Summary of Jacobs Conference Call Company Overview - **Company**: Jacobs - **Industry**: Engineering and Construction Core Points and Arguments 1. **Progress in Redefining Asset Life Cycle**: Jacobs has made significant progress in redefining the asset life cycle, focusing on higher value services and early involvement in client decision-making processes. This shift has positively impacted financial results, marking one of the best quarters in recent history [6][7][8]. 2. **Backlog and Book-to-Bill Ratio**: The backlog is at record levels, with a Book-to-Bill ratio of 2.0 in the last quarter, rising from 1.2 to 1.4 over the trailing twelve months. The backlog is well-diversified, with 50% in critical infrastructure, 25% in life sciences and advanced manufacturing, and 25% in water and environmental sectors [12][13][14]. 3. **Revenue Guidance and Market Dynamics**: Jacobs raised its revenue guidance, with expectations for mid-single-digit growth. The pace of tech manufacturing jobs and a ramp-up in Q2 will influence whether they meet the higher end of guidance [15][16]. 4. **Data Center Business Growth**: The data center segment currently accounts for approximately 3-3.5% of revenues, growing rapidly. The scope of engagement has increased significantly, moving from design to comprehensive solutions including site selection and utility needs [26][30]. 5. **Sustainability of Growth in Key Markets**: The growth in life sciences and advanced manufacturing is deemed sustainable, with a 24-month visibility on pipeline compared to the previous 6-12 months. AI and drug discovery advancements are accelerating the market [23][24]. 6. **AI Integration and Digital Tools**: Jacobs has integrated AI into its operations, enhancing efficiency and client engagement. The use of AI-enabled platforms is driving growth and improving margins, particularly in water and life sciences sectors [40][41][42]. 7. **International Growth**: International business has outpaced domestic growth, particularly in Australia, New Zealand, and the Middle East. The UK market has also shown strength following political stabilization [76][77]. 8. **Capital Allocation Strategy**: Jacobs prioritizes organic growth and share repurchases, with a commitment to return at least 65% of free cash flow. The company has also increased its dividend by 12.5% year-on-year [86][87]. 9. **Industry Consolidation Outlook**: While sector-based consolidation is likely, Jacobs remains focused on organic growth opportunities. The company is not currently prioritizing large-scale M&A [81][82][86]. 10. **Long-term Margin Goals**: Jacobs aims to achieve adjusted EBITDA margins of 16%+ by fiscal 2029, driven by operating leverage, gross margin expansion, and an improved commercial mix [94][95]. Other Important Insights - **Client Relationships**: Jacobs emphasizes long-term client relationships and early involvement in projects, which has been beneficial in securing contracts [8]. - **Digital Transformation**: The company has invested in digital capabilities, enhancing its competitive position in the consulting space [57][60]. - **Market Positioning**: Jacobs is well-positioned in the energy and power sector, experiencing double-digit organic growth [89][91]. This summary encapsulates the key insights from the Jacobs conference call, highlighting the company's strategic direction, market performance, and future outlook.

