Core Insights - Chemed Corporation reported its third-quarter financial results for 2025, highlighting growth in its VITAS Healthcare and Roto-Rooter segments, despite some challenges in revenue growth and profitability metrics [1][2]. VITAS Segment Performance - VITAS net revenue reached $407.7 million, marking a 4.2% increase year-over-year, driven by a 2.5% rise in days-of-care and a 4.1% increase in Medicare reimbursement rates [4]. - Total VITAS admissions rose by 5.6% compared to the same quarter in 2024 [5]. - The average revenue per patient per day was $205.08, up 298 basis points from the previous year [7]. - The gross margin for VITAS, excluding Medicare Cap, was 22.5%, a decline of 261 basis points from the prior year [8]. Roto-Rooter Segment Performance - Roto-Rooter generated $217.2 million in revenue, a 1.1% increase from the previous year [11]. - Residential revenue increased by 3.4%, while commercial revenue rose by 2.8% [12]. - The gross margin for Roto-Rooter was 50.7%, down from 52.9% in the prior year [13]. - Adjusted EBITDA for Roto-Rooter was $49.4 million, reflecting a 12.4% decline year-over-year [14]. Consolidated Financials - Total consolidated revenue increased by 3.1% to $624.9 million [9]. - GAAP diluted EPS was $4.46, a decrease of 10.8%, while adjusted diluted EPS was $5.27, down 6.6% [9]. - Net income, excluding certain discrete items, was $48.9 million, a decrease of 9.0% [9]. - As of September 30, 2025, Chemed had total cash and cash equivalents of $129.8 million and no debt [16]. Share Repurchase and Guidance - The company repurchased 407,500 shares for $180.8 million, with approximately $301.8 million remaining under its share repurchase authorization [18]. - Management reiterated its guidance for 2025, projecting earnings per share between $22.00 and $22.30, excluding non-cash expenses and other discrete items [20].

Core Insights - Archrock, Inc. reported strong third-quarter performance in 2025, highlighting operational strength and profitability in the natural gas and compression markets [3][4][5] Financial Performance - Net income for Q3 2025 was $71.2 million, up from $37.5 million in Q3 2024, with adjusted net income at $73.2 million compared to $47.3 million in the previous year [5][7][22] - Adjusted EBITDA for Q3 2025 reached $220.9 million, a significant increase from $150.9 million in Q3 2024 [7][10][22] - Total revenue for Q3 2025 was $382.4 million, compared to $292.2 million in Q3 2024, with contract operations revenue increasing by 33% year-over-year [7][11][39] Operational Highlights - The company expanded its fleet by 56,000 horsepower sequentially, leading to increased contract operations revenue and adjusted gross margin [3][4] - Horsepower utilization at the end of Q3 2025 was 96%, up from 95% at the end of Q3 2024 [8][23] Shareholder Returns - Archrock declared a quarterly dividend of $0.21 per share, a 20% increase year-over-year, with a dividend coverage ratio of 3.7x [7][13][43] - The company repurchased 1,094,516 shares for approximately $25 million during Q3 2025, with an additional $100 million share repurchase authorization approved [14][15] Guidance and Outlook - The company raised its full-year 2025 adjusted EBITDA guidance to a range of $835 million to $850 million, driven by strong demand in the natural gas sector [7][16] - Management anticipates continued growth in U.S. natural gas infrastructure and demand for LNG exports, projecting a minimum of $250 million in growth capital expenditures for 2026 [4][16]

