Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $38.8 million or $0.95 per share, and for the fourth quarter, they were $11.6 million or $0.28 per share [11] - EBITDA for the quarter was $27 million and for the year was $95 million, highlighting strong operating leverage [13] - The cash break-even rate was reported at $11,700 per day, or $10,800 per day excluding CapEx, indicating effective cost management [10][22] Business Line Data and Key Metrics Changes - MR tankers earned $25,300 per day in Q4 and $29,100 per day in Q1 2026, while chemical tankers earned $19,900 per day in Q4 and $20,800 per day in Q1 2026 [10] - The company maintained a strong spot market exposure of 82% while also securing high-quality fixed-rate time charters [11][29] Market Data and Key Metrics Changes - The dislocation of oil refineries is a continuing trend, with refining capacity shifting east and tightening regional supply in the West, leading to increased voyage lengths and ton miles [14] - The global tanker fleet is facing sanctions, with over 16% currently subjected to them, tightening supply and benefiting compliant fleets like Ardmore's [15] Company Strategy and Development Direction - Ardmore's strategy focuses on capturing opportunities in refined oil products and complex chemical cargoes, supported by a fully integrated trading platform [19] - The company emphasizes asset flexibility, allowing it to adapt quickly to changing market conditions and capture value across cycles [21] - Ardmore's capital allocation policy remains aligned with its long-term strategy, focusing on performance and innovation [24] Management's Comments on Operating Environment and Future Outlook - Management highlighted that geopolitical risks and supply chain disruptions are reshaping trade flows, reinforcing the importance of flexibility in operations [53] - The company is committed to maintaining financial flexibility to navigate uncertainties and capitalize on opportunities [54] Other Important Information - Ardmore completed a major dry docking cycle, enhancing fleet performance and reducing future CapEx significantly [25] - The company has been recognized for its strong corporate governance, ranking as the top tanker company in Weber's Corporate Governance Scorecard [38] Q&A Session Summary Question: Future capital allocation considering rising asset values - Management indicated a non-binary approach to capital allocation, balancing between growth and maintaining a strong fleet, while observing market conditions closely [58] Question: Thoughts on the new building market for MRs - Management has not participated in the new building market since 2013, finding better value in the second-hand market, and remains vigilant about market opportunities [60] Question: Clarification on AI returns - The response clarified that the focus is on ensuring that AI investments meet ambitious return expectations, emphasizing a strategy of adopting rather than developing AI [66]

PRECISION DRILLING CORPORATION February 2026 - Investor Presentation FORWARD-LOOKING STATEMENT Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities ...

FEBRUARY 12, 2026 Strategy, innovation, Datadog platform and product Q&A Safe Harbor This presentation and the accompanying oral presentation have been prepared by Datadog, Inc. ("Datadog" or the "company") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or Datadog or any officer, director, employee, agent or advisor of Datadog. This presentation does not purport ...

