Financial Data and Key Metrics Changes - Kimbell Royalty Partners reported total revenues of $76.8 million for Q3 2025, with adjusted EBITDA of $62.3 million [8][9] - Production averaged 25,574 BOE per day, reflecting a 1% organic increase over Q2 2025 [4][5] - Cash G&A expenses were $5.9 million, equating to $2.51 per BOE, which was below the midpoint of guidance [8][9] Business Line Data and Key Metrics Changes - The company’s production base is diversified and low-decline, with a strong performance despite a general slowdown in the U.S. oil and natural gas sector [4][5] - The active rig count remains strong at 86 rigs, representing a 16% market share of U.S. land rigs [5] Market Data and Key Metrics Changes - The company noted a favorable environment for natural gas, with prices above $4, which is expected to contribute positively to production growth [16][42] - The Mid-Continent and Haynesville areas have shown acceleration in activity, benefiting from a higher gas cut [16][42] Company Strategy and Development Direction - Kimbell aims to be a leading consolidator in the oil and natural gas royalty sector, focusing on long-term unit holder value [6] - The company maintains a conservative balance sheet with a net debt to trailing 12 months consolidated adjusted EBITDA of approximately 1.6 times [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining flat or slightly increasing production despite industry challenges, citing strong rig activity and a diversified portfolio [10][32] - The company is optimistic about the long-term demand for U.S. energy and its position to benefit from this trend [10] Other Important Information - A cash distribution of $0.35 per common unit was declared for Q3 2025, with approximately 100% expected to be a return of capital [8][9] - The company reaffirmed its financial and operational guidance ranges for 2025 [9] Q&A Session Summary Question: Insights on macro conditions and production stability - Management highlighted steady production from their portfolio and noted that rig activity has remained relatively flat, providing confidence in maintaining production levels [12][13] Question: Activity in Mid-Continent and Haynesville - Management reported strong activity in the Mid-Continent, benefiting from higher gas prices, and emphasized the importance of a diversified portfolio [16] Question: Marketing and other deductions expense fluctuations - Management indicated that the recent increase in marketing costs was due to production growth in the Mid-Continent and suggested a return to historical averages in a normalized environment [17] Question: Maintenance level for production stability - Management confirmed that the maintenance level of 6.5 wells is due for an update and is expected to decrease, enhancing confidence in production maintenance [21][24] Question: M&A landscape and opportunities - Management noted that the removal of competitors from the market could create opportunities, but emphasized a disciplined approach to M&A, focusing on larger, more impactful acquisitions [25][26] Question: Growth potential in gas demand - Management expressed caution about making multi-year projections but acknowledged the potential for significant growth in natural gas production if favorable market conditions materialize [41][42] Question: Organic mineral acquisition opportunities - Management stated that they prefer larger, more mature acquisitions rather than small ground game acquisitions, focusing on building relationships for future opportunities [46][47]

Financial Data and Key Metrics Changes - Centuri Holdings reported record revenue of $850 million for Q3 2025, an 18% increase from Q3 2024 [12] - Adjusted net income for the quarter was $16.7 million, up from $5.3 million in the prior year [13] - Base revenue increased by 25% and base gross profit rose by 28% compared to the previous year [4][12] - The gross profit margin for the third quarter was 9.2%, down from 10.5% in the prior year [12] Business Line Data and Key Metrics Changes - US Gas revenue was $412.4 million, a 13% increase year-over-year, with a gross profit margin of 7.7% [13][14] - Canadian Gas revenue surged nearly 40% to $74.2 million, with a gross profit margin of 21.9% [14][15] - Union Electric revenue increased by 25% to $214.5 million, with base revenue reflecting a 29% year-over-year increase [15] - Non-union electric revenue rose 16% to $149 million, with a base revenue increase of 58% [16] Market Data and Key Metrics Changes - Total bookings for the year reached $3.7 billion, significantly ahead of the targeted book-to-bill ratio of 1.1 times [5][6] - The backlog reached a record high of approximately $5.9 billion, up from $5.3 billion last quarter [8] - The overall opportunity pipeline remains robust at about $13 billion, with over 600 strategic bid opportunities [8] Company Strategy and Development Direction - The company aims to build a premier standalone utility services company focused on sustainable and profitable growth [20] - A strategic fleet optimization initiative is underway to improve cash generation and fleet efficiency [9] - The company is focused on eliminating seasonality in the gas business and enhancing operational efficiency [41][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth in 2026, supported by strong backlog visibility and near-term booking expectations [9][20] - The company anticipates generating meaningful free cash flow in Q4 2025, despite a negative free cash flow of $16.3 million in Q3 [18][19] - Management highlighted the importance of storm work but emphasized that future planning will focus on base business performance [35] Other Important Information - The company completed its separation from Southwest Gas Holdings and appointed new leadership to drive operational excellence [10] - Adjusted EBITDA for Q3 2025 was $75.2 million, down from $78.8 million in the prior year [13] Q&A Session Summary Question: Impact of storm activity on EBITDA guidance - Management confirmed that the $15 million decline in guidance is entirely related to storm activities, with a split of approximately 60% for Q3 and 40% for Q4 [23][24] Question: Utilization of MSA contract work in non-union electric - Management indicated that there would be a lag in achieving full utilization, but expected improvements in Q4 as operations mature [25][26] Question: Difference in margins between data center opportunities and other bid work - Management noted that margins for data center-related work are generally higher than for MSAs, and they are now in a position to increase margins on new bids [28][30] Question: Strength of base revenue growth compared to expectations - Management stated that the base revenue growth exceeded internal expectations, driven by strong customer service and backlog management [37][39] Question: Focus on U.S. gas business and operational execution - Management highlighted improvements in the gas business and emphasized the need to address seasonality while maintaining strong margins [45][50] Question: Strategic bids and project mix - Management detailed that the $3 billion in strategic bids consists of 60% electrical work and 40% gas-related projects, with a focus on accretive bid work [52][53]

Financial Data and Key Metrics Changes - Third quarter revenue was $400 million, and adjusted EBITDA was $95 million, both exceeding guidance provided in July [5][12] - Year-over-year revenue growth for the third quarter was 6%, while adjusted EBITDA increased by 3% [12] - Net income for the third quarter was $34 million, resulting in earnings per share of $0.23, with adjusted net income at $37 million and adjusted earnings per share of $0.25, a 14% increase compared to Q3 of the prior year [12][18] Business Line Data and Key Metrics Changes - New enrollments in Mexico increased by 2% on a reported basis or 4% excluding campus closures, while total enrollment volume increased by 4% [13] - In Peru, new enrollments surged by 21% for the third quarter, driven by strong growth in fully online programs for working adults [14][15] - Adjusted EBITDA for Mexico increased by 25% in the third quarter, while Peru's adjusted EBITDA declined by 2% due to timing of expenses [13][16] Market Data and Key Metrics Changes - Peru's economy is projected to grow approximately 3% in 2025, supported by robust domestic demand and low inflation [8] - Mexico's government has maintained fiscal discipline and advanced industrial modernization, contributing to a stable economic environment [8][9] Company Strategy and Development Direction - The company plans to open two new campuses in Monterrey, Mexico, and Lima, Peru, marking the first new campus launches since 2019 [6] - The company has identified numerous other cities in Mexico and Peru for potential development over the next several years [6] - An increase in the stock repurchase program by $150 million reflects the company's disciplined capital allocation strategy [7][17] Management's Comments on Operating Environment and Future Outlook - Management noted a resilient business model despite a softer macroeconomic environment [5] - The company expects an increase in economic activity in the second half of 2026 following trade negotiations [9] - Full year 2025 guidance was increased, projecting revenue growth of 7% to 8% and adjusted EBITDA growth of 13% to 14% [18][19] Other Important Information - The company ended September with $241 million in cash and $102 million in gross debt, resulting in a net cash position of $139 million [17] - The company has returned over $3 billion of capital to shareholders since 2019 through share repurchases and dividends [17] Q&A Session Summary Question: Revenue strength in Peru amidst calendar timing - Management highlighted strong consumer sentiment and a catch-up on deferred demand from last year, with pricing in line with inflation [22][23] Question: New enrollment growth in Mexico - Management clarified that the majority of enrollment growth in the third quarter was driven by traditional undergraduate students aged 18 to 24 [24][25] Question: Contribution from new campuses in Mexico - Management indicated that 4% growth excluding campus closures included a 1% contribution from new campus launches, with 3% from same-store growth [27] Question: Impact of pricing mix on average revenue per student - Management noted that the mix impact could be upwards of 2% as the company aggressively targets the fully online working adult segment [28]

Core Points - The Boyd Group Services, Inc. held an investor call to discuss its financial performance and future outlook [2][4] - The presentation included forward-looking statements that are subject to risks and uncertainties, which could lead to actual results differing from expectations [2][3] Company Overview - The call featured key executives including Mr. Brian Kaner, President and CEO, and Mr. Jeff Murray, Chief Financial Officer [4] - The company emphasized the importance of understanding the risks associated with forward-looking information and the reliance on non-GAAP measures [3]

Financial Data and Key Metrics Changes - The company reported GAAP Q2 earnings per share of $0.34, with adjusted earnings per share of $0.53, reflecting an 18% increase over the prior quarter and a 15% increase year over year [11][12] - The CET1 ratio was better than expected at 10.74%, approximately 50 basis points higher than anticipated [7][12] - Tangible book value per share increased by 14% year over year [7][24] Business Line Data and Key Metrics Changes - Total loans increased by $11.5 billion, with a 3.7% annualized growth excluding Bremer [14] - The investment portfolio grew by $3.4 billion from the prior quarter, primarily due to Bremer and reinvestment of cash flows [14] - Adjusted noninterest income was $112 million for the quarter, showing increases across all line items due to Bremer and organic growth [19] Market Data and Key Metrics Changes - Total deposits increased by $13.3 billion, with core deposits (excluding brokered) up by $11.6 billion [16] - Noninterest-bearing deposits represented 25% of core deposits, up 2% from the first quarter [16] - The loan-to-deposit ratio was 88%, down 1% from the last quarter [17] Company Strategy and Development Direction - The company is focused on organic growth and maintaining a disciplined approach to credit management, particularly in a competitive commercial real estate market [36][66] - The recent partnership with Bremer is expected to enhance the company's position and provide significant flexibility around its balance sheet [9][30] - The company is committed to investing in technology and enhancing its infrastructure to better serve clients [100][102] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding client sentiment, noting increased competition in the commercial real estate sector [36][40] - The company anticipates continued growth in net interest income and net interest margin in the second half of 2025, supported by the Bremer partnership [15][29] - There is a recognition of uncertainty surrounding global economic conditions, which could impact growth and rates [29] Other Important Information - The company appointed Tim Burke as the new president and COO, effective immediately [4][5] - The merger with Bremer was completed two months ahead of schedule, contributing positively to earnings momentum [23][30] Q&A Session Summary Question: Client sentiment and loan growth outlook - Management noted that while there is economic optimism among clients, increased competition in commercial real estate has led to a more cautious loan growth outlook [36][40] Question: Increase in non-performing assets (NPAs) - The increase in NPAs was attributed to the merger with Bremer, but overall NPAs as a percentage of total loans have decreased [45] Question: Spot rates on loans and bonds - The current spot rate on loans is approximately five basis points higher than reported, with new money yields in the high sixes [51] Question: Capital deployment and buyback expectations - Management indicated a focus on building capital post-merger, with potential for buybacks being considered in the future [54] Question: Deregulatory environment impact - Management expressed a positive outlook on the deregulatory environment, which could facilitate growth opportunities [60][62] Question: Active portfolio management - Active portfolio management involves reducing classified and criticized loans through payoffs and refinancing, with a focus on maintaining credit quality [72] Question: Fee income outlook - Fee income is expected to remain strong, driven by growth in mortgage, wealth management, and capital markets [91]

