Financial Data and Key Metrics Changes - The company reported record adjusted net income of $0.23 per share for Q4 2025, in line with analysts' consensus, and net cash from operations before working capital adjustments was $0.48 per share, exceeding estimates of $0.43 [4] - Free cash flow reached a record $132 million for the quarter and $330 million for the full year, highlighting strong operational performance [4] - The company ended 2025 with $704 million in total liquidity, a $327 million increase over 2024, driven by strong operating results [27] Business Line Data and Key Metrics Changes - Séguéla produced 36,942 ounces of gold in Q4, totaling 152,426 ounces for the full year, exceeding guidance by 4% [10] - Lindero's full-year gold production totaled 87,489 ounces, approximately 6% below the lower end of guidance due to mechanical downtime in Q4 [15] - Caylloma produced 250,000 ounces of silver in Q4, maintaining production levels consistent with previous quarters [17] Market Data and Key Metrics Changes - The average realized gold price was $4,166 per ounce, an increase of over $1,500 per ounce compared to the previous year [21] - Consolidated cash costs rose marginally by 5% to $971 per ounce, while all-in sustaining costs (AISC) for the year were $1,716 per ounce, within guidance range [21][17] Company Strategy and Development Direction - The company aims to grow annual gold production to over 500,000 ounces within the next 24 months, representing approximately 65% growth from current levels [5] - Key growth projects include Diamba Sud in Senegal and Séguéla in the Ivory Coast, with a $100 million budget approved for Diamba Sud [5][7] - The company is focused on maintaining capital discipline and enhancing asset quality to support growth [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets, with Séguéla expected to contribute significantly to the overall production increase [41] - The company is actively managing risks related to equipment delivery times and resource availability as demand for gold mining increases [47] - Future production at Lindero is expected to be impacted by ongoing improvements to the primary crusher, with a gradual increase anticipated in the second half of the year [36] Other Important Information - The company recorded a foreign exchange loss of $2.9 million for Q4, primarily driven by operations in Argentina [24] - Capital expenditures for the quarter were $44.5 million, with $109 million dedicated to sustaining capital and $69 million to growth initiatives [26] Q&A Session Summary Question: Update on Diamba Sud resource and production profile - Management indicated that the updated resource will extend the mine life and improve the production profile due to higher grades [31] Question: Gold price assumptions for Diamba Sud - The company uses a gold price of $3,300 for resource estimates and $2,600 for reserves, reflecting current market adjustments [34] Question: Production cadence for 2026 - Production is expected to be steady, with Lindero experiencing softer production in the first half due to ongoing improvements [36] Question: Plans to reach 500,000 ounces of production - Management detailed that Séguéla and Diamba Sud will be key contributors, with Séguéla's throughput expected to increase significantly [41][42] Question: Underground development plans for Sunbird - Production from the underground is anticipated to start in late 2027 or early 2028, pending permitting approvals [60]

Financial Data and Key Metrics Changes - The company reported record adjusted net income of $0.23 per share for Q4 2025, aligning with analysts' consensus, and net cash from operations before working capital adjustments was $0.48 per share, exceeding estimates of $0.43 [4] - Free cash flow reached $132 million for the quarter and $330 million for the full year, indicating strong operational performance and a robust balance sheet with over $700 million in liquidity and a net cash position of approximately $380 million [4][27] - Attributable net income for Q4 was $68.1 million, or $0.22 per share on an adjusted basis, a significant increase from $0.06 in Q4 2024 and $0.17 in Q3 2025, primarily driven by higher gold prices [21] Business Line Data and Key Metrics Changes - Séguéla produced 36,942 ounces of gold in Q4, totaling 152,426 ounces for the full year, exceeding guidance by 4% [10] - Lindero's full-year gold production totaled 87,489 ounces, approximately 6% below guidance due to mechanical downtime in Q4 [15] - Caylloma produced 250,000 ounces of silver in Q4, maintaining production levels consistent with previous quarters [17] Market Data and Key Metrics Changes - The average realized gold price was $4,166 per ounce, an increase of over $1,500 per ounce compared to previous periods, while consolidated cash costs rose only marginally by 5% to $971 per ounce [21] - The company experienced a foreign exchange loss of $2.9 million for Q4, primarily driven by operations in Argentina, but this was offset by hedging strategies [23][24] Company Strategy and Development Direction - The company aims to grow annual gold production to over 500,000 ounces within the next 24 months, representing a 65% increase from current levels, with growth driven by the Diamba Sud and Séguéla projects [5][8] - A $100 million budget has been approved for Diamba Sud, with $67 million allocated for early works, including infrastructure development [6][46] - Séguéla is preparing for a plant upgrade study to evaluate throughput expansion options, potentially increasing annual production to 200,000 ounces [7][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production growth through controlled and executable plans, supported by a strong balance sheet and quality assets [5][8] - The company is focused on mitigating risks associated with equipment delivery times and securing critical resources for project advancement [46] Other Important Information - The company recorded $26 million in general and administration expenses for Q4, including $6.9 million in stock-based compensation, reflecting a year-over-year increase [22] - Total capital expenditures were $44.5 million for Q4 and $178.1 million for the full year, with significant allocations for sustaining capital and growth initiatives [26][27] Q&A Session Summary Question: Update on Diamba Sud resource and technical report - Management indicated that the increased resource will likely extend the mine life and improve the production profile, particularly with higher-grade deposits [30][31] Question: Gold price assumptions for Diamba Sud - The company uses a gold price of $3,300 for resource estimates and $2,600 for reserves, reflecting current market adjustments [32][33] Question: Production cadence for 2026 - Production is expected to be steady, with Lindero experiencing softer production in the first half due to planned improvements [34][35] Question: Plans for reaching 500,000 ounces of production - Management detailed plans for Séguéla and Diamba Sud, with Séguéla targeting 200,000 ounces and Diamba Sud contributing significantly to overall production [38][39][40] Question: Underground development plans for Sunbird - The company plans to start underground development in 2027, with production expected to begin in 2028, pending permitting [58][59]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $1 billion, operating cash flow of $705 million, and earnings of $466 million, representing increases of 43%, 33%, and 40% respectively compared to 2024 [4] - Adjusted net income reached a record $510 million, a 47% increase over 2024 [4] - The adjusted EBITDA margin was maintained at 82% for the year, supported by strong gold prices and stable cash G&A [5] Business Line Data and Key Metrics Changes - Gold contributed 78% of total revenue for the year, with significant revenue growth from the stream segment, which increased over 110% year-over-year to $265 million [10][18] - Royalty revenue for the fourth quarter was up 42% year-over-year to $111 million, driven by strong performance from the Cortez CC zone and Peñasquito [10] Market Data and Key Metrics Changes - Metal prices significantly impacted revenue, with gold prices up 55%, silver up 74%, and copper up 21% compared to the prior year [18] - The company expects its revenue mix to remain consistent post-acquisition, maintaining the highest gold revenue percentage among large-cap peers in the royalty and streaming sector [18] Company Strategy and Development Direction - The company completed several acquisitions, including Sandstorm Gold and Horizon Copper, to diversify and strengthen its portfolio [5][6] - The integration of the Sandstorm and Horizon portfolios is largely complete, with a focus on rationalizing and simplifying operations [7] - The company plans to host an investor day on March 31st to provide context for 2025 activities and guidance for 2026 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying portfolio's performance and indicated that the unusual items affecting financial results are now behind them [29] - The company anticipates a steady state beginning with the first quarter results of 2026, with expectations for continued strong performance [26][29] Other Important Information - The company paid over $118 million in dividends during the year and raised its annual dividend to $1.90 per share for 2026, marking the 25th consecutive annual dividend increase [5] - The company ended 2025 with outstanding debt of $900 million, which is expected to be fully repaid by early 2027, earlier than previously forecasted [27] Q&A Session Summary Question: What does the deal pipeline look like currently? - Management indicated that the deal pipeline remains strong, with ongoing activity despite market volatility, and noted that there are opportunities in both base metal projects and primary gold assets [31][34] Question: Regarding Hod Maden, what is the company's involvement in discussions about the construction decision? - Management confirmed satisfaction with the technical report and indicated active involvement in discussions with SSR Mining regarding development strategy and spending [41][46] Question: Can you elaborate on the potential conversion of the Mara option into a gold stream? - The company can convert a small royalty into a 20% gold stream by investing approximately $225 million over the construction period, with strong economic incentives to proceed [47] Question: Why doesn't the company provide preliminary royalty revenue expectations? - Management explained that information rights limit their ability to provide estimates until after operators report their results, which can be 15 to 45 days post-quarter end [56][59] Question: What is the company's strategy regarding capital allocation and potential transactions? - Management stated that finding good investments remains a priority, and they are open to transactions in the $100 million to $500 million range, while also considering larger opportunities [78][81]

First Majestic Silver (NYSE:AG) Q4 2025 Earnings call February 19, 2026 11:30 AM ET Company ParticipantsAlex Terentiew - Director of Equity ResearchDarrell Rae - Investor RelationsHeiko Ihle - Managing DirectorKeith Neumeyer - CEOMani Alkhafaji - President and Chief Corporate Development OfficerSamir Patel - General Counsel and Corporate SecretaryOperatorThank you for standing by. This is the conference operator. Welcome to the First Majestic Silver 2025 Q4 Financial Results Conference Call. As a reminder, ...

