Casella Waste Systems (NasdaqGS:CWST) Q3 2025 Earnings Call October 31, 2025 10:00 AM ET Speaker5Good day, and thank you for standing by. Welcome to the Casella Waste Systems, Inc. Q3 2025 conference call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press Star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdr ...

Financial Data and Key Metrics Changes - For Q3 2025, the company reported an AFFO per share of $0.60, reflecting a 5.3% increase compared to $0.57 in Q3 2024, demonstrating the company's ability to grow earnings despite market uncertainties [5][19][21] - The company declared a dividend of $0.45 per share, marking a 4% increase from the previous dividend, representing the eighth consecutive annual dividend increase since inception [19] Business Line Data and Key Metrics Changes - The company announced the addition of its 14th tenant, Clairvest, in connection with MGM Resorts International's agreement to sell the operations of MGM Northfield Park, with an initial annual base rent of $53 million [12][13] - The transaction will not change the total amount of rent collected by the company, as the rent under the MGM master lease will decrease by the same amount [13] Market Data and Key Metrics Changes - The company remains optimistic about the casino gaming sector, despite recent challenges in Las Vegas, citing the Venetian Resort's strong performance with record hotel revenues and gaming volumes [14][16] - The convention business in Las Vegas is highlighted as a significant growth area, with convention visitors spending 33% more than average leisure visitors [16][17] Company Strategy and Development Direction - The company emphasizes a disciplined capital allocation strategy focused on long-term growth and risk management, avoiding oversupply and obsolescence risks [10][18] - The management is exploring opportunities in university sports infrastructure, indicating a shift towards diversifying investment beyond traditional gaming assets [32][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current market challenges but maintains a long-term view, believing in the resilience of Las Vegas as a premier destination [15][17] - The company is actively monitoring the evolving landscape of gaming and experiential sectors, indicating readiness to adapt to market changes [18][32] Other Important Information - The company has a total debt of $17.1 billion, with a net debt to annualized third-quarter adjusted EBITDA ratio of approximately five times, at the low end of its target leverage range [20] - The updated AFFO guidance for 2025 is projected to be between $2.51 billion and $2.52 billion, or between $2.36 and $2.37 per diluted common share, representing a year-over-year growth of 4.6% [21] Q&A Session Summary Question: How often do lease amendments come up, and how does the company approach those conversations? - The company focuses on understanding challenges and working productively to find solutions, emphasizing a track record of addressing tenant needs [23][24] Question: How might the company approach the situation with Caesars regarding regional assets? - The company plans to apply the same frameworks used in the past, focusing on win-win outcomes for both parties [26][27] Question: What non-gaming conversations is the company having, particularly regarding university-level athletic facilities? - The company is exploring opportunities in university sports infrastructure, indicating a significant interest in this area [30][32] Question: What are the implications of MGM Resorts International's decision to withdraw from the New York City license bidding process? - The company was not surprised by MGM's decision and sees potential opportunities to partner with other bidders in the future [47][49] Question: How has the company's comfort level evolved regarding working with tribes in the tribal lending landscape? - The company maintains active relationships with tribes and is open to future opportunities, emphasizing the importance of strong credit investments [83] Question: What is the company's perspective on the theme park real estate ownership? - The company has studied the theme park landscape and is interested in potential opportunities, although no transactions have been made yet [70][72]

Company Overview - Cenovus has approximately 1,766 million shares outstanding and a market capitalization of $41 billion[6] - The company's 2024 proved plus probable (2P) reserves are 8.5 BBOE[7] - The company returned $1.3 billion to shareholders through share buybacks and dividends in Q3 2025[12] - The company repurchased approximately 3% of shares outstanding in the first 9 months of 2025[17] Financial Performance - The company's trailing twelve months Adjusted Funds Flow (AFF) is $7.8 billion[8] - As of September 30, 2025, Cenovus's Net Debt is $5.3 billion and Long-Term Debt is $7.2 billion[8] - The company's annual dividend per share is $0.80, yielding 3.4%[8] - The company's Q3 2025 Adjusted Funds Flow was $2,466 million and Free Funds Flow was $1,312 million[10] Operational Highlights - Upstream production in Q3 2025 reached 833 MBOE/d[10] - Downstream throughput in Q3 2025 was 711 Mbbls/d[10] - The company is targeting production of approximately 950,000 BOE/d by 2028[19]

