Financial Data and Key Metrics Changes - Revenue increased by 10% year-over-year to $4.4 billion [15] - Gross profit rose by 24% to $711 million [15] - Adjusted net income grew by 29% to $276 million [15] - Adjusted EBITDA increased by 31% to $527 million [15] - Operating cash flow increased by 3% to $469 million [15] Business Line Data and Key Metrics Changes - Construction segment revenue increased by 14% year-over-year to $940 million, with a gross profit margin of 15% [15][16] - Materials segment revenue rose by $69 million year-over-year to $225 million, with cash gross profit margin improving to 26% [17] Market Data and Key Metrics Changes - The construction market remains strong, particularly in California and Nevada, with significant capital outlay projects expected [9][10] - Best Value work increased to 48% of the capital portfolio, contributing to margin expansion [10][11] Company Strategy and Development Direction - The company focuses on bidding and building the right projects, investing in materials, and expanding through targeted M&A [4] - A disciplined approach to project selection has led to a record capital balance of $7 billion [4][9] - Continued investment in the materials business is expected to drive organic growth and margin expansion [8][14] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about capturing significant public and private opportunities in the construction sector [5][8] - The company anticipates continued revenue growth and margin expansion in 2026, supported by favorable market conditions [12][24] - The integration of recent acquisitions is progressing well, with expectations for meaningful revenue and profit increases [24] Other Important Information - The company executed capital allocation priorities with CapEx of $138 million and acquisitions totaling $778 million [19] - The company ended the year with $650 million in cash and marketable securities, positioning for continued investment [20] Q&A Session Summary Question: Thoughts on federal legislation and IIJA - Management noted bipartisan support for new investment mechanisms post-IIJA, with updates expected around March-April [28][29] Question: Federal opportunities and project pipeline - Management highlighted ongoing work with the federal government in Guam and a significant border infrastructure program [32] Question: CAP level and 2027 targets - Management expressed confidence in the current CAP level and its alignment with 2027 targets [39][40] Question: Strategic CapEx allocation - The majority of the $50 million strategic CapEx is focused on legacy business and expanding reserves [42] Question: Project bidding opportunities by vertical - Management indicated strong market conditions across various sectors, including mining, rail, and renewables [48][50] Question: Margin outlook for 2026 - Management discussed expected margin improvements driven by construction and materials segments, with various factors influencing outcomes [76][78] Question: M&A pipeline and leverage considerations - Management expects to complete several strategic acquisitions in 2026 while maintaining a target leverage ratio of 2.5 [80]

Moving Image Technologies (NYSEAM:MITQ) Q2 2026 Earnings call February 12, 2026 11:00 AM ET Company ParticipantsBill Greene - CFOChris Eddy - Investor RelationsFrancois Godfrey - VP of Business Development.Phil Rafnson - CEOOperatorGood morning, everyone, and welcome to the Moving iMage Technologies Fiscal 2026 second quarter conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistan ...

