Financial Data and Key Metrics Changes - The company recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024 [3] - Group-wide adjusted property EBITDA for Q4 2025 grew 12% year-over-year to approximately $331 million [6] - Macau property EBITDA grew 24% year-over-year in Q4 and 25% for the full year compared to 2024 [3] Business Line Data and Key Metrics Changes - In Macau, the company focused on enhancing customer experience, leading to significant EBITDA growth [3] - City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for Q4 2025 [5] - The Philippines faced competitive pressures, but positive developments such as visa-free travel for Chinese nationals were noted [4] Market Data and Key Metrics Changes - Macau market GGR was up by 24% year-over-year, with an increase in market share observed in early 2026 [3] - The company expects Macau daily operating expenses to rise to approximately $3.2 million in Q1 2026 due to increased marketing activities [8] Company Strategy and Development Direction - The company plans to implement new initiatives in 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau [4] - A revamp of the retail area at COD and upgrades to food and beverage offerings are also in the pipeline [4] Management's Comments on Operating Environment and Future Outlook - Management noted that competition in Macau remains intense but is expected to stabilize [21][26] - The company is confident in its ability to manage operating costs and maintain EBITDA margins throughout 2026 [27] Other Important Information - The company had available liquidity of approximately $2.4 billion and consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [8] - Total CapEx for 2026 is projected at $450 million, with significant investments in the Countdown Hotel and other properties [33] Q&A Session Summary Question: Impact of House of Dancing Water on visitation and revenue - Management noted a meaningful uptick in property visitation since reopening the show, driving additional spending across non-gaming segments [15][16] Question: Competitive intensity in Macau and EBITDA margin expectations - Management acknowledged intense competition but expressed confidence in maintaining margins due to disciplined cost management [21][27] Question: Clarification on operating expenses related to non-recurring items - Management quantified additional bad debt at approximately $5 million and anniversary-related expenses at about $6 million for the quarter [31] Question: CapEx breakdown for major projects - Total CapEx for 2026 is $450 million, with $375 million allocated to Macau and significant funds for the Countdown Hotel [33]

Financial Data and Key Metrics Changes - Fourth quarter revenue increased by 12%, with core EPS rising by 18%, both reaching record levels for the company [4][11] - Core EBITDA rose by 19% for the quarter, reflecting strong performance across various business segments [11] - The company expects core EPS for 2026 to be in the range of $7.30-$7.60, indicating a 17% growth at the midpoint [5][17] Business Line Data and Key Metrics Changes - Advisory services saw double-digit growth in leasing and sales, with leasing revenue growing 14% globally [11] - The building operations and experience segment experienced revenue growth driven by local facilities management and data center solutions, with data center solutions revenue growing over 20% [13][14] - Project management delivered solid revenue growth, supported by new real estate projects for hyperscalers [14] Market Data and Key Metrics Changes - In the U.S., leasing revenue grew 12%, with significant contributions from data centers and industrial sectors [11] - EMEA led leasing growth with Continental Europe up 29% and the UK up 16% [11] - Outside the U.S., strong sales were reported in India and the UK, with mortgage origination fees growing over 20% [12] Company Strategy and Development Direction - The company is focused on building businesses that benefit from secular tailwinds, such as the acquisition of Pearce Services to enhance technical services capabilities in the digital infrastructure market [4][5] - The integrated data center solutions business is expected to reach $2 billion in revenue by 2026, growing at 20% per year [5] - The company is investing in AI to improve efficiency and create a knowledge advantage, leveraging its extensive real estate data [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustained growth, citing strong demand for office space and the ongoing recovery in the market [39] - The company anticipates continued double-digit revenue growth in both resilient and transactional businesses for 2026 [17][18] - Management acknowledged potential long-term impacts of AI on office space demand but emphasized current strong demand across various markets [39] Other Important Information - The company raised over $11 billion in capital in 2025, with assets under management (AUM) ending the year at $155 billion [16] - Free cash flow generated in 2025 was nearly $1.7 billion, reflecting an 86% conversion on core net income [17] - The company is focused on maintaining operational efficiency while investing in future growth opportunities [19] Q&A Session Summary Question: Can you provide more detail on the pipeline in capital markets and the impact of interest rates? - Management indicated that they do not expect capital markets activity to be driven by interest rate