Summary of Union Pacific Conference Call Company Overview - **Company**: Union Pacific (UNP) - **Industry**: Railroad Transportation Key Points and Arguments Merger with Norfolk Southern - Union Pacific plans to refile its merger application with Norfolk Southern by April 30, 2023, which is a slight delay from previous expectations of March [8][10] - The merger is expected to enhance competition and provide benefits such as reduced inventory costs for customers by improving service efficiency [10][11] - Union Pacific believes that the merger will allow them to gain 24-48 hours in transit time by optimizing operations and reducing touchpoints [12][21] - The company emphasizes that the merger is in the public interest and will enhance competition, despite concerns from other railroads [14][23] Regulatory Process - The regulatory process for the merger is acknowledged as lengthy, with expectations for hearings and responses from constituents [17][18] - Union Pacific is confident in the merger's benefits and believes that the Surface Transportation Board (STB) will recognize these advantages [22][23] Environmental Impact - Union Pacific claims that the merger will be environmentally beneficial, as rail transport is 70% more greenhouse gas efficient than trucking [21][22] - The company aims to reduce truck traffic on highways, contributing to lower emissions [21] Revenue Synergies and Market Position - Union Pacific has reassessed the need for concessions initially estimated at $750 million, concluding they are unnecessary due to the merger's end-to-end service model [37][40] - The company anticipates that 75% of the business growth will come from shifting freight from highways to rail, rather than from competing railroads [38][40] - Union Pacific operates 27% of the total goods movement on U.S. railroads, positioning itself competitively against Burlington Northern's 39% [34] Operational Performance - The company reported a rebound in operational metrics, with car miles per day returning to 230-240 and dwell times under 20 hours [66][67] - Carloads are down 2% overall for the quarter, but there is year-over-year growth in specific sectors like grain and coal [67][68] - Union Pacific is focusing on expanding its market share in intermodal and carload segments, with new contracts and facilities expected to drive growth [73][76] Strategic Focus - Union Pacific's strategy emphasizes safety, service, and operational excellence, which are seen as critical to winning customer trust and market share [79][82] - The leadership expresses a forward-looking approach, focusing on potential growth and competition against trucks and barges [82] Additional Important Content - The call highlighted the competitive landscape, with other railroads expressing concerns about Union Pacific's merger, indicating that they view it as a threat to their market position [35][36] - Union Pacific's leadership is confident in their operational capabilities and technological integration, dismissing competitor concerns as defensive reactions [55][56] This summary encapsulates the key discussions and insights from the Union Pacific conference call, focusing on the merger, operational performance, and strategic direction of the company.

Summary of Karyopharm Therapeutics Special Meeting Company Overview - **Company**: Karyopharm Therapeutics, Inc. (NasdaqGS: KPTI) - **Meeting Date**: February 18, 2026 - **Participants**: Richard Paulson (President, CEO, and Director), Michael Mano (Chief Legal Officer), Lori Macomber (Chief Financial Officer), Brendan Strong (Senior Vice President of Investor Relations) [1][2][3] Key Proposals Discussed 1. **Proposal One**: - Adoption and approval of an amendment to the restated certificate of incorporation to increase the number of authorized shares of capital stock from **58,333,333** to **111,000,000**. - Increase the number of authorized shares of common stock from **53,333,333** to **106,000,000** [7][9]. 2. **Proposal Two**: - Approval to adjourn the special meeting to a later date if necessary for further solicitation of proxies in case of insufficient votes for Proposal One [7][10]. Voting Results - A quorum was established with **18,310,283** shares of common stock entitled to vote present [5][6]. - Both proposals were approved based on preliminary voting results: - Proposal One to increase authorized shares was approved. - Proposal Two to allow for adjournment was also approved [9][10]. Important Notes - The meeting was conducted in a virtual format, allowing stockholders to participate similarly to an in-person meeting [2]. - Forward-looking statements were made, with a disclaimer regarding reliance on these statements due to potential differences in actual results [4]. - The final vote results will be documented in a Form 8-K to be filed within four business days after the meeting [10]. Additional Information - Stockholders were encouraged to submit questions related solely to the proposals during the meeting, but no questions were raised [7][8]. - The meeting concluded with gratitude expressed to shareholders for their participation and support [10].

