Financial Data and Key Metrics Changes - Organic revenue growth in Q3 2025 was 5%, with year-to-date organic revenue growth at 9% [4] - Adjusted EBITDA was flat year-over-year at approximately $72.5 million, with an adjusted EBITDA margin decline of about 170 basis points to 19.8% [20] - Adjusted diluted earnings per share grew 11% year-over-year, reaching $0.31 [4][20] - Total revenue for Q3 was $365.4 million, with a GAAP net loss of $30.2 million [19][20] Business Line Data and Key Metrics Changes - In the Insurance Advisory Solutions (IIS) segment, organic revenue growth was flat, but adjusting for accounting changes, it would have been 4% [5][6] - Underwriting Capacity and Technology Solutions (UCTS) segment saw organic revenue growth of 16%, driven by strong performance in multifamily and commercial umbrella portfolios [9] - Mainstreet Insurance Solutions (MIS) segment experienced slightly negative organic revenue growth, primarily due to a one-time commission reset [10] Market Data and Key Metrics Changes - The renewal premium change was a significant headwind at -5.7%, reflecting client caution amid macroeconomic uncertainty [8] - Sales velocity remained strong at 20% in Q3, indicating effective new business generation [6][7] Company Strategy and Development Direction - The company announced the 3B30 CADLIST program, a three-year transformation initiative aimed at enhancing automation and AI integration [15][16] - The focus remains on organic reinvestment, M&A, and opportunistic share repurchases as part of capital allocation strategy [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate a dynamic insurance market, expecting continued improvement in organic revenue growth in 2026 [18][24] - The company anticipates a cumulative transformation charge of approximately $40 million by the end of 2028, with projected annualized savings of $40 million [17][18] Other Important Information - The company is experiencing a historic high in the backlog of won but not yet booked new business, indicating strong future revenue potential [6] - The acquisition of Hippo's home builder distribution network is expected to enhance growth opportunities in the embedded home insurance market [13] Q&A Session Summary Question: Clarification on IIS segment performance - Management noted that the flat organic growth in IIS was impacted by a procedural accounting change, which is a timing issue rather than a loss of revenue [28] Question: Competitive pressures in UCTS - Management indicated that competitive dynamics vary by product line, and they maintain a strong market position through embedded insurance solutions [34][36] Question: Preliminary outlook for 2026 - Management expects high single-digit organic growth in 2026, with a gradual acceleration throughout the year [39][43] Question: Impact of commission changes on future revenue - Management clarified that the headwinds from commission changes will cease by April 2026, transitioning into a tailwind as new fee structures take effect [50][51] Question: Capital management and share buybacks - Management reiterated the commitment to achieving leverage below four times before initiating a share buyback program, emphasizing the importance of financial flexibility [53][54]

Financial Performance & Guidance - Clearway Energy narrowed its 2025 Cash Available for Distribution (CAFD) guidance to the top half of the original range, targeting $420-440 million[13] - The company established a 2030 CAFD per share target of $2.90-3.10, representing a 7-8% compound annual growth rate (CAGR) from 2025-2030[13] - Clearway Energy set the 2026 CAFD guidance range at $470-510 million[61] - The company is targeting 2026 Dividend Per Share (DPS) growth of 6.5%, consistent with prior commitments[65] - Third quarter 2025 Adjusted EBITDA reached $385 million, with year-to-date (YTD) figures at $980 million[58] - Third quarter 2025 CAFD was $166 million, bringing the YTD total to $395 million[58] Growth Strategy & Pipeline - Clearway Group's late-stage project pipeline includes approximately 11 GW of projects through 2032[96] - The company has signed or been awarded 1.8 GW of Power Purchase Agreements (PPAs) to supply data centers[13] - Clearway Energy is targeting CAFD yields of approximately 10.5% on future investments for 2028 COD vintages and beyond[13] Capital Allocation & Funding - Clearway Energy plans to deploy >=$2.5 billion between 2026-2029 to meet its 2030 goals[69] - The company anticipates that retained cash flows will become a growing source of funding, targeting a payout ratio approaching 70% by 2030[13] - Clearway Energy is targeting a payout ratio of less than 70% after 2030 to increase de-risked funding sources for growth of 5-8+% in 2031+[13]

Core Insights - The Eastern Company reported a 22% decline in sales for the third quarter compared to the same period in 2024 [1] - A new $100 million credit facility has been established to support long-term growth [1] - The company has focused on capital allocation, resulting in a year-to-date debt reduction of $7 million and stock repurchases totaling approximately $3 million, equivalent to 118,000 shares [1] - The downturn in the heavy-duty truck and automotive market negatively impacted the company's third quarter results, as noted by CEO Ryan Schroeder [1]

