Financial Data and Key Metrics Changes - The adjusted EBITDA for Q4 2025 was $66 million, aligning with the upwardly adjusted guidance, while the full-year adjusted EBITDA reached $276 million [5][6] - The consolidated revenue decreased due to net non-same-unit activity of $26 million, but same-unit growth was 4% with pricing up just under 7% [7][8] - Operating cash flow for Q4 was $115 million, down from $135 million in the prior year, primarily due to decreases in cash flow from accounts payable and accrued liabilities [9] Business Line Data and Key Metrics Changes - Patient service volumes decreased by just under 3%, with NICU days down about 2% [7][8] - Despite volume declines across service lines, pricing was driven by solid revenue cycle management cash collections and favorable payer mix [7][8] Market Data and Key Metrics Changes - The company anticipates full-year revenue for 2026 to be approximately $1.9 billion, in line with 2025 [10] - The G&A expense for 2026 is projected to be between $230 million and $240 million, compared to $241 million in 2025 [10] Company Strategy and Development Direction - The company is focusing on quality care and has introduced new programs to align physicians with the organization, including cash bonuses and stock price tracking elements [12][13] - There are plans to leverage telemedicine and expand in NICUs and maternal-fetal medicine, with a strong presence in OB hospital medicine [14][15] Management's Comments on Operating Environment and Future Outlook - Management expects steady metrics for 2026, including volume, acuity, and payer mix, with a preliminary outlook of adjusted EBITDA between $280 million and $300 million [6][10] - The company is monitoring potential impacts from ACA subsidies and government enrollment changes, but currently sees no significant changes in payer mix [29][30] Other Important Information - The company ended Q4 with cash of $375 million and net debt of just over $220 million, reflecting a net leverage of just under 1x [9] - The company has not factored any contributions from M&A activity into the 2026 guidance but is open to opportunities that align with its core strengths [11][41] Q&A Session Summary Question: Drivers of revenue growth for 2026 - Management indicated that the revenue growth assumes flat volume and pricing, with no significant changes expected [18] Question: Reasons for negative patient volume year-over-year - The decrease in volume was attributed to tough comparisons from the previous year's fourth quarter [20] Question: Details on variable compensation expenses - Management noted that various factors influenced fourth-quarter operations, emphasizing alignment with physicians rather than smoothing effects [26] Question: Insights on pricing strength and sustainability - Pricing was up just under 7%, driven by strong RCM collections and favorable payer mix, with expectations for stability moving into 2026 [47][50]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q4 2025 was $66 million, aligning with the upwardly adjusted guidance, while the full-year adjusted EBITDA reached $276 million [4] - The company expects 2026 adjusted EBITDA to be in the range of $280 million to $300 million, representing a 5% increase from 2025 [5] - Consolidated revenue decreased due to net non-same-unit activity of $26 million, but same-unit growth was 4% with same-unit pricing up just under 7% [6][9] Business Line Data and Key Metrics Changes - Patient service volumes decreased by just under 3%, with NICU days down about 2% [6] - Variable practice incentive compensation and salary and benefits increased on a same-unit basis, while salary growth for Q4 was modestly below the previous six-quarter average of around 3% [7] Market Data and Key Metrics Changes - The company ended Q4 with cash of $375 million and net debt of just over $220 million, reflecting a net leverage of just under 1x [8] - The accounts receivable days sales outstanding (AR DSO) improved to 42.8 days, down almost 5 days year-over-year due to better cash collections [8] Company Strategy and Development Direction - The company is focusing on quality care and has introduced new programs to align physicians with the company's goals, including cash bonuses and stock price tracking elements [11] - There are plans to leverage telemedicine and expand in NICUs and maternal-fetal medicine, with a strong presence in OB hospital medicine [12][13] - The company aims to maintain its balance sheet strength while exploring growth opportunities without diluting its core pediatrics and obstetrics focus [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that the decrease in patient volume was primarily due to tough comparisons from the previous year [20] - The company is closely monitoring potential impacts from ACA subsidies and payer mix changes, but currently sees no significant changes [28][30] - The guidance for 2026 assumes steady metrics similar to those in 2025, with no significant changes expected [33] Other Important Information - The company has not factored in any contributions from M&A activity in 2026 but is open to opportunities that align with its core strengths [10][41] - The company anticipates a decline in G&A expenses for 2026, forecasting them to be in the range of $230 million to $240 million [9] Q&A Session Summary Question: Drivers of revenue growth for 2026 - Management expects flat volume and pricing for 2026, with no significant changes anticipated [18] Question: Reasons for negative patient volume year-over-year - The decrease in volume was attributed to tough comparisons from the previous year's fourth quarter [20] Question: Details on variable compensation expenses - Management indicated that alignment with physicians is a key driver, rather than smoothing effects [25] Question: Guidance on pricing and payer mix - Management expects pricing to remain steady, with some favorable payer mix observed in 2025 [30] Question: Insights on G&A cost reductions - Management noted a small expected decline in G&A expenses, with no specific factors driving this [36] Question: Share repurchase plans - Management anticipates a smaller amount of stock buyback compared to 2025 [38] Question: Growth opportunities and potential M&A - Management is exploring various growth avenues, including telemedicine and physical practices, while being cautious about M&A that could dilute core strengths [39][41]

