Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 was $126 million, compared to $121 million in the prior year, while EBITDA before share-based compensation was $132 million versus $136 million in the previous year [5] - The company reported a net loss of $42 million for Q4, which included a non-cash charge of $67 million for decommissioning drilling rigs and another $17 million for drill pipe [6] - The net debt to adjusted EBITDA ratio at year-end was 1.2x, with a reduction in debt by CAD 101 million [3][14] Business Line Data and Key Metrics Changes - In Canada, average drilling activity was 66 active rigs, an increase from the previous year, with daily operating margins of CAD 14,132, down from CAD 14,559 [6][8] - In the U.S., the average active rig count was 37, with daily operating margins of $8,754, slightly up from $8,700 in the previous quarter [8] - Internationally, the average active rig count was seven, down from eight, with day rates averaging $53,505, an 8% increase from the prior year [9] Market Data and Key Metrics Changes - The Canadian market outlook is solid, supported by commodity prices and increased takeaway capacity, while the U.S. market is expected to remain flat with pockets of growth [21] - The company is actively pursuing opportunities in the Middle East, with plans to reactivate idle rigs and explore capital-efficient growth [22][23] Company Strategy and Development Direction - The company aims to drive revenue growth and deepen customer relationships, focusing on performance and efficiency across diverse North American basins [16][17] - Precision is positioned to capture demand through its fleet and technology, with a focus on capital-light initiatives and modular rig designs [20] - The company plans to continue its long-term deleveraging journey while increasing free cash flow allocated to shareholders [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Canadian market's resilience despite individual customer changes, noting strong demand for Super Series rigs [56] - The U.S. market is expected to see modest growth driven by performance differentiation, with ongoing discussions with customers in key basins [21][35] - The company is exploring international growth opportunities, particularly in Argentina, with a focus on performance and technology [23][47] Other Important Information - Capital expenditures for 2025 were CAD 263 million, with plans for CAD 245 million in 2026, focusing on sustaining and infrastructure [10][12] - The company expects to incur $2 million in one-time charges related to rig reactivations in Q1 [12] Q&A Session Summary Question: Context around Kuwait and rig demobilization - The company has six rigs in Kuwait, with four active and two idle, looking for opportunities to reactivate them [27][28] Question: Potential upside in U.S. rig count - Discussions are ongoing with customers in multiple basins, indicating modest growth opportunities driven by performance and efficiency [34][35] Question: U.S. margin guidance for Q1 - The guidance for U.S. margins is $8,000-$9,000 per day, with mixed pricing trends across operating segments [41][42] Question: MOU in Argentina - The MOU aims to explore opportunities in Argentina with an established partner, focusing on performance and technology [46][47] Question: Impact of customer changes on Canadian demand - The company has not seen a broad change in demand despite individual customer adjustments, maintaining a strong operational presence [56] Question: Rig upgrades and capital allocation - The capital plan is demand-driven, with a portion of upgrade capital already committed, focusing on opportunities in Canada and the U.S. [66][68]

Warren Buffett chooses share buybacks -- if one specific criterion is met.At an unguarded moment at a Berkshire Hathaway (BRK.B +0.80%) (BRK.A +0.74%) shareholder meeting in 1967, then CEO Warren Buffett did something he immediately regretted: He agreed to pay a dividend.The $0.10 per share payout might not sound like much, but it meant shelling out $101,733 to shareholders that he felt he could have turned into millions by reinvesting in the company's operations. To remedy the mistake, he offered sharehold ...

Last year might have seemed like a twisted game of Whack-A-Mole for automotive investors. Problems such as vehicle affordability, growing competition from Chinese autos, navigating tariffs and trade policy changes, rapid development of artificial intelligence (AI) and autonomous vehicles, and supply chain issues all took their turns popping up throughout the year. Despite those challenges, General Motors (NYSE: GM) just reported a better-than-expected fourth quarter, and it has a major message to investo ...