Financial Data and Key Metrics Changes - Consolidated third-quarter sales were $1.7 billion, down 3% from the third quarter of 2024 [3] - Net income was $21.8 million, or $0.58 per share, compared to $91 million, or $2.33 per share, in the year-ago quarter [3] - Gross margin for the third quarter was 15.1%, a 60 basis point year-over-year decline [8] - BMD's EBITDA margin was 4.5% for the quarter, down from 5.6% in the year-ago quarter [8] Business Line Data and Key Metrics Changes - Wood product sales in the third quarter were $396.4 million, down 13% compared to the third quarter of 2024 [5] - BMD sales in the quarter were $1.6 billion, down 1% from the third quarter of 2024 [5] - I-joist and LVL volumes were down 10% and 7% respectively compared to the year-ago quarter [6] - Plywood sales volume was $387 million compared to $391 million in the third quarter of 2024 [6] Market Data and Key Metrics Changes - U.S. housing starts increased 2% year-over-year, while single-family housing starts decreased 3% [3] - BMD's year-over-year third-quarter sales decline of 1% was driven by a 1% decrease in price, with sales volumes flat [7] - BMD's daily sales pace in October was approximately 5% below the third-quarter sales pace [15] Company Strategy and Development Direction - The company remains focused on a two-step distribution model and enhancing its market-leading EWP and plywood franchises [4] - Capital expenditures for the nine months ended September 2025 were $187 million, with a capital spending range for 2025 at $230-$250 million [10][12] - The company is committed to a balanced deployment of capital, investing in existing assets, pursuing organic and M&A growth opportunities, and returning capital to shareholders [13] Management's Comments on Operating Environment and Future Outlook - Management expects demand weakness, trade policy uncertainties, and seasonal factors to influence financial results in the fourth quarter [13] - Early industry projections for 2026 are consistent with 2025 housing starts levels, with gradual improvement expected later in the year [17] - The company anticipates that EWP prices have bottomed and expects to move prices higher as 2026 progresses [18] Other Important Information - The company paid $27 million in regular dividends in the nine months ended September 30, 2025, and repurchased approximately $120 million of common stock [12] - The board of directors authorized up to $300 million of common stock repurchases under a new share repurchase program [12] Q&A Session Summary Question: Can you talk about the share gains in the general line part of the business? - Management noted that demand held up well in general line product categories due to significant investments in added capacity and a broader mix of products [21][22] Question: Can you discuss the competitive dynamics in EWP and pricing confidence? - Management indicated that prices have stabilized and they expect to see improvements in pricing as the demand environment improves [25][26] Question: What are the constraints for generating higher margins in BMD? - Management expressed confidence in maintaining gross margins above 15% and highlighted the importance of enriching the product mix [33][34] Question: How is the company planning to balance M&A with share repurchases? - Management stated that the priority is to invest in existing assets and pursue organic growth, while also being active with share repurchases if no meaningful M&A opportunities arise [77]

Financial Data and Key Metrics Changes - Comparable Hotels' total revenue was $365 million for the quarter, down approximately 1% year-over-year, and $1.1 billion year-to-date, also down about 1% [23][24] - Comparable Hotels' adjusted hotel EBITDA was approximately $129 million for the quarter, down about 7% year-over-year, and $375 million year-to-date, down approximately 6% [24][32] - Comparable Hotels' RevPAR was $124, down 1.8%, with ADR at $163, down 0.6%, and occupancy at 76%, down 1.2% compared to the same quarter in 2023 [24][32] Business Line Data and Key Metrics Changes - Transient leisure demand remained resilient, while group business targeted by property teams helped offset slightly softer midweek business transient [6] - Weekend occupancy was strong at 81%, but weekday occupancy declined, contributing to overall portfolio occupancy declines [27] - Group business mix improved by 50 basis points to 15%, indicating a focus on maximizing revenue from this segment [30] Market Data and Key Metrics Changes - Comparable Hotels' RevPAR declined approximately 3% in October 2025 compared to October 2024, impacted by the government shutdown [7][27] - The hotel portfolio continues to outperform the industry, with STR reporting RevPAR of $102 and average