Core Insights - NOV achieved a full-year book-to-bill ratio of approximately 91% with a 15% increase in revenue from backlog, ending 2025 with a total backlog of $4.34 billion, driven by offshore production technologies [1][6] - The company reported fourth-quarter revenue of $2.28 billion and a GAAP net loss of $78 million, while full-year revenue was $8.74 billion with a GAAP net income of $145 million [4][7] - Free cash flow for 2025 was reported at $876 million, with over 85% of EBITDA converted to cash, marking the best two-year free cash flow performance in a decade [7][9] Financial Performance - Fourth-quarter revenue rose 5% sequentially but fell 1% year-over-year, against a global drilling activity decline of 6%, with adjusted EBITDA totaling $267 million [3] - Tariff expenses were approximately $25 million in Q4 and expected to rise slightly in Q1, impacting overall financial performance [5][10] - Adjusted operating profit for Q4 was $177 million, or 7.8% of sales, with a higher effective tax rate affecting net loss [8] Segment Performance - In the Energy Equipment segment, fourth-quarter revenue was $1.33 billion, up 7% sequentially and 4% year-over-year, with adjusted EBITDA of $180 million [12] - Energy Products and Services reported fourth-quarter revenue of $989 million, up 2% sequentially but down 7% year-over-year, with adjusted EBITDA of $140 million [15] - Record performance in subsea flexible pipe was noted, with backlog doubling since the end of 2023 and annual shipments increasing by about 50% [14] Market Outlook - The outlook for 2026 is cautious, with expectations of a challenging environment due to oversupply in the oil market, but a potential rebalancing in the second half of the year [17] - In the U.S., activity is expected to decline mid-single digits year-over-year, while international activity is anticipated to be flat to slightly up [18] - Long-term opportunities in Venezuela were highlighted, with new orders exceeding past revenue generation, contingent on governance and security conditions [19] Capital Allocation and Cost Management - The company repurchased $85 million in shares during Q4, totaling $505 million returned to shareholders in 2025 [5][20] - A $100 million cost-out program is in progress, aiming for over $100 million in annualized savings by the end of 2026 [22] - For 2026, NOV expects slightly lower revenue year-over-year, with capital expenditures projected between $315 million and $345 million [23]

Financial Data and Key Metrics Changes - Third quarter net sales were $461 million, a 17% increase year-over-year [4] - Consolidated gross margin for the quarter was 44.3%, with an adjusted gross margin of 45.1% [4][13] - Adjusted diluted EPS was $3.04, representing a 30% improvement from $2.34 a year ago [4] - EBITDA increased to $149.6 million, up 22% from $122.6 million last year [4][16] - Free cash flow for the period was $99.1 million, with a conversion rate of 147% [16] Business Line Data and Key Metrics Changes - Aerospace & Defense (A&D) sales increased by 41.5% year-over-year, with commercial aerospace expanding by 21.5% and defense by 86.2% [5][13] - Industrial business grew by 3.1%, with industrial distribution up 1.5% and OEM sector up 7% [10][11] - A&D gross margins were 40.1%, or 42.2% on an adjusted basis, while industrial margins were 47.5% [14] Market Data and Key Metrics Changes - 56% of revenues were from industrial sectors, while 44% came from A&D [5] - The company has exceeded a $2 billion backlog, indicating strong demand across A&D sectors [5] - The semiconductor industry showed significant demand growth, contributing positively to order trends [11] Company Strategy and Development Direction - The company is focused on expanding its A&D revenues by adding machinery and staff to support growth [10] - A five-year plan is in place to enhance production capabilities across existing sites [10] - The company aims to maintain a capital allocation strategy focused on deleveraging and paying off debt [16] Management's Comments on Operating Environment and Future Outlook - Management described the A&D sector's outlook as extremely robust, driven by national defense priorities and commercial aircraft build rates [6][10] - The company expects continued margin improvement in A&D due to increased efficiencies and better pricing on contracts [14] - For the fourth quarter, revenue guidance is set at $495 million to $505 million, representing year-over-year growth of 13.1% to 15.4% [17] Other Important Information - The company paid down an additional $81 million of debt during the third quarter [5][16] - Interest expense decreased by 8.5% year-over-year, reflecting improved leverage and lower interest rates [15] Q&A Session Summary Question: Can you provide details on the industrial business outlook for Q4 and 2027 growth? - Management expects Q4 growth to be similar to Q3, with positive PMI trends indicating a bullish sign for the business [20] Question: What is the composition of the backlog and its relationship with revenue? - Over 90% of the backlog is from the A&D market, with some contracts extending beyond 12-24 months [28] Question: How do you view the growth potential for the missile business relative to commercial aerospace? - Management indicated that while missile business growth is significant, it is not expected to surpass the commercial aircraft business [48] Question: Can you clarify the production rates for Boeing and Airbus programs? - Boeing is increasing production rates, with the 737 aiming for 60 units per month in the near future [57] Question: What is the expected capital expenditure for the upcoming periods? - Capital expenditures are expected to remain around 3.5% of revenue, with modest investments to meet demand [75]

