Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $65.5 million, representing a more than 7% increase from Q2 2025, with a run rate EBITDA of approximately $260 million [5] - Distributable cash flow generated during the quarter was $36.7 million, and free cash flow was $16.7 million [5] - Capital expenditures for the quarter totaled $22.9 million, with year-to-date capital expenditures including approximately $14 million for non-recurring projects [9] Business Line Data and Key Metrics Changes - The Rockies segment generated adjusted EBITDA of $29 million, an increase of $3.8 million from Q2 2025, driven by increased fixed fee revenue and improved product margin [10] - The Permian Basin segment reported adjusted EBITDA of $8.7 million, an increase of $0.4 million, primarily due to higher volume throughput [12] - The Piceance segment reported adjusted EBITDA of $12.5 million, an increase of $2 million, primarily due to realization of previously deferred revenue [13] - The Midtown segment reported adjusted EBITDA of $23.6 million, a decrease of $1.3 million, primarily due to lower product margin [14] Market Data and Key Metrics Changes - Natural gas volume throughput averaged 158 million cubic feet per day, a 7.5% increase from Q2 2025 [11] - Liquids volumes averaged 72,000 barrels per day, a decrease of 6,000 barrels per day compared to Q2 2025 [11] - Double E Pipeline averaged 712 million cubic feet per day of throughput, with an average of 745 million cubic feet per day in September [12] Company Strategy and Development Direction - The company expects to connect an additional 50 wells in Q4 2025, aiming to end the year around the midpoint of the original well connect guidance range of 125-185 wells [6] - The company is working with several customers on their 2026 development plans, which include over 120 new well connects in the first half of 2026 [6] - The company plans to release full-year 2026 financial guidance during the Q4 earnings release [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about customer engagement and visibility into next year's programs, indicating strong expected activity in Q4 2025 and the first half of 2026 [6][16] - The company noted that while financial results are expected to trend towards the low end of guidance due to well connect delays, these delays are anticipated to be short-lived [6] Other Important Information - The company had net debt of approximately $950 million, with available borrowing capacity totaling $349 million at the end of Q3 2025 [9] - The company is actively relocating compressors to mitigate lease expenses and improve EBITDA margins starting in 2026 [9] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the call concluded without a Q&A session [17]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported net income of $1.1 million or $0.01 per share and adjusted EBITDA of $23.7 million, with NRI sales at 12,831 BOE per day, which was at the high end of guidance [17][18][24] - For the first nine months of 2025, the company achieved net income of $17.2 million or $0.16 per share and adjusted EBITDA of $130.5 million, despite Côte d'Ivoire being offline [5][25] - The company raised the midpoint of its full-year production and sales guidance by about 5% while reducing capital guidance by almost 20% [4][24] Business Line Data and Key Metrics Changes - NRI production was reported at 15,405 BOE per day, with working interest production at 19,887 BOE, both meeting or exceeding guidance [4][16] - Production expenses on a per BOE basis decreased by about $1, while absolute production expenses were $29.87 million, a 26% reduction quarter over quarter [19][20] - The company successfully completed a planned full-field maintenance shutdown in Gabon, contributing to strong production uptime [8][10] Market Data and Key Metrics Changes - The company experienced a 33% decrease in sales due to fewer liftings in Gabon, while pricing was lower by about 7% quarter on quarter [18] - The company has hedged approximately 500,000 barrels of remaining 2025 oil production with an average floor of about $61 per barrel [19] Company Strategy and Development Direction - The company aims to maintain operational excellence and consistent production across its portfolio to support organic growth initiatives [5][24] - The company is focused on executing projects in its enhanced portfolio, with multiple major projects anticipated to grow production and reserves significantly [15][24] - The company is exploring more efficient development opportunities through subsea development in Equatorial Guinea [12][56] Management's Comments on Operating Environment and Future Outlook - Management indicated that 2025 is a transitional year, with significant production uplift expected from major projects starting in 2026 and 2027 [5][6] - The company remains confident in its ability to execute on upcoming projects, supported by a proven track record of success [25][26] - Management expressed optimism about the operational performance in Egypt, which has contributed positively to production and cost efficiency [11][25] Other Important Information - The company reported unrestricted cash of $24 million at the end of Q3 2025, with collections from the Egyptian General Petroleum Corporation totaling over $103.6 million since January 2025 [20][21] - The company returned $6.7 million through dividends to shareholders, maintaining a dividend yield of around 7% [23][25] Q&A Session Summary Question: CapEx prediction for 2025 and its implications for 2026 - Management indicated that about $60 million was removed from CapEx guidance, with $20 million being discretionary CapEx and a $10 million increase in CDI CapEx [29][30] Question: Efficiency gains in Egypt and their sustainability - Management confirmed that efficiency gains in Egypt are expected to be retained, leading to lower costs for drilling in 2026 [34] Question: Gabon production performance despite no drilling for two years - Management attributed the strong production performance to significant reductions in back pressure and improved well performance [41][42] Question: Timetable for Côte d'Ivoire drilling program - Management confirmed that the FPSO is expected to be back on production by late April or early May 2026, ahead of the drilling program [50][61] Question: H2S wells and their production volumes - Management noted that three wells were shut in back in 2014, with production levels around 6,000 to 8,000 BOE per day, and expressed optimism about future redrills [65][66]

Financial Performance - Telecom Argentina's 9M25 adjusted EBITDA reached US$41 billion, a 73% increase compared to 9M24[12] - The company's 9M25 revenues showed an EBITDA margin of 305%, compared to 288% in 9M24[12] - Service revenues increased by 5% to P$3,860 million in 9M25, compared to P$3,679560 million in 9M24[24] - The company's 9M25 CAPEX was US$615 million, focused on mobile and FTTH network deployment[12] - Free cash flow generation for 9M25 was US$402 million[76] Operational Highlights - The company has a leading position in the market with 32 million Pay TV subscribers and 203 million Mobile subscribers[13] - Broadband subscribers increased to 41 million[14] - Personal Pay onboarded approximately 44 million clients[14] - Mobile ARPU increased by 10% for TEO and 5% for TMA[26] - Broadband ARPU increased by 3% for TEO and 14% for TMA[26] - Pay TV ARPU increased by 2% for TEO and 19% for TMA[26] Debt and Leverage - Net debt to estimated proforma EBITDA LTM9M25 was 19x[12] - Total funds raised in 2025 amounted to US$27 billion[92]

Core Insights - Titanium Transportation Group reported its financial results for Q3 2025, highlighting a resilient performance despite challenging market conditions [1][3] - The company achieved a year-over-year revenue growth in its logistics segment and improved profitability in its truck transportation segment [3][6] Q3 2025 Financial Highlights - Consolidated revenue for Q3 2025 was CAD 115.7 million, a decrease of 2.3% from CAD 118.4 million in Q3 2024 [5][7] - EBITDA for Q3 2025 was CAD 8.9 million, down 13.5% from CAD 10.3 million in Q3 2024, resulting in an EBITDA margin of 8.7% [5][7] - Net income for Q3 2025 was CAD 560,000, a significant improvement from a net loss of CAD 1.5 million in Q3 2024 [5][9] Year-to-Date (YTD) 2025 Financial Highlights - YTD revenue for 2025 reached CAD 356.2 million, up 2.8% from CAD 346.4 million in YTD 2024 [8] - YTD EBITDA was CAD 27.7 million, down from CAD 30.2 million in the previous year, with an EBITDA margin of 8.7% [8][11] - The logistics segment saw a revenue increase of 12.3% YTD, totaling CAD 194.7 million, while the truck transportation segment revenue decreased by 6.0% to CAD 164.3 million [8][9] Operational Performance - Logistics revenue grew by 3.3% year-over-year to CAD 63.0 million, supported by increased US volume [6][7] - The truck transportation segment reported revenue of CAD 53.8 million, a decline of 7.3% from CAD 58.1 million in Q3 2024 [9] - Operating cash flow increased to CAD 9.5 million in Q3 2025, compared to CAD 7.0 million in Q3 2024 [6][7] Balance Sheet and Financial Flexibility - The company increased its cash