Moving Image Technologies (NYSEAM:MITQ) Q2 2026 Earnings call February 12, 2026 11:00 AM ET Company ParticipantsBill Greene - CFOChris Eddy - Investor RelationsFrancois Godfrey - VP of Business Development.Phil Rafnson - CEOOperatorGood morning, everyone, and welcome to the Moving iMage Technologies Fiscal 2026 second quarter conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistan ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss attributable to common stockholders of $27.4 million, or -$0.58 per basic common share, which includes a provision for credit losses of $14.4 million and an impairment loss in the Miami Beach REO asset of $6.8 million [15] - The book value at December 31st was $7.29 per common share, a decline of $0.65 per share from Q3, largely due to the provision for credit losses and impairment loss on REO [15] - The aggregate CECL reserve at December 31st was about $148 million, an increase from $134 million in the previous quarter, primarily due to an increase in specific reserves on collateral-dependent loans [16] Business Line Data and Key Metrics Changes - The total loan portfolio commitments at year-end were $1.8 billion, with an outstanding principal balance of $1.7 billion and about $77 million of future fundings, accounting for only about 4% of total commitments [9] - The realized loan portfolio yield for Q4 was 6.7%, which would have been 8% excluding nonaccrual loans [9] - The company had an active year of loan repayments and resolutions totaling about $469 million during 2025, with $45 million of loan repayments in Q4 [10] Market Data and Key Metrics Changes - The commercial real estate industry experienced strong momentum in 2025, with increased capital availability and improved fundamentals across many markets and property types [5] - Larger commercial banks became more active in warehouse financing, and regional banks began returning to the market, contributing to greater liquidity [6] - The market momentum from 2025 has continued into early 2026, setting the stage for potentially stronger transaction activity across property types [7] Company Strategy and Development Direction - The company aims to reduce higher-cost debt and focus on asset resolutions, with plans to begin regrowing the portfolio in the latter half of 2026 [8] - The strategy includes reallocating capital in the portfolio and recycling into new originations as a high priority [8] - The company plans to remain focused on loan and REO resolutions in the first half of 2026, with expectations for the portfolio balance to trend lower until new originations begin [14] Management's Comments on Operating Environment and Future Outlook - Management noted that while there is a risk of future losses, they believe they are appropriately reserved for current loans, with expectations for upgrades and downgrades in the portfolio [25] - The overall sentiment in the multifamily sector is cautiously optimistic, with expectations for recovery in the second half of the year [32] - Management expressed confidence in the progress made in loan resolutions and the constructive environment for capital, which should aid in further repayments and resolutions [27] Other Important Information - The company ended the quarter with about $66 million of unrestricted cash, and total leverage increased slightly from 1.9 times to 2.0 times [17] - The company has received two full loan repayments of $174 million combined post-quarter end [10] Q&A Session Summary Question: How is the company thinking about the economics of new origination versus returning capital to shareholders? - The company plans to continue resolving loans and decreasing leverage until they start originating again later in the year [19] Question: What is the current reserve position and likelihood for further reserve build? - The company updates the general reserve based on the latest economic forecasts, with the biggest driver being a decrease in the CRE price index [21][22] Question: Where may book value per share trough in this cycle? - Management acknowledged the risk of future losses and indicated that the majority of the portfolio is performing well, with ongoing resolutions [25][26] Question: What are the expectations for the multifamily property type? - Management noted that while there was a downgrade in a specific multifamily loan, the overall trend in the multifamily sector is expected to be positive [31][32] Question: What are the scheduled maturities looking like in the first half of the year? - The company expects the portfolio to decrease through mid-2026 before beginning to regrow, with visibility on certain loans coming up for maturity [37]

