Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, excluding SREs, indicating strong performance and momentum [3][11] - The net income for the fourth quarter was $78 million or $1.26 per share, with adjusted net income at $143 million or $2.31 per share [11] - For the full year 2025, adjusted EBITDA, excluding SREs, was approximately $763 million [11] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million, with wholesale marketing generating about $35 million [12] - The logistics segment delivered approximately $142 million in adjusted EBITDA, maintaining strong performance [12] Market Data and Key Metrics Changes - DKL achieved a record year with approximately $536 million in adjusted EBITDA and announced 2026 EBITDA guidance in the range of $520 million to $560 million [4] - DKL is expected to have over 80% of its third-party EBITDA in 2026, reflecting strong growth in the Delaware Basin [5] Company Strategy and Development Direction - The company is focused on enhancing its Enterprise Optimization Plan (EOP), raising its target to at least $200 million in annual run rate cash flow improvement [4][8] - The strategy includes a proactive approach to monetizing RINs and maintaining a strong balance sheet while being shareholder-friendly through dividends and share buybacks [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the EOP and its impact on cash flow generation, emphasizing a culture of continuous improvement [3][54] - The management highlighted the importance of SREs in supporting local communities and maintaining high-paying jobs, indicating a commitment to energy dominance policies [22][23] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [13] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [10][14] Q&A Session Summary Question: Inquiry about cash inflow from SREs and future risks - Management discussed the cash inflow from monetizing RINs and the importance of SREs for the industry, emphasizing their critical role in energy policy [20][22] Question: Consolidation of DKL and performance improvement initiatives - Management outlined the ongoing efforts to enhance the value of DKL and the focus on improving reliability and performance at the Big Spring refinery during its turnaround [42][47] Question: Drivers of raised cash flow guidance - Management attributed the raised cash flow guidance to the success of the EOP and indicated a balanced approach to capital allocation, including dividends and buybacks [55]

Summary of FirstSun Capital Bancorp's Extraordinary General Meeting Company Overview - **Company**: FirstSun Capital Bancorp (NasdaqGS: FSUN) - **Meeting Date**: February 27, 2026 - **Type of Meeting**: Extraordinary General Meeting of Stockholders Key Proposals and Votes 1. **FirstSun Merger Proposal** - Proposal to adopt the Agreement and Plan of Merger with First Foundation Inc. - The board recommends a vote in favor of this proposal. - **Outcome**: Approved [12] 2. **FirstSun Authorized Common Increase Proposal** - Proposal to amend the certificate of incorporation to increase the number of authorized shares of FirstSun common stock. - The board recommends a vote in favor of this proposal. - **Outcome**: Approved [12] 3. **FirstSun Non-Voting Common Stock Proposal** - Proposal to create a class of non-voting common stock for issuance to certain First Foundation stockholders in connection with the merger. - The board recommends a vote in favor of this proposal. - **Outcome**: Approved [12] 4. **Adjournment Proposal** - Proposal to adjourn the meeting if necessary to permit further solicitation of proxies for the above proposals. - The board recommends a vote in favor of this proposal, but it became moot as the previous proposals were approved. - **Outcome**: Withdrawn [12] Meeting Procedures and Attendance - **Quorum**: More than 89% of FirstSun's issued and outstanding shares entitled to vote were present, either virtually or by proxy, confirming a quorum [5]. - **Voting Process**: Online voting was open until the polls were closed after the proposals were presented [6][11]. - **Inspector of Election**: Laura Cisneros was appointed to oversee the voting process and certify the results [5]. Additional Information - **Record Date**: January 9, 2026, was set as the record date for determining stockholders entitled to vote [4]. - **Proxy Materials**: Joint proxy statement and notice of the special meeting were mailed starting January 15, 2026 [4]. - **Final Results Filing**: The final voting results will be filed on a Form 8-K with the SEC [13]. Conclusion - The meeting concluded with all key proposals being approved, indicating a positive direction for FirstSun Capital Bancorp and its merger with First Foundation Inc. The leadership expressed appreciation to stockholders for their participation [13].

