Financial Data and Key Metrics Changes - The company reported revenues of $83 million for Q2 2026, a 23% increase from the previous year, marking the second highest quarter ever [2] - Cash flow from operating activities was $39 million, up 69% year-over-year, driven by a 28% increase in realized silver prices and a 37% increase in gold prices [3] - Net income for the quarter was negative $11.5 million, down from positive $17.8 million in Q2 of fiscal 2025, primarily due to a $53 million non-cash charge on derivative liabilities [3][4] - Adjusted net income was $22.6 million, or $0.10 per share, compared to $17.7 million, or $0.09 per share in the same quarter last year [4] - The company generated $11 million in free cash flow, supporting a strong cash position of $382 million [4] Business Line Data and Key Metrics Changes - Silver accounted for approximately 67% of net Q2 revenue, followed by lead at 16% and gold at 7% [3] - The amount of gold sold increased by 64% compared to last year, while silver production remained flat [5] - Consolidated mining operating income was $40.8 million in Q2, with the Ying mine contributing over 93% of that total [8] Market Data and Key Metrics Changes - Year-to-date production showed increases in silver (3%), gold (78%), and lead (4%), while zinc production decreased by 11% [6] - Production costs at the Ying mine averaged $83 per ton, down 11% from last year, while cash cost per ounce of silver was $0.97, up from $0.62 in the prior year [7] Company Strategy and Development Direction - The company is focused on increasing mechanization at the Ying mine and expanding mining capacity across its licenses [8] - Significant investments were made in growth projects, including $6 million for ramp and tunnel development at Ying [8] - Construction at the El Domo project in Ecuador is progressing, with a 250% increase in material cut for site preparation compared to the previous quarter [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that construction at El Domo was initially slower due to weather conditions but has ramped up significantly in recent months [14] - The company expects to provide updates on construction progress and metallurgical testing results before year-end [14] - There is a focus on catching up production at the Ying mine in Q3 to align with guidance, despite previous setbacks [16][18] Other Important Information - The company participated in New Pacific Metals' equity financing, acquiring 3 million common shares for approximately $7.8 million [5] - The first draw on a $175.5 million streaming facility for the El Domo project was made, amounting to $43.9 million [5] Q&A Session Summary Question: Update on El Domo capital expenditures - Management indicated that capital spending was initially slower but has ramped up significantly in recent months, with updates expected soon [14] Question: Thoughts on Wheaton drawdown and potential negotiations - Management noted that renegotiating the stream with Wheaton did not make sense based on current market conditions [15] Question: Guidance for Ying mine production - Management confirmed that the Ying mine is in transition, with expectations for a strong catch-up quarter in Q3 [16][18]

