Financial Data and Key Metrics Changes - In Q4 2025, Westlake reported a net loss of $33 million, or a loss of $0.25 per share, on sales of $2.5 billion, which was a $5 million lower loss compared to Q3 2025 due to lower average sales prices and sales volumes [12][13] - For the full year 2025, the company reported a net loss of $116 million and EBITDA of $1.1 billion, with total sales of $11.2 billion, reflecting an 8% decline compared to 2024 [13][14] Business Line Data and Key Metrics Changes - The Housing and Infrastructure Products (HIP) segment experienced an 8% decline in sales year-over-year in Q4 2025, primarily due to decreased sales volumes in PVC compounds and exterior building products, although municipal pipe sales volumes remained strong [16][18] - The Performance and Essential Materials (PEM) segment's Q4 EBITDA was $45 million, down from $90 million in Q3 2025, driven by a 5% decline in average sales prices and a 2% decrease in sales volume [17][18] Market Data and Key Metrics Changes - The company noted that global overcapacity in certain products continued to exert downward pressure on sales prices, particularly in the PEM segment, leading to a sharp decline in profitability compared to historical levels [9][19] - The company expects housing starts in 2026 to range between 1.3 million and 1.4 million, with improved home affordability due to lower interest rates [21][22] Company Strategy and Development Direction - Westlake is implementing a three-pillar strategy aimed at achieving $600 million in earnings improvement in 2026 through cost reductions, plant reliability improvements, and footprint optimization [7][10][20] - The company has taken decisive actions to close higher-cost PEM assets and improve operational reliability, which are expected to enhance financial performance in a competitive global marketplace [10][11][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding a rebound in demand and sales volume growth in 2026, supported by signs of improvement in global industrial and manufacturing activity [24][25] - The company has achieved its carbon emissions reduction goal six years ahead of schedule, reflecting its commitment to sustainability and environmental stewardship [25] Other Important Information - The company announced that its long-serving CFO, Steve Bender, plans to retire later in 2026, marking a significant transition in leadership [11][12] - Westlake's balance sheet remains strong, with cash and securities totaling $2.9 billion and total debt of $5.6 billion as of December 31, 2025 [19][20] Q&A Session Summary Question: Can you break down the PEM business in Q4 and compare it to previous announcements? - Management noted that the beat was due to proactive steps in their three-pillar initiative, which included removing losses from shuttered assets and initiating cost reduction measures [31][32] Question: What are your expectations around polyethylene price increases? - Management indicated that there has been some improvement in demand and price action, with announced price increases expected to offset previous market adjustments [34] Question: How do you view the chlorovinyls and PVC chain outlook for 2026? - Management remains cautiously optimistic, noting some restocking and price improvements, but acknowledges ongoing structural supply issues [38] Question: Can you clarify the guidance for HIP and its impact on margins? - The guidance reflects expected housing starts similar to 2025, with product mix potentially impacting overall margins [40] Question: What is the expected contribution from the $600 million in cost savings? - Management expects these savings to be realized throughout 2026, driven by actions taken in 2025 and improved operational reliability [44][45] Question: How do you assess the market balance and pricing for caustic soda? - Management reported some price traction in caustic soda, with recent price announcements indicating positive demand signals [97]

Financial Data and Key Metrics Changes - In 2025, net income attributable to ONEOK increased by 12% to $3.39 billion, resulting in earnings of $5.42 per share [4][7] - Adjusted EBITDA rose by 18% to $8.02 billion, marking 12 consecutive years of growth [4][6] - For the fourth quarter of 2025, net income was $977 million, or $1.55 per share, with adjusted EBITDA totaling $2.15 billion [7][8] Business Line Data and Key Metrics Changes - The company achieved nearly $500 million in total synergies from acquisitions, with approximately $250 million realized in 2025 alone [4][5] - Approximately 90% of earnings are fee-based, which limits commodity exposure and supports valuation durability [5] Market Data and Key Metrics Changes - In the Bakken region, there are 5,000 identified wells yet to be drilled, equating to over 15 years of inventory at current rig rates [6] - The natural gas pipeline segment exceeded guidance in 2025, benefiting from strategic locations in the Permian Basin and Louisiana [21][22] Company Strategy and Development Direction - ONEOK aims to maintain a disciplined capital allocation strategy while integrating major acquisitions and advancing long-cycle growth projects [3][4] - The company expects to achieve an adjusted EBITDA midpoint of $8.1 billion for 2026, supported by volume growth and completed projects [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to integrate acquisitions and capture expected synergies, despite lower crude oil prices potentially slowing drilling activity [5][6] - The company anticipates continued growth in 2026 and beyond, driven by customer development plans and strategic expansions [6][7] Other Important Information - ONEOK plans to reduce capital expenditures in the coming years as current projects are completed, with a 2026 guidance range of $2.7 billion to $3.2 billion [15][16] - The company does not expect to pay meaningful cash taxes until 2029, supporting free cash flow and capital allocation flexibility [16] Q&A Session Summary Question: 2026 outlook and conservative guidance - Management discussed the conservative assumptions around commodity prices and potential optimization opportunities that could provide upside to guidance [33][34] Question: Power opportunity and customer engagement - Management indicated advanced negotiations with hyperscalers and positive momentum in securing deals, with announcements expected soon [38][39] Question: NGL throughput volumes and guidance - Management explained that flat NGL throughput guidance is influenced by contract expirations and ethane recovery assumptions [72][73] Question: Natural gas storage opportunities - Management highlighted ongoing expansions in Texas and Louisiana, driven by industrial customers and LNG projects [87][88] Question: CapEx guidance and project breakdown - Management provided insights into major projects for 2026, including the Denver pipeline expansion and Shadowfax plant [94][96]

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the prior year quarter [3][4] - Consolidated fourth-quarter sales were $1.5 billion, down 7% from the fourth quarter of 2024 [4] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [4][5] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year quarter [7][8] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [7][8] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% compared to the prior year quarter [4] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [12][13] Company Strategy and Development Direction - The company continues to focus on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [3][4] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [19][77] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026 due to affordability challenges for homebuyers [20] - The company remains confident in long-term demand drivers for residential construction, including persistent undersupply of housing and high levels of homeowner equity [22] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, including $70 million in the fourth quarter [15] - Capital expenditures for 2025 were $241 million, with expectations for 2026 spending to be between $150 million and $170 million [14][15] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management noted strong demand in general line products, achieving an all-time high in 2025, with continued growth expected [27][28] Question: How is the channel positioned for EWP as builders target low single-digit volume growth? - Management indicated that restocking has begun in Q1, and strong partnerships with builders and dealers position the company well for market recovery [30] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing earnings stability, and becoming the employer of choice for associates [31][32] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast, allowing for expanded relationships with key suppliers [76][78] Question: What factors will drive BMD margins back to 5%? - Management indicated that improved sales velocity, mix shift, and seasonal strength in the second and third quarters could help achieve this margin target [46][60]

Tectonic Therapeutic (NasdaqGM:TECX) Update / briefing February 24, 2026 11:00 AM ET Company ParticipantsAlex Nackenoff - Biotechnology Equity Research AssociateAlise Reicin - President and CEODavid Risinger - Senior Managing DirectorGaurav Maini - VP of Biotech Equity ResearchHanny Al-Samkari - Associate Professor of MedicineMarcie Ruddy - Chief Medical OfficerMartin Auster - Managing DirectorPeter McNamara - Chief Scientific OfficerConference Call ParticipantsBen Burnett - AnalystLeland Gershell - Managin ...

INNOVATIVE INDUSTRIAL PROPERTIES NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.COM COMPANY PRESENTATION – FEBRUARY 2026 1 Innovative Industrial Properties FORWARD LOOKING STATEMENTS This presentation and our associated comments includes "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) that are subject to risks and uncertainties. In pa ...

