Financial Data and Key Metrics Changes - VITAS net revenue was $407.7 million in Q3 2025, an increase of 4.2% compared to the prior year period, driven by a 2.5% increase in days of care and a 4.1% increase in Medicare reimbursement rates [12] - Adjusted EBITDA for VITAS, excluding Medicare cap, totaled $70.4 million, a decline of 3.8% year-over-year, with an adjusted EBITDA margin of 17.0%, down 157 basis points from the prior year [13] - Roto-Rooter revenue increased by 1.1% in Q3 2025 compared to the same period in 2024, with residential plumbing revenue up 8.2% [7][8] Business Line Data and Key Metrics Changes - VITAS admissions totaled 17,714 in Q3 2025, a 5.6% improvement from Q3 2024, with hospital-based admissions at 44.5%, the highest since the pandemic [5][6] - Roto-Rooter branch residential revenue was $150.9 million, an increase of 3.4%, while commercial revenue totaled $55 million, up 2.8% [13][14] - Revenue from independent contractors declined by 4.7% in Q3 2025 compared to the same period in 2024 [14] Market Data and Key Metrics Changes - The average daily census for VITAS was 22,327 patients, an increase of 2.5%, with hospital-directed admissions up 10.4% [17] - The average revenue per patient day for VITAS was $205.08, an increase of 298 basis points year-over-year [12] Company Strategy and Development Direction - The company is focusing on increasing hospital-based admissions to mitigate Medicare cap billing limitations, with expectations of no cap limitations for the Florida program in 2026 [6][16] - Roto-Rooter is implementing operational initiatives to improve margins and stabilize growth, with a focus on managing costs effectively [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fourth quarter, anticipating it to be the best quarter for VITAS due to seasonal factors and new rate increases [23][24] - The company is optimistic about returning to a predictable growth trajectory for Roto-Rooter, despite current margin pressures [11][15] Other Important Information - The company expects to open a new location in Pinellas County in early November 2025, which is anticipated to contribute positively to growth [7] - Management reiterated guidance of $22 to $22.30 per share, excluding non-cash expenses and other discrete items [16] Q&A Session Summary Question: Insights on demand and cost trends for Q4 - Management noted that Q4 typically sees higher demand and margins for both VITAS and Roto-Rooter due to seasonal factors [22][24] Question: Thoughts on receivables and cash collections - Management indicated that elevated DSO is primarily a timing issue related to Medicaid payments, not a deterioration in collection efforts [30] Question: Outlook for 2026 margins and growth rates - Management stated that the fourth quarter will inform the strategy for 2026, with expectations of revenue growth in the 8% range and margins around 17.5% to 18% [36][40] Question: Competitive dynamics in Roto-Rooter - Management highlighted improved competitive dynamics, with a shift towards paid leads resulting in better lead generation and potential margin recovery [44][46] Question: Sustainable margins in Roto-Rooter - Management believes that Roto-Rooter can achieve long-term EBITDA margins of 25% to 26%, despite current pressures from marketing costs [54] Question: Clarification on VITAS's Medicare cap liability - Management explained that the strategy of increasing hospital admissions and the current reimbursement environment gives confidence in managing Medicare cap liabilities [66][69]

Financial Data and Key Metrics Changes - The company reported net income of $61.1 million and core net income of $63.3 million for Q3 2025, with core earnings per share at $1.51 and a core return on average tangible common equity of 25.5% [6][19] - Net interest income before provision for credit losses was $92.7 million, an increase of $3.3 million or 3.7% from the prior quarter, with a net interest margin of 2.73%, up 9 basis points from the previous quarter [13][19] - The company announced a quarterly cash dividend of $0.50 per share and repurchased 700,000 shares at a cost of $30.3 million during the quarter [7][19] Business Line Data and Key Metrics Changes - Non-interest income totaled $61.2 million, an increase of $4.2 million over the last quarter, driven by higher banking fees and increased foreign exchange revenues [15] - Core non-interest expenses decreased due to lower performance-based incentive accruals and reduced property expenses [16] Market Data and Key Metrics Changes - Bermuda's business environment remains stable with signs of growth in the local economy, including a forecasted budget surplus and growth in the international business sector, particularly in reinsurance [9][10] - The Cayman Islands is expected to see a 2.5% GDP increase