1.0 million for the office, highlighting a disconnect between the Company's public market valuation and its intrinsic asset value [4]. Strategic Focus - Management plans to redirect capital towards core brokerage growth, technology development, ancillary services, and profitability-driven operations [2][5]. - The Licensing Agreement allows La Rosa to maintain brand presence in the Kissimmee market while transitioning away from majority ownership, enabling continued revenue generation from the operation without the capital requirements of ownership [3][5]. Company Overview - La Rosa Holdings Corp. operates 24 corporate-owned brokerage offices across multiple states and has begun expansion into Europe, starting with Spain [8]. - The Company provides both residential and commercial real estate brokerage services, along with technology-driven products and support for agents and franchise partners [6][7].

Financial Data and Key Metrics Changes - The company reported adjusted EPS of $17.14 for 2025, exceeding initial guidance of approximately $16.25 [17] - The full-year insurance segment benefit ratio was 90.4%, slightly better than guidance [18] - For 2026, the company expects full-year adjusted EPS of at least $9, with a year-over-year decline anticipated due to a stars headwind [19] Business Line Data and Key Metrics Changes - The company experienced approximately 1 million member growth, or 20%, during the Annual Enrollment Period (AEP) [8] - Retention rate improved by over 500 basis points year-over-year, with over 70% of new sales coming from switches from competitor plans [9] - The company expects individual Medicare Advantage (MA) membership growth of approximately 25% for full year 2026 [10] Market Data and Key Metrics Changes - The company absorbed approximately 12% of members impacted by competitor plan exits, which is less than its market share [9] - Nearly 30% of new sales were bounce-back members, indicating a positive mix of new sales [9] Company Strategy and Development Direction - The company remains committed to a consumer-centric strategy, focusing on maximizing customer lifetime value and member retention [6] - Plans are designed to be priced for sustainable margins, moving away from loss leader strategies [8] - The company is expanding its Medicaid and CenterWell footprint, with Medicaid now spanning 13 states [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational capacity to absorb growth and maintain quality care for members [10] - The company is adapting to the funding environment and expects to unlock earnings potential by 2028 [15] - Management acknowledged the challenges posed by the Advance Rate Notice but emphasized a commitment to protect consumers [15] Other Important Information - The company is focused on capital efficiency and plans to fund membership growth and strategic acquisitions while maintaining credit ratings [24] - A new President of Medicare Advantage, Aaron Martin, joined the company, bringing extensive healthcare experience [16] Q&A Session Summary Question: Can you expand on the level of earnings outside of MA underwriting? - Management indicated that earnings associated with CenterWell will contribute positively, with significant tailwinds expected from new membership [30] Question: How is the typical progress of margins for new members over time? - Management noted that margins typically improve significantly from year one to year two, with ongoing improvements expected in subsequent years [35] Question: What are the expectations for 2026 compared to Investor Day? - Management highlighted that the biggest difference is the embedded conservatism in their numbers, leading to a broader haircut in guidance [45] Question: How did the D-SNP membership growth compare to expectations? - The absolute number of new D-SNP members exceeded expectations, although the percentage growth was slightly lower [48] Question: What is the impact of the stars headwind on margins? - Management explained that the stars headwind affects both new and existing members, with similar margins expected for both cohorts [32] Question: How will the company adjust to the rate notice? - Management stated that they will adapt to the final rate notice and advocate for appropriate funding levels [59]

Financial Data and Key Metrics Changes - In Q4 2025, Las Vegas operations achieved net revenue of $505 million, a 2.5% increase year-over-year, and adjusted EBITDA of $231 million, up 3.2% from the previous year [8][9] - For the full year 2025, net revenue was just under $2 billion, a 2.9% increase, and adjusted EBITDA reached $915.9 million, up 4.2% from the prior year [9][10] - The consolidated Q4 net revenue was $511.8 million, up 3.2%, and adjusted EBITDA was $213 million, up 5.4% year-over-year [8][9] Business Line Data and Key Metrics Changes - Durango Casino Resort continues to expand its local market presence, contributing to incremental play and reinforcing its growth driver status within the portfolio [5] - Non-gaming operations, including hotel and food and beverage, achieved near-record revenue and profitability, with hotel operations performing exceptionally well despite renovations [11][12] Market Data and Key Metrics Changes - The Las Vegas locals market remains strong, with 50% of guests visiting more than eight times a month, indicating a robust customer base [31] - The company is strategically located in areas of new housing growth, enhancing its competitive position in the locals market [32] Company Strategy and Development Direction - The company is focused on executing its development pipeline, including significant investments in Durango, Sunset Station, and Green Valley Ranch, to enhance competitive positioning and customer appeal [15][17][23] - A special cash dividend of $1 per Class A common share was declared, reflecting confidence in the long-term earnings power of the operating model [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and resilience of the business, despite expected near-term disruptions from ongoing construction projects [12][23] - The company anticipates capturing additional market share and driving sustained growth in the local market through strategic expansions and enhancements [8][19] Other Important Information - The company reported a net debt-to-EBITDA ratio of 3.87 times, marking the seventh consecutive quarter of deleveraging [13] - Total capital spend for 2025 was $319 million, with expectations to increase to $375-$425 million in 2026 [14] Q&A Session Summary Question: Demand levels in Las Vegas Valley - Management noted strong performance in hotel operations and gaming, with a differentiated value proposition compared to the Strip [28][31] Question: Construction disruption in 2026 - Management estimated approximately $9 million in disruption for Q1 2026, primarily from ongoing renovations [42][44] Question: Seasonal EBITDA expectations - Management indicated that while disruption may impact Q1, they remain confident in achieving expected returns [48][49] Question: Impact of the One Big Beautiful Bill - Management expressed optimism about capturing discretionary income from tax refunds, positioning the company well in the locals market [53] Question: Higher-end customer contributions - Management highlighted strength in higher-end play across various properties, indicating a broad appeal to different customer segments [80][81]