Financial Data and Key Metrics Changes - Underwriting profit increased from $9 million in 2024 to $67 million in 2025, marking a significant improvement [6] - Net investment income grew by nearly 20%, contributing to the overall financial performance [6] - Full-year operating earnings per share improved by 80%, reaching $4.60, while book value per share increased by more than $6 [6][10] - Full-year net written premium rose by 9% to over $1.3 billion, driven by record new business production and strong retention [7] - The annual combined ratio improved to 94.8%, reflecting ongoing enhancements in the underlying loss ratio and expense ratio [7] Business Line Data and Key Metrics Changes - Growth in net written premium was strongest in the core commercial business, which includes small business, middle market, and construction [12] - Specialty E&S net written premium experienced double-digit growth in both the fourth quarter and full year [15] - The surety business also delivered double-digit net written premium growth for the quarter and full year [15] Market Data and Key Metrics Changes - Rate increases moderated to 4.8% for the quarter, indicating a more competitive environment, particularly in property lines [13] - Casualty lines experienced modest impacts, with umbrella lines returning to double-digit increases [13] Company Strategy and Development Direction - The company has focused on deepening underwriting expertise and enhancing actuarial insights to attract a broader customer base [5] - Strategic investments in technology are aimed at improving operational efficiency and expanding underwriting capabilities [8] - The company is positioned to deliver continued profitable growth as a disciplined, solution-oriented underwriting company [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of improved profitability and the ability to navigate competitive market dynamics [26] - The company anticipates continued attractive business opportunities despite increased competition [35] - Management highlighted the importance of disciplined underwriting and maintaining a conservative reserve posture to protect the balance sheet [17] Other Important Information - The board of directors declared a 25% increase in the quarterly cash dividend from $0.16 to $0.20 per share [11] - The company reported a strong capital position, allowing for flexibility in capital management and shareholder returns [22] Q&A Session Summary Question: Current pricing expectations in a competitive market - Management noted that while the market is more competitive, they are still achieving positive rates and will maintain disciplined risk selection to navigate the environment [26] Question: Long-term target for underwriting expense ratio - The target run rate for the expense ratio is around 35%, with expectations for gradual reduction over time as growth continues [30][31] Question: Margin compression in the assumed insurance business - Management acknowledged increased competition affecting rates and terms but emphasized their commitment to disciplined underwriting and long-term relationships [34] Question: Profitability dynamics in the other liability line - Management indicated pressure on profitability in the umbrella line due to large losses but is taking a conservative approach to pricing and reserves [36][39]

Martin Marietta Materials (NYSE:MLM) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Company ParticipantsAdam Robert Thalhimer - Director of Research and PartnerAngel Castillo - Morgan Stanley & Co. LLCAsher Sohnen - Equity Research Senior AssociateHoward Nye - Chair, President and CEOJacklyn Rooker - VP of Investor RelationsKathryn Thompson - Founding Partner, CEO and Director of ResearchMichael J. Pietropola - VP and CAOTrey Grooms - Managing DirectorNone - Company RepresentativeConference Call Partic ...

Inter & Co (NasdaqGS:INTR) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Company ParticipantsAlexandre Riccio de Oliveira - Brazil CEOJoão Vitor Menin - Global CEOMario Pierry - Managing DirectorRafaela de Oliveira Vitória - Head of Investor RelationsSantiago Horacio Stel - CFOConference Call ParticipantsGustavo Schroden - Equity Research AnalystMarcelo Mizrahi - Equity Research AnalystNeha Agarwala - SVP and Lead AnalystPedro Leduc - Partner and Lead Equity Research AnalystTito Labarta - VP and Senio ...

