Chemed Corporation Overview - Chemed's Adjusted EBITDA margin was 20% in 2023[10, 18] - Chemed's Adjusted net income increased 13.8% from 2023 to 2024[10, 18] - Chemed's Adjusted diluted EPS from continuing operations increased 13.9% from 2023 to 2024[10, 18] Roto-Rooter - Roto-Rooter's service revenues and sales decreased by 5.2% from 2023 to 2024[10] - Roto-Rooter's adjusted net income decreased by 13.5% from 2023 to 2024[10] - Roto-Rooter's service revenues and sales were $900309 thousand in 2024[36] - Roto-Rooter's Adjusted EBITDA was $237087 thousand in 2024[36] VITAS Healthcare - VITAS's service revenues and sales increased by 16.4% from 2023 to 2024[10] - VITAS's adjusted net income increased by 38.9% from 2023 to 2024[10] - VITAS's revenues were $408 million in Q3 2025[47] - VITAS's net service revenue was $1530978 thousand in 2024[78]

Third Quarter 2025 Earnings Call October 29, 2025 Forward-Looking Statements Certain statements contained in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation may contain "forward-looking statements" with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they c ...

Earnings Presentation Third Quarter 2025 Enabling Technology. Growing Sustainably. Legal Notices SAFE HARBOR Please note that in this presentation, we may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. Such discussion and statements will often contain words such as "expect," "anticipate," "p ...

Financial Performance - Q3 2025 - Net sales reached $4252 million, a 10% increase compared to Q3 2024[9, 13] - Adjusted EBITDA was $148 million, up 6% year-over-year[9, 14] - Adjusted diluted EPS increased by 13% to $205[9, 15] - Adjusted free cash flow increased by 15% to $123 million[9, 16] Segment Performance - Q3 2025 - Mineral Fiber (MF) segment net sales grew by 6% to $274 million[9, 18] - Mineral Fiber adjusted EBITDA increased by 6% with a margin of 436%[9, 19] - Architectural Specialties (AS) segment net sales increased by 18% to $1512 million[9, 23] - Architectural Specialties organic sales grew by 6% with an adjusted EBITDA margin of 198%[11, 24] Year-to-Date 2025 Performance - Net sales increased by 14% to $1233 billion[9, 28] - Adjusted EBITDA increased by 15% to $431 million[9, 28] - Adjusted diluted net earnings per share increased by 21% to $580[9, 28] - Adjusted free cash flow increased by 22% to $259 million[9, 28] Full Year 2025 Guidance - Net sales are projected to be between $1623 billion and $1638 billion, representing a 12% to 13% year-over-year increase[36] - Adjusted EBITDA is expected to be between $553 million and $563 million, a 14% to 16% year-over-year increase[36] - Adjusted diluted EPS is projected to be between $745 and $755, an 18% to 20% year-over-year increase[36] - Adjusted free cash flow is expected to be between $342 million and $352 million, a 15% to 18% year-over-year increase[36]

Core Points - VSE Corporation held its Third Quarter 2025 Results Conference Call, featuring remarks from the President and CEO, John Cuomo, and a financial update from CFO Adam Cohn [1]. Group 1: Conference Call Details - The conference call was recorded and included instructions for participants [1]. - The presentation materials are available on the company's website for participants to follow along [2]. Group 2: Financial Reporting - The discussion included forward-looking statements regarding future business and financial expectations, with a note that actual results may differ due to various risks and uncertainties [2]. - The company is using non-GAAP financial measures in its presentation, with reconciliations to GAAP financials available on the website [3].

