Q4 2025 Investor Conference Call February 12, 2026 Caution regarding forward-looking statements Today's discussion may contain forward-looking statements, including statements relating to our objectives and our strategies to achieve those objectives, our 2026 targets, our expectations regarding trends in the telecommunications industry (including demand for data and ongoing subscriber base growth), regarding AI-enabling revenue, regarding growth in different areas of our business and regarding the nature, t ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported an AFFO per share of $0.45, with a full-year AFFO of $1.78 per share, representing a 2.9% growth over 2024 [21] - Q4 cash rental income was $67.5 million, reflecting an 11.1% growth compared to the same quarter last year [22] - Annualized cash-based rent at the end of Q4 was $264.2 million, with a weighted average five-year annual cash rent escalator of 1.5% [22] Business Line Data and Key Metrics Changes - The company acquired 30 properties in Q4 for $95 million at a blended cap rate of 7%, marking a 20 basis point expansion over the previous quarter [11] - In 2025, the total acquisition volume reached $318 million, with a blended cap rate of 6.8% [11][12] - The portfolio maintained a strong rent coverage ratio of 5.1 times, one of the highest in the net lease industry [5] Market Data and Key Metrics Changes - The company has diversified its revenue sources, with 37% of rents coming from sectors outside casual dining, including automotive service (13%), quick service restaurants (11%), and medical retail (10%) [8] - The company reported no exposure to problematic retail sectors and maintained a portfolio occupancy rate of 99.6% [5][24] Company Strategy and Development Direction - The company aims to continue its conservative and thoughtful capital allocation strategy, focusing on high-quality acquisitions without sacrificing quality for volume [4] - The strategy includes expanding into new sectors such as grocery and equipment rental, while maintaining a focus on recession-resistant, essential service retailers [13][15] - The company plans to leverage favorable debt capital markets for acquisitions in 2026, with a focus on maintaining low leverage [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the quality of the portfolio and the ability to re-tenant properties, particularly in light of recent discussions with Darden regarding the conversion of Bahama Breeze locations [7][32] - The company anticipates a strong year in 2026, supported by ample liquidity and a favorable cost of debt capital [75] - Management highlighted the importance of disciplined capital allocation and the potential for continued growth despite market challenges [40] Other Important Information - The company has no debt maturities until December 2026, providing a stable financial outlook [21] - The company has maintained a healthy fixed charge coverage ratio of 4.8 times and 98% of its debt is fixed [20] Q&A Session Summary Question: Market outlook for United Rentals and industrial outdoor storage - Management noted the attractiveness of the sector, highlighting a large addressable market and the potential for creditworthy tenants [27][28] Question: Update on Bahama Breeze exposure - Management confirmed that several locations will be converted to other Darden brands, with strong interest from potential new tenants [30][32] Question: Comfort level with approaching leverage limits - Management expressed confidence in maintaining a disciplined approach to capital allocation, with ample acquisition opportunities before reaching leverage limits [39][49] Question: Red Lobster exposure and performance - Management indicated that Red Lobster is performing better under new ownership, with properties predominantly under master leases [43][44] Question: Diversification strategy and sectors to avoid - Management reiterated a focus on balanced real estate and credit approaches, avoiding sectors with high risk [45] Question: Direct deals with developers - Management stated that they do not see a significant difference in returns between direct deals and those involving brokers [69][70]

Supplemental Information Fourth Quarter and Full Year 2025 The GEO Group, Inc.'s ("GEO") Unaudited Reconciliation Tables and Supplemental Disclosure presented herein speak only as of the date or period indicated, and GEO does not undertake any obligation, and disclaims any duty to update any of this information, except as required by law. GEO's future financial performance is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that c ...