Financial Data and Key Metrics Changes - The company reported net operating revenues of $21.3 billion for 2025, with consolidated Adjusted EBITDA of $4.57 billion, representing a 14% growth over 2024 [5][13] - The full-year Adjusted EBITDA margin improved by 200 basis points to 21.4% compared to the prior year [5][14] - In Q4 2025, total net operating revenues were $5.5 billion, with consolidated Adjusted EBITDA of $1.183 billion, a 13% increase year-over-year [12][13] Business Line Data and Key Metrics Changes - The USPI segment's Adjusted EBITDA grew 12% in 2025 to $2.026 billion, with same-facility revenues increasing by 7.2% [6][14] - The hospital segment's Adjusted EBITDA increased by 16% to $2.54 billion, with same-store revenues per adjusted admission up 5.3% [7][14] - Same facility revenues grew 7.5%, driven by double-digit growth in total joint replacements in ASCs [7] Market Data and Key Metrics Changes - The company experienced strong same-store revenue growth, exceeding the long-term goal of 3%-6% organic growth [7] - In Q4, exchange volumes accounted for approximately 7.5% of total admissions and over 6% of consolidated revenues [69] Company Strategy and Development Direction - The company plans to continue focusing on organic growth supplemented by M&A, with nearly $350 million invested in 2025 and 35 facilities added to the portfolio [7][8] - The company expects to tackle expense management more structurally, leveraging technology for sustainable cost reductions [27][28] - The company anticipates a gradual tailwind from the phase-out of the Inpatient Only List starting in 2026, with opportunities in high acuity procedures [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong core earnings growth for 2026, despite anticipated headwinds from the expiration of enhanced premium tax credits [11][19] - The company expects full-year 2026 Adjusted EBITDA in the range of $4.485 billion to $4.785 billion, driven by ongoing demand strength and service line expansion [9][18] - Management acknowledged uncertainty regarding enrollment levels and effectuation rates, which could impact future performance [11][19] Other Important Information - The company repurchased approximately 22% of its outstanding shares for around $2.5 billion since the share repurchase program began in Q4 2022 [8][16] - The company generated $2.53 billion of free cash flow for the full year 2025, with $2.8 billion in cash on hand as of December 31, 2025 [15][16] Q&A Session Summary Question: Can you expand on the same-store hospital volume performance in the quarter? - Management noted that while acuity was good, the respiratory season was weaker than expected, impacting volumes [25] Question: What do you mean by tackling expense management more structurally? - Management explained that they are focusing on technology deployment for sustainable expense reductions, moving beyond traditional annual expense management [27][28] Question: Can you provide more details on the hospital admission growth guidance of 1%-2%? - Management indicated that the guidance reflects anticipated impacts from exchange exposure and investments in higher acuity capabilities [32] Question: Is the growth expected to be sustainable in future years? - Management expressed confidence in the sustainability of growth, citing a track record of acuity and revenue per case growth [39][40] Question: What is the payer mix for USPI in Q4? - Management reported a consistent payer mix, with net revenue per case growth of 5.5% and EBITDA margins above 40% [83]

Financial Data and Key Metrics Changes - The company reported Q4 2025 revenue of $440 million, reflecting an 11% quarter-over-quarter growth and a 14% year-over-year growth, meeting the target for sequential growth [6][37] - Q4 net profit was $80 million, representing an 18% net margin, up from 11% in Q1 2025, 13% in Q2 2025, and 14% in Q3 2025, indicating value-based growth driven by technology mix enrichment [6][38] - Full year 2025 revenue reached $1.566 billion, a $130 million or 9% increase compared to 2024 [7][40] Business Line Data and Key Metrics Changes - RF infrastructure revenue increased by 75% year-over-year, driven by hyperscaler adoption of silicon photonics in 800G and 1.6T pluggable transceivers [9] - Silicon germanium and silicon photonics revenues accounted for 27% of corporate revenues, totaling $421 million, up from $241 million in 2024 [10] - Power Management grew 20% year-over-year, representing 16% of corporate revenues in 2025 [23] - Sensors and displays grew 10% year-over-year, also representing 16% of corporate revenue [25] Market Data and Key Metrics Changes - RF mobile represented 23% of corporate revenue in 2025, with a 15% year-over-year decline due to a strategic shift towards higher value optical and RF offerings [20] - The company is experiencing strong demand for silicon photonics, with over 70% of total SiPho capacity reserved or in the process of being reserved through 2028 [28] Company Strategy and Development Direction - The company is increasing its CapEx plan for 2026 to accommodate stronger customer demand, with a total investment of $920 million aimed at expanding capacity [28][46] - The updated financial model targets $2.84 billion in annual revenue by 2028, reflecting a significant increase from 2025 levels [34][51] - The company is focusing on partnerships with leading customers, such as NVIDIA, to enhance technology offerings and manufacturing agility [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the updated financial model by 2028, citing strong customer demand and operational execution as key factors [80][87] - Concerns were raised regarding potential memory shortages impacting the mobile market, but management emphasized proactive planning and flexibility in production [92] Other Important Information - The company achieved a gross profit of $118 million in Q4 2025, a 26% increase from the previous quarter [38] - The effective tax rate for Q4 2025 was exceptionally low at 2% due to a non-recurring tax benefit [39] Q&A Session Summary Question: Clarification on NVIDIA collaboration - The company clarified that its role involves output parameters for photonics and alignment of supply needs, rather than direct shipping to NVIDIA [57] Question: Capacity increase related to NVIDIA demand - Management confirmed that the planned capacity increase is in response to total demand, including from NVIDIA [58] Question: Power business capabilities for high voltage - The company indicated it does not currently have an 800-volt platform on an IC but has higher voltage IC capabilities [63] Question: Shipping through resellers to NVIDIA - It was confirmed that the company ships through module makers or integrators rather than directly to NVIDIA [66] Question: CPO and end-to-end offerings - The company is working on multiple architectures for co-packaged optics but is not directly packaging CPUs [69] Question: Timeline for CapEx rollout - Management expects the majority of the $920 million CapEx to be online by Q3 2026, with full qualification targeted by December [72] Question: Silicon photonics contribution visibility - Management expressed confidence in the demand for silicon photonics and the operational execution needed to meet it [80][87] Question: Concerns about memory shortages - Management acknowledged concerns about memory shortages but emphasized close collaboration with customers to mitigate risks [92]

