Financial Data and Key Metrics Changes - Adjusted diluted earnings per common share was $1.36 compared to an adjusted loss per common share of $0.73 in the prior year quarter, primarily due to a lower net loss ratio, higher net premiums earned, net investment income, and commission revenue [4] - Core revenue reached $400 million, up 4.9% year over year, driven by higher net premiums earned, net investment income, and commission revenue [4] - Direct premiums written were $592.8 million, up 3.2% from the prior year quarter, with a notable 22.2% growth in other states, partially offset by a 2.6% decrease in Florida [4] - Net premiums earned increased to $359.7 million, up 4% from the prior year quarter, attributed to higher direct premiums earned [5] Business Line Data and Key Metrics Changes - The net loss ratio was 70.2%, down 21.5 points compared to the prior year quarter, reflecting the absence of hurricane activity in the current quarter [6] - The combined ratio improved to 96.4%, down 20.5 points from the prior year quarter, indicating better overall operational efficiency [6] - The net expense ratio was 26.2%, up one point compared to the prior year quarter, driven by a higher ceded premium ratio and increased policy acquisition costs [6] Market Data and Key Metrics Changes - The company experienced a 22.2% growth in direct premiums written in states outside Florida, indicating a successful expansion strategy [4] - Florida's market remains competitive with new players entering, but the company maintains a focus on rate adequacy and service quality [11][12] Company Strategy and Development Direction - The company is positioned to succeed in the improved Florida market, with a conservative reserving process aimed at enhancing balance sheet resilience [3] - The management emphasizes maintaining a conservative approach to reserving and capital management, with potential share repurchase activity as a priority [14] Management's Comments on Operating Environment and Future Outlook - Management noted a significant reduction in claims count and faster claims processing, contributing to a positive outlook for the future [9] - The competitive environment is described as highly competitive, particularly outside Florida, but the company remains committed to its established market strategies [11][12] Other Important Information - The company repurchased approximately 347,000 shares at an aggregate cost of $8.1 million, with $7.1 million remaining in the current share repurchase authorization program [7] - A quarterly cash dividend of $0.16 per share was declared, payable on August 9, 2025 [7] Q&A Session Summary Question: Insights on reserving and profit margins - Management indicated that they have come through a challenging period in the Florida market and are optimistic about their reserving philosophy moving forward [9][10] Question: Competitive environment in Florida - Management acknowledged the competitive nature of the Florida market with new entrants but emphasized their focus on rate adequacy and service quality [11][12] Question: Capital management priorities - Management expressed confidence in share repurchases as part of their capital management strategy, contingent on market conditions [14]

Financial Data and Key Metrics Changes - GrafTech International reported a 9% year-over-year increase in sales volume, reaching nearly 29,000 metric tons in Q3 2025, with a cumulative sales volume growth of over 20% since the end of 2023 [4][5] - The company generated positive adjusted EBITDA of $13 million for the quarter and $25 million in net cash from operating activities, with an ending liquidity position of $384 million as of September [6][24][26] - A net loss of $28 million, or $1.10 per share, was reported for the third quarter, an improvement from a net loss of $36 million, or $1.40 per share, in the prior year [23][24] Business Line Data and Key Metrics Changes - Sales volume in the U.S. grew by 53% year-over-year in Q3, contributing to a year-to-date growth of 39% in this region [5][15] - The average selling price for the third quarter was approximately $4,200 per metric ton, reflecting a 7% decline compared to the prior year [16][17] Market Data and Key Metrics Changes - Global steel production outside of China was approximately 206 million tons in Q3 2025, up nearly 2% year-over-year, with a global utilization rate of approximately 66% [7][8] - The U.S. steel production grew by 2% year-to-date compared to 2024, while EU steel output decreased by 4% year-to-date [8][9] Company Strategy and Development Direction - The company is focusing on increasing sales volume and market share, improving average pricing by shifting geographic sales mix to higher price regions, and reducing costs [29][30] - GrafTech is committed to serving