Financial Data and Key Metrics Changes - FBRT reported GAAP earnings of $24.4 million or $0.21 per fully converted common share for Q2 2025, with distributable earnings of $29 million or $0.27 per fully converted share [16] - The average risk rating at quarter end was 2.3, with 137 of 145 positions rated two or three, and watch list loans represented only 5% of the total portfolio [9][12] - The company's liquidity position was $5.1 billion, including $77 million in unrestricted cash [11] Business Line Data and Key Metrics Changes - The company originated $61 million in new loan commitments, primarily in multifamily assets, which was a deliberate reduction to maintain a higher cash balance ahead of the NewPoint acquisition [6][7] - FBRT sold three multifamily assets totaling $56 million, which was above the principal basis at the time of foreclosure [10] - The core portfolio ended the quarter at $4.5 billion across 145 loans, with multifamily making up 74% of the portfolio [24] Market Data and Key Metrics Changes - The multifamily fundamentals are improving, with new supply slowing and rent growth reemerging in certain markets [28] - The company noted that credit markets are flush with liquidity, indicating a strong demand for shorter duration credit [26] - The average cost of debt on the core portfolio is SOFR plus 2.3%, with 77% of financing coming from CLOs [19][20] Company Strategy and Development Direction - The acquisition of NewPoint is seen as a significant milestone, expanding FBRT's platform within multifamily lending and enhancing income stability [12] - The company aims to grow distributable earnings through calling CLOs, reinvesting equity from the REO portfolio, and contributions from NewPoint [17][18] - FBRT's stock is trading at a discount to book value, attributed to concerns over dividend coverage and asset quality [13][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legacy portfolio, stating that losses near the implied $450 million level are highly unlikely [38] - The company anticipates a period of acceptance in the market, where investors will recognize the need to mark loans appropriately [78] - Management expects NewPoint's earnings contribution to grow significantly over time, correlating with agency and FHA origination volume [22][23] Other Important Information - The company has made significant progress on its REO portfolio, with 10 out of 19 properties sold above the principal balance at the time of foreclosure [33] - The migration of servicing for FBRT's loans to NewPoint is expected to yield savings and additional servicing revenue [81] Q&A Session Summary Question: Have you resumed originations and at what pace since the closing of NewPoint? - Management confirmed that originations have resumed and are expected to grow quarter over quarter, targeting a portfolio size of around $5 billion to maximize dividend coverage [41][44] Question: What are you seeing in terms of spreads compared to a year ago? - Management noted that spreads are tighter by 100 to 125 basis points compared to a year ago and 25 to 50 basis points tighter than 60 to 90 days ago [46] Question: Do the CLOs need to be replaced with other debt? - Management indicated that calling the CLOs would allow for leveraging back up to optimal levels, freeing up cash for more originations [50][52] Question: What is needed for NewPoint to ramp origination activity? - Management stated that expanding the net spread across the country and increasing the origination staff would drive volume growth [75] Question: Is there a savings related to migrating FBRT's loans over to NewPoint's servicer? - Yes, management confirmed that there would be savings from cutting out markups and benefiting from float on cash reserves [81][84]

