Group 1: Company Performance - Carlisle Companies Incorporated (CSL) is benefiting from strong performance in the Carlisle Construction Materials (CCM) segment, with a 2% year-over-year revenue increase in Q1 2025 driven by robust demand for reroofing products and healthy construction activity [1] - The acquisition of MTL Holdings positively impacted sales by 4.6% in Q1 2025, enhancing CSL's architectural metals business and broadening customer offerings [3] - CSL's dividend payments in Q1 2025 totaled $45.2 million, an increase of 8.9% year-over-year, while share buybacks reached $400 million, up 166.5% year-over-year [4] Group 2: Acquisitions and Market Expansion - CSL has strengthened its business through strategic acquisitions, including ThermaFoam in February 2025, which enhanced its Insulfoam EPS business and expanded its presence in Texas and the South-Central U.S. market [2] - The acquisition of Plasti-Fab in December 2024 expanded CSL's building envelope product portfolio, reinforcing its position in the North American polystyrene insulation market [2] Group 3: Segment Challenges - The Carlisle Weatherproofing Technologies (CWT) segment experienced an 11.7% decline in organic revenues in Q1 2025 due to a slowdown in the residential construction market and project delays [9] - High selling, general, and administrative expenses have adversely impacted CSL, with a 1.8% increase in cost of sales and a 16.3% rise in selling and administrative expenses year-over-year in Q1 2025 [10]

Financial Data and Key Metrics Changes - Consolidated operating income and net sales in Q2 fiscal 2025 were record results for the company, increasing by 1915% and 1915% respectively compared to Q2 fiscal 2024 [10] - Consolidated net income increased 27% to $156.8 million or $1.12 per diluted share in Q2 fiscal 2025, up from $123.1 million or $0.88 per diluted share in Q2 fiscal 2024 [11] - Cash flow from operating activities increased 45% to $204.7 million in Q2 fiscal 2025, up from $141.1 million in Q2 fiscal 2024 [11] - Consolidated EBITDA increased 18% to $297.7 million in Q2 fiscal 2025, up from $252.4 million in Q2 fiscal 2024 [12] - Net debt to EBITDA ratio improved to 1.86 times as of April 30, 2025, down from 2.06 times as of October 31, 2024 [12] Business Line Data and Key Metrics Changes - The Flight Support Group's net sales increased 19% to a record $767.1 million in Q2 fiscal 2025, up from $647.2 million in Q2 fiscal 2024, reflecting strong organic growth of 14% [15] - The Electronic Technologies Group's net sales increased 7% to $342.2 million in Q2 fiscal 2025, up from $319.3 million in Q2 fiscal 2024, with organic growth of 4% [21] Market Data and Key Metrics Changes - The Flight Support Group's organic defense net sales increased by 18% during Q2 fiscal 2025, driven by increased demand and a substantial backlog of defense missile orders [18] - The Electronic Technologies Group's defense net sales are expected to be robust during the second half of the fiscal year due to significant backlogs and order volumes [21] Company Strategy and Development Direction - The company remains optimistic about future growth, focusing on markets like defense, space, and commercial aviation, and aims to capitalize on new opportunities while sustaining momentum across diverse industries [10] - The company is actively pursuing acquisitions, with a strong pipeline of potential targets, prioritizing transactions that are financially prudent and accretive to earnings [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving net sales growth in both the Flight Support and Electronic Technologies groups, driven primarily by strong organic demand [25] - The current administration's pro-business direction is seen as aligning well with the company's long-term goals, providing a favorable environment for innovation and expansion [10] Other Important Information - The company completed its fourth acquisition of fiscal 2025 in Q2, acquiring Rosen Aviation LLC, which is expected to be accretive to earnings within the first year [12][13] Q&A Session Summary Question: Can you provide color on the 14% organic growth and the strength in defense? - Management noted that parts and distribution were up 16% organic growth, with component repair up 11% and specialty products up 9% for the quarter, indicating strong performance across the board [29] Question: What is driving the organic growth in the parts business? - Management indicated that the growth in the parts business and repair business has been relatively comparable, with a notable increase in gross margin attributed to the specialty products, particularly in defense [31] Question: How is the company positioned regarding aftermarket growth? - Management expressed optimism about the aftermarket, noting that the company is well positioned to take advantage of cost-saving opportunities for airlines and has a strong component repair network [52][54] Question: What is the outlook for the Electronic Technologies Group in the back half of the year? - Management expects mid to high single-digit growth for the segment, with strong defense performance anticipated [78] Question: How are tariffs impacting the company's product costs? - Management stated that while tariffs may have some impact, they believe it will be fairly immaterial and that most companies do not expect a material impact on their business [96][98] Question: Can you discuss the collaboration efforts between HEICO and LENCOR? - Management confirmed that they have been able to increase the number of PMAs and are focused on ensuring that they can support the products they introduce [100]

Core Insights - IDEX Corporation (IEX) is expected to benefit from strong performance in the Fire & Safety/Diversified Products (FSDP) segment, driven by increased demand for OEM and integrated solutions [1] - The company has been enhancing its business through acquisitions, with a 4% positive impact on sales in Q1 2025 from acquisitions [2] - Recent acquisitions, including Mott Corporation and STC Material Solutions, have expanded IDEX's capabilities in applied materials science and advanced material science solutions [2][3] - IDEX is committed to rewarding shareholders through dividends and share buybacks, with dividend payments totaling $52.4 million in Q1 2025, an 8% increase year over year [4] Segment Performance - The FSDP segment is experiencing solid momentum, particularly in the aerospace end market, which is beneficial for the BAND-IT business [1] - The Health & Science Technologies (HST) segment is facing weaker volumes due to softness in semiconductor, automotive, and industrial businesses [6] - The Fluid & Metering Technologies (FMT) segment is also experiencing weakness in agriculture, energy, and semiconductor businesses, compounded by challenges in the European chemicals market [6] Financial Metrics - Selling, general and administrative expenses increased by 7.3% year over year in Q1 2025, with a rise in amortization and professional services spending [9] - As a percentage of sales, selling, general and administrative expenses increased by 130 basis points to 25.7% in the same period [9] - The cost of sales recorded a 0.5% year-over-year increase in Q1 2025 [9]

Financial Data and Key Metrics Changes - The first quarter adjusted EBITDA was $52.5 million, with adjusted diluted earnings per share of $1.26, supported by a year-over-year sales growth of 15.5% and sequential sales growth of 1.2% [6][18] - Total sales for Q1 increased to $476.6 million, with average daily sales rising from $6.9 million in January to $8.1 million in March [11][19] - Gross margins improved to 31.5%, reflecting a year-over-year increase of 151 basis points [24] Business Line Data and Key Metrics Changes - Innovative Pumping Solutions (IPS) saw a sales growth of 38.5% year over year, while Service Centers grew by 13.4% and Supply Chain Services by 2.1% [11][19] - IPS backlog continued to grow, with energy-related backlog increasing by 5.5% over Q4 [22] - Service Centers achieved a new sales watermark of $327 million, with notable growth in regions like Alaska and Texas Gulf Coast [20][18] Market Data and Key Metrics Changes - The ISM and PMI manufacturing index indicated a slight contraction, moving from 50.9 in January to 49 in March, with expectations that price increases will offset this contraction [9] - Oil and gas, representing 23% of the business, showed consistent demand, with anticipated growth driven by large projects [10] Company Strategy and Development Direction - The company remains focused on organic and inorganic growth, with a commitment to customer-driven expertise and operational improvements [5][7] - DXP is actively pursuing acquisitions to diversify its market presence, having closed one acquisition in Q1 and planning more [8][32] - The company aims to maintain a balance between strategic investments and preserving liquidity amid market uncertainties [15][31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future demand despite tariff uncertainties, noting that no significant demand effects have been observed yet [16][44] - The company is well-positioned to navigate market volatility and is focused on improving efficiencies while making strategic investments [15][17] Other Important Information - The company reported a