Q3 2025 Financial Performance - Total property revenue increased by 5.9% year-over-year to $2616 million, or 4.2% on an FX-Neutral basis[5] - Total revenue increased by 7.7% year-over-year to $2717 million, or 6.1% on an FX-Neutral basis[5] - Net income attributable to AMT common stockholders was $853 million, a 207.7% increase compared to a loss of $792 million in Q3 2024[5] - Adjusted EBITDA increased by 7.6% year-over-year to $1816 million, or 6.2% on an FX-Neutral basis[5] - AFFO attributable to AMT common stockholders increased by 5.3% year-over-year to $1303 million, or 3.9% on an FX-Neutral basis[5] - AFFO attributable to AMT common stockholders, as adjusted, increased by 10.4% year-over-year to $1303 million, or 8.8% on an FX-Neutral basis[5] Updated 2025 Outlook - The company is raising its property revenue outlook midpoint by $40 million to $10250 million, primarily due to FX tailwinds[21] - The company is raising its Adjusted EBITDA outlook midpoint by $45 million to $7085 million, primarily due to FX tailwinds and U S Services outperformance[25] - The company is raising its Attributable AFFO outlook midpoint by $50 million to $5000 million, primarily due to FX tailwinds, conversion of topline growth and net interest benefits[28] Capital Allocation - The company is targeting a common dividend declaration of approximately $32 billion[32, 35] - Discretionary capital projects are allocated as follows: U S Data Centers ~40%, U S & Canada ~25%, Europe ~15%, and Emerging Markets ~20%[32]

FTAI AVIATION Q3 2025 Earnings Supplement OCTOBER 2025 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." The information contained on, or accessible through, any websites included in this Presentation is not incorporated by reference into, and should not be considered a part of, this Presentation. FORWARD-LOOKING S ...

Core Viewpoint - Thermal Energy International Inc. reported a strong order intake in Q1 2026, with a 37% year-over-year increase in order backlog, indicating positive long-term growth despite a decrease in revenue for the quarter [2][5][9]. Financial Performance - Q1 2026 revenue decreased by 19% year-over-year to $6.85 million, primarily due to lower revenues from heat recovery projects, but still represented a 32% increase compared to Q1 2024 and a 119% increase compared to Q1 2023 [3][4][5]. - Gross profit for the quarter was $3.19 million, down 9.5% from the previous year, while gross margin improved to 47% from 42% [3][4]. - Operating expenses decreased by $207 thousand year-over-year, mainly due to favorable foreign exchange changes [6]. - The company reported a net income of $166 thousand and an Adjusted EBITDA of $350 thousand for the quarter [5][6]. Order Intake and Backlog - The order intake for Q1 2026 was $11.86 million, marking a 323% increase compared to the same quarter last year, the highest order intake for any first quarter in the company's history [5][8]. - The order backlog at the end of the quarter was $18.5 million, a 37% increase from the previous year, and grew to $20.8 million by October 27, 2025 [5][9]. Debt Management - The company repaid $130 thousand in long-term debt during the quarter, with a remaining balance of only $200 thousand at quarter end [5][7]. - Since the end of fiscal 2022, the company has repaid a total of $3.7 million in acquisition and COVID-related debt, with plans for full repayment by January 2026 [2]. Cash Position - As of August 31, 2025, the company had a cash position of approximately $4.29 million and working capital of $2.74 million [7].

Core Insights - MSCI reported strong financial performance for Q3 2025, with record recurring sales in its Index and Analytics product lines, and a significant increase in asset-based fees driven by growth in assets under management (AUM) [3][4][6] Financial Highlights - Operating revenues reached $793.4 million, a 9.5% increase year-over-year, with organic operating revenue growth of 9.0% [4][6] - Operating income was $447.7 million, up 11.6%, resulting in an operating margin of 56.4% [4][9] - Net income increased by 15.8% to $325.4 million, with diluted EPS rising 19.0% to $4.25 [4][11] - Adjusted EBITDA was $494.4 million, reflecting a 9.7% increase, with an adjusted EBITDA margin of 62.3% [4][12] Revenue Breakdown - Recurring subscription revenues grew by 7.9%, while asset-based fees surged by 17.1% [4][6] - The Index segment saw operating revenues of $451.2 million, an 11.4% increase, driven by higher asset-based fees and recurring subscription revenues [14][15] - The Analytics segment reported operating revenues of $182.2 million, up 5.7%, primarily from recurring subscriptions [17][18] - Sustainability and Climate segment revenues increased by 7.7% to $90.1 million, driven by growth in recurring subscriptions [20][21] Client Metrics - The total Run Rate as of September 30, 2025, was $3,186.5 million, up 10.1%, with a retention rate of 94.7% [7][4] - Organic recurring subscription Run Rate growth was 7.4% [7] Capital Allocation - MSCI repurchased $1,248.9 million worth of shares, with an average repurchase price of $559.95 [4][28] - Approximately $137.4 million in dividends were paid to shareholders, with a cash dividend of $1.80 per share declared for Q4 2025 [4][29] Guidance - MSCI provided guidance for Full-Year 2025, projecting operating expenses between $1,415 million and $1,445 million, and net cash provided by operating activities between $1,540 million and $1,590 million [31][30]