Q1 2025 Earnings Call Presentation Q4 2025 Earnings Call Presentation For a discussion of the material risks and other important factors that could affect our actual results, please refer to our most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the SEC. These documents are also available on our investor section of our website. Additionally, non-GAAP financial measures will be shared. Refer to the tables included within this presentation as well as in our earnings ...

Ivanhoe Mines reports profit of $228M and adjusted EBITDA of $578M for 2025Kamoa-Kakula generates 2025 revenue of $3.28B and EBITDA of $1.45B, at a margin of 44%, despite lower production and sales since MayKamoa-Kakula cost of sales of $2.82/lb., and cash cost (C1) of $2.16/lb., achieving revised 2025 guidanceKamoa-Kakula cash cost (C1) guidance of $2.20/lb. to $2.50/lb. for 2026, decreasing to $1.90/lb. to $2.30/lb. for 2027Ramp up of Africa's largest and highest-technology copper smelter advancing ahead ...

Core Insights - Tenaris S.A. reported its financial results for the fourth quarter and full year of 2025, showing resilience in sales despite challenging market conditions [2][3]. Financial Performance - In Q4 2025, net sales reached $2,995 million, a 1% increase from Q3 2025 and a 5% increase from Q4 2024 [3]. - Operating income for Q4 2025 was $554 million, down 7% from Q3 2025 and down 1% from Q4 2024 [3]. - Net income for Q4 2025 was $461 million, a 2% increase from Q3 2025 but an 11% decrease from Q4 2024 [3]. - The company reported EBITDA of $717 million in Q4 2025, reflecting a 5% decrease from Q3 2025 and a 1% decrease from Q4 2024 [3]. Cash Flow and Liquidity - Free cash flow for Q4 2025 was $665 million, with a net cash position of $3.3 billion as of December 31, 2025 [4][19]. - Cash generated from operating activities in Q4 2025 was $787 million, significantly higher than $318 million in Q3 2025 [18]. Market Background and Outlook - The oil and gas sector is experiencing volatility, but companies are optimistic about long-term demand and investment plans [5]. - Drilling activity in the U.S. and Canada is expected to remain stable, while no major changes are anticipated in other regions [5][6]. Dividend Proposal - The board of directors plans to propose a dividend of $0.89 per share, totaling approximately $900 million, subject to shareholder approval [7]. Segment Performance - In the Tubes segment, net sales for Q4 2025 were $2,839 million, a 1% decrease from Q3 2025 but a 5% increase year-on-year [8]. - Seamless pipe sales volume in Q4 2025 was 776 thousand metric tons, a 1% decrease from Q3 2025 but a 4% increase from Q4 2024 [8]. - The Others segment saw a 51% increase in net sales sequentially, driven by resumed fracking and coiled tubing services in Argentina [12]. Annual Results - For the full year 2025, net sales totaled $11,981 million, a 4% decrease from 2024 [20]. - Operating income for 2025 was $2,283 million, down 6% from 2024 [20]. - The Tubes segment reported net sales of $11,400 million for 2025, a 4% decrease from 2024 [22].

