Core Insights - CoreCivic aims for stabilized occupancy across several facilities by mid-2026, with expected annual revenue of approximately $2.5 billion and EBITDA of about $450 million, nearly $100 million higher year over year [1][6][4] Contract Awards and Revenue - Recent contract awards include the 600-bed West Tennessee Detention Facility, the 2,560-bed California City Immigration Processing Center, and the 2,160-bed Diamondback Correctional Facility, projected to generate about $260 million in annual revenue once operations normalize [2][6] - Federal revenue rose 49% year-over-year, with ICE revenue increasing by 103% to $124.4 million, while revenue from the U.S. Marshals Service declined [5][8] Occupancy and Demand - The average daily population across all managed facilities was 56,380 individuals in Q4 2025, up from 50,202 in the previous year, reflecting higher demand and new contracting activity [10] - ICE detention levels reached around 69,900 individuals nationwide in January 2026, marking an increase of nearly 10,000 from Q3 2025 [6] Financial Performance - Q4 2025 GAAP EPS was $0.26, with adjusted EPS rising to $0.27 from $0.16 a year earlier, and normalized FFO per share increased to $0.52 from $0.39 [11] - Operating margin in Safety and Community facilities was 22.2%, down from 23.6% a year earlier, but management expects margin improvement as activated facilities reach stabilized occupancy [13] Capital Structure and Share Repurchases - CoreCivic finished 2025 with total liquidity of $409.3 million and repurchased 11.2 million shares for $218.4 million during the year, representing 10.2% of shares outstanding at the beginning of the year [5][15] - For 2026, guidance includes diluted EPS of $1.49 to $1.59, FFO per share of $2.54 to $2.64, and EBITDA of $437 million to $445 million, excluding new contract awards not previously announced [16] Future Outlook - Management expects maintenance capital expenditures of $60 million to $70 million and $15 million for other capital expenditures in 2026, with an anticipated effective tax rate of 25% to 30% [16][17] - The company plans to prioritize cash flow and share repurchases while maintaining flexibility for growth opportunities [18]

Core Viewpoint - Brown & Brown, Inc. has initiated an accelerated share repurchase program for $250 million as part of a larger $1.5 billion share repurchase authorization [1] Group 1: Share Repurchase Program - The company has entered into an accelerated share repurchase program (ASR) with Bank of America, N.A. for $250 million of its common stock [1] - This ASR is part of a board-approved share repurchase authorization totaling $1.5 billion, which was announced on October 22, 2025 [1] Group 2: Company Overview - Brown & Brown, Inc. is a leading insurance brokerage firm that has been providing comprehensive and customized insurance solutions since 1939 [2] - The company operates globally with over 700 locations and employs more than 23,000 professionals [2] - Brown & Brown is committed to delivering scalable and innovative strategies for its customers throughout their growth journey [2]

Core Insights - AIG reported a net income of $735 million for Q4 2025, a decrease from $898 million in the same quarter last year [1] - The company achieved a net income of $3.1 billion for the full year 2025, a significant recovery from a net loss of $1.4 billion in 2024 [2] - AIG's general insurance gross written premiums (GWP) for 2025 were $35.83 billion, with a combined ratio of 90.1%, an improvement from 91.8% in the previous year [3] Financial Performance - In Q4 2025, AIG's property and casualty (P&C) business reported gross written premiums of $8.07 billion, slightly up from $8.02 billion a year ago [1] - The net written premiums (NWP) for the P&C division were $6.04 billion, down 1% from $6.06 billion in Q4 2024 [1] - North America commercial NWP reached $2.29 billion, an increase of 2.8%, with a combined ratio improving to 84.7% from 98.8% [2] Investment Income - Total net investment income for Q4 2025 was $872 million, a decline of 34% from $1.3 billion in the prior-year quarter [2] - For the full year, total net investment income was $4.2 billion, down 1% from $4.3 billion, primarily due to a decline in other investments [3] Shareholder Returns - AIG returned $6.8 billion to shareholders in 2025, which included $5.8 billion in share repurchases and approximately $1 billion in dividends [4] Leadership Changes - AIG's chairman and CEO Peter Zaffino announced that 2025 was an exceptional year for the company, with significant progress and financial results [5] - Eric Andersen has been appointed as president and CEO-elect, set to take over on February 16, 2026, as Zaffino transitions to executive chair [6]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Viewpoint - Shopify Inc. reported strong fourth-quarter earnings and issued positive guidance for the first quarter, yet its shares fell over 12% intra-day, indicating market concerns despite the positive financial results [1]. Financial Performance - For the fourth quarter ended December 31, 2025, Shopify achieved adjusted earnings per share of $0.57, surpassing analyst expectations of $0.51 [2]. - Revenue for the quarter increased by 31% year over year to $3.67 billion, exceeding the consensus forecast of $3.59 billion [2]. - The company marked its eleventh consecutive quarter of revenue growth of 25% or higher, excluding logistics [2]. - Free cash flow reached $715 million during the quarter, resulting in a free cash flow margin of 19% [2]. - Gross merchandise volume (GMV) grew by 31% to $123.84 billion [2]. Future Guidance - For the first quarter of 2026, Shopify expects revenue growth in the low-thirties percentage range year over year, consistent with the fourth quarter and above analyst expectations of 25.2% growth [4]. - The company anticipates a free cash flow margin in the low-to-mid teens, slightly below the level recorded in the same period of 2025 [4].

