Financial Data and Key Metrics Changes - Sabra reported normalized FFO per share of $0.36 and normalized AFFO per share of $0.38 for Q4 2025, totaling $91.2 million and $95.2 million respectively [13] - Cash NOI from the managed senior housing portfolio increased by $5.5 million to $35.6 million, while cash NOI from the triple-net portfolio decreased by $1.3 million [14] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a sequential revenue growth of 15.8% and cash NOI growth of 18.4% [9] - The same-store senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [10] - The skilled nursing portfolio achieved an all-time high in rent coverage and increased occupancy [7] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [10] - The overall occupancy in the domestic portfolio increased by 80 basis points to 84.7% [11] - RevPOR in Q4 2025 rose by 4.2% year-over-year, with Canadian portfolio growth at 5.2% [11] Company Strategy and Development Direction - The company expects robust NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [5] - Sabra completed approximately $450 million in investments for 2025 and anticipates exceeding this volume in 2026 [6] - The company remains focused on the senior housing sector, with 95% of investment opportunities in SHOP [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued occupancy growth, expecting the same-store portfolio to reach low 90s occupancy levels [24] - The regulatory environment remains stable, with no significant concerns regarding Medicaid and Medicare rates [82] - Management noted that the Canadian market is ahead of the U.S. in recovery, with lower construction rates contributing to occupancy growth [52] Other Important Information - The company declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of Q4 normalized AFFO per share [20] - Sabra has ample liquidity of approximately $1.2 billion, including unrestricted cash and available borrowings [19] Q&A Session Summary Question: What are the building blocks of same-store growth? - Management expects continued occupancy growth, with the portfolio projected to reach low 90s occupancy levels [24] Question: Can you provide an update on the RCA loan and tenant health? - The RCA loan is being serviced appropriately, indicating tenant health is stable [31] Question: What are the expected maintenance and non-maintenance CapEx for 2026? - Maintenance CapEx is expected to remain similar to previous levels, while non-maintenance CapEx is projected to be in the $20 million-$30 million range [33] Question: How is the investment landscape changing? - The investment activity is significantly weighted towards SHOP, with competition increasing but still finding high-quality assets [58] Question: What is the outlook for occupancy growth in the Canadian portfolio? - The Canadian portfolio is expected to continue its growth trajectory, with occupancy and pricing power improving [65]

Financial Data and Key Metrics Changes - Sabra reported normalized FFO per share of $0.36 and normalized AFFO per share of $0.38 for Q4 2025, totaling $91.2 million and $95.2 million respectively [12][14] - Cash NOI from the triple net portfolio decreased by $1.3 million sequentially, while cash NOI from the managed senior housing portfolio increased by $5.5 million, resulting in a net increase of $4.2 million [12][13] - The net debt to adjusted EBITDA ratio was 5.00 times as of December 31, 2025, a decrease of 0.27 times from the previous year [17] Business Line Data and Key Metrics Changes - The managed senior housing portfolio experienced a sequential revenue growth of 15.8% and cash NOI growth of 18.4%, with margin expansion of 60 basis points [7] - The same-store senior housing portfolio saw a revenue increase of 6.4% year-over-year, with occupancy rising by 160 basis points to 87.9% [9] - The skilled nursing portfolio achieved increased rent coverage and occupancy, reaching an all-time high [6] Market Data and Key Metrics Changes - The Canadian communities within the same-store portfolio grew revenue by 10% year-over-year, with occupancy increasing by 300 basis points to 94.2% [9] - The domestic portfolio occupancy increased by 80 basis points to 84.7% during the same period [10] - RevPOR in Q4 2025 rose by 4.2% year-over-year, with the Canadian portfolio increasing by 5.2% [10] Company Strategy and Development Direction - The company expects strong NOI growth for the SHOP portfolio in 2026, with guidance for normalized FFO and AFFO growth at 4.9%-5.4% [4] - Sabra completed approximately $450 million in investments for 2025 and anticipates exceeding this volume in 2026 [5] - The company is focusing on maintaining a robust pipeline of investments, with $240 million of awarded deals expected to close in Q1 and early Q2 2026 [5][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth potential of the senior housing portfolio, citing industry tailwinds and a robust pipeline [10] - The regulatory environment remains stable, and the company expects to see continued occupancy growth in its same-store portfolio [6][15] - Management noted that the Canadian market is ahead of the U.S. market in recovery, with lower construction rates contributing to occupancy growth [10][50] Other Important Information - The board declared a quarterly cash dividend of $0.30 per common share, representing a payout of 79% of the fourth quarter normalized AFFO per share [20] - The company has ample liquidity of approximately $1.2 billion, consisting of unrestricted cash and available borrowings [19] Q&A Session Summary Question: Can you provide insights on same-store growth and future prospects? - Management expects continued occupancy growth in the same-store portfolio, aiming for low 90s occupancy levels [24] Question: What is the status of the RCA loan and its impact on guidance? - The RCA loan is being serviced appropriately, and guidance assumes the lease remains in place [28] Question: How is the investment landscape changing, particularly regarding skilled nursing? - The majority of the $240 million awarded transactions are focused on SHOP, with minimal skilled nursing investments expected [57] Question: What is the expected maintenance CapEx for 2026? - Maintenance CapEx is expected to remain at similar levels, with non-recurring CapEx projected in the $20-$30 million range [33] Question: How does the company view the competitive landscape in the SHOP sector? - The company acknowledges increased competition but continues to find high-quality assets at attractive yields [58]

