Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $2,407 million, reflecting a year-over-year increase of 7.1% or $159 million, exceeding the high end of the company's outlook [21] - Adjusted EBITDA for Q2 was $786.4 million, up 7.5% year-over-year, with an adjusted EBITDA margin of 32.7%, consistent with guidance and up 10 basis points year-over-year [26][27] - The company maintains a full-year 2025 revenue outlook of approximately $9,450 million, with adjusted EBITDA estimated at approximately $3,120 million, reflecting a 50 basis point increase in adjusted EBITDA margin [30][31] Business Line Data and Key Metrics Changes - Core solid waste pricing increased by 6.6%, exceeding inflation, contributing to a 70 basis point underlying adjusted EBITDA margin expansion in solid waste [12][21] - Reported volume declines of 2.6% were attributed to a purposeful price-volume trade-off and shedding of underperforming contracts [12][22] - Landfill revenue increased by about 4%, with tons up 1.5%, while construction and demolition (C&D) tons were down 9%, indicating limited construction activity [23] Market Data and Key Metrics Changes - U.S. EPA waste activity, correlated to crude prices, was down about 10% year-over-year, particularly in June, while Canadian operations showed growth in both price and volume [25] - The company experienced a decline in recycled commodity values by 10-15% during Q2, alongside a 15% drop in Renewable Energy Credits (RINs) [24] Company Strategy and Development Direction - The company is focused on maintaining a robust acquisition pipeline, having completed approximately $200 million in annualized revenue from acquisitions, with expectations for an additional $100 to $200 million in acquisitions by early 2026 [5][17] - Emphasis on leveraging technology for operational efficiency and margin expansion, including AI-driven applications for customer retention and pricing [15][16] - The company is committed to returning capital to shareholders through opportunistic share repurchases, having bought back 1.3 million shares to date [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic headwinds, maintaining a full-year 2025 outlook despite uncertainties in the macro environment [34] - The company highlighted improvements in employee retention and safety, which are expected to contribute positively to operational execution and margin expansion [11][13] - Management remains cautious about predicting volume recovery, citing ongoing economic challenges and the impact of M&A activity [64] Other Important Information - The company announced the retirement of COO Daryl Chambliss, effective August 8, 2025, acknowledging his significant contributions over nearly three decades [35][36] - Progress on remediation efforts at Chiquita Canyon Landfill is ongoing, with the U.S. EPA taking a more active role in regulatory oversight [19][89] Q&A Session Summary Question: Can you clarify capital allocation strategy regarding M&A and buybacks? - Management confirmed that the recent buyback activity is opportunistic and does not indicate a change in M&A strategy, emphasizing the capacity to pursue both [44][45] Question: What is the expected M&A impact in 2025? - The original guidance included $300 million from acquisitions, with $75 million already closed and an additional $125 million expected in the first half of the year [47] Question: How do you see E&P revenue trends given the rig count? - E&P revenue was approximately $180 million for the quarter, reflecting growth from acquisitions, with expectations to maintain a run rate between $160 million and $170 million [48][49] Question: What are the dynamics of volume shedding? - Management indicated that Q3 is expected to be the most negative quarter due to ongoing shedding impacts, with a return to more normal volumes anticipated in Q4 [56][57] Question: How does the EPA's involvement benefit remediation efforts? - The EPA's involvement is expected to streamline regulatory processes and improve coordination among various agencies, facilitating faster progress in remediation efforts [88][89]