Financial Data and Key Metrics Changes - The company reported a fourth quarter net loss of $36.9 million, or $0.21 per share, with FFO totaling $14.6 million, or $0.08 per diluted share, in line with consensus estimates [24] - Property level NOI was $70 million, slightly below forecast due to increased operating costs [25] - The company anticipates 2026 FFO at a midpoint of $0.55 per diluted share, representing a 5.8% increase compared to 2025 [27] Business Line Data and Key Metrics Changes - The wholly owned core portfolio is 88.3% occupied and 90.4% leased, with leasing activity for the year approximating 1.6 million sq ft [3][4] - The company executed 415,000 sq ft of leases in the fourth quarter, including 157,000 sq ft in the wholly owned portfolio [4] - The annual tour volume in 2025 outpaced 2024 by 20% in physical tours and 45% on a square footage basis [6][7] Market Data and Key Metrics Changes - In Philadelphia, the largest sub-market, occupancy is at 95% and leasing at 97%, with only 6% of space rolling through 2028 [7] - The company captured 30% market share of new leasing activity in Market West and University City, significantly outperforming its previous 15% share [8] - The Pennsylvania suburbs are 89.4% leased, with Radnor at 91% [9] Company Strategy and Development Direction - The 2026 business plan focuses on returning to earnings growth, stabilizing One Uptown and 3151, and an accelerated sales program to reduce debt [16] - The company plans to maintain minimal balances on its $600 million unsecured line of credit and aims to return to investment-grade metrics [10] - The sales activity target for 2026 is projected between $280 million and $300 million, with an average cap rate around 8% [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating platform enables capitalization on improving real estate market conditions, with expectations for further improvement in 2027 [37] - The company is optimistic about the leasing activity and market dynamics, particularly in CBD Philadelphia and University City [59] - Management highlighted the importance of executing the sales program to generate liquidity and improve credit metrics [39] Other Important Information - The company has no unsecured bonds maturing until November 2027 and plans to refinance higher-priced bonds to reduce interest costs [10] - The company is actively evaluating recapitalization opportunities for joint ventures, with plans to maintain a minority stake [23] - The anticipated redevelopment of an existing ATX building is expected to cost between $30 million and $40 million, with a potential cash yield north of 8% [70] Q&A Session Summary Question: What is the hurdle for refinancing bonds? - Management indicated that the focus is on executing the sales program to generate liquidity and improve credit metrics before considering bond refinancing [39] Question: How will the $125 million earmarked for debt or share repurchase be allocated? - The primary objective is to reduce leverage first, with share buybacks considered only after achieving debt reduction goals [40][41] Question: Is there a part of the portfolio that is undervalued? - Management believes the entire portfolio is undervalued and is evaluating which assets to sell based on market conditions and growth potential [46] Question: What is the status of the life science incubator space? - There are signs of activity and expansion in the life science sector, particularly in cell and gene therapy, with a healthy pipeline of tenants [50][51] Question: What is the overall pipeline and demand by market? - The company has a robust pipeline of 1.5 million sq ft, with strong demand in CBD Philadelphia and University City, and a mix of 60% office and 40% life science in development [61][62]

Core Insights - Nasdaq, Inc. (NDAQ) is anticipated to show growth in both revenue and earnings for Q4 2025, with revenue expected to reach $1.37 billion, reflecting an 11.5% increase year-over-year [1] - The earnings consensus estimate is set at 91 cents per share, indicating a 19.7% year-over-year increase, with a recent upward revision of 1.1% in the past 60 days [2] Financial Performance Expectations - The Earnings ESP for Nasdaq is currently +0.45%, suggesting a potential earnings beat, supported by a positive earnings estimate and a Zacks Rank of 3 (Hold) [3][4] - Factors contributing to the expected performance include organic revenue growth, new sales, and increased revenues from Financial Crime Management Technology [5] Revenue Drivers - The Financial Crime Management Technology segment is likely to benefit from higher subscription revenues due to new sales and price increases [6] - The Capital Markets Technology business is expected to see growth from increased trade management services and new client contracts [6] - The Capital Access Platforms division is projected to gain from new listings, increased data sales, and higher average assets under management (AUM) linked to Nasdaq indices [7] Volume and Listing Growth - Nasdaq reported a significant increase in Q4 volumes, with U.S. equity options up 25.3% year-over-year to 1.1 billion contracts, and European options and futures volume up 13.3% to 16.1 million contracts [10][11] - The U.S. matched equity volume reached 171.3 billion shares, a 36.8% increase from the previous year, while total listings rose 6.7% year-over-year to 5,599 [12] Expense Considerations - Total expenses are expected to rise due to increased costs in professional services, technology infrastructure, marketing, and regulatory initiatives [8] - However, share buybacks during the quarter are anticipated to positively impact the bottom line [8]

