Financial Data and Key Metrics Changes - In 2025, the company generated record revenue of $846 million, reflecting a strong 10% growth in product areas outside US credit [5] - Record total revenue was supported by record total ADV, leading to record commission revenue and services revenue, resulting in annual free cash flow generation of $347 million [5][19] - The company reported a 3.5% revenue growth to $209 million in Q4 2025, with diluted earnings per share of $2.51 [16] Business Line Data and Key Metrics Changes - Block trading ADV increased by 29% in 2025, with record block trading ADV in emerging markets [5] - U.S. credit portfolio trading market share increased by 270 basis points in 2025, with a 126% increase in total portfolio trading ADV in January 2026 [11] - Dealer-initiated ADV grew by 33% for the year, with over $3 billion in trading volume in the new MIDX protocol [11] Market Data and Key Metrics Changes - In January 2026, total credit ADV reached record levels, driven by a 50% increase in emerging markets [7] - U.S. high-grade turnover increased by 95% in January, marking levels not seen since 2011 [7] - The company’s estimated market share in U.S. high-yield portfolio trading increased significantly in the second half of 2025 [13] Company Strategy and Development Direction - The company aims to enhance its market access advantage through investments in technology and product development, focusing on multi-protocol solutions [4] - A clear three-year plan has been established to achieve growth targets, with a focus on executing new initiatives in 2026 [5] - The company is addressing U.S. credit market share challenges with a detailed plan embedded in its three-year targets [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to higher levels of revenue growth in U.S. credit, supported by ongoing investments and strategic initiatives [23] - The company is optimistic about capturing expanding e-trading opportunities, particularly in the block market [15] - Management noted that while electronification in U.S. credit has plateaued, there remains significant growth potential in emerging markets [70] Other Important Information - The company returned a total of $474 million to investors through share repurchases and dividends in 2025 [19] - The board of directors welcomed two new members with extensive fintech experience [8] - The company plans to invest $65 million to $75 million in capital expenditures for technology enhancements in 2026 [22] Q&A Session Summary Question: Strength in block trading - Management highlighted a 24% increase in block trading in 2025 and a 56% increase in January 2026, driven by various protocols and increased liquidity [25][26] Question: Average fee rate in credit - Management discussed the impact of protocol mix and market conditions on fee per million, emphasizing the importance of growing incremental revenue despite lower fees [34][35] Question: Update on emerging markets - Management noted significant growth in emerging markets, with a record ADV of over $5 billion in January 2026, and highlighted the low electronic penetration as a major opportunity [46][47] Question: Capital return strategy - Management confirmed ongoing capital return plans, including share repurchases and increased dividends, while also focusing on debt repayment [61][62] Question: Electronification slowdown in U.S. credit - Management expressed confidence in the potential for re-acceleration in electronification, particularly in the block market, and discussed ongoing investments in technology [66][70] Question: Artificial intelligence ambitions - Management outlined plans to leverage AI for increased productivity and transparency in trading, emphasizing the growing dataset as a key asset [80][82]

Fourth Quarter 2025 Financial and operating results for the period ended December 31, 2025 February 5, 2026 Unless otherwise specified, comparisons in this presentation are between 4Q24 and 4Q25. 1 IMPORTANT LEGAL INFORMATION Forward-Looking Statements Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investor ...

CAMDEN TABLE OF CONTENTS | | Page | | --- | --- | | Press Release Text | 3 | | Financial Highlights | 6 | | Operating Results | 7 | | Funds from Operations | 8 | | Balance Sheets | 9 | | Portfolio Statistics | 10 | | Components of Property Net Operating Income | 11 | | Sequential Components of Property Net Operating Income | 12 | | "Same Property" Fourth Quarter Comparisons | 13 | | "Same Property" Sequential Quarter Comparisons | 14 | | "Same Property" Year to Date Comparisons | 15 | | "Same Property" Oper ...

Fourth Quarter & Full Year 2025 Earnings Presentation February 5, 2026 Adjusted net income and adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income as determined in accordance with GAAP. Certain items excluded from free cash flow, adjusted net income, adjusted EBITDAX, adjusted cash operating costs, adjusted cash operating margin, adjusted operating margin and return on capital employed are significant components in understanding and assessing a company's financia ...

Encompass Health (NYSE:EHC) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker9Stand by, your meeting is about to begin. Good morning, ladies and gentlemen. Welcome to today's Encompass Health fourth quarter 2025 earnings conference call. At this time, I would like to inform all participants that their lines will be in a listen-only mode. After the speaker's remarks, there will be a question-and-answer period. If you would like to ask a question during this time, please press star one on your telep ...

Third Quarter Fiscal 2026 Financial Results February 6, 2026 GRAHAM CORPORATION © 2025 GRAHAM CORPORATION, ALL RIGHTS RESERVED 1 Safe Harbor Regarding Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "future," ...

