Event highlights multiple ongoing industry growth catalysts and a range of factors that should enable Strata to grow faster than the overall marketTeam defines roll-up opportunity, acquisition philosophy and priority targets for $200 million of estimated cash available for deployment through 2029New 2026 financial guidance and medium-term financial framework targets a sustained high-teens target CAGR(1) for Adjusted EBITDA on an organic basisAdjusted EBITDA expected to double organically(1) by 2029, before ...

Financial Data and Key Metrics Changes - Bausch Health reported a year-over-year revenue growth of 7% on a reported basis and 5% on an organic basis, achieving $2.681 billion in revenue for the third quarter [4][8] - Adjusted EBITDA increased by 8% year-over-year to $986 million, with an adjusted gross margin of 72.7%, which is 40 basis points lower than the previous year [8][9] - The company reduced its debt by approximately $600 million, leading to an increase in full-year guidance for revenue, adjusted EBITDA, and adjusted operating cash flow [5][15] Business Line Data and Key Metrics Changes - The Solta Medical segment saw a remarkable 25% growth on a reported basis and 24% on an organic basis, while Salix delivered 12% growth on a reported basis and 11% on an organic basis [6][10] - Xifaxan revenue grew 16% in the third quarter, with volume up 9%, driven by strong performance in the hepatology segment [10][20] - The diversified segment experienced a revenue decrease of 4% on a reported basis and 6% on an organic basis, primarily due to challenges in the neurology business [13][14] Market Data and Key Metrics Changes - International segment revenues decreased by 2% on a reported basis and 4% on an organic basis, with mixed performance across geographies [11] - EMEA led the international segment with a 12% increase, while Canada and LATAM contracted by 8% and 17%, respectively [11] - The Asia-Pacific region contributed significantly to Solta Medical's growth, with South Korea achieving 96% growth year-over-year [12][22] Company Strategy and Development Direction - The company is focused on five strategic priorities: people, growth, efficiency, innovation, and unlocking value, which guide its vision for the future [18] - Bausch Health aims to enhance its operational assets and continue executing its innovation and profitable growth agenda [16][18] - The acquisition of DURECT Corporation is expected to complement the existing portfolio and enhance the R&D pipeline, particularly in hepatology [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic macro backdrop and highlighted strong operational performance [5][18] - The company anticipates continued growth in its key segments, particularly in Xifaxan and Solta Medical, while also preparing for the impact of CMS pricing negotiations [19][33] - Full-year guidance has been raised, reflecting positive trends across the portfolio, with revenue expected between $5 billion and $5.1 billion [15][16] Other Important Information - The company exited the 340B program and Medicaid drug rebate program to optimize sales channels and enhance patient assistance programs [61][62] - The focus remains on deleveraging the business and optimizing the capital structure, with plans to use free cash flow for debt servicing [66][68] Q&A Session Summary Question: Revenue growth for Xifaxan outpacing script growth - Management explained that the disconnect is due to a one-time benefit associated with gross-to-net accrual and strong new patient starts [30][32] Question: Dynamics of CMS pricing negotiations - Management confirmed ongoing fruitful negotiations with CMS and expects pricing to be published on November 30, 2025 [33][34] Question: Revised guidance and one-time factors - Management acknowledged one-time adjustments in Q3 but emphasized positive trends across the portfolio [40][41] Question: SG&A spending and future run rates - Management indicated that Q3 SG&A was unusually low due to non-recurring accrual changes, suggesting Q1 and Q2 as better indicators for future spending [42][43] Question: RED-C phase 3 results timeline - Management confirmed that both phase 3 studies will have a combined readout in early 2026, which will be the final readout for the program [45][46] Question: Impact of exiting the 340B program - Management highlighted the decision was made to optimize sales channels and enhance patient assistance programs [62][63] Question: Debt refinancing and deleveraging strategies - Management outlined plans to use free cash flow for debt servicing and mentioned potential asset sales as a means to support deleveraging [66][68]

Core Insights - Flotek Industries (FTK) is on track to achieve 10 consecutive quarters of improved adjusted EBITDA, a notable achievement for a smaller energy company [1][9] - The company has transformed its financial health from a loss of $5.1 million in late 2022 to a gain of $7.8 million in Q1 2025, demonstrating effective management and execution [1][9] - FTK's adjusted EBITDA increased by 93% year-over-year in Q1 2025, alongside improved profit margins and reduced SG&A costs to 11% of revenues [2][9] - The company forecasts an 80% growth in EBITDA for 2025, driven by new contracts and international chemistry sales [3][9] Peer Performance - RPC Inc. reported Q1 2025 EBITDA of $48.9 million, a sequential increase of 6%, with an adjusted EBITDA margin of 14.7% [4] - ProPetro Holding achieved adjusted EBITDA of $73 million in Q1 2025, up 38% from the previous quarter, supported by a focus on next-generation fleet and disciplined capital spending [5] Market Performance - Flotek's shares surged by 55% in the first half of the year, reflecting strong investor interest [8] - The company trades at a forward price-to-earnings ratio of approximately 22, indicating a favorable valuation in the market [10]