Financial Data and Key Metrics Changes - The company reported a fourth quarter occupancy rate of 68.7%, an average daily rate (ADR) of $199, and revenue per available room (RevPAR) of $137, reflecting a 1.5% decline in RevPAR year-over-year, driven by a 0.9% decline in occupancy and a 0.7% decline in ADR [17][18] - Total revenues grew by 0.2%, supported by a 7.2% increase in non-room revenues, which outperformed RevPAR by nearly 900 basis points [11][18] - Adjusted EBITDA for the fourth quarter was $80.4 million, with hotel EBITDA margins at 27%, only 44 basis points lower than the previous year [19][22] Business Line Data and Key Metrics Changes - Urban markets outperformed the overall portfolio, with notable RevPAR growth in Northern California (18.5%), Denver CBD (10.1%), and New York City (4.7%) [18] - Non-government related business transient revenues increased by 5%, while group revenues declined by 3% due to the government shutdown impacting demand [9][10] - Leisure segment revenue grew by 1%, with urban leisure outperforming the portfolio, driven by strong holiday demand [10][11] Market Data and Key Metrics Changes - The company noted a strong recovery in San Francisco, with RevPAR growth of 52% in the fourth quarter, supported by various demand segments and events like the Dreamforce conference [8][9] - The overall lodging industry is expected to achieve slightly positive RevPAR growth in 2026, driven by increased leisure demand and ongoing positive trends in non-government business travel [14][15] Company Strategy and Development Direction - The company is focused on urban markets, anticipating that these will continue to outperform the broader industry due to favorable geographic exposure and high-impact capital investments [15][16] - The company plans to continue executing on high-occupancy renovations and conversions, with an average of two conversions per year, including the upcoming Boston conversion to Hilton's Tapestry Collection [12][41] - Capital allocation strategies include opportunistic asset sales and share repurchases, with a focus on maintaining a strong balance sheet while driving shareholder value [32][33][23] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, citing potential tailwinds from moderating interest rates and tax cuts, which could positively impact travel demand [13][14] - The company expects the first quarter of 2026 to be the softest due to challenging year-over-year comparisons, with expectations for improved performance in the latter half of the year [25][26] - Management highlighted the importance of urban leisure demand and special events, such as the World Cup, in driving future growth [30][31] Other Important Information - The company successfully addressed all near-term debt maturities and executed refinancing transactions to extend debt maturities through 2028, enhancing financial flexibility [20][21][22] - The company returned $120 million to shareholders through dividends and share repurchases during 2025 [13][23] Q&A Session Summary Question: How much benefit is expected from the World Cup and easier comps due to the government shutdown? - Management indicated that they expect a balanced contribution from rate and occupancy growth, with specific events like the World Cup contributing approximately 45 basis points to RevPAR growth [30][31] Question: How is capital allocation prioritized between asset sales and share repurchases? - Management stated that they are actively recycling capital from asset sales and share repurchases while maintaining a strong balance sheet, with a focus on balancing near-term opportunities and long-term resilience [32][33] Question: What are the expectations for operating costs and EBITDA margins in 2026? - Management anticipates overall expenses to grow about 3%, with variable expenses at 2% and fixed expenses at 4%, excluding tax benefits [37] Question: What is the expected impact of the Wyndham Boston conversion to Tapestry? - Management believes the conversion will yield a 40% increase in EBITDA, driven by the asset's location and demand drivers, with returns well above 50% relative to incremental capital [78][79]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net revenues of $903 million, an 18% increase sequentially and a 22% increase year-over-year, driven by higher average metal prices and improved mining performance [16][5] - Adjusted EBITDA for Q4 reached $300 million, reflecting a 33% margin, with full-year adjusted EBITDA totaling $772 million, an 8% increase compared to 2024 [16][17] - Net income for the year was $223 million, or $1 per share, while free cash flow was negative $105 million due to debt reductions and dividends [7][20] Business Line Data and Key Metrics Changes - Zinc production in Q4 was 91,000 tons, a 9% increase from Q3, with full-year production totaling 316,000 tons, meeting guidance [8][6] - The mining segment generated net revenues of $532 million in Q4, with adjusted EBITDA of $266 million, resulting in a 50% EBITDA margin [9] - In the