Core Viewpoint - MGM China reported strong Q3 2025 results, driven by increased gaming table bets, with total revenue reaching approximately HKD 8.51 billion, a year-on-year increase of 17.39% [1] Financial Performance - Total revenue for Q3 2025 was approximately HKD 8.51 billion, reflecting a year-on-year growth of 17.39% [1] - Adjusted EBITDA was around HKD 2.373 billion, showing a year-on-year increase of 19.6% [1] Market Position and Outlook - CICC's report indicates that MGM China's Q3 2025 performance exceeded market consensus expectations, driven by high-end demand [1] - The total gaming revenue for MGM Cotai and MGM Macau has recovered to 170% and 104% of Q3 2019 levels, respectively [1] - Management anticipates that MGM China will achieve over USD 100 million in EBITDA by October 2025, potentially setting historical highs for monthly revenue and EBITDA figures [1]

Financial Data and Key Metrics Changes - In the first nine months of 2025, the company reported a negative net debt of €706 million, indicating a strong cash position [3][16] - Revenue grew by 6.2%, adjusted EBITDA increased by 4.8%, and adjusted EBIT rose by 6.0% in like-for-like terms [15] - Shareholder distributions reached €426 million in the first nine months, with a second scrip dividend announced [4][17] Business Line Data and Key Metrics Changes - Highways revenue grew by 16.4% in like-for-like terms in the first nine months, with adjusted EBITDA up nearly 15.1% [4][5] - The 407 ETR saw traffic growth of 9.4% in the quarter and 6.2% in the first nine months, contributing to an 18.6% revenue growth in Q3 [5][6] - Airports division reported steady performance, with adjusted EBITDA growth supported by commercial upgrades despite a 1.5% decline in traffic [12] Market Data and Key Metrics Changes - The I-66 managed lane experienced exceptional traffic growth of 13.2% in Q3 and 8.5% in the first nine months [10][11] - The Dallas-Fort Worth managed lanes showed varied performance, with NTE traffic declining by 3.7% in Q3 while revenue per transaction increased by 14.2% [7][8] - The overall market dynamics in North America are favorable, driving growth in the company's assets [18] Company Strategy and Development Direction - The company is focused on operational readiness for New Terminal One at JFK, with a target opening date of June 2026 [12] - There is an emphasis on demand segmentation to enhance value for users and maximize EBITDA growth [6][7] - The company plans to submit bids for several projects in North Carolina and Tennessee in the first half of 2026, indicating a proactive approach to growth opportunities [4][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance of North American assets, driven by increased customer segmentation and favorable market dynamics [18] - The company is monitoring the potential impact of the U.S. government shutdown but has not seen significant effects on revenue so far [25] - Future growth is expected to be supported by a healthy construction order book and an attractive pipeline of opportunities [14][19] Other Important Information - The company has a solid cash flow position, with significant cash inflows from dividends and asset sales [3][16] - The adjusted EBIT margin for the construction division was 3.7% for the first nine months, aligning with long-term targets [13][14] - The company is committed to returning €2.2 billion to shareholders through dividends and buybacks by the end of 2026 [17][51] Q&A Session Summary Question: What are the potential financial consequences of a delay in New Terminal One? - Delays would result in liquidated damages for the contractor and a delay in revenue perception for the company [22][23] Question: Will the U.S. government shutdown impact Q4? - No significant impact has been observed on the I-66, and bidding processes remain unaffected [25] Question: What drove the Schedule 22 provision reversal in Q3? - Increased mobility and effective promotions contributed to the reversal, with traffic trends performing better than expected [28][29] Question: What is the outlook for pricing increases on the 407 ETR? - Pricing strategies will be announced in November, with expectations for revenue and EBITDA growth [32][33] Question: How is the competitive landscape in contracting? - The market remains rational with increased activity, and there is no significant tightening in competition [38][39] Question: What is the strategy regarding data centers? - The recent acquisition adds capabilities to the construction division, but the company remains opportunistic in the data center space [56]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported net operating revenues of $5.3 billion, with consolidated adjusted EBITDA growing 12% year-over-year to $1.1 billion, resulting in an adjusted EBITDA margin of 20.8%, a 170 basis points improvement from the previous year [5][11] - The company raised its full-year 2025 adjusted EBITDA guidance to a range of $4.47 billion to $4.57 billion, reflecting an increase of $445 million or 11% at the midpoint from initial