Financial Data and Key Metrics Changes - The company reported an EPS of $1.78, which includes significant one-time items, notably a gain from the sale of the Family Office Services business and a vendor negotiation totaling a $0.60 EPS impact [15] - Excluding these items, the adjusted EPS would have been $1.20, reflecting an increase from both the prior year and prior quarter [15] - Consolidated operating margins improved slightly year over year but declined sequentially due to one-time expenses in corporate overhead [20] Business Line Data and Key Metrics Changes - Private banking revenue increased both year over year and sequentially, supported by larger clients going live in the quarter [15] - Investment managers' revenue grew 8% year over year, with double-digit growth in alternatives offsetting a 1% decline in traditional revenue [15] - Advisor and institutional businesses realized flat sequential revenue growth, with market appreciation in May and June offsetting significant declines in April [16] Market Data and Key Metrics Changes - AUM net flows for advisor and institutional businesses were negligible year to date, significantly improving from the first half of 2024 [23] - Traditional mutual fund outflows were largely offset by growth in models and custom portfolios, indicating a shift in resource allocation towards tax-sensitive ETFs and SMAs [24] - The company is in the early stages of its asset management journey, focusing on larger advisors and growing the RIA business, with early progress being encouraging [24] Company Strategy and Development Direction - The company announced a strategic investment in Stratos, integrating its client-centric model with SEI's technology and investment management capabilities [5][6] - The leadership team has evolved with the appointments of Karen Riese and Tom Maratil to the Board of Directors, enhancing strategic insight and commitment to long-term growth [6] - The company is focused on flawless execution to ensure client satisfaction and is investing in talent, technology, and platforms to support growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the competitive landscape shifting in their favor, with increased interest in outsourcing from banks and alternative asset managers [9] - The company is addressing outflow headwinds and is seeing tangible progress, with two quarters of improving net asset flows [8] - Management emphasized the importance of long-term growth and accountability, stating that investments made now are targeted and intentional [12] Other Important Information - The company returned significant capital to shareholders, with buybacks exceeding $700 million on a trailing twelve-month basis [25] - The upcoming Investor Day is scheduled for September 18, where more strategic priorities and anticipated outcomes will be discussed [26] Q&A Session Summary Question: Key investments in talent and technology - Management highlighted investments in talent and technology, particularly in IMS to streamline systems for better scalability and cost efficiency [29][30] Question: Temporary delays in private banking sales - Management attributed delays to market volatility in April but noted a strong and balanced pipeline across various segments [34][36] Question: Differentiation of Stratos acquisition strategy - Management emphasized Stratos' experienced executive team, centralized investment platform, and cultural fit as key differentiators [42][44] Question: Revenue synergies from Stratos - Management indicated that while there may not be immediate revenue synergies, the focus is on enhancing Stratos' existing capabilities without disrupting their organic growth [49][50] Question: Sales cycle characterization and drivers of strength - Management noted strong pipelines across all segments, particularly in alternatives, and emphasized the importance of flawless execution to secure long-term business [53][55]

Financial Data and Key Metrics Changes - Total revenues increased by 5% year on year to 7,400,000,000 pesos, reflecting growth across operations, particularly in Puerto Rico and Colombia [7][8] - Consolidated EBITDA rose slightly by 2% year on year, reaching 5,000,000 pesos, with Puerto Rico and Colombia posting double-digit growth [12] - The adjusted EBITDA margin, excluding construction revenue, stood at nearly 68%, down from 69% in the same quarter last year [12] Business Line Data and Key Metrics Changes - Mexico, accounting for 72% of total revenues, posted a low single-digit increase of 0.7% in revenues, with growth in both aeronautical and non-aeronautical revenues [8] - Puerto Rico contributed 17.7% of total revenues with high teens growth, while Colombia, accounting for 12% of total revenues, posted 15.4% growth [8][9] - Commercial revenue per passenger reached nearly 140 pesos, representing mid-single-digit year-on-year growth, with Colombia leading at a 22% increase [10] Market Data and Key Metrics Changes - Passenger traffic remained largely flat year on year at 17,700,000, with Puerto Rico showing 3% growth, while Mexico reported a decline of nearly 2% [4][5] - International travel in Mexico saw declines from all regions, with Europe down 4.7%, the US down 5.3%, and South America down 2.7% [5] - A significant portion of the decline in international traffic, approximately 38%, is attributed to the new airport in Tulum [5] Company Strategy and Development Direction - The company continues to invest in infrastructure and expand commercial offerings, having opened 47 new commercial spaces over the last twelve months [9] - The strategy includes modernization and expansion projects at Mexican airports, with ongoing work at Lincoln Airport and taxiway hotels in Puerto Rico [15] - The company remains focused on long-term growth potential despite current market uncertainties [6][16] Management's Comments on Operating Environment and Future Outlook - Management expects traffic in Mexico to gradually stabilize over the next year as operational issues related to aircraft are resolved [6] - The company does not anticipate a material impact from potential US Department of Transportation restrictions on Mexican carriers [6] - Management expressed confidence that travel-related disruptions are typically temporary and that the company is well-positioned to mitigate risks [16] Other Important Information - The company closed the quarter with nearly 20,000,000,000 pesos in cash and cash equivalents, up 30% year on year [13] - A foreign exchange loss of 1,200,000,000 pesos negatively impacted the bottom line, contrasting with a gain of 942,000,000 pesos in the same quarter last year [13] Q&A Session Summary Question: What drove the sequential decline in non-air revenues? - Management indicated that exchange rates played a significant role, along with a slight difference in passenger mix and issues at Terminal 2 [20][22] Question: What impact could lifted capacity restrictions in Mexico City have? - Management noted that an increase in operations at Mexico City Airport could benefit overall passenger traffic, but expressed doubts about significant changes occurring soon [21][24] Question: What is the current traffic situation at Tulum Airport? - Most traffic at Tulum is still primarily commercial flights from the US, with some domestic traffic [27][30] Question: What is the outlook for traffic growth in the second half of the year? - Management expects some normalization in traffic, with potential single-digit growth anticipated compared to the second half of 2024 [34][36] Question: What is the rationale behind the new debt? - The new debt is related to tax expenses at Cancun Airport, ensuring sufficient cash for future dividend payments [60][61] Question: What are the dynamics of international traffic in Puerto Rico and Colombia? - Growth in Puerto Rico is driven by events and concerts, while Colombia's growth is primarily linked to travel from the US [84]