Financial Data and Key Metrics Changes - Underlying net income reached CAD 1.1 billion, contributing to underlying earnings per share growth of 17% year-over-year and underlying return on equity of 19.1% [5][15] - Total company reported net income was CAD 722 million, 34% lower than underlying net income, primarily due to market-related impacts [17] - Full-year underlying earnings growth was 9%, with a 17% increase in new business contractual service margin [12][29] Business Line Data and Key Metrics Changes - SLC Management achieved CAD 242 million in underlying net income, exceeding its investor day target of CAD 235 million [6] - Group Health and Protection underlying earnings increased by 16% year-over-year, driven by stabilization in claims experience [16] - Individual protection underlying net income rose by 17%, supported by favorable mortality experience in Asia and the U.S. [16] Market Data and Key Metrics Changes - In Asia, protection sales grew by 50% year-over-year, with standout markets being Hong Kong and Indonesia [8][29] - In Canada, gross sales in wealth businesses were up 46% year-over-year, driven by strong results in Group Retirement Services and individual mutual funds [7][24] - U.S. Medical Stop-Loss business saw robust sales growth of 58% [9][25] Company Strategy and Development Direction - The company is focused on a balanced and diversified growth strategy, with a commitment to digital transformation and enhancing client experiences [10][11] - The introduction of a management equity plan for SLC aims to motivate and retain talent in the alternative asset management space [6] - The company plans to complete the buyouts of BGO and Crescent Capital in the first half of 2026, strengthening its alternative asset management platform [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business mix and disciplined execution of long-term strategies, despite a complex operating environment [14] - The company anticipates continued strong earnings growth aligned with medium-term objectives, with a focus on organic capital generation and prudent risk management [11][30] - Management highlighted the importance of maintaining a strong capital position, with a LICAT ratio of 157% [5][18] Other Important Information - The company achieved Great Place to Work recertification in nine countries, emphasizing its commitment to culture and employee satisfaction [11] - The asset management platform ended the year with CAD 1.2 trillion of third-party assets under management and administration [13] Q&A Session Summary Question: Regarding stop-loss experience and future improvements - Management noted a modest improvement in the loss ratio and expressed confidence heading into 2026 [33][36] Question: On pricing increases in stop-loss and dental - Management confirmed a 17% average price increase on renewal business, which aligns with target margins [40][42] Question: Capital deployment strategy and buybacks - Management emphasized a disciplined approach to capital deployment, prioritizing organic growth and completing private asset affiliate purchases before resuming share buybacks [45][50] Question: Strategy for growth in the dental market - Management highlighted a strong distribution footprint and growth in the commercial dental segment, expecting continued expansion [61] Question: Insights on stop-loss market dynamics - Management acknowledged a hardening market and competitive dynamics, emphasizing their strong capabilities and historical low loss ratios [92]

Financial Data and Key Metrics Changes - The company reported a net profit of $172.6 million for Q4 2025, representing a 5.3% increase in earnings per share compared to Q4 2024, with earnings per share at $4.18 [13] - Operating profit for the quarter was $209.6 million, resulting in an operating margin of 21.8% [13] - For the full year 2025, the net profit reached $671.6 million, or $16.28 per share, an 11.9% year-over-year increase [17] - Operating income for the full year was $819 million, an 8.8% increase year-over-year, with operating margins at 22.6% [17] Business Line Data and Key Metrics Changes - Capacity increased by 9.9% year-over-year in Q4, while passenger traffic rose by 10.1%, leading to a load factor increase of 0.2 percentage points to 86.4% [7] - For the full year, capacity in ASMs grew by 7.8%, and passenger traffic measured in RPMs increased by 8.6%, resulting in a load factor increase of 0.7 percentage points to 87% [8] Market Data and Key Metrics Changes - The company has resumed flights to Venezuela, operating twice daily to Caracas and almost daily to Maracaibo, with plans to gradually add capacity to other cities [23] - The demand environment remains strong across the company's networks, supported by healthy travel activity throughout the region [10] Company Strategy and Development Direction - The company aims to grow capacity by 11%-13% in 2026, with approximately half of this growth attributed to the full-year impact of capacity added in 2025 [10] - The company continues to focus on expanding its network, adding frequencies and new cities to its Hub of the Americas, reinforcing its competitive position [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth plan, citing strong demand trends and a disciplined approach to cost execution [5] - The company anticipates an operating margin within the range of 22%-24% for 2026, based on a load factor of approximately 87% and unit revenues of approximately 11.2 cents [20] Other Important Information - The company has a total cash, short-term, and long-term investments of $1.6 billion, representing 44% of last 12-month revenues [18] - A quarterly dividend payment of $1.71 per share has been approved for 2026, with the first payment scheduled for March 13 [19] Q&A Session Summary Question: Impact of developments in Venezuela on demand - Management confirmed that they have resumed flights to Venezuela and expect to gradually add capacity throughout 2026 [23] Question: Wi-Fi service provider details - Management stated that a provider has been chosen and will be announced in April, with confidence in meeting customer expectations [25] Question: Effects of stronger local currencies on demand - Management