guidance [7][15] - Free cash flow for Q3 was $778 million, totaling $2.16 billion year-to-date, which is a 22% increase over the same period last year [14] Business Line Data and Key Metrics Changes - The USPI segment generated $492 million in adjusted EBITDA, representing a 12% year-over-year growth, with same-facility revenues increasing by 8.3% [5][11] - The hospital segment's adjusted EBITDA grew 13% to $607 million, with same-store hospital admissions up 1.4% and revenue per adjusted admission increasing by 5.9% [6][12] Market Data and Key Metrics Changes - The company opened a new hospital facility in Port St. Lucie, Florida, aimed at expanding capacity in a rapidly growing area [6] - Exchange business accounted for 8.4% of total admissions and 7% of total consolidated revenues in Q3, showing a slight increase from Q2 [24][77] Company Strategy and Development Direction - The company is focusing on higher acuity services, which has led to improved margins and strong earnings growth [9] - The strategy includes continued M&A and de novo development, with a robust pipeline for future acquisitions [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's performance, citing healthy patient demand and stable operating conditions for 2026 [8][9] - There is uncertainty regarding enhanced premium tax subsidies and their impact on reimbursement and enrollment in exchanges, but management is prepared for various scenarios [8][9] Other Important Information - The company has invested nearly $300 million in M&A activities year-to-date and plans to continue this trend [6] - The company has no significant debt maturities until 2027, providing financial flexibility [14] Q&A Session Summary Question: Q4 guidance and utilization expectations - Management has not built in expectations for higher utilization due to exchange subsidies expiring, and they are confident in their capacity to meet typical demand [19][21] Question: CapEx inputs and allocation - The increase in CapEx is focused on clinical program infrastructure and high-acuity service offerings, with specific investments in cardiac care and surgical programs [26][28] Question: Free cash flow sustainability - Management highlighted improved cash collections and operational efficiencies as key drivers of free cash flow, emphasizing a focus on sustainability [30][32] Question: USPI Q4 guidance and growth - The implied Q4 guidance for USPI suggests year-over-year growth of over 8%, which is consistent with historical trends [35][36] Question: Labor environment and inflationary pressures - The labor environment remains strong, and management does not foresee significant changes or inflationary pressures impacting operations in 2026 [39][41] Question: Conifer's contribution and enrollment capabilities - Conifer is performing well, assisting with patient eligibility and enrollment, and is prepared to support potential changes in exchange enrollment timelines [45][47] Question: Service line performance in Q3 - Growth in USPI was driven by higher acuity services, with a noted recovery in GI services, while respiratory and infectious disease volumes were lower than expected [51][53] Question: DPP contribution and estimates for 2026 - The company recorded approximately $346 million in supplemental Medicaid programs in Q3, with $148 million being prior year adjustments [59][60] Question: Capital allocation and buyback strategy - The company remains active in share repurchases and is responsive to market conditions while continuing to pursue M&A opportunities [62][64] Question: Expense management and AI initiatives - The company is exploring opportunities for cost savings and efficiency improvements, including the use of advanced analytics and automation [66][68] Question: M&A environment for ASCs - The company continues to be a partner of choice in the ASC market, focusing on high-end specialties and maintaining a strong pipeline for growth [71][73]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported net operating revenues of $5.3 billion, with consolidated adjusted EBITDA growing 12% year-over-year to $1.1 billion, resulting in an adjusted EBITDA margin of 20.8%, a 170 basis points improvement from the previous year [5][11] - The company raised its full-year 2025 adjusted EBITDA guidance to a range of $4.47 to $4.57 billion, reflecting an increase of $445 million, or 11% at the midpoint from initial guidance [7][15] - Free cash flow for Q3 was $778 million, totaling $2.16 billion year-to-date, which is a 22% increase over the same period last year [14] Business Line Data and Key Metrics Changes - The USPI segment generated $492 million in adjusted EBITDA, representing a 12% year-over-year growth, with same-facility revenues increasing by 8.3% [5][11] - The hospital segment's adjusted EBITDA grew 13% to $607 million, with same-store hospital admissions up 1.4% and revenue per adjusted admission increasing by 5.9% [6][12] Market Data and Key Metrics Changes - The company reported that exchange admissions accounted for 8.4% of total admissions and 7% of total