Financial Data and Key Metrics Changes - The company reported a 44% increase in gross written premiums, reaching $597.2 million for the third quarter of 2025 compared to the same period in 2024 [19] - Adjusted net income grew 70% to $55.2 million or $2.01 per share, up from $32.4 million or $1.23 per share year-over-year [18] - The adjusted combined ratio improved to 74.8% from 77.1% in the previous year, indicating better underwriting performance [18] - Annualized adjusted return on equity was 25.6%, compared to 21% for the same period last year [18] Business Line Data and Key Metrics Changes - The earthquake franchise grew 11% year-over-year, driven by strong performance in the residential earthquake market with an 88% policy retention rate [7] - Inland marine and other property categories saw a 50% year-over-year growth, significantly up from 28% in the second quarter [10] - The casualty business experienced a remarkable 170% year-over-year growth in gross written premiums [12] - The Crop franchise doubled its gross written premium to $120 million, exceeding the previous year's $60 million [14] Market Data and Key Metrics Changes - The commercial earthquake business faced rate pressure, with average risk prices decreasing approximately 18% on a risk-adjusted basis [8] - The company expects single-digit growth in the earthquake book for the fourth quarter, influenced by a one-time under premium transfer from the previous year [9] - The partnership with Neptune Flood is anticipated to accelerate growth in the residential flood product over the next three years [10] Company Strategy and Development Direction - The company is focused on profitable growth and has entered select specialty markets that offer compelling, risk-adjusted returns [5] - The acquisition of Gray Casualty and Surety Company is expected to enhance the company's surety platform and market position [5] - The company aims to double adjusted net income over a three to five-year timeframe as part of its Palomar 2X initiative [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term ability to profitably grow the earthquake business despite market challenges [9] - The company anticipates favorable conditions in the Crop market, with expectations to exceed the 15-year average industry loss ratio [15] - Management remains optimistic about achieving the revised full-year adjusted net income guidance of $210 million to $215 million [27] Other Important Information - The company placed seven reinsurance treaties during the third quarter, all renewing on favorable terms [15] - Investment income for the third quarter increased by 55% year-over-year, driven by higher yields on invested assets [25] - The acquisition of Gray Surety is expected to close in the first quarter of 2026 and should be accretive to earnings in its first year [16] Q&A Session Summary Question: Market opportunity in surety and competition - Management highlighted the complementary nature of Gray Surety to existing operations and the potential to become a top 20 surety carrier [29][30] Question: Future of the Crop business - Management expressed confidence in growing the Crop business to $500 million in the near term, emphasizing service and technology investments [33] Question: Net income guidance and catastrophe losses - Management confirmed that the updated guidance includes expectations for catastrophe losses, with a favorable outlook for the loss ratio [34] Question: Rate pressure in commercial earthquake - Management acknowledged ongoing rate pressure but indicated that the residential earthquake book's strength would support growth [36] Question: Net earned premium ratio expectations - Management expects the net earned premium ratio to increase in the fourth quarter and into the first half of the following year [37] Question: Healthcare liability book specifics - Management provided details on the healthcare liability book, including targeted segments and the current market conditions [45] Question: Stickiness of flood policies - Management noted strong policy renewal rates and increased interest in new business due to the federal program's shutdown [46] Question: Growth trajectory and future hiring - Management indicated plans for continued organic growth and potential opportunistic hiring to sustain growth momentum [51]

Company Strategy & Growth - Endeavour Silver aims to become a leading senior silver producer through organic growth and strategic acquisitions [17] - The company targets production of 30 million ounces of silver equivalent (AgEq) by 2030, dubbed "30 by 30" [16] - Endeavour Silver strategically acquires key assets, exemplified by the acquisition of the Kolpa mine in Peru [14, 24] Production & Operations - YTD 2025 production reached 74 million ounces AgEq [19] - Guanaceví contributed 52% to YTD 2025 metal sales quantity, followed by Kolpa at 20% and Bolañitos at 28% [20] - Terronera mine commenced commercial production on October 1, 2025, with average daily production of 1,841 tonnes in July [18, 43, 52] Kolpa Mine Acquisition - The Kolpa mine acquisition is expected to increase Endeavour's annual production profile by approximately 50 million ounces AgEq [25] - Since May 1, 2025, Kolpa has produced 209 million ounces AgEq [22] - In Q3 2025, Kolpa produced 598,689 ounces of silver, 5,664 tonnes of lead, 3,666 tonnes of zinc, and 120 tonnes of copper [29] Pitarrilla Project - Endeavour Silver is advancing an economic study for the Pitarrilla project, one of the world's largest undeveloped silver deposits [18, 60] - In 2025, an estimated $257 million is allocated for Pitarrilla, including $166 million for feasibility study, development, and exploration [18] - Pitarrilla's resource mix is 60% silver and 40% lead/zinc [59]