working capital increase to $325.3 million, reflecting a rise in receivables [27] - Cash flow from operations was $3 million, impacted by growth in accounts receivable and tax payments [29] Q&A Session Summary Question: Can you share daily sales trends by month for Q1 and Q2? - Daily sales trends showed an increase from $6.8 million in January to $8.1 million in March, with April at $7.8 million [38][39] Question: Will there be any significant margin differences between Q1 and Q2? - There are no substantive factors expected to cause a significant margin difference between Q1 and Q2 [40][41] Question: Are there signs of slowing down due to tariffs and macro uncertainty? - Management noted no significant effect on demand yet, although there may be some stalling due to uncertainty around tariffs [42][44]

Financial Data and Key Metrics Changes - The company reported a net income of $86 million for Q2 2025, an increase of $18 million compared to the prior year period, driven by a $32 million increase in adjusted EBITDA [9] - Adjusted EBITDA rose by $32 million to $128 million due to higher home heating oil and propane volumes sold and improved margins [9][11] - For the first half of fiscal 2025, net income was $119 million, up $37 million from the previous year, largely due to a $34.6 million increase in adjusted EBITDA [11] Business Line Data and Key Metrics Changes - Home heating oil and propane volume increased by 27 million gallons or 23% to 144 million gallons in Q2 2025, attributed to colder weather and acquisitions [7] - Product gross profit increased by $52 million or 25% to $258 million, driven by higher sales volumes and margins [8] - The service and installation business contributed an increase in adjusted EBITDA of $1.6 million [8] Market Data and Key Metrics Changes - Temperatures during Q2 2025 were 13% colder than the previous year but still 4.5% warmer than normal, impacting heating oil and propane demand [8] - For the first half of fiscal 2025, temperatures were 9.4% colder than the prior year, contributing to a 14.7% increase in home heating oil and propane volume [10] Company Strategy and Development Direction - The company has completed $126.5 million in acquisitions since February 2024, enhancing its market presence [5] - The company raised its annual dividend by $0.05 to $0.74 per unit, reflecting a commitment to maximizing shareholder returns [5] - There is a focus on operational execution and efficiency, alongside ongoing expansion in the HVAC business [6] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the team's response to increased demand due to colder temperatures and emphasized the importance of service quality [6] - The company anticipates opportunities for further investment in the summer and is focused on business development initiatives [6] Other Important Information - The company recorded a $3.1 million expense under its weather hedge for Q2 2025, compared to a benefit of $6.5 million in the same period last year [9] - Delivery, branch, and general & administrative expenses increased by $22 million year-over-year, with $9.6 million attributed to the weather hedging program [8] Q&A Session Summary Question: Any changes to the buyback program due to recent acquisitions? - Management stated there has been no change to the buyback program, which is currently on automatic pilot [16][17] Question: Are there any acquisitions in the HVAC installation servicing business? - Management indicated that the focus is primarily on distribution side acquisitions, with limited internal organic growth in HVAC [18] Question: Any changes in customers' ability to pay? - Historically, the bad debt rate has been around 3% of sales, and management noted that customers prioritize paying for home heating oil during winter [20] Question: Anticipated impact from tariffs on heating oil prices? - Management acknowledged price increases on HVAC parts and equipment due to tariffs, ranging from 3% to 15% [24] Question: Any changes in acquisition availability due to tax or other factors? - Management noted no significant changes related to taxes but mentioned a busy heating season and potential opportunities post-season [26]