consolidated revenues in Q3, indicating a slight increase from Q2 [24][77] - The company noted that the exchange business at USPI has less exposure compared to the hospital segment, with exchange patients exhibiting consumption patterns similar to Medicaid [22][72] Company Strategy and Development Direction - The company is focusing on higher acuity services, which has led to improved margins and strong earnings growth over the past few years [9] - The strategy includes continued investment in M&A and de novo development, with a robust pipeline for future growth [6][9] - The company plans to invest $875 to $975 million in capital expenditures in 2025, a $150 million increase at the midpoint over prior expectations [7][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's performance, citing healthy patient demand and stable operating conditions for 2026 [8][9] - There is uncertainty regarding enhanced premium tax subsidies and their impact on reimbursement and enrollment in exchanges, but management is optimistic about a potential compromise [8][21] - The company is committed to maintaining a deleveraged balance sheet and generating strong free cash flow [14][15] Other Important Information - The company recognized a $38 million pre-tax impact for Medicaid supplemental revenues related to prior years in Q3 2025, totaling $148 million year-to-date [13][59] - The company has no significant debt maturities until 2027 and reported $2.98 billion in cash on hand as of September 30, 2025 [14] Q&A Session Summary Question: Q4 guidance and utilization expectations - Management has not built in expectations for higher utilization due to exchange subsidies expiration and is confident in USPI's capacity to handle typical demand [19][21] Question: CapEx inputs and allocation - The increased CapEx is focused on clinical program infrastructure and high-acuity service offerings, with specific investments in cardiac care and surgical programs [26][28] Question: Free cash flow sustainability - Management highlighted improved cash collections and operational efficiencies as key drivers for sustainable free cash flow generation [30][32] Question: USPI Q4 guidance and growth expectations - The implied Q4 guidance reflects typical seasonal growth patterns, with no significant changes in business demand anticipated [35][36] Question: Labor environment and inflationary pressures - The labor environment remains strong, with no significant changes expected, and the company is managing inflationary pressures effectively [39][41] Question: Contribution from Conifer and enrollment services - Conifer is performing well, and the company is preparing to utilize its capabilities for potential enrollment needs if exchange subsidies expire [45][47] Question: Service line performance in Q3 - Growth in USPI was driven by higher acuity services, with some lower-than-expected volumes in respiratory and infectious disease areas noted on the hospital side [51][53] Question: DPP contribution and estimates for the year - The company recorded approximately $346 million in supplemental Medicaid programs in Q3, with $148 million being out-of-period [59][60] Question: Capital allocation and buyback strategy - The company remains focused on M&A and de novo strategies while being active in share repurchases, adjusting based on market conditions [62][64] Question: Expense management opportunities for 2026 - The company is exploring various opportunities for cost savings and efficiency improvements, including labor and supply management [66][68] Question: Impact of the WISER model on USPI - The company is preparing for potential changes in pre-authorization requirements under the WISER model, with a capable revenue cycle function in place [80][81] Question: Inpatient-only list removal impact - The potential removal of the inpatient-only list could benefit the USPI segment, but quantification of the impact is still under discussion [85][86]

Core Viewpoint - Wynn Macau's stock has seen an increase of nearly 4%, currently trading at HKD 6.54, with a trading volume of HKD 30.22 million. Citigroup has issued a "Buy" rating with a target price of HKD 7.2, reflecting a projected enterprise value to EBITDA (EV/EBITDA) of approximately 7.3 times for 2026 [1]. Group 1: Company Performance - Citigroup is optimistic about Wynn Macau's increasing investment in the high-end mass gaming segment, despite a continuous decline in market share since 2025 [1]. - The completion of the "Chairman's Club" VIP gaming area expansion in the first quarter of next year is expected to positively impact Wynn's market position [1]. Group 2: Market Expectations - The market generally anticipates a year-on-year EBITDA growth of about 7% for Macau gaming operators in the third quarter of this year, while Citigroup forecasts a 17% year-on-year increase for Wynn during the same period [1]. - Wynn Macau has been placed on Citigroup's 30-day upward catalyst watchlist, suggesting potential positive stock price momentum ahead of the company's earnings announcement next month [1].

