Financial Data and Key Metrics Changes - In 2025, the company reported a net income of $231.9 million and core net income of $237.5 million, resulting in a core net income per share growth of 17.4% year on year to $5.60 per share [4][6] - The net interest margin increased by 5 basis points to 2.69% from 2.64% in 2024, while the average cost of deposits fell to 150 basis points from 183 basis points in 2024 [7] - The tangible book value per common share grew by 21.7% in 2025, ending the year at $26.41 [7] Business Line Data and Key Metrics Changes - In the fourth quarter, net interest income before provision for credit losses was reported at $92.6 million, consistent with the prior quarter [10] - Non-interest income totaled $66.3 million in the fourth quarter, an increase of $5.1 million over the last quarter, driven by higher banking fees and foreign exchange revenues [12] - The fee income ratio increased to 41.7% compared to the prior quarter, reflecting strong performance in various fee-generating activities [12] Market Data and Key Metrics Changes - The banking jurisdictions in Bermuda, Cayman, and the Channel Islands continue to perform well, providing stable non-interest income and solid core deposits [16] - The company experienced a seasonal influx of non-interest deposits in the Cayman Islands, attributed to reinsurance payments [34] Company Strategy and Development Direction - The company is focused on maintaining disciplined capital management, which is reflected in a quarterly dividend increase and share repurchases, resulting in a total combined payout ratio of 97% in 2025 [4] - The M&A growth strategy remains on track, with active discussions regarding potential targets to enhance the quality of earnings [4][17] - The company aims to grow its trust business primarily through acquisitions, focusing on existing jurisdictions such as Guernsey, Bermuda, Cayman, Switzerland, and Singapore [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial performance and the stability of its banking jurisdictions, while also noting the importance of maintaining a conservative underwriting approach [14][16] - The outlook for credit migration remains stable, with no systemic shifts observed in non-performing assets [29] Other Important Information - The board approved a new share repurchase authorization for 2026 of up to 3 million common shares, or $140 million [10] - The company welcomed Meroë Park back to the board, bringing extensive experience in governance and operations [8] Q&A Session Summary Question: Clarification on expense guidance - Management confirmed that quarterly core expenses are expected to settle between $90 million and $92 million, with some seasonal costs not expected to repeat in future quarters [20][21] Question: Trends in fee businesses - Management highlighted that strong performance in fee businesses was driven by improved asset valuations and increased transaction volumes, particularly in foreign exchange and trust services [25][27] Question: Non-performing assets (NPAs) outlook - Management noted that NPAs have decreased, primarily due to specific commercial accounts and improvements related to the liquidation of the Elbow Beach Hotel [29] Question: Non-interest deposit growth in the Cayman Islands - Management confirmed that the increase was seasonal, linked to reinsurance payments [34] Question: Opportunities in the trust business post Credit Suisse integration - Management indicated that the Singapore office is in growth mode and emphasized the focus on trust acquisitions for growth [35][36]