Q4 2025 Investor Conference Call February 12, 2026 Caution regarding forward-looking statements Today's discussion may contain forward-looking statements, including statements relating to our objectives and our strategies to achieve those objectives, our 2026 targets, our expectations regarding trends in the telecommunications industry (including demand for data and ongoing subscriber base growth), regarding AI-enabling revenue, regarding growth in different areas of our business and regarding the nature, t ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported an AFFO per share of $0.45, with a full-year AFFO of $1.78 per share, representing a 2.9% growth over 2024 [21] - Q4 cash rental income was $67.5 million, reflecting an 11.1% growth compared to the same quarter last year [22] - Annualized cash-based rent at the end of Q4 was $264.2 million, with a weighted average five-year annual cash rent escalator of 1.5% [22] Business Line Data and Key Metrics Changes - The company acquired 30 properties in Q4 for $95 million at a blended cap rate of 7%, marking a 20 basis point expansion over the previous quarter [11] - In 2025, the total acquisition volume reached $318 million, with a blended cap rate of 6.8% [11][12] - The portfolio maintained a strong rent coverage ratio of 5.1 times, one of the highest in the net lease industry [5] Market Data and Key Metrics Changes - The company has diversified its revenue sources, with 37% of rents coming from sectors outside casual dining, including automotive service (13%), quick service restaurants (11%), and medical retail (10%) [8] - The company reported no exposure to problematic retail sectors and maintained a portfolio occupancy rate of 99.6% [5][24] Company Strategy and Development Direction - The company aims to continue its conservative and thoughtful capital allocation strategy, focusing on high-quality acquisitions without sacrificing quality for volume [4] - The strategy includes expanding into new sectors such as grocery and equipment rental, while maintaining a focus on recession-resistant, essential service retailers [13][15] - The company plans to leverage favorable debt capital markets for acquisitions in 2026, with a focus on maintaining low leverage [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the quality of the portfolio and the ability to re-tenant properties, particularly in light of recent discussions with Darden regarding the conversion of Bahama Breeze locations [7][32] - The company anticipates a strong year in 2026, supported by ample liquidity and a favorable cost of debt capital [75] - Management highlighted the importance of disciplined capital allocation and the potential for continued growth despite market challenges [40] Other Important Information - The company has no debt maturities until December 2026, providing a stable financial outlook [21] - The company has maintained a healthy fixed charge coverage ratio of 4.8 times and 98% of its debt is fixed [20] Q&A Session Summary Question: Market outlook for United Rentals and industrial outdoor storage - Management noted the attractiveness of the sector, highlighting a large addressable market and the potential for creditworthy tenants [27][28] Question: Update on Bahama Breeze exposure - Management confirmed that several locations will be converted to other Darden brands, with strong interest from potential new tenants [30][32] Question: Comfort level with approaching leverage limits - Management expressed confidence in maintaining a disciplined approach to capital allocation, with ample acquisition opportunities before reaching leverage limits [39][49] Question: Red Lobster exposure and performance - Management indicated that Red Lobster is performing better under new ownership, with properties predominantly under master leases [43][44] Question: Diversification strategy and sectors to avoid - Management reiterated a focus on balanced real estate and credit approaches, avoiding sectors with high risk [45] Question: Direct deals with developers - Management stated that they do not see a significant difference in returns between direct deals and those involving brokers [69][70]

Supplemental Information Fourth Quarter and Full Year 2025 The GEO Group, Inc.'s ("GEO") Unaudited Reconciliation Tables and Supplemental Disclosure presented herein speak only as of the date or period indicated, and GEO does not undertake any obligation, and disclaims any duty to update any of this information, except as required by law. GEO's future financial performance is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that c ...

Summary of Phathom Pharmaceuticals Conference Call Company Overview - **Company**: Phathom Pharmaceuticals (NasdaqGS:PHAT) - **Product**: VOQUEZNA, the first PCAB (Potassium-Competitive Acid Blocker) in the U.S. for gastroesophageal reflux disease (GERD) treatment - **Market Size**: 65 million patients in the U.S. suffer from gastroesophageal reflux, with a historical PPI market exceeding $10 billion in revenue [2][3][9] Core Insights - **Market Opportunity**: 40% of GERD patients on standard therapy (PPIs) are still in pain, representing a significant opportunity for VOQUEZNA to convert these patients to a more effective treatment [3][4] - **Sales Growth**: - 2024 revenue: $55 million - 2025 revenue: Estimated $175 million, indicating a growth of $120 million year-over-year [9] - Expected transition to operating profitability in the second half of 2026 [10] - **Sales Strategy Shift**: Focus has shifted from primary care to gastroenterologists, who are identified as early adopters and the primary prescribers for patients in pain [10][11][14] Financial Performance - **Revenue Growth**: Consistent growth observed each quarter in 2025 despite sales force transitions and territory realignments [27][31] - **Sales Force Realignment**: - Target lists were updated to focus on gastroenterologists, removing unproductive primary care targets [20][22] - Full-strength sales organization expected by March 2026, with approximately 300 sales reps [22] Market Penetration Goals - **PPI Market Penetration**: Current penetration at 3% of the PPI script volume within gastroenterology, with a goal to convert 20%-30% of the 20 million PPI prescriptions written by gastroenterologists, potentially leading to $1 billion in revenue [78][84] Future Outlook - **2026 Strategy**: Focus on executing the current strategy without major shifts, emphasizing sales execution and customer engagement [41][42] - **EoE Market Potential**: Ongoing trials for eosinophilic esophagitis (EoE) could extend exclusivity and provide additional revenue opportunities [96][108] - **Pipeline Development**: Plans to explore additional products for launch through existing gastroenterology relationships, focusing on assets with clear human efficacy data [123][126] Additional Considerations - **Debt Management**: Recent capital raise aimed at improving the balance sheet and renegotiating debt terms to alleviate investor concerns [73] - **Seasonal Fluctuations**: January script declines attributed to seasonal factors and insurance plan resets, not indicative of underlying demand [46][50] This summary encapsulates the key points discussed during the conference call, highlighting Phathom Pharmaceuticals' strategic focus, financial performance, and future growth opportunities in the gastroenterology market.

