NON-GAAP FINANCIAL MEASURES We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other ...

Core Insights - Live Ventures Incorporated reported a significant operational improvement in its fiscal first quarter of 2026, with a 352.9% increase in operating income despite challenges in the housing market [3][4]. Financial Performance - Revenue for the quarter ended December 31, 2025, was approximately $108.5 million, a decrease of 2.7% from $111.5 million in the prior-year period [5][6]. - Gross profit remained stable at approximately $35.4 million, with a gross margin increase to 32.6% from 31.7% in the prior-year period [6]. - Operating income rose to $3.5 million, up from $0.8 million in the prior-year period, marking a 352.9% increase [5][8]. - The net loss for the quarter was approximately $0.1 million, with diluted loss per share at $0.02, compared to net income of $0.5 million and diluted EPS of $0.16 in the prior-year period [9][26]. - Adjusted EBITDA increased by 35.7% to approximately $7.8 million from $5.7 million in the prior-year period [10][14]. Segment Performance - Retail-Entertainment segment revenue increased by 11.0% to approximately $23.6 million, driven by strong consumer demand [15]. - Retail-Flooring segment revenue decreased by 20.2% to approximately $25.3 million, attributed to store location changes and a soft housing market [16]. - Flooring Manufacturing segment revenue slightly decreased by 1.1% to approximately $28.9 million, but operating income improved significantly due to better gross margins [17]. - Steel Manufacturing segment revenue fell by 4.3% to approximately $31.9 million, with operating income increasing due to improved gross margins [18]. - Corporate and Other segment operating loss decreased to approximately $1.2 million from $1.6 million, reflecting reduced corporate expenses [19]. Strategic Initiatives - The company is implementing a comprehensive strategy to integrate AI across its business units to enhance operational efficiency and support long-term growth [4]. - Successful refinancing of a $47.0 million credit facility in the Steel Manufacturing segment has strengthened the balance sheet and increased lending capacity [6][10]. Balance Sheet Highlights - As of December 31, 2025, total assets were approximately $389.2 million, with stockholders' equity at $95.3 million [6][23]. - The company had approximately $38.7 million in cash and availability under credit facilities [10].

Core Insights - PodcastOne reported record financial results for Q3 Fiscal 2026 and YTD Fiscal 2026, with significant growth in revenue and adjusted EBITDA [1][2][6] Financial Performance - Q3 Fiscal 2026 revenue reached $15.9 million, a 25% increase year-over-year from $12.7 million in Q3 Fiscal 2025 [4][6] - YTD Fiscal 2026 revenue totaled $46.0 million, up 21% from $38.0 million in the same period last year [4][6] - Adjusted EBITDA for Q3 Fiscal 2026 was $2.8 million, a 516% increase from a loss of $670,000 in Q3 Fiscal 2025 [4][6] - YTD Adjusted EBITDA was $4.5 million, up 421% from a loss of $1.4 million in the prior year [4][6] Operational Highlights - The company raised its full Fiscal 2026 guidance, projecting revenues of $58-$60 million and adjusted EBITDA of $5-$6 million [5][7] - PodcastOne added 25 new podcasts year-to-date and maintained its position as a Top 10 Publisher in Podtrac rankings for 15 consecutive months [6] - The partnership with Amazon expanded from a $16.5 million three-year deal to a $20+ million annual run rate, while revenue from a Fortune 250 partner increased to over $27 million annually [6] Cash Position - Cash balance increased by 217% year-over-year to $3.4 million [5]