Financial Data and Key Metrics Changes - In Q2, net sales grew 3% year-over-year in both segments, while gross profits increased by 1% year-over-year [7] - Profitability was negatively impacted by unexpected expenses, leading to declines in both gross profit and EBITDA margins compared to Q1 [4] - The company ended Q2 with approximately $83 million in cash and a net debt leverage ratio of approximately 0 on a trailing 12-month Adjusted EBITDA basis [8] - Adjusted ROIC was 11.9% for the quarter and 13.3% for the first half of FY 2026 [9] Business Line Data and Key Metrics Changes - Specialty Technology Solutions segment saw net sales increase by 3% year-over-year and 4% quarter-over-quarter, with gross profits also increasing by 1% year-over-year [7] - The Intelisys and Advisory segment reported a 3% year-over-year increase in net sales, with annual net billings rising to approximately $2.85 billion [8] Market Data and Key Metrics Changes - The percentage of gross profits from recurring revenues in the Specialty Technology Solutions segment grew to approximately 18%, aided by acquisitions [8] - Brazil's organic sales were down 9% year-over-year, attributed to challenging market conditions [28][30] Company Strategy and Development Direction - The company is launching a new converged communication sales team to unify communications products and services, aiming to capitalize on the convergence of hardware, cloud, and customer experience technologies [4][5] - The strategy focuses on helping channel partners deliver innovative, converged solutions, driving organic net sales and free cash flow [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for growth in the second half of the fiscal year, despite a reduction in guidance due to slower-than-expected large deal closures [10][51] - The company is confident in its business model and expects to maintain at least $80 million in free cash flow for the year [11][58] Other Important Information - The company is exploring acquisition opportunities to expand its technology stack and capabilities [9] - Share repurchases for the quarter totaled $18 million, with $179 million remaining under the share repurchase authorization [9] Q&A Session Summary Question: Could you provide more details on the period costs mentioned? - Management indicated that higher costs were related to mix and freight expenses, which are expected to be more period-related [14] Question: What caused the slower growth in the technology segment? - Management noted that large deals were being broken into smaller pieces, affecting invoicing and revenue recognition [15] Question: Are there concerns about pricing increases due to supply shortages? - Management acknowledged potential challenges from memory supply issues but indicated that current guidance does not reflect significant impacts from shortages [24] Question: What is the outlook for Intelisys sales in the second half of 2026? - Management believes that new order growth will accelerate, driven by additional sales capabilities and a focus on acquiring new customers [25][26] Question: How does the company view the competitive environment in the TSD market? - Management noted that the TSD space remains competitive, with a shift towards organic growth among competitors [44][45] Question: What are the priorities around capital allocation following the guidance reduction? - Management emphasized maintaining focus on three-year strategic goals, including share repurchases and growth in gross profit contributions [60][62]