Financial Data and Key Metrics Changes - Revenue in the fiscal third quarter of 2026 was a record $15.9 million, with an operating loss of $153 thousand, significantly improved from an operating loss of $1.6 million in the same year-ago quarter [8] - Net loss for the quarter was $154 thousand, or -$0.01 per share, compared to a net loss of $1.6 million, or -$0.06 per share in the year-ago quarter [8] - Adjusted EBITDA for the quarter was a record $2.8 million, compared to -$670 thousand in the same year-ago quarter, driven by revenue growth and disciplined cost management [8] Business Line Data and Key Metrics Changes - Podroll revenue increased more than 5% quarter-over-quarter, reflecting growing adoption of the dynamic ad marketplace by brands and agencies [7] - The Dr. Gundry Podcast achieved 18 million all-time downloads, showcasing the long-tail value of evergreen, expert-driven content [6] - The company renewed several key shows, including LadyGang and The Adam Carolla Show, which are expected to enhance monetization opportunities [6][5] Market Data and Key Metrics Changes - The partnership with Dr. Phil's Envoy Media Company is expected to expand PodcastOne's reach beyond traditional podcast distribution into multi-platform owned media [5] - The company is experiencing increased advertiser interest, particularly in relation to the Dr. Phil Podcast, indicating a positive market response [14] Company Strategy and Development Direction - PodcastOne is focusing on strategic partnerships, long-term talent renewals, and expansion of its owned and original content network [4] - The company aims to position itself as a content network rather than just a podcast publisher, leveraging AI-powered infrastructure to enhance operational efficiencies [4][10] - The strategy includes diversifying ad sales revenue generation channels and expanding relationships with brands and advertisers [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of the podcasting industry, citing increasing media spending levels and the entry of major brands into the podcasting space [60] - The company anticipates continued growth throughout fiscal 2026 and beyond, supported by its AI capabilities and expanding portfolio of owned content [10] Other Important Information - The company ended the quarter with $3.4 million in cash and cash equivalents and no debt on the balance sheet [9] - Management highlighted the importance of original IP and its potential to generate significant revenue with minimal additional costs [37] Q&A Session Summary Question: What are the streams and downloads for the Dr. Phil Podcast, and what has been the advertiser response? - Management noted excitement about the Dr. Phil relationship, with positive advertiser interest and plans for future projects [13][15] Question: How are B2B deals impacting current results and what is the outlook? - Management highlighted the Amazon R19 deal as a significant contributor to revenue and efficiency, with expectations for continued growth in B2B relationships [18][19] Question: What is the outlook for cost of sales and G&A expenses? - Management indicated that G&A expenses are expected to remain stable in the short term, with ongoing efforts to contain costs [39] Question: What is the talent environment like for acquiring new shows? - Management reported a competitive environment for talent acquisition but remains optimistic about opportunities for growth and partnerships [56][58] Question: How is advertiser spending trending in the industry? - Management observed robust growth in media spending, with major brands increasingly shifting their budgets to podcasting [60]