Core Viewpoint - Generac Holdings Inc. reported fourth-quarter earnings that fell short of analyst expectations due to reduced power outage activity impacting residential generator demand, although shares rose over 17% intra-day following a positive outlook [1] Financial Performance - Adjusted earnings for the quarter were $1.61 per share, missing the analyst consensus of $1.77 [1] - Revenue declined 12% year over year to $1.09 billion, below expectations of $1.16 billion [1] - For full-year 2025, net sales were reported at $4.21 billion, down 2% from $4.30 billion in 2024 [4] Segment Performance - Residential product sales, the largest segment, dropped 23% to $572 million from $743 million in the prior-year period, attributed to continued weakness in power outage activity [2] - Commercial and Industrial (C&I) product sales increased 10% to $400 million, driven by stronger demand from data center customers [3] Future Outlook - Generac initiated fiscal 2026 guidance, projecting net sales growth in the mid-teens percentage range compared to 2025 [3] - The company expects adjusted EBITDA margins of approximately 18.0% to 19.0% [3] Shareholder Actions - The board approved a new $500 million share repurchase authorization to be executed over the next 24 months, replacing the remaining balance of its prior program [4]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.24 per share, while distributable earnings were -$2.07 per share, with distributable earnings prior to charge-offs at $0.51 per share, marking an increase of over 20% from Q1 [4][20] - The book value ended the year at $20.75 per share, which includes $0.47 per share of accumulated depreciation and amortization [23] Business Line Data and Key Metrics Changes - The loan portfolio is now 99% performing, with $575 million of impaired loans resolved during the quarter, reducing the impaired loan balance to just under $90 million [5][14] - The investment portfolio stands at $20 billion, up from $19.5 billion last quarter, with the loan portfolio at $18 billion and net lease assets now representing 5% of the portfolio, up from 0 at the beginning of 2025 [13][14] Market Data and Key Metrics Changes - The real estate credit market is highly liquid, with CMBS issuance accelerating to its highest level since the GFC, up 40% year-over-year [6] - New loan requests in January were up 50% from the prior year, indicating increased enthusiasm from investors to transact [7] Company Strategy and Development Direction - The company has strategically broadened its scope to target complementary investment channels, focusing on multifamily and industrial loans, which accounted for nearly 85% of the $7 billion in investments closed in 2025 [5] - The company aims to maximize long-term shareholder value while remaining patient and disciplined in its approach [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong investment and asset management results achieved in 2025 and sees a ripe environment for bank consolidation, which may bring additional opportunities [18][19] - The company anticipates cash flows from owned real estate to decline in Q1 but expects consistent positive distributable earnings over time as assets are exited and capital is redeployed [22] Other Important Information - The company executed over $5 billion of corporate and securitized debt transactions in the past 12 months, reducing the weighted average borrowing spread by nearly 90 basis points year-over-year [8][9] - The company has been active in share repurchases, with approximately $140 million since the program's inception in July 2024 [10] Q&A Session Summary Question: Thoughts on supporting the value of loans in the portfolio - Management is exploring all opportunities to maximize shareholder value and feels good about the stock's direction given the performance in 2025 [29][30] Question: Views on the REO portfolio and specific assets - Management sees improved fundamentals and investor demand in key markets like New York and is strategically considering exits for several assets [33][35] Question: Investment in the Blackstone BREDS Fund - The fund will focus on high-quality core-plus real estate in the U.S. and Canada, with no fees for the fund commitment [39][40] Question: Future portfolio outlook and focus areas - The company intends to diversify its portfolio while maintaining its core lending strategy, with a focus on risk-adjusted returns [41][42] Question: Multifamily lending opportunities - The company views multifamily as a structurally undersupplied market and is actively lending in this space [46] Question: Initial general reserve on new loans - The current general reserve is a good proxy for the majority of the portfolio, and as the portfolio grows or shrinks, this will be a reference point [53]

Core Viewpoint - Reklaim Ltd. has announced the renewal of its Normal Course Issuer Bid (NCIB) to repurchase up to 10% of its public float, reflecting confidence in its consumer data privacy and monetization business [1] Group 1: NCIB Details - The renewed NCIB allows Reklaim to purchase for cancellation up to 13,053,580 common shares, which is 10% of its public float of 130,535,809 shares as of the notice date [1] - The NCIB will commence on February 17, 2026, and will terminate on February 11, 2027, or when the maximum number of shares has been acquired [1] - Purchases will be conducted through the TSX Venture Exchange at prevailing market prices, with Integral Wealth Securities Limited engaged to conduct purchases on behalf of the company [1] Group 2: Rationale for NCIB - The company believes that the current market price of its shares does not fully reflect the intrinsic value of its consumer data privacy platform and future growth opportunities [1] - Reklaim has the flexibility to allocate cash flow towards share repurchases instead of raising dilutive capital, viewing the NCIB as a prudent capital allocation tool under current market conditions [1] Group 3: Previous NCIB Activity - Over the past 12 months, Reklaim repurchased and cancelled a total of 209,000 common shares at prices ranging from approximately $0.09 to $0.097 per share [1]

