Core Insights - Great Elm Capital Corp. (GECC) reported a decline in net asset value (NAV) per share from $12.10 to $10.01, primarily due to losses on First Brands investments [2][4] - The company maintained a quarterly dividend of $0.37 per share, reflecting a 19.8% annualized yield based on the closing price of $7.48 on November 3, 2025 [4][16] - GECC raised approximately $27 million in equity and refinanced its highest cost debt, resulting in lower borrowing costs and improved balance sheet strength [2][4] Financial Performance - Total investment income (TII) for Q3 2025 was $10.6 million, down from $14.3 million in Q2 2025, impacted by lower cash distributions from CLO investments [4][12] - Net investment income (NII) for Q3 2025 was $2.4 million ($0.20 per share), a decrease from $5.9 million ($0.51 per share) in Q2 2025, affected by elevated interest expenses and lower TII [4][12] - The company experienced net realized and unrealized losses of approximately $24.4 million ($1.98 per share) in Q3 2025 [12][29] Capital and Investment Activity - As of September 30, 2025, GECC held total investments valued at $325.1 million, with a significant portion in corporate credit and CLO investments [8][10] - The company utilized its at-the-market program to issue 1.1 million shares for net proceeds of approximately $13 million and completed a private placement for $14 million [8] - GECC's asset coverage ratio was 168.2% as of September 30, 2025, slightly down from 169.5% in the previous quarter [8] Shareholder Returns and Repurchase Program - The Board of Directors approved a quarterly cash distribution of $0.37 per share for Q4 2025, payable on December 31, 2025 [15] - A new share repurchase program was authorized, allowing the company to repurchase up to $10 million of its outstanding common shares [17]

Core Insights - Capri Holdings Limited (CPRI) reported a decline in top-line revenue year over year but exceeded the Zacks Consensus Estimate, while the bottom line decreased and missed consensus estimates [1][10] - The company is focused on growth through its core brands and aims to enhance profitability and reduce debt following the expected closure of the Versace sale-off [2][3] Financial Performance - CPRI posted an adjusted quarterly loss of $0.03 per share, missing the Zacks Consensus Estimate of $0.14, and down from adjusted earnings of $0.64 per share in the prior year [4][10] - Total revenues were $856 million, a decrease of 2.5% year over year, but above the Zacks Consensus Estimate of $830 million; on a constant-currency basis, revenues fell by 4.2% [5][10] - Gross profit decreased by 4.6% year over year to $522 million, with a gross margin decline of 130 basis points to 61% [5][6] Segment Performance - Michael Kors revenues declined by 1.8% year over year to $725 million, surpassing the Zacks Consensus Estimate of $697.2 million; gross profit fell to $430 million, with a gross margin contraction of 180 basis points to 59.3% [7] - Jimmy Choo's revenues were $131 million, down 6.4% year over year, missing the Zacks Consensus Estimate of $132.8 million; gross profit slightly decreased to $92 million, but gross margin expanded to 70.2% [8] Strategic Initiatives - The company plans to utilize proceeds from the Versace sale-off to improve financial flexibility and support a newly authorized $1 billion share repurchase program expected to begin in fiscal 2027 [3][12] - Capri Holdings anticipates improving retail trends in the second half of fiscal 2026, positioning itself for a return to growth in fiscal 2027 [3] Future Outlook - For the third quarter of fiscal 2026, Capri Holdings expects total revenues between $975 million and $1 billion, with an operating margin of 7-8% and earnings per share between $0.70 and $0.80 [15] - For fiscal 2026, total revenues are projected to be between $3.375 billion and $3.45 billion, with an expected operating income of $100 million and earnings per share of $1.20 to $1.40 [17][18]

Financial Data and Key Metrics Changes - Total company revenue decreased 2.5% year-over-year to $856 million, with a 4.2% decline in constant currency [20][22] - Gross margin declined 130 basis points to 61%, primarily due to higher tariff rates impacting margins by approximately 120 basis points [22][23] - Operating margin decreased to 2.3% from 4.2% year-over-year [23] Business Line Data and Key Metrics Changes - Michael Kors revenue decreased 2% year-over-year, with retail sales showing signs of momentum and positive comps in the full-price channel [6][21] - Jimmy Choo revenue decreased 6% year-over-year, with retail sales improving sequentially but wholesale revenue declining mid-teens due to shipment timing [14][22] Market Data and Key Metrics Changes - Revenue in the Americas decreased 7%, while EMEA increased 1% and Asia increased 12% [21] - Michael Kors saw a 25% increase in revenue in Asia, driven by higher wholesale shipments [21] Company Strategy and Development Direction - The company is focused on the growth of Michael Kors and Jimmy Choo following the expected closure of the Versace sale, with plans to use proceeds to reduce debt and enhance financial flexibility [4][26] - A new $1 billion share repurchase program has been authorized, expected to begin in fiscal 2027 [4][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization and recovery in the business, with expectations for improved retail trends in the second half of fiscal 2026 [5][29] - The company anticipates returning to revenue and earnings growth in fiscal 2027, with gross margin expansion expected as tariff impacts are mitigated [29] Other Important Information - The company plans to invest approximately $350 million over the next three years for store renovations, aiming to enhance the luxury retail experience [12][26] - Inventory at quarter-end totaled $766 million, a 2.8% decline year-over-year [24] Q&A Session Summary Question: Can you speak to global reception for Michael Kors full-price retail repositioning? - Management noted stabilization in Michael Kors business, with positive consumer response to strategic initiatives and full-price comps turning positive [31][32] Question: What is the profile of the consumer engaging in North America? - Management indicated that Gen Z consumers are more price-sensitive, and strategic pricing architecture is helping attract them [40][41] Question: What are the expectations for revenue by geography in the back half? - Management stated that Europe is the best-performing region, with continued strong performance anticipated, while North America is expected to improve gradually [55][56]