Financial Data and Key Metrics Changes - Moody's total revenue for 2025 exceeded $7.7 billion, representing a 9% year-over-year increase [5][6] - Adjusted diluted EPS reached a record $14.94, up 20% year-over-year, indicating a 70% earnings growth over the past three years [7] - Adjusted operating margin expanded to 51.1%, an increase of 300 basis points [6] Business Line Data and Key Metrics Changes - Ratings revenue grew by 9%, with $6.6 trillion of debt rated in 2025, marking an all-time high [8] - Private credit revenue in MIS grew by nearly 60% in 2025, reflecting strong demand [9] - Moody's Analytics revenue grew by 9%, with an adjusted operating margin improvement of 240 basis points to 33.1% [27] Market Data and Key Metrics Changes - The fourth quarter of 2025 was the busiest in Moody's history, with significant issuance from major companies related to AI investments [8] - KYC solutions experienced 15% ARR growth, driven by deeper penetration with existing banking customers and expansion into non-financial sectors [30] - Insurance solutions saw a 7% ARR growth, supported by demand for sophisticated models and cloud-based platforms [34] Company Strategy and Development Direction - Moody's is focusing on embedding decision-grade contextual intelligence into customer workflows and expanding its AI capabilities [5][20] - The company is strategically investing in areas aligned with global funding needs, including infrastructure, AI investment, and digital finance [21][22] - Moody's plans to enhance its product offerings in lending, KYC, and insurance, with a focus on AI integration and customer experience [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the business model and the ability to generate strong cash flow while investing in high-return areas [20] - The outlook for 2026 includes expectations for revenue growth in the high single-digit percent range and an adjusted operating margin expansion of 150 basis points [42] - Management noted that the demand for trusted data and analytics will continue to grow as AI becomes more prevalent [20][68] Other Important Information - Moody's divested its learning solutions business, which is expected to improve revenue growth profiles going forward [78] - The company anticipates a notable increase in capital expenditures for the build-out of new headquarters [43] - Moody's plans to repurchase approximately $2 billion in shares and increase its quarterly dividend by 10% [43] Q&A Session Summary Question: Portfolio perspective for MA - Management feels confident about the current assets and capabilities, emphasizing the importance of trusted data for AI [45][46] Question: AI contribution to ARR revenue - Management indicated that while AI engagement is strong, it has not yet fully translated into ARR revenue, with growth expected to trickle through the customer base over time [50][54] Question: Issuance trajectory for ratings - Management expects issuance activity to be more heavily weighted towards the first half of the year, with a growth forecast in the high single-digit range for the first half of 2026 [58][60] Question: Impact of divestitures on MA revenue guide - The divestiture of learning solutions is expected to have a one percentage point headwind to MCO revenue growth and a two percentage point headwind to MA revenue growth [77][78] Question: MIS margin guidance - Management noted that the MIS margin guidance is better than expected due to strong operating leverage and disciplined capital allocation [82]