Financial Data and Key Metrics Changes - Net income for the first quarter was $15.9 million with adjusted EBITDA of $82.2 million, maintaining a quarterly distribution of $0.0375 per unit [7][6] - Distributable cash flow for the quarter was $73.7 million, representing a coverage ratio of 0.93 times, slightly lower due to a seismic license purchase [7][8] Business Line Data and Key Metrics Changes - Mineral and royalty production was 34,200 BOE per day, while total production volumes were 35,500 BOE per day, both in line with the previous quarter [7] - In East Texas, Aethon operated three rigs and turned to sales 11 gross wells in 2025, with another 17 expected for the remainder of the year [9] - In Louisiana Haynesville, two incremental high-interest wells were turned to sales in March, bringing the total to four under accelerated drilling agreements [10] Market Data and Key Metrics Changes - The company is encouraged by the strength in natural gas prices, which is expected to drive additional near-term gas-weighted activity [6][13] - The ongoing development in the Permian position includes more than 35 gross wells, with 24 already spud and nine anticipated to turn to sales in Q4 2025 [11] Company Strategy and Development Direction - The company continues to focus on high-interest acreage in both oil and gas regions, with a long-term strategy tied to natural gas [6][17] - The Board approved maintaining the quarterly distribution due to a strong financial position and asset outlook, while closely monitoring commodity environments [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy and outlook across assets, indicating a solid quarter and ongoing development [11] - The company is actively evaluating acquisition opportunities, particularly in the Shelby Trough, while remaining open to other potential acquisitions [15][17] Other Important Information - The company has been active in acquiring over $160 million in minerals since September 2023, focusing on long-term growth tied to natural gas strategy [15][16] Q&A Session Summary Question: Activity in Haynesville and Aethon's well completions - Management is encouraged by the strength in natural gas prices and anticipates continued activity levels, with Aethon on schedule for the completion of the remaining 17 gross wells [13][14] Question: Current acquisition opportunities and oil price impact - Management views ongoing acquisitions as beneficial for long-term growth, particularly in natural gas, while remaining focused on the Shelby Trough [15][16]

Financial Data and Key Metrics Changes - For Q1 2025, production averaged just under 15,000 barrels of oil equivalent per day, a 16% increase from Q4 2024 [9] - EBITDA for the quarter was $39.9 million, adjusted net income was $8 million, and GAAP net income was $2.7 million [14] - Total debt at the end of Q1 was $117 million, with a net debt to adjusted annualized EBITDA ratio of 0.7 times [14] - The company revised its 2025 production guidance to a range of 15,000 to 17,000 barrels per day, with an anticipated oil cut of 64% to 68% [14] Business Line Data and Key Metrics Changes - The acquisition of Lucero has expanded the development pipeline, which now includes 25 net wells, with 9.5 net wells either drilling or completing [9] - The company has deferred the completion of 1.9 net wells due to recent commodity price volatility [10] - Approximately 61% of oil production is hedged at a weighted average price of $70.75 per barrel [11] Market Data and Key Metrics Changes - The company has chosen not to close on $20 million of acquisitions due to market conditions [10] - The overall pipeline of development wells is higher than ever, primarily due to the Lucero acquisition [9] Company Strategy and Development Direction - The company aims to invest capital at the highest rates of return possible, allowing for capital returns to shareholders through all cycles [7] - The board reaffirmed the annual dividend at a rate of $2.25 per share, reflecting confidence in the business model [8] - The company is actively looking for acquisition opportunities that meet their return hurdles, especially in a volatile market [21][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to maintain dividends despite current pricing environments [32] - The company is prepared to adapt its capital expenditures based on market conditions to protect long-term shareholder returns [15] - There is an ongoing assessment of operator behavior and AFE quality, with no significant changes noted [40] Other Important Information - G&A expenses increased due to the Lucero acquisition, with a projected run rate of about $4 per BOE [54] - Litigation costs are expected to continue into the second quarter due to an upcoming trial [56] Q&A Session Summary Question: What drives the guidance range? - Management indicated that the timing of well completions and potential acquisitions are key factors influencing the guidance range [18][19] Question: How does the company view buybacks in the current environment? - The focus remains on maintaining the fixed dividend, with buybacks considered in the context of capital