smelting segment, total metal sales were 142,000 tons for Q4 and 567,000 tons for the full year, with net revenues of $573 million in Q4 and $2 billion for the full year [13][14] Market Data and Key Metrics Changes - Zinc prices remained well-supported throughout 2025 due to persistent concentrate tightness and low LME inventories, with treatment charges in China averaging negative levels [23] - Copper prices appreciated in 2025 driven by supply discipline and sustained demand, particularly from electrification [24] Company Strategy and Development Direction - The company is focused on enhancing operational stability and cash generation, particularly through the Aripuanã project, which is expected to reach full capacity in 2026 [10][29] - The Cerro Pasco Integration Project aims for a life-of-mine extension of over 15 years, enhancing profitability and solidifying the company's presence in Peru [11][29] - The company is actively evaluating value-accretive opportunities, particularly in copper, as it aims to strengthen its balance sheet and reduce debt [29][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational stability and cash flow generation for 2026, despite potential challenges from the rainy season and political uncertainties in Peru [35][57] - The company remains committed to reducing gross debt and enhancing financial flexibility while maintaining a strong investment-grade rating [22][30] Other Important Information - The company reported a net debt reduction of $96 million, reflecting its liability management efforts [20] - The liquidity position remains robust, with total liquidity of $842 million, supporting financial commitments over the next five years [22] Q&A Session Summary Question: Impact of seasonal rains on Aripuanã production - Management indicated that the rainy season has not significantly impacted production, with expectations to reach full capacity in the second half of the year due to the installation of the fourth filter [34][35] Question: Consideration of additional silver streaming - Management confirmed that while they are aware of the interest in silver, they are not currently prioritizing additional silver streaming agreements [41][43] Question: Cash flow impact of Cerro Lindo silver stream - Management noted that the silver streaming agreement will step down from 65% to 25%, which will positively impact cash flow [46][47] Question: Update on Ayawilca project and Tinka Resources investment - Management stated that they are assessing the Ayawilca project following the disapproval of the environmental impact study and have decided not to pursue further investment in Tinka Resources at this time [54][55] Question: Current electoral environment in Peru - Management acknowledged the political instability but emphasized that the economic context remains strong and that relationships with local communities are stable [57][59] Question: Debt repayment plans for 2026 and 2027 - Management indicated that any excess cash generated will be used for dividends and debt repayment, with a focus on reducing debt [60][62] Question: Details on hedging program for silver and gold - Management confirmed a small portion of silver production has been hedged, with a floor around $52 and a cap around $84 [60] Question: CapEx for Cerro Pasco project - Management confirmed that CapEx for the Cerro Pasco project is on track, with expectations to spend around $42 million this year [68]

Financial Data and Key Metrics Changes - The company reported distributable earnings of $46.3 million or $0.22 per share for Q4 2025, excluding one-time realized losses of $12.4 million and $7.3 million from reduced tax expenses [24][26] - Total non-performing assets were approximately $1.1 billion, down by over $130 million or 11% from the previous quarter [5][6] - The company estimates that resolving non-performing loans could add back as much as $100 million of income to the annual run rate, equating to about $0.48 per share [4][27] Business Line Data and Key Metrics Changes - The agency platform had a strong fourth quarter with $1.6 billion in origination volume, totaling $5 billion for the year, a 13.5% increase from 2024 [13] - The servicing portfolio grew by 8% in 2025 to over $36 billion, generating predictable annual income of over $128 million [14][31] - The balance sheet lending operation's investment portfolio grew to $12.1 billion, with an all-in yield of 7.08% [32][33] Market Data and Key Metrics Changes - The company is optimistic about the origination volume for 2026, targeting similar levels to 2025, contingent on interest rates and GSE caps [37] - The company noted that the interest rate environment has improved compared to the previous year, which is expected to support growth in origination volume [21] Company Strategy and Development Direction - The company is focused on resolving non-performing and sub-performing loans to improve income rates, with a goal to reduce REO assets to around $250 million-$300 million by the end of 2026 [7][11] - The strategy