Core Insights - Republic Services, Inc. (RSG) reported mixed fourth-quarter 2025 results, with earnings exceeding estimates while revenues fell short [1][10] Financial Performance - RSG's earnings per share (EPS) for Q4 2025 was $1.76, beating the Zacks Consensus Estimate by 8.7% and reflecting an 11.4% increase year-over-year [1][10] - Total revenues for the quarter were $4.1 billion, missing the consensus estimate by 1.8% but showing a 2.2% year-over-year growth [1][10] Segment Performance - Collection segment revenues reached $2.8 billion, up 3.8% year-over-year but below the consensus estimate of $2.9 billion [3] - Environmental Solutions revenues were $422 million, down 12.4% year-over-year and missing the consensus projection of $438.2 million [3] - Transfer segment revenues were $214 million, increasing 5.4% year-over-year and surpassing the consensus estimate of $213.5 million [4] - Landfill segment revenues totaled $467 million, also up 5.4% year-over-year but falling short of the consensus projection of $484 million [4] - Other segment revenues were $200 million, rising 5.3% year-over-year but missing the consensus estimate of $208.6 million [4] Operating Results - Adjusted EBITDA for Q4 was $1.3 billion, reflecting a 3.4% increase from the previous year, with an adjusted EBITDA margin of 31.3%, up 30 basis points year-over-year [5][10] Balance Sheet and Cash Flow - At the end of Q4 2025, RSG had cash and cash equivalents of $76 million, down from $84 million at the end of Q3 2025 [6] - Long-term debt increased to $13 billion from $12.4 billion in the previous quarter [6] - Cash generated from operating activities was $981 million, with adjusted free cash flow at $242 million and capital expenditure of $577 million [6] 2026 Guidance - For 2026, RSG expects revenues between $17.05 billion and $17.15 billion, lower than the consensus mark of $17.33 billion [7] - The company anticipates adjusted EPS in the range of $7.20-$7.28, with the midpoint below the Zacks Consensus Estimate of $7.26 [7] - Adjusted EBITDA is projected to be between $5.475 billion and $5.525 billion, while adjusted free cash flow is expected to be $2.52 billion to $2.56 billion [7]

The Andersons (NasdaqGS:ANDE) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsBill Krueger - President and CEOBrian Valentine - EVP and CFOMike Hoelter - VP of Corporate Controller and Investor RelationsConference Call ParticipantsBen Klieve - Equity Research AnalystBen Mayhew - AnalystPooran Sharma - AnalystOperatorAs a reminder, this conference is being recorded for playback purposes. I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corpora ...

Core Viewpoint - SunCoke Energy is focusing on recovery in 2026 after a challenging 2025, driven by weaker market conditions and contract disputes, while emphasizing capital allocation towards dividends and debt reduction [4][7]. Contractual Agreements - SunCoke extended its Granite City coke-making contract with U.S. Steel through December 2026 and its Haverhill Two contract with Cleveland-Cliffs through December 2028, maintaining similar economic terms [1]. - A new take-or-pay coal handling agreement at KRT is expected to benefit the company for a full year in 2026 [1]. Financial Performance - For 2025, SunCoke reported consolidated adjusted EBITDA of $219.2 million, down $53.6 million from the previous year, impacted by lower terminal handling volumes and a shift in sales mix [2][11]. - The company experienced a net loss of $1.00 per share in Q4 2025, attributed to one-time items totaling $0.85 per share after tax [8]. - Full-year net loss was $0.52 per share, down $1.64 from 2024, influenced by impairment charges and lower contract economics [9]. Operational Updates - SunCoke's domestic coke segment delivered full-year adjusted EBITDA of $170.0 million, down $64.7 million from the prior year due to a sales mix shift and contract breaches [12]. - The company generated operating cash flow of $109.1 million in 2025, negatively impacted by $29.3 million in acquisition-related costs and $30 million from Algoma's breach [13]. 2026 Guidance - Management guided for consolidated adjusted EBITDA of $230–$250 million in 2026, with free cash flow expected to be $140–$150 million [7][15]. - Domestic coke adjusted EBITDA is anticipated to decrease by $2 million to $8 million, while industrial services adjusted EBITDA is expected to rise by $28 million to $38 million [15]. Integration and Synergies - The Phoenix Global acquisition is projected to contribute approximately $60 million of annual EBITDA and $5–10 million in synergies, enhancing industrial services adjusted EBITDA to $90–$100 million in 2026 [5][23]. - Integration of Phoenix is progressing, with management confirming the anticipated EBITDA contribution and synergy opportunities [23]. Capital Expenditures and Liquidity - Capital expenditures for 2026 are projected to be $90 million to $100 million, reflecting a full year of Phoenix capital requirements [18]. - SunCoke ended 2025 with $88.7 million in cash and $132 million available under its revolver, totaling about $221 million in liquidity [14]. Operational Challenges - The company is facing operational disruptions at the start of 2026 due to a turbine failure and severe winter weather, with an estimated impact of about $10 million in Q1 [21]. - SunCoke continues to pursue arbitration against Algoma for a breach of contract, which is expected to affect volumes for both 2025 and 2026 [22]. Future Events - SunCoke plans to host a virtual Investor Day on February 26 to discuss recent developments and engage with investors [24].

