Financial Data and Key Metrics Changes - Annualized base rent (ABR) decreased to $61.3 million as of September 30, compared to $63.2 million at June 30, primarily due to being a net seller of assets during the quarter [15] - Total cash rental income totaled $15.4 million, down from $15.7 million in the previous quarter [16] - Net debt to adjusted EBITDAre reduced to 5.3 times, the lowest leverage since the IPO, with a loan-to-value (LTV) of 33% based on bank covenants [17] - Cash interest expense declined by $100,000 sequentially to $4.2 million [16] Business Line Data and Key Metrics Changes - The company acquired three properties for approximately $15.8 million at an average cap rate of 7.5% during the third quarter [7] - Disposed of 15 properties for $32.9 million, with an average cash cap rate of approximately 6.78% [9] - The current portfolio occupancy improved to over 98%, with only six vacant assets [10] Market Data and Key Metrics Changes - The acquisition market remains open, with competitive advantages allowing the company to capitalize on buy-side opportunities [8] - The company has eliminated exposure to several casual dining concepts, focusing on optimizing the portfolio [10] Company Strategy and Development Direction - The company aims to build a best-in-class net lease REIT that can grow faster and maximize shareholder returns [14] - A $75 million convertible preferred equity investment was announced to fund net acquisitions in 2026, with favorable terms compared to comparable instruments [12][18] - The strategy includes focusing on necessity-driven retail and service tenancies, which are less sensitive to economic cycles [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the Tricolor property and the overall portfolio's strength, expecting minimal downtime [11] - The company raised its AFFO per share guidance for the year, reflecting disciplined capital allocation and active portfolio management [12] - The anticipated AFFO per share for 2026 is projected to be in the range of $1.26-$1.30, representing a 3.2% year-over-year growth [22] Other Important Information - The company has enhanced disclosures in its investor presentation to provide deeper insights into asset quality and productivity [15] - The company is now shelf-eligible and plans to file an S3 registration statement shortly [18] Q&A Session Summary Question: Can you provide more details on the 2026 guidance and lease expirations? - Management indicated that the guidance reflects a solid baseline and expects favorable outcomes from lease expirations, with a historical recovery rate of 105% on renewals [24][25] Question: What is the current deal pipeline and cap rate trends? - The market remains fluid, with expected cap rates for Q4 similar to Q3, around 7.5% [26][28] Question: Can you elaborate on the preferred equity investment and its relationship with Maewyn? - The relationship with Maewyn has been longstanding, and the terms were negotiated to ensure accretive capital growth for shareholders [33][34] Question: What are the expectations for bad debt in 2026? - Management believes the 50 basis points estimate for bad debt is conservative, given the optimized portfolio [38] Question: What categories is the company looking to expand in? - The company is focusing on medical, financial, automotive service, and fitness sectors while being cautious with certain restaurants and pharmacy concepts [40] Question: Can you discuss the pipeline regarding WALT and escalators? - The company aims to maintain longer-term weighted average lease terms and embedded rent bumps as critical components of acquisition criteria [44]