occupancy of 63% for the first nine months of the year [24] - Market performance varied significantly, with some markets showing strong RevPAR gains while others faced headwinds due to demand shifts [25] Company Strategy and Development Direction - The company is focusing on capital allocation by selectively selling assets and redeploying proceeds into share repurchases [5][10] - Future investments are being made to ensure the portfolio's continued relevance, including transitioning Marriott-managed hotels to franchise agreements [9][56] - The company aims to enhance portfolio quality and competitiveness through strategic transactions and maintaining a strong balance sheet [10][38] Management's Comments on Operating Environment and Future Outlook - Management noted that while fundamentals remain strong, external factors like policy uncertainty and expense pressure have impacted performance [5] - The company is optimistic about pent-up demand following the government shutdown and expects to benefit from events like the 2026 FIFA World Cup [21][22] - Despite macroeconomic uncertainties, the company remains confident in its ability to navigate market conditions and drive profitability [37][38] Other Important Information - The company has completed the sale of three hotels for a total of $37 million and has four more under contract for approximately $36 million [11] - Capital expenditures for the year are expected to be between $80 and $90 million, with major renovations planned for approximately $20 million of hotels [18] - The company paid distributions totaling approximately $57 million during the third quarter, representing an annual yield of approximately 8.6% [19] Q&A Session Summary Question: How has the full-time employee count shifted over the quarter? - Management indicated that improvements in wages and payroll were largely driven by adjustments to labor in response to occupancy declines, with flexibility in FTE counts allowing for cost management [39][40] Question: How much of the guidance change is attributed to the government shutdown? - Approximately two-thirds of the guidance change is related to the government shutdown, with the remaining third attributed to fundamental performance issues [42][44] Question: What is the strategy behind the development deals versus acquisitions? - The company aims to balance short-term opportunities from asset sales and share repurchases with long-term relevance through development deals, targeting strong returns [46][48] Question: What are the expected disruptions during the transition of Marriott-managed hotels? - Management anticipates some disruption during the transition but expects to mitigate it by consolidating management and leveraging existing partnerships [61][63]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated $31 million of net income, $41 million of operating cash flow, and $42 million of free cash flow [12] - Over the last 12 months, free cash flow totaled $190 million, indicating strong cash generation despite market challenges [4] - The company has retired nearly $130 million of debt over the past 12 months, with only $70 million remaining as of the end of the quarter [10] Business Line Data and Key Metrics Changes - The mineral rights segment generated $41 million of net income, with operating and free cash flow each decreasing by $9 million compared to the prior year due to weaker metallurgical coal markets [12] - The soda ash segment saw a net income decrease of $11 million, with operating and free cash flow each down by $6 million, primarily due to lower international sales prices and weakened demand [13] - The corporate and financing segment improved net income by $3 million, with operating cash flow and free cash flow each improving by $2 million due to reduced debt and lower interest costs [14] Market Data and Key Metrics Changes - Metallurgical coal markets are facing challenges from slowing global growth and soft steel demand, while thermal coal markets are struggling with muted demand due to mild weather and competition from natural gas [4][5] - The soda ash market remains oversupplied, with international prices below cash production costs for most producers, indicating a generational bear market [6][9] Company Strategy and Development Direction - The company continues to manage its operations with a conservative approach, focusing on maintaining a robust free cash flow and improving its capital structure [6][10] - There is an emphasis on long-term sustainability in the soda ash market, with expectations that producers will eventually rationalize supply [7] - The company aims to increase unit holder distributions in the future, contingent on market conditions improving [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the significant headwinds in coal and soda ash markets, with no near-term catalysts for improvement [9][10] - The company believes that most coal operators are struggling to make profits, with many operating at razor-thin margins [5] - The outlook for thermal coal