customers with excellence and maintaining long-term partnerships built on performance and reliability [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about potential catalysts for a rebound in the steel market, driven by infrastructure and defense spending [42][43] - The company remains bullish on the structural tailwinds supporting the shift towards electric arc furnace steelmaking, with significant new capacity planned in the U.S. [30][31] Other Important Information - The company achieved a 10% year-over-year reduction in cash cost per metric ton for Q3 and anticipates a cumulative reduction of over 30% since the end of 2023 [6][20][21] - GrafTech is actively assessing potential tariff outcomes and their influence on the steel industry and graphite electrode market [32][36] Q&A Session Summary Question: Expectations on deferred revenue benefits - Management indicated that the recent deferred revenue benefit is one-time in nature and there are no further deferred amounts on the balance sheet [39] Question: Current demand and pricing environment - Management acknowledged the oversupplied market but noted positive momentum in steel demand and production, which could support pricing improvements [41][43] Question: Supply into the battery-related materials market - Management highlighted the importance of trade cases and the need for non-Chinese supply chains to unlock the battery materials market [46][47] Question: Impact of tariffs on imports from India - Management expressed confidence that tariffs would support market share gains and negotiations for 2026 commitments [54][56] Question: Engagement in public-private partnerships - Management emphasized the importance of a healthy electrode industry to support the domestic steel supply chain and expressed confidence in GrafTech's role in this space [59][60] Question: U.S. pricing trends - Management noted that U.S. pricing has remained flat to slightly up compared to the prior quarter, with annual contracts limiting price movement [64]

Financial Data and Key Metrics Changes - The company reported total assets under management (AUM) of $169 billion as of September 30, which is slightly below the previous quarter level due to net outflows despite favorable market performance [8] - Earnings per share (EPS) increased to $6.69 from $6.25 in the second quarter, reflecting a 7% increase, while year-over-year EPS decreased by 3% due to lower average assets [10][19] - Operating margin improved by 170 basis points to 33%, with an incremental margin above 50% [10][18] Business Line Data and Key Metrics Changes - The ETF business saw significant growth, with AUM reaching $4.7 billion, a 79% increase year-over-year, and the highest quarterly sales and net flows at $0.9 billion each [5][14] - Total sales increased by 12% to $6.3 billion, driven by higher sales in fixed income and alternative strategies [15] - Net outflows for the quarter were $3.9 billion, unchanged from the previous quarter, with institutional net outflows improving from $2.2 billion to $1.5 billion [8][15] Market Data and Key Metrics Changes - Positive net flows were observed in fixed income and alternative strategies, while equity strategies faced headwinds due to a focus on quality-oriented strategies [9][10] - The company noted that flows across products and asset classes in October were trending similarly to the third quarter, with strong ETF sales continuing [9] Company Strategy and Development Direction - The company aims to increase retail separate account offerings, expand ETF availability in key channels, and grow the wealth management business [4][5] - Inorganic growth opportunities remain a focus, with a disciplined approach to adding capabilities or increasing scale [7][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment for quality-oriented strategies, which have underperformed compared to momentum strategies over the past two years [27][33] - The company remains optimistic about the potential for quality strategies to regain favor, which could enhance performance and flows [27][33] Other Important Information - The company completed a debt refinancing, providing significant liquidity and flexibility to invest in the business and return capital to shareholders [11][20] - The quarterly dividend was increased for the eighth consecutive year, reflecting a commitment to returning capital to shareholders [5][11] Q&A Session Summary Question: What are the key strategies attracting interest in ETFs? - Management indicated that both the ETF wrapper and specific strategies are driving interest, with a focus on expanding access and offerings [24][25] Question: Any updates on inorganic opportunities? - Management confirmed that the environment remains active for potential acquisitions, focusing on high-performing