Financial Data and Key Metrics Changes - In Q2 2025, adjusted EBITDA was $277 million, a decrease of $3 million from the previous quarter [12] - The pipeline segment results were $3 million lower than Q1 2025 due to a planned rate step down on the Guardian pipeline and seasonally lower EBITDA from interstate and joint venture pipelines [12] - Total gathering volume for the Haynesville averaged 1.74 Bcf per day, a record throughput for a quarter and a 16% increase over Q2 2024 [12] Business Line Data and Key Metrics Changes - The gathering segment results were in line with Q1 2025, reflecting higher volumes on the Haynesville system, offset by lower volumes in the Northeast [12] - In the Northeast, volumes averaged 1.17 Bcf per day, a decrease from Q1 due to maintenance and timing of producer activity [12] Market Data and Key Metrics Changes - The PGM auction cleared at over $329 per megawatt day, a 22% increase from last year's auction, indicating significant power demand growth [9] - The company forecasts a 16 Bcf per day increase in LNG free gas demand through 2035 from facilities accessing the Haynesville system [8] Company Strategy and Development Direction - The company reaffirmed its 2025 adjusted EBITDA guidance and early outlook for 2026, indicating confidence in growth opportunities [4] - The company is focused on executing a $2.3 billion organic project backlog, with $1.1 billion already reaching FID [17] - The current federal administration is creating a favorable environment for energy infrastructure projects, streamlining approval processes [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted a positive shift in the Haynesville region, with private producers becoming more active in response to LNG demand [7] - The company is optimistic about power demand growth driven by electrification, onshoring of manufacturing, and demand for AI computing [8] - Management expressed confidence in achieving the total investment target of $2.3 billion, with a significant portion already committed [14] Other Important Information - The company was upgraded to investment grade by Moody's and S&P, joining Fitch, solidifying its status as a full investment-grade entity [15] - The Board of Directors approved a second-quarter dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow the dividend by 5% to 7% per year [16] Q&A Session Summary Question: Insights on New York's power generation and Millennium expansion - Management noted strong power demand in New York, with both plants served by Millennium operating at high load factors, indicating a need for additional generation [22] - Positive regulatory changes are being observed, with a recognition of the need for additional infrastructure in the state [23] Question: Haynesville activity and producer responses - Private producers are ramping up activity in the Haynesville, with expectations that public producers will respond to price signals in 2026 and 2027 [25][26] Question: Data center lateral investments - Strong power demand growth is being observed in PJM and MISO, with ongoing utility-scale expansions driven by this demand [30] Question: CapEx for 2025 - Management expects to land within the guidance range for CapEx, with a ramp expected in the second half of the year [38] Question: FID of Guardian and gas sourcing - The customer will procure gas at the Joliet hub, with existing pipelines capable of feeding the hub [41] Question: LNG market dynamics and competitive landscape - The company is expanding delivery point connectivity into the LNG header system, positioning itself for continued demand growth [46] Question: Bolt-on acquisition strategy - The company remains open to bolt-on opportunities that align with its core strategy of growing its pipeline segment [52] Question: Impact of the new federal administration on project permits - The administration is working to reduce friction in large-scale infrastructure investments, which is seen as a positive development for the company [58] Question: 2026 EBITDA guidance and project FID movement - Management reaffirmed confidence in the 2026 early outlook, indicating that project movements are on track [62] Question: Expansion capacity on Nexus and Midwest utilities - Nexus has significant expansion potential, and the company is exploring opportunities to increase egress capacity from Appalachia [78][88]

TIM (TIMB) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Speaker0Good morning, ladies and gentlemen. Welcome to the GinSA twenty twenty five Second Quarter Results Video Conference Call. We would like to inform you that this event is being recorded. There will be a replay for this call on the company's website. After Gene and Sai remarks are completed, there will be a Q and A section for participants.At that time, further instructions will be given.Speaker1Hello, and welcome to our earnings conference for ...