Financial Data and Key Metrics Changes - The company produced 4.2 million pure silver ounces in Q4 and over 15 million for the year, exceeding revised guidance [8] - Revenues reached nearly $1.3 billion for the year, marking a significant financial milestone [9] - The realized silver price for Q4 was just under $59, while the average for the year was $41.52 [9] - Record cash flows were reported, attributed to increased metal prices and production [10] - The company held just under $940 million in cash, with working capital at $733 million [21] Business Line Data and Key Metrics Changes - The mint operation generated just under $23 million in revenue for Q4, with profitability of about $24 million for the year [9][19] - The exploration program included over 250 kilometers of drilling, with positive results expected to be reflected in the Annual Information Form [10][24] - The company achieved a silver purity of over 60% in Q4, continuing to improve its position as a pure silver producer [10] Market Data and Key Metrics Changes - The company noted that the silver equivalent ratio collapsed towards the end of the year, impacting production and costs [12] - The market for silver has shown volatility, affecting refineries and retail buyers, but the company remains unaffected due to its financing structure [31] Company Strategy and Development Direction - The company plans to maintain a focus on silver purity while exploring potential acquisitions to enhance its portfolio [51] - There are ongoing investments in plant expansions, particularly at Santa Elena, with a target to increase throughput [17] - The company is also targeting robust production for 2026, with guidance set for 13-14 million pure silver ounces [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong cash flow and a favorable market environment for silver prices [21][24] - The company is actively addressing a pending tax issue that has been ongoing since 2012, with hopes to resolve it in 2026 [38] - Management highlighted the importance of safe production and maintaining world-class safety metrics [18] Other Important Information - The company declared an increase in its dividend policy, doubling it from 1% to 2% of top-line revenue effective 2026 [22] - The company is focused on expanding its mint operations, which have shown rapid growth since inception [48] Q&A Session Summary Question: Any quantifiable issues related to costs or shipments this quarter? - Management noted that refineries have suspended financing, impacting retail buyers but not affecting the company directly [30][31] Question: Plans for exploration and availability of rigs? - The company confirmed that it has long-term contracts with drilling contractors, ensuring contained costs and availability of rigs [33] Question: Thoughts on cash allocation and potential returns to investors? - Management indicated that while cash is increasing, there are ongoing discussions regarding a tax issue, and they have not ruled out share buybacks [38] Question: Update on Jerritt Canyon and potential restart? - Management stated that a standalone update on Jerritt Canyon will be provided once plans are finalized, with attention now focused on this operation [52]

Financial Data and Key Metrics Changes - The company produced 4.2 million pure silver ounces in Q4 2025, totaling just over 15 million for the year, exceeding revised guidance [7][8] - Revenues reached nearly $1.3 billion for the year, marking a significant financial milestone [9] - The realized silver price for Q4 was just under $59, while the annual average was $41.52, indicating strong pricing strategies [9][10] - Record cash flows were reported, attributed to operational discipline and improved metal prices [10][22] Business Line Data and Key Metrics Changes - The mint operation generated just under $23 million in revenue for Q4, with profitability of about $24 million for the year [9][20] - The company reported a silver purity of over 60% in Q4, which is a key performance indicator [10][51] Market Data and Key Metrics Changes - The company noted a significant increase in marketable securities, rising by about $140 million for the year [21] - The company is experiencing a tight market with volatility affecting refineries, but it does not impact the company's operations as it does not finance its metal [31] Company Strategy and Development Direction - The company is targeting production of 13-14 million pure silver ounces and 110,000-130,000 ounces of gold for 2026, with a focus on maintaining a stable conversion ratio [13][14] - The integration of the Gatos asset has been successful, providing opportunities for