Financial Data and Key Metrics Changes - The special meeting of stockholders was held to discuss the issuance of shares to Sixborough Capital Fund LP, which may represent more than 20% of the company's issued and outstanding common stock as of the date of the purchase agreement [3] - Approximately 17.6% of the total votes of holders of shares were present, indicating a lack of quorum for transacting business at the meeting [5] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed during the meeting as it was primarily focused on procedural matters and the lack of quorum [6] Market Data and Key Metrics Changes - There were no specific market data or key metrics changes reported during the meeting [6] Company Strategy and Development Direction and Industry Competition - The meeting was focused on the approval of a proposal related to share issuance, which may indicate a strategy to raise capital, but no detailed strategic direction or competitive analysis was provided [3][4] Management's Comments on Operating Environment and Future Outlook - Management did not provide comments on the operating environment or future outlook during this meeting, as it was adjourned due to the absence of a quorum [6] Other Important Information - The special meeting was adjourned permanently due to the lack of quorum, and no further business was conducted [6] Summary of Q&A Session - There were no questions or answers during the meeting as it was primarily procedural and focused on the lack of quorum [6]

Financial Data and Key Metrics Changes - Delek Logistics Partners reported approximately $136 million in quarterly adjusted EBITDA, an increase from $107 million in the same period last year [3][10] - The full-year EBITDA midpoint guidance has been raised to the upper end of the range, now expected between $500 million and $520 million [3][12] - Distributable cash flow, as adjusted, totaled $74 million, with a DCF coverage ratio of approximately 1.24 times [10] Business Line Data and Key Metrics Changes - For the gathering and processing segment, adjusted EBITDA for the quarter was $83 million compared to $55 million in the third quarter of 2024, primarily due to the acquisition of H2O and Gravity [10] - Wholesale marketing and terminaling adjusted EBITDA was $21 million, down from $25 million in the prior year, mainly due to last summer's amend and extend agreements [10] - Storage and transportation adjusted EBITDA remained stable at $19 million compared to the same quarter last year [11] - Investments in the pipeline joint venture segment contributed $22 million this quarter, up from $16 million in the third quarter of 2024 [11] Market Data and Key Metrics Changes - The company noted strong operations in crude and water gathering segments, with record volumes for DDG [4][7] - The competitive position in both Midland and Delaware Basins is increasing due to two water acquisitions and increasing dedication [4] Company Strategy and Development Direction - The company aims to become a strong, independent, full-suite midstream service provider, focusing on prudent management of leverage and coverage while seizing growth opportunities [4][5] - The commissioning of the new Libby 2 plant is a key initiative, enhancing the company's capabilities in acid gas injection and sour gas handling [3][6] - The company plans to optimize synergies and realize associated EBITDA uplift from recent acquisitions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory and the ability to fill the Libby 2 plant to capacity, indicating a need for earlier expansion due to market demand for sour gas solutions [18] - The company remains focused on achieving long-term leverage and coverage targets while maintaining a strong financial position with approximately $1 billion of availability on credit facilities [9] Other Important Information - The Board of Directors approved a 51st consecutive increase in the quarterly distribution to $1.12 per unit [4] - Capital expenditures for the third quarter were approximately $50 million, with $44 million allocated to growth capex [11] Q&A Session Summary Question: Inquiry about producers' increasing activity on acreage ahead of Libby 2 - Management noted that while crude and water operations are strong, there has not been a material change in drilling activity, but synergies between different streams are increasing [15][17] Question: Follow-up on CapEx and 2026 trends - Management indicated that planning for next year is ongoing and further guidance will be provided in the next earnings call [20] Question: Discussion on equity income line performance - The strong performance was attributed to the Wink to Webster joint venture, with expectations for sustainable run rates going forward [27] Question: Inquiry about the water landscape and competition - Management highlighted the favorable timing of past acquisitions and the challenges in permitting new facilities, positioning the company well in the market [29] Question: Clarification on Libby 3 expansion timing and AGI disposal - Management confirmed confidence in handling sour gas and indicated that planning for expansion will be detailed in future communications [31]