capabilities and private market expansion [26][28] Question: How to improve net flows moving forward? - Management highlighted positive flows in fixed income and alternative strategies, while addressing the need to grow areas less correlated to quality-oriented strategies [32][33] Question: Details on office space consolidation and operating expenses? - Management noted that the benefits of office consolidation are now reflected in the run rate, with expectations for lower operating expenses moving forward [37][38] Question: Status of discrete expenses and buyback activity? - Management stated that discrete expenses related to inorganic activities are ongoing, and buybacks remain a core part of the capital strategy [43][45]

Financial Data and Key Metrics Changes - The company reported a 42% growth in diluted earnings per share as adjusted compared to the previous year [5] - Revenue increased by 9.6%, driven by broad-based volume growth, improved payer mix, and additional revenue from Medicaid supplemental programs [5][10] - Adjusted EBITDA increased by approximately $240 million due to Medicaid state supplemental payments [12][15] Business Line Data and Key Metrics Changes - Same-facility equivalent admissions increased by 2.4% year-over-year [10] - Same-facility inpatient surgical volume grew by 1.4%, while outpatient surgical volume increased by 1.1% [10] - Same-facility visits rose by 1.3% compared to the prior year [10] Market Data and Key Metrics Changes - Commercial and Medicare visits combined increased by 4.1%, while Medicaid and self-pay visits declined [10] - Same-facility total commercial equivalent admissions rose by 3.7%, with exchanges growing by 8% [11] - Medicare admissions increased by 3.4%, and Medicaid admissions grew by 1.4% [11][72] Company Strategy and Development Direction - The company is focused on enhancing care through increased access, advanced digital tools, and staff training [6][8] - There is an emphasis on improving operational efficiency and service offerings through strategic investments [8] - The company plans to maintain high performance levels and has strengthened its management team and systems [8] Management's Comments on Operating Environment and Future Outlook - Management expects solid demand for healthcare services, with volumes anticipated to grow within a long-term range of 2%-3% [7] - Operating costs are expected to remain stable, with some pressures in certain areas [7] - The company is well-positioned to sustain performance levels and navigate future challenges [8][99] Other Important Information - Cash flow from operations was $4.4 billion, with $1.3 billion in capital expenditures and $2.5 billion in share repurchases [14] - The company updated its full-year guidance, expecting revenues between $75 billion and $76.5 billion and adjusted EBITDA between $15.25 billion and $15.65 billion [15] Q&A Session Summary Question: Can you remind us what states are still pending for grandfathered programs? - Management mentioned Florida, Georgia, and Virginia as states with pending applications, but they do not expect approvals during the current shutdown [20][22] Question: Are you seeing early scheduling for elective surgeries? - Management noted that it is too early to size the potential impact of upcoming enrollment periods and that they are prepared to assist patients with coverage navigation [26][27] Question: Can you provide a bridge from Q3 into Q4 guidance? - Management indicated that the implied growth rate for Q4 is expected to be in the high single-digits, considering hurricane impacts and state supplemental payment declines [32] Question: How much did you recognize in the fourth quarter for Tennessee specifically? - Tennessee was the largest driver of net benefit in Q3, with Texas and Kansas also contributing to the overall increase [36][38] Question: How do you expect professional fees to trend going into 2026? - Professional fees increased by 11% year-over-year, with expectations for continued financial improvement as integration efforts mature [82][84] Question: How is the company preparing for potential volume growth in Q4? - Management expressed confidence in their capacity to handle increased demand, citing improved staffing and operational initiatives [88][90] Question: What is the outlook for hurricane-impacted facilities? - Management expects to recover approximately $100 million of the $250 million headwind from hurricanes in 2025, with ongoing challenges in North Carolina [95][96] Question: What gives you confidence in achieving long-term volume growth? - The company has experienced 18 consecutive quarters of volume growth and anticipates continued demand driven by capital investments and outpatient facility expansions [99]

