Core Insights - Vistra Corp reported Q3 2025 earnings, missing revenue expectations by 19.3% with revenue of $4.97 billion compared to the consensus estimate of $6.16 billion [3][4][15] - Despite the revenue miss, the company demonstrated strong operational performance with free cash flow of $923 million and operating cash flow of $1.35 billion [5][11] - Vistra initiated 2026 adjusted EBITDA guidance of $6.8 billion to $7.6 billion, indicating a growth of 22% to 29% from the midpoint of 2025 guidance, reflecting management's confidence in future performance [7][17] Revenue Performance - The revenue miss was attributed to lower unrealized mark-to-market gains on derivatives and a plant outage, although realized energy and capacity prices improved during the quarter [4][6] - Net income fell to $652 million, a 64.6% decline year-over-year, primarily due to accounting-driven factors [6][15] Operational Strength - The company completed the acquisition of seven natural gas plants and is constructing two new natural gas units in West Texas, which are expected to drive revenue growth [8] - The management emphasized that the revenue miss is viewed as a tactical issue rather than a sign of fundamental weakness, focusing on strategic wins and operational execution [12][13] Capital Allocation - Vistra authorized a $1 billion share buyback program expected to be completed by 2027, signaling confidence in the company's long-term cash generation potential [9][17] - The buyback, combined with the positive forward guidance, indicates that management considers the current valuation attractive [9] Future Outlook - The earnings call scheduled for November 6 will provide further insights into the revenue shortfall and the sustainability of realized prices, which are crucial for future margins [14][16] - Management's tone suggests that the current quarter's performance is a speed bump in a longer growth trajectory, with significant growth expected in 2026 [12][17]

Core Insights - Full House Resorts, Inc. reported a 14.0% increase in revenues for American Place Casino, reaching a record of $32.0 million in Q3 2025 [1][5] - Consolidated operating income rose by 40.3% to $3.4 million, while net loss improved to $(7.7) million from $(8.5) million in the prior year [1][2] - Adjusted EBITDA increased by 26.1% to $14.8 million, driven by strong performance at American Place and a $2.1 million contribution from Chamonix/Bronco Billy's [1][2] Financial Performance - Total revenues for Q3 2025 were $78.0 million, up from $75.7 million in Q3 2024, reflecting growth from American Place and Chamonix, offset by the sale of Stockman's Casino [2][5] - Adjusted Segment EBITDA for the Midwest & South segment was $11.6 million, a 12.7% increase from $10.2 million in the prior year [5][17] - The West segment's revenues decreased to $18.0 million from $19.4 million, impacted by the sale of Stockman's and renovation disruptions at Grand Lodge Casino [5][17] Operational Highlights - American Place Casino's customer database surpassed 115,000 members, indicating strong customer engagement [3] - Chamonix Casino Hotel experienced a 7.3% revenue growth in Q3 2025, with Adjusted Property EBITDA improving significantly from $(0.7) million to $2.1 million [3][4] - The company is targeting operational efficiencies at Chamonix as all amenities are now open to the public, expecting further revenue growth to positively impact profitability [4][5] Market Opportunities - The company sees significant growth potential in the Colorado Springs market, with less than 15% of households having visited Cripple Creek in the past year [4] - Targeted marketing campaigns and expanded entertainment options at Chamonix are expected to attract new guests and enhance revenue [4][5] Liquidity and Capital Resources - As of September 30, 2025, the company had $30.9 million in cash and cash equivalents, with $450.0 million in outstanding senior secured notes due 2028 [7][30] - The company also has $10.0 million available under its $40.0 million revolving credit facility, indicating a solid liquidity position [7][30]

Core Insights - Beeline Holdings, Inc. reported financial results for Q3 2025, showing significant growth in originations and revenues compared to previous quarters [1][8] - The company is actively engaging in blockchain fractional equity transactions, with plans to close additional deals by year-end [3] Financial Highlights - Q3 2025 originations reached $69.8 million, a 35% increase from Q2 2025, with October 2025 being the strongest month since the mortgage industry downturn, achieving $35.3 million in originations [8] - Net revenues for Q3 2025 were $2.3 million, up 37% from Q2 2025, which itself was up 27% from Q1 2025 [8] - Operating expenses were reduced by 8% to $5.2 million in Q3 2025 compared to $5.6 million in Q2 2025 [8] - The net loss for Q3 2025 was $(4.0) million, an improvement from $(4.1) million in Q2 2025 and $(6.9) million in Q1 2025 [8] - Adjusted EBITDA for Q3 2025 was $(2.0) million, compared to $(2.8) million in Q2 2025 [8][9] Future Projections - A projected increase of approximately 65% in originations is expected for Q4 2025 compared to Q3 2025 [8] - Operating profitability for Beeline Loans is anticipated in November 2025, with Beeline Holdings expected to achieve profitability by early Q1 2026 [8] Company Overview - Beeline is positioned as a next-generation mortgage and home-equity company, utilizing blockchain technology and automation to enhance the home financing process [10]