Core Insights - Walmart has returned a total of $132 billion to its investors over the past ten years through dividends and buybacks, ranking it as the 13th highest in shareholder returns in history [2][3] - The company has achieved this while expanding revenue, investing in e-commerce, automation, and logistics, and maintaining a conservative balance sheet [3] - Dividends and share repurchases indicate management's confidence in financial stability and sustainable cash flows [4] Financial Metrics - Walmart's revenue growth stands at 4.3% for the last twelve months (LTM) and an average of 5.4% over the past three years [8] - The company has a free cash flow margin of approximately 2.2% and an operating margin of 4.1% LTM [8] - Walmart's stock trades at a price-to-earnings (P/E) ratio of 41.7 [8] Market Position - The total capital returned to shareholders as a percentage of market cap appears inversely related to growth potential for reinvestments, with companies like Meta and Microsoft showing faster growth but returning a smaller portion to shareholders [5] - High capital returns raise questions about potential compromises in growth and fundamentals [6]

Core Thesis - Charter Communications, Inc. is viewed positively due to its resilient core businesses, accelerating free cash flow (FCF), and aggressive share buybacks, which support a compelling long-term risk/reward profile [1][5][6] Financial Performance - Charter reported third-quarter results with revenue and EBITDA showing modest year-over-year declines of 0.9% and 1.5% respectively, but adjusted revenue grew 0.4% and EBITDA was roughly flat when accounting for one-off merger costs and other factors [2] - The stock initially reacted negatively, gapping down 6.5% before recovering to close up 1.3% as investors analyzed the report [2] Subscriber Trends - The company lost 109,000 broadband subscribers due to intense competition, particularly from fiber and AT&T's fixed wireless access rollout, although average revenue per user (ARPU) remained stable [3] - Mobile services showed strong performance with a 22% year-over-year subscriber growth, nearing 20% penetration in its market, with potential to reach 50% over the next five years [3] Cash Flow and Share Buybacks - Charter's cash flow generation is robust, supported by tax benefits and normalized working capital, allowing the company to repurchase $1.8 billion in shares this quarter, reducing the share count by 2.4% [4] - Peak capital expenditures are expected to moderate starting in the second half of 2025, which could nearly double free cash flow over the next two years even without significant revenue growth [5] Strategic Outlook - The company is exploring strategic options, including new mobile offerings through a T-Mobile MVNO partnership, which adds potential upside [5] - John Malone's retirement is noted as the end of an era, but it is not expected to cause strategic disruption [5]

Core Viewpoint - Devon Energy (DVN) is benefiting from a strong multi-basin portfolio, effective debt and cost management, free cash flow generation, and strategic acquisitions that enhance expansion and production capabilities [1] Group 1: Operational Strengths - Devon Energy operates a multi-basin portfolio focusing on high-margin assets with significant long-term growth potential, supported by a diversified commodity mix of oil, natural gas, and natural gas liquids [2] - The acquisition of Grayson Mill Energy's Williston Basin business has expanded Devon's net acre position in the basin to 430,000, tripling production volume to 150,000 barrels of oil equivalents per day (Boe/d) [3][8] Group 2: Financial Performance - Devon Energy generated over $2 billion in free cash flow in 2025, allocating $1.27 billion for share buybacks and dividend payments, with plans to repurchase shares in the range of $200-$300 million per quarter, subject to board approval [4][8] - The company projects capital expenditures of $3.5 to $3.7 billion during 2026 to enhance operations and has been making strategic investments to upgrade and expand its assets [5] Group 3: Market Performance - Over the past three months, Devon Energy's shares have increased by 11.0%, contrasting with a 1.1% decline in the industry [7]

