Performance outperformance in 2025 was driven by record-high leasing revenue and a 15% Q4 surge in capital markets, signaling an early-stage recovery in transaction velocity. Management attributes the successful 2.9x net leverage reduction—achieved a year ahead of schedule—to disciplined working capital management and a $300 million debt prepayment. The firm is transitioning from a siloed brokerage model to an integrated enterprise 'spine' where proprietary data flows freely across advisory and servic ...

Market Overview - Wall Street has experienced significant volatility in 2026, with major indexes losing previous gains, particularly affected by the downturn in tech stocks that have previously driven market rallies [1][3] - High inflation and uncertainty regarding the Federal Reserve's interest rate policies have contributed to market instability [1][6] Dividend-Paying Stocks - In light of market volatility, investors seeking steady income may consider dividend-paying stocks as a protective measure [1][2] - Three notable dividend-paying stocks include Verisk Analytics, Inc. (VRSK), Seanergy Maritime Holdings Corp (SHIP), and Vulcan Materials Company (VMC) [2] Verisk Analytics, Inc. (VRSK) - Verisk Analytics is a leading data analytics provider serving various sectors, including insurance and energy, with a Zacks Rank of 3 (Hold) [7] - The company announced a dividend of $0.50 per share, with a dividend yield of 1.02% and a payout ratio of 26% of earnings [8] Seanergy Maritime Holdings Corp (SHIP) - Seanergy Maritime is a prominent Capesize ship-owner providing marine dry bulk transportation services, holding a Zacks Rank of 1 [11] - The company declared a dividend of $0.20 per share, with a dividend yield of 4.11% and a payout ratio of 28% of earnings [12] Vulcan Materials Company (VMC) - Vulcan Materials is the largest supplier of construction aggregates in the U.S. and has a Zacks Rank of 3 [13] - The company announced a dividend of $0.52 per share, with a dividend yield of 0.65% and a payout ratio of 23% of earnings [14]

I would consider Bitcoin more as a commodity or a proxy to M7 US stocks. It's probably the best like pure capture of liquidity. If you are a long-term holder right now, it's a good price to buy or to do dollar cost averaging at least.>> You know, the market is down. Bitcoin tapped $60,000 recently. We're back up a little bit.in your eyes, what caused this downfall that just happened. >> Yeah. Okay.So, I would say three main things. The first two are very macroeconomic uh related or it just applies to all th ...

Financial Performance - In 2025, the company reported net sales of $3,768 million, a decrease of $98 million or 3% year-over-year, with adjusted EBITDA reaching a record $492 million, representing 13.1% of sales, the highest in the company's history [3][4][27] - Adjusted free cash flow for the year was strong at $292 million, reflecting continued strength in the underlying earnings profile [30] - The company maintained a strong net cash position of $472 million at the end of the fourth quarter [27] Business Line Performance - Displays were a standout product line, with sales growing approximately 20% year-over-year, while battery management systems (BMS) faced headwinds due to softer EV demand in the U.S. [3][4] - Nearly 50% of new business wins in 2025 were for displays, indicating a strong market position in this segment [9] - The company secured significant OLED display wins with luxury OEMs, establishing leadership in this segment [9] Market Performance - Sales in the Americas were impacted by lower customer vehicle production and a steep drop in EV production at GM and Stellantis, resulting in an 8% headwind to sales [11] - Europe showed strong performance with an 11% growth over market, driven by new product launches with Audi, Ford, and Renault [12] - Sales in China declined year-over-year due to market share losses among global OEMs, but there was sequential sales growth in Q4 supported by new product launches [13] Strategic Direction - The company is diversifying its customer base by expanding its presence with specification automakers, securing $500 million of new business with Toyota [5][6] - There is a focus on software-defined vehicles and adjacent markets, with nearly 15% of new business wins coming from two-wheeler and commercial vehicle manufacturers [7] - The company is increasing vertical integration in manufacturing to simplify the supply chain and capture incremental value [8] Management Commentary - Management acknowledged challenges in the operating environment, particularly in the U.S. EV market and ongoing shifts in China [3][4] - The outlook for 2026 anticipates sales in the range of $3.65 billion to $3.85 billion, with headwinds from lower BMS volumes and discontinued Ford models [19][20] - Management expressed confidence in the company's ability to navigate market volatility and drive growth through strategic initiatives [14] Other Important Information - The company deployed approximately $275 million of capital in 2025, including investments in vertical integration and shareholder returns [31] - S&P upgraded the company to BA1, reflecting expanded margins and strong free cash flow generation [32] - The company plans to increase its quarterly dividend by 36% to $0.375 per share, reflecting confidence in cash flow durability [40] Q&A Session Summary Question: Can you elaborate on DRAM exposure and its impact on guidance? - Management indicated that memory chips are used in virtually all products, with an anticipated increase in memory costs representing about 2% of sales [43][49] Question: What is the revenue weighting for the first half versus the second half of 2026? - Management expects the second half of 2026 to be better than the first half due to backloaded launches, particularly with Toyota [51] Question: What is the M&A pipeline looking like? - The company is considering small, bolt-on acquisitions that enhance technology capabilities and are margin accretive from day one [65][66]

