Financial Data and Key Metrics Changes - Adjusted EBIT increased by 1% to $583 million, with an EBIT margin improvement of 20 basis points to 5.5% despite a 40 basis point negative impact from tariffs [6][21] - Adjusted diluted EPS rose by 7% to CAD 1.44, reflecting higher net income and a reduction in diluted shares outstanding [6][21] - Free cash flow improved by $178 million year over year, totaling $300 million for the quarter [6][21] Business Line Data and Key Metrics Changes - North American and European light vehicle production decreased by 62%, while production in China increased by 5%, resulting in a net global production increase of 1% [21][22] - Consolidated sales were $10.6 billion, down 3% compared to the previous year, reflecting a negative production mix and lower complete vehicle assembly volumes [21][22] - The decline in total sales was partially offset by new program launches and favorable foreign exchange impacts [22][23] Market Data and Key Metrics Changes - North American production forecast was adjusted to 14.7 million units, a reduction of about 300,000 units, while European production remained unchanged [14] - China production was raised to 30.8 million units due to adjustments in estimated Q1 production and Q2 performance [14] - The company expects a higher euro and slightly higher Canadian dollar and RMB for 2025 compared to previous forecasts [15] Company Strategy and Development Direction - The company is focused on innovation and high quality to differentiate itself in the industry, recently receiving awards for quality and technical ingenuity [10][11] - The company continues to execute its capital allocation strategy, including share repurchases once conditions stabilize [8][29] - The operational excellence initiatives are expected to contribute positively to margins, with a roadmap for similar improvements into 2026 [19][106] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for the remainder of the year, supported by strong Q2 execution and ongoing operational discipline despite industry challenges [19] - The company has reduced its estimated annualized tariff exposure to $200 million from $250 million, having settled with multiple OEMs for most of its 2025 net tariff exposure [7][12] - The macroeconomic environment remains uncertain, but the company is focused on what it can control and adapting to evolving conditions [89] Other Important Information - The company returned $137 million to shareholders in dividends during the second quarter, bringing the year-to-date total to $324 million [8][27] - The adjusted debt to adjusted EBITDA ratio is at 1.87, better than anticipated and within the target range [28] Q&A Session Summary Question: Were there any one-time items affecting the BES segment margins? - Management confirmed that the strong margin result was largely driven by operational excellence and a better program mix, with no significant one-time items [32] Question: Are recoveries for tariff impacts expected by Q4? - Management indicated that a cadence of recovery is expected, with some tariffs still anticipated in Q4, but they feel comfortable with the outlook [34][35] Question: How have production changes by major customers affected North American assets? - Management noted that increased production in U.S. plants has not negatively impacted Canadian operations, as a significant portion of sales in Canada are already directed to the U.S. [39] Question: What is the visibility into the second half EBIT margin improvement? - Management highlighted that the margin improvement is expected due to commercial recoveries, lower engineering spend, and tariff recoveries, with good visibility on the outlook [42][46] Question: How does the company view the impact of tariffs on future margins? - Management expects a pickup in EBIT related to tariffs in the second half of the year, based on signed agreements and frameworks with customers [72] Question: How is the company approaching capital allocation and buybacks? - Management emphasized a focus on capital discipline and free cash flow generation, with potential buybacks contingent on improved visibility in the market [96]

Financial Data and Key Metrics Changes - The company reported a top line growth of 3%, resulting in revenue of approximately $1,050,000,000 for the second quarter, with a trailing twelve-month revenue of approximately $3,800,000,000 [5][20] - Adjusted earnings per diluted share was $1.50 in the second quarter, reflecting a 4% increase compared to the prior year period [22] - Gross margin improved to 23.9%, up 110 basis points from the same period last year, while operating margin remained flat at 8.3% [21] - Net income decreased 32% to $32,000,000, impacted by a non-recurring legal settlement [22][24] Business Line Data and Key Metrics Changes - RV revenue increased 7% to $479,000,000, representing 46% of consolidated revenue, with RV content per unit on a trailing twelve-month basis remaining flat at $4,952 [11][20] - Marine revenues were $156,000,000, up 1% from the prior year, while powersports revenues decreased 9% to $96,000,000 [15][16] - Housing revenues increased 3% to $315,000,000, with manufactured housing representing approximately 58% of housing revenues [17] Market Data and Key Metrics Changes - RV retail and wholesale unit shipments were approximately 109,692 units, indicating a seasonal dealer inventory destock of about 16,700 units [12] - Marine retail and wholesale powerboat unit shipments were estimated at 60,838 units, reflecting a seasonal dealer inventory destock of approximately 22,800 units [15] - Powersports wholesale shipments were down year over year, while the company noted resilience in the utility side of the market [16] Company Strategy and Development Direction - The company is focused on enhancing product integration and innovative design at scale, with a strong emphasis on automation and innovation [6][8] - The diversification of the portfolio is seen as a core strength, providing resilience across the business model [6] - The company is actively cultivating its acquisition pipeline while returning value to shareholders through dividends and share repurchases [8][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying demand for outdoor enthusiast lifestyles, despite a temporary pause in consumer activity due to tariffs [7] - The company anticipates a traditional seasonal slowdown in RV production in the second half of the year, while expecting some upside in marine shipments [40] - Management remains optimistic about cash flow generation and the ability to capitalize on growth opportunities, with a solid balance sheet and liquidity of $835,000,000 [8][24] Other Important Information - The company has continued to invest in innovation and automation, creating an advanced product group to enhance its full solutions model [9] - The return of former CFO Jake Pekovich as President of Marine businesses is expected to advance the company's full solutions model [9] Q&A Session Summary Question: Discussion on end market outlook for RV and marine - Management indicated a traditional seasonal slowdown in RV production while expecting some upside in marine shipments due to solid inventory management [40] Question: Cash flow outlook and impact of legal settlement - The reduction in cash flow guidance was attributed solely to the legal settlement, with no other significant changes noted [41] Question: Powersports inventory and retail demand - Management noted stabilization in inventory levels and increasing attachment rates, indicating optimism for future growth in the powersports market [49] Question: M&A pipeline and leverage strategy - The company is actively cultivating its M&A pipeline and is comfortable with its current leverage position, willing to stretch for the right deals [57][59] Question: Pricing expectations and inflation impact - Management expects low to mid single-digit pricing increases in response to tariffs and inflation, which will affect content expectations for 2026 [62] Question: Aftermarket exposure and demand visibility - The company has good visibility into aftermarket demand through RecPro, with a focus on upgrading and refurbishing RVs rather than just new units [95][97]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $731 million, a decrease of 11% year-over-year, driven by lower sales volumes and unfavorable zircon pricing [9][10] - Loss from operations was $35 million, with a net loss of $84 million, including $39 million of restructuring charges [9][10] - Adjusted EBITDA was $93 million, representing a 42% decline year-over-year, with an adjusted EBITDA margin of 12.7% [10][12] - Free cash flow was a use of $55 million, including $83 million of capital expenditures [10][12] Business Line Data and Key Metrics Changes - TiO2 revenues decreased by 10% year-over-year, driven by an 11% decrease in sales volume, partially offset by a 1% favorable exchange rate impact [10][11] - Zircon revenues decreased by 20% compared to the prior year, driven by a 10% decrease in both sales volumes and pricing [11][12] - Revenue from other products decreased by 7% year-over-year, primarily due to lower sales volumes of pig iron [11] Market Data and Key Metrics Changes - Volumes in Q2 were 2% lower sequentially and 11% lower year-over-year, reflecting weaker than usual seasonality [6][7] - North America saw a slight uptick in volume, but not in line with the normal coating season, while Europe, Middle East, and Africa experienced a volume decline due to a weaker market [35][36] - India showed early sales momentum following the implementation of duties, presenting a significant opportunity for sales volume growth [7][20] Company Strategy and Development Direction - The company is executing a disciplined strategy to manage the downturn and optimize earnings and cash, including a cost improvement program expected to deliver $125 million to $175 million in sustainable run rate savings by 2026 [8][19] - Capital expenditures are being further reduced, with a focus on maintaining critical investments while ensuring financial strength and long-term shareholder value [19][24] - The company aims to maintain market leadership and improve top-line performance while bolstering liquidity and enhancing financial flexibility [19][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the second quarter was impacted by weaker demand across most end markets, with macroeconomic pressures including elevated interest rates and tariff-related uncertainties [6][7] - The company updated its 2025 financial outlook, expecting revenue to be between $3 billion and $3.1 billion, with adjusted EBITDA projected at $410 million to $460 million [20][21] - Management expressed confidence in the company's ability to weather the downturn and emerge as a stronger competitor [25] Other Important Information - The company ended the quarter with total debt of $3.1 billion and net debt of $2.9 billion, with a net leverage ratio of 6.1 times [14][15] - Liquidity as of June 30 was $397 million, including $132 million in cash and cash equivalents [15][16] - The Board of Directors declared a $0.05 per share dividend for the third quarter, a reduction of 60% [19][24] Q&A Session Summary Question: What are the drivers for the full-year guidance range? - Management indicated that volume and price will largely determine whether they come at the higher or lower end of the guidance range [28][29] Question: Can you provide an update on rare earth activities? - Management confirmed ongoing work on rare earth opportunities, with potential sales in the fourth quarter [30][31] Question: What drove the sequential decline in TiO2 volumes? - The decline was attributed to a muted coating season in North America, with slight volume increases but not in line with expectations [35][36] Question: What are the implications of the capital expenditure reductions? - Management clarified that strategic investments in mining projects remain on track, while discretionary capital expenditures are being reduced [39][41] Question: How does the company view the competitive landscape in Europe and India? - Management noted competitive pressures in Europe but highlighted strength in India due to favorable trade agreements [110][111]