Financial Data and Key Metrics Changes - For Q3 2025, diluted earnings per share increased to $0.96 from $0.86 in the linked quarter, primarily due to a reduction in provision for credit losses and an increase in net interest income [19][22] - Net interest income rose to $43 million from $42.5 million in the linked quarter, with a net interest margin of 4.05%, slightly down from 4.07% [19][20] - The allowance for credit losses to total loans held for investment ratio remained at 1.45%, with a provision for credit losses of $500,000 compared to $2.5 million in the linked quarter [22] Business Line Data and Key Metrics Changes - Loans held for investment decreased by $45.5 million to $3.05 billion, primarily due to a $46.5 million decrease in multifamily property loans [10] - The indirect auto loan portfolio remained relatively unchanged at $239 million, with a focus on maintaining credit quality [13][14] - Non-interest income for Q3 was $11.2 million, down from $12.2 million in the linked quarter, mainly due to a decrease in mortgage banking revenues [17] Market Data and Key Metrics Changes - Deposits increased by $142.2 million to $3.88 billion, driven by organic growth in both retail and commercial deposits, particularly in the Lubbock market [20] - Non-interest bearing deposits increased to 27% of total deposits, up from 26.7% in the linked quarter [20] Company Strategy and Development Direction - The company aims to grow its lending team by up to 20% to accelerate loan growth, with a focus on recruiting experienced lenders in key markets such as the Permian, Houston, and Dallas [6][12] - The company is exploring further acquisitions while maintaining a conservative approach, focusing on cultural fit and successful banks with loyal customer bases [7][49] - The management emphasizes organic growth initiatives, stating that they are in the early stages and expect significant growth in the coming year [8][99] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about loan growth reaccelerating in 2026 as the level of payoffs is expected to diminish [16] - The company remains cautious about economic conditions but believes it is well-positioned to manage varying economic environments [22] - Management highlighted the importance of maintaining credit quality and monitoring potential credit stress in the indirect auto portfolio [72][78] Other Important Information - The company redeemed $50 million in subordinated debt, which was expected to result in a lower interest expense moving forward [23] - The tangible common equity to tangible assets ratio was 10.25%, indicating a strong capital position [24] Q&A Session Summary Question: Plans for increasing the lending team - Management confirmed plans to increase the lending team by up to 20%, with current numbers indicating over 10% growth achieved so far this year [27][28] Question: Concerns about subprime and deep subprime loans - Management clarified that the increase in subprime and deep subprime concentrations is due to updated data, not an actual increase in risk [34][35] Question: Impact of redeemed subordinated debt - Management stated there were no expenses incurred from redeeming the subordinated debt, as it was done within the call period [36][38] Question: Previous hiring initiatives and their success - Management reflected on past hiring initiatives, emphasizing a rigorous process to ensure cultural fit and successful integration [42][43] Question: M&A target criteria - Management reiterated that cultural fit is crucial for any acquisition, alongside the need for successful banks with loyal customer bases [47][49] Question: Credit score migration concerns - Management acknowledged some downward migration in credit scores but noted that delinquencies have not risen, indicating a stable credit profile [72][78]

Core Viewpoint - FRP Holdings, Inc. has announced a strategic acquisition of Altman Logistics, indicating a significant move in its growth strategy [1]. Group 1: Company Overview - The conference call was led by CFO Matt McNulty, with key executives including CEO John Baker III and COO David deVilliers III present [2]. - The acquisition aims to enhance FRP Holdings' operational capabilities and market position within the logistics sector [1]. Group 2: Financial Disclosures - The company provided disclosures regarding forward-looking statements, emphasizing that actual results may differ due to various risks and uncertainties [3]. - Non-GAAP financial measures such as net operating income (NOI) and pro rata NOI were mentioned, which the company uses to supplement its financial results [4].