Summary of Phathom Pharmaceuticals Conference Call Company Overview - **Company**: Phathom Pharmaceuticals (NasdaqGS:PHAT) - **Product**: VOQUEZNA, the first PCAB (Potassium-Competitive Acid Blocker) in the U.S. for gastroesophageal reflux disease (GERD) treatment - **Market Size**: 65 million patients in the U.S. suffer from gastroesophageal reflux, with a historical PPI market exceeding $10 billion in revenue [2][3][9] Core Insights - **Market Opportunity**: 40% of GERD patients on standard therapy (PPIs) are still in pain, representing a significant opportunity for VOQUEZNA to convert these patients to a more effective treatment [3][4] - **Sales Growth**: - 2024 revenue: $55 million - 2025 revenue: Estimated $175 million, indicating a growth of $120 million year-over-year [9] - Expected transition to operating profitability in the second half of 2026 [10] - **Sales Strategy Shift**: Focus has shifted from primary care to gastroenterologists, who are identified as early adopters and the primary prescribers for patients in pain [10][11][14] Financial Performance - **Revenue Growth**: Consistent growth observed each quarter in 2025 despite sales force transitions and territory realignments [27][31] - **Sales Force Realignment**: - Target lists were updated to focus on gastroenterologists, removing unproductive primary care targets [20][22] - Full-strength sales organization expected by March 2026, with approximately 300 sales reps [22] Market Penetration Goals - **PPI Market Penetration**: Current penetration at 3% of the PPI script volume within gastroenterology, with a goal to convert 20%-30% of the 20 million PPI prescriptions written by gastroenterologists, potentially leading to $1 billion in revenue [78][84] Future Outlook - **2026 Strategy**: Focus on executing the current strategy without major shifts, emphasizing sales execution and customer engagement [41][42] - **EoE Market Potential**: Ongoing trials for eosinophilic esophagitis (EoE) could extend exclusivity and provide additional revenue opportunities [96][108] - **Pipeline Development**: Plans to explore additional products for launch through existing gastroenterology relationships, focusing on assets with clear human efficacy data [123][126] Additional Considerations - **Debt Management**: Recent capital raise aimed at improving the balance sheet and renegotiating debt terms to alleviate investor concerns [73] - **Seasonal Fluctuations**: January script declines attributed to seasonal factors and insurance plan resets, not indicative of underlying demand [46][50] This summary encapsulates the key points discussed during the conference call, highlighting Phathom Pharmaceuticals' strategic focus, financial performance, and future growth opportunities in the gastroenterology market.

Financial Data and Key Metrics Changes - Revenue in the fiscal third quarter of 2026 was a record $15.9 million, with an operating loss of $153 thousand, significantly improved from an operating loss of $1.6 million in the same year-ago quarter [8] - Net loss for the quarter was $154 thousand, or -$0.01 per share, compared to a net loss of $1.6 million, or -$0.06 per share in the year-ago quarter [8] - Adjusted EBITDA for the quarter was a record $2.8 million, compared to -$670 thousand in the same year-ago quarter, driven by revenue growth and disciplined cost management [8] Business Line Data and Key Metrics Changes - Podroll revenue increased more than 5% quarter-over-quarter, reflecting growing adoption of the dynamic ad marketplace by brands and agencies [7] - The Dr. Gundry Podcast achieved 18 million all-time downloads, showcasing the long-tail value of evergreen, expert-driven content [6] - The company renewed several key shows, including LadyGang and The Adam Carolla Show, which are expected to enhance monetization opportunities [6][5] Market Data and Key Metrics Changes - The partnership with Dr. Phil's Envoy Media Company is expected to expand PodcastOne's reach beyond traditional podcast distribution into multi-platform owned media [5] - The company is experiencing increased advertiser interest, particularly in relation to the Dr. Phil Podcast, indicating a positive market response [14] Company Strategy and Development Direction - PodcastOne is focusing on strategic partnerships, long-term talent renewals, and expansion of its owned and original content network [4] - The company aims to position itself as a content network rather than just a podcast publisher, leveraging AI-powered infrastructure to enhance operational efficiencies [4][10] - The strategy includes diversifying ad sales revenue generation channels and expanding relationships