Financial Data and Key Metrics Changes - The company reported core FFO of $0.17 per share for Q2 2025, exceeding consensus estimates by $0.03 [6][26] - The company raised full year guidance for core FFO to a range of $0.55 to $0.59 per share, representing a $0.03 increase from prior guidance [27] - The same store lease occupancy guidance was increased to a range of 86.9% to 88.9%, reflecting continued strength in the New York portfolio [28] Business Line Data and Key Metrics Changes - The company executed over 400,000 square feet of leases in Q2 2025, with a year-to-date total of approximately 690,000 square feet [7][18] - The weighted average term for leases signed during the quarter was 12.9 years, with starting rents above $90 per square foot [18][26] - The New York portfolio was 88.1% leased, up 70 basis points quarter over quarter, while the San Francisco portfolio was 75.1% leased, down 720 basis points due to a scheduled lease expiration [22][25] Market Data and Key Metrics Changes - In New York, leasing activity excluding renewals was 3.8 million square feet, 10% ahead of the five-year quarterly average [20] - San Francisco's overall leasing volumes are still below long-term averages, but there are signs of stabilization with a decline in availability by 110 basis points quarter over quarter [22][13] - AI-based companies accounted for over 800,000 square feet of leasing year-to-date in San Francisco, indicating a growing demand in that sector [23] Company Strategy and Development Direction - The company is focused on capital allocation strategies that include selective dispositions, joint ventures, and reinvestment into high-conviction assets [15] - The company is committed to enhancing tenant relationships and delivering market-leading hospitality to secure renewals and fill vacant spaces [19] - The company is actively pursuing refinancing opportunities and maintaining balance sheet strength with over $534 million in cash [16][29] Management's Comments on Operating Environment and Future Outlook - Management noted a sustained flight to quality in the New York market, with tenants prioritizing well-located, amenity-rich buildings [10] - In San Francisco, management observed a gradual recovery with increasing tenant interest, particularly from sectors like AI and professional services [14] - Management expressed confidence in the long-term recovery of the San Francisco market despite near-term softness due to lease expirations [28] Other Important Information - The company is undergoing a strategic review to maximize shareholder value, but no further comments were provided during the call [4] - The company completed the sale of a 25% equity interest in 1 Front Street, generating $11.5 million in net proceeds [30] - The company designated Market Center as a non-core asset and has completed its disposal [31] Q&A Session Summary Question: Can you talk about tenant demand for 1633 Broadway? - Management indicated active showings and strong retail performance, with asking rents ranging from $70 to $90 per square foot [34][38] Question: What are your thoughts on concessions and future pricing? - Management noted that concessions have stabilized and expect net effective rents in New York to increase, while San Francisco remains elevated [39][41] Question: Can you provide commentary on large move-outs and renovations? - Management confirmed ongoing improvements at 1633 Broadway and expressed optimism about demand in Midtown [48][50] Question: How is the political situation in New York affecting leasing? - Management reported no hesitation from tenants regarding long-term leases despite political changes [51][52] Question: Is the SEC investigation impacting the strategic review? - Management stated that the SEC inquiry is not expected to significantly impact the strategic review [53][54] Question: How is San Francisco's leasing strategy adjusting to market conditions? - Management noted increased activity across various sectors, not just AI, and a positive trend in tenant engagement [58][61]

Core Viewpoint - A class action lawsuit has been initiated against Organon & Co. for allegedly misleading investors regarding its capital allocation strategy and dividend policies during the specified Class Period from October 31, 2024, to April 30, 2025 [1][3]. Group 1: Allegations and Financial Impact - The lawsuit claims that Organon concealed critical information about its capital allocation strategy, particularly regarding its quarterly dividend payout [3]. - Despite public statements emphasizing the dividend as the company's "number one priority," Organon had adopted a debt reduction strategy that conflicted with maintaining the dividend [3]. - Following the acquisition of Dermavant Sciences Ltd., Organon intended to shift its capital priorities towards debt reduction, which led to a significant cut in the dividend [3]. - On May 1, 2025, Organon announced a drastic reduction in its quarterly dividend from $0.28 to $0.02 per share, resulting in a stock decline of over 27% [4].