cuts, noting a balance between asking and offering prices [25] Question: Can you elaborate on the one-time expenses affecting project management margins? - Management stated that they expect these one-time expenses to be reversed in the first quarter, leading to margin expansion [27] Question: What are the risks of AI disintermediating the brokerage business? - Management expressed confidence that the brokerage business is driven by strategic thinking and relationships, which are not easily replaced by AI [31] Question: How do you see the long-term demand for office space in relation to AI? - Management acknowledged that while AI may reduce some office needs, current demand remains strong as companies use office space to attract talent [39] Question: What is the outlook for margins in the BOE and project management businesses? - Management expects BOE margins to remain flat in 2026 due to investments, while project management is anticipated to see margin expansion [68]

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

Financial Data and Key Metrics Changes - The company reported a record performance in Q4 2025, achieving a 17% year-over-year growth in revenue, with total revenue reaching $1.84 billion, an increase of $262 million compared to the previous year [3][19] - For the full year 2025, revenue increased 12% to $6.9 billion, Adjusted EBITDA grew 15% to $2.6 billion, and AFFO increased 15% to $1.5 billion [3][23] - Adjusted EBITDA margin improved to 38.3%, the highest level reported to date, with Adjusted EBITDA of $705 million in Q4, up 17% year-over-year [21][22] Business Line Data and Key Metrics Changes - Data center revenue increased by 30% in 2025, with a remarkable 39% growth in Q4 alone, driven by strong leasing activity [4][26] - Asset Lifecycle Management (ALM) revenue surged 63% in total for 2025, with 40% organic growth, and 56% organic growth in Q4 [6][27] - Digital solutions revenue surpassed $500 million in 2025, reflecting double-digit growth, with a strong pipeline for future contracts [7] Market Data and Key Metrics Changes - The company anticipates over 25% revenue growth in the data center segment for 2026, supported by a strong backlog and leasing momentum [5][31] - The physical storage business achieved record revenue growth at a mid-single-digit rate, marking the 37th consecutive year of organic storage rental revenue growth [9][24] Company Strategy and Development Direction - The company aims to sustain industry-leading revenue and earnings growth into 2026 and beyond, capitalizing on robust demand in the data center industry and expanding its ALM and digital solutions businesses [4][10] - The company is focused on cross-selling opportunities within its existing customer base, leveraging its established relationships to drive growth [9][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering another record year in 2026, with guidance for total revenue between $7.625 billion and $7.775 billion, representing a year-on-year growth of 12% at the midpoint [31] - The company highlighted the importance of its legacy physical storage business as a strong foundation for cash flow and growth investments [8][10] Other Important Information - The company declared a quarterly dividend of $0.864 per share, a 10% increase from the previous year, reflecting its commitment to returning value to shareholders [28] - The company plans to invest $2.0 billion in growth capital expenditures in 2026, focusing on pre-leasing strategies before commencing construction [29] Q&A Session Summary Question: Can you discuss the data center pipeline and leasing activity? - Management noted strong momentum with over 40 megawatts of leasing in Q4 and highlighted key markets such as Northern Virginia, Richmond, Madrid, and India as areas of significant interest [35][36] Question: What is the momentum in the ALM business for organic growth this year? - Management indicated a strong outlook for the ALM business, forecasting upwards of 20% organic growth, driven by both new customer acquisitions and increased penetration within existing accounts [40][45] Question: How much of the ALM growth came from volumes versus pricing? - Management stated that the growth was balanced between hyperscale and enterprise segments, with strong pricing trends contributing positively to revenue [48][50] Question: Can you elaborate on gross margin trends in the services business? - Management explained that while total gross margin is affected by mix, services gross margin improved significantly, indicating strong operational execution and pricing strategies [52][54] Question: What is the M&A landscape for ALM and data centers? - Management expressed that while they do not foresee significant M&A activity in the data center space, they remain open to opportunities in the ALM market to expand their global footprint [57][61] Question: What are the expectations for the U.S. Department of Treasury contract? - Management expects to generate at least $45 million from the Treasury contract in 2026, with potential for this to ramp up to around $100 million as the outsourcing process progresses [76][78]

Cognex (NasdaqGS:CGNX) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Speaker8Greetings, and welcome to the Cognex Fourth Quarter 2025 Earnings 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 requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Greer Aviv, He ...

