Core Viewpoint - Boyd Group Services Inc. announced a cash dividend of C$0.156 per common share for the first quarter of 2026, payable on April 28, 2026, to shareholders of record as of March 31, 2026 [1]. Company Overview - Boyd Group Services Inc. is a Canadian corporation that controls The Boyd Group Inc. and its subsidiaries, with shares traded on the Toronto Stock Exchange (BYD) and the New York Stock Exchange (BGSI) [2]. - The Boyd Group Inc. is one of the largest operators of non-franchised collision repair centers in North America, operating under various trade names including Boyd Autobody & Glass, Assured Automotive, and Gerber Collision & Glass [4]. Operations - Boyd operates a significant number of collision repair centers and is also a major retail auto glass operator in the U.S. with multiple trade names [4]. - The company provides third-party administration services through Gerber National Claims Services, which includes glass, emergency roadside, and first notice of loss services [4]. - Boyd also offers Mobile Auto Solutions (MAS) services for scanning and calibration [4].

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent growth of nearly 12% in 2025, with AFFO per share increasing by 5% in Q4 and 3.8% for the full year, reaching $20.43, which was at the high end of the earnings guidance [6][20][25] - The company achieved a net income of $1.35 per share for the full year 2025, with FFO for the quarter at $0.64 per share [20][21] Business Line Data and Key Metrics Changes - The portfolio included 1,169 net lease properties with an occupancy rate of 99.7% and a weighted average lease term of 9.9 years [13] - The company invested approximately $270 million in 2025, with a focus on diverse sectors including auto service centers and drive-through quick service restaurants [7][9] Market Data and Key Metrics Changes - Over 75% of the 2025 investment activity was concentrated in top 100 markets across the U.S., with significant exposure in cities like Atlanta, Dallas, and Houston [9] - The company underwrote a record $6.8 billion of potential investments, with 54% focused on non-convenience store properties [15] Company Strategy and Development Direction - Getty Realty aims to diversify its portfolio, with nearly 30% of annual base rent now derived from non-convenience and gas properties [19] - The company is excited about its growth trajectory and plans to continue expanding its relationships and investment opportunities [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions and the potential for increased investment volume in 2026, citing a strong start to the year with $100 million under contract [30][31] - The company anticipates maintaining a healthy investment pipeline, with approximately $100 million of investments under contract expected to be funded by the end of 2026 [10][25] Other Important Information - The company closed on $250 million of new unsecured notes during Q4, which will help fund its investment activities [23] - Management transition is underway, with RJ Ryan being promoted to Chief Investment Officer [12] Q&A Session Summary Question: Can you provide more detail on the $100 million investment pipeline? - The pipeline consists of 80% auto service properties, with 80% of the funding being development-related [29] Question: Do you think you can do more investment volume this year relative to last year? - Management is optimistic about the current pipeline and improved cost of capital, indicating a strong start to the year [30][31] Question: How is the cadence of the $100 million investment pipeline expected to unfold? - The majority of the funding is expected to be deployed over the next 12 months, with regular acquisitions occurring within 60-90 days [34] Question: What is driving the increased emphasis on potential sales? - The team is successfully sourcing opportunities and the market appears more active, leading to increased transaction activity [41] Question: Can you provide color on the seven properties sold in Q4? - The dispositions were opportunistic, with some properties sold back to existing tenants and others for tactical reasons [64]