in 2025, with financial services and tourism being key economic pillars [11] Company Strategy and Development Direction - The company aims to enhance operational efficiency and maintain prudent expense discipline while focusing on capital management and organic growth [20] - The company is exploring strategic and accretive acquisition opportunities while continuing to diversify its fee income lines [34] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for the fiscal position of Bermuda and continued growth in the international business sector [9][10] - The company anticipates stable net interest margins with potential for slight expansion due to asset repricing [29] Other Important Information - The company maintains a conservative balance sheet with low risk density and strong asset quality, with negligible net charge-offs and a non-accrual loan rate of 2% [17][19] - The tangible book value per share improved by 5.4% to $25.06 as unrealized losses on investments improved [19] Q&A Session Summary Question: Margin trajectory outlook - Management indicated that deposit costs have decreased and there is potential for margin stability or slight expansion due to asset repricing [25][29] Question: Interest in crypto or stablecoin initiatives - Management described themselves as a "slow follower" in the digital asset space, monitoring developments but not taking a lead role [32][34] Question: Future expense management initiatives - Management discussed ongoing efforts to manage expenses, including moving back-office functions to Halifax and maintaining a stable expense run rate [36][37] Question: Fee income business momentum - Management noted strong performance in banking driven by increased card services fees and transaction-related fees, with a positive outlook for the upcoming tourism season [42][45] Question: Growth expectations in loans and deposits - Management highlighted Bermuda as a key area for deposit growth and noted a conservative approach to loan growth, with encouraging signs in the loan pipeline, particularly in Cayman [46][50]

Financial Data and Key Metrics Changes - Watsco Inc. reported a total sales decline of 4% and a 3% decline in the U.S. for the third quarter [3][4] - Gross margins improved by 130 basis points to 27.5% [3][4] - Operating expenses increased by 5%, attributed to inefficiencies related to product transition and new locations [4] - Record cash flow of $355 million was generated in the third quarter [4] Business Line Data and Key Metrics Changes - Unit volumes remained subdued, but there were double-digit pricing gains on new products [3] - Sales growth was noted in non-equipment and commercial refrigeration products [3] - Non-equipment sales, which include parts and supplies, accounted for over 20% of Watsco's revenues, with parts alone making up 8% [12] Market Data and Key Metrics Changes - E-commerce penetration grew to 34% of total sales, reaching up to 60% to 70% in certain U.S. markets [5] - The number of contractors using the mobile app increased by 18%, totaling 72,000 users [5] - The annual run rate of sales through the OnCall Air digital platform increased by 19%, reaching $1.7 billion over the last 12 months [5] Company Strategy and Development Direction - The company is focused on transitioning to next-generation equipment with A2L refrigerants, which is expected to simplify operations by 2026 [2][3] - Watsco is investing in innovation and technology to enhance competitive positioning, including the use of AI and pricing optimization tools [6][7] - The company aims to exceed 30% gross margins in the long term and is actively working on initiatives to improve operational efficiency [4][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term fundamentals of the industry despite current volatility [3] - The transition to new refrigerants is seen as a temporary challenge, with expectations for improved performance as it concludes [3] - Management acknowledged the impact of macroeconomic factors on consumer spending and housing activity, which are affecting demand [25][111] Other Important Information - The company has a strong balance sheet with no debt and a healthy cash position, allowing for potential investments in growth opportunities [4][26] - Management is open to increasing acquisition activity in light of industry softness [48] Q&A Session Summary Question: What is the dynamic between repair and replace in the current market? - Management indicated that both repair and replace are occurring, with geographic differences influencing consumer behavior [11][12] Question: How does Watsco view the recent distributor movement reported by Carrier? - Management acknowledged the reported declines but noted that their own demand is not as severe, indicating a mid-single-digit decline in revenue [14][30] Question: What are the expectations for inventory levels by year-end? - Management aims to improve inventory turns and expects to end the year with inventories near historical levels [54][56] Question: How is the company managing pricing in the current environment? - Management stated that they are in a strong position to negotiate with OEMs and are focused on maintaining margins despite potential price increases [69][71] Question: What trends are being observed in contractor sales and inventory? - Management noted variability among contractors, with some performing well while others are struggling, reflecting a diverse market landscape [93][94] Question: How does the company view the impact of A2L refrigerants on consumer behavior? - Management believes that while A2L products are more expensive, broader macroeconomic factors are more influential on consumer spending [111]

Financial Data and Key Metrics Changes - The company reported a 10.9% increase in revenues for Q3 2025 compared to Q3 2024, reaching S/574.1 million, driven by higher sales of concrete and pavement for infrastructure projects [9] - Gross profit increased by 14.4% year-over-year, attributed to a decrease in raw material costs and higher revenues [9] - Net income for the quarter rose 14.4% to PEN 71.5 million, with a cumulative growth of 15.6% for the first nine months of the year [4][13] - Consolidated EBITDA was S/160.6 million, a 3.9% increase compared to the same period in 2024 [9] Business Line Data and Key Metrics Changes - Cement sales increased by 10.4% in Q3 2025 compared to Q3 2024, driven by increased demand [11] - Sales of concrete pavement and mortar surged by 26.3% in Q3 2025, primarily due to infrastructure projects [12] - Precast materials sales rose by 23% in Q3 2025, with a strong increase in sales of pavers [13] Market Data and Key Metrics Changes - The northern region of Peru is experiencing growth above the national average, with strong activity in self-construction and infrastructure projects [17] - The company anticipates that the upcoming elections will not significantly impact volumes, as historical trends show resilience in the market during electoral periods [18][25] Company Strategy and Development Direction - The company is focusing on innovative building solutions, including prefabrication and BIM methodology, to enhance efficiency and sustainability [5] - Collaboration with Newmont and Bechtel Corporation on a water treatment plant project highlights the company's commitment to environmental sustainability [6] - The company aims to maintain a client-centric approach while adapting products and services to meet current and future demands [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive results and momentum, emphasizing the importance of doing what is right for clients and communities [7] - The company expects strong volume performance to persist, with optimism for growth in 2026 despite potential electoral impacts [28] Other Important Information - Administrative expenses increased by 20.2% in Q3 2025, primarily due to higher personnel costs related to union bonuses [10] - The net debt-to-EBITDA ratio was reported at 2.5 times, reflecting improved EBITDA and debt amortization [14] Q&A Session Summary Question: Expectations for volume performance ahead of federal elections - Management noted that the northern region is growing above the national average and does not foresee significant impacts from the upcoming elections on volumes [17][18] Question: Capital allocation and CapEx performance for 2026 - Sustaining CapEx has remained around S/100 million, and the company plans to maintain this level [21] Question: Dividend expectations for 2026 - The board decided to keep the dividend at S/190 million, aligning with previous years despite expected net profit growth [21][22] Question: Adjustments to commercial and operational strategy during electoral cycles - Management disagreed with the notion that electoral cycles lead to pauses in investment, emphasizing the need for continuous operation and investment [24][25] Question: Explanation for the increase in financial income - The increase in financial income to $8.7 million was attributed to the resolution of mining royalties, resulting in extraordinary income [28]

Inventrust Properties (NYSE:IVT) Q3 2025 Earnings Call October 29, 2025 10:00 AM ET Speaker6Thank you for standing by and welcome to InvenTrust Properties Corp.'s third quarter 2025 earnings conference call. My name is Becky, and I will be your conference call operator today. Before we begin, I would like to remind our listeners that today's presentation is being recorded, and a replay will be available on the investor section of the company's website at inventrustproperties.com. We will have a chance for a ...