Financial Data and Key Metrics Changes - For the full year 2025, the company delivered comparable sales growth of 2.4%, net restaurant growth of 2.9%, and system-wide sales growth of 5.3% [30] - Organic adjusted operating income (AOI) growth was 8.3%, and nominal adjusted EPS growth was 10.7% [30][29] - The company achieved its third consecutive year of approximately 8% organic adjusted operating income growth, demonstrating consistency within the industry [6][48] Business Line Data and Key Metrics Changes - Tim Hortons Canada and International delivered 19 consecutive quarters of positive comparable sales, with comparable sales in Canada growing 2.8% in Q4 2025 [7][9] - The International segment saw comparable sales growth of 4.9% for the full year, including 6.1% in Q4, and net restaurant growth of 4.9% [13][14] - Burger King U.S. achieved comparable sales growth of 1.6% for the full year, including 2.6% in Q4, outperforming the burger QSR industry in 9 out of the last 12 quarters [18][23] Market Data and Key Metrics Changes - In Canada, Tim Hortons faced macroeconomic uncertainty but still delivered solid performance, with breakfast food sales growing 3.5% [9][10] - The international segment, particularly in markets like France and Australia, experienced strong performance, with double-digit system-wide sales growth [14][16] - Burger King China reported comparable sales growth of 9.2% in Q4, driven by improvements in restaurant fundamentals and growth in delivery [15] Company Strategy and Development Direction - The company is focused on long-term growth, with plans to return to a 99% franchise business model and accelerate net restaurant growth to 5%+ [8][41] - The company is refranchising Burger King restaurants ahead of schedule and has established a joint venture with CPE for Burger King China to drive growth [3][29] - The strategy includes a disciplined approach to capital allocation and a focus on operational consistency across all brands [42][46] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a challenging year due to elevated costs and macroeconomic pressures, but the fundamentals of the business are improving [42][43] - The company expects to ramp back towards 5% unit growth by the end of the algorithm period, with a positive outlook for 2026 [31][41] - Management expressed confidence in the ability to build on the momentum from 2025, emphasizing the strength of the franchisee base and operational improvements [29][48] Other Important Information - The company generated nearly $1.6 billion of free cash flow in 2025 and returned $1.1 billion of capital to shareholders through dividends [34] - The company plans to increase its dividend target by roughly 5% to $2.60 per share, marking the 14th consecutive year of dividend growth [34] - Franchisee profitability at Tim Hortons remained resilient at approximately CAD 295,000 despite cost pressures [12][43] Q&A Session Summary Question: Can you discuss the comparable sales evolution and trajectory in 2026, particularly for Tim Hortons and Burger King? - Management indicated that the positive Q4 sets a good foundation for 2026, with expectations for a similar consumer environment and continued focus on fundamentals [53] Question: How much of the international momentum is driven by a healthier backdrop versus share gains? - Management noted that the momentum is a combination of a supportive structural market and effective local strategies, with strong performance in EMEA and Asia Pacific [60][62] Question: How do you view the strength of the fast food market in Europe compared to the U.S. and Canada? - Management highlighted consistent positive performance across major Western European markets and noted that Canada also showed positive sales growth across all day parts [71]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted net income of $0.49 per share and adjusted EBITDA of $258 million, reflecting a sequential improvement over prior quarters [14][20] - Cash flow from operations for the quarter was $367 million, which included a working capital draw of approximately $80 million [18] - The company ended the quarter with $528 million in cash and approximately $1.6 billion of net debt, with a net debt to capitalization ratio of 28% [19][20] Business Line Data and Key Metrics Changes - The Martinez refinery is on the verge of restarting, with construction expected to be completed soon, and full operations anticipated by early March [4][5] - The company achieved $230 million in efficiencies in 2025, with an additional $120 million in run rate savings expected by the end of 2026 [6][7] - The refining system benefited from improving crude dynamics, with increasing supply of heavy and medium crudes enhancing light-heavy spreads [5][6] Market Data and Key Metrics Changes - The market landscape for 2026 appears favorable, with tight refining balances