Company Overview - AAON's order backlog is $1 billion[17] - AAON's gross margin is 31%[17] - AAON's EBITDA margin is 211%[17] - AAON's CapEx and R&D as a percentage of sales is 216%[17] - AAON's EPS is $190[17] - AAON's ROIC is 167%[17] BASX Overview - BASX's backlog at 1Q25 is $623 million, up 123% year over year[128] - BASX has had a three-year CAGR of ~40% in a market growing ~10%[26] - BASX air-side cooling sales (~$166M in 2024) expected to grow >20% for the next three years[162] Financial Targets - The company is affirming its 3-year targets of 32%-35% gross margin and 125%-plus organic sales CAGR[71]

Aon United Strategy and Market Overview - Aon operates in large and attractive markets, including Risk Capital and Human Capital, driven by secular tailwinds and delivering a strong track record of performance[15] - The Risk Capital and Human Capital markets are substantial, with assets of $56.5 trillion and premiums of $4.6 trillion in 2023, reflecting Compound Annual Growth Rates (CAGR) of 8% and 4% respectively[17] - Aon's total revenue is $16 billion, with 50% from Risk Capital (Commercial Risk and Reinsurance) and 50% from Human Capital (Health and Wealth)[40] - Aon's revenue by geography shows 49% from the U S, 9% from Canada & LatAm, 32% from EMEA (including U K / Ireland), and 11% from Asia Pacific[41] Financial Performance and Growth Drivers - Aon has a strong 10-year performance record (2013-2023) with an average annual Organic revenue growth of +5%, ~130 bps average annual adjusted operating margin expansion, 11% Adjusted EPS CAGR, and 12% FCF/Share CAGR[54] - Aon's disciplined capital allocation includes 45% to M&A and 55% to share repurchases, resulting in a 10-Year CAGR (2014 – 2024) Annualized Total Shareholder Return of 15%[56] - The 3x3 Plan is operationalizing Aon United to drive core growth and innovation, focusing on winning share in core markets, capturing new demand in existing markets, and creating new demand in new categories[81] Aon Business Services (ABS) and Innovation - Aon Business Services (ABS) is driving the full realization of Aon United by operationalizing it at scale, delivering end-to-end client experiences, and creating a unique AI opportunity[264] - ABS has 15,000 colleagues, with 7,500 in Global Capability Centers, serving 50,000+ clients across 120 countries and 5 continents[270] - Aon is targeting $350 million in annual savings by year-end 2026 through AI tools adoption within ABS[284] Client Leadership and Market Opportunity - The Enterprise Client Group (ECG) is accelerating growth, expanding relationships, and improving retention, with a +3 points YoY increase in ECG contribution to new business with existing clients[222] - Approximately 50% of Enterprise Client Group revenue is cross-border, demonstrating stronger global penetration[223] - Aon is capturing growth in the $31 billion U S middle market[380]

Financial Data and Key Metrics Changes - For the third quarter of fiscal 2025, consolidated sales rose 1% year over year to $940 million, with modest volume growth offset by currency translation headwinds [9][20] - Adjusted EPS was $0.99, up approximately 8% compared to the prior year [10][21] - Operating margin improved by 80 basis points over the previous year, driven by expense leverage [9][21] Business Line Data and Key Metrics Changes - In Mobile Solutions, total sales were $583 million, roughly flat with the prior year, with aftermarket sales increasing by 3% to $460 million [13][14] - Industrial Solutions sales rose 5% to $283 million, with IFS sales at $232 million, a 1% increase from the prior year [15][16] - Life Sciences sales grew 1% to $74 million, with double-digit growth in disk drive and food and beverage replacement parts [16][17] Market Data and Key Metrics Changes - Mobile Solutions in China saw a 27% increase in sales, driven by growth in both first fit and aftermarket [15] - Aerospace and defense sales reached a record $52 million, largely due to robust market demand [7][16] - The impact of tariffs on net results was deemed immaterial for the quarter, with an annualized estimate of $35 million expected to be offset through supply chain and price adjustments [10][12] Company Strategy and