Financial Data and Key Metrics Changes - The company reported FFO of $0.90 per share for Q4 2025, including $0.06 from land sale gains, resulting in a full-year FFO of $3.48 per share, which is 2% higher than the midpoint of the original outlook for 2025 [8][24] - Net income for Q4 was $28.7 million, or $0.26 per share [24] - The initial 2026 FFO outlook is set at a midpoint of $3.54 per share, which is 5.7% higher than the initial 2025 outlook [8][26] Business Line Data and Key Metrics Changes - The company leased 526,000 sq ft of second-generation space in Q4, including 221,000 sq ft of new leases, with a total of 3.2 million sq ft signed for the year [8][19] - The development pipeline is now 78% pre-leased, up from 72% last quarter and 56% one year ago [9] - Cash rent spreads were positive, with GAAP rent spreads in the mid-teens, and net effective rents were 20% higher than in 2024 [9][19] Market Data and Key Metrics Changes - The Sun Belt markets are experiencing strong demand, with limited new supply and positive net absorption [18][20] - Charlotte generated more nominal jobs than any other metro area except New York City in 2025, indicating robust economic activity [20] - Dallas is noted as the number one market to watch, with significant net absorption and a strong Class A office market [22] Company Strategy and Development Direction - The company is focused on investing in high-quality office and BBD locations in the Sun Belt, with a projected NOI growth potential of $50 million-$60 million across eight buildings [6][7] - Future investments are expected to drive additional growth, with approximately $800 million invested over the past 12 months [7] - The company plans to complete $190 million-$210 million of additional dispositions by mid-year 2026 to fund acquisitions and maintain a leverage-neutral position [16][26] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the next few years due to strong fundamentals in core markets, limited new supply, and ongoing demand from companies [5][6] - The company expects to drive occupancy higher by roughly 200 basis points from the end of 2025 to the end of 2026 [6] - Management noted that expansions outpaced contractions 2.5-to-1 for Q4 and over 3-to-1 for the year, indicating a positive leasing environment [19] Other Important Information - The company has filed a new S-3 shelf registration statement with the SEC, allowing for future capital market transactions [32] - The company plans to fund recent acquisitions on a leverage-neutral basis, primarily through the sale of non-core assets [25][26] Q&A Session Summary Question: When does the company expect to realize elevated growth rates from capital recycling? - Management indicated that the impact on 2026 numbers is one-time in nature, with growth expected to normalize in 2027 [34][35] Question: How is demand for the remaining leasing in the development pipeline? - Management reported strong demand, with continued progress in leasing throughout 2025 [37] Question: Has the company seen any impact from AI-related layoffs in its markets? - Management stated that they have not observed any significant impact from AI-related layoffs, with continued demand for office space [41][42] Question: What is the expected occupancy bridge throughout the year? - Management expects occupancy to improve steadily throughout the year, despite some initial drag from recent acquisitions [54][56] Question: What percentage of the $200 million non-core sales is related to land sales? - Management clarified that none of the $200 million is related to land sales, which are expected to occur later in the year [52] Question: What is the leasing target to grow occupancy? - Management indicated that approximately 700,000 to 750,000 sq ft of new leasing is needed to achieve the year-end occupancy target of 87.5% [73][75]

Financial Performance Highlights - T-Mobile's Q4 service revenue increased by 10% year-over-year to $18.7 billion, primarily driven by a 13.9% growth in postpaid service revenue [3] - Operating cash flow rose by 20% to $6.65 billion, while adjusted free cash flow reached $4.2 billion [3] - The earnings miss was attributed to $390 million in severance costs related to workforce restructuring, with a net impact of $293 million after tax [4] - Full-year 2025 core adjusted EBITDA was reported at $33.9 billion [4] Customer Growth & Operational Momentum - T-Mobile added 2.4 million total postpaid net customers in Q4, including 962,000 postpaid phone net additions [5] - The company experienced broadband expansion with 558,000 net additions, bringing total broadband customers to 9.4 million, including 8.5 million 5G broadband subscribers [5] - T-Mobile received the highest network quality ratings in five of six U.S. regions from J.D. Power for the first time [5] - Postpaid phone churn increased to 1.02%, up 10 basis points year-over-year [5] 2026 Guidance & Outlook - Management projected core adjusted EBITDA for 2026 to be between $37.0 billion and $37.5 billion, indicating a 10% growth at the midpoint [6] - Adjusted free cash flow is expected to be between $18.0 billion and $18.7 billion, with capital expenditures anticipated at approximately $10.0 billion [6] - CEO Srini Gopalan expressed confidence in the company's future growth prospects [6] Capital Returns - T-Mobile returned $3.6 billion to stockholders in Q4 through $2.5 billion in share repurchases and $1.1 billion in dividends [7] - Cumulative returns since Q3 2022 totaled $45.4 billion [7] - The board authorized a new $14.6 billion capital return program through December 2026, with the next dividend of $1.02 per share payable on March 12, 2026 [7]

