Financial Data and Key Metrics Changes - The company reported a 15% increase in free cash flow per share despite a 14% decline in oil prices [38] - Capital expenditures (CapEx) for Q4 are projected to be around $925 million, with a new baseline production level of 505,000 barrels per day [18][70] Business Line Data and Key Metrics Changes - The company has maintained a 36% reinvestment rate at mid-60s oil prices, focusing on generating free cash flow per share rather than just cash flow [8] - The company is co-developing all zones in the Midland Basin, resulting in higher overall returns per section [12] Market Data and Key Metrics Changes - The company expects to reduce its exposure to the Waha gas market from over 70% to just over 40% by year-end 2026 [33][81] - The outlook for oil prices remains uncertain, with a "yellow light" scenario indicating caution in capital spending [36][103] Company Strategy and Development Direction - The company is focused on maintaining a low-cost structure and high free cash flow generation, with plans to pivot based on macroeconomic conditions [9][38] - Continuous improvements in drilling efficiency and the implementation of continuous pumping designs are expected to enhance production rates [26][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current murky macro environment, emphasizing the importance of operational efficiency [38] - The company is prepared for potential downturns, with a strong balance sheet and a focus on shareholder returns through dividends and buybacks [103] Other Important Information - The company has committed up to 50 million cubic feet per day of natural gas to a new power plant, indicating a strategic move towards energy generation [32] - The company is exploring opportunities in power generation and other projects that could utilize its natural gas output [33] Q&A Session Summary Question: Activity levels compared to other operators - Management emphasized their commitment to capital discipline and maintaining a low-cost structure despite competitors accelerating activity [8] Question: Fourth quarter guidance and CapEx - Management indicated that the $925 million CapEx for Q4 is a good baseline for maintaining production levels [18] Question: Efficiency gains and drilling improvements - Management highlighted significant improvements in drilling efficiency, with more wells being completed in under five days [27] Question: Continuous pumping design implementation - Management confirmed that they are currently running two fleets with plans to expand to four full-time fleets [96] Question: Macro outlook and potential red light scenario - Management stated that a sustained drop in oil prices into the $50 range would prompt a reevaluation of capital spending [103] Question: M&A opportunities and asset sales - Management noted successful sales of non-core assets and expressed confidence in their asset base, indicating a selective approach to future M&A [40] Question: Gas market exposure and future plans - Management discussed plans to diversify gas sales away from Waha and utilize new pipeline infrastructure [81] Question: Core inventory and development cadence - Management provided insights into their core inventory strategy, indicating a focus on high-return zones while exploring additional lower-tier zones [86]

Financial Data and Key Metrics Changes - The company reported a CapEx of approximately $925 million for Q4 2025, indicating a shift towards maintenance mode and a new baseline production target of 505,000 barrels per day [18][19] - Year-to-date, the company achieved a 36% reinvestment rate at mid-60s oil prices, reflecting a focus on generating free cash flow per share rather than merely growing cash flow [8][40] - Free cash flow per share increased by 15% despite a 14% decline in oil prices [40] Business Line Data and Key Metrics Changes - The company emphasized a shift towards co-development across all zones in the Midland Basin, resulting in improved overall returns per section [12] - The drilling efficiency improved, with 10% of wells drilled in under five days, compared to previous quarters where only one or two wells achieved this [27] Market Data and Key Metrics Changes - The company noted a murky macroeconomic outlook, maintaining a "yellow light" status for the oil market, indicating caution in capital allocation [39][40] - The company expects to reduce its exposure to the Waha gas market from over 70% to just over 40% by the end of 2026, diversifying its gas sales [33][84] Company Strategy and Development Direction - The company is focused on maintaining a low-cost structure while generating free cash flow, with plans to adapt to changing macro conditions [8][40] - The strategy includes optimizing well productivity and exploring new zones, such as the Barnett and Woodford, to enhance resource expansion [59][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current macroeconomic challenges, emphasizing the importance of operational efficiency and cost control [40][106] - The company is prepared for potential downturns, with a strong balance sheet and a commitment to shareholder returns through dividends and buybacks [40][106] Other Important Information - The company is implementing continuous pumping in its frac operations, which is expected to improve efficiency and reduce costs over time [27][29] - A long-term supply agreement for natural gas was established with Competitive Power Ventures for a new power plant, indicating a strategic move towards energy diversification [32] Q&A Session Summary Question: How does the company view the activity levels in the Permian Basin? - Management acknowledged tracking competitor activity but emphasized their commitment to capital discipline and free cash flow generation [8][40] Question: What is the expected CapEx for maintaining production levels? - The company indicated that a CapEx of around $925 million is a reasonable target to maintain production levels of approximately 505,000 barrels per day [18][19] Question: Can the company elaborate on efficiency gains in drilling? - Management reported a significant improvement in drilling efficiency, with a notable percentage of wells being completed in under five days [27] Question: What are the company's thoughts on the macroeconomic environment? - Management reiterated a cautious outlook, maintaining a "yellow light" status while focusing on operational efficiency [39][40] Question: How does the company plan to manage gas sales and reduce Waha exposure? - The company plans to diversify its gas sales and reduce reliance on the Waha market through new pipeline commitments and power projects [33][84] Question: What is the company's strategy regarding M&A and asset sales? - Management highlighted successful non-core asset sales and expressed confidence in their asset base, indicating a selective approach to future M&A opportunities [42][110]