Core Viewpoint - BHP Group Limited reported mixed financial results, with earnings per share falling short of estimates while revenue exceeded expectations, driven primarily by strong copper performance [2][6]. Financial Performance - BHP's earnings per share (EPS) was $2.24, below the estimated $2.41 [2][6]. - The company generated revenue of $27.9 billion, surpassing the anticipated $27.34 billion [2][6]. - Underlying EBITDA was reported at $15.5 billion, slightly ahead of expectations [3]. - The underlying net profit after tax was $6.2 billion, which fell short of forecasts due to various factors [4]. Copper Focus - Copper contributed 51% of BHP's EBITDA with a 66% margin, highlighting its increasing significance to the company [2][4][6]. - The EBITDA from copper was $8 billion, exceeding that of iron ore, indicating a strategic shift towards copper [4]. Dividend and Cash Flow - BHP announced a dividend per share of 73 cents, exceeding RBC's estimate of 69 cents and the consensus figure of 63 cents [3][6]. - The dividend payout ratio was 60%, which was a positive surprise for investors [3]. Financial Metrics - BHP has a price-to-earnings (P/E) ratio of approximately 20.69 and a price-to-sales ratio of about 3.63 [5]. - The enterprise value to sales ratio is around 3.88, and the enterprise value to operating cash flow ratio is approximately 10.64 [5]. - The company's debt-to-equity ratio stands at approximately 0.51, indicating a moderate level of debt [5].

Core Insights - Waste Connections, Inc. (WCN) reported fourth-quarter 2025 earnings that slightly exceeded the Zacks Consensus Estimate, with an 11.2% year-over-year increase in earnings and a 5% year-over-year growth in revenues [1][9] - Despite the earnings beat, the stock price fell by 6.6% following the results announcement on February 11, reflecting investor disappointment [1] - Over the past year, WCN shares have decreased by 14%, contrasting with a 3.5% decline in the industry and a 15.3% increase in the Zacks S&P 500 Composite [1] Segment Performance - The Solid Waste Collection segment generated $1.7 billion in revenues, marking a 5.8% year-over-year increase [2] - Revenues from the Solid Waste Disposal and Transfer segment rose by 5.4% year-over-year to $757.1 million, driven by solid core pricing [2] - The Solid Waste Recycling segment experienced a 14.3% decline in revenues, totaling $51.2 million [3] - The E&P Waste Treatment, Recovery and Disposal segment reported revenues of $171.1 million, reflecting a 16.9% year-over-year increase [3] - The Intermodal and Other segment saw revenues of $42.3 million, down 7.9% from the previous year [3] Operating Results - Adjusted EBITDA for the quarter was $731.9 million, an 8% decrease from the prior year, with an adjusted EBITDA margin of 32.4%, down 110 basis points year-over-year [4] - The company recorded an operating loss of $199.1 million, compared to an operating income of $420.8 million in the same quarter last year [4] Balance Sheet & Cash Flow - At the end of the fourth quarter of 2025, Waste Connections had cash and cash equivalents of $46 million, down from $117.6 million in the previous quarter [5] - The long-term debt and notes payable increased to $8.8 billion from $8 billion in the third quarter of 2025 [5] - The company generated $556.9 million in cash from operating activities, with adjusted free cash flow of $175.6 million and capital expenditures totaling $261.1 million [6] - During the quarter, Waste Connections paid out $89.9 million in dividends [6] FY26 Outlook - For the fiscal year 2026, Waste Connections anticipates revenues between $9.9 billion and $9.95 billion, with the Zacks Consensus Estimate at $9.95 billion [7] - Adjusted EBITDA is expected to be in the range of $3.3 billion to $3.325 billion [7] - Waste Connections currently holds a Zacks Rank of 4 (Sell) [7]