Operating cash flow improved by $49 million year over year. Corkrean reiterated that operating cash flow in fiscal 2026 is expected to be weighted to the second half. Leverage stood at 3.1x net debt to adjusted EBITDA , unchanged from fiscal year-end 2025 and down from 3.5x a year earlier.Adjusted SG&A expense rose 4% year over year, but Corkrean noted that excluding acquisitions and foreign exchange, SG&A was down slightly due to expense discipline. Adjusted EPS was $0.57 , up 6% from the prior-year quarte ...

Shopify CFO Jeff Hoffmeister discusses the expanded role of today’s CFO and shares insights on capital allocation, AI investment and navigating trade through geopolitical complexity. ...

Bui said fourth-quarter same-store sales growth of 1.5% was driven primarily by demand for seasonal products, but was offset by two key factors: a calendar shift and weather. Dollarama’s fiscal 2026 was a 52-week year following a 53-week year in fiscal 2025, which resulted in one less “historically strong” pre-holiday week and an additional “historically low” sales week at the end of January, Bui said. The quarter also included four fewer pre-Halloween shopping days than the prior year, which were recorded ...

Core Insights - Marram Investment Management reported a portfolio return of +4.0% (net) in 2025, with a cumulative return of 609.7% since inception, emphasizing long-term profit metrics over short-term market fluctuations [1] - The performance was positively influenced by Large Financials, MLP Energy Infrastructure, and Biopharma sectors, while Payment Technology holdings underperformed by 4% despite growth in per-share profits [1] - The firm believes that operating leverage and proper capital allocation will enable sustained free cash flow per share growth and significant upside potential for these businesses in the long term [1] Company Specifics - Shift4 Payments, Inc. (NYSE:FOUR) is highlighted as a key focus, with its stock closing at $41.17 on March 20, 2026, reflecting a one-month return of -28.36% and a 52-week loss of 53.30% [2] - The market capitalization of Shift4 Payments, Inc. is reported at $4.206 billion [2] - The payment technology sector is experiencing a disconnect between operating fundamentals and share price performance, driven by investor concerns over near-term growth deceleration, leading to valuation compression and shareholder turnover [3]

Summary of Companhia Paranaense de Energia (Copel) Conference Call Company Overview - **Company**: Companhia Paranaense de Energia (Copel) - **Ticker**: NYSE: ELP - **Date of Call**: March 18, 2026 Key Points Industry Context - The conference focused on the results of the 2026 reserve capacity auction, emphasizing the importance of hydroelectric power in Brazil's energy sector, which is characterized by low costs and renewable energy sources [3][4]. Auction Results and Capacity Expansion - Copel's auction results indicate a significant increase in installed capacity: - Foz do Areia's capacity will increase from 1.7 gigawatts to 2.5 gigawatts, making it the eighth largest hydroelectric power plant in Brazil [4]. - Segredo's capacity will increase from 1.3 gigawatts to 2.5 gigawatts, positioning it as the ninth largest [5]. - The auction results are expected to enhance Copel's relevance in the national energy system and support its Strategy 2035 [4]. Financial Metrics and Investments - The estimated investment for the projects is as follows: - Foz do Areia: BRL 1.3 billion - Segredo: BRL 3.6 billion - Total for both assets: BRL 4.9 billion [6]. - The gross contracted price for the auction is BRL 1,395, with TUST (Transmission Use of System) costs ranging from BRL 575-610 for Foz do Areia and BRL 673-719 for Segredo [6]. Capital Allocation Strategy - Copel aims for a minimum payout of 75% of its dividend policy, indicating a commitment to returning value to shareholders despite the significant capital expenditures [9]. - The company plans to allocate approximately 15% of its capital expenditures (CapEx) in 2026, with a higher concentration of 40% in 2027 and 2028 for Foz do Areia [8][13]. Operational Efficiency and Future Outlook - The management emphasized the importance of operational efficiency, optimum leverage, and consistent returns as key pillars for value generation [7]. - The company is optimistic about the potential for early project completion, particularly for Foz do Areia, which may be operational by 2029 instead of the planned 2030 [14]. Debt and Funding Structure - The funding structure for the projects is expected to be 70% debt and 30% equity, leveraging Copel's strong market position as a Triple-A rated company [16]. Conclusion - The conference concluded with a positive outlook on Copel's future, highlighting the sustainable value generation from the recent auction and the strategic capital allocation moving forward [17]. This summary encapsulates the critical insights from the conference call, focusing on Copel's strategic initiatives, financial metrics, and industry positioning.