cost reduction and resource growth [15][17] - The company plans to expand its plant capacity at Santa Elena from 3,100-3,200 tons per day to 3,500 tons per day by H2 2026 [18] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing improved metal prices and a strong cash position of just under $940 million [22][24] - The company is focused on resolving a pending tax issue that has been ongoing since 2012, with hopes of final resolution in 2026 [38] Other Important Information - The company has doubled its dividend policy effective 2026, increasing from 1% to 2% of top-line revenue [23] - The company is planning to conduct 266 kilometers of drilling across all operations, reflecting confidence in exploration success [24] Q&A Session Summary Question: Any quantifiable issues related to costs or shipments encountered this quarter? - Management noted that refineries have suspended financing, impacting smaller producers but not the company, which does not finance its metal [31] Question: How is the company thinking about cash management and potential capital returns to investors? - Management indicated that while cash is increasing, there are ongoing discussions regarding a tax issue, and they have not conducted share buybacks but have increased dividends [38] Question: Is there any update on Jerritt Canyon? - Management stated that a standalone update on Jerritt Canyon will be provided once plans and numbers are finalized, with a focus on this asset now that Gatos is integrated [53]

Financial Data and Key Metrics Changes - Revenue increased 11% to a record $286 million in Q4 2025, driven by acquisitions and aftermarket parts business [7][13] - Adjusted EBITDA rose 11% to $58 million, with an adjusted EBITDA margin of 20.3% [7][19] - For the full year, revenue was $1.052 billion, slightly down from $1.053 billion in 2024, with adjusted EPS decreasing to $9.26 from $10.28 [8][17] Business Line Data and Key Metrics Changes - Flow control segment revenue increased 5% to $100 million, with aftermarket parts making up 73% of total revenue [9] - Industrial processing segment revenue rose 16% to $118 million, with aftermarket parts revenue growing 31% [10] - Material handling segment revenue increased 11% to $69 million, with aftermarket parts comprising 53% of total revenue [11] Market Data and Key Metrics Changes - Bookings increased 12% year-over-year, indicating solid demand across all segments [7] - The flow control segment experienced weaker performance in Europe, while North America showed strong results [9] - Capital project activity remained soft, but there are expectations for improvement in 2026 [10][12] Company Strategy and Development Direction - The company aims to leverage its strong cash flow and healthy balance sheet to pursue new opportunities [12] - Focus on aftermarket parts and consumables is expected to drive growth, with a cautious outlook on capital equipment orders [28][29] - The company plans to add back recurring intangible amortization expense in adjusted EPS calculations to provide more consistent comparisons [30][31] Management's Comments on Operating Environment and Future Outlook - Management noted that customers are beginning to stabilize their operations and are expected to increase capital projects in 2026 [42][43] - There is a cautious optimism regarding the timing of capital orders due to ongoing economic and geopolitical uncertainties [61][62] - The company anticipates gross margins for 2026 to be approximately 45.2%-45.7% [29] Other Important Information - The company completed significant acquisitions in 2025, including Clyde Industries, which is expected to contribute positively in the future [10][12] - The company has a backlog of $288 million, with 60% in capital and 40% in parts [48] - The anticipated acquisition of voestalpine BÖHLER Profil GmbH for approximately EUR 157 million is expected to close in Q1 2026 [25][26] Q&A Session Summary Question: Current assets and liabilities at year-end - Current assets are $542 million, and current liabilities are $228 million [36] Question: Demand for consumable products and capital projects outlook - Customers are running equipment harder, leading to increased demand for consumables, with expectations for capital projects to improve in 2026 [40] Question: Backlog figure and organic assumptions for 2026 guidance - The backlog is $288 million, with organic growth modeled at less than 1%-3% [48][49] Question: Uniqueness of proposal timelines for capital orders - Proposals have been outstanding longer than usual due to geopolitical uncertainties, but projects are still moving forward [58][60] Question: Competition in the aftermarket segment - Competitors primarily compete on price, but the company maintains strong customer relationships and service quality [78][80] Question: Data center construction impact on business - Data center construction is booming, driving demand for materials processed by the company's equipment [86]