Core Viewpoint - CAE Inc. has received regulatory approval to renew its normal course issuer bid (NCIB) to repurchase up to 16,019,294 common shares, representing approximately 5% of its issued and outstanding shares, from June 10, 2025, to June 9, 2026 [1]. Group 1: NCIB Details - The repurchases will be conducted through the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE), adhering to their respective rules and applicable securities laws [2]. - RBC Dominion Securities Inc. has been designated as CAE's broker for the NCIB, and an automatic repurchase plan agreement (ARPA) has been established to facilitate purchases during regulatory black-out periods [3]. - CAE's average daily trading volume (ADTV) over the last six months was 733,845 shares, allowing for a maximum daily repurchase of 183,461 shares under TSX rules [5]. Group 2: Previous NCIB Performance - Under the previous NCIB, which ran from May 30, 2024, to May 29, 2025, CAE purchased 856,230 shares at an average price of $24.85, totaling $21.3 million [7]. - All shares repurchased under the NCIB will be cancelled, reducing the total number of outstanding shares [6]. Group 3: Strategic Intent - The NCIB is part of CAE's capital allocation strategy, aimed at enhancing shareholder value through share repurchases [8].

Core Viewpoint - Dynavax Technologies Corporation is emphasizing the effectiveness of its current board and strategic direction, asserting that it has created significant long-term stockholder value, particularly through its focus on vaccine development and capital return strategies [1][2][3]. Company Strategy and Performance - Dynavax's strategic pivot in 2019 towards vaccines has led to substantial stockholder value creation, with a reported total return of 203% over the last five years, significantly outperforming vaccine peers (9%) and the S&P Biotechnology Select Industry Index (-17%) [2][3]. - The company has achieved market leadership with its HEPLISAV-B® vaccine, generating $268 million in net product revenue in 2024 and capturing a 44% market share in the U.S. adult hepatitis B vaccine market [2][3]. - In the first quarter of 2025, HEPLISAV-B® net product revenue reached $65 million, reflecting a 36% year-over-year increase, contributing to total revenue of $68.2 million, a 34% increase year-over-year [2][3]. Board Composition and Governance - The board has undergone significant refreshment, with six of the eight independent directors appointed since 2020, ensuring a balanced mix of experience and expertise in the healthcare sector [2][9]. - Dynavax's nominees for the board, including Brent MacGregor, Scott Myers, Lauren Silvernail, and Elaine Sun, are highlighted as possessing critical expertise necessary for guiding the company through pivotal developments [4][5]. Capital Return Strategy - As of May 5, 2025, Dynavax has executed over 85% of its $200 million share repurchase program, which represents 47% of its capital use, indicating a strong commitment to returning capital to stockholders [9].