with brands and advertisers [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of the podcasting industry, citing increasing media spending levels and the entry of major brands into the podcasting space [60] - The company anticipates continued growth throughout fiscal 2026 and beyond, supported by its AI capabilities and expanding portfolio of owned content [10] Other Important Information - The company ended the quarter with $3.4 million in cash and cash equivalents and no debt on the balance sheet [9] - Management highlighted the importance of original IP and its potential to generate significant revenue with minimal additional costs [37] Q&A Session Summary Question: What are the streams and downloads for the Dr. Phil Podcast, and what has been the advertiser response? - Management noted excitement about the Dr. Phil relationship, with positive advertiser interest and plans for future projects [13][15] Question: How are B2B deals impacting current results and what is the outlook? - Management highlighted the Amazon R19 deal as a significant contributor to revenue and efficiency, with expectations for continued growth in B2B relationships [18][19] Question: What is the outlook for cost of sales and G&A expenses? - Management indicated that G&A expenses are expected to remain stable in the short term, with ongoing efforts to contain costs [39] Question: What is the talent environment like for acquiring new shows? - Management reported a competitive environment for talent acquisition but remains optimistic about opportunities for growth and partnerships [56][58] Question: How is advertiser spending trending in the industry? - Management observed robust growth in media spending, with major brands increasingly shifting their budgets to podcasting [60]

Crescent Biopharma Conference Call Summary Company Overview - **Company**: Crescent Biopharma - **Focus**: Advancing life-transforming therapies for cancer treatment - **Market Potential**: Positioned in a market exceeding $100 billion, focusing on next-generation immuno-oncology (IO) therapies, including bispecifics, antibody-drug conjugates (ADCs), and standard care combinations [2][8] Key Products and Pipeline - **CR-001**: A PD-1 VEGF bispecific antibody, expected to be a best-in-class IO backbone - **ADC Portfolio**: Includes CR-002 (PD-L1 Topo ADC) and CR-003 (integrin beta-6 Topo ADC) - **Partnership**: Collaboration with Kelun-Biotech to develop CR-001 in Greater China and in-license CR-003 outside China [6][8] Clinical Development Strategy - **Clinical Trials**: Plans to initiate at least four clinical trials in 2026, with data expected in Q1 2027 - **Funding**: Secured $185 million PIPE, providing financial runway into 2028 to support clinical milestones [8][90] Competitive Positioning - **Differentiation**: CR-001 aims to improve upon existing PD-1 VEGF therapies by enhancing stability and concentration, with a production concentration of 150 mg/ml compared to 10 mg/ml for ivonescimab [11][12] - **Global Development Focus**: Initiating trials in the U.S., Europe, and APAC, addressing translatability issues between Chinese and Western patient populations [13][20] Anticipated Data and Catalysts - **Upcoming Data**: Expecting updates from HARMONi-2, HARMONi-6, and HARMONi-3 studies, which may provide insights into overall survival (OS) and progression-free survival (PFS) [32][34] - **Learning Opportunities**: Data from these studies will inform the development of CR-001 and its positioning against competitors like KEYTRUDA [34][36] ADC Strategy - **Combination Approach**: Focus on rationally designed ADCs targeting thoracic, GI, GynOnc, and head and neck cancers, with plans for synergistic combinations with CR-001 [52][55] - **Independent Value**: Each ADC (CR-002 and CR-003) is expected to have independent value, with potential for both monotherapy and combination therapy development [71][84] Financial Position - **Balance Sheet**: As of September 30, the company reported $246 million pro forma, ensuring funding through 2028 for clinical milestones [90] Conclusion - **Strategic Vision**: Crescent Biopharma is positioned to leverage its innovative therapies and partnerships to capture significant market opportunities in the oncology space, with a clear focus on generating clinical data and establishing a robust pipeline for future growth [2][8][90]