Development Direction - The company is focused on long-term investments in technology opportunities and capital expenditures while maintaining a strong balance sheet [5][30] - A new COO was appointed to strengthen execution across the organization [6] - The company aims to navigate dynamic market conditions while advancing innovation and growth initiatives [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite macro uncertainties [4][35] - The company anticipates fiscal 2025 to be another record year, with record sales, operating margin, and adjusted earnings [17][34] - Management acknowledged ongoing market headwinds in bioprocessing but remains committed to strategic investments [23][24] Other Important Information - The company announced an 11% increase in its quarterly dividend, marking the 30th consecutive year of annual dividend increases [32][33] - Share repurchases totaled 2.4% of outstanding shares for $192 million during the quarter, with expectations to increase the full-year repurchase to between 3-4% [33] Q&A Session Summary Question: Can you discuss the gross profit margin dynamics and inflation impacts? - The decline in gross margin was primarily due to footprint optimization initiatives, with expectations to remain price-cost neutral [37][39][41] Question: What is driving the lowered CapEx outlook? - The company is prioritizing executing business operations over launching new CapEx projects due to supply chain pressures [42][44] Question: Can you provide insights on Industrial Solutions top-line trends? - The equipment side is pressured, but aftermarket growth and share gains in stationary hydraulics are offsetting challenges [49][51] Question: What is the visibility in aerospace and defense? - The company has long visibility on projects, but supply chain uncertainties make predictions challenging [62][68] Question: How does the company view the impact of tariffs on demand? - The company is managing carefully amidst uncertainties, with aftermarket and service-based businesses performing well [100][101]

Financial Data and Key Metrics Changes - Fiscal year 2025 consolidated revenue increased by 7% to $278.4 million, driven by consistent demand for services and products [7] - Operating cash flow reached a record $38.6 million, an 18% year-over-year increase [8] - Q4 net income decreased to $4.5 million from $6.9 million in the prior year, with diluted earnings per share dropping to $0.48 from $0.77 [16] - Full year net income increased by 6% to $14.5 million [16] - Adjusted EBITDA for Q4 was $12.7 million, up 9% from the previous year, with a consistent EBITDA margin of 16.5% [18] Business Line Data and Key Metrics Changes - Service revenue grew by 11% to $52 million in Q4, with organic growth in the high single-digit range [12] - Distribution revenue increased by 4% to $25.1 million in Q4, driven by growth in the rental channel [13] - Full year service revenue benefited by $10.4 million from acquisitions [13] - Service gross margin expanded by 50 basis points to 36.2% in Q4, while distribution gross margin decreased by 30 basis points to 28.2% [14] Market Data and Key Metrics Changes - The rental platform continues to show growth, contributing to the overall performance of the distribution segment [10] - The company noted that barriers to entry in the calibration services market have defended its unique value proposition [10] Company Strategy and Development Direction - The acquisition of Martin Calibration is seen as highly synergistic, expanding geographic reach and capabilities [8] - The company aims to leverage its strengths in leadership and culture to drive future growth [21] - Management expressed confidence in the resilience of the calibration services channel, which benefits from recurring revenue streams in regulated markets [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term volatility but remains optimistic about long-term growth potential, particularly in the calibration services segment [52] - The leadership team is focused on improving sales and operational efficiencies, with expectations for high single-digit growth as macro trends normalize [54] Other Important Information - The company plans to file its 10-K on May 27 [19] - The integration of the Martin acquisition is reportedly ahead of schedule [23] Q&A Session Summary Question: Can you discuss the cadence of business performance in Q4? - Management characterized Q4 as solid, with pent-up demand contributing to high single-digit organic growth [30] Question: Were there any significant opportunities that closed recently? - Management indicated a healthy pipeline of new opportunities, expecting momentum in the latter half of the year [33] Question: How is the