includes resetting interest rates on current loans to market spreads to ensure positive coverage of debt service [9][10] - The company plans to utilize proceeds from liquidating non-performing assets to buy back stock at a significant discount to book value [11][12] Management's Comments on Operating Environment and Future Outlook - Management believes the worst is behind them regarding delinquencies and is seeing steady progress in asset performance [9][21] - The company is experiencing some additional delinquencies but is optimistic about resolving more than are being added [25][53] - Management expressed confidence in the performance of the SFR book, noting it has not seen any delinquent loans [46] Other Important Information - The company has approximately $120 million left in its buyback plan and has already purchased about $20 million of stock at an average price of $7.40 [12] - The company expects to maintain its dividend in 2026, contingent on the resolution of delinquencies and the return to a stronger run rate of income [55][56] Q&A Session Summary Question: How are you thinking about 2026 GSE originations relative to the $5 billion number? - Management indicated that origination levels will depend on interest rates and GSE caps, expressing comfort in targeting similar levels to 2025 if conditions remain stable [37] Question: Do you expect servicing fee compression to continue into 2026? - Management explained that servicing fee compression is driven by the shift to shorter-term products and the normalization of fees post-COVID, with expectations that compression will level off by the end of the year [38][40] Question: Have you seen any credit issues in your build-to-rent borrowers? - Management reported that the SFR book is performing exceptionally well, with no delinquent loans, and highlighted strong returns on this business [45][46] Question: Can you provide geographic color on delinquent/REO book performance? - Management noted softness in markets like Houston and Atlanta, attributing issues to historical boom-bust cycles and immigration-related factors [48][49] Question: What are your thoughts on maintaining the dividend in 2026? - Management stated that the dividend is evaluated from a long-term perspective, with a focus on resolving delinquencies to restore earnings [55][56]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024 [8] - Net income for Q4 increased to $25.1 million from $23.9 million [8] - Distributable Cash Flow for Q4 was $38.4 million, compared to $45.7 million in the previous year [8] - Distribution coverage remained solid at 1.56x as of December 31 [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million in Q4 2025 [9] - Gasoline distribution product margin rose by $19.9 million to $165.6 million, driven by higher fuel margins [9] - Station operations product margin decreased by $2.2 million to $65.7 million due to a lower site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million, reflecting less favorable market conditions [11] Market Data and Key Metrics Changes - Fuel margins increased by $0.09 to $0.45 per gallon in Q4 2025, compared to $0.36 in Q4 2024 [9] - The commercial segment product margin decreased by $2.6 million to $6 million, primarily due to unfavorable market conditions in bunkering [11] Company Strategy and Development Direction - The company focuses on acquiring strategic assets, investing in its existing network, and optimizing its portfolio [4] - Expansion into the Houston market for bunkering is seen as a growth opportunity [5] - Continuous optimization of operations is a priority to enhance efficiency and performance [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and capitalize on growth opportunities [14] - The company is well-positioned to meet increased wholesale fuel demand due to favorable weather conditions in early 2026 [14] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - Full-year 2025 maintenance CapEx was $54 million, with expectations for 2026 maintenance CapEx in the range of $60 million to $70 million [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at achieving operational efficiency [16] Question: Can you break down the CapEx between terminals and GDSO? - Management noted that maintenance CapEx is expected to increase slightly due to terminal acquisitions, with significant expansion CapEx planned for terminal capabilities [17][18] Question: What are the growth prospects in the Houston bunkering market? - Management highlighted a niche opportunity in Houston, with a focus on leased assets to minimize CapEx [20] Question: How does data analytics contribute to cost savings? - Management explained that data analytics is expected to enhance operational efficiencies and decision-making, with potential cost savings in the future [21][24] Question: What is the outlook for Q1 given favorable weather conditions? - Management acknowledged that cold weather in the Northeast is expected to provide a tailwind for the wholesale segment [25]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024 [8] - Net income for Q4 2025 increased to $25.1 million from $23.9 million [8] - Distributable Cash Flow for Q4 2025 was $38.4 million, compared to $45.7 million in Q4 2024 [8] - Adjusted DCF for Q4 2025 was $38.8 million, down from $46.1 million in Q4 2024 [8] - Distribution coverage remained solid at 1.56 times as of December 31 [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million in Q4 2025 [9] - Gasoline distribution product margin rose by $19.9 million to $165.6 million, reflecting higher fuel margins [9] - Station operations product margin decreased by $2.2 million to $65.7 million due to a lower site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million [11] - Commercial segment product margin decreased by $2.6 million to $6 million [11] Market Data and Key Metrics Changes - Fuel margins increased by $0.09 to $0.45 per gallon in Q4 2025 from $0.36 in Q4 2024 [9] - The company experienced a decline in volumes and lower station operations contribution due to site optimization efforts [4] Company Strategy and Development Direction - The company focuses on acquiring strategic assets, investing in its existing network, and optimizing its portfolio [4] - The East Providence Terminal exceeded expectations, enhancing storage and service capabilities [5] - Expansion into the Houston market for bunkering is seen as a significant growth opportunity [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and capitalize on growth opportunities [14] - Early year cold weather in the Northeast is expected to support strong wholesale fuel demand [14] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - The company maintains a strong balance sheet with leverage at 3.59 times Funded Debt to EBITDA [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at efficiency [16] Question: Can you break down the CapEx between terminals and GDSO? - Management noted an uptick in maintenance CapEx related to terminals and highlighted expansion opportunities in terminal capabilities [17][18] Question: What are the growth prospects in the Houston bunkering market? - Management believes they have found a niche in the Houston market and are well-positioned to meet local demand [20] Question: How does data analytics contribute to cost savings and revenue gains? - Management stated that data analytics is expected to provide efficiencies and enhance decision-making, with potential cost savings in the future [21][24] Question: What is the outlook for Q1 given favorable weather conditions? - Management acknowledged that cold weather in the Northeast could provide a tailwind for the wholesale segment [25]

Main Street Capital (NYSE:MAIN) Q4 2025 Earnings call February 27, 2026 10:00 AM ET Company ParticipantsBrian McKenna - Director of Equity ResearchDavid Magdol - President and Chief Investment OfficerDwayne Hyzak - CEONick Meserve - Managing DirectorRobert Dodd - Director of Specialty FinanceRyan Nelson - CFOZach Vaughan - Investor RelationsConference Call ParticipantsArren Cyganovich - Senior Analyst of Specialty FinanceDouglas Harter - Equity Research AnalystOperatorGreetings, welcome to the Main Street C ...

Financial Data and Key Metrics Changes - In 2025, consolidated revenue reached MXN 58.9 billion, representing a year-on-year decline of 5.5%, primarily due to lower revenue at Sky [8] - Operating segment income reached MXN 23 billion, showing a slight decrease of 0.6% year-on-year [8] - Free cash flow generated in 2025 was around MXN 5.9 billion, leading to a reduction in the leverage ratio to 2x EBITDA from 2.5x the previous year [4] Business Line Data and Key Metrics Changes - The internet subscriber base grew by approximately 47,000 in 2025, marking a turnaround after losses in 2023 and 2024 [2] - The broadband gross adds delivered 25,000 net adds during the fourth quarter, compared to 22,000 in the third quarter [9] - Sky's fourth quarter revenue declined by 16.8% year-on-year to MXN 2.8 billion, primarily due to a lower subscriber base [13] Market Data and Key Metrics Changes - In the U.S., advertising revenue decreased by 11%, while in Mexico, it increased by 15% year-on-year, driven by strong growth in ViX [17] - Consolidated subscription and licensing revenue decreased by 4% year-on-year, with growth in ViX offsetting losses from other areas [18] Company Strategy and Development Direction - The company is focusing on attracting and retaining high-value customers, with a disciplined approach to CapEx aimed at generating free cash flow [2][3] - Plans to upgrade 6 million homes to fiber-to-the-home technology by the end of 2026, aiming for 75% of the total footprint to be fiber-based [15][24] - The strategy includes a focus on operational efficiencies and integration between Izzi and Sky to enhance synergies [3][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create shareholder value through ongoing integration and operational optimization [20] - The competitive environment in Mexico has been stable, with a focus on increasing average