Financial Performance Highlights - Net loss attributable to Unitholders for the three months ended September 30, 2025, was $59 million, a decrease compared to a net income of $301 million in the prior period[18] - Adjusted EBITDA for Q3 2025 was $575 million, down from $844 million in the prior year; excluding tax benefits and contributions from acquired/disposed operations, Adjusted EBITDA was $512 million compared to $501 million[18] - Adjusted EBITDA margin decreased to 21% from 28%; excluding tax benefits, the margin was 19% compared to 18%[18] - Adjusted EFO for Q3 2025 was $284 million ($1.36 per unit), compared to $582 million ($2.68 per unit) in the prior period; excluding the impact of gain (loss) on dispositions, Adjusted EFO was $268 million ($1.27 per unit) compared to $451 million ($2.08 per unit)[18] Liquidity and Capital Structure - Corporate liquidity as of September 30, 2025, was $2,299 million, including $2,190 million of availability on credit facilities; pro forma for announced transactions, liquidity is approximately $2,900 million[18] - Total assets were $75,403 million as of September 30, 2025[22] - Total equity was $15,540 million as of September 30, 2025[22] Strategic Initiatives - Completed the privatization of First National Financial Corporation for $2.6 billion, with BBU investing $146 million for an 11% economic interest[21] - Entered into an agreement to simplify the corporate structure, exchanging LP units, exchangeable shares, and redemption-exchange units for class A shares of a Canadian corporation on a one-for-one basis, expected to be completed in Q1 2026[21] Segment Performance (Adjusted EBITDA) - Business Services: $188 million in Q3 2025, compared to $228 million in Q3 2024[13] - Infrastructure Services: $104 million in Q3 2025, compared to $146 million in Q3 2024[13] - Industrials: $316 million in Q3 2025, compared to $500 million in Q3 2024[13]

Q3 2025 Financial Highlights - Cloud subscriptions revenue reached $1136 million, a 21% year-over-year increase[9] - Total revenue for Q3 2025 was $1870 million, also up 21% year-over-year[9] - Subscriptions revenue in Q3 2025 amounted to $1472 million, reflecting a 20% year-over-year growth[9] - Adjusted EBITDA for Q3 2025 stood at $322 million[8] Gross Margin Performance - Subscriptions gross margin was 88%[9] - Professional services gross margin was 34%[9] - Overall gross margin was 77%[9] Revenue Retention and Renewal - Cloud Subscriptions Revenue Retention was 111% as of September 30, 2025[37] - Cloud Gross Renewal Rate was 98% in Q3 2025[14] Q4 2025 Guidance - Cloud subscriptions revenue is projected to be between $1150 million and $1170 million, representing a year-over-year growth of 16% to 18%[38] - Total revenue is expected to range from $1870 million to $1910 million, indicating a year-over-year increase of 12% to 15%[38] - Adjusted EBITDA is forecasted to be between $100 million and $130 million[38] - Non-GAAP diluted earnings per share are anticipated to be between $004 and $008[38]

Financial Performance - Altice USA's Q3 2025 Adjusted EBITDA was $831 million, a decrease of 3.6% year-over-year but an increase of 3.3% quarter-over-quarter[16, 31] - The Adjusted EBITDA margin expanded by 70 basis points year-over-year and 200 basis points quarter-over-quarter, reaching 39.4%[16, 31] - Gross margin reached an all-time high of 69.7%[16] - Total revenue decreased by 5.4% year-over-year to $2108 million[50] - The company reiterates its outlook of approximately $34 billion of Adjusted EBITDA for the full year 2025[10] Subscriber Trends and Revenue Streams - Broadband net additions decreased, with a loss of 58,000 subscribers in Q3 2025 compared to a loss of 50,000 in Q3 2024[18] - Mobile service revenue increased by 38% year-over-year[16] - Lightpath revenue increased by 5.6% year-over-year[16] - News & Advertising revenue, excluding political advertising, increased by 8.9% year-over-year[16] Operational Efficiency and Network Enhancements - Other Operating Expenses decreased by 2.4% year-over-year and 6.2% quarter-over-quarter[16] - The company is deploying mid-split upgrades on its HFC network to deliver multi-gig speeds[16, 40] - Total new passings increased by 51,000 in Q3 2025, with 30,000 being fiber passings[40]

1st Quarter Fiscal 2026 Earnings Presentation November 6, 2025 | We shop. You save. Disclaimer Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continu ...