Financial Data and Key Metrics Changes - In Q2 2025, net revenue was $2.1 billion, a decrease of 3% in U.S. dollars and 4% in constant currency [24] - Adjusted diluted earnings per share were $2.45, flat year over year in U.S. dollars and down 1% in constant currency [27] - Gross margin was 21.1%, an increase of 10 basis points [27] - Adjusted SG&A expenses declined by 3%, contributing to strong operating expense management [27] Business Line Data and Key Metrics Changes - Hardware revenue grew by 2%, marking the second consecutive quarter of growth, with North America hardware revenue increasing by 4% [7][24] - Insight core services revenue decreased by 2%, primarily due to delays in initiating new service projects with large enterprise clients [8][25] - Cloud gross profit declined by 5%, attributed to partner program changes [8][26] Market Data and Key Metrics Changes - Revenue from commercial clients grew by 8%, representing the fifth consecutive quarter of growth [7] - The underlying SaaS and infrastructure as a service business grew in double digits, offset by partner program changes [7] - The public sector business showed resilience, with some momentum in hardware despite overall revenue being down [83] Company Strategy and Development Direction - The company aims to become the leading AI-first solutions integrator, adapting its services portfolio to support clients in deploying AI solutions [10][19] - The strategy includes focusing on simplifying complex technology for clients and leveraging partnerships with major companies like NVIDIA, Google, and Microsoft [17][20] - M&A remains a key focus, particularly in the fastest-growing areas of the market such as cloud, data, AI, edge, and security [22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second half of the year, anticipating improved purchasing from corporate and large enterprise clients [20][31] - The macroeconomic environment continues to impact client investment decisions, but the company is well-positioned to grow as conditions improve [9][20] - Management expects hardware demand to increase steadily throughout the year, driven by device refresh needs and infrastructure spending [21][31] Other Important Information - The company repurchased approximately $76 million of shares in Q2, with $224 million remaining for the share repurchase program [28] - The adjusted return on invested capital for the trailing twelve months was 14.4%, down from 17% a year ago [30] - The company has ample liquidity, with access to $1.8 billion under its ABL facility [29] Q&A Session Summary Question: Guidance on gross profit dollar growth - Management indicated that gross profit dollars are expected to improve in the second half, driven by hardware growth and cloud performance [50][55] Question: Delays in services projects with large enterprises - Management noted that macroeconomic uncertainty and clients' focus on AI investments are causing delays in project initiation [66][70] Question: Cloud growth excluding program changes - Management confirmed that underlying cloud growth was approximately 17% year over year in Q1 and similar in Q2, with expectations for continued growth in the second half [71][73] Question: Impact of partner program changes on future margins - Management stated that while the $70 million headwind from partner program changes affected margins in 2025, they expect this to normalize by 2026 [88][90]

Financial Data and Key Metrics Changes - Total revenues for Q2 2025 reached approximately EUR 1.8 billion, reflecting a 4.4% year-over-year growth with flat deliveries [9] - EBITDA exceeded EUR 700 million, indicating strong profitability [9] - Industrial cash flow was reported at EUR 230 million [9] - EBITDA margin stood at 39.7% and EBIT margin was close to 31% [20] Business Line Data and Key Metrics Changes - Shipments in Q2 were driven by the 2096 GTS, Purosangue, and Roma Spider, while the SF90XX family increased its contribution [16] - The Daytona SP3 saw lower shipments as it approached the end of its life cycle [16] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, supported by the Daytona SP3 and SF90XX family [19] Market Data and Key Metrics Changes - The geographic breakdown of revenues reflects different product cycles and a deliberate allocation strategy [17] - The company reported a strong order book entering 2027, with substantial demand for the newly launched Ferrari Amalfi [7] Company Strategy and Development Direction - The company is focused on product development, particularly with the upcoming Ferrari Electrica [6] - Continued investment in client centricity, product excellence, and technology advancement is emphasized [7] - The company aims to prioritize quality of revenues over volume in the second half of 2025 [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic threats, including trade tensions and currency fluctuations [5] - The company remains well-prepared to adapt to potential challenges, highlighting the importance of agility and flexibility [24] - Future guidance for 2025 has been confirmed with stronger confidence, removing previous risks on percentage margins [22] Other Important Information - The company is progressing with the construction of a new paint shop and a truck dedicated to sports car testing [8] - The Ferrari HyperSail project is under construction, marking the company's entry into the sailing sector [13] Q&A Session Summary Question: Comments on residual value developments in key markets - Management noted that the UK market was under pressure but actions taken are showing good trends [28] Question: Details on why industrial costs in the second half are expected to be lower - Lower costs are attributed to an easy comparison with last year, where significantly higher racing costs were incurred [29] Question: Clarification on R&D capitalization versus amortization - The change is due to the overlap of project developments and the pace of model approvals [31] Question: Cars and spare parts growth at 3% and ASP expectations - The lower growth is aligned with the planned deliveries and personalization trends remain strong [41] Question: Impact of tariffs on pricing strategy - The company will adapt its commercial policy once the new tariffs are implemented, separating tariff costs in invoices [39] Question: Positioning of the Ferrari Electrica - The vehicle is intended for both existing community members and new customers, with more details to be revealed in October [48] Question: Expectations for hybrid vehicle share - The share of hybrids is influenced by the product mix and expected to vary based on model availability [77] Question: Confidence in pricing strategy for upcoming launches - The company remains confident in maintaining constructive pricing strategies for future launches [102]