Financial Data and Key Metrics Changes - For the full year 2025, revenues reached $28.5 billion, an increase of 20% compared to 2024. Adjusted EBITDA was a record $2.9 billion, and adjusted diluted earnings per share grew 20% year over year to $10.75. Record cash flow from operations was $2.2 billion and record free cash flow was $1.7 billion [11][12] - In the fourth quarter specifically, revenues were $7.8 billion, with adjusted EBITDA of $845 million and adjusted diluted EPS of $3.16, all records for the company [11] Business Line Data and Key Metrics Changes - The company completed three acquisitions in the fourth quarter: Tri-City Group, Wilson Construction Company, and Billings Flying Service, for an aggregate upfront consideration of approximately $1.7 billion, enhancing power delivery capabilities for large load center facilities and utility capital programs [12] - The acquisitions and organic growth added approximately 11,100 employees, bringing the total workforce to approximately 69,500 at year-end [7] Market Data and Key Metrics Changes - The total backlog at year-end was $44 billion, indicating substantial momentum across end markets driven by ongoing investment in grid reliability and resilience, and growing demand for power generation [13] - The company is well-positioned to capture growth in the data center market, which currently represents about 10% of the business and is the fastest-growing segment of the backlog [18] Company Strategy and Development Direction - The company aims to enhance its vertical supply chain solutions through a planned investment of approximately $500 million to $700 million over the next several years in power transformer manufacturing facilities [8] - The strategy remains focused on craft labor excellence, execution certainty, and disciplined investment, positioning the company at the center of a multi-decade infrastructure transformation [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record backlog and another year of double-digit earnings per share growth in 2026, supported by structural demand drivers in the utility and power generation sectors [9][13] - The company is optimistic about the long-term growth potential in the data center market and believes it is well-positioned to capitalize on this opportunity [18] Other Important Information - The company has maintained a leverage ratio below 2x even after significant capital deployment for acquisitions, demonstrating strong cash generation and commitment to balance sheet discipline [12] - Management emphasized the importance of certainty in execution and the need to address supply chain risks to ensure timely project delivery [34] Q&A Session Summary Question: Can you provide a preview of the upcoming analyst day and discuss 2026 guidance related to data center contracts? - Management indicated that data center contracts are expected to grow significantly, representing about 10% of the business, with a strong backlog and multi-decade growth potential [18] Question: What are the expectations for electric margins between 2025 and 2026? - Management noted that while there are large projects, 2026 is expected to see solid growth across various markets without significant new large projects impacting margins [22] Question: What is the outlook for gas power generation projects? - Management confirmed that there is strong demand for gas generation projects, and they expect to book more generation work, both in joint ventures and independently [40] Question: How is the company addressing pricing discipline and supply chain dynamics? - Management highlighted efforts to de-risk the supply chain through strategic investments and emphasized a collaborative approach to pricing, focusing on long-term programmatic spending [34][36] Question: What is the company's stance on investing in large infrastructure projects? - Management stated that while they have considered investing in large projects, they prefer to maintain control over their capital and not compete with their customers [56] Question: How is the company managing the tight craft labor market? - Management acknowledged the tight labor market and emphasized ongoing efforts to build pipelines for craft labor, particularly in data center projects [61]