balance to CAD 20.7 million and reduced debt by CAD 8.9 million during the quarter [3][6] - The focus remains on maintaining balance sheet strength and financial flexibility amid market volatility [3][15] Future Outlook - The company anticipates revenue for the next quarter to be between CAD 112 million and CAD 117 million, with an EBITDA margin of 8.5% to 9.5% [16] - Management emphasizes the importance of margin protection, operational discipline, and efficiency as key priorities moving forward [15][16]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $70.8 million, down from $138.7 million in Q3 2024, primarily due to the sunset of migrant-related projects [21] - Excluding migrant-related revenue, revenue increased by 8% to $62.4 million in Q3 2025 from $58 million in Q3 2024 [21] - Adjusted EBITDA for Q3 2025 was a loss of $7.1 million compared to adjusted EBITDA of $17.9 million in Q3 2024 [22] - Adjusted gross margin was 33% in Q3 2025, down from 36% in Q3 2024 [23] Business Line Data and Key Metrics Changes - Medical transportation services revenue increased to $50.1 million in Q3 2025 from $48 million in Q3 2024, driven by gains in nearly all U.S. markets [22] - Mobile health revenue for Q3 2025 was $20.7 million, down from $90.7 million in Q3 2024, with non-migrant mobile health revenues increasing by over 20% year-over-year [22] - Remote patient monitoring is operating at an annual run rate of approximately $15 million, with a greater than 10% adjusted EBITDA contribution margin [12] Market Data and Key Metrics Changes - The medical transportation business is expected to generate more than $200 million of revenue in 2025, indicating strong foundational asset growth [9] - The payer and provider vertical is expected to generate approximately $50 million of revenue in 2025, growing to $85 million in 2026, including $25 million from the SteadyMD acquisition [11][30] Company Strategy and Development Direction - The company aims to build a robust, evergreen healthcare business and has a vision of bringing the capabilities of a doctor's office into a patient's living room [6][21] - The acquisition of SteadyMD is expected to enhance the company's virtual care network and clinical capacity, allowing for more efficient patient care delivery [17][18] - The company plans to remain active in M&A to acquire traditional healthcare assets that can benefit from its technology and mobile health capabilities [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive substantial value amid increasing healthcare costs and operational challenges [14] - The company expects to exit 2026 with a cash balance of about $65 million, indicating a positive outlook despite anticipated losses in the first half of the year [30][28] - Management highlighted the importance of their services in helping hospitals manage patient flow and reduce costs, which is timely given current market conditions [46][50] Other Important Information - The company has made significant progress in reducing its debt, paying off $30 million in credit line debt during Q3 2025 [26] - The adjusted gross margin for the medical transportation segment was 31.7% in Q3 2025, the highest since Q1 2024 [23] Q&A Session Summary Question: Can you help bridge the implied margins for the fourth quarter? - Management indicated that SteadyMD's contribution would be around $5 million in revenue for the quarter, slightly EBITDA negative, impacting margin percentages [31] Question: How does the EBITDA guidance for 2026 improve throughout the year? - Management expects the bulk of the negative EBITDA to occur in the first half of 2026, with improvements in gross margins and reduced SG&A expenses anticipated in the latter half [34] Question: What is the expected revenue growth for the payer-provider segment? - The payer-provider revenue for 2026 includes $25 million from SteadyMD, with the remaining $60 million from the current baseline business, not accounting for new contracts or M&A [36] Question: How does the company balance supply and demand in transportation? - Management noted that they are basing hiring plans on the number of trips currently being outsourced, estimating a need for about 700-800 additional staff to meet demand [43] Question: What is the current view on the hospital spending environment? - Management acknowledged concerns about hospital budgets but emphasized their focus on helping hospitals save money and improve efficiency [46][50]