noted improved demand and better yields due to stronger currencies in South America [28] Question: Guidance on unit revenue - Management indicated that while they are guiding for flat unit revenue, the first quarter is typically strong, and they are seeing stronger numbers [29] Question: CASM ex-fuel guidance - Management explained that the guidance reflects a combination of initiatives and cost control measures, with expectations for a CASM ex-fuel of approximately 5.7 cents [37] Question: Buyback program status - Management confirmed that approximately half of the $200 million buyback program has been executed, with no end dates in place for the remaining amount [91] Question: Impact of Brazilian law on liabilities - Management acknowledged that the suspension of law 400 in Brazil would lead to cost savings, as a significant portion of consumer lawsuits originate from Brazil [96]

Financial Data and Key Metrics Changes - The company reported a net profit of $172.6 million for Q4 2025, representing a 5.3% increase in earnings per share compared to Q4 2024, with earnings per share at $4.18 [13] - Operating profit for the quarter was $209.6 million, resulting in an operating margin of 21.8% [13] - For the full year 2025, net profit reached $671.6 million, or $16.28 per share, an 11.9% year-over-year increase [17] - Operating income for the full year was $819 million, an 8.8% increase year-over-year, with operating margins at 22.6% [17] Business Line Data and Key Metrics Changes - Capacity increased by 9.9% year-over-year in Q4, while passenger traffic rose by 10.1%, leading to a load factor increase of 0.2 percentage points to 86.4% [7] - For the full year, capacity in ASMs grew by 7.8%, and passenger traffic in RPMs increased by 8.6%, resulting in a load factor increase of 0.7 percentage points to 87% [8] Market Data and Key Metrics Changes - The company noted strong demand trends across the region, supported by healthy travel activity [10] - The demand environment is expected to remain strong as the company enters 2026, with solid booking trends [10] Company Strategy and Development Direction - The company plans to grow capacity by 11%-13% in 2026, with approximately half of this growth attributed to the full-year impact of capacity added in 2025 [10][20] - The company continues to expand its network, adding frequencies and new cities to its Hub of the Americas [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth plan and the foundation for strong margins in 2026, despite the challenges posed by currency volatility [10][84] - The company is optimistic about the impact of stronger local currencies on demand and yields [28] Other Important Information - The company has a total cash, short-term, and long-term investments of $1.6 billion, representing 44% of last 12-month revenues [18] - A quarterly dividend payment of $1.71 per share has been approved for 2026, with the first payment scheduled for March [19] Q&A Session Summary Question: Impact of developments in Venezuela on demand - Management confirmed that they resumed flights to Venezuela and expect to gradually increase capacity throughout 2026 [23] Question: Effects of stronger local currencies on demand - Management noted improved demand and better yields due to stronger currencies in South America [28] Question: Guidance on RASM despite increased capacity - Management explained that the guidance for flat RASM considers the full-year effect of previous capacity growth and new frequencies in existing markets [32][33] Question: Guidance on CASM ex-fuel - Management indicated confidence in achieving a CASM ex-fuel of approximately $5.7, supported by various cost-saving initiatives [36][38] Question: Buyback program status - Management reported that approximately half of the $200 million buyback program has been executed, with the remaining half still open [90] Question: Impact of potential changes in Brazilian consumer lawsuit laws - Management acknowledged that changes could lead to cost savings, as Brazil has a high volume of consumer lawsuits affecting airlines [94][96]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss attributable to common stockholders of $27.4 million, or -$0.58 per basic common share, which includes a provision for credit losses of $14.4 million, or -$0.30 per share, and an impairment loss in the Miami Beach REO asset of $6.8 million, or -$0.14 per share [15] - The book value at December 31 was $7.29 per common share, a decline of $0.65 per share from Q3, primarily due to the provision for credit losses and impairment loss on REO [15] - The aggregate CECL reserve at December 31 was approximately $148 million, up from $134 million in the previous quarter, reflecting an increase in specific reserves on collateral-dependent loans and worsening macroeconomic forecasts [16] Business Line Data and Key Metrics Changes - The total loan portfolio commitments at year-end were $1.8 billion, with an outstanding principal balance of $1.7 billion and about $77 million of future fundings, accounting for only about 4% of total commitments [9] - The realized loan portfolio yield for Q4 was 6.7%, which would have been 8% excluding nonaccrual loans [9] Market Data and Key Metrics Changes - The commercial real estate industry experienced strong momentum in 2025, with increased capital availability and improved fundamentals across many markets and property types [5] - Lending volume expanded to a