Core Viewpoint - Roblox is expected to report strong Q3 earnings on October 30, with a significant increase in bookings and user engagement, despite challenges in developing a second revenue stream [1][2]. Group 1: Q3 Performance - Q3 bookings are projected to be $1.805 billion, representing a 60% year-over-year increase, exceeding the guidance of 40%-45% [1]. - Concurrent user count (CCU) is estimated to have more than doubled from the previous quarter, showing a 130% increase, although bookings per user per day have declined by 30% year-over-year [1]. - The game "Grow A Garden" is expected to generate $191 million in bookings for the quarter, peaking in July, while other games are also projected to see a 43% increase in bookings [1]. Group 2: Q4 Guidance - Q4 bookings are guided to be between $1.76 billion and $1.785 billion, reflecting a year-over-year growth of 29%-31% [2]. - Despite a significant slowdown since September, the platform's growth remains strong, with Q4 advertising revenue expected to reach $100 million for the first time [2]. - Q3 EBITDA is anticipated to be $465 million, surpassing the expected range of $350 million to $380 million and market expectations of $390 million [2]. Group 3: Future Projections - Q4 EBITDA guidance is set between $450 million and $480 million, with market expectations leaning towards the upper end of this range [3]. - The increase in DevEx payments is expected to add $18 million to EBITDA in the first full quarter of implementation [3]. - Forecasts for 2025 have been raised, with bookings, EBITDA, and free cash flow expected to grow by 3%, 7%, and 8% respectively, while 2026 bookings are projected to grow by 1% [3].

Financial Data and Key Metrics Changes - The grocery consumer industry is experiencing a soft environment, with general consumption down and private label growth being flat across various categories [4][6] - The company has focused on driving cost efficiencies and expects to achieve $250 million in gross cost savings [28][30] - EBITDA growth is anticipated to continue into the next couple of years despite a challenging consumer environment [31][33] Business Line Data and Key Metrics Changes - The company has made significant investments in core categories such as crackers, broth, and refrigerated dough, which are performing well [13][14] - The acquisition of Harris Teas is expected to provide a 4% to 5% benefit to sales, offsetting some volume declines from other categories [42][44] Market Data and Key Metrics Changes - The private label market has not seen significant trading down, with consumers managing costs by reducing basket sizes rather than switching to private label products [5][6] - Retailers are increasingly focused on optimizing their private label assortments and pricing strategies to enhance profitability [10][11] Company Strategy and Development Direction - The company is prioritizing profitability and cash flow over top-line growth in response to the current consumer environment [27] - There is a strategic focus on fewer, more profitable categories, allowing for deeper expertise and better service to retail customers [16][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by supply chain disruptions and recalls but believes these issues are being addressed through improved capital investment and operational processes [24][26] - The company is optimistic about its ability to navigate the current environment and sees potential for EBITDA growth despite external challenges [31][32] Other Important Information - The company is currently above its long-term leverage target but expects to return to its normal leverage profile by the fourth quarter [62] - There is a belief that the stock price is undervalued, and the company plans to return cash to shareholders if performance aligns with expectations [63][64] Q&A Session Summary Question: What are the thoughts on private label's market share? - Management noted that the grocery consumer is currently soft, with private label growth being flat across categories, and consumers are buying fewer units [4][5] Question: How is the company optimizing its portfolio? - The company has focused on core categories where it can offer the best quality and price, leading to better performance [12][14] Question: What are the risks and opportunities for the full year? - The focus remains on execution and cost savings, with potential upside if consumer trends improve [51][52] Question: How is the company addressing supply chain disruptions? - Management indicated that significant capital investments have been made to improve processes and reduce risks associated with supply chain issues [24][26] Question: What is the outlook for the coffee category? - The coffee category is