Financial Data and Key Metrics Changes - The company reported net earnings of $6.8 million and earnings per share of $0.28 for the third quarter, compared to core income of $2 million and $0.08 per share in the same quarter of 2024 [4] - Return on Assets (ROA) improved to 70 basis points, and Return on Tangible Common Equity (ROTCE) improved to 9.45% [4] - Core ROA adjusted for certain non-permanent items is closer to 90 basis points, aligning with the target of 1% ROA [5] - Net interest margin for the third quarter was 3.18%, up from 2.86% in the previous quarter and 2.97% year-over-year [19] Business Line Data and Key Metrics Changes - The mortgage division's production increased from approximately $20 million per month to $100-$120 million per month over the past few years, with pre-tax earnings of about $1.9 million in the current quarter [10] - The Mortgage Warehouse division showed average balances of about $210 million, ending balances of about $327 million, and pre-tax earnings of about $1.6 million [11] - Panacea's loan balances increased to $530 million, with deposits growing to about $132 million, a 50% increase year-over-year [12] Market Data and Key Metrics Changes - Non-interest-bearing checking accounts grew by about 16% compared to a year ago, improving the deposit mix and reducing the cost of deposits by almost 20% [7] - Average earning assets increased by 10% annualized in the third quarter, positioning the company to replace earning assets sold a year ago [18] Company Strategy and Development Direction - The company is focused on increasing the proportion of non-interest-bearing deposits to around 20% of total deposits, which is currently about 20% in the core bank [34] - The strategy emphasizes driving low-cost deposits and maintaining competitive rates for checking accounts to support growth and profitability [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 1% ROA goal, citing substantial tailwinds and improved profitability ratios [23] - The company is optimistic about the potential for loan growth in the fourth quarter and into 2026, with expectations of 6%-8% growth in the core bank [31] Other Important Information - The company noted limited impacts on net interest margin from the consumer program and expects continued improvement in margins due to new loans repricing [20] - The company has a strong focus on managing operating expenses, with core non-interest expense slightly higher than the year-ago quarter [22] Q&A Session Summary Question: Thoughts on overall loan growth for the fourth quarter and into 2026 - Management indicated potential for more runoff in the Mortgage Warehouse but expects to sustain levels around $210 million, with Panacea loans potentially reaching $150 million in annual production [29][31] Question: Timing for reaching a 3.30% margin - Management anticipates reaching a 3.30% margin by the first quarter of next year, focusing on increasing non-interest-bearing deposits [32][34] Question: Impact of interest rates on deposit costs - Management noted that while competition may drive rates down, the company's growth in checking accounts allows for competitive positioning without sacrificing margins [42] Question: Evidence of sticky customers from the digital banking platform - Management confirmed that digital customers are stickier than expected, with over 90% having multiple accounts or referring others [44][49] Question: Resolution of asset quality issues - Management expressed optimism about resolving certain loans in the next few quarters, particularly a C&I property that could improve margins [50][52]

Financial Data and Key Metrics Changes - The company reported FFO as adjusted of $0.46 per share and AFFO of $0.42 per share, with year-to-date portfolio same-store growth of 3.8% [12][18] - Cash NOI increased by 9.4% for the quarter [13] - The company ended the third quarter with a net debt to adjusted EBITDA ratio of 5.3x and $2.7 billion of liquidity [17] Business Line Data and Key Metrics Changes - CCRC portfolio delivered strong performance with NOI up more than 50% since acquiring the joint venture interest, including double-digit growth this year [9] - Outpatient medical executed 1.2 million sq ft of leases during the quarter, achieving 3% escalators or above on executions and positive cash releasing spreads of 5.4% [14] - Lab leasing saw 339,000 sq ft of leases executed, with total occupancy at 81% and positive 5% releasing spread on renewals [16] Market Data and Key Metrics Changes - The leasing pipeline has doubled to 1.8 million sq ft since the beginning of the year, with a favorable mix of new and renewal leases [16][22] - The company is experiencing increased demand from tech and AI-based companies, contributing to a strengthening demand profile [17][43] Company Strategy and Development Direction - The