Fourth Quarter 2025 Earnings Presentation The Chefs' Warehouse, Inc. 1 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs' Warehouse, Inc. (the "Company") that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which ...

Core Viewpoint - Ark Restaurants Corp. reported a decline in net income and revenues for the first quarter of 2026, primarily due to challenges at the Bryant Park Grill & Café and the D.C. market, while other locations performed well [1][2]. Financial Performance - EBITDA for the first quarter ended December 27, 2025, was $1,529,000, an increase of approximately $150,000 from $1,378,000 in the same quarter of the previous year [1]. - Net income for the current quarter was $896,000, or $0.25 per share, compared to $3,164,000, or $0.88 per share, in the prior year [1][3]. - Total revenues for the 13 weeks ended December 27, 2025, were $40,749,000, down from $44,988,000 for the same period in 2024 [1][3]. - Same store sales decreased by 7.3% for the 13 weeks ended December 27, 2025, compared to the previous year, largely due to declines in catering and a la carte revenue at the Bryant Park Grill [1]. Operational Insights - The Bryant Park Grill & Café and The Porch at Bryant Park leases expired in 2025, and the company is involved in legal proceedings regarding the lease award process, which has created uncertainty affecting revenues [1][2]. - The Bryant Park Grill & Café accounted for approximately 19.5% of total revenue for the current quarter, down from 22.3% in the prior year [1]. - Operations at the New York-New York Hotel and Casino in Las Vegas showed increased cash flow despite lower customer traffic on the Strip, while other locations like Rustic Inn in Florida and Robert in NYC performed better than last year [1]. Investment and Future Prospects - Ark Restaurants has invested in New Meadowlands Racetrack LLC, which is pursuing a full casino license that could significantly impact future revenues if successful [2]. - A proposed constitutional amendment in New Jersey could allow for casino gambling at the Meadowlands Racetrack, with potential for a referendum in November 2026 [2].

Core Insights - Loews Corporation reported a significant increase in net income for the fourth quarter of 2025, reaching $402 million or $1.94 per share, compared to $187 million or $0.86 per share in the same quarter of 2024, largely due to the absence of a pension settlement charge that impacted the previous year's results [2][5][8]. Consolidated Financial Highlights - For the fourth quarter of 2025, consolidated revenues totaled $4.734 billion, an increase from $4.546 billion in the fourth quarter of 2024 [19]. - The company’s net income attributable to Loews Corporation for the year ended December 31, 2025, was $1.667 billion, or $7.97 per share, compared to $1.414 billion, or $6.41 per share, in 2024 [8][19]. - Book value per share increased to $90.71 as of December 31, 2025, from $79.49 as of December 31, 2024 [4][19]. Segment Performance - CNA Financial's net income attributable to Loews Corporation was $276 million in Q4 2025, a significant increase from $19 million in Q4 2024, excluding the prior year's pension charge [4][5]. - Boardwalk Pipelines reported a decrease in net income to $110 million in Q4 2025 from $145 million in Q4 2024, primarily due to the non-recurrence of a $36 million income tax benefit recorded in the previous year [4][19]. - Loews Hotels & Co experienced a decline in net income to $6 million in Q4 2025 from $27 million in Q4 2024, mainly due to a $20 million asset impairment charge related to hotel renovations [4][19]. Share Repurchase Activity - In 2025, Loews Corporation repurchased a total of 8.9 million shares of its common stock for $782 million, with 1.0 million shares repurchased in Q4 2025 for $98 million [1][17]. Cash and Debt Position - As of December 31, 2025, Loews Corporation held $3.9 billion in cash and investments against $1.8 billion in debt, indicating a strong liquidity position [4].