Core Insights - Tenable Holdings, Inc. specializes in vulnerability management within the cybersecurity sector, competing with companies like Rapid7, Varonis Systems, Qualys, Elastic N.V., and Smartsheet [1] Financial Performance - Tenable's Return on Invested Capital (ROIC) is -0.97%, which is below its Weighted Average Cost of Capital (WACC) of 7.20%, indicating insufficient returns to cover capital costs [2] - Rapid7 has a positive ROIC of 1.29% against a WACC of 5.90%, resulting in a ROIC to WACC ratio of 0.22, suggesting better capital efficiency than Tenable, though still not optimal [3] - Varonis Systems demonstrates a stronger performance with a ROIC of 9% and a WACC of 6.26%, leading to a ROIC to WACC ratio of 1.43, indicating superior returns on invested capital [3] - Qualys exhibits the highest ROIC of 27.75% and a WACC of 6.58%, resulting in a ROIC to WACC ratio of 4.21, showcasing the best capital utilization among its peers [4]

Financial Data and Key Metrics Changes - The company reported a 6% growth in EPS, reaching $1.83 compared to $1.72 in the previous year [27] - Revenues increased by 1% year-over-year, driven by a 1% rise in RTMs and a 5% increase in carloads [21][27] - The operating ratio improved by 170 basis points to 61.4%, compared to 63.1% in the previous year [27] Business Line Data and Key Metrics Changes - Volume growth was approximately 1% in RTMs and 5% in carloads, although overall volumes were softer than expected, particularly in merchandise segments due to macroeconomic and tariff pressures [11][21] - Intermodal volumes increased, with domestic units up 18% and international units up 14% [24] - Petroleum and chemical volumes rose across major segments, with plastics and chemical RTMs up 8% [23] Market Data and Key Metrics Changes - The Canadian grain harvest is expected to be a record crop, despite a slower start [22] - Forest products, particularly lumber, saw a year-over-year decline due to weak demand and increased duties [23] - The company experienced market share gains in chemicals and plastics, with recent successes in domestic intermodal [24][25] Company Strategy and Development Direction - The company is focusing on a capital spend of $2.8 billion for 2026, down nearly $600 million from the current year's level, to address capacity bottlenecks and optimize fleet size [5][20] - There is an emphasis on enhancing shareholder value through increased free cash flow and accelerated share buybacks [7][8] - The company is committed to operational efficiency and productivity improvements, targeting a reduction of $75 million in management labor costs [6][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a weak macroeconomic environment and unexpected shocks from tariffs and labor [4][9] - The outlook for 2026 indicates limited volume growth, with expectations of a weak North American industrial production and housing starts [9][32] - Management expressed confidence in the company's ability to adapt and find growth opportunities despite external challenges [10][66] Other Important Information - The company has seen a 14% increase in free cash flow year-to-date, with expectations for continued acceleration into 2026 [11][31] - The company is actively participating in merger reviews to protect its franchise and competition in the industry [12] Q&A Session Summary Question: Concerns about CapEx cuts and capacity - Management reassured that the capital cuts will not jeopardize capacity, as significant growth opportunities have already been addressed [36][39] Question: Opportunities in commercial strategy for 2026 - Management highlighted a diversified book of business and ongoing efforts to drive market share gains, particularly in energy and agriculture [43][45] Question: Risks associated with M&A activity - Management emphasized that further consolidation may not be beneficial for the industry and expressed readiness to protect their network if necessary [48][51] Question: Challenges in forecasting - Management acknowledged the difficulties in forecasting due to macroeconomic volatility and emphasized the need for agility in responding to changes [56][58]

