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]

Core Insights - Bending Spoons is a notable European non-gaming app factory that recently announced a cash acquisition of Vimeo for approximately $1.38 billion, showcasing its strategy of growth through acquisitions rather than in-house development [1][2] - The company has achieved an impressive annual revenue of $700 million for 2024, with a gross margin of 77%, significantly above industry averages [2] Acquisition Strategy - The company's business model focuses on acquiring tech companies with untapped potential, which can be optimized through Bending Spoons' operational capabilities [6][8] - Acquisitions are viewed as a means to "buy time" and "buy advantages," allowing the company to leverage existing brands and user bases rather than starting from scratch [12][13] - Bending Spoons has developed a robust internal platform that provides shared technology, operational logic, and marketing systems across its diverse product offerings [10][38] Financial Performance - For 2024, Bending Spoons anticipates revenues slightly exceeding $700 million, with projections of around $1.2 billion for 2025 [23] - The company emphasizes adjusted EBITDA as a more accurate measure of profitability, as net profit can be misleading due to amortization and one-time expenses related to acquisitions [26][30] Internal Systems and Competitive Advantage - The core competitive advantage lies in the internal systems and tools developed over years, which enable efficient operations across various digital products [38] - The company employs a rigorous evaluation process for potential acquisitions, assessing product potential, technology, monetization capabilities, and organizational structure [33][34] Employee and Operational Efficiency - Bending Spoons focuses on creating a lean and efficient team structure, reducing management layers, and empowering employees to take ownership of their work [46][48] - The company offers competitive salaries and benefits, attracting top talent from prestigious institutions, which contributes to its strong employer brand [45][51] Future Outlook - While there are no immediate plans for an IPO, the company is open to evaluating the possibility in the future, particularly to access larger capital markets [73][76] - Bending Spoons continues to prioritize its operational independence and flexibility, despite the pressures that come with significant external financing [65][68]

Core Insights - The company is optimistic about its future, focusing on improving healthcare experiences and operational performance while maintaining financial discipline [4][29][30] Financial Performance - The third quarter results showed a 6% year-over-year increase in same store net revenue, driven by a 5.6% rise in net revenue per adjusted admission [5][10] - Adjusted EBITDA for the third quarter was $376 million, up from $347 million in the prior year, with a margin increase of 100 basis points to 12.2% [9][10] - The company recognized a $28 million gain from a legal settlement, which contributed to the reported results [5][10] Operational Highlights - Inpatient volume growth continued, although the business mix remains skewed towards medical cases rather than surgical ones [6][11] - The company is expanding its service lines, including new urology and neurosurgery programs, and has successfully recruited approximately 160 more employed physicians and advanced practice providers [7][8] - The capital structure improved, with leverage reduced to 6.7 times from 7.4 times at year-end 2024 [8][15] Strategic Initiatives - A leadership conference is planned for 150 CEOs and CFOs to discuss the company's vision and commitment to quality investments [4] - The company is pursuing divestitures and has ongoing discussions for potential deals, indicating a strategic approach to capital deployment [22][25] Market Trends - There is a noted improvement in payer mix, which is expected to positively impact future volumes as consumer confidence stabilizes [20][36] - The company is observing a slight recovery in outpatient elective surgeries, although overall outpatient volumes remain under pressure [19][20] Future Outlook - The adjusted EBITDA guidance for the full year 2025 has been tightened to a range of $1.5 to $1.55 billion, reflecting the impact of the legal settlement and operational performance [16] - Anticipated Medicare rate increases and potential new state-directed payment programs are expected to provide incremental benefits in 2026 [25][40]

