Financial Data and Key Metrics Changes - In Q4 2025, natural gas and oil sales increased to $365 million, an 8% growth compared to Q4 2024, despite lower production [6][9] - The company generated $222 million of operating cash flow, or $0.75 per share, with adjusted EBITDAX of $277 million and adjusted net income of $46 million, or $0.16 per share [7][10] - For the full year 2025, production averaged 1.2 Bcfe per day, a 14% decrease from 2024, but oil and gas sales rose by 15% to $1.4 billion due to improved natural gas prices [10][11] Business Line Data and Key Metrics Changes - The 2025 drilling program replaced 229% of production with 1 TCFE of drilling-related proved reserve additions, achieving a finding cost of $1.02 per MCFE [5][16] - In Q4 2025, the company turned 4 new Western Haynesville wells online, increasing the total to 12 wells for the year, with an average initial production rate of 29 million cubic feet per day [7][27] - The average lateral length of wells in the Legacy Haynesville was 11,738 feet, with an average initial production rate of 25 million cubic feet per day [26] Market Data and Key Metrics Changes - The average NYMEX settlement price for natural gas in Q4 was $3.55, with the average Henry Hub spot price at $3.69, reflecting a 4% increase [11][12] - Realized gas prices during Q4 averaged $3.29, with a basis differential of $0.26 compared to the NYMEX settlement price [12] Company Strategy and Development Direction - The company plans to focus on building out its assets in the Western Haynesville to benefit from long-term growth in natural gas demand driven by LNG exports and data center power needs [37][39] - A partnership with NextEra for a data center project aims to support hyperscaler development with an initial capacity of 2 gigawatts, potentially expanding to 8 gigawatts [5][38] - The company aims to maintain the lowest producing cost structure in the industry while striving for additional drilling efficiencies [39][42] Management's Comments on Operating Environment and Future Outlook - Management noted the volatility in gas prices and the impact of weather on supply and demand dynamics, indicating flexibility in capital spending based on market conditions [51][54] - The company expects natural gas demand to grow by approximately 3 Bcf annually through 2030, driven by LNG facilities and data centers [54][56] Other Important Information - The company completed $445 million in divestitures in 2025, improving its balance sheet and reducing debt [5][6] - Total shareholder return over the last two years was 162%, the highest among public E&P companies [6] Q&A Session Summary Question: Guidance and Capital Spending Flexibility - Analyst inquired about the capital budget's alignment with gas price expectations and the potential for adjusting capital spending based on market conditions [47] - Management confirmed the ability to flex drilling budgets and emphasized the importance of investing in production growth while maintaining flexibility [51][53] Question: NextEra Partnership and Data Center Project - Analyst asked about the scaling of the NextEra partnership from 2 GW to 8 GW and the advantages of selling to NextEra [57] - Management highlighted the strategic location and infrastructure advantages, indicating strong demand for the project [60] Question: Pinnacle Gas Services Recapitalization - Analyst questioned the recapitalization plan for Pinnacle Gas Services and its implications for funding and midstream ambitions [63] - Management outlined plans to eliminate preferred equity and establish a new credit facility to support growth [65][69]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $3.91 for 2025, which is in the top half of the guidance range, with expectations of over 8% adjusted EPS annual growth through 2029 [4][25] - Retail sales increased approximately 4% in 2025, with industrial sales contributing a 7% increase [25][26] - The company anticipates an 8% compound annual growth rate in retail sales through 2029, driven by a 15% growth in industrial sales [5][26] Business Line Data and Key Metrics Changes - The company achieved 4% sales growth in 2025, primarily driven by industrial sales [5] - Significant electric service agreements totaling approximately 3.5 gigawatts were signed in 2025, indicating strong demand from industrial sectors [5][6] - The company has a pipeline of 7-12 gigawatts for data centers and 3-5 gigawatts for other industries, with a clear line of sight on equipment to serve 8 gigawatts of incremental load [8][12] Market Data and Key Metrics Changes - Entergy's utility remains in the first quartile for Net Promoter Score for both residential and business customers, with Entergy Texas ranked number one in customer satisfaction for business electric service in the South [5] - The company noted record employment milestones across all states in 2025, reflecting positive economic development activity [8] Company Strategy and Development Direction - The company is focused on a customer-first strategy that aims to create value for all stakeholders, with a $43 billion capital plan through 2029 to support customer needs [12][25] - Entergy is actively engaging with potential new customers to secure additional growth, particularly in data centers and traditional industrial segments [8][10] - The company is exploring new rate offerings such as demand response and time of use rates to complement existing billing options [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook, citing strong demand from data centers and traditional industries [4][5] - The company is committed to maintaining low rates while improving