Core Insights - Brown Advisory Mid-Cap Growth Strategy underperformed the Russell Midcap® Growth Index in Q4 2025 primarily due to stock selection, particularly the absence of Palantir Technologies Inc (PLTR) in its portfolio [1] - The Strategy aims for solid risk-adjusted returns by investing in high-quality companies with market capitalizations between $2 billion and $50 billion [1] Company Performance - Hilton Worldwide Holdings Inc. (NYSE:HLT) was highlighted as a leading contributor in the Brown Advisory Mid-Cap Growth Strategy's Q4 2025 investor letter [2] - As of March 23, 2026, Hilton's stock closed at $300.67 per share, with a one-month return of -4.63% and a 52-week gain of 27.11% [2] - Hilton has a market capitalization of $69.89 billion [2] Business Model and Market Resilience - Hilton operates as a holding company providing hospitality services, benefiting from a mix of business travel exposure and an asset-light, franchise-based model [3] - Recent data indicates resilience in travel demand, which has supported Hilton's stock performance despite a slowing consumer environment [3] Hedge Fund Interest - Hilton Worldwide Holdings Inc. was held by 67 hedge fund portfolios at the end of Q4 2025, an increase from 65 in the previous quarter [4] - Despite acknowledging Hilton's potential, the company believes that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - Nokomis Capital, L.L.C. has initiated a new position in Apple Hospitality REIT, acquiring 479,576 shares valued at $5.68 million as of February 17, 2026 [1][2] - Apple Hospitality REIT's shares are priced at $12.29, reflecting a 13.6% decline over the past year and underperforming the S&P 500 by 24.6 percentage points [2] - The company has a market capitalization of $2.94 billion, with a revenue of $1.42 billion and a net income of $175.36 million [3] Company Overview - Apple Hospitality REIT operates a diversified portfolio of over 30,000 guest rooms across 87 markets, focusing on upscale, branded hotels [3][4] - The company targets both business and leisure travelers, owning 235 hotels primarily branded under Marriott, Hilton, and Hyatt [4] - Revenue is generated through hotel room rentals and related services, leveraging brand partnerships and geographic diversification [4] Industry Context - The hotel real estate sector experiences daily pricing adjustments, unlike other property types with longer lease terms, leading to rapid revenue fluctuations based on travel activity [5] - The lodging industry faced a significant demand collapse in 2020, followed by a recovery driven by leisure travel and a gradual return of business trips [7] - Future performance in the hotel sector will depend on sustained travel demand supporting room pricing beyond the initial reopening momentum [7]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a 24% increase in revenue and a 58% increase in net income compared to the previous year [4] - For the full year, revenue increased by 27% to $513.2 million from $402.7 million, and net income increased by 56% to $115.6 million from $74.2 million [5] - Earnings per share rose to $2 from $1.27, marking the first time in 23 years that the company achieved this level [5][6] Business Line Data and Key Metrics Changes - Homesite gross margins increased to 51% from 47%, while leasing gross margins rose to 57% from 54% [7] - Hospitality gross margins slightly decreased to 31% from 32%, attributed to opening expenses related to new facilities [7] Market Data and Key Metrics Changes - The company has local and state government approval for 10 Detailed Specific Area Plans (DSAPs), each with at least 1,000 acres of mixed-use projects, indicating a strong pipeline for future growth [9] - The residential home site pipeline had approximately 23,900 home sites in various stages of planning, an increase of 2,200 from the end of 2024 [9] Company Strategy and Development Direction - The company aims to continue growing its recurring revenue, which currently constitutes 56% of its total revenue, as part of its sustainable business model [6][34] - Plans for breaking ground on new commercial buildings and an apartment complex in 2026 were discussed, reflecting ongoing development efforts [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of the new Delta flight from New York, indicating it has been performing well and may lead to increased demand for hospitality offerings [42] - The company is cautiously optimistic about the progress of the FSU Health Campus, which is expected to be a significant catalyst for the region [23] Other Important Information - The company accelerated stock repurchases in 2025, buying back 798,622 shares at an average price of $50.10, the highest repurchase in any quarter of 2025 [8] - The company has been actively managing its debt, with a focus on paying down higher-interest debt while maintaining low-cost long-term financing [24][26] Q&A Session Summary Question: Are there any new multifamily units or hotel operations planned for 2026 or 2027? - The company plans to break ground on a new apartment complex near the FSU Health campus and is constantly evaluating opportunities for new hotels and acquisitions [12] Question: What developments are coming in the Pier Park area? - The company is planning Pier Park East, which will include a family-oriented surf park as a second anchor alongside Topgolf [14] Question: Is stock buyback still a prudent allocation of capital given the recent price increase? - Management confirmed that stock buybacks remain a component of their capital allocation strategy [15] Question: How is the company addressing the high-value home sites at Camp Creek? - The company is planning new high-end retail custom home sites in Origins West, with ongoing planning and permitting [19] Question: What is the status of the Lake amenity and Pigeon Creek neighborhood? - The Lake amenity is in the planning phase, and discussions with a new builder for Pigeon Creek are progressing well [20][21] Question: How is the brokerage business performing? - The reception from the agent community has been positive, with more agents expressing interest in joining the brokerage than anticipated [43]