Financial Data and Key Metrics Changes - Consolidated sales decreased by 19% to $131 million compared to the prior year [22] - Adjusted EBITDA declined by 29% to $32 million, primarily due to lower gross profit [24] - Net income decreased to $15 million, with adjusted net income down 36% to $18 million [24] - Basic earnings per share decreased to $0.71, while adjusted basic earnings per share decreased 34% to $0.85 [25] - Year-to-date operating cash flows increased by 26% to $93 million [25] - Full-year 2025 adjusted EBITDA guidance raised to $110 to $115 million, and adjusted EPS guidance raised to $2.60 to $2.75 [26] Business Line Data and Key Metrics Changes - Branded spirits segment sales decreased by 3%, with premium plus sales showing growth driven by Penelope Bourbon [22] - Distilling solutions segment sales declined by 43%, with brown goods sales down by 50% [22] - Ingredient solutions segment sales increased by 9%, primarily due to higher specialty and commodity wheat protein sales [23] - Gross profit for the ingredient solutions segment declined by 36% due to operational issues [23] Market Data and Key Metrics Changes - Total U.S. whiskey production down 19% over the prior 12 months, down 28% over the prior six months, and down 32% over the prior three months [15] - Diageo North America recognized MGP Ingredients as one of its distinguished suppliers, indicating strong partnerships [15] Company Strategy and Development Direction - Company is conducting a strategic review to improve clarity and focus on high-potential brands while trimming underperformers [5][6] - New appointments in marketing and operations aim to strengthen brand growth and operational efficiency [6][7] - Focus on innovation and new product launches to meet consumer demand, particularly in the ready-to-pour cocktail segment [12] - Emphasis on operational reliability and cost savings to enhance productivity [8][19] Management Comments on Operating Environment and Future Outlook - Management acknowledges challenges in the industry but expresses confidence in the company's long-term potential [9] - The company is focused on building a resilient business model that can adapt to industry cycles [29] - Management is optimistic about the alignment and enthusiasm within the organization, which supports future growth [20] Other Important Information - The company is prioritizing strong cash generation and has reduced capital expenditures significantly [25][26] - The operational challenges in the ingredient solutions segment are being addressed through increased staffing and maintenance investments [17][19] Q&A Session Summary Question: Industry trends and channel inventory - Management noted that customers are seeking closer relationships due to elevated inventory and reduced production, with a shift towards direct dealings with MGP [31] Question: Gross margin performance - Margins were better than expected due to higher aged whiskey sales and effective cost management [32] Question: Portfolio management of branded spirits - Management is evaluating lower-performing brands while focusing on premium brands that show growth potential [37] Question: Customer purchasing behavior - Large multinationals have paused purchases, but craft customers are increasingly seeking aged whiskey, indicating a shift in demand [41][43] Question: Ingredient solutions segment performance - Management acknowledged operational issues but emphasized strong demand for products, with plans to improve reliability and performance [46][48] Question: Success of Penelope brand - Penelope is experiencing significant growth due to innovative marketing and appealing product offerings, attracting a diverse consumer base [56][58]

Financial Data and Key Metrics Changes - The company reported bookings of $1.2 billion for the quarter, representing a sequential increase of over $130 million and a 1% growth compared to the prior year [4] - Adjusted gross margins increased by 240 basis points to 34.8%, while adjusted operating margins rose to 14.8%, driven by incremental margins of 115% during the quarter [3][16] - Adjusted earnings per share was $0.90, marking a 45% increase compared to the same period last year [3] - The company raised its adjusted EPS guidance range for the second time this year to $3.40 to $3.50, reflecting a 31% increase from last year and over 60% from 2023 [2][25] Business Line Data and Key Metrics Changes - The aftermarket segment continued to perform strongly, with bookings exceeding $600 million for the sixth consecutive quarter, and two of the last three quarters seeing bookings above $650 million [4][29] - The FTD segment experienced a 24% growth in bookings and a 7% increase in sales, with adjusted operating margins expanding by 230 basis points [18] - Excluding engineered pump original equipment bookings, the remaining portfolio saw an impressive 9% growth in bookings [6] Market Data and Key Metrics Changes - The power market, particularly nuclear, showed strong growth, with over $140 million in nuclear bookings, a record for the company [5] - Mining project activity increased over 60% compared to last year, indicating a positive trend in that sector [8] - The chemical market remains the lowest growth area, although there were signs of improvement in North America [8] Company Strategy and Development Direction - The company is focused on driving sustainable growth, expanding margins, and enhancing cash flow, with a commitment to delivering superior value for shareholders [14][25] - The Flowserve