Joining us here at Post 9 is Guggenheim Partners investment management CIO Annne Walsh. Anne, it's great to have you here. Hi.>> What a treat. We haven't seen you in a while. So, how are you thinking about the the 2026 outlook after another strong year for the overall market.>> So, let's break it down into the economy and then market. So, 2026 looks like it's shaping up to be a year of what I refer to as equilibrium. Um, we're going to have, I think, um, on trend growth.So by trend growth is sort of you kno ...

Q1 FY2026 Performance Highlights - Revenue reached $1.58 billion in Q1 FY26, a 17% increase compared to $1.35 billion in Q1 FY25 [6] - Gross margin was 38.7% in Q1 FY26, a 200 basis point increase from 36.7% in Q1 FY25 [6] - Earnings per share (EPS) was $1.16 in Q1 FY26, a 73% increase compared to $0.67 in Q1 FY25 [6] Revenue Segmentation - Datacenter & Communications accounted for 69% of the revenue in Q1 FY26 [6, 10] - Industrial segment accounted for 31% of the revenue in Q1 FY26 [6, 10] - Datacenter and Communications revenue was $1.09 billion in Q1 FY26 [9] - Industrial revenue was $491 million in Q1 FY26 [9] Q2 FY2026 Outlook - Revenue is projected to be between $1.56 billion and $1.70 billion [14] - Non-GAAP gross margin is expected to be between 38% and 40% [14] - Non-GAAP operating expenses are projected to be between $300 million and $320 million [14] - Non-GAAP EPS is expected to be between $1.10 and $1.30 [14]

Core Insights - Tether reported a year-to-date profit exceeding $10 billion and excess reserves of $6.8 billion as of September 30, 2025, confirming the strength of its reserves backing USDT [1][4] - The company’s total reserves were $181.22 billion, with liabilities at $174.45 billion, indicating a healthy reserve ratio [2][3] - USDT issuance increased by over $17 billion in Q3, with circulating supply surpassing $174 billion and later exceeding $183 billion in October [2] Reserves and Asset Composition - Tether's exposure to U.S. Treasuries is approximately $135 billion, positioning it among the top sovereign holders [3] - The reserve mix includes $12.9 billion in gold and $9.9 billion in Bitcoin, accounting for roughly 13% of total reserves [3] - Proprietary investments in sectors like AI and renewable energy are excluded from the assets backing USDT [3] Management and Corporate Actions - Management reported that reserve assets exceeded liabilities by $6.78 billion at the end of Q3, with a global user base exceeding 500 million [4] - The company settled litigation with Celsius using proprietary investment capital, indicating that token reserves remained unaffected during the period of increased USDT issuance [6] - Tether launched a share buyback initiative and is approaching $30 billion in proprietary equity while maintaining a multi-billion-dollar excess-reserve buffer [6] Regulatory Developments - Tether Holdings has applied for an Investment Fund License in El Salvador, aiming to expand regulated activities while managing reserves [7] - The filing is part of a broader strategy to enhance the regulatory framework surrounding Tether's operations [7] Market Confidence - The CEO emphasized the continued trust in Tether's model, highlighting USDT as a reliable and liquid digital dollar amid challenging macroeconomic conditions [5]

Summary of MasTec Conference Call Company Overview - **Company**: MasTec - **Industry**: Infrastructure construction, focusing on power delivery, clean energy, pipeline infrastructure, and communications Key Points Macro Environment and Growth Drivers - MasTec is experiencing strong macro demand across its four main segments: power delivery, clean energy and infrastructure, pipeline infrastructure, and communications, which are expected to drive robust investment cycles [2][6][12] - The company is well-positioned to capitalize on the growth in data centers, which require extensive construction and utility services [5][7] Data Center Business - MasTec provides various services for data centers, including heavy civil facility construction and utility hookups, which are critical as data centers expand geographically [5][6] - The electrification of heating and reindustrialization are additional factors driving electricity demand, with data centers being a significant contributor [7] Power Delivery and Transmission Outlook - The transmission sector is seeing a positive outlook with a backlog of projects finally moving into construction, including significant contracts awarded in recent years [9][10] - There is optimism regarding potential permit reforms that could accelerate project development in the power delivery space [10] Margin Improvement and Productivity - MasTec aims to achieve double-digit EBITDA margins in the near term, with a focus on improving productivity and reducing revenue volatility [12][11] - The company is leveraging data to enhance crew-level productivity and operational efficiency [11][27] Communications Segment - The communications segment has seen growth driven by wireless contracts, particularly with AT&T, and is expected to shift towards wireline growth due to increased fiber deployment [13][15] - The BEAD program under the IIJA is anticipated to impact the wireline segment positively starting in 2026 [16] Pipeline Infrastructure - The midstream gas sector is experiencing a bullish sentiment, with customers planning new projects and moving towards financial investment decisions [17][18] - There is a strong expectation for increased demand for gas to support gas-fired generation in the coming years [19] Clean Energy and Regulatory Environment - MasTec has a healthy backlog for clean energy projects, with no significant changes in customer plans despite regulatory shifts [20][22] - The company is focused on long-term relationships with clients that have robust infrastructure deployment plans [21] Infrastructure Business Focus - Approximately 40% of MasTec's infrastructure business is civil infrastructure, primarily DOT work, which is performing well [23][24] - The company is cautious about taking on projects with high risk and is focused on maintaining a balanced risk profile [25] Financial Performance and Capital Allocation - MasTec is focused on improving working capital management and cash flow conversion, which are critical for growth and capital allocation flexibility [38][41] - The company is open to M&A opportunities that align with its growth strategy but will be selective in pursuing deals [42][43] Customer Relationship Management - MasTec is transitioning towards framework agreements for larger projects, enhancing predictability and collaboration with clients [35][36] - This shift allows for better resource deployment and improved profitability while maintaining competitive pricing for clients [36][48] Challenges and Strategic Focus - The main focus remains on execution and margin expansion, with a balanced approach to growth and risk management [27][28] - The company is investing in training and workforce development to support its growth ambitions [32][34] Conclusion MasTec is positioned for significant growth across its segments, driven by strong macro demand, strategic customer relationships, and a focus on operational efficiency. The company is navigating regulatory changes and market dynamics while maintaining a disciplined approach to risk and capital allocation.