New York Mortgage Trust (NYMT) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Speaker0Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust Second Quarter twenty twenty five Results Conference Call. During today's presentation, all parties will be in a listen only mode. Following the presentation, the conference will be open for questions. If you have a question, please press the star key followed by one, one on your touch tone phone.If you would like to ...

Financial Data and Key Metrics Changes - The company reported a record adjusted EBITDA margin of 21.8%, an increase of 100 basis points year over year [6][12] - Adjusted EPS grew by mid-teens percentage compared to the previous year [6] - Revenue growth was strong at 6% in the quarter, driven primarily by outperformance in Measurement and Control Solutions (MCS) [12][20] - Year-to-date free cash flow decreased by $61 million year over year, mainly due to outsourced water projects and timing of tax payments [13] Business Line Data and Key Metrics Changes - **Measurement and Control Solutions (MCS)**: Orders grew 12% organically, with revenue up 10% driven by energy metering demand [14] - **Water Infrastructure (WI)**: Revenue grew 4%, with demand led by treatment solutions, although orders declined by 2% due to funding delays in the UK and Canada [15] - **Applied Water**: Orders increased by 4%, with revenue up 5%, driven by strength in commercial buildings [16] - **Water Solutions and Services**: Orders increased by 5%, with revenue growth also at 5%, reflecting strong execution on pricing and productivity [17] Market Data and Key Metrics Changes - Demand for products and solutions remains resilient, with strong orders pace and particularly solid growth in smart metering [7] - The backlog remains strong, exceeding $5 billion, with a book-to-bill ratio near one [12] Company Strategy and Development Direction - The company is focused on executing its transformation plan laid out at the Investor Day, which includes simplifying operations and enhancing portfolio for growth through targeted acquisitions [9][26] - Recent acquisitions in advanced treatment are aimed at strengthening the company's growth engine and enhancing capabilities [26] - The company is committed to navigating tariff uncertainties and inflation through pricing actions and supply chain adjustments [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong performance for the remainder of 2025, despite macro uncertainties [20] - The company raised its full-year revenue guidance to $8.9 billion to $9 billion, reflecting 4% to 5% total growth [20] - Management noted that while there are uncertainties around tariffs and foreign exchange movements, the team is effectively controlling internal factors [21] Other Important Information - The company has implemented simplification initiatives that have improved productivity and customer responsiveness, contributing to margin expansion [7][10] - The integration of Evoqua is progressing well, with cost synergies being delivered ahead of schedule [24] Q&A Session Summary Question: Update on MCS order outlook and destocking - Management noted resilient demand across the board, with expectations for MCS to return to a positive book-to-bill ratio by year-end [35] Question: Progress on simplification initiatives - Management reported tracking ahead of the timeline for simplification, with improved decision-making and customer metrics [36][41] Question: Applied Water performance and eightytwenty impact - Management highlighted strong orders and revenue growth in Applied Water, with ongoing focus on simplifying the business to drive growth [50] Question: Municipal utility funding concerns - Management expressed confidence that Congress will appropriate funds to maintain healthy state revolving fund levels, despite concerns about potential cuts [88] Question: MCS margin drag from legacy projects - Management indicated that legacy projects would pressure margins in the short term but expect sequential improvement in the coming quarters [106] Question: Capital deployment strategy - Management remains forward-leaning on M&A, focusing on assets that fit the strategy and have strong financial returns [80]

Sturm, Ruger & Company (RGR) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Speaker0Welcome to Sturm, Ruger and Company's Second Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. To remove yourself from the queue, you may press 11 again.I would now like to turn the call over to Todd Seaford, Presiden ...