Financial Performance - Euler 2025 年第三季度协议费用增加超过一倍 (+110%)，达到 26 million 美元 [1] - Euler 2025 年第三季度净收入增长 +90%，达到 1.83 million 美元 [1] - Euler 的 TVL（总锁定价值）在 2025 年第三季度增长 +51% [1] Capital Efficiency - Euler 的收入增长超过 TVL 扩张，表明资本效率提高 [1][2] - Euler 的每一美元 TVL 正在产生更多收入 [2]

Financial Data and Key Metrics Changes - For the fourth quarter, consolidated pre-tax income was $1.2 billion on revenues of $9.7 billion, resulting in a pre-tax profit margin of 12.4% [5] - For the full year, consolidated pre-tax income was $4.7 billion with a pre-tax profit margin of 13.8% [5] - Net income for the quarter was $905.3 million or $3.04 per diluted share, while for the year, net income was $3.6 billion or $11.57 per diluted share on revenues of $34.3 billion [7] - The average closing sales price for the quarter was $365,600, down 1% sequentially and down 3% year over year [7] - The company generated $3.4 billion of cash from operations after making home building investments totaling $8.5 billion [6] Business Line Data and Key Metrics Changes - Home sales revenues for the fourth quarter were $8.5 billion on 23,368 homes closed [7] - Net sales orders in the fourth quarter increased 5% year over year to 20,078 homes, with order value increasing 3% to $7.3 billion [8] - The average price of net sales orders in the fourth quarter was $364,900, flat sequentially and down 3% from the prior year [8] - Rental operations generated $81 million of pre-tax income on $805 million of revenues from the sale of 1,565 single-family rental homes and 1,815 multifamily rental units [14] Market Data and Key Metrics Changes - The average number of active selling communities was up 1% sequentially and up 13% from the prior year [8] - The company’s home building lot position at year-end consisted of approximately 592,000 lots, with 25% owned and 75% controlled through purchase contracts [13] - In the Southeast region, particularly Florida, some markets like Jacksonville and Southwest Florida faced excess inventory issues [68] Company Strategy and Development Direction - The company remains focused on capital efficiency to generate strong operating cash flows and deliver compelling returns to shareholders [6] - The strategy includes tailoring product offerings and sales incentives based on demand in each market to maximize returns [6] - The company plans to purchase approximately $2.5 billion of its common stock during fiscal 2026, in addition to paying dividends of around $500 million [19] Management's Comments on Operating Environment and Future Outlook - Management expects new home demand to reflect ongoing affordability constraints and cautious consumer sentiment [19] - For fiscal 2026, the company anticipates generating consolidated revenues of approximately $33.5 to $35 billion and homes closed to be in the range of 86,000 to 88,000 [19] - Management expressed a positive outlook for the housing market over the medium to long term despite current volatility and uncertainty in the economy [21] Other Important Information - The company’s return on equity was 14.6%, and return on assets was 10% [5] - The company repurchased 4.6 million shares of common stock for $689 million in the fourth quarter, totaling 30.7 million shares for $4.3 billion for the full year [17] - The company’s book value per share increased by 5% from a year ago to $82.15 [18] Q&A Session Summary Question: How to think about the walk from the 20% gross margin in Q4 to 20-20.5% in Q1? - Management indicated that the unusual impact from litigation is not expected to persist into Q1, and the guide reflects the current environment and level of incentives [24][26] Question: How quickly can the company ramp starts to meet demand? - Management acknowledged that starts were intentionally lower to align inventory and expressed confidence in their ability to respond to market demand [25][26] Question: Is the outlook for Q1 anticipating seasonal lightness in profitability? - Management expects rental operations to be softer in Q1, impacting consolidated operating margin due to lower closings volume [29][30] Question: Can you provide additional color on the Southeast region's performance? - Management noted that while some markets in Florida are struggling with inventory balance, there are still bright spots throughout the state [68] Question: What are the expectations for lot costs and stick and brick costs? - Management expects lot costs to remain sticky, but anticipates reductions in stick and brick costs as they renegotiate terms [50][51]