Financial Performance - Ryman Hospitality Properties reported revenue of $737.81 million for the quarter ended December 2025, marking a year-over-year increase of 13.9% [1] - The earnings per share (EPS) for the same period was $2.38, compared to $1.13 a year ago, indicating significant growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $721.35 million by 2.28%, while the EPS surpassed the consensus estimate of $2.22 by 7.12% [1] Key Metrics - Total Revenue per Available Room (RevPAR) in the hospitality segment was $552.34, slightly above the average estimate of $550.06 from two analysts [4] - Entertainment revenues reached $109.53 million, exceeding the estimated $109.05 million by four analysts, reflecting an 11.6% increase compared to the previous year [4] - Hospitality revenues amounted to $628.28 million, surpassing the four-analyst average estimate of $614.63 million, with a year-over-year change of 14.4% [4] - Net Earnings Per Share (Diluted) was reported at $1.11, slightly above the estimated $1.10 from two analysts [4] Stock Performance - Ryman Hospitality Properties' shares have returned +9.8% over the past month, outperforming the Zacks S&P 500 composite's +1.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Core Insights - Oasis Management disclosed an acquisition of 833,500 shares of Vail Resorts, valued at approximately $122.66 million, indicating a significant increase in their investment during the fourth quarter of 2026 [2][4] - The total stake in Vail Resorts for Oasis Management reached $245.84 million, reflecting an increase of $93.62 million from the previous quarter, driven by both share purchases and price changes [2][4] Company Overview - Vail Resorts operates numerous mountain destinations and luxury lodgings, generating revenue from lift ticket sales, hospitality, and real estate [1][6] - The company has a market capitalization of $4.92 billion and reported a total revenue of $2.98 billion with a net income of $266.09 million for the trailing twelve months [4] Financial Performance - As of February 12, 2026, Vail Resorts shares were priced at $136.93, which represents a decline of approximately 12.24% over the past year, underperforming the S&P 500 by 25.14 percentage points [8] - Season-to-date skier visits were reported to be down 20%, with lift revenue decreasing by 1.8% and ski school and dining revenue falling by double digits [10] Market Position and Strategy - Vail Resorts targets leisure travelers and outdoor recreation enthusiasts, leveraging its extensive network of resorts and premium service offerings to capture high-value destination guests [6][9] - The company’s integrated business model and scale provide competitive advantages in customer reach and operational efficiency [6] Investor Sentiment - The increase in exposure to Vail Resorts amid a weak season suggests investor confidence in a normalization of conditions rather than panic over current weather-related challenges [7][11] - Vail Resorts represents 37% of Oasis Management's reportable assets, indicating a high-conviction cyclical recovery thesis tied to geography, passholder loyalty, and long-term pricing power [11]

Summary of Tongcheng Travel Holdings Conference Call Company Overview - **Company**: Tongcheng Travel Holdings (0780.HK) - **Industry**: Online Travel Services in China Key Points and Arguments 1. Financial Performance and Guidance - **4Q25 GMV Growth**: Accelerated to high-single digit % year-over-year, compared to mid-single digit % in 3Q25, primarily driven by the hospitality segment [1] - **Hotel ADR Increase**: Low-to-mid single digit % increase in Average Daily Rate (ADR) on the platform, attributed to a slowdown in hotel supply [1] - **Ticketing Business Performance**: Tracking low-to-mid single digit % year-over-year growth, aligning with broader industry trends due to high online penetration rates of 80-90% [1] - **4Q25 Revenue Guidance**: Expected revenue growth of 10-15%, with 15-20% from Online Travel Agency (OTA) services and a stable EBIT margin of 28.4% [1] 2. Strategic Focus for 2026 - **Leisure Travel Demand**: Management is optimistic about resilient demand supported by favorable policies, such as more school holidays [2] - **User Base Monetization**: Targeting existing 252 million user base with promotions and subsidies; users are willing to spend more on upgraded services [2] - **Outbound Travel Business**: Currently represents ~5% of group revenue but has reached breakeven profitability; plans to prioritize air ticket bookings before expanding into hospitality [2] - **Mobile App Development**: Mobile apps account for ~10% of Monthly Active Users (MAU), up from 5% in 2023, reducing reliance on Weixin platform from ~80% to 75% [2] 3. Competitive Landscape - **Competition Analysis**: Competition remains benign