Core Viewpoint - Studio City International Holdings Limited reported a positive financial performance for the third quarter of 2025, with increased revenues and improved operating income compared to the same period in 2024. Financial Performance - Total operating revenues for Q3 2025 were US$182.5 million, up from US$174.6 million in Q3 2024, primarily driven by better mass market operations [2][6] - Studio City Casino generated gross gaming revenues of US$344.4 million in Q3 2025, compared to US$335.5 million in Q3 2024 [2] - Revenue from casino contracts increased to US$77.3 million in Q3 2025 from US$67.3 million in Q3 2024 [5] - Total non-gaming revenues for Q3 2025 were US$105.2 million, slightly down from US$107.3 million in Q3 2024 [6] Gaming Operations - Mass market table games drop was US$942.5 million in Q3 2025, up from US$912.9 million in Q3 2024, with a hold percentage of 33.1% compared to 30.7% in the previous year [3] - Gaming machine handle for Q3 2025 was US$873.3 million, an increase from US$853.0 million in Q3 2024, with a win rate of 3.7% compared to 3.3% in Q3 2024 [3] Operating Income and EBITDA - Operating income for Q3 2025 was US$23.9 million, compared to US$16.0 million in Q3 2024 [7] - Adjusted EBITDA for Q3 2025 was US$78.1 million, up from US$68.2 million in Q3 2024, attributed to increased revenue from casino contracts [7] Net Loss - Net loss attributable to Studio City for Q3 2025 was US$18.6 million, or US$0.10 per ADS, an improvement from a net loss of US$21.0 million, or US$0.11 per ADS, in Q3 2024 [8] Non-Operating Expenses - Total net non-operating expenses for Q3 2025 were US$41.1 million, including interest expense of US$30.9 million and net foreign exchange losses of US$10.1 million [9] Financial Position - Total cash and bank balances as of September 30, 2025, were US$99.6 million, down from US$127.8 million at the end of 2024 [12] - Total debt at the end of Q3 2025 was US$2.06 billion, a reduction from US$2.16 billion at the end of 2024 [12] Capital Expenditures - Capital expenditures for Q3 2025 were US$9.7 million [13]

Core Insights - Golden Entertainment reported a net loss of $4.7 million for Q3 2025, a significant decline from a net income of $5.2 million in Q3 2024, indicating a challenging financial environment for the company [2][9] - The company's revenues decreased to $154.8 million in Q3 2025 from $161.2 million in Q3 2024, reflecting a year-over-year decline of approximately 3.9% [2][9] - Adjusted EBITDA for Q3 2025 was $30.5 million, down from $34.0 million in Q3 2024, representing a decrease of about 10.3% [2][9] Financial Performance - Total revenues for Q3 2025 were $154.8 million, compared to $161.2 million in Q3 2024, with a breakdown showing gaming revenues of $77.1 million, food and beverage revenues of $39.6 million, and room revenues of $25.4 million [2][11] - The company reported total expenses of $153.9 million for Q3 2025, slightly down from $154.5 million in Q3 2024, with notable expenses in gaming and food and beverage sectors [10][11] - The net loss per share for Q3 2025 was $0.18, compared to a net income per share of $0.18 in Q3 2024, indicating a complete reversal in profitability [2][10] Debt and Liquidity - As of September 30, 2025, Golden Entertainment had total debt of $430.1 million, primarily consisting of $391 million in term loan borrowings and $35 million in revolving credit facility borrowings [4] - The company had cash and cash equivalents of $58.3 million and $205 million of remaining availability under its revolving credit facility, indicating a reasonable liquidity position despite the losses [4] Dividend Information - The company declared a quarterly cash dividend of $0.25 per share on October 3, 2025, with the next dividend scheduled for January 6, 2026, reflecting a commitment to return capital to shareholders [3]

Q3 2025 Performance Highlights - Implemented Providers increased by 13.1% compared to Q3 2024[8, 18] - Practice Collections grew by 27.1% compared to Q3 2024[8, 18] - Adjusted EBITDA increased by 61.6% compared to Q3 2024, reaching a 30.5% margin, a 720 bps increase[8] Year-to-Date (YTD) 2025 Performance - Platform Contribution increased by 26.2%[21] - Care Margin increased by 19.6%[21] - Adjusted EBITDA increased by 43.5%[21] Value-Based Care (VBC) Performance - Total shared savings of $234.1 million (+32.6%) across Privia ACOs in MSSP 2024 performance year[15] - Mid-Atlantic ACO achieved the highest savings rate (11.0%) among ACOs with 40K+ lives for the 5th consecutive year[15] Financial Position and Outlook - Pro forma net cash of $409.9 million as of September 30, 2025[26] - Expects to use $100 million in Q4 2025 to acquire Evolent's ACO business[8, 26] - Updated FY'25 guidance for Practice Collections is $3.45 billion - $3.5 billion[27] - Updated FY'25 guidance for GAAP Revenue is $2.05 billion - $2.1 billion[27] - Updated FY'25 guidance for Adjusted EBITDA is $118 million - $121 million[27]