business system is being leveraged to drive margin expansion and operational excellence, with the 80/20 complexity reduction program showing early benefits [20][25] - The company is strategically positioned to capitalize on the growing nuclear market, with expectations of significant growth opportunities in the next decade [12][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the aftermarket business, citing strong refinery and chemical plant utilization as key growth drivers [29] - The project environment is seen as constructive, with expectations for growth in power and nuclear markets, despite some delays in larger engineered projects [31] - The geopolitical and macro environment needs to stabilize for operators to gain confidence in project investments, but overall sentiment for 2026 and beyond is positive [32] Other Important Information - The company announced a divestment of legacy asbestos liabilities, which is expected to simplify capital structure and improve annual cash flow by $15 million to $20 million [24][56] - Cash from operations for the quarter was $402 million, with a free cash flow conversion rate of 174% when excluding the merger termination payment [23] Q&A Session Summary Question: Can you provide context on the operating environment and pipeline? - Management noted strong aftermarket performance and a shift in focus from large engineered projects to a more resilient business model, with expectations for continued growth in power and nuclear sectors [29][31] Question: How is pricing in the marketplace? - Pricing has remained sticky, with successful price increases implemented in the U.S. market, and the company is focused on maintaining a positive price-cost balance [34][37] Question: Can you elaborate on the margin improvements in FTD? - The integration of MOGAS has been successful, contributing positively to margins, and the company is optimistic about future growth opportunities in the FTD segment [41][45] Question: What is the expected market share for the nuclear flow control opportunity? - The company has a strong position in the nuclear market, with content in 75% of existing reactors and expectations to maintain or grow market share in upcoming projects [49][85] Question: What are the cash flow implications of the asbestos transaction? - The transaction is expected to enhance cash flow by $15 million to $20 million annually, simplifying capital allocation and reducing volatility [56][72]

Financial Data and Key Metrics Changes - Funds from Operations (FFO) per share for Q3 2025 was $1.74, which is $0.04 above the forecast and $0.02 above market consensus [4][37] - The midpoint of the earnings guidance for the full year 2025 was raised by $0.03, now projected at $6.89 to $6.92 per share [4][39] - Occupancy in the same property pool increased by 20 basis points from the previous quarter, reaching 86.6% [20][37] Business Line Data and Key Metrics Changes - Over 1.5 million square feet of leasing was completed in Q3 2025, a 39% increase compared to Q3 2024 and 130% of the last five-year average for the same quarter [5][4] - Year-to-date leasing activity reached 3.8 million square feet, which is 14% greater than the first three quarters of 2024 [5] - The overall mark-to-market on leases signed this quarter increased by almost 7%, with notable increases in Boston (12%) and New York (7%) [23] Market Data and Key Metrics Changes - Office transaction volume in private markets improved, with significant office sales reaching $12.9 billion in Q3 2025, up 6% from Q2 2025 and 55% from Q3 2024 [8] - Office utilization data showed a 13% increase over the last year, with September 2025 utilization at 26.3% below 2019 levels [6] - Direct vacancy for premier workplaces in key markets is 11.7%, significantly lower than the broader market [10] Company Strategy and Development Direction - The company aims to sell 27 non-strategic assets for approximately $1.9 billion by year-end 2027, with 23 transactions closed or underway totaling roughly $1.25 billion in net proceeds [7][8] - Focus on increasing portfolio concentration in premier workplace assets located in core gateway markets, which are outperforming the broader office market [10][11] - Plans to grow FFO through selective new developments, particularly in multifamily projects, with a financial partner [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that clients are growing and utilizing their spaces more intensively, leading to positive leasing market conditions [16] - The company expects to achieve a 200 basis point increase in occupancy by the end of 2026, supported by a strong leasing pipeline [49][66] - The debt and equity markets are becoming more constructive on the office sector, improving capital availability and pricing [16][36] Other Important Information - The company recorded $212 million in impairments related to assets part of the strategic sales program [38] - The company is actively pursuing high-quality development opportunities with expected cash yields over 8% [12] Q&A Session Summary Question: Thoughts on reallocating capital into premier locations and smaller markets like Seattle and LA - Management acknowledged that LA and Seattle are weaker markets with no current development opportunities, but would consider acquisitions if they arise [44][45] Question: Confidence level regarding occupancy increases in 2026 - Management expressed confidence in renewing leases and maintaining leasing velocity, projecting a 200 basis point increase in occupancy by the end of 2026 [47][49] Question: Recovery in San Francisco and Salesforce's commitment - Management noted that AI demand is focused on low-rise buildings south of Mission Street, and Salesforce's commitment is seen as positive for job growth and office demand [50][55] Question: Percentage of pre-pandemic leases still to be addressed - Management indicated that most growth is coming from existing clients expanding their space, with limited rollover risk [58][63]