Financial Data and Key Metrics Changes - The fourth quarter revenue was almost $1.9 billion, an increase of $116.4 million or almost 7% compared to the prior year, driven by growth in both the Energy and Utility segments [26] - Gross profit for the fourth quarter declined by $9.6 million, or approximately 5% to $175 million, with overall gross margins at 9.4%, compared to 10.6% in the prior year [26][27] - For the full year 2025, revenue was up $1.2 billion to almost $7.6 billion, primarily driven by double-digit growth in both segments [28][29] Business Line Data and Key Metrics Changes - In the Utility segment, revenue was up over 10% from the prior year, driven by growth across all business lines, with gas operations and power delivery leading the growth [30] - The Energy segment revenue grew almost 25%, primarily driven by renewables, partially offset by lower industrial and pipeline revenue [17][28] - Renewables grew over 50% in 2025, with significant revenue pulled forward into 2025 due to project resequencing [31] Market Data and Key Metrics Changes - The total backlog at year-end was over $11.9 billion, with total MSA backlog up over 20% compared to the prior year [35] - The average increase in CapEx by the largest utility customers suggests a 50% increase in spending over the next five years compared to the previous five years [11] - The demand for power generation is projected to grow by 50% over the next decade, driven by data centers and increased electrification [10][11] Company Strategy and Development Direction - The company aims to improve margins, generate cash flow, and be the best allocators of capital in the industry, focusing on attracting and retaining talent [39] - There is a commitment to investing in people and systems to enhance execution efficiency and improve gross margins [87] - The company is positioned to assist clients in generating power and providing transmission and distribution solutions to meet growing demand [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong end markets and the company's ability to adapt to changes, emphasizing the importance of relationships with clients [62] - The company expects to see improvements in margins and cash flow in 2026, with a focus on executing projects effectively [22][37] - Management highlighted the importance of maintaining a strong balance sheet to support growth and pursue acquisitions [35][88] Other Important Information - The company increased its labor force by more than 2,800 people in 2025 to meet client needs [13] - The company plans to invest in a new facility for its Premier PV business line in 2026 to increase capacity and align with customer demand [24] Q&A Session Questions and Answers Question: On the gas generation business, how much of the $1.5 billion-$2 billion bidding activity might convert to revenues in 2026 and 2027? - Management indicated that the funnel of opportunities in gas generation is solid, with a meaningful burn expected in 2026, and a line of sight to nearly $6 billion in opportunities [41][42] Question: Can you share more on the challenges faced in renewables and what changes have been made to avoid them in the future? - Management acknowledged underestimating geotechnical conditions in certain projects, leading to cost overruns, and emphasized investments in project leadership to mitigate future issues [45][47] Question: What is the focus on execution moving into 2026? - Management highlighted the importance of better estimating, project controls, and change management as key areas to improve execution across the enterprise [52][53] Question: What is the coverage on guidance and what areas need more bookings to hit targets? - Management expressed confidence in their guidance, noting that while strong backlog supports it, additional bookings in pipeline projects are still needed [56][58] Question: Can you discuss the opportunities in the utility side, especially in Texas? - Management noted Texas as a fertile location for energy markets, with strong relationships and opportunities for power generation and data center clients [61][62]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 increased by 12.3% to $745 million, driven by higher average dues and utilization of in-center businesses [5] - Net income for Q4 2025 was $123 million, a 231% increase, while adjusted net income rose by 28.4% to $77 million [6][7] - Adjusted EBITDA for Q4 2025 was $203 million, up 14.5%, with an adjusted EBITDA margin of 27.2% [8] - For the full year 2025, total revenue increased by 14.3% to $2.995 billion, with adjusted net income rising by 62.3% to $326 million [10] Business Line Data and Key Metrics Changes - Average monthly dues increased by 10.8% to $223, and average revenue per center membership rose by 10.8% to $882 [5] - Comparable center revenue grew by 9.9% in Q4 2025, reflecting strong membership dues and in-center business performance [5] - For the full year, comparable center revenue grew by 11.1% [8] Market Data and Key Metrics Changes - The company ended 2025 with over 822,000 center memberships, and total memberships, including on-hold memberships, reached approximately 873,000 [5] - The company expects to open up to 28 clubs across 2026 and 2027, funded primarily through operating cash flow and a robust sale-leaseback market [15] Company Strategy and Development Direction - The company plans to invest between $875 million and $915 million in growth capital for 2026, with over half allocated for clubs opening in 2027 and beyond [11] - A $500 million share repurchase program has been approved, reflecting confidence in the business model and ability to generate cash [16] - The company is focused on optimizing member experience and revenue on a club-by-club basis, with a commitment to modernizing facilities and services [17] Management's