investment and cash flow [23][25][27] Question: How is the Lucero acquisition performing? - The integration of Lucero assets is proceeding as expected, with performance aligning with initial underwriting [34] Question: What is the outlook for capital expenditures? - The company has a wide CapEx range to allow flexibility for attractive acquisitions, with $10 million currently underwritten for base case acquisitions [48][51] Question: Are there any early signs from operators regarding AFE quality? - Management noted no significant changes in AFE quality, with a trend towards longer laterals being observed [40] Question: Is the company looking at other basins for acquisitions? - The company is receiving inquiries from stressed private companies and is actively looking at other basins for potential acquisitions [44][45]

Financial Data and Key Metrics Changes - The first quarter of 2025 marked a strong start for the company, highlighted by record leasing activity and stable core financial performance [5][6] - The company has affirmed its previously issued full year 2025 guidance for core FFO, anticipating a stronger second half of the year [10] Business Line Data and Key Metrics Changes - Approximately 70% of 1,600,000 square feet of speculative space greater than 100,000 square feet included in guidance has now been leased, contributing to occupancy growth [17] - The company has approximately $205,000,000 of acquisitions under agreement, representing roughly 2,000,000 square feet at a targeted initial NOI yield of 6.5% to 6.75% [9][19] Market Data and Key Metrics Changes - The company is well positioned to scale its platform with nearly 30% of annual rents rolling in 2025 and 2026 in markets benefiting from sequential rent growth [6] - The company has observed an increase in short-term space requirements driven by tenants responding to inventory adjustments and shifting trade flows [6][31] Company Strategy and Development Direction - The strategic focus remains on acquiring infill industrial properties in dense supply-constrained submarkets, contrasting with larger warehouses that face longer lease-up periods [6][8] - The acquisition strategy is focused on expanding within existing markets, funded largely by proceeds from the Sixth Street transaction [8][10] Management's Comments on Operating Environment and Future Outlook - Management has noted that they have yet to see any material interruptions across the portfolio, but are actively monitoring the impact of geopolitical and trade landscape changes [6] - The company expects a projected year-end same-store occupancy of about 97.3%, despite a temporary 130 basis point vacancy expected in Q4 [17][51] Other Important Information - The company has strong liquidity with over 88% of its debt being fixed and no debt maturities in 2025 [9] - The watch list includes five tenants occupying a combined 290,000 square feet, with a total ABR of less than 1%, and all but one tenant is current on rent [43] Q&A Session Summary Question: Confidence in renewal and backfill prospects - Management confirmed that the renewal for the St. Louis asset has been signed and negotiations for ODW are ongoing [13][14] Question: Key drivers behind acceleration in same-store growth - Management indicated that the St. Louis asset is a key contributor to growth, with a projected year-end same-store occupancy of about 97.3% [16][17] Question: Funding sources for acquisitions - The funding mechanism for acquisitions will primarily be through the line of credit, with an additional $79,000,000 to draw from Series C preferred in May [19] Question: Buyback priorities - Management stated that they did not repurchase shares during Q1 and emphasized a balanced approach to capital deployment [23][25] Question: Changes in collections or bad debt - Management reported no significant changes in collections or bad debt, with 35 basis points of bad debt embedded in guidance [43] Question: Capacity for future acquisitions - Management indicated that there remains ample capacity for acquisitions beyond the current agreements before needing to consider raising equity [54]