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent growth of nearly 12% in 2025, with AFFO per share increasing by 5% for Q4 and 3.8% for the full year, reaching the high end of the increased earnings guidance [6][21] - For Q4 2025, AFFO per share was $0.63, FFO was $0.64, and net income was $0.45 per share [21] - The full year 2025 results showed AFFO per share at $20.43, FFO at $20.34, and net income at $1.35 per share, reflecting a 3.8% increase compared to 2024 [21] Business Line Data and Key Metrics Changes - The company invested approximately $270 million in 2025, achieving an initial cash yield of 7.9% [7] - Significant investments included a $100 million sale-leaseback for a convenience store portfolio and $82.5 million for the construction of collision centers [9][10] - The portfolio included 1,169 net lease properties with a 99.7% occupancy rate and a weighted average lease term of 9.9 years [14] Market Data and Key Metrics Changes - Over 75% of 2025 investment activity was concentrated in top 100 markets across the U.S., with increased exposure to cities like Atlanta, Dallas, and Houston [10] - The company underwrote a record $6.8 billion of potential investments, with 54% focused on non-convenience store properties [16] Company Strategy and Development Direction - Getty Realty aims to diversify its portfolio, with nearly 30% of annual base rent now derived from non-convenience and gas properties [20] - The company is focused on maintaining a healthy investment pipeline, currently consisting of approximately $100 million of investments under contract [11] - The management transition is set to occur with RJ Ryan succeeding Mark Olear as Chief Investment Officer, indicating a continuity in strategic direction [12][13] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the investment pipeline and the potential for increased investment volume in 2026 due to improved cost of capital [30][31] - The company is confident in the health of its portfolio, with full occupancy and strong rent collections [55] - Management noted that the current guidance does not include prospective investment activities, indicating potential for future growth [47][26] Other Important Information - The company reported a net debt to EBITDA ratio of 5.1 times, well within the target leverage range [23] - Fixed charge coverage for the period was 3.8 times, indicating strong financial health [23] Q&A Session Summary Question: Can you provide more detail on the $100 million investment pipeline? - Management indicated that about 80% of the pipeline is focused on auto service properties, with the majority being development funding [29] Question: Do you think you can do more investment volume this year relative to last year? - Management expressed optimism, noting that they are off to a great start with significant opportunities already under consideration [30][31] Question: Can you speak about the cadence of the $100 million pipeline? - Management clarified that about 20% of the pipeline consists of regular acquisitions expected to close within 60-90 days, while development funding will be deployed over the next 12 months [35] Question: What is driving the increased emphasis on potential sales? - Management highlighted active sourcing of opportunities and a more active selling pool in the market as key drivers [40] Question: Can you speak about the dip in coverage? - Management explained that the dip was primarily due to rounding and historical high fuel margins dropping off, with overall tenant health remaining strong [53][55] Question: Can you provide color on the dispositions made in Q4? - Management noted that some properties were sold back to existing tenants for tactical reasons, while others were opportunistic sales [61]

Core Insights - The collision repair industry is perceived positively by the next generation, who view it as a stable and rewarding career path that integrates hands-on work with advanced technology [2][12] - CCC Intelligent Solutions is committed to enhancing access to technology for educational institutions, providing its CCC ONE Estimating software to all member schools of the Collision Repair Education Foundation (CREF) [5][13] Group 1: Study Findings - 95% of surveyed students believe collision repair offers more stability than traditional college-degree jobs [7] - 74% of respondents think a career in collision repair has higher earning potential compared to traditional college-degree jobs [7] - 81% of respondents desire a career involving hands-on work, while 82% want to utilize technology [7] Group 2: Industry Commitment - CCC has donated over $75 million in software to schools since 2011, enabling students to gain practical experience with the technology they will use in their careers [5][13] - The company aims to connect emerging professionals with advanced technology to ensure they are well-prepared for the workforce [8][12] - CCC's initiative to provide access to its software is part of a broader strategy to attract and train talent in the collision repair industry [3][4]

Company Overview - Boyd Group Services Inc. is a Canadian corporation that controls The Boyd Group Inc. and its subsidiaries, with shares trading on the Toronto Stock Exchange under the symbol BYD and on the New York Stock Exchange under the symbol BGSI [2] - The Boyd Group Inc. is one of the largest operators of non-franchised collision repair centers in North America, operating under various trade names including Boyd Autobody & Glass, Assured Automotive, and Gerber Collision & Glass [3] Financial Announcement - Boyd Group Services Inc. announced a cash dividend of C$0.156 per common share for the fourth quarter of 2025, payable on January 28, 2026, to shareholders of record as of December 31, 2025 [1]

Core Viewpoint - Boyd Group Services Inc. has amended its credit facilities to enhance financial flexibility and support the acquisition of Joe Hudson's Collision Center, increasing its revolving credit facilities to US$675 million with a potential maximum of US$1.075 billion [1][3] Group 1: Credit Facilities - The amended credit facilities include an increase in revolving credit to US$675 million, with an accordion feature allowing for a maximum of US$1.075 billion [1] - The existing US$125 million Term Loan A, maturing in March 2027, remains unchanged [1] Group 2: Acquisition Financing - The company plans to partially utilize the amended credit facilities along with proceeds from recent common share and senior unsecured notes offerings to finance the acquisition [3] - The acquisition is progressing through customary closing conditions and regulatory requirements [3] Group 3: Company Overview - Boyd Group Services Inc. is a Canadian corporation that controls The Boyd Group Inc. and its subsidiaries, trading on the TSX under BYD and NYSE under BGSI [4] - The Boyd Group Inc. operates one of the largest networks of non-franchised collision repair centers in North America, with locations in Canada and the U.S. under various trade names [5]