Comments on Operating Environment and Future Outlook - Management noted that mature clubs are operating at optimal levels, with a strong balance sheet and financial flexibility entering 2026 [15] - The company anticipates full-year comparable center revenue growth of approximately 6.3%-7.3% for 2026, with a gradual decline in growth rate throughout the year [9] - Management emphasized the importance of maintaining a balance between member experience and shareholder value [75] Other Important Information - The company achieved a 27.5% adjusted EBITDA margin in 2025, exceeding initial guidance [14] - The company plans to capitalize between $33 million and $35 million of interest expense in 2026 due to increased growth capital spending [13] Q&A Session Summary Question: What are the biggest opportunities for 2026? - Management highlighted the need to modernize and evolve facilities to meet the demands of affluent customers seeking health and wellness services [24] Question: How are new clubs performing? - New clubs are opening stronger and ramping faster than ever, with some reaching contribution margin positive in the first month [28] Question: What are the unit economics of new clubs? - New clubs have higher membership prices and lower member counts, leading to a more efficient model [33] Question: How is the company managing inflation and healthcare costs? - The company is aware of headwinds from payroll and supply increases and has planned accordingly [62] Question: What is the strategy for digital members and retail opportunities? - The company is focusing on enhancing the member experience through digital platforms and improving conversion rates for digital members [83] Question: How is the company planning to optimize membership mix? - Management is focused on reducing discounted memberships and optimizing member experience to improve revenue and EBITDA [72]

Financial Data and Key Metrics Changes - The company reported a fourth quarter revenue of $1.1 billion, an 8% year-over-year increase, and full year revenue of $3.6 billion, representing 13% organic growth compared to 2024 [22][23] - Adjusted EBITDA for the fourth quarter was $158 million, with a full year total of $453 million, reflecting year-over-year growth of 7% and 13% respectively [24] - Free cash flow for the full year reached $227 million, with a fourth quarter generation of $376 million, indicating a 19% growth in full-year free cash flow [15][26] Business Line Data and Key Metrics Changes - The Advanced Sensing and Computing segment saw revenue growth of 9% in Q4 and 11% for the full year, while the Integrated Mission Systems segment delivered 5% growth in Q4 and 15% for the full year [23][24] - The company achieved a book-to-bill ratio of 1.2 or better for the fourth consecutive year, indicating strong demand across its portfolio [9] Market Data and Key Metrics Changes - The company noted significant increases in defense spending, with early signals for fiscal 2027 appropriations supporting sustained demand [9] - The company is well-positioned in high-growth markets such as airborne, missiles, space, and unmanned systems, with a focus on advancing capabilities in these areas [10] Company Strategy and Development Direction - The company aims to build on its foundation of success, accelerate operational cadence, and invest in its workforce to meet customer needs [6][8] - The strategy includes substantial increases in R&D investment by 40% and capital expenditures by over 60% in 2025, with expectations for continued growth in 2026 [10][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained demand due to global threats and evolving warfare, emphasizing the need for next-generation capabilities [8][9] - The company anticipates a revenue range of $3.85 billion to $3.95 billion for 2026, implying 6%-8% organic growth, supported by a strong backlog [27] Other Important Information - The company entered into a 10-year, $100 million license agreement with a quantum technology company, monetizing laser intellectual property for quantum computing applications [13] - The conclusion of a legacy foreign ground surveillance program resulted in an unanticipated loss, but management does not foresee similar impacts from other programs [14] Q&A Session Summary Question: Potential benefits from the reconciliation bill - Management noted that some funding is beginning to flow, with alignment in priority areas for potential incremental funding [34][35] Question: Future revenue growth expectations - Management expressed optimism for growth but acknowledged an elongated conversion cycle due to diverse portfolio capabilities [36] Question: Impact of winding down programs on revenue - Management indicated that while some areas may grow at different rates, overall funding environment is improving [40] Question: Capital structure and deployment - The company prioritizes organic investments first, with a focus on CapEx and R&D to drive future growth [41] Question: Profitability in Integrated Mission Systems - Strong demand and volume leverage contributed to healthy margins, with ongoing performance in naval power and Counter-UAS programs [44] Question: Opportunities in Europe - Management highlighted the conducive environment for partnerships in Europe, leveraging their parent company's capabilities for growth [85][86]