Financial Data and Key Metrics Changes - Total operating revenue for Q3 2025 grew to $101.3 million, an increase of 5.2% year-over-year, primarily driven by a 21.4% increase in pre-need cemetery sales [5][6] - Total field EBITDA for the quarter was $46.3 million, up $1.4 million, or 3.1% [8] - Adjusted consolidated EBITDA grew to $33 million, up $2.2 million, or 7.3% year-over-year, with an adjusted EBITDA margin of 32.1%, compared to 30.5% in the same quarter last year [10][13] - Adjusted diluted earnings per share were $0.75, an increase of 17.2% from $0.64 in the same quarter last year [10][14] Business Line Data and Key Metrics Changes - Funeral operating revenue decreased by $753,000, or 1.3%, primarily due to a 2.1% reduction in funeral volume [6] - Cemetery segment operating revenue reached $35.6 million, an increase of $4 million, or 12.6% year-over-year [6][9] - General agency commission revenue tied to insurance-funded pre-arranged funeral sales grew to $2.6 million, up 61% from the previous year [5][6] Market Data and Key Metrics Changes - The company experienced lower funeral home volumes in July and August, with a return to normal volume in September and positive trends in October [21][22] - The company anticipates a normalized growth rate of 1-2% for funeral home volume in 2026 [23] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, relentless improvement, and purposeful growth to create sustainable results [4][11] - The launch of Sales Edge 2.0 and Titan, an AI-powered sales agent, aims to enhance sales capabilities and drive growth in pre-need cemetery sales [9][10] - The company is committed to a long-term growth strategy, having systematically divested non-core assets to focus on strategic markets [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum heading into Q4 2025, with expectations for record highs in revenue, adjusted consolidated EBITDA, and adjusted diluted EPS [19] - The company anticipates revenues in the range of $413-$417 million and adjusted consolidated EBITDA between $130-$132 million for the full year [19] Other Important Information - The company completed the sale of several non-core assets, which represented about $2.4 million in EBITDA and $9 million in revenue [61] - The leverage ratio improved to 4.1 times, down from 4.2 times in the previous quarter, with a focus on managing debt [17] Q&A Session Summary Question: Can you quantify the contract weakness seen in July and August? - Management noted a middle-digit percentage decline in volume for both months, with a strong recovery in September and positive trends in October [21] Question: What is the expected growth for 2026? - Management indicated a reasonable expectation of 1-2% growth on the funeral home side related to volume [23] Question: Was the strong pre-need cemetery business related to specific CapEx projects? - Management confirmed that delays in permitting affected earlier growth, but they expect continued strong performance in the fourth quarter [24][26] Question: Are there any other expenses affecting funeral home margins? - Management clarified that lower margins were primarily due to volume leverage, as the funeral home segment has high fixed costs [32][36] Question: What is the status of the insurance-funded pre-need progress? - Management stated that the rollout has been completed across the network, with expectations for continued growth into 2026 [40][42] Question: What is the competitive landscape for M&A? - Management highlighted two categories of sourcing: internal opportunities with less competition and broker-led businesses that are more competitive, with average multiples around 7-8 times [56][57]

Core Insights - Planet 13 Holdings Inc. has divested its non-core Orange County retail store and closed its Coalinga cultivation facility as part of its strategy to focus on high-performing markets for long-term growth and profitability [1][2][3] Company Strategy - The divestiture and closure are aimed at concentrating resources on the strongest markets, specifically Nevada and Florida, while pursuing disciplined opportunities to enhance shareholder value [2][3] - The California operations were cash-flow negative and did not align with the company's long-term objectives, prompting the decision to divest [3] Financial Implications - Proceeds from the divestiture, although not material, are expected to strengthen the company's balance sheet and liquidity, allowing for further investment in core markets [3] - The sale of the Orange County retail license is subject to customary closing conditions and regulatory approvals, with an expected closing timeline of approximately three to four months [4] Operational Updates - The Coalinga facility is anticipated to wind down operations by the end of 2025 [4] - Planet 13 operates 33 dispensaries in Florida and a total of 37 locations nationwide, including its flagship dispensary in Las Vegas [5]

Financial Data and Key Metrics Changes - Total company revenue in Q3 2025 was $1,044 million, up 5% year over year [11] - Adjusted EBITDA was $266 million, up 10% year over year, with an adjusted EBITDA margin expanding 100 basis points to 25% [11][12] - Adjusted EPS increased by 15%, reflecting earnings expansion and the impact of share repurchases [11] - Adjusted free cash flow grew 23% year over year, with an expectation to generate approximately $500 million for the full year [15] Business Line Data and Key Metrics Changes - Vacation Ownership segment revenue grew 6% to $876 million, with adjusted EBITDA increasing 14% to $231 million [12] - Gross VOI sales accelerated to $682 million, supported by a 2% tour flow growth and a VPG of $3,304, up 10% [12] - Travel and Membership segment revenue was $169 million, up 1% year over year, while adjusted EBITDA was $58 million, down 6% [14] Market Data and Key Metrics Changes - Tour flow remained healthy at 200,000 tours, indicating strong consumer appetite for travel [5] - The company reported that almost 70% of new buyers come from Gen X, Millennial, and Gen Z households, reflecting a shift in demographics [8] Company Strategy and Development Direction - The company is focused on expanding its brand portfolio, enhancing owner and guest experiences, and driving operational discipline [6][8] - New brand developments include Sports Illustrated Resorts and Eddie Bauer Adventure Club, targeting distinct traveler profiles [6][7] - The company aims to deepen engagement with younger and more diverse travelers while maintaining a disciplined approach to capital allocation [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of leisure travel demand and the resilience of the customer base [4][8] - The company raised its adjusted EBITDA guidance midpoint to $975 million for the full year, reflecting strong Q3 performance [17] - Management noted that booking pace remains consistent with the prior year, indicating stable consumer behavior [8] Other Important Information - The company returned $106 million to shareholders during the quarter, including $36 million in dividends and $70 million in share repurchases [15] - The liquidity position remains strong, nearing $1.1 billion, with net leverage expected to be below 3.3 times by year-end [16] Q&A Session Summary Question: What is driving the strong performance in the VOI business? - Management attributed the strong performance to investments in digital tools and improved customer experiences, leading to higher satisfaction scores and increased household income among customers [21][23] Question: Are there additional opportunities for Sports Illustrated Resorts? - Management indicated that urban locations, particularly in sports towns, present significant opportunities for conversions rather than new developments [25][27] Question: What changes contributed to the 30% increase in travel club transactions? - Management highlighted refined strategies and a focus on profit-producing clubs as key factors driving transaction growth [30][31] Question: How does the company view the loan loss provision moving forward? - Management expects the long-term provision rate to settle back in the upper teens, with no signs of deterioration in delinquencies or defaults [85][86] Question: What is the outlook for new owner sales and margins? - Management anticipates that new owner sales will fluctuate but remain disciplined to keep margins in the 22% to 25% range [50][51]