Core Viewpoint - Macquarie has raised its adjusted EBITDA forecasts for MGM China (02282) for 2025 to 2027 by 3.1%, 1%, and 0.7% respectively, reflecting better-than-expected Q4 performance [1] Financial Performance - The group's Q4 performance exceeded expectations, with net revenue increasing by 21% year-on-year and 13% quarter-on-quarter to HKD 9.62 billion, which is 6% higher than the firm's forecast [1] - Total gaming revenue reached HKD 10.5 billion, up 21% year-on-year and 11% quarter-on-quarter, exceeding the firm's prediction by 3.1% [1] - VIP room business grew by 40% year-on-year, while mass market business increased by 20%, indicating strong growth in both segments [1] - Adjusted EBITDA reached a record high of HKD 2.75 billion, representing a 29% year-on-year increase and a 16% quarter-on-quarter growth, surpassing market expectations by 11% [1] Strategic Initiatives - MGM China plans to upgrade its hotel rooms this year, which is expected to enhance its high-end appeal and increase market share [1] - Management indicated strong hotel booking conditions ahead of the Lunar New Year [1] Dividend Policy - The firm assumes a dividend payout ratio of 50% for MGM China, consistent with the company's updated dividend policy, estimating a leading industry dividend yield of over 5% [1]

Core Viewpoint - Citigroup's report indicates that MGM China is expected to achieve a record quarterly EBITDA of HKD 27.53 billion in Q4 2025, with an annual EBITDA exceeding HKD 100 billion and a market share of over 16% by the end of the fiscal year 2025 [1] Group 1 - The EBITDA margin improved from 26.8% in Q4 2024 to 28.6% in Q4 2025, reflecting effective cost control [1] - Management has not observed signs of a pre-festival off-peak period, with optimistic booking trends ahead of the Lunar New Year [1] - The waiting list for high-end hotel product bookings at MGM China is significantly long, indicating strong demand [1] Group 2 - New suite projects expected to open between July 2025 and mid-2026 are anticipated to help the company maintain its market share [1] - Citigroup maintains a "Buy" rating for MGM China with a target price of HKD 18.25 unchanged [1]

Core Viewpoint - CICC maintains its EBITDA forecast for MGM China (02282) for 2026 and 2027, with the current stock price corresponding to 6x 2026e EV/EBITDA. The firm maintains an "outperform" rating and a target price of HKD 16.10, which corresponds to 8x 2026e EV/EBITDA, indicating a 23% upside potential from the current stock price [1] Group 1 - In Q4 2025, adjusted EBITDA exceeded Visible Alpha consensus expectations, with net revenue reaching HKD 9.617 billion, a year-on-year increase of 21% and a quarter-on-quarter increase of 13%, recovering to 169% of Q4 2019 levels [2] - Adjusted EBITDA for Q4 2025 was HKD 2.753 billion, a year-on-year increase of 29% and a quarter-on-quarter increase of 16%, recovering to 177% of Q4 2019 levels, surpassing Visible Alpha's consensus estimate of HKD 2.449 billion [2] - The strong performance of MGM China is attributed to the continued outperformance of its premium business, with MGM Cotai and MGM Macau's total gaming revenue recovering to 214% and 104% of Q4 2019 levels, respectively [2] Group 2 - In Q4 2025, MGM China signed a new long-term brand agreement with MGM Resorts, increasing the brand usage fee from 1.75% to 3.5% of monthly net revenue, effective from 2026 for a 20-year term, with an annual payment cap set to increase gradually [2] - The annual cap for brand usage fees in 2026 is set at USD 188 million, compared to USD 60 million in 2025, with the economic benefits of the new fee structure allocated 66.7% to MGM Resorts and 33.3% to Ms. Pansy Ho [2] - The new brand fee structure is expected to have a significant negative impact on the company's net profit, potentially dragging down CICC's net profit forecast by approximately 14% [2] Group 3 - Management indicated strong hotel booking performance for the 2026 Spring Festival holiday starting February 17, 2026, with stable business performance leading up to the holiday [3]

