Key Takeaways ODD posted Q4 EPS of $0.20 on 23.5% revenue growth to $152.7M, beating estimates.ODD's gross margin fell 220 bps to 70.5%, while EBITDA margin dropped to 8.2%.ODD expects Q1 2026 sales to decline about 30% amid elevated acquisition costs.Oddity Tech Ltd. (ODD) delivered fourth-quarter 2025 results, with both the top and bottom lines surpassing the Zacks Consensus Estimate. Revenues saw year-over-year growth, while the earnings remained flat compared to the previous-year period.Management discl ...

We envision. We deliver. Q4 - FY 2025 Financial and Operational Results Webcast February 19, 2026 NYSE: FSM | TSX: FVI We envision. We deliver. Q4 - FY 2025 Highlights FY 2025 record free cash flow from ongoing operations4 of $330 million Cash Flow & Margins Balance Sheet Strength Delivering Growth Production $704.0 M in liquidity $381.5 M net cash position Safety Cash Cost & AISC Record FCF from Operations1,4 $132.3 M Q3 2025: $73.4 M Operating cash flow before working capital of $147.6 M or $0.48/share2 E ...

Core Insights - Royal Gold, Inc. (RGLD) reported adjusted earnings per share of $1.92 in Q4 2025, missing the Zacks Consensus Estimate of $2.68, but showing an 18% year-over-year increase [1] - The company generated record revenues of $375 million in Q4, representing an 85% increase year-over-year [2] - RGLD's adjusted EBITDA margin was 82% in Q4, slightly down from 84% in the prior year [3] Financial Performance - RGLD's total revenues for 2025 reached $1.03 billion, up 43.2% year-over-year, driven by higher metal prices and contributions from various streams and assets [6] - Stream revenues for 2025 were $686.5 million, a 42% increase from 2024, while royalty revenues rose to $344 million from $236 million in the previous year [7] - The company's net cash from operating activities in Q4 was $242 million, up from $141 million in the same quarter last year, ending the year with cash and cash equivalents of $234 million [4][9] Cost and Margin Analysis - The cost of sales in Q4 was $50.8 million, a significant increase of 109.1% year-over-year, while general and administrative expenses surged 97.8% to $17.6 million [3] - Adjusted EBITDA for Q4 was $307 million, an 81.3% increase year-over-year, reflecting strong operational performance despite rising costs [3] Stock Performance - Over the past year, RGLD shares have increased by 84.3%, although this is lower than the industry's growth of 134.2% [8]

Financial Data and Key Metrics Changes - In Q4 2025, LKQ reported revenues of $3.3 billion, an increase of 2.7% year-over-year [14] - Diluted earnings per share (EPS) were $0.29, including a $52 million goodwill impairment, while adjusted diluted EPS was $0.59, down from $0.78 in the prior year [15] - For the full year, diluted EPS was $2.31, and adjusted diluted EPS was $3.01, at the lower end of guidance [17] - Free cash flow for Q4 was $274 million, totaling $847 million for the year, exceeding expectations [17] - Segment EBITDA margin in North America was 12.7%, down 380 basis points year-over-year [17] Business Line Data and Key Metrics Changes - North America organic revenue decreased 1% per day in Q4 and 1.9% for the full year, attributed to weak repairable claims [7] - Specialty segment delivered 7.8% organic revenue growth in Q4 and 2.7% for the full year, marking a return to positive growth for the first time in 14 quarters [11] - European organic revenue declined 5.2% per day in Q4 and 3.9% for the full year, driven by weak consumer confidence and competitive pricing pressures [9] Market Data and Key Metrics Changes - Repairable claims in North America were down approximately 10% in Q1 but improved sequentially, with Q4 showing a decline of 4% to 6% [8] - In Europe, the market faced continued pressure, with aggressive pricing strategies implemented to protect market share [9][10] Company Strategy and Development Direction - The company is focused on simplifying its portfolio, having divested its self-service segment in 2025 [4] - A comprehensive review initiated by the board aims to explore alternative structures to unlock value [6] - The company is streamlining operations in Europe and enhancing private label growth to improve long-term profitability [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming challenges and delivering sustainable value, despite headwinds from tariffs and market softness [11] - The outlook for 2026 includes cautious expectations for organic revenue growth between -0.5% and +1.5% [22] - Early indicators of improving market conditions in North America include lower insurance premiums and rising used car prices [25] Other Important Information - The company paid down over $500 million of debt in Q4 and extended the maturity of its revolver and term loan [20] - A restructuring plan is expected to incur costs of $60 million to $70 million in 2026, aiming for over $50 million in annualized cost savings [22][23] Q&A Session Summary Question: Potential green shoots in North America - Management noted a 6% reduction in insurance premiums and an increase in used car values, which could lead to more repairable claims [30] Question: Performance in Europe - Management acknowledged ongoing pressure in demand and aggressive pricing strategies to maintain market share [33] Question: Expanding relationships with MSOs - Management reported market share gains with MSOs, outperforming their overall volume growth [39] Question: EV market impact - Management sees potential tailwinds from EVs, capitalizing on agreements with OEMs for dismantling and parts supply [48] Question: Margin expansion in Europe - Management remains optimistic about achieving 200 basis points of margin expansion through cost control and SKU rationalization [52] Question: Overall market conditions - Management expects a gradual improvement in repairable claims throughout 2026, with cautious guidance reflecting current market conditions [69]