Financial Data and Key Metrics Changes - Consolidated reported sales growth was 8%, with 3% organic growth, and adjusted earnings per share were $1.94 [5][15] - GAAP gross margins declined to 46.5%, down 140 basis points from last year, reflecting inflation, tariffs, and transactional FX increases [15] - GAAP operating margin was 20.1%, with an adjusted operating margin of 22.1%, down 50 basis points year over year [15][16] - Quarterly GAAP net income totaled $70 million, or $1.77 per diluted share, with adjusted diluted earnings per share up 6% from last year [16] Business Line Data and Key Metrics Changes - In the Americas segment, sales increased 5% year over year on a reported basis, or 3% organic, with high single-digit organic growth in detection and low single-digit growth in industrial PPE [17] - Organic sales in fire service declined 3% year over year, while organic sales of industrial PPE increased 7% [6][17] - International segment sales increased by 16% year over year, with a 7% contribution from M&C Tech Group and a 5% organic increase [17] Market Data and Key Metrics Changes - Detection's organic growth was 6%, driven by strength in both fixed and portable instruments, with more than half of the growth in portables coming from connected devices [5][6] - A double-digit decline in fire service orders was primarily due to near-term market dynamics in the Americas and the U.S. Air Force comparison [7] - The overall book-to-bill ratio was slightly below one, indicating a near-term negative impact from the fire service order pace in the Americas [8] Company Strategy and Development Direction - The company continues to strengthen its leadership in industrial safety technology through customer-driven new product development [8] - Recent product introductions include the Altair IO6 multi-gas connected portable device and a new H2 V-Gard Safety Helmet [9] - The M&A pipeline remains active, with a strong balance sheet positioning the company well for growth-oriented deployment and cash returns to shareholders [10][19] Management's Comments on Operating Environment and Future Outlook - Management expects continued momentum in fall protection and detection as key performance tailwinds, despite challenges from the U.S. government shutdown and timing of AFG funds [20][22] - The company maintains a low single-digit full-year organic growth outlook, with M&C Tech Group expected to add approximately two points to full-year revenue growth [20][22] - Management expressed confidence in navigating macro uncertainties and timing challenges, emphasizing the strength of the business fundamentals [22] Other Important Information - The company reported robust free cash flow of $100 million, or 144% of earnings, with quarterly operating cash flow up 33% from a year ago [18] - The company repaid $50 million of debt in the quarter, ending with net leverage of one time and a weighted average interest rate of 4.1% [19] Q&A Session Summary Question: Will there be much of the normal seasonal uplift in the fourth quarter? - Management confirmed that the fourth quarter will likely not see much seasonal uplift due to the fire service issues [24] Question: Does the timing of AFG funding preclude customers from placing orders? - Management explained that customers typically act quickly once they receive funding, but the government shutdown has slowed the process [26] Question: What is the expectation for SG&A expenses in the fourth quarter? - Management indicated that SG&A expenses would return to more normal levels in the fourth quarter [28] Question: Can you provide insights on the FX impact on margins? - Management noted that inflation and tariffs have been significant factors affecting margins, with some transactional FX also impacting costs [30] Question: What is the outlook for the fire service business going into 2026? - Management expressed optimism for the fire service business in 2026, anticipating consistent demand despite current headwinds [35] Question: Are there any major restructuring plans for the next few quarters? - Management confirmed that there are no major restructuring plans to include in future models [44] Question: How is the integration of M&C Tech Group progressing? - Management reported positive integration progress and identified growth opportunities in the U.S. market [53] Question: What is the current status of the MSA+ Connected Worker Platform? - Management stated that the MSA+ platform continues to perform well, contributing significantly to growth in portable instruments [40]

Northeast Bank (NasdaqGM:NBN) Q1 2026 Earnings Call October 29, 2025 10:00 AM ET Speaker4Welcome to the Northeast Bank first quarter fiscal year 2026 earnings call. My name is James, and I will be your operator for today's call. This call is being recorded. With us today from the bank is Rick Wayne, President and Chief Executive Officer, Richard Cohen, Chief Financial Officer, Santino Delmolino, Corporate Controller, and Pat Dignan, Chief Operating Officer and Chief Credit Officer. Prior to the call, an inv ...