company aims to recycle outpatient sale proceeds into higher return lab opportunities, with a focus on strategic investments and disciplined capital allocation [7][18] - The internalization of property management allows for quicker deployment of technology and deeper tenant relationships, enhancing growth opportunities [5][11] - The company is focused on maintaining a tech-enabled platform to streamline operations and expand tenant services [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the outpatient sector, citing positive leading indicators and a strong pipeline for leasing [4][7] - The company anticipates a decline in occupancy in the short term but expects to reach a bottom and begin recovery thereafter [8][17] - Management highlighted the importance of the recent positive regulatory environment and its impact on tenant sentiment and capital raising [64] Other Important Information - The company has completed $158 million of asset sales and loan repayments year-to-date, with an additional $204 million of dispositions under a purchase and sale agreement [18][19] - The company is exploring various opportunities for capital recycling, including outpatient medical, life science investments, and potential share repurchases [57] Q&A Session Summary Question: Can you elaborate on the lab leasing pipeline and what's changed? - Management noted that the pipeline has doubled, with a favorable mix of new and renewal leases driven by improved sentiment in the sector [22][23] Question: What are the potential opportunities for the $1 billion in outpatient medical sales? - Management indicated that outpatient medical has been a strong business, and they plan to take advantage of strong demand for assets while exploring higher return opportunities in life sciences [25][26] Question: How does the company view tenant risk and the current tenant base? - Management reported a meaningful reduction in tenant exposure and expressed confidence in the ability of tenants to raise capital in the current environment [38][41] Question: What is the expected timeline for occupancy recovery? - Management expects occupancy to trend down to the high 70% range before beginning to recover, with a focus on maintaining strong tenant relationships [76][77] Question: How does M&A activity impact tenant space needs? - Management indicated that M&A can lead to increased demand for space, depending on the nature of the acquisition [96]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported net income of $0.53 per share compared to a loss of $0.29 in Q2 2025 [5] - Book value increased to $7.33 as of September 30 from $7.21 on June 30 [5] - Total return for Q3 was 6.7%, a significant improvement from negative 4.7% in Q2 [5] - Average portfolio balance rose to $7.7 billion in Q3 from $6.9 billion in Q2 [5] - Liquidity improved to 57.1% at September 30, up from 54% at June 30 [5] Business Line Data and Key Metrics Changes - The average coupon of the portfolio increased from 5.45% to 5.53% [30] - Effective yield rose from 5.38% to 5.51% [30] - Net interest spread expanded from 2.43% to 2.59% [30] - 20% of the portfolio is now backed by credit-impaired borrowers, with significant exposure to Florida and New York pools [30] Market Data and Key Metrics Changes - The Treasury curve steepened slightly during the quarter, reflecting market expectations of Federal Reserve rate cuts due to labor market deterioration [7][9] - The current coupon mortgage spread to the 10-year Treasury halved from 200 basis points in May 2023 to 100 basis points [11] - The mortgage market remains attractive, with strong demand despite tight credit spreads [10] Company Strategy and Development Direction - The company maintains a conservative leverage posture while focusing on high coupon specified pools to enhance income stability [30][43] - The strategy includes a heavy tilt towards call-protected specified pools to insulate against adverse payment behavior [30] - The company is positioned to benefit from potential Federal Reserve rate cuts and the anticipated end of quantitative tightening [44] Management's Comments on Operating Environment and Future Outlook - Management noted a potential crossroads for the economy, with labor market weakness prompting possible Federal Reserve rate cuts, while also observing resilience in consumer spending and government stimulus [45][46] - The company expects to adjust hedges to lock in lower funding costs and prepare for potential rate hikes following expected cuts [47] Other Important Information - The company raised $152 million in equity capital during the quarter, which was fully deployed into high-quality specified pools [28][41] - The weighted average price of the portfolio was over $101, indicating a premium position [72] Q&A Session Summary