Summary of FRP Holdings Inc. Conference Call on Acquisition of Oatman Logistics, LLC Company and Industry - **Company**: FRP Holdings Inc. - **Acquisition Target**: Oatman Logistics, LLC - **Industry**: Industrial real estate development Core Points and Arguments 1. **Strategic Acquisition**: FRP Holdings announced the acquisition of Oatman Logistics to enhance its industrial business development platform, closing the deal on October 21, 2025 [5][6] 2. **Financial Details**: The total purchase price for the acquisition was $23.6 million, along with a $10 million guarantee fund for existing construction loans [6] 3. **Project Portfolio Expansion**: The acquisition includes raising FRP's ownership interest to 100% in two ongoing projects in Florida, scheduled for completion in 2026 [5][6] 4. **Expected Returns**: The company anticipates generating a 15% to 20% internal rate of return (IRR) at the property level from the acquired projects [8] 5. **Growth Plan**: The acquisition is part of a broader growth strategy aiming to double the company's net operating income (NOI) and increase its valuation to over $1 billion [8][9] 6. **Team Acquisition**: The deal not only adds projects but also brings in a talented team with proven expertise, which is expected to accelerate FRP's growth and market reach [10][11] 7. **Market Expansion**: The acquisition allows FRP to enter new geographic markets, particularly in South and Central Florida, and the Tri-State area, which were previously untapped [17][24] 8. **Development Strategy**: The company plans to continue the Oatman Logistics Properties Model, focusing on developing and selling projects while also pursuing in-house development [9][42] 9. **Long-term Vision**: FRP aims to grow its portfolio significantly, potentially reaching $2 billion in value over the next decade, while maintaining a diversified approach to asset classes [51][52] Important but Overlooked Content 1. **Non-GAAP Measures**: The company uses non-GAAP financial measures such as Net Operating Income (NOI) and Pro Rata NOI to assess its performance, which are crucial for understanding its financial health [3] 2. **Market Risks**: The management acknowledged potential risks related to market downturns and oversupply in certain segments, emphasizing their strategy to focus on smaller, less institutionalized properties [49][50] 3. **Cost of New Team**: The annual cost of integrating the new team is estimated to be between $3.5 million to $4 million, with expected development fees covering a portion of this cost [40] 4. **Future Development Pace**: The company plans to maintain its current pace of developing three new industrial properties every two years, while also managing additional projects from the acquisition [41][42] 5. **Diversification Strategy**: While industrial development is a focus, FRP remains committed to multifamily projects, indicating a balanced approach to its investment strategy [47][48]

Financial Data and Key Metrics Changes - The company reported a 4% increase in total service revenue to $39.7 million compared to Q3 2024, driven by growth in various business segments [4][5] - GAAP earnings before income taxes improved by $6.8 million to a pre-tax loss of $1.7 million in Q3 2025, compared to a pre-tax loss of $8.5 million in the same quarter last year [5] - Operating cash flow improved by $2.3 million year-over-year, ending the quarter with $28.6 million in unrestricted cash [5] Business Line Data and Key Metrics Changes - The service earning real estate segment generated $31.2 million in revenue, a 3% increase from Q3 2024, with adjusted EBITDA of $10 million, reflecting a slight increase of $100,000 [6][8] - The origination segment saw service revenue rise by 9% to $8.5 million, while adjusted EBITDA remained flat at $900,000, with margins declining to 10.3% [9][10] - The corporate segment reported an adjusted EBITDA loss of $7.3 million, which was $100,000 higher than the previous year [11] Market Data and Key Metrics Changes - The residential mortgage default market showed 90-plus-day mortgage delinquency rates at 1.3%, with foreclosure starts increasing by 19% and foreclosure sales by 10% year-over-year [11][12] - The real estate market is perceived to be weakening, indicated by higher inventory and extended sales timelines [12] - Mortgage origination unit volume increased by 17% year-to-date, with refinance volume up by 103% [12] Company Strategy and Development Direction - The company is focusing on diversifying its customer base and growing businesses with strong growth potential, such as renovation and Granite Construction Risk Management [5][6] - The strategy includes maintaining cost discipline while capitalizing on potential increases in loan delinquencies and foreclosure activities to drive revenue growth [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for continued growth, emphasizing the importance of new business wins and a strong sales pipeline [13] - The outlook suggests that if loan delinquencies and foreclosure activities increase, the company is well-positioned to benefit from stronger revenue and adjusted EBITDA growth [13] Other Important Information - The cooperative brokerage agreement with Rhythm expired on August 31, but the company continues to manage REO and receive referrals [9] - The company won four new customers for the Equator platform, with three already live, which is expected to generate additional revenue [15] Q&A Session Summary Question: Are the new customer wins for the Equator platform expected to translate to more inventory on Hubzu Marketplace? - Management confirmed that as new customers load assets onto the Equator platform, revenue generation is anticipated, and there is a history of successful cross-selling with Hubzu Marketplace [15]

ICON plc Q3 2025 Results Period Ended September 30, 2025 Forward Looking Statement Statements included in this presentation which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Forward-looking statements include statements regarding our financial guidance and outlook, and may be identified by the use of future tense or other forward-looking wor ...