remains cautious, with a belief that North American thermal coal is in long-term secular decline until evidence suggests otherwise [5] Other Important Information - The company did not receive a distribution from Shishajam, Wyoming, in Q3 2025, and does not expect distributions to resume until market conditions improve [8][13] - The carbon-neutral industry continues to face challenges, with significant barriers to CO2 sequestration operations [9] Q&A Session Summary Question: Inquiry about lithium mining leasing in the Smackover region - The company is active in leasing acreage for lithium production in the Smackover formation, with varied activity levels over the years [16][17] Question: Clarification on operating and maintenance expenses - Operating and maintenance expenses include salaries, corporate costs, property taxes, and royalty expenses, with a focus on cost management [19][20][21] Question: Opportunities in natural gas production - The majority of the company's mineral rights are in the Haynesville basin, which is currently active, but oil and gas revenues are not material to the partnership [28] Question: Criteria for unit repurchases - The company aims for a "fortress balance sheet" before considering unit repurchases, prioritizing unit holder distributions and opportunistic acquisitions [34][35] Question: Thermal coal infrastructure capacity for increased demand - Increased power demand from data centers may require significant capital investment in thermal coal infrastructure, but specifics are uncertain [40]

Financial Data and Key Metrics Changes - Total sales grew by 1.4% to $1,400,000,000, driven by M&A contributions of 7.9% and pricing increases of 0.3%, partially offset by a volume decline of 6.7% [9][14][21] - Adjusted EBITDA for the third quarter totaled $275,600,000, with an adjusted EBITDA margin of 19.8%, down 100 basis points compared to the previous year [17][19] - Adjusted earnings per diluted share were $5.36, compared to $5.68 in the previous year [19] Business Line Data and Key Metrics Changes - Installation services segment sales totaled $858,300,000, up 0.2%, with M&A contributing 11%, offset by a volume decline of 10.4% and a pricing decrease of 0.5% [14][15] - Specialty distribution sales grew by 1.4% to $608,900,000, driven by acquisitions of 2.3% and pricing of 1.2%, partially offset by a volume decline of 2.1% [15][16] - Adjusted gross profit in the third quarter was 30.1%, compared to 30.7% last year [15] Market Data and Key Metrics Changes - The residential new construction market remains weak, but growth in heavy commercial and industrial sectors is ongoing [9][10] - The company expects residential sales to decline in low double digits for the year, while commercial and industrial sales are expected to be flattish [21][22] Company Strategy and Development Direction - The company is focused on M&A as a top capital allocation priority, with expectations of delivering $35,000,000 to $40,000,000 in annual run rate synergies from recent acquisitions over the next two years [6][10][20] - The total addressable market has expanded to approximately $90,000,000,000, with a strategy for continued growth both organically and through M&A [12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunity in the U.S. housing market despite current challenges, citing underbuilding as a fundamental issue [9][10] - The company anticipates continued mixed economic signals and affordability concerns impacting consumer confidence and home buying decisions [10][22] Other Important Information - The company repurchased nearly 178,000 shares, returning $65,500,000 in capital to shareholders [10][21] - The company plans to host an Investor Day on December 9, where it will discuss its differentiated business model and growth strategy [11][25] Q&A Session Summary Question: Sales contribution from Progressive Roofing and full-year expectations - The total contribution from Progressive Roofing in the quarter was about $92,000,000, with a revised expectation of approximately $205,000,000 for the full year due to project delays [28][29] Question: Insights on recent acquisitions - The acquisitions were strategic to enhance product offerings and customer relationships, particularly in insulated door systems and insulation accessories [31][34] Question: Pricing pressures and insulation pricing trends - The company anticipates a $30,000,000 headwind from pricing pressures, with negative impacts primarily on residential products [40][41] Question: Outlook for residential and commercial markets - The residential market is expected to remain weak, while there are signs of improvement in multifamily backlogs [46][48] Question: Competitive dynamics in residential installation - Increased competitiveness in slower markets has been noted, but the company maintains strong relationships with builders to manage pricing and volume effectively [104][106]