Core Insights - MGM Resorts International reported strong fourth-quarter 2025 results, with earnings and revenues exceeding expectations, showing year-over-year growth in both metrics [1][4]. Financial Performance - Earnings per share (EPS) for Q4 reached $1.60, significantly above the Zacks Consensus Estimate of 64 cents, marking a 150% increase from the prior year's adjusted EPS of 45 cents [4][10]. - Quarterly revenues totaled $4.61 billion, surpassing the consensus estimate of $4.44 billion by 3.6%, and reflecting a 5.9% increase year-over-year [4][10]. - Consolidated adjusted EBITDA rose 20.2% year-over-year to $635.3 million [5]. Segment Performance - MGM China was a key growth driver, with net revenues increasing 21% year-over-year to $1.2 billion, and casino revenues up 23% to $1.1 billion [6][10]. - Adjusted property EBITDAR for MGM China reached a record $332 million, up from $255 million in the prior-year quarter [7][10]. - Domestic operations on the Las Vegas Strip saw net revenues of $2.2 billion, a 3% decline year-over-year, attributed to room renovations and decreased RevPAR [8]. - Regional operations reported net revenues of $950 million, a slight increase from $932 million in the prior-year quarter, with adjusted property EBITDAR approximately $280 million [9]. Digital Operations - MGM Digital revenues increased to $188 million in Q4, up from $140 million in the prior-year quarter, with EBITDAR loss narrowing to about $7 million from $22 million [11][10]. Annual Highlights - For the full year 2025, revenues were $17.5 billion, up from $17.2 billion in 2024, and adjusted EBITDA was $2.43 billion compared to $2.41 billion in 2024 [12]. - Adjusted EPS for 2025 was $3.31, an increase from $2.59 in the previous year [12]. Balance Sheet and Share Repurchase - At the end of Q4, MGM Resorts had cash and cash equivalents of $2.1 billion, down from $2.42 billion at the end of 2024, while long-term debt decreased to $6.23 billion from $6.36 billion [13]. - The company repurchased 15 million shares in Q4 and a total of 37.5 million shares throughout 2025 [13].

Financial Data and Key Metrics Changes - Fiscal 2026 started strong with Q1 adjusted EBITDA significantly above expectations, leading to an increase in guidance [4] - Continued aggressive share repurchases have helped maintain net leverage flat despite operational performance [4] Business Line Data and Key Metrics Changes - The foodservice normalized run rate has been updated positively, reflecting strong operational performance [4] - The egg segment saw volume growth, particularly in higher value-added eggs, with expectations of a 3%-4% growth rate moving forward [23][45] Market Data and Key Metrics Changes - The cereal category has recently returned to historical low single-digit growth rates after significant declines, attributed to changes in consumer behavior and SNAP adjustments [11][12] - The pet category, particularly dog food, has been softer compared to cat food, with expectations of stabilization in volumes as brands are relaunched [76] Company Strategy and Development Direction - The company remains opportunistic regarding M&A, with no specific category focus but is open to investments that show potential returns [31] - Adjustments in promotional spending and assortment strategies are being made to enhance efficiency in promotional-driven channels [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that market valuations for small-cap growth-oriented food companies are changing, making M&A more interesting as multiples decrease [10] - The company is confident in the stickiness of the foodservice normalized run rate and expects continued growth driven by value propositions [45] Other Important Information - The company has successfully closed two cereal facilities, with cost savings expected to impact the P&L starting in Q3 [78] - The company is focused on balancing attention between the foodservice segment and the RTD shakes plan, ensuring profitability before expansion [39] Q&A Session Summary Question: Market valuations and M&A activity - Management noted that changing multiples are making M&A more interesting, but it is still uncertain if valuations are attractive enough for smaller public entities [10] Question: Cereal category performance - Management indicated that recent improvements in the cereal category are linked to SNAP changes and a shift in consumer preferences towards more affordable options [12] Question: Guidance for the rest of the year - The balance of the portfolio is expected to remain similar to initial outlooks, with no material changes anticipated [21] Question: Foodservice volume growth - Management highlighted that year-over-year growth in foodservice is influenced by previous avian influenza impacts and customer inventory reloads [23] Question: Competitor behavior in the cereal market - Management stated that their strategy remains unchanged despite competitor investments in price and promotion, focusing instead on efficiency [28] Question: Pet category trends - Management expects stabilization in pet volumes, particularly with the relaunch of brands like Nutrish and Gravy Train [76] Question: Cost savings from facility closures - Cost savings from the closure of cereal facilities are expected to start impacting the P&L in Q3 [78]