American Shared Hospital Services (NYSEAM:AMS) Q4 2025 Earnings call March 31, 2026 12:00 PM ET Company ParticipantsGary Delanois - CEOKirin Smith - PresidentRay Stachowiak - Executive ChairmanScott Frech - CFOConference Call ParticipantsAnthony Marchese - AnalystMarla Marin - Senior AnalystOperatorPlease note this event is being recorded. I would now like to turn the conference over to Mr. Kirin Smith. Please go ahead.Kirin SmithThank you, Chuck, and thank you everyone for joining us today. AMS's fourth qu ...

Core Insights - NewtekOne, Inc. reported significant year-over-year growth in diluted earnings per share (EPS), with increases of approximately 49% for the third quarter of 2025 and 22% year-to-date [5][9]. Financial Performance - For the three months ended September 30, 2025, basic and diluted EPS were $0.68 and $0.67, respectively, compared to $0.45 for the same period in 2024, reflecting year-over-year increases of 51% and 49% [5]. - For the nine months ended September 30, 2025, basic and diluted EPS were $1.57 and $1.54, respectively, compared to $1.26 for the same period in 2024, reflecting year-over-year increases of 25% and 22% [5]. - Total revenue for the third quarter of 2025 was $74.9 million, up 19.3% from $62.8 million in the third quarter of 2024 [5]. - Year-to-date total revenue was $211.5 million, an increase of 16.0% from $182.3 million in the same period of 2024 [5]. Balance Sheet Highlights - Book value per common share at the end of the third quarter of 2025 was $11.72, up 16.4% year-over-year [5]. - Tangible book value per common share was $11.22, reflecting a year-over-year increase of 25.6% [5]. - Total assets as of September 30, 2025, were $2.399 billion, compared to $2.059 billion as of December 31, 2024 [19]. Capital and Funding - The company raised $30 million of Common Equity Tier 1 (CET1) capital and increased Tier 1 capital by issuing $50 million of depositary shares [6]. - Newtek Merchant Solutions refinanced and upsized its borrowing facility with a new $95 million financing solution [6]. Loan Originations - The company originated $104 million in Alternative Loan Program (ALP) loans in the third quarter of 2025, compared to $66 million in the same quarter of 2024 [6]. - SBA 7(a) loans originated in the third quarter of 2025 totaled $187 million, down from $243 million in the same quarter of 2024 [6]. Operational Efficiency - The efficiency ratio improved to 56.3% for the third quarter of 2025, compared to 61.8% for the same quarter in 2024 [5]. - Return on average assets (ROAA) was 3.06% for the third quarter of 2025, while return on average tangible common equity (ROTCE) was 23.7% [5][9]. Strategic Developments - The company has transitioned from a business development company to a financial holding company, enhancing its ability to provide business and financial solutions [9]. - NewtekOne aims to leverage technology to operate as a digital bank, having opened over 21,000 bank accounts digitally [9].

Core Insights - Synchronoss Technologies Inc. has received a tax refund of $30.2 million from the IRS, with an additional $3.7 million expected by Labor Day 2025, totaling $33.9 million including interest [1][4] - 75% of the received proceeds, approximately $22.6 million, have been utilized to pay down the existing term loan at par, leading to significant interest savings [2][4] - The company has successfully reduced its total debt by over $100 million over the past four years, and expects further improvements in its capital structure and operational flexibility [2][3] Financial Impact - The payment from the IRS will allow Synchronoss to pay down a portion of its $200 million term loan facility, resulting in annual interest savings of approximately $2.9 million [2] - Post-payment, the company will have total debt of $173.4 million, cash of approximately $30 million, and net debt of approximately $143 million [2] - The company anticipates being eligible for a one-time 50-basis point interest rate reduction on the first anniversary of the term loan due to improved debt leverage [2] Operational Strategy - The remaining refund proceeds will enhance the company's balance sheet, providing additional operational flexibility for investments in its Personal Cloud solutions [3] - The CFO expressed gratitude for the team's efforts in securing the refund, emphasizing the importance of the payment for pursuing operational priorities and improving the balance sheet [4] - The company expects that the free cash flow generated from its high-margin Personal Cloud solutions will contribute to ongoing balance sheet improvements [4]

Core Viewpoint - Topicus.com Inc. has successfully secured a €200 million senior unsecured Schuldschein loan, which was initially launched at €100 million and later doubled due to strong interest from institutional lenders [1][2]. Financing Details - The Schuldschein loan is structured in multiple tranches with varying maturities: €79.5 million maturing in 3 years, €105.5 million maturing in 5 years, and €15 million maturing in 7 years [1]. - Proceeds from the loan will be utilized for general corporate purposes and mergers and acquisitions (M&A), enhancing the corporation's capital structure and debt maturity profile [2]. Company Overview - Topicus.com Inc. is a prominent pan-European provider of vertical market software and platforms, serving both public and private sector clients [3]. - The company focuses on acquiring, building, and managing leading software firms that deliver specialized and mission-critical software solutions tailored to customer needs [3].