Financial Data and Key Metrics Changes - BGC Group reported record-breaking revenues for both the fourth quarter and full year 2025, with increases of 32% and 30% respectively, approaching $3 billion in total revenues [4] - Adjusted EPS grew by 24% under GAAP and 19% for adjusted earnings, with adjusted EPS rising by 71% to $1.18 per share since 2022 [4][7] - Pre-tax adjusted earnings grew by 24.5% to $161.3 million, representing a pre-tax margin of 21.3% [18] - Post-tax adjusted earnings increased by 21.1% to $149.6 million, resulting in a post-tax adjusted earnings per share of $0.31 [18] Business Line Data and Key Metrics Changes - Total brokerage revenues grew by 34.6% to $694.6 million, with ECS revenues increasing by 92% to $257.5 million, driven by the acquisition of OTC and strong organic growth [9] - Rates revenues increased by 16.4% to $197.4 million, while foreign exchange revenues rose by 9.8% to $102.8 million [10] - Fenics revenues increased by 15.4% to a record $163.9 million, driven by higher electronic volumes across rates products [11] - FMX UST generated record fourth quarter average daily volume of $58.7 billion, increasing market share to a record 39% [12] Market Data and Key Metrics Changes - EMEA revenue increased by 39.2%, Americas revenues increased by 25.7%, and Asia Pacific revenues increased by 24.2% [16] - FMX Futures Exchange saw record volumes in open interest, with ADV and open interest increasing 82% and 97% respectively compared to the previous quarter [12] Company Strategy and Development Direction - The company completed the first phase of its cost reduction program, expected to realize $25 million of annualized savings in 2026 [5][17] - BGC aims to focus on higher growth areas within its portfolio, having sold lower growth businesses to enhance shareholder value [28] - The company is positioned for continued success in 2026, with guidance indicating a revenue growth expectation of approximately 34% for the first quarter [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong market share gains and a favorable trading environment [25] - The outlook assumes no material acquisitions or dispositions, with expectations subject to change based on macroeconomic factors [3] - Management highlighted the importance of volatility in driving business growth, particularly in the energy sector [39] Other Important Information - The company anticipates pre-tax adjusted earnings for the first quarter of 2026 to be in the range of $202 million to $222 million, representing over 32% earnings growth [20] - Liquidity as of December 31 was $979.1 million, compared to $897.8 million at year-end 2024 [19] Q&A Session Summary Question: Inquiry about first quarter guidance and organic revenue growth - Management noted that core revenue growth has been consistent, driven by market share gains and a favorable trading environment [25] Question: Discussion on the sale of KACE and future divestitures - Management indicated that the sale was driven by shareholder value considerations and that they remain open to future divestitures if they do not meet growth expectations [28] Question: Inquiry about new client growth in the energy segment - Management confirmed an increase in new players entering the energy market, contributing to growth in the ECS business [34] Question: Question regarding FMX futures revenue recognition and treasury futures - Management stated that changes in fee structures for FMX futures will occur in the summer, and treasury futures will follow the success of SOFR [42][43] Question: Inquiry about additional fixed income products within Lucera - Management indicated that Lucera is expanding into credit markets, which could significantly contribute to future revenue growth [48]

Core Viewpoint - DENTSPLY SIRONA is undergoing a significant transformation under new CEO Daniel T. Scavilla, focusing on a return to growth through a comprehensive action plan aimed at improving customer experience, operational efficiency, and financial performance. Financial Performance - For Q3 2025, global sales were $940 million, a decrease of 5% as reported and 8% on a constant currency basis, with adjusted EBITDA at 18.4%, up 50 basis points from the prior year [8][10] - Non-GAAP earnings per share for the prior year was $0.37, down $0.13, attributed to sales mix impacts and higher tax rates [9] - Cash from operations was $79 million, with an ending cash balance of $363 million [10] - The company recorded a $263 million non-cash after-tax charge related to goodwill and intangible asset impairment [10] Regional Sales Performance - US sales were $291 million, down 22.2% year-over-year, while European sales increased by 9.9% [12][13] - Sales in the Rest of World segment were $231 million, showing slight declines, with notable growth in Australia and India [13] Strategic Initiatives - The return to growth action plan consists of four key pillars: putting customers at the center, reigniting the US business, empowering people, and evolving operations [17] - The company aims to enhance customer experience by creating a global customer service organization and improving support for field-based employees [20][21] - A comprehensive plan is in place to strengthen the US commercial foundation, including aligning teams and enhancing decision-making processes [21][22] Leadership Changes - Matthew E. Garth, the former CFO, has departed the company, and a transition plan is in place to ensure continuity [6][7] - The company is actively searching for a new CFO who can leverage data for strategic decision-making [70] Future Outlook - The revised outlook for 2025 includes net sales in the range of $3.6 billion to $3.7 billion, with constant currency sales expected to decline by 5% to 4% year-over-year [16] - The company plans to increase investments in R&D and clinical education to support growth initiatives [47][74] Market Positioning - DENTSPLY SIRONA is focusing on strengthening its relationships with dealers and enhancing its direct sales approach, particularly in the implant market [58][81] - The company recognizes the need for improved training and presence in the market to better serve dental professionals [81]

