Perdoceo Education (NasdaqGS:PRDO) Q4 2025 Earnings call February 19, 2026 05:00 PM ET Company ParticipantsAshish Ghia - CFOTodd Nelson - President and CEOOperatorHello, and thank you for standing by. At this time, I would like to welcome everyone to the Perdoceo Education Corporation Q4 and Full Year 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. I would now like to turn the call over to Nick Nelson, Alpha IR Group. Nick, please go ahead.Nick NelsonThank ...

Core Viewpoint - Orca Energy Group Inc. has declared a cash special dividend of $2.00 (Cdn) per Class A and Class B Common Share, payable on February 27, 2026, to shareholders of record on February 13, 2026, reflecting the company's commitment to return excess cash to shareholders amid ongoing challenges with the Tanzanian government [1][2]. Group 1: Dividend Announcement - The Board of Directors of Orca Energy Group Inc. has declared a cash special dividend of $2.00 (Cdn) per Class A and Class B Common Share [1]. - The special dividend will be payable on February 27, 2026, to holders of Common Shares of record on February 13, 2026 [1]. Group 2: Financial Commitment and Challenges - Since January 2020, the company has invested approximately $106.1 million (US) into the Songo Songo natural gas field and has returned approximately $122.9 million (US) to shareholders [2]. - The company is facing difficulties as the Government of Tanzania has not engaged in constructive negotiations regarding the Songo Songo license and field development [2]. - Orca Energy Group Inc. plans to continue arbitration proceedings to enforce the obligations of the Tanzanian government under the project agreements and bi-lateral investment treaty with Mauritius [2]. Group 3: Trading Procedures - The special dividend will be executed in accordance with the "due bill" trading procedures of the TSX Venture Exchange, ensuring that purchasers of Common Shares during the Due Bills Period receive entitlement to the special dividend [2]. - Common Shares will commence trading on an "ex-dividend" basis from March 2, 2026, the day after the payment date [2].

Core Viewpoint - PPG has declared a quarterly dividend of 71 cents per share, continuing its long-standing tradition of annual dividend payments for over a century, marking its 510th consecutive payment [1]. Group 1: Dividend Information - The Board of Directors of PPG declared a regular quarterly dividend of 71 cents per share [1]. - The dividend is payable on March 12 to shareholders of record as of February 20 [1]. - PPG has raised its annual dividend payment for 54 consecutive years and has paid uninterrupted annual dividends since 1899 [1]. Group 2: Company Overview - PPG operates in more than 70 countries and reported net sales of $15.8 billion in 2024 [2]. - The company specializes in paints, coatings, and specialty products, serving various markets including construction, consumer products, industrial, and transportation [2]. - PPG has a history of over 140 years in delivering trusted products to its customers [2].

Core Viewpoint - EfTEN Real Estate Fund AS achieved its strongest operating results in history in 2025, with significant growth in rental income and a decrease in interest expenses, leading to record free cash flow and increased dividends [1][2][3]. Financial Performance - The Fund's consolidated rental income reached EUR 32.036 million in 2025, a 3.1% increase from EUR 31.079 million in 2024 [4]. - EBITDA for 2025 was EUR 26.805 million, reflecting a 1.3% increase from EUR 26.454 million in 2024 [4]. - The Fund's EBITDA exceeded interest expenses by 4.0 times in 2025, up from 3.0 times in 2024 [5]. Interest Expenses and Cash Flow - The weighted average interest rate on the Fund's bank loans decreased to 3.99% by the end of 2025, down by 0.9 percentage points from the previous year [2][5]. - Adjusted cash flow (EBITDA less interest expenses and loan principal repayments) was EUR 13.1 million, an 18% increase compared to the previous year [8]. Dividend Distribution - The Fund plans to distribute gross dividends of EUR 1.2 per share, an increase of 8.1% from the previous year, supported by strong cash flow and refinancing opportunities [3][8]. - The proposed dividend payment reflects the Fund's commitment to its dividend policy and financial health [3]. Investment Activities - In 2025, the Fund invested EUR 11.3 million in real estate projects, including EUR 6.5 million in care homes and EUR 2.5 million in the Paemurru logistics centre [6]. Vacancy Rates - The consolidated vacancy rate at the end of 2025 was 3.2%, up from 2.6% in 2024, with the highest vacancy in the office segment at 14.4% [7]. Property Valuation - The fair value of the Fund's real estate portfolio decreased by EUR 4.005 million (1%) due to the departure of an anchor tenant at the DSV Estonia logistics center [10]. - The net asset value (NAV) per share was EUR 20.3217, reflecting a decrease of 1.9% in December, impacted by non-monetary revaluation losses [11][12].

Core Viewpoint - Shift4 Payments, Inc. has declared a cash dividend of $1.50 per share for its 6% Series A Mandatory Convertible Preferred Stock, payable on February 2, 2026, to shareholders of record as of January 15, 2026 [1] Group 1: Dividend Declaration - The Board of Directors has declared a dividend of $1.50 per share for the 10,000,000 shares of Series A Mandatory Convertible Preferred Stock issued on May 5, 2025 [1] - Future quarterly dividends will be at the discretion of the Board, based on various factors including operating results and financial condition [2] Group 2: Company Overview - Shift4 Payments is a leader in commerce-enabling technology, processing billions of transactions annually for hundreds of thousands of businesses across various industries [4] - The company aims to simplify complex payment ecosystems globally [4]

Core Viewpoint - CVB Financial Corp. announced a cash dividend of $0.20 per share for the fourth quarter of 2025, marking the 145th consecutive quarterly cash dividend [1][2]. Group 1: Dividend Announcement - The cash dividend of $0.20 per share was approved during the Board of Directors meeting on December 12, 2025 [1]. - The dividend will be payable on or about January 13, 2026, to shareholders of record as of December 29, 2025 [1]. Group 2: Company Overview - CVB Financial Corp. is the holding company for Citizens Business Bank and is among the 10 largest bank holding companies in California, with total assets exceeding $15 billion [3]. - Citizens Business Bank is recognized as one of the top-performing banks in the nation, offering a wide range of banking, lending, and investing services through more than 60 banking centers and three trust office locations in California [3]. Group 3: Stock Information - Shares of CVB Financial Corp. are listed on NASDAQ under the ticker symbol "CVBF" [4].