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA from continuing operations for Q4 was $176.8 million, up approximately 20% from $147.9 million in the prior year [6] - Full year adjusted EBITDA from continuing operations was $622.9 million, exceeding previous guidance of $620 million [7] Business Line Data and Key Metrics Changes - Water Solutions adjusted EBITDA for Q4 was $154.9 million, compared to $123.4 million in the prior year [7] - Physical water disposal volumes increased to 2.73 million barrels per day in Q4 from 2.39 million barrels per day in the prior year [8] - Crude Oil Logistics adjusted EBITDA decreased to $13.1 million in Q4 from $15.3 million in the prior year, primarily due to lower volumes on the Grand Mesa pipeline [10][11] - Liquids Logistics adjusted EBITDA was $17.7 million in Q4, down from $22.2 million in the prior year [12] Market Data and Key Metrics Changes - Total volumes paid for disposal increased by 11% in Q4 compared to the same quarter of the previous year [8] - Operating cost per barrel for fiscal 2025 was $0.22, down from $0.24 in fiscal 2024 [9] Company Strategy and Development Direction - The company is focusing on core assets after divesting non-core businesses, which will reduce volatility and seasonality of adjusted EBITDA [5] - Plans to continue reducing leverage and improve capital structure by addressing Class D Preferred Units [6][19] - The company aims to generate approximately 85% of adjusted EBITDA from the Water Solutions segment moving forward [16] Management's Comments on Operating Environment and Future Outlook - Management noted that despite oil price uncertainty, there has been no drop-off in customer activity in the Corita Basin [10] - The company is well-positioned with 90% of volumes committed through acreage dedications and MVCs, with 80% of total volumes from investment-grade counterparties [10] - Future growth is expected in the Water Solutions segment, with guidance for fiscal 2026 adjusted EBITDA between $615 million and $625 million [12] Other Important Information - The company completed the sale of 18 natural gas liquids terminals and other non-core assets, raising $270 million [4][16] - The biodiesel business has been fully wound down, eliminating approximately $75 million of working capital [5] Q&A Session Summary Question: Can you offer more color on your expectations by business for 2026 guidance? - Management explained that the water guidance midpoint implies about $560 million, accounting for a $20 million decline in skim oil revenues due to lower crude prices [21][22] Question: What are the conversations with customers regarding growth opportunities? - Management indicated that they are recontracting and focusing on core customers, with no slowdown in volumes currently observed [27][29] Question: How much lower could you flex capital spending down? - Management stated that capital expenditures are already low and further reductions may not be significant [35][37] Question: How do you think about your low and high range on volumes for the water business? - Management noted that fluctuations in volumes are normal, with a strong base wedge of business and no significant changes expected from customers [40][46] Question: Will there be a reinstatement of common unit distributions? - Management clarified that there are no plans for near-term distributions as the focus is on reducing Class D preferred units [52][54]

Core Viewpoint - B. Riley Financial, Inc. has entered into a privately negotiated exchange agreement that will reduce its total outstanding debt by approximately $46 million and eliminate more than $100 million in 2026 maturities [1][3]. Group 1: Debt Exchange Agreement - The agreement involves the exchange of approximately $139 million in outstanding Senior Notes for $93 million in newly issued 8.00% Senior Secured Second Lien Notes due January 1, 2028 [2]. - The outstanding Senior Notes include $30 million in March 2026 notes, $75 million in December 2026 notes, and $35 million in January 2028 notes [2]. - The company is also issuing warrants to the investor to purchase approximately 372,000 common shares at an exercise price of $10.00 per share, exercisable for seven years [2]. Group 2: Management Commentary - Bryant Riley, Chairman and Co-CEO, stated that the company has made significant progress in addressing its capital structure, negotiating three bond exchanges to reduce total outstanding debt by approximately $93 million [3]. - The current exchange is noted as the largest to date and represents a significant reduction in near-term debt, marking an important step forward for the company [3]. - The company plans to opportunistically utilize the remaining capacity under its Senior Secured Second Lien facility to further improve its balance sheet [3]. Group 3: Company Overview - B. Riley Financial is a diversified financial services company that provides tailored solutions across various sectors, including investment banking, institutional brokerage, and financial consulting [5]. - The company leverages cross-platform expertise to deliver collaborative solutions at every stage of the business life cycle [5].