and demand growth aligning well with transportation fuel capacity additions [5][6] - The company is particularly well-positioned to leverage the improving market dynamics, especially in California, where product markets are tightening [6][30] Company Strategy and Development Direction - The company remains focused on controlling operational aspects to enhance shareholder value, emphasizing safe, reliable, and efficient operations [7][8] - The Refinery Business Improvement (RBI) initiative has identified over 1,300 initiatives aimed at improving operational efficiency, with significant savings expected from procurement practices [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near-term outlook, supported by achieved efficiencies and a favorable market environment [6][8] - The company anticipates that the dynamics in California will create a particularly attractive market for its products, especially with the restart of the Martinez refinery [30][31] Other Important Information - The company reported a $394 million gain on insurance recoveries related to the Martinez fire, bringing total recoveries in 2025 to $894 million [15][16] - The company plans to use periods of strength to focus on reducing both gross and net debt [20][46] Q&A Session Summary Question: Impact of Venezuelan barrels on PBF - Management noted that PBF consumes a significant amount of heavy and sour material, and the influx of Venezuelan barrels will positively impact the business [22][24][26] Question: Monitoring Martinez's restart - Management indicated that the team is close to completing the construction and will ensure a methodical restart, with expectations to be fully operational by early March [27][30] Question: Drivers of margin capture improvement - The widening crude differentials and reliable operations were cited as key drivers for improved margin capture in Q4 [36][38] Question: Future CapEx and turnaround schedule - Management expects 2026 to be a particularly heavy turnaround year, but future years will normalize to a more typical cadence [99][100] Question: Insurance proceeds allocation - Management clarified that the allocation of insurance proceeds will be finalized once the claims process is complete, and current accounting conventions may not reflect the final distribution [100][101]

Ridgepost Capital (NYSE:PX) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Speaker6Hello, and welcome to Ridgepost Capital's fourth quarter and full year 2025 conference call. My name is Kevin, and I'll be coordinating your call today. Currently, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. As a reminder, today's conference call is being recorded. I will now pass the call over to your host, Mark Hood, EVP and Chief Administrati ...

Financial Data and Key Metrics Changes - Service revenue for 2025 grew by 3%, aligning with guidance, while operational EBITDA increased by 5% year-over-year to $495.3 million [22][23] - Pro forma free cash flow reached nearly $300 million, with a conversion rate of EBITDA to cash flow at 60% [5][22] - Total revenue for Q4 2025 was $212.9 million, reflecting year-over-year growth in service revenue but lower subscriber equipment sales [23] Business Line Data and Key Metrics Changes - Commercial IoT revenue grew by 11% in Q4 2025, supported by the addition of over 30 new IoT products certified during the year [23][24] - Voice and data revenue increased by 4% in Q4, benefiting from a price increase implemented earlier in the year [23] - Broadband revenue declined by 9% in Q4 and 10% for the full year, attributed to a shift towards lower-priced companion plans [24] Market Data and Key Metrics Changes - The government business revenue rose to $27.6 million in Q4, reflecting the final step-up in EMSS contracts with the U.S. government [25] - Engineering and support revenue was strong at $37.1 million, with significant milestones achieved in 2025 related to government contracts [26] Company Strategy and Development Direction - The company is focusing on four key growth areas: narrowband IoT expansion, assured PNT services, national security work with the U.S. government, and aviation industry disruption [12][19] - New services and products expected to generate over $200 million in revenue opportunities by the end of the decade [9][10] - The company plans to leverage its unique spectrum assets and explore future business alliances to maximize shareholder value [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate significant free cash flow and return capital to shareholders through dividends [5][21] - The company anticipates a slower growth trajectory in 2026 but remains optimistic about long-term value creation [21][22] - Management highlighted the importance of adapting to competitive pressures while maintaining a focus on core business strengths [80] Other Important Information - A change