Financial Data and Key Metrics Changes - In Q4 2025, direct written premiums grew approximately 5% year-over-year, and nearly 9% for the full year compared to 2024, primarily driven by prior rate actions [5] - The Q4 combined ratio improved significantly to 94.1%, compared to 105.7% in the same quarter last year, reflecting improved rate adequacy [6] - Net income for Q4 was over $63 million, or $1.21 per diluted share, down from $152 million, or $2.91 per diluted share in Q4 2024; full year net income totaled over $559 million, or $10.69 per diluted share, compared to over $600 million, or $11.48 per diluted share in 2024 [8] - Operating income decreased nearly $10 million or 5.7% in Q4 compared to the same period last year [9] Business Line Data and Key Metrics Changes - Policies in force declined by 1.1%, with retention dropping to 88.4% [6] - Management fee revenue for policy issuance and renewal services grew approximately $238 million or 8.2% for the full year, while expense growth totaled approximately $201 million or 8.7% [10] Market Data and Key Metrics Changes - Catastrophe losses contributed 10.6 points to the combined ratio on a reported basis, compared to 9.6 points in 2024, with significant losses offset by lower-than-expected losses in H2 [7] Company Strategy and Development Direction - The company aims to strengthen profitability, support disciplined growth, and invest in product offerings for long-term success [12] - New products like Erie Secure Auto are being rolled out to enhance competitive positioning [12] - The company is also advancing innovation through Erie Strategic Ventures, focusing on investments in technology and financial services [14] Management's Comments on Operating Environment and Future Outlook - The management highlighted a challenging underwriting environment due to elevated weather activity and competitive market dynamics [3] - Confidence was expressed in the long-term strategy that has sustained the company for 100 years, positioning it well for a strong year ahead [4] Other Important Information - A $100 million contribution to a charitable foundation impacted net income but did not affect operating income [8] - The company paid over $254 million in dividends in 2025, with a 7.1% increase in the quarterly dividend approved for 2026 [11] - The CEO announced plans to retire at the end of 2026, emphasizing a commitment to a seamless leadership transition [16] Summary of Q&A Session Questions and Answers - There was no Q&A session following the recorded remarks, so no questions or answers are available [1]

Financial Data and Key Metrics Changes - Net sales for Q4 2025 were $201.9 million, an increase of 9.5% year-over-year, with comparable sales up 8.2% [3][4] - Gross margins for Q4 were 60.4%, down from 61.9% in the previous year, with LIFO charges of $3.9 million impacting results [3][4] - Pre-tax income for Q4 was $10.8 million, resulting in earnings per share of $0.51, compared to $0.49 in the same quarter last year [4][16] Business Line Data and Key Metrics Changes - The design business accounted for 33.3% of total sales, driven by a 14.8% increase in upholstery special orders [5] - Average ticket for Q4 increased by 10.9% to $3,759, with design average ticket growing 11.9% to $8,072 [5][6] - Written sales for the year were up 2.8%, with comparable sales up 0.7% [6] Market Data and Key Metrics Changes - Traffic for Q4 ended with a decrease in low single digits, following a positive trend in the previous months [5][6] - The company experienced a significant increase in web traffic and key site engagement, contributing to a 12.3% increase in written e-commerce sales for the quarter [9] Company Strategy and Development Direction - The company plans to open five new stores in 2026, including its first location in Pennsylvania, while closing one underperforming store in Alexandria, Louisiana [10][11] - Capital expenditures for 2026 are projected to be around $33.5 million, focusing on store growth and remodels [11][19] - The company aims to maintain a debt-free balance sheet and continue its focus on customer experience and operational consistency [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's performance, indicating a rebound in 2025 and a focus on testing new ideas and processes in 2026 [12] - The company is monitoring tariff developments closely, with expectations that gross margins for 2026 will be between 60.5% and 61% [18][19] - Management noted that the recent government shutdown may have impacted consumer behavior, but they remain confident in their sales momentum [39][40] Other Important Information - The company experienced a $12.7 million increase in inventories year-over-year, totaling $96.2 million at year-end [7][16] - Marketing expenses were down slightly as a percentage of net sales, with plans to keep marketing spend flat in 2026 compared to 2025 [10][44] Q&A Session Summary Question: Can you provide details about same-store sales trends throughout the quarter? - Management reported high single-digit growth in October, middle single-digit growth in November, and low single-digit decline in December [23] Question: What factors are affecting the variable component of SG&A outlook for 2026? - Management indicated that higher sales commissions and competitive pressures are expected to impact variable SG&A costs, while occupancy costs will also increase due to store growth [25][27] Question: How will the evolving tariff environment affect pricing actions? - Management stated they will be deliberate in their approach, working through existing inventories before making pricing adjustments [28] Question: What is the expected timeline for working through current inventory at the previous tariff rate? - Management anticipates it will take the first half of the year to work through current inventory before introducing new inventory at updated costs [36] Question: Can you discuss the mattress refresh program and its impact? - Management noted improvements in presentation and consumer understanding, with positive traction observed in stores that have undergone the refresh [41][43] Question: What are the expectations for marketing and advertising expenses in 2026? - Management expects marketing spend to remain flat as a percentage of sales compared to 2025 [44]