Financial Data and Key Metrics Changes - Community Health Systems reported a 6% year-over-year increase in net revenue for Q3 2025, driven by improvements in payer mix and state-directed payments from New Mexico and Tennessee [7][12] - Adjusted EBITDA for Q3 2025 was $376 million, up from $347 million in the prior year, with a margin of 12.2%, reflecting a 100 basis point increase year-over-year [11][12] - The company reduced its leverage to 6.7 times, down from 7.4 times at year-end 2024, following the refinancing of $1.74 billion of senior secured notes [9][16] Business Line Data and Key Metrics Changes - Same-store net revenue increased by 6.0% year-over-year, with net revenue per adjusted admission rising by 5.6% [12][63] - Same-store inpatient admissions grew by 1.3% year-over-year, while same-store surgeries declined by 2.2% [12] - The company successfully recruited approximately 160 more employed physicians and advanced practice providers compared to the previous year [9] Market Data and Key Metrics Changes - The company experienced a divergence in inpatient and outpatient surgeries, with outpatient surgeries down due to economic headwinds affecting consumer demand [12][20] - Improvement in payer mix was noted, particularly in commercially insured business, contributing to the overall positive trends in Q3 [21][47] Company Strategy and Development Direction - The company is focused on investments in quality care, improving physician and patient experiences, and achieving sustainable positive free cash flow [6][7] - Plans for 2026 include continued growth investments and potential divestitures, with a focus on expanding access points such as ambulatory surgery centers and freestanding emergency departments [59][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing improvements in consumer confidence and payer mix as positive indicators for recovery in outpatient volumes [20][21] - The company anticipates a strong Medicare rate increase for 2026, which could positively impact financial performance [30] Other Important Information - The company expects to close the divestiture of its outreach lab assets later this quarter, with proceeds of approximately $195 million [17] - Cash flows from operations for Q3 were reported at $70 million, with adjusted cash flows from operations for the year to date at $403 million [15][16] Q&A Session Summary Question: Thoughts on outpatient volume recovery - Management noted that economic headwinds and consumer confidence have impacted outpatient surgeries, but improvements in payer mix provide some optimism for recovery [20][21] Question: Divestiture plans for 2026 - Management confirmed ongoing discussions for potential divestitures, with some advanced discussions expected to yield announcements later this year [24] Question: Free cash flow outlook for 2025 - Management indicated confidence in achieving positive free cash flow for the full year 2025, which would allow for strategic capital deployment [27][28] Question: Trends in payer denials and underpayments - Management reported stabilization in denials since a spike in the previous year, with ongoing investments in revenue cycle management to mitigate pressures [68] Question: Impact of flu season on guidance - Management acknowledged that flu season has started slowly, but this has been factored into their guidance [71]

Financial Performance - Baker Hughes reported strong 3Q 2025 results, with revenues of $7010 million, a 1% increase compared to 2Q 2025 and 1% increase year-over-year[25] - Adjusted EBITDA for 3Q 2025 was $1238 million, up 2% from 2Q 2025 and up 2% year-over-year, with an adjusted EBITDA margin of 177%, a 10 bps increase sequentially and a 20 bps increase year-over-year[25] - Adjusted diluted EPS was $068 per share, a 9% increase compared to 2Q 2025 and a 3% increase year-over-year[25] - Free cash flow was $699 million, a 192% increase compared to 2Q 2025 and a (7)% decrease year-over-year[25] Orders and Growth - Total orders reached $8207 million, showing a 17% increase compared to 2Q 2025 and a 23% increase year-over-year[25] - Industrial & Energy Technology (IET) orders were $4139 million, up 17% sequentially and 44% year-over-year, driven by LNG equipment and power generation awards[6, 31] - Subsea and Surface Pressure Systems (SSPS) orders hit a record $12 billion, boosted by subsea tree awards in Brazil and Turkiye[6] - New energy orders year-to-date reached $16 billion, hitting the high end of the 2025 order guidance range[16] Segment Performance - IET revenue was $3374 million, up 2% sequentially and 15% year-over-year, with an EBITDA of $635 million, up 9% sequentially and 20% year-over-year, and an EBITDA margin of 188%[31] - Oilfield Services & Equipment (OFSE) revenue was $3636 million, up 1% sequentially and down (8)% year-over-year, with an EBITDA of $671 million, down (1)% sequentially and (12)% year-over-year, and an EBITDA margin of 185%[34] Guidance - The company provided 4Q 2025 revenue guidance of $6650 - $7450 million and adjusted EBITDA guidance of $1145 - $1365 million[37] - Full year 2025 revenue guidance is $27000 - $27800 million and adjusted EBITDA guidance is $4630 - $4850 million[37]