Core Insights - Shopify reported a Q4 revenue growth of 31% year-over-year and a free cash flow margin of 19%, marking ten consecutive quarters of double-digit free cash flow margins [1][2] - For the full year 2025, Shopify achieved a revenue growth of 30%, which is 4 percentage points higher than 2024, and a free cash flow margin of 17% [2][3] - The company is focusing on AI commerce and expects 2026 to be a year of building and scaling for its merchants [2] Financial Performance - Q4 2025 GMV reached $123.841 billion, up from $94.460 billion in Q4 2024, representing a growth of 31% [3][4] - Q4 2025 revenue was $3.672 billion, compared to $2.812 billion in Q4 2024, also reflecting a 31% increase [3][4] - Gross profit for Q4 2025 was $1.693 billion, up from $1.352 billion in Q4 2024, indicating a growth of 25% [3][4] - Operating income for Q4 2025 was $631 million, compared to $465 million in Q4 2024, showing a growth of 36% [3][4] Growth Drivers - International revenue grew by 36% year-over-year, while offline revenue increased by 27% [5] - B2B GMV saw a significant growth of 96%, and Gross Payments Volume grew by 37% [5] - Shop Pay GMV experienced a growth of 62% [5] 2026 Outlook - For Q1 2026, Shopify expects revenue growth to be in the low-thirties percentage range year-over-year, similar to Q4 2025 [8] - Gross profit dollars are anticipated to grow at a high-twenties percentage rate year-over-year [8] - Free cash flow margin is expected to be in the low-to-mid teens, slightly below Q1 of 2025 [8] Share Repurchase Program - Shopify's Board of Directors has authorized a share repurchase program of up to $2 billion, which will commence on February 17, 2026 [9][28] - The program aims to execute repurchases through various means, including open-market purchases and privately negotiated transactions [9][28]

Financial Data and Key Metrics Changes - In 2025, the company reported a net income of $231.9 million and core net income of $237.5 million, resulting in a core net income per share growth of 17.4% year on year to $5.60 per share [4][5] - The net interest margin increased by 5 basis points to 2.69% from 2.64% in 2024, while the average cost of deposits fell to 150 basis points from 183 basis points in 2024 [6] - The tangible book value per common share grew by 21.7% in 2025, ending the year at $26.41 [6] Business Line Data and Key Metrics Changes - In the fourth quarter, net income and core net income were reported at $63.8 million, with earnings per share of $1.54 and a core return on average tangible common equity of 24.6% [9] - Non-interest income totaled $66.3 million in the fourth quarter, an increase of $5.1 million over the last quarter, driven by higher banking fees and foreign exchange revenues [12] - The bank's net interest income before provision for credit losses was $92.6 million, consistent with the prior quarter [10] Market Data and Key Metrics Changes - The company maintained a low risk density of 28.3%, reflecting regulatory capital efficiency [13] - Average interest-earning assets in the fourth quarter increased by $199.4 million to $13.7 billion [11] - The investment portfolio consists entirely of double A or higher-rated US Treasuries and government-guaranteed agency securities, indicating strong asset quality [14] Company Strategy and Development Direction - The company is focused on a growth strategy through mergers and acquisitions, with active dialogues with potential targets [4][5] - The bank aims to improve the overall quality of earnings for its asset-sensitive banking franchise by pursuing trust and bank acquisitions [17] - The company is committed to maintaining expense discipline while advancing its technology platform [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial results and the stability of its banking jurisdictions in Bermuda, Cayman, and the Channel Islands [16][17] - The company anticipates continued improvement in other comprehensive income (OCI) over the next 12 months [15] - Management noted that credit performance in loan and mortgage portfolios remains stable, with no systemic shifts in non-performing asset (NPA) migration [29] Other Important Information - The board approved a quarterly cash dividend of $0.50 per share, maintaining a total combined payout ratio of 97% in 2025 [4][6] - The company repurchased 3.5 million shares for a total value of $146.7 million in 2025 [6] Q&A Session Summary Question: Clarification on expense guidance - Management confirmed that quarterly core expenses are expected to settle between $90 million and $92 million, with some seasonal costs not expected to repeat in future quarters [20][21] Question: Trends in fee businesses - Management highlighted strong performance in asset management fees driven by improved underlying valuations and increased transaction volume fees, particularly in foreign exchange [25][27] Question: Non-performing assets (NPAs) movement - Management noted that NPAs have decreased, primarily due to improvements in specific commercial accounts and successful credit liquidations [28][29] Question: Non-interest deposit growth in the Cayman Islands - Management acknowledged that the increase was driven by seasonal reinsurance payments [34] Question: Opportunities in the trust business post Credit Suisse integration - Management indicated that the Singapore office is in growth mode and emphasized that growth in trust will primarily come through acquisitions [35][36]