Core Viewpoint - Melco Resorts & Entertainment Limited reported significant growth in its financial performance for the fourth quarter and full year of 2025, driven by improved gaming revenues and disciplined cost management. Financial Performance - Total operating revenues for Q4 2025 were US$1.29 billion, a 9% increase from US$1.19 billion in Q4 2024 [2] - Operating income for Q4 2025 was US$146.4 million, up from US$97.0 million in Q4 2024 [2] - Adjusted Property EBITDA for Q4 2025 was US$331.3 million, compared to US$295.2 million in Q4 2024 [3] - Net income attributable to Melco Resorts for Q4 2025 was US$60.6 million, or US$0.16 per ADS, compared to a net loss of US$20.3 million, or US$0.05 per ADS, in Q4 2024 [4] Yearly Overview - For the full year 2025, total operating revenues reached US$5.16 billion, up from US$4.64 billion in 2024 [38] - Operating income for 2025 was US$600.4 million, compared to US$484.6 million in 2024 [39] - Adjusted Property EBITDA for the full year was US$1.43 billion, compared to US$1.22 billion in 2024 [39] - Net income attributable to Melco Resorts for 2025 was US$185.0 million, or US$0.46 per ADS, compared to US$43.5 million, or US$0.10 per ADS, in 2024 [40] Segment Performance - In Macau, Property EBITDA grew by 25% year-over-year to US$1.23 billion for 2025, driven by stronger gaming revenue [5] - City of Dreams in Q4 2025 had total operating revenues of US$695.7 million, up from US$591.1 million in Q4 2024 [6] - Studio City reported total operating revenues of US$360.4 million in Q4 2025, compared to US$342.0 million in Q4 2024 [10] - City of Dreams Manila's total operating revenues decreased to US$100.2 million in Q4 2025 from US$133.8 million in Q4 2024 [22] Gaming Operations - Rolling chip volume increased to US$6.28 billion in Q4 2025, with a win rate of 3.18%, up from 2.35% in Q4 2024 [7] - Mass market table games drop increased to US$1.74 billion in Q4 2025, with a hold percentage of 31.0% [8] - Total non-gaming revenue at City of Dreams in Q4 2025 was US$98.8 million, compared to US$85.6 million in Q4 2024 [9] Financial Position - Total cash and bank balances as of December 31, 2025, were US$1.15 billion, including US$125.2 million of restricted cash [34] - Total debt at the end of Q4 2025 was US$6.75 billion [34] - Available liquidity, including cash and undrawn revolving credit facilities, was approximately US$2.38 billion as of December 31, 2025 [36]

Core Insights - Core Natural Resources reported a net loss of $79.0 million, or ($1.54) per diluted share, in Q4 2025, despite generating revenues of $1.042 billion [1][3] - The company generated net cash provided by operating activities of $107.3 million and free cash flow of $27.0 million during the same quarter [1][2] - Core returned $26.8 million to stockholders in Q4 2025, totaling $245.1 million for the year [1][2] Operational Performance - The high calorific value thermal coal segment sold 7.8 million tons in Q4 2025, a 9% increase from Q3, with realized coal revenue per ton sold at $58.11 [1][2] - In the metallurgical segment, coking coal sales were 2.0 million tons, with realized coal revenue per ton sold at $114.25 [1][2] - The Powder River Basin segment reported sales volumes of 12.6 million tons, with realized coal revenue per ton sold increasing to $14.21 [1][2] Financial and Liquidity Update - As of December 31, 2025, Core had total liquidity of $948.9 million, including $432.2 million in cash [2][3] - The company announced a capital return framework targeting the return of around 75% of free cash flow to stockholders, primarily through share repurchases and a quarterly dividend of $0.10 per share [1][2] - Core has invested a total of $224.3 million to repurchase 3.1 million shares, representing approximately 6% of total shares outstanding [1][2] Market Dynamics - U.S. utility coal consumption increased by an estimated 45 million tons, or around 12%, in 2025, driven by robust power demand growth [2][3] - Global metallurgical coal markets are stabilizing, with premium low-vol coal prices in Queensland rising by approximately 25% to $250 per metric ton [2][3] - Core anticipates continued demand growth for thermal coal in the U.S. and a favorable long-term outlook for high-quality coking coals due to infrastructure investments in Southeast Asia [2][3] 2026 Guidance - Core expects to sell between 85.6 million to 91.4 million tons of coal in 2026, with specific targets for coking, high calorific value thermal, and Powder River Basin segments [2][3] - The company projects cash costs of coal sold per ton for metallurgical coal to be between $88.00 and $94.00, and for high calorific value thermal coal between $38.00 and $39.50 [2][3] - Capital expenditures for 2026 are estimated to be between $325 million and $375 million [2][3]