wider range of property types and markets, benefiting the CMBS market and strengthening CLO issuance [5][6] Company Strategy and Development Direction - The company aims to reduce higher-cost debt and focus on asset resolutions, with plans to begin regrowing the portfolio in the latter half of 2026 [7][8] - The strategy includes reallocating capital in the portfolio and recycling into new originations as a high priority [8] Management's Comments on Operating Environment and Future Outlook - Management noted that the market momentum from 2025 has continued into early 2026, setting the stage for potentially stronger transaction activity across property types [7] - The company expects to see upgrades and downgrades in credit ratings, with ongoing risks of future losses embedded in their reserves [25][26] Other Important Information - The company had an active year of loan repayments and resolutions totaling about $469 million during 2025, with $45 million of loan repayments in Q4 [10] - The company is focused on resolving remaining rated loans, particularly in the office sector, and is optimistic about the overall performance of the portfolio [26][30] Q&A Session Summary Question: How is the company thinking about the economics of new origination versus returning capital to shareholders? - The company plans to continue resolving loans and decreasing leverage until it starts originating again later in the year [19] Question: What is the current reserve position and likelihood for further reserve build? - The company updates its CECL process quarterly, with the current reserve reflecting the latest economic forecasts, and believes it is appropriately reserved for collateral-dependent loans [21][22] Question: Where may book value per share trough in this cycle? - Management acknowledged the risk of future losses and noted that the majority of the portfolio is performing well, with ongoing resolutions expected [25][26] Question: What are the expectations for the multifamily property type? - The company feels positive about the multifamily sector overall, despite some downgrades, and expects a recovery trend in the second half of the year [31][32] Question: What is the visibility on scheduled maturities? - The company expects the portfolio to decrease through mid-2026 before stabilizing and regrowing, with clear communication with borrowers regarding expectations for loan repayments [37][39]

Financial Data and Key Metrics Changes - In 2025, the company generated over $750 million in free cash flow, which was used to reduce debt by over $300 million, repurchase $136 million of stock, and invest more than $250 million in acquisitions [19][20] - The company achieved a new record of 19 stages per day for a single completion crew in Q4 2025, with an average of over 14 stages per day for the year, representing an 8% increase from 2024 [19] - The drilling team averaged under 5 drilling days per 10,000 feet, which is 4% faster than the 2024 average [19] Business Line Data and Key Metrics Changes - The HG Energy acquisition added 385,000 net acres and over 400 drilling locations, extending the core inventory life by 5 years [5][6] - The transaction is expected to lower the cost structure by nearly 10%, which will further reduce break-even prices [7] Market Data and Key Metrics Changes - Propane inventories were higher than market expectations due to trade tensions and operational issues, but demand remained strong, with days of supply trending within the 5-year range [8][9] - NGL supply growth is expected to slow down due to lower oil prices, decreasing from 328,000 barrels a day in 2024 to 131,000 barrels a day in 2026 [10] Company Strategy and Development Direction - The company aims to expand its core Marcellus position and increase dry gas exposure to capture demand from LNG exports and regional power plants [5][6] - The company is focused on reducing cash costs and expanding margins while maintaining a flexible capital program that allows for opportunistic investments [20][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate through challenging weather conditions without experiencing shut-in volumes, highlighting operational resilience [4] - The company is well-positioned to capitalize on significant natural gas demand growth, particularly from LNG exports and regional power demand [24][25] Other Important Information - The company issued its inaugural investment-grade bonds, providing substantial flexibility alongside strong free cash flow generation [5] - The hedge program is designed to protect downside risks while maintaining exposure to higher natural gas prices, with approximately 40% of 2026 natural gas volumes hedged [23] Q&A Session Summary Question: Growth capital and in-basin demand - Management indicated that growth capital is flexible and can be adjusted based on gas price assumptions, with the ability to defer projects if necessary [28][30] Question: Free cash flow usage and debt targets - Management stated there are no specific debt targets, but they are positioned to be opportunistic in share buybacks while also focusing on debt reduction [32][33] Question: Synergies from the HG deal - Management noted that synergies from the HG acquisition are better than expected, with improvements in cost structure and local gas demand [36][37] Question: Production ramp and acquired assets - Management clarified that the production ramp is as expected, with a forecast of 