Generac (NYSE:GNRC) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Company ParticipantsAaron Jagdfeld - President and CEOKris Rosemann - VP of Investor RelationsYork Ragen - CFOConference Call ParticipantsBrian Drab - AnalystChristopher Glynn - AnalystDimple Gosai - AnalystGeorge Gianarikas - AnalystJeff Hammond - AnalystJoseph Osha - AnalystKeith Housum - AnalystMike Halloran - AnalystPraneeth Satish - AnalystStephen Gengaro - AnalystTed Giletti - AnalystTommy Moll - AnalystOperatorHello, and thank yo ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported distributable earnings of $37 million, or $0.26 per diluted share, while for the full year, distributable earnings totaled $139 million, or $0.98 per diluted share [4] - GAAP net income available to common stockholders was $26 million, or $0.18 per diluted share for Q4, and $114 million, or $0.81 per diluted share for the full year [4] - The total CECL allowance stood at $383 million at year-end, equating to 418 basis points of the loan portfolio's total amortized cost, down from 457 basis points a year ago [6] Business Line Data and Key Metrics Changes - The company committed $1.3 billion to new loans in Q4, with $1.1 billion funded at close, and completed approximately $200 million of gross add-on fundings for previously closed loans [6] - Loan repayments and sales totaled $852 million in Q4 and $2.9 billion for the full year, reflecting continued portfolio rotation [7] - The loan portfolio increased by approximately $1.6 billion year-over-year on an amortized cost basis, ending the year at approximately $8.8 billion [8] Market Data and Key Metrics Changes - Over 60% of the loan portfolio is now represented by post-2022 origination, indicating a shift in the company's lending strategy [7] - The portfolio has a weighted average unlevered all-in yield of 7.3%, with 99% first mortgages and 96% floating rate exposure [8] Company Strategy and Development Direction - The company is focused on managing its real estate owned portfolio to improve cash flow and maximize value at exit, particularly through leasing and cost-saving initiatives [2][3] - Management is exploring options to unlock additional value from adjacent land parcels and is evaluating strategies for the REO assets [2][18] - The company is considering various strategies for future growth, including potential investments in mezzanine and construction lending, or leveraging Apollo's access to business lines [27][29] Management's Comments on Operating Environment and Future Outlook - Management received positive feedback from investors regarding efforts to unlock value, but there are questions about future capital strategies [11] - The company is currently evaluating specific internal ideas for future strategies, while also engaging with external proposals [13] - Management indicated that the REO portfolio is not critical to the future direction of the company, allowing for independent decisions on asset monetization [20] Other Important Information - The company ended the year with $151 million of total liquidity and held over $430 million of unencumbered assets [8][9] - Book value per share was $12.14 at year-end, relatively flat compared to the prior quarter [9] Q&A Session Summary Question: Feedback from investors regarding the transaction value and stock trading - Management noted overwhelmingly positive feedback but acknowledged questions about future capital strategies and the disconnect between book value and stock price [11][12] Question: Marketing strategy for REO assets and timing for monetization - Management indicated that stabilization of The Brook is expected later this year, and the decision to monetize will depend on market conditions [17][18] Question: Dividend policy post-portfolio sale - Management envisions paying a Q1 dividend of $0.25 per share, subject to board approval, and will discuss future dividends as they approach Q2 [25][26] Question: Strategy for creating an entity that trades above book value - Management is considering various strategies, including a focus on earnings streams and potential investments that offer higher returns [27][29]