Verra Mobility Corporation Conference Call Summary Company Overview - **Company**: Verra Mobility Corporation - **Industry**: Tolling, Automated Enforcement, Smart Mobility Solutions - **Market Position**: Market leader in U.S. tolling and automated enforcement with over 90% recurring revenue [1][5] - **Financial Profile**: - Projected revenue for 2025: just under $1 billion - Service revenue: 94% of total revenue - Adjusted EBITDA: over $400 million - EBITDA margins: 42% - Free cash flow generation: approximately $137 million for the trailing twelve months ending 2025 [5][6] Business Segments 1. **Commercial Services**: - Accounts for about 45% of consolidated revenue - Market leader in toll and violation management for commercial fleets - Expected mid-single digit organic growth over the next few years - EBITDA margin in the mid-60s% [7][8] 2. **Government Solutions**: - Represents nearly half of the company - Industry leader in automated traffic enforcement for cities and school districts - High single-digit growth expected - EBITDA margins in the high 20s%, projected to improve by 2028 [8][9] 3. **Parking Solutions**: - Leading technology provider of end-to-end parking management solutions in North America - Focus on SaaS services and hardware without owning real estate [9] Capital Allocation Strategy - Total capital deployed since going public in 2018: approximately $2.5 billion - Priorities include: - Organic investments (CapEx primarily in government solutions) - Strategic M&A (approximately $1.2 billion spent since going public) - Debt repayment (around $200 million paid down) - Share buybacks (approximately $650 million since going public) [12][13] Cultural and Operational Insights - **Company Purpose**: To make transportation safer, smarter, and more efficient [22] - **Cultural Pillars**: - Do what's right - Courage over comfort - Win together - Emphasis on operational discipline and customer-centricity through a common operating system [24][32] Growth Strategies - **Volume Leverage**: Significant scalability across all business segments [46] - **Market Expansion**: Growth opportunities in government solutions and parking solutions, particularly in universities and small to medium cities [47] - **Innovation**: Focus on connected vehicle strategies and new market openings [47] Key Contracts and Opportunities - **New York City Contract**: - A $998 million contract for the next five years, with options for renewal - Largest deployment of photo enforcement technology globally - Expected to be EBITDA accretive despite some initial margin impacts due to expanded scope and pricing adjustments [50][52][58] - **California Opportunities**: - Expansion of photo enforcement technology and regulatory changes expected to generate significant revenue [91][93][96] Technology Platforms - **Mosaic Project**: Aims to consolidate legacy systems in government solutions, enhancing efficiency and unlocking value [80][85] - **Transition to SaaS**: Movement towards equipment-free deployments in the parking market, targeting a true SaaS business model [88][89] Investor Insights - **Recurring Revenue Model**: 94% of revenue is service-based, primarily recurring [124] - **Market Position**: Strong presence in photo enforcement and tolling, with significant growth potential in protecting vulnerable road users [130][131] - **Future Trends**: Anticipation of technological advancements in tolling and enforcement, positioning Verra Mobility for sustained growth [132][133]

Core Insights - The company reported record financial results for 2025, driven by fleet expansion and strong demand for large horsepower rental compression units [6][3] - Adjusted rental gross margin for 2025 was $99.6 million, a 14% increase year-over-year, while total revenue reached $172.3 million, up 10% from 2024 [1][3] - The company anticipates continued growth in 2026, with adjusted EBITDA guidance set between $90.5 million and $95.5 million [11] Financial Performance - Adjusted EBITDA for the fourth quarter was $21.2 million, and $81 million for the full year, both representing company records [2] - Full-year rental revenue was $164.3 million, an increase of $20.1 million or 14% year-over-year [3] - Fourth-quarter rental revenue totaled $44.3 million, reflecting a 16% year-over-year increase [4] Operational Highlights - Rented horsepower reached approximately 563,000 by year-end, a 14% increase from the previous year, with fleet utilization at 84.9% [5] - The company added around 70,000 horsepower during 2025, with over half deployed in the fourth quarter [3] Capital Allocation and Shareholder Returns - Capital expenditures for 2025 totaled $121.5 million, with $109.8 million allocated for growth capital [7] - The company initiated its first dividend in the second half of 2025 and increased it by 10% in the fourth quarter, returning approximately $2.6 million to shareholders [8] Market Environment and Strategic Outlook - The demand for compression services remains strong, supported by domestic oil production and rising LNG export capacity [13] - The company is focusing on midstream applications and evaluating power generation opportunities for future growth [14] - Management believes the company is well-positioned for continued investment in growth and shareholder returns, supported by a strong balance sheet [15]