Boyd Group Services Investor Call Summary Company Overview - **Company**: Boyd Group Services Inc. - **Industry**: North American collision industry - **Market Position**: Third largest player in a $50 billion industry with over 1,000 locations and $3 billion in revenue for the trailing twelve months ended June 30, 2025 [4][5] Key Acquisition Announcement - **Acquisition Target**: Joe Hudson's Collision Center - **Purchase Price**: $1.3 billion - **Strategic Importance**: - Increases Boyd's location count by 25% to 1,273 locations - Enhances operational margins and solidifies Boyd's market position [4][7][11] Financial Performance Highlights - **Third Quarter 2025 Estimates**: - Expected revenue growth of approximately 5% year-over-year - Anticipated same store sales growth of 2% to 2.5% - Projected adjusted EBITDA margin improvement to 12.3% to 12.5%, an increase of approximately 170 basis points year-over-year - Expected adjusted EBITDA growth of 21% to 23% for the quarter [5][6] Market Trends and Drivers - **Used Car Prices**: Rise in used car prices and moderation in auto insurance premiums are driving industry volumes - **Repairable Claims Environment**: Improvement in the repairable claims environment has contributed to positive same store sales growth [6][10] Joe Hudson's Collision Center Overview - **Founded**: 1989 in Alabama - **Current Operations**: 258 locations across 18 states, primarily in the Southeast U.S. - **Growth Rate**: 20% compounded annual growth rate in location count since 2020, with $722 million in sales and an adjusted EBITDA margin of 8.7% [8][10][12] Strategic Rationale for Acquisition - **Market Position**: Solidifies Boyd's position in the North American market with a combined estimated revenue share of only 7.6% - **Synergies**: Expected synergies of $35 million to $45 million, with 50% targeted for completion in the near term [11][18][20] - **Operational Improvements**: Enhanced density in key markets will provide opportunities for margin expansion and improved customer service [10][13] Financing and Leverage - **Transaction Financing**: Combination of equity, debt securities, and bank facilities to maintain a strong balance sheet - **Leverage Ratio**: Expected net debt to adjusted EBITDA ratio to increase to 3.4 times at closing, with a plan to reduce it back to current levels by 2027 [17][18] Future Outlook - **Long-term Growth Strategy**: Boyd aims to leverage the acquisition to accelerate profitability and solidify its market position - **Ongoing Initiatives**: Continued execution of Project 360 and other operational strategies to enhance growth and shareholder value [21]

Core Insights - RS Investments' "RS Large Cap Value Strategy" underperformed the Russell 1000 Value Index in Q3 2025, returning 4.47% net compared to the Index's 5.33% [1] - Adverse stock selection in the Consumer Discretionary and Consumer Staples sectors negatively impacted the portfolio's performance [1] Company Analysis: LKQ Corporation - LKQ Corporation is a leading distributor of vehicle products and parts, with a market capitalization of $8.1 billion and a stock price of $31.48 as of October 27, 2025 [2] - The one-month return for LKQ Corporation was 3.08%, but it experienced a significant decline of 15.76% over the last 52 weeks [2] - LKQ is the largest provider of alternative vehicle products in North America, historically growing at GDP+ in a recession-resistant industry [3] - The collision repair industry has faced a cumulative decline of over 15% in vehicle repair volumes due to inflation on insurance rates and repair costs, with LKQ's volumes down 8% to 9% [3] - The anticipated stabilization of the North American collision repair market has not yet occurred, leading to LKQ's stock underperformance in the quarter [3] - Incremental tariffs on imported auto parts are expected to further increase collision repair costs, prompting the company to exit its position in LKQ for the time being [3]

Core Insights - CSN Collision has partnered with ONCAP to acquire various collision centers, marking a significant milestone in its growth strategy [1][2] - The partnership aims to enhance CSN's capabilities to pursue acquisitions of collision repair businesses of any size, supported by ONCAP's financial resources [2][3] - CSN's network of independently owned collision repair centers remains central to its operations, and the investment from ONCAP is expected to facilitate further expansion and support for licensees [2][3] Company Overview - CSN Collision, established in 2002 and headquartered in Oakville, Ontario, is a leading network of collision repair centers in North America, with over 400 locations globally [5] - The company focuses on empowering independent auto body shops through access to insurance programs, procurement advantages, and operational training [5] - CSN Collision is committed to enhancing its presence not only in North America but also in Europe [5] ONCAP Overview - ONCAP is a lower mid-market private equity platform of Onex Corporation, founded in 2000, managing $3.5 billion in assets [6] - The firm specializes in investing in North American businesses and has a team of 39 employees across Toronto and New York [6] - ONCAP's experience in scaling multi-site businesses in the automotive aftermarket is expected to benefit CSN's growth initiatives [3]