Financial Data and Key Metrics Changes - Total reported revenue for Q4 2025 was $1.151 billion, with a net loss attributable to common shareholders of $9 million, or $0.02 per share [23] - Adjusted EBITDA for the quarter totaled $221 million, and adjusted free cash flow for the year was $416 million, marking the highest adjusted free cash flow quarter since the strategic transformation in 2023 [5][23] - The company closed Q4 with $421 million in cash on hand and did not have any drawn amounts on its $500 million revolving credit facility [30] Business Line Data and Key Metrics Changes - In the drilling services segment, Q4 revenue was $361 million with an adjusted gross profit of $132 million, and the average operating rig count was 93 rigs [25] - Completion services segment revenue for Q4 was $702 million, with an adjusted gross profit of $111 million, and activity and pricing remained steady compared to Q3 [26] - Drilling products segment revenue totaled $84 million with an adjusted gross profit of $34 million, maintaining near record levels per industry rig in the U.S. [27] Market Data and Key Metrics Changes - The company noted a decrease in revenue from international operations, primarily due to lower-than-expected sales in the Middle East, but revenue growth was observed in Latin America and Asia Pacific [20][21] - The U.S. oil market remains resilient, with crude prices around $60 per barrel, and the company expects steady activity in oil basins [7][32] Company Strategy and Development Direction - The company plans to reduce its gross CapEx budget by around 15% to approximately $500 million in 2026, focusing on high-return projects and technology investments [10] - Patterson-UTI is committed to maximizing returns while generating substantial adjusted free cash flow for investors, with a focus on differentiated technologies and operational excellence [7][8] - The company is expanding its presence in Argentina by leasing two high-spec rigs for work in the Vaca Muerta field, which is expected to reduce U.S. rig supply [13][84] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects for natural gas and anticipates increased drilling and completion activity to meet future demand [9] - The company acknowledged macroeconomic uncertainties and the need for the industry to balance production volumes with drilling activity to maintain trends [8][9] - Management highlighted the importance of technology in maintaining competitive advantages and sustaining margins despite market fluctuations [12][54] Other Important Information - The company announced a 25% increase in its quarterly dividend to $0.10 per share, reflecting confidence in its free cash flow generation [8][31] - The impact of severe winter weather in January 2026 is expected to negatively affect Q1 adjusted gross profit, particularly in the completion services segment, estimated at $5 million to $10 million [25][59] Q&A Session Summary Question: How do you see the U.S. frac supply-demand balance today? - Management noted that while public data shows a reduction in fleet count, the size of fleets and horsepower on location has been increasing, indicating a tighter market balance [40][41] Question: Can you provide color on the Current Power business and energy storage systems? - Management mentioned that Current Power is exploring opportunities in energy storage for data centers, but it is still early to determine the potential [44] Question: What is the outlook for pricing power in the market? - Management indicated that increased activity in natural gas basins could drive pricing power, especially as demand for natural gas equipment rises [56][58] Question: What actions are being taken to reduce costs? - Management highlighted efforts to control spending in both OpEx and CapEx, including maintenance strategies and operational efficiencies [68][70] Question: What is the philosophy on share buybacks given the recent dividend increase? - Management reiterated that the focus remains on maximizing free cash flow and evaluating capital allocation based on cash flow per share accretion [72][75]