Core Insights - Atossa Therapeutics is actively engaging with investors by participating in the Maxim Growth Summit on October 22–23, 2025, where the CEO will be available for one-on-one meetings [1][3] - The company focuses on developing innovative therapies for breast cancer, emphasizing disciplined capital allocation to support future regulatory submissions and commercialization [4][6] Company Overview - Atossa Therapeutics, Inc. is a clinical-stage biopharmaceutical company listed on Nasdaq under the ticker ATOS, dedicated to addressing significant unmet needs in breast cancer treatment and prevention [4] - The company's strategy includes concentrating resources on programs that can lead to regulatory submissions and potential market entry [6] Investor Engagement - Prospective and existing investors are encouraged to visit Atossa's website for the latest presentations, SEC filings, and to sign up for email alerts [3] - The company believes that its disciplined capital allocation and clear clinical objectives create an attractive investment opportunity for long-term value creation [6]

Core Points - LKQ Corporation has completed the sale of its Self Service segment, "Pick Your Part," to an affiliate of Pacific Avenue Capital Partners for an enterprise value of $410 million, subject to customary purchase price adjustments [1][2] - The CEO of LKQ stated that the sale aligns with the company's strategic priorities to simplify its business portfolio and reduce costs while aiming to expand margins as market conditions improve [2] - Proceeds from the transaction will be utilized to strengthen LKQ's balance sheet through debt repayment, supporting the company's disciplined capital allocation strategy [2] - Following the sale, LKQ will report the Self Service segment as discontinued operations in its consolidated financial statements starting with the third quarter 2025 earnings release scheduled for October 30, 2025 [2] Company Overview - LKQ Corporation is a leading provider of alternative and specialty parts for the repair and accessorization of automobiles and other vehicles, with operations in North America, Europe, and Taiwan [4] - The company offers a wide range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services for various types of vehicles [4] Advisory Information - Jefferies LLC acted as the financial advisor and Wachtell, Lipton, Rosen & Katz served as the legal advisor to LKQ in connection with the transaction [3]