in management incentive compensation to be fully cash-based starting in 2026, expected to reduce equity issuance and align more closely with shareholder interests [26][34] - The company ended 2025 with a cash balance of approximately $96.5 million and no outstanding borrowings under its revolving facility [35] Q&A Session Summary Question: Details on the decision to make incentive compensation entirely in cash - Management explained that the change aligns better with shareholder interests and reflects industry norms, while it will not impact GAAP financials [40][45] Question: Clarification on the $200 million revenue expectation from growth areas - Management clarified that the $200 million figure pertains to new growth products and does not directly correlate to the four growth themes discussed [46][48] Question: Ranking of growth areas and potential for M&A - Management indicated that while national security and PNT are promising, IoT and aviation safety also present significant opportunities, with potential for partnerships rather than acquisitions [53][54] Question: Viability of space data centers and potential involvement - Management expressed skepticism about the feasibility of space data centers, emphasizing a focus on current business themes rather than speculative ventures [62][63] Question: Next milestones for D2D services - Management outlined that product introduction and partner testing are key milestones to watch for in the upcoming year [64][65] Question: Expected PNT revenue contribution for 2026 - Management noted that PNT is included in the flat 2% growth outlook for 2026, with potential upside as opportunities develop [66][69]

Financial Data and Key Metrics Changes - The company expects EBITDA margin expansion of 40-50 basis points for 2026, which accounts for a planned investment of $4 million-$6 million for California expansion [11][12] - The leverage ratio is projected to be between 3.0-3.2 times, with a goal to reduce it to 2.5-3 over time [50][51] Business Line Data and Key Metrics Changes - The company anticipates positive distribution gains in 2026, driven by innovation and expansion into California, which is currently an untapped market [41][64] - The company has seen strong performance in productivity, mitigating inflation impacts, and expects to maintain a positive contribution from both volume and price across its portfolio [22][25] Market Data and Key Metrics Changes - The company noted that its core markets, particularly in Maryland, Virginia, and Washington, D.C., were disproportionately impacted by disruptions in November, affecting overall sales [30][31] - The overall category is expected to remain flat, with cautious optimism for a positive response from consumers due to better brands and innovation [43][44] Company Strategy and Development Direction - The company is focused on geographic expansion, distribution gains, and investing in marketing and innovation to drive growth [9][10] - The management emphasized the importance of maintaining a flexible approach to navigate a dynamic market environment while preparing for various outcomes [78][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial plan for 2026, highlighting the importance of a rational promotional environment and continued investment in marketing [9][10] - The management acknowledged the challenges posed by inflation and consumer dynamics but remains optimistic about the company's ability to grow through strategic initiatives [92][93] Other Important Information - The company is launching new products, including protein pretzels and Boulder Canyon offerings, with expected distribution gains starting in Q2 [33][34] - The management is committed to maintaining affordability and value for consumers, which is crucial for driving volume growth [52][56] Q&A Session Summary Question: Expectations regarding competitive pricing and investment for 2026 - Management feels confident in their commercial plan and anticipates a flat category, guiding for 200-300 basis points of growth [9][10] Question: Clarification on EBITDA margin guidance - The company expects 40-50 basis points of margin expansion, accounting for planned investments and a dynamic environment [11][12] Question: Impact of SNAP disruption on sales - The core markets were more affected due to their demographic characteristics, which contributed to the overall sales impact [30][31] Question: Distribution and innovation timeline - Distribution gains are expected to start in Q1, with innovations rolling out in Q2 [33][34] Question: Consumer dynamics and affordability - Management noted that affordability remains a key focus, with a balanced approach to pricing and innovation [52][56] Question: Long-term portfolio strategy - The company is focused on expanding its portfolio to include more protein and fiber options, aligning with consumer trends [95][96]