Core Insights - Tenet Healthcare Corporation (THC) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $4.70, exceeding the Zacks Consensus Estimate by 15.2%, with a year-over-year increase of 36.6% [1] - Net operating revenues rose 8.9% year over year to $5.53 billion, surpassing the consensus mark by 1.4% [1] Financial Performance - Adjusted net income for the quarter was $413 million, a 25.2% increase year over year [3] - Adjusted EBITDA improved 12.9% year over year to $1.18 billion, exceeding the estimate of $1.13 billion, with an adjusted EBITDA margin expanding 70 basis points to 21.4% [3] - Salaries, wages, and benefits costs increased 6.1% year over year to $2.2 billion, while supply costs rose 8.6% and net other operating expenses increased 10.8% [4] Segment Performance - Hospital Operations and Services segment recorded net operating revenues of $4.09 billion, up 7.3% year over year, driven by improved Medicaid supplemental revenues and a favorable payer mix [5] - Adjusted EBITDA for the Hospital segment climbed 16.4% year over year to $603 million, with an adjusted EBITDA margin of 14.7%, improving 110 basis points [6] - Ambulatory Care segment's net operating revenues rose 13.8% year over year to $1.43 billion, supported by facility buyouts and expansion of service lines, with adjusted EBITDA at $580 million, a 9.4% increase [7] Financial Position - As of December 31, 2025, Tenet Healthcare had cash and cash equivalents of $2.88 billion, down from $3.02 billion at the end of 2024, while total assets increased to $29.7 billion from $28.9 billion [8] - Long-term debt amounted to $13.1 billion, slightly up from the previous year, with total shareholders' equity increasing to $4.22 billion from $4.17 billion [9] Cash Flow and Share Repurchase - Tenet generated $3.5 billion of net cash from operations in 2025, a 72.9% year-over-year increase, with free cash flows improving 126.7% to $2.5 billion [11] - The company repurchased $198 million in shares during the fourth quarter and $1.4 billion in 2025, with a remaining share repurchase authorization of approximately $1.49 billion [12] 2026 Outlook - Net operating revenues for 2026 are projected to be between $21.5 billion and $22.3 billion, higher than the $21.3 billion in 2025 [13] - Adjusted EBITDA is expected to range from $4.485 billion to $4.785 billion, with an estimated adjusted EBITDA margin of 20.9-21.5%, indicating a potential decline from 2025 [14] - Free cash flow is anticipated to remain between $2.94 billion and $3.29 billion, with capital expenditures projected at $700-$800 million [15]