Erie Indemnity Company (NasdaqGS:ERIE) Q3 2025 Earnings Call October 31, 2025 10:00 AM ET Speaker2Morning and welcome to the Erie Indemnity Company third quarter 2025 earnings conference call. This call was pre-recorded, and there will be no questions and answer sessions following the recording. Now, I would like to introduce your host for the call, Vice President of Investor Relations, Scott Beilharz. Please proceed.Thank you and welcome, everyone. We appreciate you joining us for this recorded discussion ...

Reinsurance Group of America (NYSE:RGA) Q3 2025 Earnings Call October 31, 2025 10:00 AM ET Speaker6Good morning and welcome to the Reinsurance Group of America Third Quarter 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. T ...

Church & Dwight (NYSE:CHD) Q3 2025 Earnings Call October 31, 2025 10:00 AM ET Speaker3Good morning, ladies and gentlemen, and welcome to Church & Dwight's third quarter 2025 earnings conference call. Before we begin, I've been asked to remind you that on this call, the company's management may make forward-looking statements regarding, among other things, the company's financial objectives and forecasts. These statements are subject to risks and uncertainties and other factors that are described in detail i ...

Investor Presentation Third Quarter 2025 NYSE: SMP Safe Harbor – Forward Looking Statements You should be aware that except for historical information, the matters discussed herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements, including projections and anticipated levels of future performance, are based on current information and assumptions and involve risks and uncertainties which may cause actual results to differ ma ...

Financial Performance - Net loss attributable to stockholders for the three months ended September 30, 2025 was $16 million, compared to a net income of $54 million for the same period in 2024[14] - Net loss attributable to stockholders for the nine months ended September 30, 2025 was $78 million, compared to a net income of $146 million for the same period in 2024[14] - Adjusted EBITDA for the three months ended September 30, 2025 was $130 million, compared to $159 million for the same period in 2024[18] - Adjusted EBITDA for the nine months ended September 30, 2025 was $457 million, compared to $514 million for the same period in 2024[18] - Comparable Hotel Adjusted EBITDA for the three months ended September 30, 2025 was $141 million, a decrease of 159% compared to $167 million in 2024[20] - Comparable Hotel Adjusted EBITDA for the nine months ended September 30, 2025 was $483 million, a decrease of 94% compared to $533 million in 2024[20] - Comparable Hotel Revenues for the three months ended September 30, 2025 were $585 million, a decrease of 43% compared to $611 million in 2024[20] - Comparable Hotel Revenues for the nine months ended September 30, 2025 were $1828 million, a decrease of 18% compared to $1862 million in 2024[20] Capital Structure - As of September 30, 2025, total debt was $3839 million[13] - Net Debt as of September 30, 2025, was $3706 million[26] - The company has $1 billion of available capacity under the Revolver and $800 million of its 2025 Delayed Draw Term Loan available as of October 30, 2025[88] Outlook - The company expects a full-year 2025 net loss attributable to stockholders between $66 million and $41 million[31] - The company expects full-year 2025 Adjusted EBITDA between $595 million and $620 million[31]

Arbor Realty Trust (NYSE:ABR) Q3 2025 Earnings Call October 31, 2025 10:00 AM ET Speaker2Good morning, ladies and gentlemen, and welcome to the third quarter 2025 Arbor Realty Trust earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this period, you will need to press the star and one on your telephone. If you would like to remove yourself from the question queue, please p ...

AGCO (NYSE:AGCO) Q3 2025 Earnings Call October 31, 2025 10:00 AM ET Speaker1Good day, and welcome to the AGCO Third Quarter 2025 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. In consideration of time, please limit yourself to one question and one follow-up. To ask a question, you may press star, then one on your ...