Core Viewpoint Scorpio Tankers Inc. reported strong financial results for the fourth quarter and the full year of 2025, with significant increases in net income and earnings per share compared to the previous year, alongside a declared quarterly cash dividend. Financial Performance - For the three months ended December 31, 2025, the company achieved a net income of $128.1 million, translating to $2.72 basic and $2.59 diluted earnings per share, compared to a net income of $68.6 million for the same period in 2024 [2][4]. - Adjusted net income for Q4 2025 was $80.0 million, or $1.70 basic and $1.62 diluted earnings per share, excluding certain gains and losses [3]. - For the full year 2025, net income was $344.3 million, or $7.40 basic and $7.03 diluted earnings per share, down from $668.8 million in 2024 [6][8]. - Adjusted net income for the year 2025 was $269.5 million, or $5.79 basic and $5.51 diluted earnings per share [7]. Revenue and Operating Metrics - Total vessel revenue for Q4 2025 was $252.7 million, up from $204.0 million in Q4 2024, with Time Charter Equivalent (TCE) revenue increasing to $241.4 million from $192.1 million [38]. - Average daily TCE revenue rose to $28,066 per vessel in Q4 2025, compared to $21,978 in Q4 2024, despite a decrease in the average number of vessels [38]. - Vessel operating costs decreased to $74.2 million in Q4 2025 from $80.8 million in Q4 2024, attributed to a reduction in the average number of vessels [38]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.45 per common share, with a payment date set for March 20, 2026 [10]. Vessel Transactions and Newbuildings - The company entered into agreements to purchase two scrubber-fitted LR2 newbuilding product tankers for $68.5 million each, with expected deliveries in 2029 [12]. - In December 2025, the company sold several vessels, including the scrubber-fitted LR2 product tanker STI Kingsway for $57.5 million and STI Gallantry for $52.3 million, with expected closings in early 2026 [19][21]. - The company has commitments for constructing additional vessels, including four scrubber-fitted MR newbuilding product tankers with deliveries expected in 2026 and 2027 [32]. Current Liquidity and Debt - As of February 10, 2026, the company reported $937.1 million in unrestricted cash and cash equivalents, along with $767.0 million of undrawn revolver capacity [20]. - The total outstanding gross debt was $628.2 million as of February 10, 2026, with a net debt position of $(308.9) million [22].

Core Insights - TMICC reported stable operational performance in 2025 with sales of €7.9 billion, organic sales growth of 4.2%, and volume growth of 1.5% [2][5][7] - The company successfully completed its demerger from Unilever, establishing itself as an independent entity listed on multiple stock exchanges [5][31][40] Financial Performance - Revenue remained flat at €7.9 billion compared to FY 2024, with reported revenue growth declining by 0.5% due to foreign exchange translation effects [3][5][8] - Operating profit decreased to €599 million from €764 million, primarily due to increased separation and restructuring costs [5][10] - Adjusted EBITDA was €1,255 million with a margin of 15.9%, down from 16.9% in FY 2024, impacted by foreign exchange and transitional service agreement costs [11][12] - Free Cash Flow dropped significantly to €38 million from €803 million in FY 2024, largely due to cash outflows related to the demerger [12][14] Market and Brand Performance - All regions contributed to organic sales growth, with Europe & ANZ growing by 3.3%, Americas by 0.8%, and AMEA by 10.9% [7][46][53] - Key brands such as Magnum, Ben & Jerry's, Cornetto, and The Heartbrand were significant growth drivers, with multiple new product launches [2][13][8] - Digital commerce emerged as the fastest-growing channel, achieving double-digit growth [9] Strategic Initiatives - The company is focused on executing a growth strategy that includes expanding consumption occasions, unlocking productivity through a €500 million savings program, and reinvesting in brand development [21][22][28] - The productivity program delivered €180 million in savings in 2025, with cumulative savings reaching €250 million [28] Future Outlook - For 2026, TMICC anticipates organic sales growth of 3% to 5% and an improvement in adjusted EBITDA margin by 40 to 60 basis points [19] - The ice cream market is expected to grow between 3% and 4% in 2026, indicating a resilient market environment [19]