Core Insights - GFL Environmental achieved a record adjusted EBITDA margin of 30.2% in Q4 2025, the highest in the company's history, despite commodity price declines impacting margins [1][4][8] - The company reported a 7.3% increase in revenue for Q4, driven by better-than-expected pricing, volume, and M&A contributions, partially offset by foreign exchange headwinds [3][5] - GFL's 2026 guidance targets approximately $7.0 billion in revenue, $2.14 billion in adjusted EBITDA, and $835 million in adjusted free cash flow, reflecting an 8% revenue growth and a 10% EBITDA growth [6][14][15] Financial Performance - Adjusted EBITDA for the full year 2025 was reported at $1.985 billion, with adjusted free cash flow of $756 million [9][8] - The company experienced a 6.4% pricing increase in Q4 and a 6.1% increase for the full year, exceeding original plans by 70 basis points [3][5] - GFL's net leverage at the end of 2025 was 3.4x, the lowest year-end net leverage in its history, with a potential to spend $1.5 to $2.0 billion on acquisitions in 2026 [7][13][19] Capital Allocation and M&A - GFL completed over $3.0 billion in share buybacks, including a $2.25 billion buyback plan and an additional $750 million in the second half of 2025 [11][10] - The company deployed close to $1 billion in M&A during 2025, with expectations for significant benefits rolling into 2026 [12][10] - Management emphasized a commitment to maintaining leverage in the low-to-mid 3x range while pursuing further M&A opportunities [19] Operational Efficiency - The company noted a continued trend of lower cost intensity in 2025, driven by improvements in labor turnover, fleet optimization, and procurement benefits [17] - GFL's operational initiatives are expected to contribute to further improvements in labor turnover in 2026 and 2027 [17] Strategic Initiatives - GFL relocated its executive headquarters to the U.S. to broaden eligibility for U.S. equity indices while maintaining Canadian index eligibility, with potential inclusion in Russell indices expected in mid-2026 [18] - The company is transitioning to U.S. GAAP reporting and domestic filings, which could support eligibility for additional indices in the future [18]

Financial Data and Key Metrics Changes - The company reported sequential revenue growth of 5% in Q4 2025, with adjusted EBITDA margins above 22% and free cash flow conversion of 76% [5][6][10] - Full year 2025 adjusted free cash flow totaled $466 million, representing a 43.7% conversion ratio, which is a 576 basis points improvement over 2024 [10][21] - The net leverage ratio improved to 0.42 times, down from 3.3 times at the beginning of 2021, reflecting a stronger balance sheet [22] Business Line Data and Key Metrics Changes - The WCC and PRI segments were the largest contributors to top-line growth, driven by strong performance in completions and artificial lift [8][11] - Completions have become the largest product line, showing significant growth year-on-year and quarter-on-quarter due to technology advancements [9] - The artificial lift segment benefited from a strong installed base and customer relationships, leveraging international expertise [9] Market Data and Key Metrics Changes - Latin America experienced a 16% sequential growth, primarily driven by Mexico and Brazil, while North America saw modest growth supported by higher Canadian activity [6][7] - The Europe, Sub-Saharan Africa, and Russia region declined by 2% sequentially, indicating ongoing softness in that market [6] - The Middle East, North Africa, and Asia region delivered 4% sequential growth, led by Kuwait, Oman, the UAE, and Indonesia [7] Company Strategy and Development Direction - The company plans to focus on cost control and productivity improvements in the first half of 2026, with expectations of increased customer spending in the second half [12][13] - There is optimism regarding the Venezuelan market reopening, which could provide substantial opportunities for intervention and artificial lift services [15] - The company is committed to returning approximately 50% of adjusted free cash flow to shareholders over the cycle, with a recent increase in dividends by 10% [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the visibility of payment streams and the potential for growth in the second half of 2026 [10][12] - The company anticipates a slight decline in North America spending due to tight budgets, while international activity levels are expected to be flat to slightly down compared to the prior year [12][13] - Management highlighted the importance of operational execution and technology development to drive future growth, particularly in Saudi Arabia [33][34] Other Important Information - The company took a restructuring and severance charge of $7 million in Q4 2025, totaling $58 million for the full year [19] - Capital expenditures for 2025 were $226 million, with expectations for 2026 CapEx to be between $190 million and $230 million [20][21] - The company is focusing on optimizing cash and margin on capital deployed, with a significant increase in ERP-related spending planned for 2026 [88] Q&A Session Summary Question: Outlook for Saudi Arabia - Management is hopeful for a healthy recovery in Saudi Arabia in the second half of 2026 as rigs come online, emphasizing the importance of technology development [33][34] Question: Broader Middle East and North Africa Market - The region remains strong for the company, with continued momentum in the UAE and Kuwait, although some variability is expected in other countries like Qatar [41][42] Question: Mexico Business Trends - Management noted three consecutive quarters of sequential improvements in Mexico, with expectations for slight growth year-on-year as stability returns [51][52] Question: Venezuela Market Potential - Management clarified that no uptick from Venezuela is assumed in current guidance, but there is potential for significant revenue if the market stabilizes [60][62] Question: Offshore Activity Outlook - Management expressed excitement about improvements in offshore deepwater activity, particularly in MPD and TRS businesses, and the potential for growth in completions [66][68] Question: North America Activity Outlook - Management acknowledged expected declines in North America but emphasized a focus on maintaining margins and driving innovation to offset market pressures [72][75] Question: First Quarter Guidance - Management explained that the first quarter guidance reflects typical seasonality and some orders pulled into Q4, with expectations for a ramp-up in the second half of 2026 [78][80]