Financial Data and Key Metrics Changes - Year-to-date premium growth increased by 4%, with earnings per share at $2.09, slightly below expectations due to volatility in the closed block [4][5][13] - Adjusted after-tax operating income per share decreased from $2.13 in the same period last year to $2.09 this quarter [13] - Return on equity for core operations remains near 20%, while the overall return on equity is 11.3% [8][10] Business Line Data and Key Metrics Changes - Core operations premium grew 2.9%, exceeding 4% when adjusted for ceded business impacts [12] - Unum US adjusted operating income was $334.9 million, down from $363.3 million year-over-year, with Group Disability adjusted operating earnings at $133.5 million [14][15] - Colonial Life's adjusted operating income increased to $116.6 million, with premium growth of 3.3% [17] - International segment reported adjusted operating income of $38.8 million, with premium growth of 9.5% [18] Market Data and Key Metrics Changes - Persistency for total group was 89.8%, down from 92.5% a year ago, but above expectations [16] - Sales growth across core segments was nearly 4.5%, with Unum US growing nearly 4%, Colonial Life up over 3%, and International delivering 10% growth [5][12] Company Strategy and Development Direction - The company is focused on disciplined pricing and risk selection, with a commitment to long-term growth and profitability [7][10] - Strategic actions taken include a long-term care reinsurance transaction to manage risk and reduce the size of the closed block [8][9] - The company aims to invest in strategic initiatives, pursue selective M&A opportunities, and return capital to shareholders [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core business's ability to deliver sustainable results and maintain strong margins [11][27] - The company anticipates continued growth into 2026, supported by a robust capital position and strategic initiatives [27][28] Other Important Information - The annual reserve assumption review resulted in a net increase in reserves of $478.5 million pre-tax, with significant impacts on long-term care [13][20] - The investment portfolio maintains an A-average rating, with historically low exposure to below investment-grade securities [10][26] Q&A Session Summary Question: Can you provide more color on the statutory side of the LTC assumption review? - Management indicated that the adjustments impacted the entire block of business, with statutory reserving levels remaining well in excess of best estimate reserves [30][31] Question: What is the rationale for keeping capital in Fairwind? - Management decided to retain capital in Fairwind due to strong protections and a robust capital position [32] Question: How do the recent assumption changes impact the premium rate increases? - The changes are linked to the removal of morbidity and mortality improvement assumptions, which will flow through to the rate increase program [34][36] Question: What is the outlook for group disability recoveries? - Management reported stable recoveries and a benefit ratio around 62%, indicating confidence in the sustainability of recovery trends [41][42] Question: What are the plans for share buybacks and capital management? - The company plans to continue increasing share repurchases while prioritizing investments in core operations and selective M&A opportunities [58][59]

Core Viewpoint - The Generation Essentials Group (TGE) has authorized a share repurchase program to buy back up to US$5 million of its ordinary shares until January 31, 2026, aiming to enhance long-term share price stability and intrinsic value focus [1][4]. Group 1: Share Repurchase Program - The share repurchase may be executed through various methods including open market purchases, privately negotiated transactions, and block trades, depending on market conditions [2]. - The timing and amount of repurchases will comply with SEC rules, and a special task force will periodically review and adjust the program as necessary [3]. Group 2: Financial Position - As of June 30, 2025, TGE's net asset value per share is US$17.3, and total asset value per share is US$25.7, indicating that the Class A ordinary shares are perceived as undervalued [4]. - There is significant short interest in TGE's Class A ordinary shares, which the company aims to address through the buyback program [4]. Group 3: Company Overview - TGE, established by AMTD Group, AMTD IDEA Group, and AMTD Digital Inc., focuses on global strategies in multimedia, entertainment, and hospitality, with a diversified portfolio including L'Officiel and The Art Newspaper [5].