Financial Data and Key Metrics Changes - Total as-reported revenue grew 9% in the third quarter, with constant currency organic revenue growth of 8% driven by volume and a 200 basis points price increase [4] - Gross margin declined 70 basis points to 43.9%, primarily due to increased tariffs and inflation [4] - EBIT margin decreased 40 basis points to 22.9% of revenue, mainly driven by the decline in gross margin [4] - Adjusted net income from continuing operations was $249.4 million, with earnings per diluted share increasing by 9% to $2.53 [5] - Free cash flow for the first nine months was $736.6 million, showing year-over-year improvement [6] Business Line Data and Key Metrics Changes - Healthcare segment saw constant currency organic revenue growth of 8%, with service growth at 11% and consumables at 8% [7] - Healthcare capital equipment revenue increased by 7%, with backlog remaining over $400 million [7] - AST segment experienced constant currency organic revenue growth of 8%, with services growing by 9% and capital equipment revenue increasing by 103% [8] - Life sciences segment had a 5% increase in constant currency organic revenue, driven by 11% growth in consumables [9] Market Data and Key Metrics Changes - Orders in the Healthcare segment were down 1% year-to-date against tough comparisons from the previous year [7] - EBIT margins for Healthcare decreased by 100 basis points to 24.3% due to increased tariffs and inflation [7] - AST EBIT margins improved by 30 basis points to 45.1%, benefiting from pricing and volume increases [9] Company Strategy and Development Direction - The company is maintaining its fiscal 2026 outlook, expecting 8%-9% as-reported revenue growth and constant currency organic revenue growth of 7%-8% [10] - The company is focused on mitigating tariff impacts through various strategies, including supplier negotiations and cost reductions [24] - There is a commitment to a more integrated model and aggressive competition in the EMEA region [34] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding potential slowdowns in the fourth quarter, particularly in the AST segment due to tough comparisons [13] - The macroeconomic environment appears positive, with no significant downside anticipated for fiscal 2027 [50] - Management noted that the company is well-positioned to handle tariff-related challenges and is optimistic about future performance [24] Other Important Information - The adjusted effective tax rate for the quarter was 24.2%, a slight decline from the previous year [5] - Capital expenditures for the first nine months totaled $278.8 million, with depreciation and amortization at $363.1 million [5] Q&A Session Summary Question: Thoughts on fourth quarter constant currency growth - Management cautioned about a potential slowdown in the second half and maintained the 7%-8% growth outlook due to tough comparisons from the previous year [13][14] Question: Capital equipment backlog activity - Management noted stability in Healthcare backlog and strong growth in Life Sciences backlog, attributing it to recovery from previous spending cuts [17] Question: Update on tariff mitigation efforts - Management discussed various mitigation strategies and expressed optimism about absorbing tariff costs moving forward [24] Question: Impact of regulatory proposals on supply chain - Management indicated that the ASC shift is generally positive, creating new capacity demands, but has not seen material commitments for manufacturing shifts to the U.S. yet [31] Question: Incremental tariff exposure in 2027 - Management suggested that any incremental tariff impact in 2027 would likely be less than a quarter's worth based on current tariffs [38] Question: Acquisition strategy and pipeline - Management confirmed ongoing interest in smaller acquisitions but emphasized a disciplined approach to larger transformative deals [43] Question: Cash flow guidance and fluctuations - Management expressed confidence in cash flow guidance but noted that timing and seasonal factors could affect predictions [48] Question: AST Services growth and quarter performance - Management acknowledged a weak start to the quarter but noted improvement in subsequent months, attributing some fluctuations to customer inventory adjustments [57]