Core Insights - Authentic Holdings, Inc. has completed the acquisition of Goliath Motion Pictures Entertainment, which adds $11 million in tangible assets to its balance sheet [2][4] - The acquisition will enable Authentic Holdings to leverage Goliath's content for Video on Demand opportunities and develop revenue share programs with corporate media distribution companies and independent station owners [2][3] - Goliath's library includes award-winning shows and films, enhancing audience engagement and expanding Maybacks' advertising market footprint [3][6] Financial Impact - The acquisition significantly enhances Authentic Holdings' shareholder equity, which is crucial for potential uplisting to a higher exchange in the future [4] - The purchase was made through issuing Convertible Preferred Stock, which will not have immediate dilutive effects on shareholders, allowing for substantial growth during the hiatus period [5] Strategic Goals - The acquisition allows Authentic Holdings to expand its presence in 61 Designated Market Areas (DMAs) with a goal of reaching 100 DMAs and achieving a $50-100 rate card for 30-second ad spots [2][3] - The integration of Goliath's content library is expected to redefine audience engagement across various platforms, positioning Maybacks for long-term financial growth [6]

Financial Data and Key Metrics Changes - The company achieved a GAAP diluted earnings per share of $1.37, an increase of 15.1% year-over-year, and adjusted diluted earnings per share of $1.52, an increase of 16.9% [25] - Consolidated GAAP revenue and adjusted revenues were both $1,200,000,000, reflecting a 16.1% increase [25] - GAAP net income was $80,300,000, up 16.6%, while adjusted net income reached $89,000,000, an increase of 18% [25][26] - The company raised its annual 2025 earnings guidance to between $6.22 and $6.38 per diluted share, up from $6.16 to $6.34 per diluted share, representing a 14.5% increase over 2024 results [9][29] Business Line Data and Key Metrics Changes - Same store occupancy increased to 82.6%, while transitioning occupancy rose to 83.5%, both showing significant improvement over the prior year [8] - Skilled census increased by 7.6% for same store operations and 9.9% for transitioning operations compared to the prior year [8] - Managed care census grew by 8.9% for same store and 15.6% for transitioning operations over the prior year [8] Market Data and Key Metrics Changes - The company added 47 new operations since January 2024, including 19 new operations in the latest quarter, expanding its footprint across multiple states [12][14] - The addition of 1,906 new skilled nursing beds and 200 senior living units across eight states demonstrates the company's growth strategy [13] Company Strategy and Development Direction - The company is focused on organic growth potential in its existing portfolio while continuing to pursue acquisition opportunities [10][17] - There is a commitment to maintaining a disciplined acquisition strategy, ensuring that growth aligns with leadership capabilities and market conditions [17][18] - The company aims to deepen its presence in established markets while exploring new opportunities in regions like the Southeast [16][69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve sustainable growth despite external challenges, emphasizing strong operational fundamentals [7][11] - The company is actively involved in advocacy regarding potential changes in Medicaid funding, ensuring that its interests are represented [38][40] - Management noted that the operating environment remains favorable, with opportunities for both leasing and acquiring post-acute care assets [17][18] Other Important Information - The company reported cash and cash equivalents of $282,700,000 and cash flow from operations of $72,200,000 [26] - A quarterly cash dividend of $6.25 per common share was declared, continuing a history of annual dividend increases for 22 consecutive years [28] Q&A Session Summary Question: Can you provide an overview of the appetite for value-based and outcome-based contracts? - Management highlighted a long history of engagement with managed care, emphasizing local partnerships that drive clinical success and financial returns [33][34] Question: What are the latest thoughts on potential Medicaid cuts? - Management is actively involved in advocacy efforts to educate Congress on the implications of potential changes to Medicaid funding, noting a focus on the expansion population [38][40] Question: How sustainable is the current pace of investment? - The company noted a strong deal flow and a disciplined approach to acquisitions, with a focus on real estate investments [48][49] Question: Are there still staffing constraints affecting admissions? - Management indicated that while the sector has not fully recovered from staffing shortages, the company has successfully filled positions to maintain occupancy levels [54][56] Question: What is the anticipated Medicaid rate update across the portfolio? - Management stated that discussions with states regarding Medicaid funding are ongoing, but there has been no proactive engagement due to the fluid nature of federal discussions [71][73]