Summary of Barrick Gold Corporation Conference Call Company Overview - **Company**: Barrick Gold Corporation - **Industry**: Mining, specifically gold and copper Key Points and Arguments 1. **Market Context**: The mining sector is experiencing volatility, with gold prices at record highs, emphasizing the importance of a long-term strategy over short-term gains [2][20] 2. **Financial Performance**: Barrick reported adjusted earnings of $0.40 per share, the strongest in over a decade, and ended the quarter with a net cash position, allowing for a dividend declaration of 15¢ [3][4] 3. **Reserve Growth**: Since the merger, Barrick has increased reserves per share by 29% in gold and 71% in gold equivalents, adding 111 million gold equivalent ounces through disciplined exploration at a cost of $10 per ounce [5][6] 4. **Shareholder Returns**: The company has returned nearly $7 billion to shareholders since the merger, with $753 million returned in the first half of the year alone through dividends and buybacks [6][7] 5. **Capital Strategy**: Barrick maintains a strong balance sheet while funding growth projects without raising equity or incurring new debt, contrasting with many mining companies that dilute shareholders [8][20] 6. **Growth Projects**: Key projects include: - **Pablo Viejo**: Plant expansion extending its life beyond 20 years [10] - **Goldrush**: Expected to ramp up to 400,000 ounces per year by 2028 [11] - **Lemoana**: Expansion funded by its own cash flows, aiming for 240,000 tons of copper per year [12] - **Ricoh Deck**: Projected to produce 240,000 tons of copper and 300,000 ounces of gold annually by 2028 [13] - **Fourmile**: Described as the greatest gold discovery of the century, with potential for significant resource expansion and high grades [14][16] 7. **Strategic Advantages**: Fourmile's location and metallurgy provide cost advantages and flexibility in processing, enhancing its potential as a tier one asset [18][20] 8. **Long-term Vision**: Barrick aims to build a standout mining company with sustainable returns and leverage to gold and copper, supported by disciplined capital allocation and exploration excellence [19][20] Additional Important Content - **Market Positioning**: Barrick positions itself as a peerless investment in gold and copper, with a resilient portfolio built for long-term success [10][20] - **Future Outlook**: The company believes there is significant upside ahead, with ongoing robust operating performance and a clear growth strategy [19][21]

Core Viewpoint - Technip Energies has entered into a definitive agreement to acquire the Advanced Materials & Catalysts business from Ecovyst Inc. for US$556 million, enhancing its capabilities in advanced catalysts and process technologies [1][2][4]. Group 1: Acquisition Details - The acquisition price of US$556 million represents an EBITDA multiple of approximately 9.8 [1]. - Advanced Materials & Catalysts generated total revenue of US$223 million with an EBITDA margin of around 25% for 2024 [3]. - The transaction is expected to close by the first quarter of 2026, subject to regulatory approvals [4]. Group 2: Strategic Benefits - This acquisition supports Technip Energies' strategy for disciplined growth in its Technology, Products & Services (TPS) segment, increasing TPS' contribution to Segment EBITDA from 39% to approximately 45% on a pro-forma basis for 2024 [2][4]. - The integration of Advanced Materials & Catalysts is anticipated to enhance recurring revenues tied to customer operating expenditures and improve long-term revenue visibility [2][4]. - The acquisition is expected to be immediately accretive to earnings and cash flow, providing identified value creation levers [4][6]. Group 3: Technological and Market Expansion - The acquisition will expand Technip Energies' catalyst capabilities and technology offerings, enhancing its development of integrated technology and catalyst solutions [4][6]. - Advanced Materials & Catalysts will secure leading positions in attractive growth markets, including sustainable fuels and advanced recycling [6]. - The deal will enhance R&D capabilities, bringing world-leading expertise in catalyst design and materials science [6]. Group 4: Leadership Comments - Arnaud Pieton, CEO of Technip Energies, emphasized that the acquisition aligns with the company's disciplined capital allocation strategy and enhances its technology platform [7]. - Kurt Bitting, CEO of Ecovyst, expressed confidence that Technip Energies is the ideal long-term partner for Advanced Materials & Catalysts [7]. - Paul Whittleston, President of Advanced Materials & Catalysts, highlighted the exciting opportunities for scaling technologies and accelerating innovation as part of Technip Energies [7].