distribution segment responding to tariff announcements? - Management noted that distribution has held up well, but the impact of tariffs remains uncertain [36] Question: What are the levers for expense control? - Management highlighted delayed hires and good cost management as key factors in controlling operating expenses [48] Question: How is the Solutions business progressing? - Management reported steady progress in integrating the Solutions channel into the overall service platform [61] Question: What is the current status of automation efforts? - Management indicated that automation efforts are ongoing, with significant progress made but more work to be done [67] Question: How does the rental market perform in a challenging macro environment? - Management expects rental demand to increase as customers may prefer rentals over purchases during uncertain times [78]

Financial Data and Key Metrics Changes - Fiscal year 2025 consolidated revenue increased by 7% to $278.4 million, driven by consistent demand for services and products [5][12] - Service revenue grew by 7% to $181.4 million, while distribution revenue increased by 8% to $97 million [6][12] - Operating cash flow reached a record $38.6 million, an 18% year-over-year increase [6] - Q4 net income decreased to $4.5 million from $6.9 million in the prior year, with diluted earnings per share dropping to $0.48 from $0.77 [15] - Full year net income increased by 6% to $14.5 million [15] Business Line Data and Key Metrics Changes - Calibration Services achieved double-digit revenue growth of 11% in Q4, with organic growth in the high single-digit range [7][11] - Distribution revenue in Q4 grew by 4%, driven by growth in the rental channel [8][12] - Service gross margin expanded by 50 basis points to 36.2% in Q4, while distribution gross margin decreased by 30 basis points to 28.2% [13][14] Market Data and Key Metrics Changes - The rental platform continues to show growth, contributing to the overall performance of the distribution segment [8][12] - The company noted that barriers to entry in the service market have defended its unique value proposition and strong brand [10] Company Strategy and Development Direction - The acquisition of Martin Calibration is seen as highly synergistic, expanding geographic reach and capabilities [6][7] - The company aims to leverage its strengths in leadership and culture to execute its strategy and vision for future growth [20] - Management expressed confidence in the resilience of the calibration services channel, benefiting from recurring revenue streams in regulated markets [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term volatility but expressed confidence in the company's ability to return to high single-digit growth levels as macro trends normalize [19][29] - The leadership team is focused on improving sales and operational processes, with expectations for stabilization and growth in the Solutions business [20][50] - Management remains optimistic about the future, citing a strong pipeline for strategic acquisitions and ongoing improvements in service delivery [19][43] Other Important Information - The company plans to file its 10-K on May 27 [18] - Operating free cash flow improved by 31% to $25.4 million [16] Q&A Session Summary Question: Can you discuss the cadence of business performance in Q4? - Management characterized Q4 as solid, with pent-up demand contributing to high single-digit organic growth [25][26] Question: Were there any significant opportunities in the service business? - Management confirmed a healthy pipeline of new opportunities and new wins expected to contribute to momentum in the latter half of the year [28] Question: How is the distribution segment responding to tariff announcements? - Management noted that distribution has held up well, with current orders possibly influenced by customers trying to get ahead of tariffs [30][31] Question: What are the levers for expense control? - Management highlighted delayed hires and good cost management as key factors, with expectations for some nominal increases in expenses moving forward [37][38] Question: How is the Solutions business progressing? - Management reported steady progress in integrating the Solutions channel into the overall service platform, with expectations for improved results [50] Question: What is the current status of automation efforts? - Management indicated that automation efforts are ongoing, with significant progress made, but still more work to be done [54][56] Question: How does the company view the rental market in a challenging macro environment? - Management expects rental demand to grow in line with historical trends, particularly as uncertainty persists [66][68]