Core Insights - Tenet Healthcare Corporation reported strong financial results for the third quarter of 2025, with a focus on high acuity service lines and operational discipline leading to revenue growth and free cash flow [3][4][11] - The company raised its financial outlook for the full year 2025, reflecting confidence in continued growth across its markets [4][15] Financial Performance - Net operating revenues for Q3 2025 were $5,289 million, a 3.2% increase from $5,126 million in Q3 2024 [4][39] - Net income available to common shareholders decreased to $342 million, or $3.86 per diluted share, compared to $472 million, or $4.89 per diluted share in Q3 2024 [5][39] - Adjusted EBITDA for Q3 2025 was $1,099 million, up 12.4% from $978 million in Q3 2024, with an adjusted EBITDA margin of 20.8% [4][39] Segment Performance - The Ambulatory Care segment generated net operating revenues of $1,275 million in Q3 2025, up from $1,139 million in Q3 2024, with an adjusted EBITDA of $492 million [9][39] - The Hospital Operations and Services segment reported net operating revenues of $4,014 million in Q3 2025, slightly up from $3,987 million in Q3 2024, with an adjusted EBITDA of $607 million [13][39] Cash Flow and Capital Management - Cash flows from operating activities for the nine months ended September 30, 2025, were $2,809 million, compared to $2,378 million for the same period in 2024 [10][37] - Free cash flow for the nine months ended September 30, 2025, was $2,163 million, an increase from $1,777 million in the prior year [10][37] - The company repurchased 0.6 million shares for $93 million in Q3 2025 and 7.8 million shares for $1,188 million in the nine months ended September 30, 2025 [10][37] 2025 Financial Outlook - The full-year 2025 outlook for net operating revenues is projected to be between $21,150 million and $21,350 million, with adjusted EBITDA expected in the range of $4,470 million to $4,570 million [15][17] - The company anticipates adjusted diluted earnings per share to be between $15.93 and $16.26 for the full year 2025 [15][17]

Core Insights - Herc Holdings reported a strong third quarter for 2025, with total revenues of $1,304 million, a 35% increase from $965 million in the prior year, driven by a 30% rise in equipment rental revenue [6][24] - The company completed the integration of H&E Equipment Services, enhancing operational efficiencies and positioning for long-term market share expansion [2][3] - Adjusted EBITDA for the quarter was $551 million, up 24% year-over-year, with an adjusted EBITDA margin of 42% [6][30] Financial Performance - Equipment rental revenue reached $1,122 million, a 30% increase compared to the previous year [6][24] - Direct operating expenses were $467 million, representing 41.6% of equipment rental revenue, up from 38.6% in the prior-year period [6][8] - Net income for the quarter was $30 million, down from $122 million in the prior-year period, while adjusted net income decreased 40% to $74 million [6][26] Operational Highlights - The company successfully completed the IT integration of acquired branches, allowing for unified operations across various platforms [3] - Dollar utilization was reported at 39.9%, down from 42.2% in the prior-year period, primarily due to lower utilization of the acquired fleet [6][8] - The company opened 17 new locations during the nine months ended September 30, 2025, contributing to its growth strategy [15] Strategic Initiatives - Herc Holdings reaffirmed its full-year 2025 guidance for equipment rental revenue and adjusted EBITDA, excluding the impact of the Cinelease divestiture [13][16] - The company completed the sale of its Cinelease studio entertainment business for $100 million, using proceeds to reduce debt [12][14] - The company aims to capture a larger share of the anticipated increase in construction spending in 2025 through fleet investment and optimization [16]