Financial Data and Key Metrics Changes - Travelzoo's consolidated Q4 revenue was $22.5 million, up 9% from the prior year, while in constant currencies, revenue was $22.1 million, up 7% from the prior year [3] - Operating income decreased to $0.6 million, or 3% of revenue, down from $4.9 million in the prior year, attributed to increased investments in club member growth [3][6] - Non-GAAP operating profit for Q4 2025 was $0.9 million, or 4% of revenue, compared to $5.4 million in the prior year [8] Business Line Data and Key Metrics Changes - Advertising and commerce revenue was $18.3 million for Q4 2025, while membership fees increased to $4.1 million, expected to account for around 25% of revenue this year [7][9] - Member acquisition costs for a full-paying club member were $34 in Q4, down from $40 in Q3, indicating a more efficient acquisition strategy [4][32] Market Data and Key Metrics Changes - Investment in member acquisition in Europe led to a loss, while operating profit in North America and Europe segments was lower, with Jack's Flight Club segment remaining flat [7][8] - The company noted that luxury travel is booming, while lower-end travel is more challenging, reflecting broader trends in the travel industry [38][40] Company Strategy and Development Direction - The company aims to leverage its global reach and trusted brand to negotiate more club offers for members, focusing on growing the number of paying members and accelerating revenue growth [10][12] - Plans to increase member acquisition spending in 2026, anticipating that recurring revenue from renewing members will improve profitability over time [22][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged softness in advertising and commerce revenue, expecting this trend to continue into Q1 2026, with no specific reasons identified for the decline [16][38] - The company is optimistic about future growth as more luxury properties open, which may improve the availability of attractive offers for members [38][40] Other Important Information - As of December 31, 2025, consolidated cash, cash equivalents, and restricted cash was $10.8 million, with cash flow from operations at $1.5 million [8] - The membership fee was increased to $50 for new members starting January 1, 2026, while existing members had the opportunity to renew at the old rate of $40 [44] Q&A Session Summary Question: Revenue trends in advertising and commerce - Management acknowledged that advertising and commerce revenue was soft in Q4 and expected this to continue into Q1, attributing it to a focus on membership growth [16] Question: G&A expenses increase - A one-time expense related to a global company meeting was cited as the reason for higher G&A expenses in Q4 [18] Question: Marketing expenses and profitability - Management plans to increase member acquisition spending in 2026, which may impact EPS in the short term but is expected to improve profitability in the long run [22][24] Question: Churn rates for new members - It was noted that it is too early to assess churn rates for new members added in 2025, but new benefits are expected to help retain members [25] Question: Industry travel outlook for 2026 - Management indicated that luxury travel is booming while lower-end travel is more challenging, with trends being similar across different markets [38][40]

Community Health Systems (NYSE:CYH) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsAnton Hie - VP of Investor RelationsJason Johnson - EVP and CFOKevin Hammons - CEOConference Call ParticipantsA.J. Rice - AnalystAndrew Mok - AnalystBen Hendrix - AnalystBrian Tanquilut - AnalystJason Cassorla - AnalystJosh Raskin - AnalystStephen C. Baxter - AnalystOperatorHello, everybody, and thank you for holding. Today's call will begin in five minutes. Once again, thank you for holding, and toda ...

GATX (NYSE:GATX) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsAndrzej Tomczyk - VPBob Lyons - President and CEOHarrison Bauer - Equity Research AssociatePaul Titterton - EVP and President of Rail North AmericaShari Hellerman - Head of Investor RelationsTom Ellman - EVP and CFOConference Call ParticipantsBen Moore - Director and Equity Research AnalystBrendan McCarthy - Equity AnalystJustin Bergner - Manager and Research AnalystOperatorThank you for standing by. My name is Jordan, ...