Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with a sequential quarter increase of approximately 5% to $665 million when excluding negative adjustments [10][30] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of the guidance range [34] - The net income attributable to limited partners for Q4 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [28] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 due to lower volumes from the Delaware and Powder River Basins, partially offset by record throughput from the DJ Basin [20] - Produced water throughput increased by 121% sequentially, driven by the Aris acquisition [20] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% increase [23] Market Data and Key Metrics Changes - The Delaware Basin remained the primary growth engine, with throughput records contributing to overall performance [12] - The company expects natural gas throughput to remain flat year-over-year in 2026, with crude oil and NGL throughput declining by low- to mid-single digits [24] - The Powder River Basin is expected to see a decline in throughput by 10%-15% based on producer forecasts [27] Company Strategy and Development Direction - The company’s long-term growth strategy remains unchanged, targeting mid- to low-single-digit Adjusted EBITDA growth [42] - The Aris acquisition is expected to significantly contribute to 2026 results and enhance the company's capabilities in produced water solutions [9][15] - The company plans to reduce capital expenditures for 2026 to a range of $850 million to $1 billion, reflecting a disciplined approach to capital allocation [38] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility affecting producer activity levels, particularly in the Delaware Basin [4] - The company anticipates a transition year in 2026, with stable long-term contract structures supporting financial stability [8] - Management expressed confidence in the long-term development plans of producers, particularly in the Delaware Basin [6] Other Important Information - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with 85% expected to be realized by the end of Q1 2026 [16] - The integration of Aris has progressed well, enhancing the company’s commercial organization and capabilities [14] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that the strategy for M&A remains unchanged, focusing on opportunities for synergies and disciplined capital deployment [49][50] Question: Can you elaborate on the Waha pricing situation? - Management indicated that new egress solutions expected in the second half of the year should help alleviate pricing volatility, and they are working with customers to find commercial solutions [55][56] Question: What is the outlook for distribution coverage? - Management discussed plans to grow distributions slightly behind EBITDA growth, with a proposed increase of $0.02 per unit for 2026 [80]

Brookdale Senior Living (NYSE:BKD) Q4 2025 Earnings call February 19, 2026 09:00 AM ET Company ParticipantsAndrew Mok - Director of Equity ResearchDawn L. Kussow - EVP and CFOMary Sue Patchett - COOMike Grant - VP of Investor RelationsNick Stengle - CEOConference Call ParticipantsBen Hendrix - VP and Equity Research AnalystBrian Tanquilut - Senior Equity Research AnalystJoanna Gajuk - Equity Research AnalystJosh Raskin - Managing Director and AnalystOperatorGood morning. My name is Jordan, and I'll be your ...

Core Insights - Williams (WMB) is projecting a compound annual growth rate (CAGR) of over 10% for adjusted EBITDA through 2030, driven by power and transmission projects [1] - The company has a significant backlog of opportunities, with $15 billion in potential growth capital and a robust pipeline of projects [1] Group 1: Financial Performance and Growth Outlook - WMB has raised its long-term adjusted EBITDA growth target from 5-7% to over 10% CAGR for 2025-2030, following a 9% CAGR from 2020 to 2025 [1] - The company expects U.S. natural gas demand to grow by 39 billion cubic feet per day (Bcf/d) by 2035, with 20 Bcf/d attributed to LNG exports and 10 Bcf/d for power generation [1] - For 2026, WMB has provided an adjusted EBITDA guidance range of $8.05–$8.25 billion, indicating a 6% growth relative to 2025 at the midpoint [1] Group 2: Power Projects - WMB has announced a new 340-megawatt natural gas power project in Ohio, with a 10-year agreement expected to be operational in the second half of 2028 [1] - The company has a backlog of power opportunities that is three times the combined gigawatts of its four sanctioned projects, totaling 6 gigawatts [1] - WMB is investing over $7 billion in its power projects, which are expected to yield a 20% return based on a 5x multiple [1] Group 3: Transmission Projects - WMB currently has 13 transmission projects underway, representing 7.1 Bcf/d of capacity, and is on track to increase delivery capacity by over 20% from 2025 to 2030 [1] - The transmission backlog has grown by over 5 Bcf/d in the past year, translating to more than $3 billion in capital expenditure [1] - WMB's transmission segment, particularly the Transco pipeline, is a key asset, transporting approximately 15% of the nation's natural gas [1]

Core Insights - Strata Critical Medical is a market leader in the non-correlated transplant industry, experiencing significant transformation that enhances organ recovery and increases demand for clinical and logistical support [3][5] - The company aims for a high-teens Adjusted EBITDA compound annual growth rate (CAGR) in the medium term, with potential for substantial growth through acquisitions [3][4][5] - Strata's integrated organ recovery platform is designed to be efficient and cost-effective, allowing for faster organ recovery processes and expanded service delivery [3][5] Financial Guidance - For 2026, Strata projects revenue between $255 million and $270 million, with Adjusted EBITDA expected to be between $28 million and $32 million [6] - The company anticipates organic revenue growth at a low double-digit CAGR and an Adjusted EBITDA margin of approximately 13.0% by 2029 [6] - Strata has approximately $200 million in cash available for deployment through 2029, targeting a doubling of Adjusted EBITDA by that year [4][6] Market Position and Strategy - Strata operates one of the largest air transport and surgical services networks for transplant hospitals and organ procurement organizations in the U.S. [9] - The company is well-positioned to outpace market growth while expanding its margins, driven by multiple catalysts in the industry [5] - The focus on acquisitions in a fragmented market is not only aimed at financial returns but also at enhancing local service delivery and reducing costs for customers [3][5]

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].