Core Insights - Custom Truck One Source, Inc. reported a strong year-over-year revenue growth of 8% and adjusted EBITDA growth of 20% in Q3 2025, driven by robust performance in core T&D markets [2][3] - The company reaffirmed its 2025 consolidated revenue and adjusted EBITDA guidance, indicating confidence in ongoing demand and market conditions [3][18] Financial Performance - Total revenue for Q3 2025 was $482.1 million, an increase of $34.8 million, or 7.8%, compared to Q3 2024 [5] - Gross profit for Q3 2025 was $100.8 million, up $8.9 million, or 9.7%, from Q3 2024 [5] - Adjusted EBITDA for Q3 2025 reached $96.0 million, a 19.6% increase compared to Q3 2024 [5][16] - The net loss for Q3 2025 was $5.8 million, a decrease of $11.7 million, or 66.9%, compared to Q3 2024 [5] Segment Performance - Equipment Rental Solutions (ERS) segment rental revenue increased by 17.7% in Q3 2025 compared to Q3 2024, attributed to improved fleet utilization [13] - Truck and Equipment Sales (TES) segment revenue rose by 6.0% in Q3 2025, driven by strong demand for vocational vehicles [14] - Aftermarket Parts and Services (APS) segment revenue increased by 3.0% in Q3 2025, supported by higher rental revenue [15] Operational Metrics - Average OEC on rent increased by $180 million, or 17%, in Q3 2025 compared to the same period last year [18] - Fleet utilization improved to 79.3% in Q3 2025 from 73.2% in Q3 2024 [10][13] - The company reported a sales order backlog of $279.8 million as of the end of Q3 2025, down from $395.6 million in Q3 2024 [10] Outlook - The company expects to invest an additional net $50 million in its rental fleet in 2025, anticipating high-single digit fleet growth [18] - Despite a strong order flow, the company expects to come in at the lower end of its TES revenue guidance due to macroeconomic uncertainties [19] - The reinstatement of accelerated depreciation provisions may boost year-end equipment sales [19]

Core Insights - Parkland Corporation reported a strong third quarter with Adjusted EBITDA of $540 million, an increase from $431 million in Q3 2024, driven by robust operations and margins, particularly at the Burnaby Refinery [8][13] - The company is on track to meet its 2025 Adjusted EBITDA guidance of $1.8 to $2.1 billion, reflecting confidence in its diversified business model and upcoming synergies from the Sunoco acquisition [2][10] - The Sunoco transaction, valued at approximately $9.1 billion, is expected to close on October 31, 2025, with Parkland shares to be delisted from the Toronto Stock Exchange post-transaction [5][10] Financial Performance - Total sales and operating revenue for Q3 2025 was $7,353 million, up from $7,126 million in Q3 2024 [13] - Net earnings for Q3 2025 were $129 million ($0.74 per share), compared to $91 million ($0.52 per share) in Q3 2024 [8][13] - Trailing twelve months (TTM) available cash flow increased to $668 million ($3.83 per share) from $627 million ($3.58 per share) in 2024 [8][16] Segment Performance - Canada segment delivered Adjusted EBITDA of $208 million, up from $196 million in Q3 2024, attributed to stronger fuel unit margins [7][14] - International segment reported Adjusted EBITDA of $161 million, an increase from $150 million in Q3 2024, driven by strong volume growth [14] - USA segment's Adjusted EBITDA decreased to $28 million from $52 million in Q3 2024, impacted by competitive pricing and reduced arbitrage opportunities [14] Transaction Update - The Sunoco acquisition is structured as a court-approved plan of arrangement, with Parkland shareholders having the option to elect cash or SunocoCorp Units as consideration [5][11] - Approximately 94.96 million Parkland shares elected all-cash consideration, while 9.73 million shares opted for all SunocoCorp Unit consideration [15] Operational Metrics - The leverage ratio improved to 3.1 times from 3.6 times in Q4 2024, indicating enhanced financial strength [8][44] - The total recordable injury frequency rate on a TTM basis was 1.07, slightly up from 1.04 in Q3 2024, reflecting ongoing safety performance [8]