Core Insights - Tweedy, Browne has launched the Insider + Value ETF (COPY), which uniquely combines tracking insider purchases with the timing of those purchases, focusing on stocks trading at significant discounts compared to historical valuations [1] - The investment strategy emphasizes stocks believed to be trading below intrinsic value, utilizing a proprietary model that analyzes over 30 investment characteristics, including price/earnings and price to book value ratios [2] - The ETF has shown strong performance, returning 30% in 2025, outperforming the MSCI World Index and the S&P 500 [3] Company Overview - Tweedy, Browne Co., based in Stamford, Connecticut, manages approximately $7 billion through various investment vehicles, including mutual funds and ETFs, employing value strategies [5] - The firm was founded in 1920 and has historical ties to value-investing pioneer Benjamin Graham [4] Investment Strategy - The ETF focuses on stocks where corporate insiders are actively buying shares and companies that are repurchasing shares at attractive prices, based on Tweedy, Browne's valuation analysis [1] - The strategy is diversified across roughly 180 stocks, with a significant portion of the portfolio invested in non-U.S. companies, reflecting a bias toward undervaluation [3][8] - The fund's performance is benchmarked against the MSCI World Index, and it has outperformed many of its peers in the first year [16] Performance Metrics - COPY's return of 30% in 2025 compares favorably to the iShares MSCI World ETF, which returned 21.3%, and other actively managed ETFs [18] - The fund's expense ratio is 0.80%, which is competitive compared to other funds in the same category [18] Share Buyback Focus - The investment team emphasizes net buybacks that effectively lower the share count, avoiding dilution from stock issuance or executive compensation [6] - The fund has identified companies that have been buying back shares at high trailing price/earnings ratios, indicating potential overvaluation in those buybacks [12] Top Holdings - As of the latest report, the top holdings in the COPY portfolio include DPM Metals Inc., BAWAG Group AG, and Erste Group Bank AG, with weights ranging from 1.96% to 1.10% [20]

Core Viewpoint - Ryder System, Inc. is currently undervalued based on its forward price-to-sales ratio, trading at 0.58X compared to the industry average of 2.29X, indicating an attractive valuation [1][7]. Valuation Metrics - Ryder's forward 12-month price-to-sales ratio is 0.58X, significantly lower than the industry average of 2.29X over the past five years, suggesting a cheap valuation [1][7]. Shareholder Returns - Ryder has consistently paid dividends for over 48 years, with dividend payments of $123 million in 2022, $128 million in 2023, and a projected $456 million in 2024 through dividends and share repurchases [5][6]. - In the first nine months of 2025, Ryder paid $108 million in dividends and repurchased shares worth $350 million, reflecting a commitment to shareholder value [5][6]. Financial Performance - Ryder's stock has increased by 25% over the past six months, outperforming the Zacks Transportation - Equipment and Leasing industry's growth of 10.4% [9]. - The company has raised its free cash flow outlook for 2025 to between $900 million and $1 billion, up from a previous estimate of $375 million to $475 million [8]. Operating Costs and Liquidity - Ryder faces significant financial pressure due to rising operating costs, with total operating expenses increasing from $10.8 billion in 2022 to $11.9 billion in 2024 [12]. - The company's liquidity is concerning, with cash and cash equivalents of $189 million against a current debt level of $577 million, indicating insufficient cash to meet obligations [13]. Earnings Estimates - The Zacks Consensus Estimate for Ryder's earnings has been revised downward for the fourth quarter of 2025 and for full-year 2025 and 2026, reflecting a lack of confidence among brokers [15]. - The current earnings estimates for Q1 2026 have also been projected downward, indicating negative sentiment surrounding the stock [15]. Investment Outlook - Despite attractive valuation and shareholder-friendly initiatives, Ryder faces headwinds from increased operating expenses and a volatile macro environment, making it a risky investment choice at this time [17].