Core Insights - The company reported stable revenue of €7.9 billion for FY 2025, with a slight decline of 0.5% in reported revenue growth compared to FY 2024, primarily due to foreign exchange translation effects [3][6][8] - Organic sales growth was strong at 4.2%, driven by a volume growth of 1.5% and price growth of 2.6%, indicating robust demand for the company's products [4][6][7] - The company successfully completed its demerger from Unilever, establishing itself as an independent entity listed on multiple stock exchanges [6][24][30] Financial Performance - Operating profit decreased to €599 million from €764 million in FY 2024, largely due to increased separation and restructuring costs [6][10][12] - Adjusted EBITDA was €1,255 million, with a margin of 15.9%, down from 16.9% in FY 2024, impacted by foreign exchange effects and transitional service agreement costs [11][12][17] - Free cash flow significantly dropped to €38 million from €803 million in FY 2024, primarily due to cash outflows related to the demerger and restructuring [12][13] Brand and Market Performance - The company's leading brands, including Magnum, Ben & Jerry's, Cornetto, and the Heartbrand, were key growth drivers, with significant new product launches contributing to organic sales growth [4][8][14] - All regions contributed positively to organic sales growth, with AMEA showing the highest growth at 10.9%, while the Americas experienced a modest 0.8% growth [7][37][43] - The company focused on enhancing its market presence through digital commerce and improved availability in various channels, leading to share gains in key markets [5][9][40] Strategic Initiatives - The company is implementing a €500 million productivity program aimed at enhancing supply chain efficiency and reducing overhead costs, which delivered €180 million in savings in 2025 [22][19] - Future growth strategies include expanding consumption occasions through innovative products and enhancing brand presence across various market segments [19][20] - The company anticipates organic sales growth of 3% to 5% for 2026, along with an expected improvement in adjusted EBITDA margins [18][7]

Financial Data and Key Metrics Changes - Full year 2025 adjusted EBITDA reached $77 million, an 11-fold increase over 2024, translating into $65 million in cash flow from operations [3][13] - Q4 gross profit was $91 million, resulting in an 81% gross margin, while Q4 adjusted EBITDA was $23 million, a 21% margin [5][15] - Statutory surplus at the reciprocal grew approximately $50 million year-over-year, ending 2025 at $155 million, a 47% increase [6][11] Business Line Data and Key Metrics Changes - Insurance services revenue for Q4 was $75.7 million, contributing 67% to total revenue, with an 86% gross margin [15][16] - Software and Data segment revenue was $22.3 million, a 3% increase year-over-year, while Consumer Services revenue was $16.6 million, a 2% increase [17][18] - Reciprocal written premium (RWP) for Q4 was $126 million, exceeding expectations, with a significant increase in new customer additions [4][28] Market Data and Key Metrics Changes - The number of active agencies more than doubled year-over-year, with quote volumes increasing nearly 3x compared to the previous year [25][26] - New business premiums in November increased 61% compared to the January to October average, with December seeing a further 104% increase [6][27] Company Strategy and Development Direction - The company aims for $600 million in organic reciprocal written premium for 2026, representing a 25% growth rate, supported by increased agency and quote volumes [4][22] - Porch Insurance was launched in Texas, providing a unique product that includes additional coverages and services, enhancing agent incentives [7][52] - The company focuses on building a data-driven underwriting advantage, which has resulted in strong loss ratios and profitability [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 targets, citing strong momentum in new customer acquisition and improved conversion rates [4][34] - The company noted that the competitive landscape is shifting towards independent agents, which aligns with its distribution strategy [82] Other Important Information - The company authorized a $2.5 million share repurchase program, reflecting confidence in its financial position [21] - The 2026 guidance includes expectations for revenue growth of 13%-17%, with adjusted EBITDA projected between $98 million to $105 million [22] Q&A Session Questions and Answers Question: Can you provide insight into the pricing actions taken to drive acceleration and the flexibility for future pricing adjustments? - Management indicated that there is significant margin in the system, allowing for targeted pricing adjustments to drive conversion rates without dramatic changes [39][40] Question: How should the RWP to EBITDA conversion be viewed as the company scales RWP? - The company highlighted strong operating discipline, maintaining fixed operating expenses while increasing revenue, which supports improved EBITDA conversion rates [42][43] Question: What is the outlook for the competitive landscape and how does it impact the business? - Management noted a shift from in-house agents to independent agents, which is beneficial for the company as it works primarily with independent agents [82]