Financial Data and Key Metrics Changes - In 2025, the company reported a net income of $231.9 million and core net income of $237.5 million, resulting in a core net income per share growth of 17.4% year on year to $5.60 per share [4][6] - The net interest margin increased by 5 basis points to 2.69% from 2.64% in 2024, while the average cost of deposits fell to 150 basis points from 183 basis points in 2024 [7] - The tangible book value per common share grew by 21.7% in 2025, ending the year at $26.41 [7] Business Line Data and Key Metrics Changes - In the fourth quarter, net interest income before provision for credit losses was reported at $92.6 million, consistent with the prior quarter [10] - Non-interest income totaled $66.3 million in the fourth quarter, an increase of $5.1 million over the last quarter, driven by higher banking fees and foreign exchange revenues [12] - The fee income ratio increased to 41.7% compared to the prior quarter, reflecting strong performance in various fee-generating activities [12] Market Data and Key Metrics Changes - The banking jurisdictions in Bermuda, Cayman, and the Channel Islands continue to perform well, providing stable non-interest income with solid core deposits [16] - The company experienced a seasonal influx of non-interest deposits in the Cayman Islands, attributed to reinsurance payments [34] Company Strategy and Development Direction - The company maintains an active M&A growth strategy, focusing on trust and bank acquisitions to enhance the quality of earnings [4][17] - The integration of the Credit Suisse asset acquisition has positioned the company for growth, particularly in the Singapore market [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, highlighting strong financial results and disciplined execution [4] - The company anticipates continued improvement in other comprehensive income (OCI) with a projected burndown of 28% over the next 12 months [15] Other Important Information - The board approved a quarterly cash dividend of $0.50 per share, maintaining a total combined payout ratio of 97% in 2025 [4][15] - The company repurchased 3.5 million shares for a total value of $146.7 million in 2025, with a new share repurchase authorization for 2026 of up to 3 million common shares [7][10] Q&A Session Summary Question: Clarification on expense guidance - Management clarified that quarterly core expenses are expected to settle between $90 million and $92 million, with some seasonal costs not expected to repeat in future quarters [20][21] Question: Trends in fee businesses - Management noted that strong trends in fee businesses were driven by improved asset valuations and increased transaction volumes, particularly in foreign exchange and trust services [25][27] Question: Non-performing assets (NPAs) outlook - Management indicated that NPAs have moved lower, with no systemic shifts in migration, primarily related to a few commercial accounts [28][29] Question: Non-interest deposit growth in the Cayman Islands - Management confirmed that the increase in non-interest deposits was seasonal, linked to reinsurance payments [34] Question: Opportunities in the trust business post Credit Suisse integration - Management highlighted growth opportunities in Singapore and emphasized that growth in trust will primarily come through acquisitions [35][36]

Financial Data and Key Metrics Changes - The company reported net sales of $677 million for Q4 2025, a 14% increase year-over-year, supported by strong shipments in North America and Europe [14] - Adjusted EBITDA for the quarter was $40 million, up $5 million year-over-year, representing a margin of 5.8% [14] - For the full year, net sales reached $2.24 billion, with non-new machine sales at $690 million, a 10% increase year-over-year [14][15] - The company generated $78 million in free cash flow during Q4 and ended the year with a cash balance of $77 million [13][16] Business Line Data and Key Metrics Changes - Non-new machine sales grew to $690 million, reflecting progress on the CRANES+50 strategy, with a goal to reach $1 billion [15] - The company launched 11 new cranes in 2025, including the GRT 550 and MCR 815, expanding its product portfolio [5][6] Market Data and Key Metrics Changes - Orders in Q4 totaled $803 million, a 56% increase year-over-year, with a backlog of $794 million, up 22% from the previous year [9][13] - In Europe, new machine orders increased by 64% year-over-year, while mobile crane orders rose by 39% [10] - The Middle East market remains optimistic, although cash flow issues in Saudi Arabia are a concern [11] Company Strategy and Development Direction - The company aims to achieve a return on invested capital of 15% and continues to focus on expanding its non-new machine sales, which deliver higher gross margins [19] - A restructuring plan is in place to streamline operations, projected to save approximately $10 million in 2026 [16] - New distribution agreements and expansion into new markets, including Portugal, Mexico, and Chile, are part of the growth strategy [18] Management Comments on Operating Environment and Future Outlook - The management expressed optimism for 2026, expecting improved results driven by pricing strategies, European market growth, and continued non-new machine sales [16][18] - The American market is anticipated to rebound as interest rates trend down and the tariff environment stabilizes [18] Other Important Information - The company achieved a recordable injury rate (RIR) of 0.94, marking a significant improvement in safety performance [7] - Tariffs had a gross unfavorable impact of $39 million for the year, but the company managed to mitigate approximately 85% of these headwinds [15] Q&A Session Summary Question: 2026 outlook and regional sales growth - The tower crane business is expected to continue strong, particularly in Europe, while the U.S. market presents mixed signals due to tariffs [25] Question: Crane-space safety strategy for 2026 - The cadence for non-new machine sales is expected to remain stable, with some headwinds from tariffs affecting unit movement [26][27] Question: Orders in January - January orders were approximately $225 million, supported by a successful winter campaign for tower cranes [32] Question: Update on the Manitowoc Way and LEAN implementation - The company is focusing on improving operational efficiency and customer experience through LEAN practices and AI integration [33][34] Question: First quarter expectations - Q1 is expected to face headwinds from tariffs and foreign exchange impacts, leading to lower performance compared to other quarters [36]