Financial Data and Key Metrics Changes - The company reported revenues of $193 million for the quarter, with an EBITDA equivalent cash flow of $116 million. The EBITDA equivalent over the last twelve months was $545 million [4] - A net loss of $32 million was recorded for the quarter, translating to $0.24 per share, compared to a net profit of approximately $20.2 million or $0.15 per share in the previous quarter [4][23] - The company has returned over $2.8 billion to shareholders through dividends over 85 consecutive quarters, with the latest dividend yielding approximately 13% based on the share price [4][25] Business Line Data and Key Metrics Changes - The container fleet generated approximately $85 million in gross charter hire, while the car carrier fleet contributed about $25 million, and the tanker fleet generated approximately $43 million [19] - The seven dry bulk vessels employed in the spot market contributed approximately $4.4 million in net charter revenue, down from $7.2 million in the previous quarter [19] - The overall utilization of the shipping fleet was 98.6%, with adjusted utilization at 99.8% when excluding unscheduled technical off-hire [12][13] Market Data and Key Metrics Changes - The charter backlog stands at $4.2 billion, with more than two-thirds of this backlog attributed to customers with investment-grade ratings, providing cash flow visibility [8][25] - The company has identified that approximately 27 vessels in its fleet will be affected by new U.S. tariffs on Chinese-built vessels, primarily impacting car carriers and tankers [14][15][86] Company Strategy and Development Direction - The company aims to enhance its fleet through investments in new technology and vessel upgrades, focusing on organic growth and compliance with stricter regulatory demands [11] - The strategy includes maintaining long-term charters with strong industrial players, which provides stability amid market volatility [42] - The company is exploring strategic opportunities for its rigs while remaining optimistic about future employment for the Hercules rig [7][8] Management's Comments on Operating Environment and Future Outlook - Management noted that recent market volatility and recession fears have made it challenging to trade vessels profitably in the spot market [5][7] - The company remains cautious about the current economic environment but is optimistic about finding new employment opportunities for its rigs [7][33] - Discussions with customers have resumed, indicating a potential increase in business transactions as market stability improves [42] Other Important Information - The company has been active in share repurchases, acquiring $10 million worth of shares below $8 per share [5][25] - The company has a strong liquidity position, with approximately $174 million in cash and cash equivalents and undrawn credit lines of about $48 million [23][25] Q&A Session Summary Question: Inquiry about vessel and rig operating expenses - Management confirmed a decrease in operating expenses, attributing it to cost savings at Hercules and noted that 17 vessels are scheduled for dry docking this year, which is higher than usual [27][28] Question: Update on Hercules rig - The Hercules rig remains warm stacked in Norway, with ongoing discussions for new contracts, but no specific timeline can be provided [32][33] Question: Asset acquisition opportunities - Management indicated that market uncertainty has slowed decision-making processes, but discussions for long-term charters with strong industrial players are picking up again [42] Question: Long-term distribution potential and share repurchases - The company maintains a sustainable dividend level based on cash flow from owned assets, balancing capital allocation between investments, debt repayments, share buybacks, and dividends [64][65] Question: Impact of new U.S. tariffs on vessels - Approximately 27 vessels will be affected by the new tariffs, primarily impacting car carriers and tankers, but the company expects charterers to absorb these costs [14][15][86]

Financial Data and Key Metrics Changes - The first quarter was described as a transformational quarter for the company, successfully exiting the soda ash business and simplifying the balance sheet, which is expected to significantly reduce future cash costs [6][10] - The anticipated annual cash costs of running and sustaining the business have been reduced to approximately $425 million to $450 million [19][20] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment is expected to see a significant increase in financial contribution due to new production facilities, Shenandoah and Salamanca, which will add nearly 200,000 barrels of oil per day of incremental production capacity [9][10] - The Marine Transportation segment is on pace to post record earnings in 2025, supported by steady demand and limited new construction in the market [16][18] - The Onshore Transportation and Services segment has seen steady volumes and is expected to increase as new offshore projects commence production [19] Market Data and Key Metrics Changes - Gulf Coast refinery utilization has recovered from approximately 80% in January to roughly 94% in late April, supporting the need for transportation of heavy and intermediate products [17][18] - The demand for moving petroleum products from the Gulf Coast to East and Mid-Atlantic markets remains steady due to inadequate regional refining capacity [18] Company Strategy and Development Direction - The company plans to implement a capital allocation strategy focusing on redeeming high-cost preferred units, paying down debt, and returning capital to unitholders [20] - The management is optimistic about the long-term value creation potential from the offshore expansion projects and the overall midstream energy space [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resolution of mechanical issues affecting production, expecting