with smaller operators focusing on niche markets; it will take time for them to build supply chains and customer service teams [3] 4. Margin Improvement Potential - **EBIT Margin Improvement**: Potential for further improvement driven by increased GMV contribution from mobile app users, improved profitability from hotel management and outbound travel, and operational efficiency through AI adoption [7] 5. Market Sentiment and Valuation - **Share Price Performance**: The share price has been range-bound due to concerns over domestic competition and profit margin comparisons [8] - **Valuation Metrics**: Current trading at 13x FY26E P/E, representing a 24% discount to 17x for TCOM, in line with historical averages [8] 6. Price Target and Risks - **Price Target**: 12-month target price set at Rmb28.8, based on an 85% weighting to fundamental value and a 15% weighting to M&A value [9] - **Downside Risks**: Increased competition, potential decline in transportation take rates, reliance on Tencent/WeChat, and weaker macroeconomic conditions [10] 7. Investment Thesis - **Investment Recommendation**: Rated as a Buy due to leverage on resilient domestic travel, upside from hospitality segment, and ongoing business initiatives that could drive earnings growth [11] Additional Insights - **Market Capitalization**: HK$52.6 billion / $6.7 billion [13] - **Revenue Forecasts**: Expected revenue growth from Rmb17,340.7 million in FY24 to Rmb24,372.1 million in FY27 [13] - **Free Cash Flow Yield**: Projected to increase from 6.8% in FY25 to 10.5% in FY27 [13]

Financial Data and Key Metrics Changes - For fiscal 2025, the company reported revenue of $18.5 billion, a 6% increase compared to the prior year, with organic revenue growth of 7% [16][20] - Adjusted operating income for the fourth quarter was $289 million, growing 6% on a constant currency basis, while full-year adjusted operating income was $981 million, up 12% [17][18] - The adjusted EPS for the fourth quarter was $0.57, a 6% increase, and for the full year, it was $1.82, reflecting almost 20% growth [20][21] - The consolidated leverage ratio improved to 3.25 times, the lowest level in nearly 20 years, down from 3.4 times a year ago [21][22] Business Line Data and Key Metrics Changes - The FSS US segment grew organic revenue by 14% in the fourth quarter, driven by workplace experience and collegiate hospitality [8][16] - The international segment also reported consistent double-digit organic revenue growth of 14% in the fourth quarter, with strong contributions from the U.K., Canada, and Latin America [12][13] - The healthcare segment achieved its best performance in over two years, with significant new business wins contributing to growth [9][10] Market Data and Key Metrics Changes - The company experienced an industry-leading client retention rate of 96.3%, contributing to a net new business growth of 5.6% [6][7] - The collegiate sports business saw double-digit revenue growth, with per capita rates up 14% year over year [9][10] - The global supply chain added over $1 billion in new purchasing spend for the second consecutive year, primarily from various sectors including healthcare and education [13][14] Company Strategy and Development Direction - The company is focused on delivering exceptional hospitality services and maintaining high client retention rates, with a goal of achieving net new business growth of 4-5% in fiscal 2026 [7][23] - Strategic investments are being made in advanced technologies to enhance operational efficiencies and client service capabilities [19][22] - The company aims to leverage its strong new business pipeline and expand its presence in various sectors, including healthcare and collegiate sports [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong new business wins and high retention rates as key drivers for future performance [4][25] - The company anticipates organic revenue growth of $19.45 billion to $19.85 billion for fiscal 2026, representing a growth of 7%-9% [22][23] - Management acknowledged the impact of inflation, estimating it around 3% as they continue to manage the macro environment effectively [14][21] Other Important Information - The company has taken decisive actions to reduce future medical expenses related to elective lifestyle prescriptions, which are expected to positively impact costs going forward [18][19] - The company is committed to optimizing capital allocation priorities, including increasing dividends and stock repurchases [22][23] Q&A Session Summary Question: Can you delve into the shift in timing for new account openings? - Management indicated that the shift occurred across multiple businesses, including corrections and healthcare, and was client-driven rather than company-driven [30][31] Question: What is the expected cadence for the UPenn contract in 2026? - The UPenn contract will begin operations in February and will be staged over several months, with expectations for significant new business contributions throughout the year [32][33] Question: Can you discuss the margin trajectory with new wins? - Management noted that while there may be some incremental startup costs associated with new contracts, these will be offset by productivity improvements and efficiency initiatives [37][41] Question: What is the outlook for retention rates moving forward? - Management expressed a strong commitment to maintaining a retention rate above 95%, with aspirations to achieve even higher levels [99][101] Question: Can you elaborate on the restructuring measures in the international business? - The restructuring is aimed at streamlining SG&A and optimizing operations, despite the international segment's strong growth performance [75][76]