Financial Data and Key Metrics Changes - Adjusted EBITDA grew 61% year-over-year to $12 million, driven by consistent execution and disciplined cost management [3][10] - Total cash costs declined by $17 million over the prior year, contributing to improved operating efficiency [11][12] - Adjusted EBITDA margin improved to 9.4% from 5.3% in the prior year [12] Business Line Data and Key Metrics Changes - Digital subscription revenue reached $23 million from 609,000 digital-only subscribers, reflecting a 5% growth [10] - Total digital revenue for Q1 was over $70 million, representing over 54% of total revenue, with digital sources accounting for 71% of total advertising revenue [11][15] - Digital revenue mix improved by 330 basis points year-over-year [11] Market Data and Key Metrics Changes - Company operates in 72 markets across the U.S., providing high-quality local news and advertising [8] - Digital subscription revenue has grown significantly, more than doubling that of the nearest competitor over the past three years [14] Company Strategy and Development Direction - The company is focused on a three-pillar digital growth strategy, transitioning to a digital-first company [3][4] - A $50 million equity investment was completed to strengthen the balance sheet and improve liquidity, with plans for future deleveraging [3][5] - The goal is to reach $450 million in digital revenue by 2030, with a trajectory towards approximately 90% digital revenue by fiscal 2030 [4][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit Adjusted EBITDA growth for fiscal 2026, supported by strong first-quarter results [19] - The amended credit agreement is expected to generate approximately $18 million in annual interest savings, enhancing financial flexibility [17][18] - The company aims to continue building on digital revenue growth while managing declining legacy revenue streams [16] Other Important Information - A strategic partnership with Hudl was announced, aimed at enhancing local sports coverage and community engagement [20][21] - The company has identified $26 million in non-core assets for potential monetization to contribute to future debt reduction [18] Q&A Session Summary - No questions were received from web participants during the Q&A session [22][23]

Financial Data and Key Metrics Changes - In 2025, GCM Grosvenor achieved a record fundraising year, raising $10.7 billion, with $3.5 billion raised in Q4 alone, marking significant growth compared to previous years [4][5] - Fee-Related Earnings, Adjusted EBITDA, and Adjusted Net Income increased by 11%, 15%, and 18% respectively compared to 2024 [5][24] - The company ended 2025 with $91 billion in assets under management (AUM), a 14% increase from the end of 2024 [7] - Fee-Paying AUM grew 12% year-over-year to $72 billion, while Contracted Not Yet Fee-Paying AUM increased by 27% to $10 billion [8] Business Line Data and Key Metrics Changes - Absolute Return Strategies (ARS) performance was strong, with a Multi-Strategy Composite generating a 15% gross rate of return in 2025 [4] - Infrastructure, the fastest-growing strategy, returned approximately 11% for the year [4] - ARS fee-paying AUM and management fees grew 15% and 5% year-over-year respectively [22] Market Data and Key Metrics Changes - The individual investor channel saw AUM increase by 18% year-over-year, indicating strong demand for customized solutions [8] - The company has less exposure to SaaS businesses, with only 4% of total AUM and less than 6% of credit AUM attributed to this sector [10] Company Strategy and Development Direction - GCM Grosvenor is focused on diversifying its investment strategies and enhancing its wealth management distribution through initiatives like Grove Lane Partners [8] - The company aims to double its Fee-Related Earnings to over $280 million by 2028 and grow adjusted net income per share to more than $1.20 [12] - The firm is committed to maintaining a capital-light business model while increasing shareholder returns through share buybacks and debt repayment [27][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment opportunity set and the strength of their fundraising pipeline entering 2026 [5][9] - The recent market volatility is viewed as an opportunity, with management emphasizing the importance of diversification in their investment strategy [9][10] - The company anticipates continued operating leverage and margin expansion through 2028 [30] Other Important Information - The gross unrealized carried interest balance reached an all-time high of $949 million, up 14% from the end of 2024 [7] - The company repurchased 2.8 million shares in Q4 at an average price of $11.11 per share, totaling $31 million [24] Q&A Session Summary Question: Capital allocation plans post-warrant exercise - Management indicated a focus on maintaining a capital-light business model, with plans for share buybacks and debt repayment [27] Question: Operating leverage and margin expansion - Management believes they can continue to drive margin expansion through 2028 [30] Question: Future of the absolute return business - Management remains cautious about budgeting for organic growth in the absolute return business but acknowledges recent successes [34] Question: Fundraising outlook for 2026 - Management has a strong pipeline and expects fundraising in 2026 to potentially exceed 2025, but they are not officially budgeting for that yet [58] Question: Performance fees and carried interest - Management noted that carried interest realizations were lower than expected but expressed confidence in future increases [60]