revenue per user (ARPU) through enhanced services rather than price increases [25] - The company is exploring opportunities in the telecommunications sector, although specifics were not disclosed [45] Other Important Information - The company plans to suspend the payment of regular dividends in 2026 to focus on growth opportunities [19] - Total CapEx investments for TelevisaUnivision were $119 million for the full year, with expectations to maintain similar levels in 2026 [18] Q&A Session Summary Question: Could you walk us through the fiber plan and the competitive environment? - The fiber deployment currently reaches 9 million homes, with a target of 15-16 million by the end of 2026, representing 75% of the existing network [24] - The competitive environment has been stable, with ARPU increasing due to better services rather than price hikes [25] Question: How does AI impact both telecom and media sides? - AI is being utilized in media production, including script writing and production efficiency, with plans to produce over 300 micro novellas using AI [36] - In telecom, AI will enhance customer interactions and operational efficiency, transitioning to a fully AI-based customer service model by 2026 [38] Question: What are the opportunities being explored in the telecom sector? - The company is actively exploring opportunities in telecommunications but cannot disclose specifics at this time [45] - Management emphasized ongoing optimization of operations to sustain strong margins [46] Question: What is the outlook for Sky given the disconnections? - Sky's revenue is expected to decline due to market conditions, but it will continue to generate cash flow as a streamlined business [52]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $28.5 million, down from $41.7 million in Q3 2025 [8] - Total tons shipped in Q4 2025 were 3.8 million, a slight decrease from 3.9 million tons in Q3 2025 [8] - Cash provided by operating activities was $19 million in Q4, down from $50.6 million in Q3 [11] - Total liquidity at the end of Q4 was $524.3 million, down from $568.5 million at the end of Q3 [11] Business Line Data and Key Metrics Changes - Metallurgical segment realizations increased to an average of $115.31 per ton in Q4, up from $114.94 in Q3 [8] - Realizations for metallurgical sales in Q4 were a total weighted average of $118.10 per ton, up from $117.62 in Q3 [9] - Incidental thermal portion realizations decreased to $77.80 per ton in Q4, down from $81.64 in Q3 [9] Market Data and Key Metrics Changes - The Australian Premium Low-Vol Index increased by 14.6% from $190.20 per metric ton on October 1 to $218 per metric ton on December 31 [17] - The U.S. East Coast low-vol index rose from $177 in October to $185 per metric ton by the end of December, an increase of 4.5% [18] - The U.S. East Coast High-Vol A index dropped slightly to $150.50 per metric ton at the end of the year [19] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and efficient operations amid persistent market weakness, particularly in high-vol coal [7] - Development at the Kingston Wildcat Low-Vol Mine is ongoing, with expectations to produce roughly 500,000 tons in 2026 as it ramps up to full capacity [15] - The company is exploring various opportunities for potential M&A, while also continuing share buybacks to enhance shareholder value [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent upward movement in coal markets is largely due to supply-related issues and may be temporary [4] - There is cautious optimism regarding global steel demand as a catalyst for improving metallurgical markets [5] - The management expressed concerns about the sustainability of recent price increases and the potential for market volatility [35] Other Important Information - The company has committed 37% of its metallurgical tonnage for 2026 at an average price of $134.02, with another 53% committed but not yet priced [12] - CapEx for Q4 was $29 million, up from $25.1 million in Q3 [11] Q&A Session Summary Question: Can you clarify the mix of domestic versus seaborne-based tons? - Management indicated that approximately half of domestic volume is high-vol, while the other half is low and medium-vol [24] Question: What is the expected cost cadence over the year? - Management noted that Q1 typically sees elevated costs due to lower productivity, with costs normalizing in the second and third quarters [26] Question: What are the best uses for Alpha's cash at this stage? - Management emphasized maintaining liquidity for market volatility, share buybacks, and exploring M&A opportunities [35] Question: How do you see the broader market, particularly in Europe and South America? - Management expressed cautious optimism for recovery in Europe and South America, while noting ongoing challenges in Asia [29] Question: Any updates on U.S. supply and potential impacts? - Management mentioned that some smaller operations are going into care and maintenance, potentially reducing annual production by 1.5 to 2 million tons [48]