Financial Data and Key Metrics Changes - Total revenues excluding IFRIC 12 increased by 17%, nearly doubling the passenger traffic growth of 9% [11] - Adjusted EBITDA excluding IFRIC 12 rose nearly 40% to $211 million, reflecting strong performance in Argentina and Armenia [14] - The company closed the quarter with total liquidity of $750 million, a 36% increase from $526 million at year-end 2024 [17] - Total debt at year-end was $1.1 billion, with net debt decreasing to $502 million from $780 million in December 2024 [17] Business Line Data and Key Metrics Changes - Aeronautical revenues increased by 17%, driven by strong results in Argentina, with a 21% increase in aeronautical revenues [11][12] - Commercial revenues grew by 16%, supported by higher contributions from cargo, fuel revenues, and solid growth across VIP lounges and parking facilities [12] - Cargo revenues were up 22% year-over-year, with strong contributions from Argentina, Uruguay, and Brazil [10] Market Data and Key Metrics Changes - Passenger traffic in Argentina increased nearly 9%, with domestic traffic up 6% and international traffic up 15% [6] - International traffic across the portfolio grew by 12%, with Argentina contributing more than half of the total increase [5] - Traffic in Italy grew by 8%, driven mainly by the international segment, which increased by 11% [7] - Brazil's total traffic was up 12%, reflecting a better environment among airlines and stronger summer season activity [8] Company Strategy and Development Direction - The company secured a 35-year extension of the concession in Armenia and a 6-year extension in Galapagos, enhancing long-term visibility [4][19] - The company has been awarded concessions and is a preferred bidder for new airport concessions in Baghdad, Iraq, and Luanda, Angola, while evaluating additional opportunities [20] - The focus remains on disciplined capital allocation and expanding the portfolio through both organic and inorganic growth strategies [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive momentum in passenger traffic, particularly in Argentina, supported by strong international trends [21] - The geopolitical situation in the Middle East is being monitored closely for potential implications on international travel [21] - The company aims to prioritize commercial optimization and revenue per passenger growth across the portfolio [21] Other Important Information - The company achieved significant industry recognition, with various airports receiving awards for operational excellence and customer experience [20] Q&A Session Summary Question: Regarding traffic growth and profitability margins - Management indicated that margins are stable and expect continued growth in traffic and profitability, with approximately 10%-15% of traffic in Armenia affected by the war [24][25] Question: Update on Argentina concession rebalance and Italy investment opportunity - Management stated they are on the right track regarding Argentina's economic reequilibrium but could not provide a specific timeline due to political dynamics. Progress is being made in Italy, but further approvals are needed before construction can begin [30][31] Question: Capital allocation strategy and commercial revenue growth - Management highlighted ongoing opportunities in Iraq and Angola, with a focus on expanding the portfolio. Commercial revenues are expected to continue growing, although not as intensely as in 2025 [35][36]

Core Insights - Realty Income and Simon Property Group represent two distinct strategies in retail real estate investing, with Realty Income focusing on single-tenant net lease properties and reliable monthly dividends, while Simon Property emphasizes large, high-productivity malls and premium outlets [1][23]. Group 1: Realty Income - Realty Income's strength lies in the predictability of its rental income, owning over 15,000 properties leased under long-term net leases, which helps stabilize margins during economic fluctuations [4][5]. - The company has a strong track record of dividend reliability, having increased its monthly dividend for the 134th time since listing, appealing to income-focused investors [5]. - In 2025, Realty Income invested approximately $6.3 billion in property acquisitions and development opportunities, maintaining high portfolio occupancy above 98% [6]. - Realty Income's growth is closely tied to capital availability, as its acquisition-driven strategy can limit growth during periods of rising capital costs [7]. - The company's assets are primarily single-tenant properties with fixed rental escalators, leading to slower organic growth compared to retail landlords that can re-lease space at higher rents [8]. Group 2: Simon Property Group - Simon Property's primary advantage is the scale and productivity of its premium retail properties, reporting real estate funds from operations (FFO) of $4.8 billion, or $12.73 per share in 2025 [9][10]. - The company focuses on redevelopment and modernization, with a major transformation project at Copley Place in Boston aimed at enhancing its luxury retail and dining appeal [11]. - Simon Property has authorized a $2.0 billion common stock repurchase program, reflecting confidence in its cash flow and balance sheet [12]. - The company executed over 17 million square feet of leases in 2025, indicating strong retailer demand for its properties [13]. - Simon Property's exposure to traditional mall retail presents risks, as consumer spending cycles can directly affect tenant demand [14]. Group 3: Financial Estimates and Performance - The Zacks Consensus Estimate for Realty Income's 2026 and 2027 sales implies year-over-year growth of 7.50% and 6.91%, respectively, with FFO per share growth of 3.97% and 2.89% [15]. - For Simon Property, the 2026 and 2027 sales estimates indicate year-over-year growth of 1.79% and 3.19%, with FFO per share growth of 2.91% and 3.11% [18]. - Realty Income shares have risen 14.3% this year, while Simon Property stock has gained only 0.9%, compared to the Zacks REIT and Equity Trust - Retail industry rallying 12.7% [20]. - Realty Income is trading at a forward price-to-FFO of 14.41X, above its three-year median of 13.24X, while Simon Property is at 14.17X, also above its three-year median of 12.53X [20]. Group 4: Conclusion - Realty Income is characterized by stability and predictable income through a vast portfolio of single-tenant properties, while Simon Property offers stronger growth drivers through premium malls and redevelopment projects [23][24]. - Simon Property's combination of operating strength, redevelopment opportunities, and capital allocation initiatives positions it as a more attractive investment option compared to Realty Income [25].

Good afternoon everyone and uh thanks GIP for calling me to this wonderful event. It's it's it's an honor. Um and uh the theme of the talk is in uh on my first slide uh misallocation and economic growth but to motivate my talk let me begin with a picture and the picture is kind of self-explanatory but nonetheless let me go and explain it a bit.There's this young entrepreneur, small but has great ideas but is struggling for some money, struggling for finance. And then there is this big company uh the problem ...