Financial Data and Key Metrics Changes - The company reported total gross revenues of BRL 15 billion, marking a 45% year-on-year growth, while net revenues grew 31% year-on-year to BRL 8.4 billion [12] - Net interest income increased by 41% year-on-year, driven by strong performance in payroll loans, credit cards, mortgages, and home equity loans [12] - The efficiency ratio improved from 48.4% to 45.5%, representing a nearly 300 basis points improvement within the year [16] Business Line Data and Key Metrics Changes - The loan portfolio grew by 36% year-on-year, with quarterly growth accelerating to 10% or 40% on an annualized basis [8] - Private payroll loans reached a portfolio of nearly BRL 2 billion with around 400,000-500,000 clients, showing strong digital distribution capabilities [5] - Credit card volume grew by 29%, with the reshaping strategy driving monetization and profitability [8] Market Data and Key Metrics Changes - The company was the fastest-growing financial institution in Brazil among those with over 20 million clients, with 7 million new clients welcomed in the year [2][3] - The transaction volume through Pix reached BRL 1.5 trillion for the year, leading to a market share of 8.5% [4] - The average balance per active client reached 2.1 thousand reais, with total funding growing 32% year-on-year [10] Company Strategy and Development Direction - The company aims to replicate Pix's success in other products, with home equity already ahead of Pix in market share [6] - The focus remains on continuous innovation and enhancing the client experience through a seamless integration of its seven verticals [7] - The company is committed to maintaining a balanced ratio of secured and unsecured loans while pursuing growth in its credit portfolio [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that 2026 will be another excellent year for the company, highlighting the strength of its platform and operational strategies [18] - The company anticipates a cost of risk between 5.5% and 6% for 2026, with expectations of asset quality pressure in the industry [49] - Management emphasized the importance of technology and innovation in improving efficiency and operational leverage [68] Other Important Information - The company achieved a net income of BRL 1.3 billion, surpassing a 15% ROE in the last quarter [17] - The cost of funding improved to 65.6% of CDI, showcasing the strength of the company's funding strategy [11] - The company plans to maintain a 20% payout ratio for dividends, balancing growth and capital needs [26] Q&A Session Summary Question: Concerns about efficiency ratio progress - Management acknowledged the slow progress in efficiency but highlighted significant improvements in ROE and client growth, reaffirming commitment to the 60/30/30 plan [20][22] Question: Future dividend payments - Management confirmed a 20% payout ratio for dividends will continue as long as it does not impact growth execution [25][26] Question: Fee income growth expectations - Management noted that fee income growth was impacted by a strong increase in net interest income, leading to a compression in the fee income ratio [30][31] Question: Provisioning and asset quality concerns - Management explained that the asset quality metrics are performing as planned, with specific adjustments made to the mortgage portfolio to align with best practices [45][48] Question: Growth expectations for private payroll loans - Management indicated strong growth in private payroll loans, with expectations for continued growth as the product matures and market share increases [56][57]

Lithia Motors (NYSE:LAD) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Speaker2Greetings and welcome to the Lithia & Driveway 2025 fourth quarter earnings conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require 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 y ...

Martin Marietta Materials (NYSE:MLM) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Speaker16Ladies and gentlemen, welcome to Martin Marietta's fourth quarter and full year 2025 earnings conference call. All participants are in a listen-only mode. A question-and-answer session will follow the company's prepared remarks. As a reminder, today's call is being recorded and will be available for replay on the company's website. I will now turn the call over to your host, Ms. Jacklyn Rooker, Martin Marietta' ...