Financial Data and Key Metrics Changes - The company ended the half year with cash, cash equivalents, and short-term investments of just under $320 million, compared to over $366 million at the end of 2024 [50][51] - Operating expenses for the first half of 2025 were just under $50 million, down from $66.7 million in the same period last year, reflecting a reduction in R&D and G&A costs [51][52] - The company has maintained a self-funding model, allowing it to avoid shareholder dilution and providing operational runway well into 2028 [17][50] Business Line Data and Key Metrics Changes - The company is focusing on three core founded entities: Seaport Therapeutics, Gallup Oncology, and Solea Therapeutics, which are expected to deliver significant financial upside and new treatments for patients [11][12] - Seaport Therapeutics has raised over $325 million from top-tier life science investors, maintaining a 35.1% equity interest in the company [22][23] - Gallup Oncology's lead program, LYT200, has received multiple FDA designations, including Fast Track and Orphan Drug Designation for AML, indicating strong clinical progress [44] Market Data and Key Metrics Changes - The company is looking to strengthen its engagement with UK capital markets through a renewed focus on its LSE listing, aiming to deliver value for its UK shareholder base [7][8] - The potential market opportunity for new treatments in idiopathic pulmonary fibrosis (IPF) is significant, with combined peak sales of existing medications reaching over $5 billion annually [30] Company Strategy and Development Direction - The company is prioritizing three strategic pillars: developing new treatments for patients, strengthening engagement with UK capital markets, and maintaining a disciplined capital allocation approach [6][8] - The hub and spoke model allows the company to allocate modest capital to early-stage assets and discontinue those that do not show promise, while investing significantly in areas with high potential [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical data for dupafenidone, which has shown unprecedented efficacy in treating IPF, and is preparing for a Phase III trial initiation in 2026 [39][41] - The company is actively seeking external funding for its spun-out entities to reduce R&D costs on its balance sheet and extend its cash runway [59][60] Other Important Information - The company has a healthy balance sheet with just under $320 million in cash, allowing it to fund operations without external capital for several years [17][50] - Management has indicated that they are continually reviewing new opportunities for innovation and potential assets for development [73] Q&A Session Summary Question: Can you provide insight into the operating costs for the first half of 2025? - The majority of the R&D spend is attributed to Solea and Gallup, with expectations for further reductions in R&D overhead as these entities spin out [56][57] Question: What is the timeline for partnering discussions regarding Solea? - The company is confident in the trial design for dupafenidone and is actively working on financing packages while awaiting FDA engagement [61][63] Question: What are the key variables for the FDA regarding the Phase III trial design for LYT100? - The briefing book for the Phase III trial design has been submitted to the FDA, with a meeting expected in September to discuss the trial design [70][71] Question: Is there potential for business development to expand the pipeline? - The company is continually looking at new opportunities for innovation and has several assets under internal review [73] Question: What is the focus of partnering discussions for Gallup Oncology? - Current partnering discussions are primarily focused on liquid tumors, particularly AML, but the company remains open to all discussions [81]

Core Insights - Armanino Foods of Distinction, Inc. (AMNF) shares have increased by 8.7% post second-quarter 2025 results, outperforming the S&P 500 index's 0.6% growth during the same period, indicating strong investor confidence in the company's performance and growth trajectory [1] Financial Performance - For the second quarter ended June 30, 2025, AMNF reported net sales of $19.97 million, a 14% increase from $17.48 million year-over-year [2] - Gross profit rose 26% year-over-year to $9.11 million, driven by higher sales volumes and improved margins [2] - Operating expenses increased by 13% to $2.79 million, maintaining a steady percentage of sales at 13.9% [2] - Net income climbed 27% to $4.85 million, resulting in earnings per share (EPS) of 15.44 cents, a 30% increase from 11.86 cents a year earlier [2] Business Metrics - The gross margin expansion was attributed to strategic sourcing, favorable raw material pricing, and higher production volumes, particularly in the core pesto and global sauce portfolios [3] - Working capital was $25.7 million as of June 30, 2025, slightly down from $26.1 million at year-end, due to increased shareholder returns through dividends and stock repurchases [4] - Cash and equivalents totaled $23 million, down from $28 million six months earlier, primarily due to $5.5 million in dividend payments and $3.1 million in share repurchases [4] - Inventory increased to $7.6 million from $4.37 million at year-end, reflecting proactive planning to meet anticipated second-half demand [4][8] Management Commentary - The CEO highlighted record-breaking sales and profits, attributing success to momentum in foodservice and international markets, customer acquisitions, and expanded distribution [5] - Management reiterated a commitment to disciplined capital allocation, planning to invest $1.5 million in additional manufacturing capacity to support growth [6] - The company is focused on sustaining high-margin growth through innovation, operational efficiency, and market expansion while monitoring macroeconomic indicators [9] Share Repurchase Program - In the second quarter of 2025, AMNF repurchased 390,916 shares for $3.1 million, totaling 968,138 shares valued at $7.35 million under the program, with $4.65 million remaining authorized for future buybacks [10] Leadership Changes - Deanna Jurgens became president and CEO in May 2025, succeeding long-serving CFO Edgar Estonina, who resigned in June [11] - Jurgens brings experience from Bonduelle Americas and Beyond Meat, focusing on brand expansion, operational efficiency, and disciplined financial management [11]