Question: Any macro factors that might change overall risk positioning? - Management indicated that if the Federal Reserve continues to cut rates, they might consider increasing leverage to benefit from the low-rate environment [50][52] Question: View on payouts upside potential with refi momentum? - Management noted that payouts have increased sharply recently, but they do not expect to return to the high levels seen in 2020 or 2021 [54][55] Question: Scenarios for dollar roll specialness returning? - Management expressed skepticism about the return of dollar roll specialness, citing the Federal Reserve's focus on buying Treasuries and bills rather than mortgages [61] Question: Supply and availability for longer-dated repo? - Management mentioned that spreads for longer-dated repo are currently too wide, but they are opportunistically looking to lock in favorable terms [63][64] Question: Percentage of portfolio covered with call protection? - Almost 100% of the portfolio has some form of call protection, which is expected to mitigate risks in a declining rate environment [71]

Financial Data and Key Metrics Changes - The company reported total assets under management (AUM) of $169 billion as of September 30, which is slightly below the previous quarter level due to net outflows despite favorable market performance [8][10] - Earnings per share (EPS) increased to $6.69 from $6.25 in the second quarter, marking a 7% increase sequentially, although it decreased 3% year-over-year due to lower average assets [10][19] - The operating margin improved by 170 basis points to 33%, or 33.4% excluding discrete items, with an incremental margin above 50% [10][18] Business Line Data and Key Metrics Changes - The ETF business saw significant growth, with AUM reaching $4.7 billion, up 79% year-over-year, and achieving the highest quarterly sales and net flows of $0.9 billion each [5][14] - Total sales increased by 12% to $6.3 billion, driven by higher sales in fixed income and alternative strategies, while net outflows remained unchanged at $3.9 billion [8][15] - Institutional sales rose to $2 billion from $1.3 billion in the previous quarter, primarily due to fixed income and multi-asset strategies [15] Market Data and Key Metrics Changes - The company experienced positive net flows in fixed income and alternative strategies, while equity strategies faced net outflows primarily due to a focus on quality-oriented strategies [9][16] - In October, flows across products and asset classes continued to trend similarly, with strong ETF sales and net flows, although U.S. retail mutual fund headwinds persisted [9][10] Company Strategy and Development Direction - The company aims to increase retail separate account offerings, expand ETF availability in key channels, and grow the wealth management business [4][5] - The management emphasized a disciplined approach to inorganic growth, focusing on opportunities that are financially and strategically compelling [7][28] - The company is actively exploring opportunities to enhance capabilities and scale, particularly in private markets and international client access [28][60] Management's Comments on Operating Environment and Future Outlook - Management noted that quality-oriented strategies have underperformed in a market favoring momentum, but they expect a reversion to favor quality strategies in the future [27][33] - The company remains optimistic about the potential for positive flows in fixed income and alternative strategies, despite the current challenges in equity strategies [32][33] Other Important Information - The company completed a debt refinancing, increasing financial flexibility with a new $400 million term loan and a $250 million revolving credit facility [11][20] - The quarterly dividend was raised by 7% to $2.40 per share, marking the eighth consecutive annual increase [11][20] Q&A Session Summary Question: What are the key strategies attracting interest in ETFs? - Management indicated that both the ETF wrapper and specific strategies are driving interest, with a focus on expanding access and building track records in various strategies [24][25] Question: Any updates on inorganic opportunities? - Management reiterated that the environment remains favorable for inorganic growth, focusing on high-performing capabilities and private market expansion [26][28] Question: How to improve net flows moving forward? - Management highlighted positive flows in fixed income and alternative strategies, while addressing the need to grow non-quality correlated strategies to offset net outflows [32][33] Question: What is the outlook for operating expenses following office consolidation? - Management confirmed that the benefits of office consolidation are reflected in the current run rate, with expectations for lower operating expenses moving forward [37][38] Question: What is the status of discrete expenses and buybacks? - Management stated that discrete expenses related to inorganic activities may persist, and buybacks remain a critical part of the capital strategy, although no specific plans were announced [43][45]