Financial Data and Key Metrics Changes - Revenue in the fiscal third quarter of 2026 was a record $15.9 million, with an operating loss of $153,000 compared to an operating loss of $1.6 million in the same year-ago quarter, indicating significant improvement driven by higher advertising revenue and operational efficiencies [8][9] - Net loss for the quarter was $154,000 or -$0.01 per share, compared to a net loss of $1.6 million or -$0.06 per share in the year-ago quarter [8] - Adjusted EBITDA for the quarter was a record $2.8 million, compared to -$670,000 in the same year-ago quarter, reflecting revenue growth and disciplined cost management [8] Business Line Data and Key Metrics Changes - PodRoll revenue increased more than 5% quarter-over-quarter, reflecting growing adoption of the dynamic ad marketplace by brands and agencies [7] - The Dr. Gundry Podcast and The Adam Carolla Show were highlighted as standout performers, with significant audience engagement and renewed multi-year agreements [6][5] Market Data and Key Metrics Changes - The partnership with Dr. Phil's Envoy Media Company is expected to expand PodcastOne's reach into multi-platform owned media, enhancing its market position [5] - The company continues to see strong advertiser interest, particularly from major brands like Amazon and Progressive, indicating robust growth in media spending [65] Company Strategy and Development Direction - PodcastOne is focused on strategic partnerships, talent renewals, and expanding its owned and original content network, positioning itself as a leading content network rather than just a podcast publisher [4][10] - The company is leveraging AI-powered infrastructure to enhance operational efficiencies and audience engagement, which is expected to drive future growth [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the company's strong position for continued growth throughout fiscal 2026 and beyond, driven by compelling content and strategic monetization [10] - The typical slowdown in advertising spending during the first quarter of the calendar year was acknowledged, with expectations to outperform last year's quarter despite a deceleration in guidance [53][54] Other Important Information - The company ended the quarter with $3.4 million in cash and cash equivalents and no debt on the balance sheet, indicating a strong financial position [9] - The acquisition of Varnamtown by Paramount for development as a streaming project underscores the strength of PodcastOne's original IP [7] Q&A Session Summary Question: What are the streams and downloads for Dr. Phil's podcast, and what has been the advertiser response? - Management noted excitement about the Dr. Phil relationship, with positive advertiser interest and plans for future projects [13][15] Question: How are B2B deals impacting current results and future outlook? - The Amazon ART19 deal was highlighted as a significant contributor to revenue and operational efficiencies, with expectations for continued growth in B2B relationships [18][19] Question: What is the outlook for cost of sales and G&A expenses? - Management indicated that G&A expenses are expected to remain stable in the short term, with ongoing efforts to improve cost efficiencies [44][45] Question: What is the talent environment like for acquiring new shows? - The competitive landscape for talent acquisition remains, but management is optimistic about ongoing relationships and new opportunities [60][63] Question: How is advertiser spending trending in the industry? - Management reported increasing media spending levels, with major brands shifting their budgets to podcasting, indicating a robust growth outlook [65]

Financial Data and Key Metrics Changes - The company achieved a consolidated normalized EBITDA margin expansion of 50 basis points, reaching 33.4%, driven by a 7.5% growth in net revenue per hectoliter and improved financial discipline [18][19] - Stated net income reached almost BRL 16 billion, with stated EPS increasing by 8.2% year-on-year, while normalized EPS increased by 2% [20] - Cash flow from operating activities totaled BRL 24.5 billion, which was BRL 1.6 billion lower than the previous year due to softer volumes impacting working capital [21] Business Line Data and Key Metrics Changes - In Brazil Beer, full-year volumes were in line with a soft industry, with market share expanding meaningfully in Q4 as conditions improved [12][13] - Premium and super premium volumes increased by high teens, while non-alcoholic beverages grew around 30%, reflecting strong portfolio brand equity [14] - The BEES Marketplace saw full-year GMV grow by 70%, driven by third-party expansion, while Zé Delivery closed 2025 with BRL 4.7 billion in GMV, up 13% year-on-year [10] Market Data and Key Metrics Changes - The consumption recovery in Argentina is taking longer than expected, but performance improved sequentially throughout the year [16] - In the Dominican