Core Insights - Newmont Corporation (NEM) has sold shares in Greatland Resources Limited and Discovery Silver Corp for approximately $470 million after taxes and commissions, simplifying its investment portfolio and generating additional cash [1] - The company completed its non-core divestiture program in April 2025, expecting to generate $3 billion in after-tax cash proceeds from its divestiture program, which will support its capital allocation strategy [2][8] - Newmont's asset streamlining aims to concentrate capital on high-return, long-life assets, resulting in a $1 billion reduction in gross debt and a record first-quarter free cash flow of $1.2 billion [3] Financial Performance - Newmont's shares have increased by 57% year to date, outperforming the Zacks Mining – Gold industry's rise of 50.5%, largely due to a rally in gold prices [7] - The Zacks Consensus Estimate for NEM's earnings in 2025 and 2026 indicates a year-over-year rise of 31.3% and 6.7%, respectively, with EPS estimates trending higher over the past 60 days [10] Strategic Focus - The divestments allow Newmont to invest in key growth projects such as Tanami Expansion 2 in Australia, Ahafo North expansion in Ghana, and Cadia Panel Caves in Australia, aimed at boosting production capacity and extending mine life [4][8] - Newmont is well-positioned to meet its 2025 targets, continuing to deliver robust free cash flow from its high-quality, long-life asset portfolio [4] Competitive Landscape - Other companies in the industry, such as Barrick Mining Corporation and Kinross Gold Corporation, have also streamlined their portfolios by divesting non-core assets to focus on high-quality projects [5][6]