Financial Performance & Guidance - First quarter 2025 adjusted EBITDA was approximately $1.8 billion[25] - The company reported net income attributable to ONEOK of $636 million, or $1.04 per diluted share[26] - ONEOK reaffirmed its 2025 adjusted EBITDA guidance midpoint of $8.225 billion[12, 23] - The company anticipates >15% EPS growth in 2026 and is approaching 10% adjusted EBITDA growth[23] Segment Performance (Q1 2025 vs Q4 2024) - Natural Gas Liquids adjusted EBITDA decreased, including an $82 million decrease from unconsolidated affiliates and a $72 million decrease in transportation and storage[30] - Natural Gas Gathering and Processing adjusted EBITDA increased, including a $13 million increase due to adjusted EBITDA from EnLink[31] - Refined Products and Crude adjusted EBITDA decreased[28] - Natural Gas Pipelines adjusted EBITDA decreased, including a $264 million decrease due to the interstate natural gas pipeline divestiture in 2024[31] Operational Highlights - Natural Gas Liquids: Gulf Coast/Permian NGL raw feed throughput increased by 13% compared to the fourth quarter of 2024[37] - Refined Products and Crude: Crude oil volume shipped increased to 1,846,000 bpd in the first quarter of 2025[40] - Natural Gas Gathering and Processing: Total processed volumes reached 5,250 MMcf/d in the first quarter of 2025[45] Growth Projects & Opportunities - The company is focused on high-return organic growth projects, including expansions of the West Texas NGL Pipeline (capacity to 740,000 bpd) and Elk Creek NGL Pipeline (capacity to 435,000 bpd)[56] - ONEOK sees opportunities in natural gas pipelines driven by industrial demand growth from data centers, LNG, and ammonia facilities[52, 55]

Financial Data and Key Metrics Changes - In Q1 2025, global shipments grew by 6% and adjusted EBITDA increased by 16% compared to the prior year, exceeding initial guidance [6][25]. - The company ended the quarter with a liquidity position of $570 million, reflecting a seasonal working capital outflow [20]. - Net leverage improved to 5.5 times net debt over the last twelve months adjusted EBITDA, down from 6.2 times reported in Q1 2024 [21][22]. Business Line Data and Key Metrics Changes - In Europe, Q1 revenue increased by 10% to $528 million, with shipments growing by 5% [13][14]. - In the Americas, revenue rose by 12% to $740 million, with adjusted EBITDA increasing by 16% to $106 million [15][16]. - North America shipments increased by 8%, driven by strong demand for nonalcoholic beverages, particularly energy drinks [16]. Market Data and Key Metrics Changes - The beverage can continues to gain market share in customers' packaging mix, with strong trends in customer innovation favoring beverage cans [9][26]. - In Brazil, beverage can shipments increased by 4%, outperforming the industry, which grew modestly [17]. - The company anticipates a low to mid-single-digit percentage growth in shipments for Brazil for 2025, maintaining a cautious outlook [18][19]. Company Strategy and Development Direction - The company is upgrading its full-year guidance for shipments growth to 3% to 4%, up from the initial 2% to 3% [27]. - Full-year adjusted EBITDA is now expected to be in the range of $695 million to $720 million, reflecting improved underlying business performance and favorable currency outlook [27]. - The company is focusing on high-return projects to increase capacity and flexibility in Europe, indicating a proactive approach to meet future demand [70][120]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite a dynamic macro environment, with minimal anticipated impact from tariff measures [8][10]. - The company remains cautious about the back half of the year due to potential volatility in the macro environment [101][114]. - Management highlighted strong customer performance in North America, particularly in innovative beverage categories, as a key driver for the positive outlook [58][61]. Other Important Information - The company announced a quarterly ordinary dividend of $0.10 per share, with no changes to its capital allocation policy [24]. - The company expects adjusted free cash flow for 2025 to be at least $150 million, with maintenance CapEx around $135 million [22]. Q&A Session Summary Question: Trends in April and impact of tariffs - Management noted no change in order behavior in April and attributed the guidance upgrade to continued sales momentum, particularly in North America [32][34]. Question: Confidence in North American energy market - Management expressed confidence in the recovery of the energy category, noting broad-based growth across customer segments [37][39]. Question: Customer mix issues in Brazil - Management acknowledged volatility in Brazil but maintained a cautious outlook despite a positive start to the year [50][52]. Question: Competitive landscape and contract renewals - Management indicated no material risk to volumes or margins from the competitive environment, with discussions on contract renewals progressing well [86][88]. Question: Utilization rates and new capacity in Brazil - Management stated that North America is operating in the nineties for utilization rates, while Brazil remains complex with lower utilization [94][96]. Question: Free cash flow and leverage outlook - Management is optimistic about free cash flow generation and expects leverage to decrease by year-end, primarily through EBITDA growth [135].