Republic, the consumption environment improved sequentially, with beer gaining share of alcoholic beverages [16] - In Canada, the company outperformed both beer and beyond beer industries, supported by strong brand performance [16] Company Strategy and Development Direction - The company is focused on long-term value creation through disciplined execution of its capital allocation framework, emphasizing organic growth and selective M&A opportunities [18][22] - The strategy is built on three pillars: strengthening the core business, leveraging data and technology, and enhancing operational efficiency [9][11] - The company aims to maintain accessibility in pricing while protecting profitability, balancing the need for core brand relevance with premiumization [70] Management's Comments on Operating Environment and Future Outlook - The management noted that 2025 was a challenging year due to adverse weather conditions impacting beer consumption, but they are optimistic about 2026, citing events like the FIFA World Cup and a holiday-rich calendar as growth drivers [24][25] - The management emphasized that beer remains a culturally relevant category in Latin America, with strong fundamentals and room for growth [8][25] - The company is prepared for potential challenges in 2026, including cost pressures from commodities, but remains focused on margin expansion [22][72] Other Important Information - The company announced approximately BRL 20 billion in shareholder returns in 2025, the highest in its history, through dividends, interest on capital, and a share buyback program [12] - The effective tax rate for the year was 17.7%, reflecting one-off effects, with a normalized rate of approximately 20% [20] Q&A Session Summary Question: Insights on Brazil's beer volume growth in December - Management explained that the growth was driven by improved weather conditions and market share gains, with October being the main drag on performance [30][31] Question: Thoughts on sustaining profitability and cost management for 2026 - Management highlighted the need for continued focus on cost initiatives and resource allocation to maintain margin expansion, with guidance for cash COGS per hectoliter expected to increase between 4.5% and 7.5% [39][40] Question: Capital allocation and dividend policy for 2026 - Management indicated that discussions on dividends will continue quarterly, focusing on cash generation and maintaining a balance between growth investments and shareholder returns [47] Question: Strategic vision regarding core brands and portfolio performance - Management reaffirmed the importance of core brands in the portfolio, emphasizing ongoing efforts to keep them relevant while also expanding premium offerings [54][55] Question: Impact of GLP-1 drugs on the portfolio - Management noted no significant impact from GLP-1 drugs but acknowledged the need to monitor emerging trends and consumer preferences [63] Question: Pricing strategy and mix considerations for 2026 - Management discussed the dual focus on maintaining accessibility for core brands while also protecting profitability through strategic pricing and revenue management [70][71]

Financial Data and Key Metrics Changes - The company achieved a consolidated normalized EBITDA margin expansion of 50 basis points, reaching 33.4%, driven by net revenue per hectoliter growth of 7.5% and operational efficiencies [18][19] - Stated net income reached almost BRL 16 billion, with stated EPS increasing by 8.2% year-on-year, while normalized EPS increased by 2% [20] Business Line Data and Key Metrics Changes - In Brazil Beer, full-year volumes were in line with a soft industry, with market share expanding meaningfully in Q4 as conditions improved [12][13] - Premium and super premium volumes increased in the high teens, while non-alcoholic beverages grew around 30% [14] - BEES Marketplace's GMV grew 70%, and Zé Delivery delivered BRL 4.7 billion in GMV, up 13% year-on-year [10] Market Data and Key Metrics Changes - The beer category in Brazil faced headwinds primarily due to cyclical factors and weather conditions, impacting out-of-home consumption [7][8] - The Dominican Republic and Canada saw sequential improvements in consumption, with beer gaining share of alcoholic beverages [16] Company Strategy and Development Direction - The company is focused on three strategic pillars: category leadership, leveraging data and technology, and enhancing operational efficiency [9][11] - The strategy aims to bridge the gap between beer's potential and actual consumption, fostering category growth [8] - The company plans to continue investing in organic growth, maintain a