Assets Under Management (AUM) - Ending AUM increased to $90.9 billion as of September 30, 2025, compared to $88.9 billion at the end of Q2 2025[2] - Average AUM for Q3 2025 was $89.7 billion, up from $87.2 billion in Q2 2025[2] - Market appreciation contributed $2.4 billion to AUM in Q3 2025, slightly higher than the $2.3 billion in Q2 2025[2] Net Flows - The company experienced net inflows of $233 million in Q3 2025, a turnaround from net outflows of $131 million in Q2 2025[2] - Open-end funds saw net inflows, while advisory and subadvisory segments experienced net outflows[2] Financial Performance (As Adjusted) - Net income reached $41.7 million in Q3 2025, an increase from $37.3 million in Q2 2025[2] - Diluted EPS rose to $0.81 in Q3 2025, compared to $0.73 in Q2 2025[2] - Operating margin improved to 36.1% in Q3 2025, up from 33.6% in Q2 2025[2] Revenue (As Adjusted) - Total revenue was $140.9 million in Q3 2025, compared to $135.3 million in Q2 2025[4] - Open-end fund fees generated $73.5 million in revenue in Q3 2025[8] - Institutional fees contributed $33.3 million to revenue in Q3 2025[8] Expenses (As Adjusted) - Total expenses amounted to $90.1 million in Q3 2025, compared to $89.9 million in Q2 2025[4] - Employee compensation and benefits accounted for $56.1 million of expenses in Q3 2025[11]

Financial Data and Key Metrics Changes - For fiscal year 2025, the company reported a revenue of $22 billion, reflecting a 47% year-on-year growth [7][20] - Non-GAAP earnings per share decreased to $0.41 from $0.50 year-over-year, primarily due to tariff impacts [8][25] - The fourth quarter revenue was $5.8 billion, up 8% year-over-year and 25% quarter-over-quarter [20] - Non-GAAP gross margin for Q4 was 9.6%, slightly down from 9.7% in Q3, while the full year gross margin was 11.2%, down from 13.9% in the previous year [23][25] Business Line Data and Key Metrics Changes - The enterprise channel segment generated $2.1 billion in Q4, accounting for 36% of revenues, while the OEM appliance and large data center segment contributed $3.7 billion, representing 63% of Q4 revenues [20][21] - For fiscal year 2025, enterprise channel revenues grew 38%, while the OEM appliance and large data center segment grew 50% [21] - The emerging 5G telco edge IoT segment represented only 1% of total revenues in Q4 [21] Market Data and Key Metrics Changes - By geography, the US accounted for 38% of Q4 revenues, Asia 42%, Europe 15%, and the rest of the world 5% [22] - Year-over-year, US revenues decreased by 33%, while Asia saw a 91% increase, Europe increased by 66%, and the rest of the world decreased by 3% [22] Company Strategy and Development Direction - The company is focusing on AI platforms and infrastructure, with a comprehensive portfolio optimized for the latest GPU technologies [10] - The introduction of the Data Center Building Block Solution (DCBBS) aims to simplify customer data center infrastructure and reduce time to market [12][14] - The company is strategically expanding into enterprise IoT and telco markets to improve gross and net margins over time [15][17] Management's Comments on Operating Environment and Future Outlook - Management anticipates revenue between $6 billion and $7 billion for Q1 fiscal year 2026, driven by momentum in AI and software services [18][29] - For fiscal year 2026, the company expects total revenue of at least $33 billion, supported by an expanding customer base and product innovations [18][29] - Management expressed confidence in overcoming previous capital constraints and expects improved chip availability from vendors like NVIDIA [36][38] Other Important Information - The company completed a convertible bond offering raising $2.3 billion in gross proceeds [27] - The cash position at the end of Q4 was $5.2 billion, with a net cash position of $412 million [27] Q&A Session Summary Question: What are the bottlenecks for sales and revenue outlook? - Management acknowledged chip availability and vendor resource constraints as potential bottlenecks but expressed optimism for improved availability [35][36] Question: What is the strategy for competing in the AI server market? - The focus is on both revenue growth and margin expansion through comprehensive solutions like DCBBS [41][43] Question: What is the expected impact of sovereign AI infrastructure opportunities? - Management sees significant growth potential in sovereign AI infrastructure projects, particularly in Europe and the Middle East [44][46] Question: What is the outlook for gross margins in fiscal year 2026? - Management is optimistic about achieving long-term gross margin targets of 14% to 17% through higher-margin enterprise and IoT solutions [64][66] Question: How will the data center building block solutions impact revenue? - Management expects gradual growth in revenue from DCBBS, with potential to represent a significant portion of future sales [101][106]