Core Insights - Viasat, Inc. (VSAT) reported mixed results for Q2 fiscal 2026, with a bottom line that exceeded Zacks Consensus Estimate but a top line that fell short [1] - Year-over-year revenue growth was driven by government satcom and aviation services in the Communication Services segment, along with growth in information security and cyber defense in the Defense and Advanced Technologies segment [1] Financial Performance - Viasat incurred a net loss of $61.4 million, or a loss of 45 cents per share, an improvement from a net loss of $137.6 million, or a loss of $1.07 per share, in the prior-year quarter [2] - Excluding non-recurring items, the company reported a non-GAAP net income of $12.6 million, or 9 cents per share, compared to a net loss of $29.4 million, or 23 cents in the prior-year period, beating the Zacks Consensus Estimate by 20 cents [3] Revenue Breakdown - Total revenues increased to $1.14 billion from $1.12 billion, although this figure missed the consensus estimate by $8 million [4] - Product revenues decreased to $319.4 million from $323.9 million year-over-year, while net sales from services rose to $821.5 million from $798.6 million [4] - Communication Services segment revenues were $837 million, up from $826 million, with growth in government satcom and aviation services offset by declines in maritime and U.S. fixed broadband [5] - Defense and Advanced Technologies segment revenues were $304 million, reflecting a 3% year-over-year increase, primarily due to growth in information security and cyber defense [6] Operational Metrics - Viasat reported an operating income of $35.8 million compared to a net loss of $24.7 million in the prior-year quarter [7] - Adjusted EBITDA increased to $385 million from $375 million year-over-year [7] Cash Flow and Liquidity - The company generated an operating cash flow of $282 million, up from $239 million in the prior-year period, attributed to improved operating performance and a decline in working capital [8] - As of September 30, 2025, Viasat had $1.2 billion in cash and cash equivalents, with a net debt of $5.5 billion [8] Future Outlook - For fiscal 2026, Viasat anticipates low single-digit revenue growth and flat adjusted EBITDA year-over-year, with the Communication Services segment expected to perform flat due to low double-digit growth in aviation services [9] - The Defense and Advanced Technologies segment is projected to see mid-teen revenue growth, driven by strong double-digit growth in information security and cyber defense [10]

Core Insights - TC Energy Corporation (TRP) reported third-quarter 2025 adjusted earnings of 56 cents per share, matching the Zacks Consensus Estimate, but down from 76 cents in the same period last year, primarily due to weak performance in the Power and Energy Solutions segment [1] - The company's quarterly revenues reached $3.7 billion, exceeding the Zacks Consensus Estimate by $49 million, although this represents a 10.1% decrease year over year [2] Financial Performance - Comparable EBITDA for TC Energy was C$2.7 billion, down from C$2.8 billion in the prior year and missing the estimate of C$2.8 billion [2] - The board declared a quarterly dividend of 85 Canadian cents per common share, translating to an annualized rate of $3.40 [3] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$913 million, an 8% increase from the previous year, driven by contributions from Coastal GasLink, but missed the estimate of C$979 million [4] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,062 million, a 6% increase year over year, primarily due to higher earnings from Columbia Gas and increased transportation rates [6][7] - Mexico Natural Gas Pipelines saw a comparable EBITDA of C$416 million, up 57% from C$265 million in the prior year, exceeding the estimate of C$314.2 million, driven by higher earnings from TGNH following the completion of the Southeast Gateway pipeline [9][10] - Power and Energy Solutions reported a comparable EBITDA of C$266 million, down 18.4% from C$326 million in the previous year, missing the estimate of C$328 million, mainly due to lower contributions from Bruce Power and reduced power prices [11] Operational Metrics - Canadian Natural Gas Pipelines averaged deliveries of 23.0 Bcf/d, a 2% increase year over year, with NGTL system receipts averaging 14.0 Bcf/d, reflecting a 1% increase [5] - U.S. Natural Gas Pipelines maintained average daily flows of 26.3 Bcf/d, unchanged from the previous year, with LNG-related activity increasing to an average of 3.7 Bcf/d, a 15% year-over-year rise [8] Capital Expenditures and Guidance - As of September 30, 2025, TC Energy's capital investments totaled C$1.5 billion, with cash and cash equivalents of C$1.8 billion and long-term debt of C$44.4 billion, resulting in a debt-to-capitalization ratio of 59.5% [13] - The company expects 2025 comparable EBITDA to be between C$10.8 billion and C$11 billion, with capital expenditures trending toward the lower end of the $6.1 billion to $6.6 billion guidance [14] - Looking ahead to 2026, TC Energy anticipates EBITDA to rise to C$11.6 billion to C$11.8 billion, indicating a 6-8% year-over-year increase [15]