Financial Data and Key Metrics Changes - Third quarter consolidated net sales revenue decreased by 3.3% [19] - Underlying pre-tax income fell by 11.9% [19] - Underlying earnings per share declined by 7.2% [19] - A non-cash partial goodwill impairment charge of $3.6 billion was recorded [21] - Non-cash intangible asset impairment charges amounted to $274 million [21] Business Line Data and Key Metrics Changes - U.S. beer industry volume was down by 4.7% based on internal estimates [19] - U.S. volume share decreased by 40 basis points [19] - Contract brewing negatively impacted Americas financial volume by 450,000 hectoliters, equating to a 3 percentage point headwind [19] - EMEA and APAC volumes continued to be pressured due to soft market demand [19] Market Data and Key Metrics Changes - The macro environment has pressured demand across regions, particularly affecting lower-income and Hispanic consumers in the U.S. [8][9] - The company anticipates lower year-end U.S. distributor inventory levels compared to year-end 2024 [23] - The Midwest premium pricing has remained elevated, with costs expected to exceed the prior year by $40-$55 million [25] Company Strategy and Development Direction - The company aims to focus on building strong and scalable brands in both beer and beyond beer [10] - There is a commitment to premiumization, particularly in the above-premium segment, where the company is underindexed in the U.S. [12] - The company plans to implement structural changes to enhance agility and decision-making at the local level [16] - A corporate restructuring plan is in place to create a leaner organization, reducing salaried headcount by approximately 400 positions [17] Management's Comments on Operating Environment and Future Outlook - Management believes the current industry softness is cyclical rather than structural, with expectations for recovery as macro issues subside [9][44] - The company is committed to returning to growth, supported by a healthy balance sheet and strong free cash flow [9] - Future results are expected to take time, but there is confidence in the brand portfolio and strategic plans [18] Other Important Information - The company remains committed to its dividend and share repurchase program, viewing its stock as a compelling investment [18] - The guidance for 2025 has been reaffirmed, with expectations to come in at the low end of prior ranges for key metrics [22] Q&A Session Summary Question: What are the biggest opportunities and challenges ahead for the new CEO? - The new CEO highlighted the need to strengthen core brands and address share losses in the economy and flavor categories, while also focusing on premiumization opportunities [30] Question: Can you provide insights on the fourth quarter's top-line guidance? - The CFO indicated expectations for better performance in EMEA, APAC, and Canada, along with softer comps from contract brewing in the U.S. [32] Question: What are the pressures facing the beer category, and why is it considered cyclical? - Management noted that while there are structural issues, current pressures are largely due to macroeconomic factors, and they expect recovery as these issues are resolved [44] Question: How does the company plan to balance investments between beer and beyond beer? - The CEO emphasized the importance of supporting core beer brands while also seeking growth in the beyond beer segment, indicating a balanced approach to capital allocation [78] Question: What is the expected impact of the restructuring on the organization? - The restructuring aims to enhance agility and speed in decision-making, allowing for a more localized approach to market execution [76]

Financial Data and Key Metrics Changes - IAC reported a 9% digital revenue growth in Q3, marking the eighth consecutive quarter of growth, with strong performance in licensing and performance marketing [16][31] - Digital-adjusted EBITDA grew 9% pro forma to $72 million, with 27% margins, and overall adjusted EBITDA reached $75 million, exceeding previous guidance [31][32] - The company has a cash balance exceeding $1 billion, which will be enhanced by the sale of non-core assets [14][32] Business Line Data and Key Metrics Changes - People Inc. achieved a 9% growth in digital revenue, driven by its iconic brands and diversified revenue sources [16][31] - The print division saw a 10% decline in adjusted EBITDA and a 15% revenue decline, which was considered acceptable by management [32] - Off-platform audience growth accelerated by 66% year-over-year, contributing significantly to revenue [24] Market Data and Key Metrics Changes - Google Search traffic as a source for core brands dropped from 54% two years ago to 24% in the latest quarter, but overall audience scale was maintained [22] - Ad revenue declined by 3% due to volume-related issues, with expectations for recovery in Q4 [23] Company Strategy and Development Direction - IAC aims to streamline its assets, focusing on People Inc. and MGM, while divesting non-core holdings [5][7] - The strategy includes reimagining People Inc. from a defensive to an offensive position, leveraging its brands to create new business