Financial Data and Key Metrics Changes - The company reported a 17% sequential increase in NOI, driven by organic growth and acquisitions [12] - Same property NOI increased by 3.7% year-to-date and 2.6% for the third quarter, despite a 40 basis point headwind from uncollectible revenue [13][16] - The company raised OFFO guidance to a range between $1.04 and $1.05 per share, reflecting better-than-projected operations and acquisition pacing [14] Business Line Data and Key Metrics Changes - Leasing volume in the third quarter reached record levels, with a lease rate increase of 60 basis points to 96.7%, one of the highest in the retail REIT sector [12][13] - New lease spreads averaged over 20%, while renewal spreads were just under 10% [5] Market Data and Key Metrics Changes - The company has acquired $850 million in assets since its spin-off, with expectations to reach around $750 million in investment activity for 2025 [5][11] - The total U.S. market for convenience shopping centers is estimated at 950 million sq ft, significantly larger than the company's current footprint of 4.5 million sq ft [9] Company Strategy and Development Direction - The company focuses on acquiring top-tier convenience retail assets, emphasizing capital efficiency and alignment with consumer behavior [5][6] - The strategy includes investing in simple, flexible buildings that support a variety of uses, driving strong tenant demand and minimal capital outlay [8] - The company aims for double-digit free cash flow growth for several years, supported by a strong balance sheet and disciplined acquisition strategy [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in the fragmented convenience marketplace, highlighting a strong demand for high-quality convenience shopping centers [11][12] - The company anticipates continued growth in market rents, contributing to future earnings growth [24] Other Important Information - The company closed a $150 million term loan and a $150 million private placement bond offering, raising total debt capital to $400 million at a weighted average rate of 5% [17] - The company expects to end the year with over $250 million in cash and a net debt to EBITDA ratio of less than 1x, providing liquidity for future acquisitions [18] Q&A Session Summary Question: How is the company thinking about equity given the strong balance sheet? - The company has instituted an ATM program and a share buyback, considering equity only if it is accretive for funding [21][22] Question: What is the stabilized yield on recent lease-up acquisitions? - The going-in cap rate for recent acquisitions was slightly higher than the previous quarter, blending to the low 6%s [24] Question: What is the acquisition pipeline looking like for 2026? - The company is seeing an increase in inventory underwritten and remains confident in achieving $750 million in acquisitions for 2025, with potential for upside [28][32] Question: How sensitive is competition to changes in interest rates? - Competition is significantly impacted by rates, with the company being one of the few cash buyers in the market [75] Question: What is the structural cap on lease rates? - The company believes that low 97% occupancy is likely the peak, with potential for some occupancy upside [44]

Core Insights - Whitecap Resources reported strong operational and financial results for the third quarter, with funds flow increasing to C$897 million, more than double the C$409 million from the previous year, driven by record production and cost synergies from the merger with Veren Inc. [1][2] Production and Costs - Average production reached 374,623 boe/d, significantly up from 173,302 boe/d last year, comprising 227,000 bpd of liquids and 883 MMcf/d of natural gas [2] - Operating costs averaged C$12.49 per boe, reflecting an 8% improvement from the prior quarter due to enhanced efficiency and infrastructure optimization [2] Future Projections - The company expects 2025 average production to be 305,000 boe/d, an increase from the previous estimate of 295,000 to 300,000 boe/d, while maintaining C$2 billion in capital spending [3] - For 2026, Whitecap's board approved a capital budget of C$2.0–2.1 billion, targeting output between 370,000 and 375,000 boe/d and aiming for C$300 million in annual cost savings, which is 40% above the original synergy estimate from the Veren deal [4] Analyst Reactions - Analysts responded positively, with Jefferies raising its 12-month price target for Whitecap to C$13 from C$12, maintaining a Buy rating, and National Bank Financial increasing its target to C$15, citing disciplined execution and strong balance sheet flexibility [5] Financial Health - The company emphasized its focus on maintaining balance sheet strength, with net debt at C$3.3 billion, equal to 1.0× annualized funds flow, and C$1.6 billion of available liquidity [6] - Whitecap is positioned for sustainable growth and value delivery for shareholders, supported by a portfolio of high-return drilling opportunities [6]