Financial Data and Key Metrics Changes - Civeo reported total revenues of $170.5 million for Q3 2025, with a net loss of $0.5 million or $0.04 per share [10] - Adjusted EBITDA for the quarter was $28.8 million, reflecting a year-over-year increase primarily driven by cost-cutting measures in Canada and contributions from Australian acquisitions [10][11] - The net leverage ratio as of September 30, 2025, was 2.1 times, with total liquidity of approximately $70 million [12][20] Business Line Data and Key Metrics Changes - Australian segment revenues increased by 7% year-over-year to $124.5 million, with adjusted EBITDA growing by 19% to $26.7 million [10][11] - Canadian segment revenues decreased to $46 million from $57.7 million in Q3 2024, but adjusted EBITDA improved to $8 million from $3.4 million due to cost-reduction measures [10][11] Market Data and Key Metrics Changes - In Australia, billed rooms increased by 18% year-over-year to 763,000, while the daily room rate in U.S. dollars decreased from $79 to $77 due to a weakened Australian dollar [11] - Canadian billed rooms totaled 383,000, down from 484,000 in Q3 2024, with a stable daily room rate of $100 [11] Company Strategy and Development Direction - The company is focused on growing its integrated services business in Australia, aiming for AUD 500 million in revenue by 2027 [5][16] - In Canada, the strategy includes leveraging mobile camp assets for infrastructure projects, with a focus on cost-cutting and operational efficiency [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Australian business despite expected modest occupancy softness due to seasonal factors and market conditions [5][16] - In Canada, management noted that the operating environment remains challenging but highlighted the success of cost-cutting initiatives [7][19] Other Important Information - Civeo repurchased approximately 1 million shares during the quarter, bringing the year-to-date return of capital to shareholders to $52 million [4][12] - The company plans to use no less than 100% of annual free cash flow for share repurchases and maintain a net leverage ratio in the two-times range [20] Q&A Session Summary Question: Guidance for 2026 and year-over-year expectations - Management expects 2026 to show year-over-year growth, with Australian-owned villages' occupancy remaining stable and integrated services showing top-line growth [23] Question: Opportunities for mobile camp assets - Management confirmed active bidding for mobile camp projects in both Canada and the U.S., with a focus on LNG and infrastructure-related opportunities [25] Question: Capital allocation preferences - The company is committed to completing its share repurchase authorization while remaining open to attractive acquisition opportunities [26] Question: Growth opportunities in Australia - Management remains optimistic about reaching the AUD 500 million target by 2027, emphasizing organic growth and potential acquisitions [30] Question: Staffing challenges in Australia - Staffing remains a challenge, particularly for chefs, but management is making progress in recruitment [42] Question: Future cost-cutting initiatives in Canada - Management indicated that while initial cost-cutting measures have been successful, ongoing efforts will continue to adapt to the new operating reality [46][48]

Core Points - AutoNation, Inc. has authorized an additional $1 billion for share repurchase, reflecting confidence in its performance and long-term strategy [1][2] - Year-to-date, AutoNation has repurchased 3.0 million shares for a total of $576 million, averaging $189 per share, and has approximately $1.28 billion remaining for future repurchases [2] - The company has reduced its outstanding shares by 8% since December 31, 2024, with approximately 36 million shares outstanding as of October 30, 2025 [2] Financial Performance - AutoNation reported third quarter 2025 revenue of $7.0 billion, marking a 7% increase compared to the same period last year [7]

Core Insights - The Marcus Corporation reported a 9.7% decrease in total revenues for the third quarter of fiscal 2025, amounting to $210.2 million compared to $232.7 million in the same period last year [8][10] - The company experienced a significant decline in operating income, which fell by 30.7% to $22.7 million from $32.8 million year-over-year [8][10] - Net earnings decreased to $16.2 million, down from $23.3 million in the prior year, with earnings per diluted share at $0.52 compared to $0.73 [8][10] Marcus Theatres Performance - Total theatre revenues for the third quarter were $119.9 million, reflecting a 16.6% decrease from the previous year [5][30] - Same store admission revenues decreased by 15.8%, with attendance down 18.7% due to a less favorable film mix [6][30] - Adjusted EBITDA for the theatre division was $22.1 million, a 33.4% decrease from the prior year [5][30] Marcus Hotels & Resorts Performance - Total revenues for Marcus Hotels & Resorts increased by 1.7% to $80.3 million, driven by growth in food and beverage revenues [10][11] - Division operating income decreased by $0.7 million to $16.4 million, impacted by increased depreciation expenses [10][11] - Adjusted EBITDA for the hotels and resorts segment was $23.1 million, a slight increase of 0.3% compared to the previous year [10][11] Share Repurchase and Capital Return - The company repurchased 0.6 million shares for $9 million during the third quarter, with a total of over $25 million returned to shareholders in the past four quarters [2][14] - The Board of Directors authorized the repurchase of up to 4.0 million additional shares, increasing the total available for repurchase to 4.7 million shares [15][16] Future Outlook - The company anticipates a stronger film slate for the remainder of the year, with several highly anticipated releases expected to drive box office performance [9][10] - The hotel segment is expected to benefit from stable leisure travel demand and strong group business, particularly at newly renovated properties [12][10]