4.1 Bcfe a day for 2026, increasing to 4.3 Bcfe a day in 2027 [43] Question: NGL pricing outlook - Management explained that international pricing is driving forecasts for C3 prices, with domestic prices expected to stabilize as export infrastructure improves [44][47] Question: Winter gas realizations - Management confirmed that they participated in favorable pricing during the winter, with a significant portion of sales tied to daily pricing [51] Question: Cost structure changes - Management indicated a potential $0.25 improvement in cost structure, with variable components affecting overall costs [58] Question: Power supply deals - Management highlighted ongoing discussions for gas supply to utilities, with increasing demand for gas-fired power generation [62] Question: Firm transport position management - Management emphasized the optimization of their firm transport portfolio, allowing for flexibility in managing costs and maximizing margins [66] Question: Growth options and inventory visibility - Management expressed confidence in their ability to grow production efficiently, leveraging their extensive inventory and market position [92][93]

Financial Data and Key Metrics Changes - In 2025, the company generated over $750 million in free cash flow, which was used to reduce debt by over $300 million, repurchase $136 million of stock, and invest more than $250 million in acquisitions [20][21] - The company achieved a new record of 19 stages per day for a single completion crew in Q4 2025, with an average of over 14 stages per day for the full year, representing an 8% increase from 2024 [20] - The drilling team averaged under 5 drilling days per 10,000 feet, which is 4% faster than the 2024 average [20] Business Line Data and Key Metrics Changes - The HG Energy acquisition added 385,000 net acres and over 400 drilling locations, extending the core inventory life by 5 years [6] - The transaction is expected to lower the company's cost structure by nearly 10%, which will further reduce peer-leading break-even prices [7] Market Data and Key Metrics Changes - The NGL market faced headwinds in 2025, with propane inventories higher than expected due to trade tensions and operational issues at export terminals [8][9] - Despite these challenges, demand for propane remained strong, with storage levels expected to return to normal by the end of 2026 [11] - Natural gas demand was robust, with residential and commercial demand averaging nearly 42 BCF per day during winter, resulting in a significant increase compared to the five-year average [13][15] Company Strategy and Development Direction - The company aims to expand its core Marcellus position and increase dry gas exposure to capture demand from LNG exports and regional power generation [6][18] - The strategic initiatives include adding hedges to lock in attractive free cash flow yields and reducing cash costs to expand margins [5][7] - The company is positioned to capitalize on significant natural gas demand growth expected from LNG and regional power demand [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate through challenging weather conditions without experiencing shut-in volumes [4] - The company anticipates that higher LNG demand and reduced storage levels in Europe will support robust U.S. LNG exports [16] - Management highlighted the flexibility of their capital program, allowing for adjustments based on market conditions and gas prices [29][30] Other Important Information - The company issued its inaugural investment-grade bonds, providing substantial flexibility alongside free cash flow generation [5] - The acquisition of HG Energy is expected to enhance the company's competitive advantage in the region due to increased production and improved cost structure [18][24] Q&A Session Summary Question: Growth capital and in-basin demand - Management indicated that maintaining a steady state program with three rigs and two completion crews would result in growth, with flexibility to defer capital expenditures based on gas prices [28][30] Question: Free cash flow usage and debt targets - Management stated there are no specific debt targets, but they are positioned to be opportunistic in share buybacks while also focusing on debt reduction [32][33] Question: Synergies from the HG deal - Management reported that synergies from the HG acquisition are better than expected, with improvements in cost structure and local gas demand [36][37] Question: Production ramp and acquired assets - Management clarified that the production ramp is as expected, with a forecast of 4.1 Bcfe per day for 2026 and potential growth to 4.5 Bcfe per day in 2027 [43][44] Question: NGL pricing and export capacity - Management noted that international pricing is driving forecasts for C3 prices, with ongoing debottlenecking in the Gulf Coast expected to improve export capacity [46][47] Question: Winter gas realizations and hedging - Management confirmed that they participated in favorable pricing during winter and are considering layering in incremental hedges for 2027 [52][54] Question: Cost structure changes - Management indicated a potential $0.25 improvement in cost structure, with variable components affecting costs based on natural gas prices [60][61] Question: Power supply deals and demand - Management highlighted ongoing conversations for gas supply to utilities and data centers, indicating strong demand growth in the region [64][102]