Core Viewpoint - PROG Holdings, Inc. has announced the sale of its Vive Financial credit card receivables portfolio to Atlanticus Holdings Corporation, aiming to enhance capital efficiency and profitability while continuing to provide credit solutions for near and below-prime consumers [1][2]. Company Overview - PROG Holdings, Inc. is a fintech holding company based in Salt Lake City, UT, that offers transparent payment options and inclusive financial products through its subsidiaries, including Progressive Leasing and Four Technologies [4]. - Atlanticus Holdings Corporation specializes in enabling financial services for bank, retail, and healthcare partners, leveraging over 25 years of experience and servicing more than 20 million customers with $44 billion in consumer loans [5]. Transaction Details - The transaction involves PROG Holdings receiving approximately $150 million in cash, while Atlanticus acquires around $165 million in credit card receivables [2]. - Following the completion of the transition services agreement, Vive Financial will cease its loan servicing activities, and both companies will collaborate to ensure a smooth transition for customers and retail partners [2]. Future Outlook - PROG Holdings plans to provide further details regarding the financial impact of this transaction during its upcoming third quarter earnings call [3].

Core Insights - Oil-Dri Corporation of America reported record-setting financial results for fiscal 2025, with net sales reaching $485.6 million, an 11% increase from fiscal 2024, and net income growing 37% to $54 million [3][2] - The company experienced a decline in stock price by 5.7% following the fourth-quarter results, underperforming the S&P 500 [1] Financial Performance - For the fourth quarter ended July 31, 2025, net sales rose 10% year over year to $125.2 million, while net income surged 53% to $13.1 million [2] - Diluted EPS increased 51% to 89 cents, and operating income climbed 21% to $15.6 million [2] - EBITDA advanced 17% to $21.4 million for the quarter [2] Segment & Operational Performance - The Business-to-Business (B2B) segment led with net sales of $48.1 million, up 24% year over year, driven by strong demand for agricultural and fluids purification products [4] - Agricultural products saw a 104% year-over-year surge to $11.9 million, while fluids purification revenue rose 11% to $27.7 million [5] - The Retail and Wholesale (R&W) segment reported $77.1 million in sales, a 3% increase year over year, with domestic cat litter revenues rising 2% to $57.5 million [6] Profitability Metrics - Gross profit for the quarter rose 5% to $34.8 million, with a gross margin decline to 27.8% from 29% [7] - For the year, consolidated gross profit climbed 14% to $143.1 million, expanding the gross margin to 29.5% from 28.6% [7] Management Commentary - CEO Daniel Jaffee highlighted fiscal 2025 as the strongest financial year ever, attributing success to disciplined capital allocation and a data-driven decision framework [8] - The company generated $80 million in operating cash flow, up 33% year over year, and made nearly $33 million in capital investments [9] Strategic Initiatives - Oil-Dri repaid $11 million in debt and increased its dividend by 16%, maintaining a 22-year streak of annual increases [10] - The company emphasized ongoing capital efficiency and investments in technology, including a centralized data analytics function [10] Market Dynamics - The fiscal 2025 performance benefited from robust demand, pricing actions, and a favorable product mix, with the Ultra Pet Company acquisition contributing approximately three percentage points to total sales growth [11][12] - Competitive promotions in the retail segment, particularly in cat litter, tempered volume gains, prompting a reallocation of advertising budgets [14] Future Outlook - Management indicated that fiscal 2026 will present challenging year-over-year comparisons but expressed confidence in exceeding fiscal 2025 performance [15] - Continued growth is expected in agricultural and animal health businesses, particularly in Asia and Latin America [15] Other Developments - The board declared quarterly cash dividends of 18 cents per share on common stock, payable Nov. 21, 2025 [16] - The Ultra Pet acquisition has exceeded synergy targets and strengthened customer relationships [17]