ProPetro (NYSE:PUMP) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsArun Jayaram - Executive DirectorCaleb Weatherl - CFOEddie Kim - VP of Equity ResearchJeff LeBlanc - Director in Equity ResearchJohn Daniel - Founder and PresidentMatt Augustine - VP of Finance and Investor RelationsSam Sledge - CEOStephen Gengaro - Managing DirectorTravis Simmering - PresidentConference Call ParticipantsDerek Podhaizer - Director and Senior Research AnalystScott Gruber - Managing Director and Senio ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.2 million and distributable earnings of $18.5 million, or $0.24 per common share [10] - For the full year 2025, GAAP net income was $45.5 million, or $0.57 per share, with distributable earnings of $76.8 million, or $0.97 per common share, achieving a coverage ratio of 1.01x on the annual dividend of $0.96 per share [10] - Book value per common share decreased to $11.07 from $11.25 quarter-over-quarter [10] Business Line Data and Key Metrics Changes - The company originated 20 loans with total commitments of $1.9 billion in 2025, with a weighted average credit spread of 2.82% [11] - The loan portfolio was 100% performing at year-end, with a weighted average risk rating unchanged at 3.0 [11] - The company upgraded 2 multifamily loans and downgraded 1 multifamily loan based on operational performance [12] Market Data and Key Metrics Changes - The company increased its exposure to multifamily and industrial collateral from 30% at the beginning of 2022 to over 72% of the current balance sheet [7] - The cost of funds declined by 18 basis points year-over-year, from 2.0% to 1.82% [13] - Total leverage increased to 3.02x from 2.64x quarter-over-quarter due to substantial loan origination volume [13] Company Strategy and Development Direction - The company aims to continue net asset growth through prudent investment and risk management, targeting a leverage ratio of 3.5-3.75x [8][25] - The focus remains on multifamily and industrial sectors, with plans to increase industrial exposure to 25%-30% [42] - The company is committed to maximizing shareholder value and exploring opportunities for growth, both organic and inorganic [36] Management's Comments on Operating Environment and Future Outlook - The broader economic backdrop is favorable for investment activity in the real estate sector, with increased capital allocation towards real estate credit [4] - The company anticipates a very active year for borrowers and lenders, driven by clarity around interest rates and favorable credit spreads [17] - Management expressed confidence in the ability to deliver strong performance in 2026, supported by a stable balance sheet and attractive investment opportunities [8] Other Important Information - The company ended the quarter with near-term liquidity of $143 million, including $72.6 million in cash available for investment [12] - The liability structure is 82% non-mark-to-market, an increase from 77% at the end of 2024 [13] Q&A Session Summary Question: Expectations for origination pace in Q1 2026 - Management indicated that the pipeline is robust, with significant activity across all property types and regions, suggesting a positive outlook for origination pace in 2026 [15] Question: Target leverage and REO assets - The target leverage is set at 3.5-3.75x, with plans to sell down REO assets throughout the year as market conditions improve [25][26] Question: Appropriate ROE target - Management believes that an ROE in excess of SOFR + 5% is achievable, reflecting the health of the back leverage market [30] Question: Closing the value gap in stock price - Management is focused on maximizing shareholder value and is actively seeking opportunities to close the valuation gap [35] Question: Industrial exposure growth - Industrial exposure has increased significantly, with a target level of 25%-30% anticipated as the company continues to assess market conditions [42]

Clean Harbors (NYSE:CLH) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAdam Bubes - VP of Equity ResearchEric Dugas - EVP and CFOEric Gerstenberg - Co-CEOLarry Solow - PartnerMichael McDonald - General CounselMike Battles - Co-CEOTobey Sommer - Managing DirectorTyler Brown - Financial AdvisorConference Call ParticipantsBryan Burgmeier - Equity Research AnalystDavid Manthey - Senior Research AnalystJames Schumm - Senior AnalystNoah Kaye - Senior Research AnalystNone - AnalystOperato ...

Dana (NYSE:DAN) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsBruce McDonald - Chairman and CEOByron Foster - SVP and President of Light Vehicle Systems GroupCraig Barber - Senior Director of Investor Relations and Corporate CommunicationsJames Mulholland - Research AssociateThomas Ito - Global Equity Research Autos Senior AssociateTimothy Kraus - SVP and CFOConference Call ParticipantsColin Langan - Director and Senior Equity AnalystEmmanuel Rosner - Managing Director and Senior E ...

OGE Energy (NYSE:OGE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAditya Gandhi - VP, Equity Research - UtilitiesCasey Strange - Senior Manager of Investor RelationsCharles Walworth - CFOChris Hark - Equity Research AssociateSean Trauschke - Chairman, President and CEOWhitney Mutalemwa - VP, Equity ResearchConference Call ParticipantsBrian Russo - Managing Director and Senior Equity Research AnalystMichael Brown - Associate Analyst Equity ResearchStephen D'Ambrisi - Utilities Ana ...

Celanese (NYSE:CE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsBill Cunningham - VP of Investor RelationsChuck Kyrish - CFOScott Richardson - President and CEOConference Call ParticipantsAdam Samuelson - Equity Research AnalystAleksey Yefremov - Managing Director and Equity Research AnalystAziza Osinaike - Equity Research AnalystDavid Begleiter - Managing Director and Senior Equity Research AnalystGhansham Panjabi - Senior Research AnalystHassan Ahmed - Equity Research AnalystJef ...