2026 Market and Backlog January 21, 2026 Safe Harbor Statement Certain statements and projections contained in this presentation are, by their nature, forward- looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be ide ...

Financial Data and Key Metrics Changes - Third quarter revenue was $634 million, exceeding the high end of guidance by $9 million, but down 8% year-over-year and 4% sequentially [4][13] - Consolidated gross margin for Q3 was 29.1%, a decline of 190 basis points year-over-year and 70 basis points sequentially [13] - Adjusted EBITDA for Q3 was $57.5 million, representing 9.1% of revenue, which was 90 basis points above the high end of guidance [4][13] - Net income for Q3 was $29 million, compared to a net loss of $116 million in the prior quarter [19] Business Line Data and Key Metrics Changes - Nurse and Allied revenue was $361 million, down 9% year-over-year but exceeding guidance due to higher travel nurse volume and $12 million in labor disruption revenue [14] - Physician and Leadership Solutions segment revenue was $178 million, down 1% year-over-year but up 2% sequentially, with locum tenens revenue growing 3% year-over-year [16] - Technology and Workforce Solutions revenue was $95 million, down 12% year-over-year and 7% sequentially, primarily due to lower VMS revenue and the sale of SmartSquare [18] Market Data and Key Metrics Changes - Permanent hiring activity in the healthcare sector fell notably in Q3, indicating a shift towards more flexible workforce strategies [5] - The spread between travel nurse bill rates and fully loaded permanent nurse compensation is at a historical low, which may influence future hiring strategies [5] - Demand for travel nurses has increased by approximately 50% since mid-May, although it remains slightly below year-over-year levels [31] Company Strategy and Development Direction - The company aims to gain market share by enhancing technology, processes, and customer focus, with a strong emphasis on total talent solutions [11][41] - The strategy includes expanding service lines and improving fill rates, particularly in vendor-neutral programs [11][12] - The company expects to see more favorable revenue mix and growth in higher-margin businesses, particularly in international staffing [37] Management's Comments on Operating Environment and Future Outlook - Management noted that while the market remains competitive, there is rationality among competitors, and the focus is shifting towards total talent solutions [41] - The company anticipates modest year-over-year growth in nurse and allied revenue for Q4, with expectations for improved gross margins in 2026 [10][20] - Management expressed confidence in the recovery of demand and the ability to fill orders effectively, particularly as clients recognize the affordability of contingent labor [45][49] Other Important Information - The company completed a debt refinancing transaction, improving its financial position and extending the earliest debt expiration to 2029 [10][20] - Cash and equivalents as of September 30 were $53 million, with total debt at $850 million and a net leverage ratio of 3.3 times [19] Q&A Session Summary Question: Can you help us understand the drivers of gross margin guidance? - Management explained that the gross margin in Q3 was positively impacted by labor disruption, and the expected decline in Q4 is due to a mix of lower-margin revenue from certain segments [24][26] Question: What is the underlying performance of the business excluding labor disruption? - Management indicated that excluding labor disruption, the EBITDA margin would be in the mid-sixes range, reflecting the impact of the labor disruption event on overall performance [28] Question: Are the recent increases in demand due to winter orders or underlying improvements? - Management noted that demand has improved due to both seasonal factors and broader market conditions, with a significant recovery since mid-May [31] Question: How do you view the competitive landscape currently? - Management stated that while competition remains, it is rational, and there is a growing preference for total talent solutions among clients [41] Question: What are the expectations for clinician supply and demand? - Management reported a healthy supply of clinicians overall, with specific challenges in locums, and emphasized the importance of pricing orders correctly to fill them [56][58] Question: How is the company leveraging MSP relationships for locums? - Management highlighted intentional moves to support locums MSPs and noted significant improvements in fill rates for these clients [76][78]