Financial Data and Key Metrics Changes - For Q2 2025, revenue was flat, operating income decreased by 4%, and diluted earnings per share fell by less than 1% compared to the prior year, primarily due to inflationary cost pressures [11][12] - The company generated over $225 million in free cash flow during the quarter, maintaining a strong cash flow despite challenging market conditions [10][14] - The average diluted share count was 5% lower than the prior year, which partially offset the declines in earnings [11] Business Line Data and Key Metrics Changes - Intermodal volumes increased by 6% year-over-year, with a notable 15% growth in Eastern volumes, while Transcon volumes decreased by 1% [30][31] - The dedicated business showed resilience with fleet losses subsiding, and the company is excited about returning to fleet growth [8][39] - The brokerage business is still working on right-sizing its cost structure while focusing on growth with the right customers [9] Market Data and Key Metrics Changes - Overall customer demand trended modestly below normal seasonality, with intermodal service demand remaining strong [16][17] - Truckload spot rates remained soft, indicating excess capacity in the truckload market [18] - The company is observing diverse customer strategies in response to trade policy changes, impacting their supply chain and capacity plans [20] Company Strategy and Development Direction - The company is focused on operational excellence, scaling investments in people, technology, and capacity, while also repairing margins and improving financial performance [4][6] - A new initiative to lower the cost to serve has identified $100 million in annual cost reductions across efficiency, asset utilization, and technology improvements [12][13] - The company aims to maintain a strong balance sheet with minimal leverage while returning value to shareholders through dividends and stock repurchases [14] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's ability to capitalize on growth opportunities despite market uncertainties [5][9] - The company is preparing for future growth while focusing on controlling expenses in the near term to preserve future earnings potential [6][9] - Management highlighted the importance of customer relationships and service levels, which have led to high customer retention rates [19] Other Important Information - The company repurchased a record $319 million of stock during the second quarter, reflecting its strong cash flow and commitment to returning value to shareholders [14] - The launch of the Quantum service in Mexico is expected to drive growth in that market, which has been the fastest-growing channel for the company [34] Q&A Session Summary Question: Insights on bid season performance and revenue per load - Management indicated that mix plays a significant role in revenue per load, with Transcon volumes down and Eastern volumes up, reflecting customer adjustments to tariffs and imports [42][43] Question: Details on the $100 million cost savings initiative - The $100 million identified for cost savings is part of ongoing efforts to address excess equipment and improve asset utilization, with savings expected to be proportionate to spending levels across segments [50][52] Question: Cost improvement initiatives specific to ICS - Management noted that significant cost reductions have been achieved in ICS, with a focus on efficiency and span of control, leading to a notable decrease in operating expenses year-over-year [58][64] Question: Discussion on intermodal margins and pricing - Management expressed optimism about stabilizing intermodal margins through cost initiatives and modest pricing improvements, emphasizing that growth and cost control are equally important for margin recovery [84][88] Question: Customer uncertainty around forecasting demand for peak season - Management acknowledged the challenges in forecasting demand due to diverse customer strategies and trade policy changes, but emphasized readiness to meet demand when it arises [101][104]

Core Viewpoint - A lawsuit has been filed against Organon & Co. and certain senior executives for potential violations of federal securities laws, particularly related to misleading statements about the company's dividend policy following a significant acquisition [1][2]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the District of New Jersey, titled Hauser v. Organon & Co., et al., No. 25-cv-05322, and claims are made under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [2]. - Investors are encouraged to seek additional information and have until July 22, 2025, to request to lead the case [2]. Group 2: Company Background and Acquisition - Organon is a global healthcare company focused on women's health, known for rewarding shareholders with dividends [3]. - In October 2024, Organon completed a $1.2 billion acquisition of Dermavant, a biopharmaceutical company, which increased the company's debt [3]. Group 3: Dividend Policy and Stock Performance - Following the acquisition, Organon assured investors it would maintain its dividend, which was stated as the "1 capital allocation priority," but later shifted focus to debt reduction, leading to a significant dividend cut [3]. - On May 1, 2025, Organon announced a reduction in its dividend payout from $0.28 per share to $0.02 per share, resulting in a stock price decline of approximately 27%, from $12.93 to $9.45 per share [4].

Group 1 - Equinor ASA has awarded a sizeable EPCIC contract to Aker Solutions for the Fram Sør subsea development, marking a significant step in enhancing gas supply to Europe [1][2][9] - The contract value is estimated between NOK 0.5 billion and NOK 1.5 billion ($49-$150 million), with work already commenced and first production targeted for the end of 2029 [2][9] - The Fram Sør project will utilize existing infrastructure, with plans to develop 12 wells and additional slots for future development in the Fram/Troll area [3][5][9] Group 2 - Aker Solutions will lead the project execution from its Bergen office, with support from its Mumbai team, handling detailed engineering and procurement [4] - Equinor holds a 45% stake in the Fram Sør project, with Vår Energi and Inpex Idemitsu Norge holding 40% and 15% stakes, respectively [5]