Core Insights - The Trade Desk, Inc. (TTD) is set to report its fourth-quarter 2025 results on February 25, with a consensus estimate for earnings at 59 cents and total revenues at $841.9 million, reflecting a 13.6% year-over-year increase [1][10] Revenue and Earnings Expectations - TTD anticipates revenues to be at least $840 million, with an 18.5% year-over-year growth rate when excluding U.S. political ad spend from the prior year [2] - The company projects an adjusted EBITDA of $375 million [2] - TTD has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 8.4% [2] Business Performance Factors - Continued momentum in Connected TV (CTV) is expected to support TTD's top-line performance, as CTV is the fastest-growing segment in digital advertising [5] - Management noted a rapid transition towards biddable CTV, which is anticipated to become the default buying model, offering greater flexibility and control for advertisers [6] - Other growth drivers include retail media, international expansion, and the Kokai platform, with 85% of clients using Kokai as their default experience [7] Competitive Landscape - TTD faces significant competition from major players like Amazon and Alphabet, particularly in the CTV space [10][12] - The digital advertising market is characterized as a buyer's market, leading to persistent pricing and margin pressures [13] - TTD's stock has declined 51.4% over the past six months, underperforming the Internet-Services industry and the S&P 500 [16] Valuation Metrics - TTD's stock is trading at a forward 12-month price/earnings ratio of 11.82X, which is lower than the industry average of 25.3X [20] - Competitors like Amazon and Alphabet are trading at higher forward price/earnings multiples of 25.65X and 25.7X, respectively [21] Strategic Initiatives - TTD's initiatives such as OpenPath, Deal Desk, Pubdesk, and OpenAds aim to enhance transparency and supply-chain efficiency by connecting advertisers directly to publishers [8] - The company is focusing on embedding AI across its portfolio, which may increase capital expenditures and operational costs [14]

Economic Outlook - The current economic situation is not favorable, with expectations that it will worsen in the near future [2] - There is a significant concern regarding the impact of tariffs on inflation, with economists questioning their effectiveness [3][4] Tariffs and Manufacturing Jobs - The anticipated positive effects of tariffs on manufacturing jobs have not materialized, as manufacturing jobs have declined over the past year [9] - The overall trade deficit remains a concern, particularly in the context of a service-oriented economy where goods constitute less than 10% of GDP [10] Impact on Different Income Groups - Tariffs are viewed as regressive, disproportionately affecting lower-income individuals who spend a larger percentage of their income on goods [11][12] - The increase in jobs in the U.S. has primarily been in the healthcare sector, which is unrelated to tariff policies [12] Institutional Credibility - There is a noted decline in institutional credibility among economic advisors, particularly in the context of the Trump administration, which has affected the respect and trust within the economics profession [15][16] Federal Reserve and Interest Rates - Concerns have been raised about the new Fed chairman's ability to operate independently from political pressures, particularly from Trump [17] - Statements regarding AI's impact on productivity and interest rates have been met with skepticism, as there is uncertainty about the pace at which AI will influence the macro economy [19]

N-Able (NYSE:NABL) Q4 2025 Earnings call February 19, 2026 08:30 AM ET Company ParticipantsAdam Holets - Equity Research AssociateGriffin Gyr - Senior Manager of Investor RelationsJohn Pagliuca - President and CEOMatt Hedberg - Head of Global TIMT Research and Director of Equity ResearchTim O'Brien - EVP and CFOConference Call ParticipantsJoe Vruwink - Research AnalystMike Cikos - Senior AnalystOperatorLadies and gentlemen, thank you for joining us, and welcome to the N-able fourth quarter 2025 earnings cal ...

Liberty Latin America (NasdaqGS:LILA) Q4 2025 Earnings call February 19, 2026 08:30 AM ET Speaker5Good day, everyone. You are holding for Liberty Latin America's full year 2025 investor call. Thank you for your patience. The investor call will begin in approximately 5 minutes. Please stand by. Good day, everyone. You are holding for Liberty Latin America's full year 2025 investor call. Thank you for your patience. The investor call will begin in approximately 2 minutes. Good morning, ladies and gentlemen, a ...

Wayfair (NYSE:W) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsEric Sheridan - Managing DirectorJohn Blackledge - Managing DirectorKate Gulliver - CFONiraj Shah - CEORyan Barney - Senior Manager of Investor RelationsSteve Forbes - Senior Managing DirectorZachary Fadem - Managing DirectorConference Call ParticipantsBrian Nagel - Senior AnalystSimeon Gutman - Research AnalystOperatorHello, everyone. Thank you for joining us, and welcome to the Wayfair Q4 2025 earnings release and con ...