performing well, with consumers showing resilience despite pricing pressures, and there is an opportunity for trade down behavior [57][61] Question: How does the company view its capital allocation priorities? - The company plans to balance capital between investing in the business and returning cash to shareholders, with no major acquisitions anticipated in the near term [62][63]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q1 2026 was $144 million, a 4% increase from $138.6 million in Q1 2025 [4] - The company reaffirmed its full year adjusted EBITDA guidance of $615 million to $625 million [5] Business Line Data and Key Metrics Changes - Water Solutions adjusted EBITDA increased to $142.9 million in Q1 2026 from $125.6 million in Q1 2025, representing a 13.8% increase [5] - Physical water disposal volumes rose to 2,770,000 barrels per day in Q1 2026, up 12.4% from 2,470,000 barrels per day in the prior year [5] - Crude oil logistics adjusted EBITDA decreased to $9.6 million in Q1 2026 from $18.6 million in Q1 2025 due to reduced sales and lower crude oil prices [7] - Liquids logistics adjusted EBITDA fell to $2.9 million in Q1 2026 from $5.7 million in Q1 2025, adjusted for previously announced asset sales [9] Market Data and Key Metrics Changes - The Grand Mesa pipeline volumes averaged approximately 55,000 barrels per day in Q1 2026, down from 63,000 barrels per day in Q1 2025, but July volumes were approximately 25% higher than June [7][9] Company Strategy and Development Direction - The company is focused on rightsizing its asset footprint, paying down debt, and reducing overall leverage [3][4] - The strategy includes opportunistic capital allocation, including repurchasing debt and equity that provide the highest return [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the Water Solutions segment's performance and noted that they have not seen a drop-off in customer activity despite market uncertainties [6] - There is an expectation of stronger performance in the Crude Oil Logistics segment as volumes on the Grand Mesa system are anticipated to ramp up [12] Other Important Information - The company closed on the sale of its RAC marketing business and a majority of its wholesale propane business, using proceeds to pay down debt [3] - The company repurchased approximately 4.7 million common units at an average price of $4.3 per unit, representing about 3.5% of outstanding common units [14] Q&A Session Summary Question: Future common unit repurchases - Management indicated they will continue to be opportunistic with capital allocation and may pursue further common unit repurchases depending on market conditions [16][17] Question: Produced water volumes for the quarter - Management noted that produced water volumes were slightly lighter than expected but still above internal budget, with confidence in continued performance for the remainder of the year [21][23] Question: Thoughts on ARRIS acquisition by Western - Management congratulated ARRIS on their acquisition but stated that their model differs as they do not focus on recycling, welcoming consolidation in the industry as it can lead to greater efficiency [26][28]

Core Viewpoint - MGM China Holdings Limited (02282) experienced a stock price increase of over 5%, reaching HKD 16.44 with a trading volume of HKD 81.31 million [1] Financial Performance - For the second quarter ending June 30, total revenue was HKD 8.667 billion, representing a year-on-year growth of 8.89% [1] - For the first half of the year, total revenue reached HKD 16.661 billion, showing a year-on-year increase of 2.73% [1] - The adjusted EBITDA for the second quarter was HKD 2.511 billion, marking a year-on-year increase of 2.79%, achieving a record high [1] - For the first half of the year, adjusted EBITDA was HKD 4.879 billion, reflecting a year-on-year decline of 1.39% [1]

Group 1 - The company confirms all targets for full year 2025 despite economic uncertainties, including a minimum of 10% like-for-like EBITDA growth and a 70% free cash flow on EBITDA conversion rate [4][5] - The 10% like-for-like EBITDA growth is attributed to the situation in Italy, which translates to an equivalent of 15% EBITDA like-for-like growth [4] - The company achieved steady top line growth in H1 2025, driven by double-digit growth in Mobility and acceleration in Benefits & Engagement [5] Group 2 - The conference call is led by the CEO Bertrand Dumazy and the new CFO Virginie Duperat-Vergne, who joined the company two months prior [3][2] - The presentation is structured to last approximately 35 minutes, followed by a 40-minute Q&A session [3] - The call includes participation from various research divisions, indicating strong interest from the investment community [1]