customer experience and reliability through infrastructure investments [5][10] - Management acknowledged the impact of Winter Storm Fern on operations, estimating restoration costs of up to $300 million for Louisiana and $200 million for Mississippi [31] Other Important Information - The company plans to host an Investor Day on June 9 in New York City to discuss significant opportunities and provide a five-year outlook [24] - Entergy's credit metrics remain strong, with expectations of cash flow from operations free working capital to debt greater than 17% for 2025 [29][30] Q&A Session Summary Question: On the large load ramp, was phase one of Hut 8 already partially in plan? - Management indicated that Hut 8 and similarly sized data centers are included in the probability-weighted industrial growth, and additional growth may require incremental capital [37][39] Question: What protections are in place for large load customers? - Management confirmed that significant credit requirements, including termination fees and minimum bills, are in place to protect against customer walkaways [42][43] Question: What is the expected impact of the Cottonwood addition to the capital plan? - The Cottonwood project is included in the capital plan and is pending regulatory approval, but it does not change the EPS outlook significantly [61] Question: What updates can be expected at the Investor Day in June? - Management plans to provide more clarity on data center contracts and a longer-term outlook, along with insights from various leaders within the company [67] Question: How is the political and regulatory environment affecting data center activity? - Management reported continued strong support for data centers in their jurisdictions, with no significant shifts in customer preferences among states [70]

Financial Data and Key Metrics Changes - The company reported full-year 2025 core earnings of $1.50 per share, which is up 10% from 2024, marking the fourth consecutive year of double-digit core EPS growth [5][20] - The 2026 core EPS guidance range has been raised to $1.64-$1.66, implying a 10% growth at the midpoint [5][6] - The company achieved a 43% reduction in serious injuries and fatalities compared to 2024, and a 30% improvement in serious preventable motor vehicle incident rate [6][7] Business Line Data and Key Metrics Changes - Operating and maintenance savings amounted to $0.20 for the year, with $0.09 redeployed back into the system for customer benefits [20] - The company cut application intake time for new connections by 40%, from an average of 76 days to 45 days [20] - The company has seen significant growth in projects moving into the final engineering stage, now standing at almost 3.6 GW, more than doubling from the previous quarter [18] Market Data and Key Metrics Changes - The company delivered its fourth reduction in electric rates in two years, with bundled residential electric rates now 11% lower than in January 2024 [8][15] - The average monthly bill for typical customers is about $20 less than before [8] - The company reported an 18% EV penetration in the final quarter of the year, indicating strong demand for electric vehicle charging [51] Company Strategy and Development Direction - The company aims for a growth outlook of 9%+ annually from 2027 through 2030, focusing on safety, reliability, and affordability [6][10] - The company is committed to addressing California's wildfire challenges and has launched Emberpoint, a venture aimed at integrating next-generation wildfire solutions [12][13] - The company plans to file for approximately 5,000 miles of additional undergrounding over the next 10 years, starting in 2028 [14][15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of legislative progress on wildfire risk and cost allocation, indicating that the current model is regressive and burdensome for customers [36][39] - The company is optimistic about the CEA process and believes that timely legislative action is crucial for addressing affordability issues [36][81] - Management highlighted the need for a sustainable investment model to attract capital for infrastructure improvements [39][63] Other Important Information - The company has a $73 billion five-year capital plan, with no new common equity required through 2030 [21][22] - The company has doubled its annual share dividend to $0.20 for 2026, with expectations for consistent increases in the next two years [22] - The company reduced non-fuel O&M by 2.5% in 2025, exceeding targets for four consecutive years [24] Q&A Session Summary Question: What is the company's view on the CEA process and legislative timing? - Management expressed that the CEA is on track and emphasized the importance of getting the legislative outcomes right, supporting risk reduction and affordability [34][36] Question: How would the company prioritize capital allocation if progress stalls? - Management indicated that all aspects of the plan would be on the table if progress on legislation halts, emphasizing the need for an attractive legislative construct [40] Question: What are the expectations for the Kincade and Dixie cost recovery proceedings? - Management outlined that they are seeking recovery for over $1 billion in claims related to the Kincade and Dixie wildfires, supported by a strong case for prudency [89] Question: How does the company view the data center pipeline and its impact on growth? - Management noted that the data center load growth is incorporated into the 0%-3% bill growth target, with expectations for significant contributions to affordability [57][80]

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]