volume levels to return to normalized levels by the end of the second quarter or third quarter [11][40] - The company believes that deepwater projects are more resilient during low price environments compared to onshore shale plays, with significant capital already invested [14][40] Other Important Information - The Department of Interior's new permitting procedures are expected to expedite the development of domestic energy resources, potentially bringing forward opportunities that were previously slated for later [15] - Ten of the 22 active deepwater drilling rigs in the Gulf of America are working on leases dedicated to the company's pipeline infrastructure [16] Q&A Session Summary Question: Thoughts on capital allocation and distribution - Management indicated a likely flat distribution for the second quarter, with potential adjustments in the third quarter based on project timelines and mechanical issue resolutions [23] Question: Quantifying additional infield and subsea opportunities - Management noted that there are seven active rigs drilling for potential production increases, with typical wells expected to produce 7,000 to 10,000 barrels per day [26][31] Question: Segment margin guidance for offshore segment - Management anticipates that the offshore segment will contribute significantly to annual EBITDA guidance, with OTS and marine segments expected to remain consistent with the first quarter [30] Question: Confidence in resolution of producer issues - Management expressed confidence based on real-time data from producers and noted that producers are incentivized to resolve issues quickly [40] Question: Target leverage ratio and distribution coverage ratio - The long-term target leverage ratio is around four times, with expectations to reach this ratio rapidly as segment margins increase [42]

Financial Data and Key Metrics Changes - The first quarter was described as a transformational quarter for the company, successfully exiting the soda ash business and simplifying the balance sheet, which is expected to significantly reduce future cash costs [5][6] - The anticipated annual cash costs of running and sustaining the business have been reduced to approximately $425 million to $450 million [18][20] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment is expected to see a significant increase in financial contribution due to new production facilities, Shenandoah and Salamanca, which will add nearly 200,000 barrels of oil per day of incremental production capacity [8][9] - The Marine Transportation segment is on pace to post record earnings in 2025, supported by steady demand and limited new construction in the market [15][17] - The Onshore Transportation and Services segment has seen steady volumes and is expected to increase as new offshore projects commence production [18] Market Data and Key Metrics Changes - Gulf Coast refinery utilization has recovered from approximately 80% in January to roughly 94% in late April, supporting the need for transportation of heavy and intermediate products [16][17] - The demand for moving petroleum products from the Gulf Coast to East and Mid-Atlantic markets remains steady due to inadequate regional refining capacity [17] Company Strategy and Development Direction - The company is focused on generating excess cash flow and plans to implement a capital allocation strategy that includes redeeming high-cost preferred units, paying down debt, and returning capital to unitholders [19][20] - The management is optimistic about the long-term value creation potential from the offshore expansion projects and the overall midstream energy space [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resolution of mechanical issues affecting production, with expectations for volume levels to return to normal by the end of the second quarter or third quarter [10][39] - The company believes that deepwater projects are more resilient during periods of low commodity prices compared to onshore shale plays, with significant capital already invested [12][13] Other Important Information - The Department of Interior's new permitting procedures are expected to expedite the development of domestic energy resources, potentially bringing forward opportunities that were previously slated for later [14] - Ten of the 22 active deepwater drilling rigs in the Gulf of America are working on leases dedicated to the company's pipeline infrastructure, indicating a strong strategic position [15] Q&A Session Summary Question: Thoughts on capital allocation and distribution - Management indicated that they are likely to maintain a flat distribution for the second quarter but will consider movements in the quarterly distribution for the third quarter and beyond [23] Question: Quantifying additional infield and subsea opportunities - Management noted that there are several active rigs drilling in fields dedicated to the company, with expectations for additional production in the range of 7,000 to 10,000 barrels per day from new wells [25][26] Question: Segment margin guidance for offshore segment - Management stated that while they do not provide segment guidance, they anticipate that the offshore segment will contribute significantly to overall EBITDA, especially as new projects come online [30] Question: Crude oil price impact on producer activity - Management expressed confidence that producers are incentivized to maintain production despite price fluctuations, citing low marginal lifting costs in the Gulf [40] Question: Target leverage ratio and distribution coverage ratio - The long-term target leverage ratio is around four times, with management confident in reaching this target rapidly as segment margins increase [41][42] Question: Marine segment day rates and new construction - Management indicated that day rates need to increase by 30% to 40% and be sustained for several years to incentivize new construction in the Marine segment [43]