Crescent Biopharma Conference Call Summary Company Overview - **Company**: Crescent Biopharma - **Focus**: Advancing life-transforming therapies for cancer treatment - **Market Potential**: Positioned in a market exceeding $100 billion, focusing on next-generation immuno-oncology (IO) therapies, including bispecifics, antibody-drug conjugates (ADCs), and standard care combinations [2][8] Key Products and Pipeline - **CR-001**: A PD-1 VEGF bispecific antibody, expected to be a best-in-class IO backbone - **ADC Portfolio**: Includes CR-002 (PD-L1 Topo ADC) and CR-003 (integrin beta-6 Topo ADC) - **Partnership**: Collaboration with Kelun-Biotech to develop CR-001 in Greater China and in-license CR-003 outside China [6][8] Clinical Development Strategy - **Clinical Trials**: Plans to initiate at least four clinical trials in 2026, with data expected in Q1 2027 - **Funding**: Secured $185 million PIPE, providing financial runway into 2028 to support clinical milestones [8][90] Competitive Positioning - **Differentiation**: CR-001 aims to improve upon existing PD-1 VEGF therapies by enhancing stability and concentration, with a production concentration of 150 mg/ml compared to 10 mg/ml for ivonescimab [11][12] - **Global Development Focus**: Initiating trials in the U.S., Europe, and APAC, addressing translatability issues between Chinese and Western patient populations [13][20] Anticipated Data and Catalysts - **Upcoming Data**: Expecting updates from HARMONi-2, HARMONi-6, and HARMONi-3 studies, which may provide insights into overall survival (OS) and progression-free survival (PFS) [32][34] - **Learning Opportunities**: Data from these studies will inform the development of CR-001 and its positioning against competitors like KEYTRUDA [34][36] ADC Strategy - **Combination Approach**: Focus on rationally designed ADCs targeting thoracic, GI, GynOnc, and head and neck cancers, with plans for synergistic combinations with CR-001 [52][55] - **Independent Value**: Each ADC (CR-002 and CR-003) is expected to have independent value, with potential for both monotherapy and combination therapy development [71][84] Financial Position - **Balance Sheet**: As of September 30, the company reported $246 million pro forma, ensuring funding through 2028 for clinical milestones [90] Conclusion - **Strategic Vision**: Crescent Biopharma is positioned to leverage its innovative therapies and partnerships to capture significant market opportunities in the oncology space, with a clear focus on generating clinical data and establishing a robust pipeline for future growth [2][8][90]

Financial Data and Key Metrics Changes - Revenue in the fiscal third quarter of 2026 was a record $15.9 million, with an operating loss of $153,000 compared to an operating loss of $1.6 million in the same year-ago quarter, indicating significant improvement driven by higher advertising revenue and operational efficiencies [8][9] - Net loss for the quarter was $154,000 or -$0.01 per share, compared to a net loss of $1.6 million or -$0.06 per share in the year-ago quarter [8] - Adjusted EBITDA for the quarter was a record $2.8 million, compared to -$670,000 in the same year-ago quarter, reflecting revenue growth and disciplined cost management [8] Business Line Data and Key Metrics Changes - PodRoll revenue increased more than 5% quarter-over-quarter, reflecting growing adoption of the dynamic ad marketplace by brands and agencies [7] - The Dr. Gundry Podcast and The Adam Carolla Show were highlighted as standout performers, with significant audience engagement and renewed multi-year agreements [6][5] Market Data and Key Metrics Changes - The partnership with Dr. Phil's Envoy Media Company is expected to expand PodcastOne's reach into multi-platform owned media, enhancing its market position [5] - The company continues to see strong advertiser interest, particularly from major brands like Amazon and Progressive, indicating robust growth in media spending [65] Company Strategy and Development Direction - PodcastOne is focused on strategic partnerships, talent renewals, and expanding its owned and original content network, positioning itself as a leading content network rather than just a podcast publisher [4][10] - The company is leveraging AI-powered infrastructure to enhance operational efficiencies and audience engagement, which is expected to drive future growth [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the company's strong position for continued growth throughout fiscal 2026 and beyond, driven by compelling content and strategic monetization [10] - The typical slowdown in advertising spending during the first quarter of the calendar year was acknowledged, with expectations to outperform last year's quarter despite a deceleration in guidance [53][54] Other Important Information - The company ended the quarter with $3.4 million in cash and cash equivalents and no debt on the balance sheet, indicating a strong financial position [9] - The acquisition of Varnamtown by Paramount for development as a streaming project underscores the strength of PodcastOne's original IP [7] Q&A Session Summary Question: What are the streams and downloads for Dr. Phil's podcast, and what has been the advertiser response? - Management noted excitement about the Dr. Phil relationship, with positive advertiser interest and plans for future projects [13][15] Question: How are B2B deals impacting current results and future outlook? - The Amazon ART19 deal was highlighted as a significant contributor to revenue and operational efficiencies, with expectations for continued growth in B2B relationships [18][19] Question: What is the outlook for cost of sales and G&A expenses? - Management indicated that G&A expenses are expected to remain stable in the short term, with ongoing efforts to improve cost efficiencies [44][45] Question: What is the talent environment like for acquiring new shows? - The competitive landscape for talent acquisition remains, but management is optimistic about ongoing relationships and new opportunities [60][63] Question: How is advertiser spending trending in the industry? - Management reported increasing media spending levels, with major brands shifting their budgets to podcasting, indicating a robust growth outlook [65]