Financial Data and Key Metrics Changes - Gibraltar Industries reported a 13% adjusted net sales growth for Q3 2025, with adjusted EPS and operating income slightly below the prior year, down less than 1% [4][5] - Adjusted EBITDA was flat compared to the prior year, while cash from operations increased by 39% to $57 million, and free cash flow reached $49 million, representing 16% of sales [5][13] Business Segment Data and Key Metrics Changes - The residential segment saw adjusted net sales increase by $20.5 million or 9.8%, driven by metal roofing acquisitions and growth in building accessories [7] - Agtech net sales grew by $16.1 million or 38.8%, primarily due to the acquisition of Lane Supply, despite delays in a larger Controlled Environment Agriculture (CEA) project [13][15] - Infrastructure net sales decreased by $0.1 million or less than 1% due to a supplier transition, with backlog decreasing by 2% [20] Market Data and Key Metrics Changes - The U.S. roofing market experienced a 10% decline in shingle shipments for Q3, with significant drops in key states like Texas [10][11] - Retail point of sale results were down approximately 4.5%, indicating a challenging market environment [10] Company Strategy and Development Direction - The company is focused on portfolio management, targeting the completion of the renewables business sale by year-end and pursuing additional M&A opportunities in the building products segment [6][22] - Gibraltar aims to enhance its operational systems and expand its presence in residential and structured businesses to drive improved performance [28][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a sluggish residential market and highlighted the importance of backlog and bookings in agtech for future growth [26][28] - The company anticipates a gradual recovery in residential markets and expects to see improved margins as market conditions stabilize [75][76] Other Important Information - The company maintains a strong balance sheet with $89 million in cash and $394 million available on its revolver, remaining debt-free [21][22] - Capital allocation priorities for 2025 include investing in organic growth and exploring inorganic growth opportunities [22][23] Q&A Session Summary Question: Guidance for the year and lower EBITDA margin - Management indicated that lower EBITDA margins are primarily related to lower volume in the Agtech segment and business mix impacts in residential [30][33] Question: Details on new customer wins in Agtech - Management noted a variety of new customers and projects, with expectations of moving towards 15% operating income and higher EBITDA margins in the near term [36][37] Question: Outlook for mail and package business - The company expects growth to be driven by new construction starts, which have been slow but are anticipated to improve as interest rates stabilize [53][54] Question: Trends in residential segment margins - Management acknowledged that margins have been impacted by market conditions and integration costs but expects improvements as the market stabilizes [72][75] Question: M&A pipeline for residential - The M&A pipeline is robust, focusing on core building accessories and metal roofing, with management engaged in several interesting opportunities [78][80]