Core Viewpoint - A lawsuit has been filed against Organon & Co. and its senior executives for potential violations of federal securities laws, particularly related to misleading statements about dividend policies following a significant acquisition [1][2][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the District of New Jersey, titled Hauser v. Organon & Co., et al., No. 25-cv-05322, and claims are made under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [2]. - Investors have until July 22, 2025, to request to be appointed to lead the case [2]. Group 2: Company Background and Acquisition - Organon is a global healthcare company focused on women's health and has historically provided a healthy dividend to its shareholders [3]. - In October 2024, Organon completed a $1.2 billion acquisition of Dermavant, a biopharmaceutical company, which increased its debt [3]. Group 3: Dividend Policy and Stock Performance - Following the acquisition, Organon assured investors it would maintain its dividend, claiming it was the "1 capital allocation priority," but later shifted focus to debt reduction, leading to a significant cut in its dividend [3]. - On May 1, 2025, Organon announced a reduction in its dividend payout from $0.28 per share to $0.02 per share, resulting in a stock price decline of approximately 27%, from $12.93 to $9.45 per share [4].

Company Overview - Veris Residential 的入住率为 94.4%[8]，拥有 7,621 套公寓[8]。 - 截至 2024 年 11 月 8 日，混合净租金增长率为 4.5%[8]。 - 2024 年至今的 NOI 为 6.7%[11]。 - 83% 的房产获得了绿色认证[11]。 Financial Performance - 截至 2024 年 9 月 30 日，新泽西州海滨的运营多户型 NOI 为 1.7372 亿美元[12]，马萨诸塞州为 2603.2 万美元[12]，其他地区为 3071.2 万美元[12]，商业 NOI 为 352.4 万美元[12]。 - 非战略资产的估计土地价值为 1.87311 亿美元[13]，基于 4,139 个潜在单元[13]。 - 截至 2024 年 9 月 30 日，未偿还股份包括 9290.3 万股加权平均流通普通股[15]。 Market Overview - Tri-State 地区（纽约州、新泽西州、康涅狄格州）现有 A 级总库存为 30.3 万套[48]，在建 A 级项目为 50,575 套（占 16.7%）[48]，A 级平均租金为 4,260 美元[48]。 - Jersey City 海滨现有 A 级总库存为 19,500 套[48]，在建 A 级项目为 2,743 套（占 14.1%）[48]，A 级平均租金为 4,251 美元[48]。 - 波士顿都会区现有 A 级总库存为 11.6 万套[48]，在建 A 级项目为 10,174 套（占 8.7%）[51]，A 级平均租金为 3,290 美元[51]。 Portfolio Optimization - Veris Residential 的 ORA® 评分为 85.00（截至 2024 年 10 月 31 日）[36]。 - Liberty Towers 正在进行大规模翻新，投资额约为 3000 万美元[79]，预计 5 年 IRR 为 18%[80]，核心 FFO 增厚 0.06 美元/股[81]。 - myVeris 应用程序的居民采用率超过 90%[86]。

Strategic Actions - Navient is planning to outsource student loan servicing to create a variable expense model and facilitate corporate cost reduction[3] - The company is exploring strategic options for its business processing division, including potential divestment, to further reduce corporate costs[3] - Navient intends to streamline shared services infrastructure and corporate footprint, beginning in 2024 and implementing over the next 18 to 24 months[3] Financial Performance & Key Business Components - Navient's Net Interest Income (NII) decreased by 67.7% from $2667 million in 2014 to $862 million in 2023[9] - The company's P/E multiple declined by 30.2% from 9.6x in 2014 to 6.7x in 2023[10] - Legacy loan portfolios have decreased from $134 billion in 2014 to $46 billion in 2023[7] - Earnest's net revenue after provision for loan losses increased by 207% from $60 million in 2020 to $184 million in 2023[45] - The company projects $12878 million in loan cash flows net of secured financing, with approximately 50% expected in the next 5 years[22] Earnest Brand & Financial Counseling Platform - Earnest has successfully developed a distinct brand and market positioning, with attributes like empathetic, ethical, and fair[35] - The number of users on Earnest's financial counseling platform has increased from 405 thousand in 2019 to 1748 thousand in 2023[38]