Financial Data and Key Metrics Changes - The company reported a 42% growth in diluted earnings per share as adjusted compared to the previous year [5] - Revenue increased by 9.6%, driven by broad-based volume growth, improved payer mix, and additional revenue from Medicaid supplemental programs [5][11] - Adjusted EBITDA margin improved due to strong performance in labor and supplies management [13][15] - Cash flow from operations was $4.4 billion, with $1.3 billion in capital expenditures and $2.5 billion in share repurchases [16] Business Line Data and Key Metrics Changes - Same-facility equivalent admissions increased by 2.4% year-over-year [11] - Same-facility inpatient surgical volume grew by 1.4%, while outpatient surgical volume increased by 1.1% [11] - Same-facility visits rose by 1.3%, with commercial and Medicare visits combined increasing by 4.1% [11][12] - Medicaid and self-pay visits both declined compared to the prior year [11] Market Data and Key Metrics Changes - The company experienced solid demand across its markets for healthcare services, expecting volumes to remain within a long-term growth range of 2 to 3% [8] - The respiratory season started slowly, impacting year-over-year growth rates in admissions and visits [11] Company Strategy and Development Direction - The company is focused on enhancing care for patients by increasing access, investing in digital tools, and training staff [7] - The management team has been restructured to improve enterprise capabilities and operational performance [9] - The company is advocating for the extension of enhanced premium tax credits for health insurance coverage [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining high levels of performance, citing strong cash flow and a robust balance sheet [9] - The company anticipates stable operating costs and solid demand for healthcare services in the upcoming year [8] - Preliminary views for 2026 are cautious due to the fluid nature of federal policy [8][9] Other Important Information - The company raised its full-year guidance, expecting revenues between $75 billion and $76.5 billion and adjusted EBITDA between $15.25 billion and $15.65 billion [17] - The net benefit from Medicaid state supplemental payments is expected to be $250 million to $350 million favorable for the full year 2025 compared to 2024 [17][18] Q&A Session Summary Question: Can you remind us what states are still pending for grandfathered programs? - Management mentioned Florida, Georgia, and Virginia as states with pending applications, but they do not expect approvals during the current shutdown [21][23] Question: Are you seeing early scheduling for elective surgeries? - Management noted that it is too early to size the potential impact of upcoming enrollment periods and special enrollment provisions [27][28] Question: Can you provide a bridge from Q3 into Q4 guidance? - Management indicated that hurricane impacts and declines in state supplemental payments will affect Q4 growth rates, which are expected to be in the high single-digits range [34] Question: How much of the supplemental payment benefit is included in guidance for Tennessee and Texas? - Tennessee was the largest driver of net benefit in Q3, while Texas had a minor impact due to late approval [38] Question: What is the outlook for professional fees and their impact on EBITDA? - Professional fees increased by 11% year-over-year, primarily related to anesthesia and radiology [84] Question: How is the company managing capacity for incremental volumes? - Management stated there are no significant capacity constraints and that they have improved staffing to meet expected demand [90][91] Question: How should we think about the hurricane-impacted facilities' recovery? - Management expects to recover approximately $100 million of the $250 million headwind from hurricanes in 2025 [97] Question: What gives you confidence in achieving long-term volume growth? - Management highlighted 18 consecutive quarters of volume growth and the addition of more outpatient facilities as key factors [101]

Primis Financial (NasdaqGM:FRST) Q3 2025 Earnings Call October 24, 2025 10:00 AM ET Company ParticipantsChristopher Marinac - Director of Equity ResearchDennis Zember - President and CEOMatt Switzer - CFOConference Call ParticipantsRussell Gunther - Managing Director and Equity Research AnalystOperatorLadies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Primis Financial Corp. third quarter earnings ...