Core Viewpoint - Manchester United's fourth-quarter results fell short of market expectations, leading to a decline in share prices despite an increase in net sales compared to the previous year [1] Financial Performance - Quarterly net sales reached 164.1 million pounds ($219.04 million), up from 142.2 million pounds a year earlier, but below the expected $225.80 million [1] - Total revenue increased by 15.4%, driven by stronger commercial and matchday income, although broadcasting revenue saw a decline [1][3] - Commercial revenue grew by 10% year-on-year, while matchday revenue surged by 16.9%, attributed to five additional home matches and high demand for hospitality services [2] - Broadcasting revenue fell by 22%, as the men's first team participated in the UEFA Europa League instead of the more lucrative UEFA Champions League [3] - Operating loss narrowed to 15.2 million pounds from 32.4 million pounds in the same period last year, with adjusted EBITDA nearly doubling to 37.5 million pounds, a 94.3% increase [4] - The company reported a quarterly net loss of 4 cents per share, which was narrower than the projected loss of 6 cents [4] Strategic Initiatives - The CEO indicated that the club has strengthened both the men's and women's first-team squads over the summer for long-term development [4] - Significant investments were made in infrastructure, including the completion of a 50 million pounds redevelopment of the men's first-team building at Carrington [4] - Ongoing planning aims to develop a new stadium at Old Trafford [4] Future Outlook - For fiscal 2026, Manchester United forecasts revenue between 640 million pounds and 660 million pounds, which is below analysts' expectations of 681.9 million pounds [6] - Adjusted EBITDA is projected to be in the range of 180 million pounds to 200 million pounds [6]

Core Insights - Steady earnings growth is attractive to executives and analysts, but earnings acceleration is more impactful in driving stock prices higher [1] - Successful stocks typically experience earnings acceleration prior to stock price increases [1] - QuantumScape Corporation, Civeo Corporation, and Entergy Corporation are currently demonstrating strong earnings acceleration [1][8] Earnings Acceleration Definition - Earnings acceleration refers to the incremental growth in a company's earnings per share (EPS), specifically when quarter-over-quarter growth rates increase over time [2] Importance of Earnings Acceleration - Unlike earnings growth, which may already be priced into stocks, earnings acceleration can identify undervalued stocks that are likely to see price rallies [3] - An increasing percentage of earnings growth indicates a fundamentally sound company, while stagnant or declining growth can negatively impact stock prices [4] Screening Parameters - Stocks should be screened for the last two quarter-over-quarter EPS growth rates exceeding previous periods' growth rates [5] - Additional criteria include projected EPS growth rates for the upcoming quarter being higher than prior periods, current price being at least $5, and average 20-day volume being at least 50,000 [6][7] Highlighted Companies - QuantumScape is developing solid-state lithium-metal batteries for electric vehicles, with an expected earnings growth rate of 19.2% for the current year [9] - Civeo provides hospitality services to the global natural resource industry, projecting an earnings growth rate of 45.4% for the current year [10] - Entergy produces and distributes electricity in the U.S., with an anticipated earnings growth rate of 6.6% for the current year [11]

Core Insights - Top executives and analysts emphasize the importance of consistent earnings growth as a reflection of a company's profitability, with earnings acceleration having a more significant impact on stock prices [1][3] - Successful stocks typically experience a speed-up in earnings before their stock prices rise, indicating potential investment opportunities [1][3] Earnings Acceleration - Earnings acceleration refers to the incremental growth in a company's earnings per share (EPS), specifically when the quarter-over-quarter earnings growth rate increases over time [2] - This metric helps identify stocks that have not yet attracted investor attention, which can lead to a subsequent rally in share prices [3] Screening Parameters - The screening process involves identifying stocks where the last two quarter-over-quarter EPS growth rates exceed previous periods' growth rates, with projected EPS growth rates for the upcoming quarter expected to surpass prior periods [5][6] - Additional criteria include a current price of at least $5 and an average 20-day trading volume of 50,000 or more to ensure adequate liquidity [7] Highlighted Stocks - QuantumScape Corporation (QS) is focused on developing solid-state lithium-metal batteries for electric vehicles, with an expected earnings growth rate of 17% for the current year [9] - Civeo Corporation (CVEO) provides hospitality services for the natural resource industry, projecting an earnings growth rate of 69.8% for the current year [10] - Agenus Inc. (AGEN) is a clinical-stage biotechnology company developing cancer therapies, with a leading projected earnings growth rate of 114.7% for the current year [11]