Financial Data and Key Metrics Changes - Fourth quarter 2025 revenue was $138.3 million, up 3% compared to Q3 2025 and up 7% year-over-year [13] - Full year 2025 revenue was $526.5 million, slightly up year-over-year, driven by service revenue growth [13] - Operating margins in reservoir description for Q4 were 14%, expanding sequentially by 60 basis points [7] - Net income ex items for Q4 was $9.7 million, down 5% sequentially and down 7% year-over-year [23] - Earnings per diluted share ex items for Q4 was $0.21, compared to $0.22 in both the prior quarter and the same quarter last year [23] Business Line Data and Key Metrics Changes - Reservoir description revenue for Q4 was $92.3 million, up over 5% compared to Q3 [41] - Production enhancement revenue for Q4 was $46 million, up over 8% year-over-year [44] - Operating income for production enhancement was $3 million, yielding operating margins of 7%, down from 11% in Q3 [45] Market Data and Key Metrics Changes - Demand for laboratory services tied to crude oil was negatively impacted by geopolitical conflicts and sanctions [7] - International markets showed resilient activity levels with ongoing investments in offshore developments [31] - U.S. land completion activity is expected to decline in the first half of 2026 compared to the same period in 2025 [33] Company Strategy and Development Direction - The company focuses on technology investments to solve client problems and capitalize on technical opportunities [6] - Core Lab aims to maximize free cash flow, return on invested capital, and return excess free cash to shareholders [11] - The company plans to introduce new products and services in key geographic markets while maintaining a strong balance sheet [10] Management's Comments on Operating Environment and Future Outlook - Management maintains a constructive multiyear outlook despite near-term economic headwinds and commodity price volatility [36] - The IEA forecasts global crude oil demand growth of approximately 900,000-1.4 million barrels per day in 2026 [30] - Geopolitical conflicts and evolving trade dynamics continue to create uncertainty in demand for Core Lab's products and services [32] Other Important Information - The company returned free cash to shareholders through dividends and share repurchases, repurchasing over 363,000 shares in Q4 [9] - Capital expenditures for operations in 2025 were $11.2 million, with expectations for 2026 to be in the range of $15 million-$18 million [28] Q&A Session All Questions and Answers Question: Comments on Venezuela - Management noted a long history in Venezuela and the potential to monetize legacy data if operators return [54][57] Question: Capabilities in the Middle East - Management confirmed expanded lab capabilities in Saudi Arabia and ongoing engagement with Aramco, with opportunities in North Africa [59][60] Question: Future Cash Flows and Debt Management - Management indicated a mix of using free cash flow for share buybacks and debt reduction, with a focus on maintaining a comfortable leverage ratio [62][64]

4Q25 Earnings Call Presentation1 John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. 1 Table of contents Page No. | Key 2025 highlights | 3 | | --- | --- | | Adjusted earnings by segment and Corporate ...

February 5, 2026 FOURTH QUARTER AND FULL- YEAR 2025 OPERATING AND FINANCIAL RESULTS 1 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our outlook and our future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and o ...

CHARLOTTE, N.C., Feb. 04, 2026 (GLOBE NEWSWIRE) -- First Quarter Highlights GAAP: Net sales of $792 million, Operating income of $14 millionNon-GAAP: Adjusted EBITDA of $93 millionFiscal 2026 guidance: Reaffirmed adjusted EBITDA of $380 - $410 million and free cash flow of $90 - $110 million Curt Begle, Magnera’s CEO, commented: “Magnera delivered a strong first quarter that met our expectations and reinforces our full-year 2026 Adjusted EBITDA and free cash flow guidance. These results reflect the continu ...

Core Thesis - Sirius XM Holdings Inc. is viewed positively due to its solid financial performance, strong subscriber engagement, and improved guidance for 2025, despite market concerns about competition from streaming services [1][2][3][6] Financial Performance - For Q3 2025, Sirius XM reported revenue of $2.16 billion, a 1% decrease year-over-year, but net income improved to $297 million with EPS of $0.84, a significant recovery from the previous year's loss [1] - Adjusted EBITDA was $676 million, reflecting a robust 31% margin supported by effective cost management [1] - The company has reduced debt by $120 million and returned $111 million to shareholders, indicating strong financial health [2] Subscriber Metrics - Subscriber engagement remains strong, with self-pay monthly churn improving to 1.6%, showcasing a loyal customer base [1][3] - The average revenue per user (ARPU) is nearly three times that of Spotify, highlighting the company's pricing power and customer value [3] Future Guidance - Sirius XM has upgraded its 2025 guidance, now targeting approximately $8.525 billion in revenue, $2.625 billion in adjusted EBITDA, and $1.225 billion in free cash flow [2] - Projections suggest free cash flow per share could reach $3.44 in 2025, yielding 15.8%, and potentially $4.32 per share by 2027, approaching a 20% yield [3] Business Stability - Approximately 75% of Sirius XM's revenue comes from stable subscription streams, indicating a more resilient business model than perceived by the market [4] - The company is seen as a high-cash-flow business with strong downside protection and ongoing debt reduction, presenting a compelling investment opportunity [5]