Core Insights - Columbia Banking System, Inc. reported a net income of $96 million for Q3 2025, with diluted earnings per share of $0.40, reflecting a strategic acquisition of Pacific Premier and strong core profitability despite acquisition-related impacts [1][7][33] - The company authorized a $700 million share repurchase program, indicating confidence in its capital generation and strategic direction [1][6][14] Financial Performance - Net interest income increased to $505 million, up $59 million from Q2 2025, driven by one month of combined operations and a favorable shift to lower-cost funding sources [7][14][18] - The net interest margin improved to 3.84%, a rise of 9 basis points from the previous quarter, supported by increased customer deposits and reduced reliance on higher-cost funding [2][15][16] - Non-interest income rose to $77 million, an increase of $12 million from Q2 2025, primarily due to fair value adjustments and one month of combined operations [8][18] Expenses and Credit Quality - Non-interest expenses surged to $393 million, up $115 million from the prior quarter, largely due to merger and restructuring costs [3][19] - The provision for credit losses was $70 million, reflecting the acquisition of Pacific Premier, with net charge-offs at 0.22% of average loans, down from 0.31% in the previous quarter [4][9][24] - Non-performing assets decreased to 0.29% of total assets, down from 0.35% as of June 30, 2025, indicating improved credit quality [4][24] Balance Sheet and Capital - Total assets reached $67.5 billion, up from $51.9 billion as of June 30, 2025, due to the acquisition [20] - Total deposits increased to $55.8 billion, a rise of $14 billion, driven by the acquisition and organic growth [22] - The book value per common share was $26.04, reflecting an increase from $25.41 as of June 30, 2025, supported by capital generation and the acquisition [25][26] Strategic Developments - The acquisition of Pacific Premier was completed on August 31, 2025, enhancing Columbia's market position in Southern California and completing its Western footprint [11][12] - The company began operating under a unified brand on September 1, 2025, streamlining its identity across various business lines [12]

Core Insights - Altria Group Inc. reported third-quarter 2025 results with a revenue miss but an earnings beat, showcasing resilience in its core tobacco business and progress in smoke-free products [1][10] Financial Performance - Adjusted earnings per share (EPS) for the third quarter were $1.45, a 3.6% increase year over year, surpassing the Zacks Consensus Estimate of $1.44 [2] - Net revenues totaled $6,072 million, reflecting a 3% decline year over year, primarily due to decreased revenues in smokeable and oral tobacco products [3] - Revenues net of excise taxes decreased by 1.7% to $5,251 million, missing the consensus estimate of $5,321 million [3] Segment Performance - **Smokeable Products**: Net revenues fell 2.8% year over year to $5,387 million, driven by reduced shipment volume and increased promotional investments, partially offset by higher pricing [4] - Domestic cigarette shipment volumes dropped 8.2%, influenced by industry decline and retail share losses, although cigar shipment volumes increased by 2% [5] - Adjusted operating companies' income (OCI) in this segment rose 0.7% to $2,956 million, with adjusted OCI margins growing 1.3 percentage points to 64.4% [6] - **Oral Tobacco Products**: Net revenues decreased 4.6% to $689 million, attributed to reduced shipment volume and a change in shipment mix, despite increased pricing [7] - Domestic shipment volumes fell 9.6%, with adjusted OCI decreasing 0.9%, although adjusted OCI margins improved by 2.4 percentage points to 69.2% [8] Shareholder Returns and Guidance - The company ended the quarter with cash and cash equivalents of $3,472 million and long-term debt of $24,132 million [9] - Altria repurchased 1.9 million shares for $112 million in Q3 2025, raising its buyback plan to $2 billion and narrowing 2025 EPS growth guidance to 3.5-5% [10][11] - The adjusted EPS for 2025 is now expected to be in the range of $5.37 to $5.45, indicating a year-over-year growth of 3.5% to 5% [12] Strategic Outlook - The company is factoring in the impact of increased tariffs and minimal disruption from enforcement actions targeting the illicit e-vapor market into its 2025 guidance [13] - Altria continues to assess economic factors such as inflation, purchasing patterns, and regulatory developments while investing in smoke-free product research and development [14] - The expected adjusted effective tax rate for 2025 is 23-24%, with capital expenditures projected between $175-$225 million [15]