Reinsurance Group of America (NYSE:RGA) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker2Welcome to the Reinsurance Group of America fourth quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's prepared remarks, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad. To withdraw your que ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported Adjusted EBITDA of $738 million and $2.833 billion for the full year, indicating a pivotal year despite market challenges [3][4] - The crude oil segment Adjusted EBITDA was $611 million, which included contributions from the Cactus 3 acquisition [10] - The NGL segment reported Adjusted EBITDA of $122 million, reflecting seasonal impacts and warm weather [10] Business Line Data and Key Metrics Changes - The company is transitioning to a peer-play crude company, enhancing cash flow quality through the sale of the NGL business and acquisition of the Cactus 3 Pipeline [3][4] - The NGL segment is expected to contribute $100 million of EBITDA post-divestiture, while the oil segment is projected to grow by 13% year-over-year [6][7] Market Data and Key Metrics Changes - Permian crude production is expected to remain flat year-over-year in 2026, with overall basin volumes around 6.6 million barrels by year-end [7] - The company anticipates a more constructive oil market environment in 2027, driven by global energy demand growth [7][30] Company Strategy and Development Direction - The company is focused on three key initiatives for 2026: closing the NGL divestiture, integrating the Cactus 3 Pipeline, and streamlining operations for efficiency [4][5] - A targeted $100 million in annual savings is expected through 2027, with half of that realized in 2026 [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding producer sentiment in the Permian Basin, noting improved efficiencies and a focus on preserving inventory [29][30] - The company remains committed to generating significant free cash flow and maintaining a flexible balance sheet while returning capital to unit holders [9][16] Other Important Information - A 10% increase in quarterly distribution was announced, raising the annual distribution to $1.67 per unit, representing an 8.5% yield [7][8] - The company plans to reduce its distribution coverage ratio threshold from 160% to 150%, reflecting improved cash flow visibility [8][39] Q&A Session Summary Question: Synergies from Cactus Pipeline - Management confirmed that $50 million in synergies are already on track, with half achieved through G&A and OPEX reductions [20] Question: Cost savings initiatives - The NGL business sale allows for a comprehensive review of company structure, targeting $100 million in savings by 2027 [24][25] Question: Permian Basin outlook - Producer sentiment is cautiously optimistic, with a focus on efficiency and improved recoveries [29][30] Question: Distribution coverage rationale - The 150% coverage level is seen as conservative, allowing for multi-year distribution growth [38][39] Question: Growth CAPEX details - The 2026 growth CAPEX is guided at $350 million, reflecting a return to typical investment levels [41][42] Question: Impact of geopolitical developments - Management discussed potential impacts from Venezuela, emphasizing the need for stability and investment for long-term changes [49][51] Question: Trends in other business segments - The company sees stable performance in Canadian operations, with growth expected in the Uinta Basin [83]

Financial Data and Key Metrics Changes - Assets under management (AUM) decreased to $159 billion from $169 billion due to net outflows and market performance [5][6] - Total sales were $5.3 billion, down from $6.3 billion in the previous quarter [5][15] - Net outflows totaled $8.1 billion, significantly higher than $3.9 billion in the prior quarter [6][16] - Earnings per share (EPS) declined to $6.50 from $6.69 in the previous quarter [9][20] - Operating margin decreased to 32.4% from 33% in the prior quarter [9][18] Business Line Data and Key Metrics Changes - Quality-oriented equity strategies, which represent half of AUM, faced increased net outflows due to market preference for momentum-driven stocks [3][6] - Fixed income strategies experienced modestly negative net flows of $0.1 billion, while certain fixed income strategies saw positive net flows [6][9] - ETFs generated $0.6 billion of positive net flows, continuing strong momentum with a 72% year-over-year increase in AUM [14][15] Market Data and Key Metrics Changes - The U.S. retail funds faced headwinds, but January sales were the highest since June, indicating a potential recovery in investor sentiment [8] - Institutional net outflows were primarily driven by redemptions in quality domestic and global large cap growth strategies [16] Company Strategy and Development Direction - The company is focusing on broadening its product offerings, including the introduction of new actively managed ETFs and expansion into private markets [4][5] - The acquisition of Keystone National Group aims to enhance private market offerings and provide differentiated strategies [12][13] - The company is also exploring opportunities for growth in non-U.S. markets and other distribution channels [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment for quality-oriented equity strategies but expressed confidence in their long-term performance [3][10] - There are encouraging signs of broadening investor sentiment, with hopes for a recovery in quality-oriented strategies [8][41] - The company remains committed to maintaining financial flexibility while balancing capital priorities [10][11] Other Important Information - The company repurchased approximately 60,000 shares for $10 million in the quarter, totaling $60 million for the year [11][22] - The effective tax rate was 25.3%, expected to decrease to 23%-24% with the addition of Keystone [20][21] Q&A Session Summary Question: What was the driver of the fee rate compression in the quarter? - The fee rate was impacted by discrete expenses, particularly on the ETF side, but remained relatively stable [25][26] Question: Do you see future transactions as an avenue for additional diversification? - The company is focused on diversifying offerings and distribution channels, including potential M&A opportunities [28][29] Question: What is the software exposure across AUM? - The company is generally underweight in technology, which has affected the performance of some quality-oriented equities [36][37] Question: What drove the acceleration in negative flows quarter to quarter? - The underperformance of quality-oriented strategies and seasonal tax loss harvesting contributed to increased outflows [40][41] Question: Can you discuss the go-to-market opportunity with Keystone? - There is significant potential to leverage Keystone's existing capabilities in the wealth management channel and expand into institutional markets [47][49] Question: How might capital deployment priorities shift with recent transactions? - The company will maintain a balanced approach to capital allocation, emphasizing repurchases and dividends while considering strategic M&A opportunities [52][53]

Flowserve (NYSE:FLS) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker8Good day and welcome to the Flowserve fourth quarter 2025 earnings call. Today's call is being recorded. At this time, I'd like to turn the call over to Brian Ezzell, VP of Investor Relations. Please go ahead.Speaker3Thank you, and good morning, everyone. Welcome to Flowserve's fourth quarter and full year 2025 business update. I'm joined by Scott Rowe, Flowserve's President and Chief Executive Officer, and Flowserve's Chief Fi ...