disciplined approach to M&A, and return excess cash to shareholders [22] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the beer category's fundamentals and its potential for growth, particularly in Latin America [7][25] - The upcoming FIFA World Cup and a holiday-rich calendar in Brazil are expected to create favorable conditions for socialization and beer consumption in 2026 [24][25] Other Important Information - The company announced approximately BRL 20 billion in shareholder returns in 2025, the highest in its history [12] - The effective tax rate for the year was 17.7%, influenced by one-off effects [20] Q&A Session Questions and Answers Question: Insights on Brazil's beer volume growth in December - The management attributed the growth to improved weather conditions and market share gains, with October being the main drag on performance [30][32] Question: Thoughts on sustaining profitability and cost management for 2026 - The company plans to continue focusing on cost efficiencies and maintaining disciplined resource allocation to support margin expansion [34][39] Question: Capital allocation and dividend policy for 2026 - The management indicated ongoing discussions about dividend distributions, emphasizing a consistent return to shareholders while considering organic growth investments [46][49] Question: Strategic vision regarding core brands and premiumization - The management believes in the importance of core brands for accessibility and plans to keep them relevant while also expanding premium offerings [54][56] Question: Impact of GLP-1 drugs on the portfolio - The management has not observed a significant impact from GLP-1 drugs but is monitoring the situation and adapting the portfolio to meet consumer needs [63][66] Question: Pricing strategy and mix considerations for 2026 - The company aims to balance accessibility with profitability in its pricing strategy, leveraging a complete portfolio to manage revenue effectively [71][74]

Teledyne Technologies FY Conference Summary Company Overview - **Company**: Teledyne Technologies (NYSE: TDY) - **Conference Date**: February 12, 2026 Key Industry Exposure - **Defense**: Approximately 30% of business - **Commercial Aviation**: About 5% - **Space**: Roughly 6-7% [3][4] Unmanned Systems Business - **Total Revenue**: $500 million projected for 2026, with a growth rate of about 10% [4] - **Breakdown**: - Unmanned Aerial Systems: $200 million (includes Black Hornet drone, SkyRaider, Rogue 1 loitering munition) - Components for unmanned systems: $150 million - Subsea vehicles: $100 million - Ground robots: $50 million [6][7] - **Key Drivers**: Sales of Black Hornet and Rogue 1, government contracts, and demand from military clients [7][8] Government Contracts and Programs - **Key Programs**: - Organic Precision Fires-Light (OPFL) for U.S. Marine Corps - LASSO program for the Army, expected to enter production in 2026 [12][14] - **Funding Concerns**: Prudent guidance due to potential delays in government funding [9] Competitive Landscape - **Rogue 1**: Competing with companies like Anduril and AeroVironment; expected to see a $30 million increase in funding for 2026 [25][26] - **Market Dynamics**: Focus on high-performance drones priced between $10,000 and $100,000, avoiding low-cost drone markets [56][72] Space Business - **Total Revenue**: Approximately $400 million, primarily from imaging devices for missile tracking and earth observation [31][138] - **Key Programs**: Involvement in Space Development Agency tranche programs, with Tranche 3 expected to contribute over $100 million [148][149] Short Cycle Business Performance - **Growth Areas**: Industrial and machine vision, environmental monitoring, and test and measurement sectors showing modest growth [178][182] - **Healthcare**: Flat growth expected in 2026 due to competition and economic factors affecting dental X-ray equipment [201] Capital Deployment Strategy - **Acquisition Approach**: Focus on bolt-on acquisitions that complement existing product lines, with a mix of bottom-up and top-down strategies [263][265] AI Integration - **Internal Use**: Prototyping and testing AI applications for various functions, moving towards implementation [237][240] - **External Threats**: AI seen more as an opportunity for enhancing sensor capabilities rather than a competitive threat [249][250] Conclusion - Teledyne Technologies is positioned for growth in defense, unmanned systems, and space sectors, with a focus on high-performance products and strategic acquisitions. The company is cautiously optimistic about short-cycle business recovery and is actively integrating AI into its operations.