Core Insights - Surgery Partners (NASDAQ:SGRY) met Wall Street's revenue expectations for Q3 CY2025, reporting a 6.6% year-on-year sales increase to $821.5 million, although its full-year revenue guidance of $3.29 billion was 2% below analysts' estimates [1][6] - The company's non-GAAP profit of $0.13 per share was 19% lower than analysts' consensus estimates [1][6] Company Overview - Surgery Partners operates a national network of outpatient surgical facilities, including over 180 locations across 33 states, providing alternatives to traditional hospital settings [3] Revenue Growth - The company has demonstrated solid long-term sales performance with a 12.4% annualized revenue growth over the last five years, outperforming the average healthcare company [4] - In the last two years, Surgery Partners achieved an annualized revenue growth of 10%, which is below its five-year trend but still considered respectable [5] Financial Performance - Q3 CY2025 revenue was $821.5 million, slightly below analyst estimates of $821.8 million, with a 6.6% year-on-year growth [6] - Adjusted EPS was $0.13, missing analyst expectations of $0.16 by 19% [6] - Adjusted EBITDA was $136.4 million, in line with analyst estimates, with a margin of 16.6% [6] - The company revised its full-year revenue guidance down to $3.29 billion from $3.38 billion, reflecting a 2.6% decrease [6] - Full-year EBITDA guidance is set at $537.5 million, below analyst estimates of $556.1 million [6] - Operating margin improved to 12.9%, up from 7.9% in the same quarter last year [6] - Free cash flow margin increased to 7.8%, compared to 5.8% in the same quarter last year [6] Sales Volumes - Sales volumes rose by 3.4% year on year, compared to a 5.4% increase in the same quarter last year [6] - Over the last two years, units sold averaged a 3.8% year-on-year growth, indicating that revenue growth was supported by price increases [7]

Core Insights - DraftKings Inc reported mixed results for Q3, with significant challenges in sports betting performance [1][3] - The company missed sports revenue expectations by 16%, while iGaming revenue increased by 25% year-over-year [4] Financial Performance - Sports betting results were described as "ugly," leading to lower EBITDA due to increased promotional spending [3] - DraftKings lowered its full-year guidance for revenue and EBITDA following the quarterly results [4] Market Outlook - Potential positives include a new deal with ESPN and the launch of a new prediction market, which could improve future performance [5] - Increased betting handle trends for NFL and NBA seasons are also seen as positive indicators [5] Stock Performance - DraftKings stock rose by 4.79% on Friday, despite hitting new 52-week lows of $26.23 earlier in the session [5] - The stock is down 22% year-to-date in 2025 [5]

Core Insights - Airbnb reported third-quarter 2025 adjusted earnings of $2.21 per share, missing the Zacks Consensus Estimate by 3.49% [1] - Revenues reached $4.095 billion, a 10% year-over-year increase, surpassing the Zacks Consensus Estimate by 0.25% [1] Financial Performance - Gross Booking Value (GBV) for Q3 2025 was $23 billion, up 14% year-over-year [4] - Nights and Seats Booked totaled 133.6 million, reflecting an 8.8% year-over-year increase [5] - Average Daily Rate (ADR) was $171.3, up 4.7% year-over-year [5] - Adjusted EBITDA was $1.96 billion, a 4.7% increase year-over-year, with an adjusted EBITDA margin of 52.5% [8] Cost and Expenses - Total costs and expenses as a percentage of revenues increased by 120 basis points year-over-year to 59.1% [7] - Cost of revenues increased by 90 basis points year-over-year [7] Cash Flow and Balance Sheet - As of September 30, 2025, cash and cash equivalents totaled $11.68 billion, up from $11.4 billion as of June 30 [11] - Free cash flow generated in Q3 2025 was $1.35 billion, with $4.55 billion over the trailing 12 months [12] Guidance - For Q4 2025, Airbnb expects revenues between $2.66 billion and $2.72 billion, indicating a year-over-year increase of 7-10% [13] - The company anticipates mid-single-digit year-over-year growth in Nights and Seats Booked for Q4 2025 [13]