EZCORP (EZPW) Q3 2025 Earnings Call July 31, 2025 09:00 AM ET Speaker0Good morning, ladies and gentlemen. Welcome to the EC Corp Third Quarter Fiscal twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this call may be recorded.Now like to turn the conference over to Sean Mansory, the company's Investor Relations Advisor with Elevate IR. Please go ahead, Sean ...

Financial Data and Key Metrics Changes - National Fuel Gas Company reported a 66% increase in adjusted operating results compared to the previous year, driven by higher natural gas prices and lower per unit operating costs at Seneca [15][29] - The company narrowed its earnings guidance for fiscal 2025 to a range of $6.80 to $6.95 per share, reflecting positive momentum across the company despite a reduction in NYMEX forecast from $3.50 to $3.25 for the fourth quarter [15][16] - For fiscal 2026, the company anticipates earnings per share in the range of $8.00 to $8.50, representing a 20% increase from fiscal 2025 at the midpoint [17][27] Business Line Data and Key Metrics Changes - Production at Seneca increased by 16% year-over-year, with guidance for full-year production expected to rise approximately 8% compared to fiscal 2024 [4][5] - The company raised its production guidance for fiscal 2025 to a new target range of 420 Bcf to 425 Bcf, an 8% increase at the midpoint year-over-year [30] - For fiscal 2026, production is projected to grow by 6% at the midpoint, with capital expenditures expected to decrease by 4% [31][32] Market Data and Key Metrics Changes - The natural gas market outlook remains constructive, supported by strong supply and demand fundamentals, with U.S. LNG demand exceeding 16 Bcf per day [33][34] - The company noted that while U.S. gas production has increased, storage levels have remained near the five-year average, indicating resilient structural demand [33] Company Strategy and Development Direction - National Fuel is focused on organic growth, with ongoing investments in modernization and expansion projects, including the Shippingport Lateral and Tioga Pathway projects [7][25] - The company aims to achieve mid-single-digit rate base growth over the next several years while continuing to invest in system modernization [6][28] - Management emphasized the importance of infrastructure to support growing energy demand, particularly in Pennsylvania, where significant investments have been announced [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the natural gas industry's future, highlighting that demand for natural gas is at all-time highs both domestically and abroad [13][14] - The company is well-positioned to capitalize on new infrastructure developments and has a strong balance sheet to support growth initiatives [28] - Management acknowledged the need for permitting reform to facilitate larger-scale projects in the future [77] Other Important Information - The company raised its dividend for the 55th consecutive year to an annual rate of $2.14 per share, reflecting strong results and confidence in the long-term outlook [10] - National Fuel's capital spending guidance for fiscal 2025 remains unchanged, with a modest increase projected for fiscal 2026 due to inflationary pressures [23][24] Q&A Session Summary Question: On the buyback pause and capital allocation - Management indicated that the decision to pause the buyback program was driven by capital allocation priorities, focusing on balance sheet flexibility for growth opportunities [39][40] Question: Impact of cash taxes in 2026 and beyond - Management expects cash tax rates to be in the high single digits for the current year, moving to low to mid-single digits next year due to changes in tax legislation [42][43] Question: Tioga Pathway project spending cadence - Construction for the Tioga Pathway project will begin in spring, with the bulk of spending occurring in summer as contractors install the lines [46] Question: Industry trends on service costs - Management noted that while there are inflationary pressures, they do not expect significant increases in service costs and anticipate a neutral to slightly down trend overall [48][49] Question: Supply agreements with new egress in Northeast Pennsylvania - Management expressed excitement about opportunities arising from new egress projects and highlighted the company's strong position due to deep inventory and an investment-grade credit rating [52][53] Question: Growth opportunities in regulated pipeline investments - Management emphasized organic growth as the top priority, with ongoing projects like Shippingport and Tioga Pathway seen as important steps, while larger-scale projects will require permitting reform [75][77]