Core Points - Alphabet is set to issue a quarterly dividend of $0.21 per share on December 15, 2025, with an ex-dividend date of December 8, 2025 [1] - Investors holding 100 shares will earn $21 in dividend income for this quarter, totaling $83 for the year, reflecting a 33.83% increase in annual dividends compared to 2024 [2] - The upcoming dividend payment remains unchanged from the previous payout of $0.21 on September 15, 2025 [3] Dividend Schedule - The next estimated dividend amount is $0.21, with the next pay date on December 15, 2025, and the following payment scheduled for September 16, 2026 [4] - This payment marks the conclusion of Alphabet's second year of dividend payments, establishing its status as a passive income stock [4] Market Performance - Google shares have an average price recovery period of 11.3 days post-ex-dividend, indicating a quick rebound [5] - The company maintains a forward payout ratio of 7.50%, suggesting a strong earnings buffer and sustainability of future payouts [5] Dividend Yield - The current dividend yield is approximately 0.26%, indicating a conservative approach to capital returns, despite a notable increase in dividends from the previous year [6]

Core Viewpoint - Royal Caribbean Group has declared a quarterly dividend of $1.00 per common share and approved a new share repurchase program of up to $2 billion, reflecting its strong financial position and commitment to shareholder value [1][2]. Group 1: Dividend and Share Repurchase - The Board of Directors declared a quarterly dividend of $1.00 per common share, payable on January 14, 2026, to shareholders of record by December 26, 2025 [1]. - The company has completed a prior $1 billion share repurchase program, retiring 3.5 million shares, and has returned $1.9 billion to shareholders through dividends and share repurchases since July 2024 [2]. - A new share repurchase program of up to $2 billion has been approved, reinforcing the company's commitment to long-term shareholder value [2]. Group 2: Company Overview - Royal Caribbean Group is a leader in the vacation industry with a global fleet of 69 ships across five brands, serving millions of guests annually [3]. - The company operates brands such as Royal Caribbean, Celebrity Cruises, and Silversea, and is expanding its land-based vacation experiences [3]. - Royal Caribbean Group also owns 50% of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises, showcasing its diverse portfolio [3].

Core Viewpoint - The company has adopted a long-term strategy of buying and holding Bitcoin as its primary treasury reserve asset while maintaining short-term dollar reserves to meet obligations such as dividends [2][3][6]. Group 1: Financial Strategy - The company views Bitcoin as a global reserve digital asset for the long term and U.S. dollars as a reserve for short-term obligations [3][4]. - The company aims to maintain a cash reserve equivalent to two to three years of dividends, which will grow as more preferred shares are issued [12][13]. - The company has successfully issued $1.44 billion in equity in just eight and a half days, sufficient to cover 21 months of dividends [9]. Group 2: Dividend Policy - The company is committed to preserving dividend payments to avoid creating fear and uncertainty among shareholders, despite the board's right to suspend dividends [5][6]. - The objective is to pay dividends in perpetuity, although the company acknowledges that circumstances could change [6][11]. Group 3: Misconceptions and Market Position - The company clarifies that it is not highly leveraged, with a leverage ratio of 12%, and even with preferred shares, it stands at 27%, which is significantly lower than typical public companies [8][9]. - There is a misconception that the company is unable to pay dividends from its balance sheet, which the company has addressed by demonstrating its ability to issue equity [9][10]. - The company emphasizes its operational nature as a vertically integrated Bitcoin operating company, distinguishing itself from closed-end funds or ETFs [15][19]. Group 4: Industry Engagement - The company is engaging in an educational process regarding its identity and operations, particularly in light of MSCI's proposals to exclude digital asset Treasury companies from indices [17][20]. - The company is open to partnerships with traditional financial institutions as they enter the Bitcoin space, particularly in areas like custody and lending services [23][25].

Core Viewpoint - Strategy has established a $1.44 billion U.S. dollar reserve to ensure continuous dividends, even during Bitcoin downturns, while maintaining a 3.1% stake in total Bitcoin supply [1][2]. Group 1: Financial Strategy - The USD reserve was created by selling MSTR equity over nine days, with a goal to secure at least 12 months of dividends, aiming to expand this to 24 months [2]. - The company plans to deliver a digital credit product to investors averse to Bitcoin's volatility, ensuring that dividends remain unaffected by market fluctuations [3]. Group 2: Market Position and Operations - Strategy holds a reserve of 650,000 BTC, valued at approximately $56 billion, representing about 3.1% of the total Bitcoin supply, including recent purchases [5]. - The company has shifted its business model from intelligence software solutions to becoming a leading digital asset treasury company since 2020 [5]. Group 3: Future Considerations - The CEO indicated that if the market-adjusted net asset value (mNAV) falls below 1, the company would consider selling Bitcoin to finance dividends, countering skepticism about its willingness to do so [3][4][7]. - The company can sell appreciated Bitcoin to pay dividends while potentially increasing its Bitcoin holdings each quarter [5].