Financial Data and Key Metrics Changes - Full year 2025 Adjusted EBITDA reached $77 million, an 11-fold increase over 2024, translating into $65 million in cash flow from operations [3][13] - Q4 gross profit was $91 million, resulting in an 81% gross margin, with Q4 Adjusted EBITDA at $23 million, a 21% margin [5][15] - Statutory surplus at the reciprocal grew approximately $50 million year-over-year, ending 2025 at $155 million, a 47% increase [6][11] Business Line Data and Key Metrics Changes - Insurance Services generated 67% of Q4 revenue, with RWP at $126 million, driven by new customer additions [15][28] - Software and Data segment revenue was $22.3 million, a 3% increase year-over-year, while Consumer Services revenue was $16.6 million, a 2% increase [18][19] - Adjusted EBITDA for Insurance Services was $29 million, a margin of 38%, while Software and Data had an Adjusted EBITDA of $3.7 million [16][18] Market Data and Key Metrics Changes - Quote volumes increased nearly 3x year-over-year, with a 9% sequential increase from Q3 to Q4 [26][28] - New business premiums in November increased 61% compared to the January to October average, with December seeing a further 104% increase [6][27] - The company expects to achieve $600 million in organic reciprocal written premium (RWP) in 2026, representing a 25% growth rate [4][22] Company Strategy and Development Direction - The launch of Porch Insurance in Texas is a key part of the long-term strategy, aimed at improving conversion rates and providing better products for homeowners [7][51] - The company is focused on growing agency and quote volumes, pricing adjustments, and agency incentives to increase conversion rates [4][25] - The strategy emphasizes a structural advantage in underwriting, leveraging data and software to improve risk assessment and pricing [8][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering against the 2026 plan, citing strong momentum in new policyholder conversion rates and agency growth [4][6] - The company noted that 2025 was a transformational year, positioning for durable, profitable growth despite challenges in the broader housing market [3][34] - Management highlighted the importance of maintaining a healthy reciprocal surplus to support future growth targets [11][72] Other Important Information - The company ended 2025 with a cash position of $121.2 million, a $31.3 million increase from the beginning of the year [20] - A $2.5 million share repurchase program was authorized by the board of directors [21] - The company plans to focus on larger customers and sunset certain legacy software products to improve profitability [30] Q&A Session Summary Question: Can you provide insight into pricing actions taken to drive acceleration and flexibility for future pricing? - Management indicated that there is significant margin in the system, allowing for targeted pricing adjustments to improve conversion rates without dramatic changes [38][39] Question: How should we think about the operating leverage in RWP to EBITDA conversion as you scale RWP? - Management noted that operating discipline and cost control have led to improved RWP to Adjusted EBITDA conversion rates, with expectations for continued improvement [41][43] Question: Can you discuss the competitive landscape and any shifts observed in key markets? - Management acknowledged no significant changes in competition impacting quote volumes or conversion rates, maintaining confidence in their growth strategy [7][80]