opportunities [6][9] - MGM is viewed as a hedge against disintermediation, with a strong position in Las Vegas and plans to increase ownership [10][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong performance in digital revenue and audience engagement [16][29] - The macroeconomic environment is stable for higher-end consumers, while pressures exist in the lower-end market [66] - Management expects continued growth in digital revenue and profitability despite challenges from Google [23][32] Other Important Information - The company laid off about 6% of its workforce to free up capital for investments [29] - IAC has entered into a partnership with Microsoft for a publisher content marketplace, indicating a proactive approach to monetizing content in the AI landscape [25][26] Q&A Session Summary Question: Thoughts on MGM's valuation and investor interest - Management believes owning MGM through IAC offers additional value and optionality, despite the current market discount [39][44] Question: Update on one-time expenses - Management indicated that significant one-time expenses have been cleaned up, with a clear path forward for profitability [40][45] Question: State of the business and Google litigation update - Management expressed confidence in the business's future, highlighting the importance of recent deals and the potential for significant damages from the Google litigation [52][58] Question: Macro environment insights - The macro environment is stable for higher-end consumers, with some pressures noted in the corporate benefit sector [66] Question: Capital allocation strategy - Management emphasized a focus on opportunistic stock buybacks rather than pursuing high-priced acquisitions [72][74]

Financial Data and Key Metrics Changes - Third quarter consolidated net sales revenue decreased by 3.3% [19] - Underlying pre-tax income fell by 11.9% [19] - Underlying earnings per share declined by 7.2% [19] - The U.S. beer industry volume was down by 4.7% based on internal estimates [19] - A non-cash partial goodwill impairment charge of $3.6 billion was recorded [21] Business Line Data and Key Metrics Changes - U.S. volume share decreased by 40 basis points, with better performance in the on-premise channel compared to off-premise [19] - Contract brewing negatively impacted Americas financial volume by 450,000 hectoliters, equating to a 3 percentage point headwind [19] - EMEA and APAC volumes continued to be pressured due to soft market demand and heightened competition [19] Market Data and Key Metrics Changes - The macro environment has pressured demand across regions, particularly affecting lower-income and Hispanic consumers in the U.S. [8][9] - The company believes the current industry softness is cyclical rather than structural [9][44] Company Strategy and Development Direction - The company aims to focus on building strong and scalable brands in both Beer and Beyond Beer [10] - There is a commitment to premiumization, particularly in the U.S. market where the company is underindexed in above-premium segments [12][44] - The company plans to implement structural changes to enhance agility and decision-making at the local level [16][76] - A corporate restructuring plan is in place to create a leaner organization, reducing salaried headcount by approximately 400 positions or 9% [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by macroeconomic factors but remains confident in the company's ability to return to growth [5][9] - The company expects to reaffirm its 2025 guidance but anticipates results at the low end of prior ranges for key metrics [22] - Management emphasizes the importance of maintaining a healthy balance sheet and strong free cash flow while investing in growth opportunities [18] Other Important Information - The company is committed to its dividend and share repurchase program, viewing its stock as a compelling investment [18] - The company plans to redeploy savings from restructuring to invest in key brands and commercial capabilities [17][70] Q&A Session Questions and Answers Question: What are the biggest opportunities and challenges ahead for the new CEO? - The new CEO highlighted the need to strengthen core brands and address share losses in the economy and flavor categories while capitalizing on opportunities in above-premium segments [30] Question: Can you provide insights on the implied improvement for the fourth quarter? - The company expects better top-line performance in EMEA, APAC, and Canada, along with softer comps from contract brewing in the U.S. [32] Question: What pressures are facing the beer category, and why is it believed to be cyclical? - Management noted that the beer category has faced structural issues but believes current challenges are cyclical due to macroeconomic factors [44] Question: How does the company plan to balance investments between Beer and Beyond Beer? - The company intends to maintain a strong focus on beer while also investing in Beyond Beer to ensure it becomes a significant growth driver [78]