DLH (NasdaqCM:DLHC) Q1 2026 Earnings call February 10, 2026 10:00 AM ET Company ParticipantsBert Osterweis - Private InvestorChris Witty - Investor Relations AdvisorKathryn JohnBull - CFOZachary Parker - President and CEOConference Call ParticipantsJoe Gomes - Senior Research AnalystOperatorGood day, and welcome to the DLH Holdings Fiscal 2026 First Quarter Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing th ...

Brixmor Property Group (NYSE:BRX) Q4 2025 Earnings call February 10, 2026 10:00 AM ET Company Participants Brian Finnegan - CEO and President Caitlin Burrows - VP of Equity Research Craig Mailman - Director of Equity Research Haendel St. Juste - Managing Director Juan Sanabria - Managing Director Mark Horgan - EVP and CIO Michael Griffin - Director of Equity Research Michael Mueller - Managing Director Stacy Slater - SVP of Investor Relations Steve Gallagher - CFO Tayo Okusanya - Managing Director Todd Thom ...

DLH (NasdaqCM:DLHC) Q1 2026 Earnings call February 10, 2026 10:00 AM ET Company ParticipantsBert Osterweis - Private InvestorChris Witty - Investor Relations AdvisorKathryn JohnBull - CFOZachary Parker - President and CEOConference Call ParticipantsJoe Gomes - Senior Research AnalystOperatorGood day, and welcome to the DLH Holdings Fiscal 2026 First Quarter Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing th ...

The Manitowoc Company (NYSE:MTW) Q4 2025 Earnings call February 10, 2026 10:00 AM ET Company ParticipantsAaron Ravenscroft - President and CEOBrian Regan - EVP and CFOIon Warner - Senior Vice President of Marketing and Investor RelationsConference Call ParticipantsKevin O'Regan - AnalystOperatorGood morning and welcome to The Manitowoc Company 4th Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing ...

Financial Data and Key Metrics Changes - Adjusted EBITDA grew 61% year-over-year to $12 million, driven by consistent execution and disciplined cost management [3][10] - Total cash costs declined by $17 million over the prior year, contributing to improved operating efficiency [11] - Adjusted EBITDA margin improved to 9.4% from 5.3% in the prior year [12] Business Line Data and Key Metrics Changes - Digital subscription revenue reached $23 million from 609,000 digital-only subscribers, reflecting a 5% growth [10] - Total digital revenue for Q1 was over $70 million, representing over 54% of total revenue, with a 330 basis points year-over-year improvement in digital revenue mix [11] - Revenue from the Amplified Digital Agency grew at a 5% annual rate over the last three years, indicating strong digital advertising growth [14][15] Market Data and Key Metrics Changes - The company operates in 72 markets across the U.S., positioning itself as a leading provider of local news and advertising [8] - Digital revenue is projected to reach approximately 90% of total revenue by fiscal 2030, reflecting a significant shift from print to digital [15][16] Company Strategy and Development Direction - The company is focused on a three-pillar digital growth strategy, emphasizing digital subscription growth and digital advertising [4][5] - A recent $50 million equity investment has strengthened the balance sheet and improved liquidity, allowing for future investments in digital transformation [3][6] - The company aims to enhance operational efficiency while reducing legacy costs, positioning itself for sustainable long-term growth [17] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the outlook for fiscal 2026, expecting mid-single digits Adjusted EBITDA growth [19] - The partnership with Hudl is expected to enhance local sports coverage and community engagement, aligning with the company's mission [20] - Management expressed confidence in the company's ability to achieve long-term sustainability through digital revenue growth and effective cost management [16][24] Other Important Information - The company has identified $26 million in non-core assets for potential monetization, contributing to future debt reduction [18] - The termination of the defined benefit pension plan has eliminated future cost uncertainties [18] Q&A Session Summary - No questions were received from web participants during the Q&A session [22][23]