Financial Data and Key Metrics Changes - Consolidated revenues for Q3 2025 were down 5% at $4.4 billion, with global ag segment sales down 11% and North America down 29% [9][10] - Industrial adjusted EBIT was $104 million, down 69% year over year, reflecting lower industry demands and tariffs [10][16] - Adjusted net income decreased to $109 million, with adjusted EPS for the quarter at $0.08, down from $0.24 [10][16] Business Line Data and Key Metrics Changes - Agriculture Q3 net sales were just under $3 billion, down 10% year over year, primarily due to a 29% decrease in North America [17] - Construction third quarter net sales were $739 million, up 8% year over year, driven by higher sales in North America and EMEA [20] - Adjusted gross margin for agriculture was 20.6%, down from 22.7% in Q3 2024, affected by lower volumes and tariff costs [17][18] Market Data and Key Metrics Changes - North America experienced a 29% decline in agriculture sales, while EMEA saw a 16% increase, particularly in tractors [9][17] - Conditions in South America remain challenging, with geopolitical and market circumstances impacting farmers [5][6] - The overall industry retail demand is expected to be down around 10% from 2024, with construction volumes expected to decline about 5% [27][28] Company Strategy and Development Direction - The company is focused on five strategic pillars: expanding product leadership, advancing iron and tech integration, driving commercial excellence, operational excellence, and quality as a mindset [10][18] - The company is transforming its global supply chain and dealer network to mitigate risks from market volatility [4][6] - Upcoming product launches at Agritechnica are aimed at filling market gaps and gaining ground in EMEA [9][11] Management's Comments on Operating Environment and Future Outlook - Management noted that market fundamentals remain uncertain and challenging for farmers, particularly in North America and South America [5][6] - The company expects to navigate near-term challenges while investing in business improvements and preparing for future product launches [6][7] - The outlook for 2026 anticipates flat to slightly down global industry retail demand compared to 2025 [31][32] Other Important Information - The company has reduced quality costs by over $60 million year to date, reflecting improvements in operational efficiency [15] - The company repurchased $50 million worth of stock at an average price of $11.25 per share during Q3 [24] - The company is maintaining a focus on margin improvement initiatives despite the current trade environment [33] Q&A Session Summary Question: Can you elaborate on the decremental margin on the volume mix? - The decremental margin was primarily driven by the 29% decline in North America, with EMEA up 16% [35] Question: What is the impact of SG&A on the margin? - SG&A increased due to higher variable compensation accruals, contributing to the margin decline [36] Question: Can you unpack the product cost changes? - Product costs were favorable by $33 million year over year, despite $44 million in tariff costs [38] Question: How much of the tariff cost is tied to different tariff categories? - About 20% of the tariff costs are from Section 232, with no reliance on potential relief from the Supreme Court [43] Question: What gives confidence in achieving desired dealer levels in three to four months? - The company expects to achieve a $1 billion inventory reduction by year-end, allowing for increased production in 2026 [41]

MarketAxess (NasdaqGS:MKTX) Q3 2025 Earnings Call November 07, 2025 11:00 AM ET Company ParticipantsChris Concannon - CEOChris Allen - Managing DirectorRit Roy - Senior Equity Research AssociatePatrick O’Shaughnessy - Managing DirectorChris O'Brien - Equity Research AVP - Brokers, Exchange, and Asset ManagersIlene Fiszel Bieler - CFOStephen Davidson - Head of Investor RelationsSimon Clinch - Managing Director of Financials ResearchConference Call ParticipantsAlex Kramm - Managing Director and Senior Equity ...

MarketAxess (NasdaqGS:MKTX) Q3 2025 Earnings Call November 07, 2025 11:00 AM ET Company ParticipantsChris Concannon - CEOChris Allen - Managing DirectorRit Roy - Senior Equity Research AssociatePatrick O’Shaughnessy - Managing DirectorChris O'Brien - Equity Research AVP - Brokers, Exchange, and Asset ManagersIlene Fiszel Bieler - CFOStephen Davidson - Head of Investor RelationsSimon Clinch - Managing Director of Financials ResearchConference Call ParticipantsAlex Kramm - Managing Director and Senior Equity ...

Financial Data and Key Metrics Changes - The third-quarter RevPAR increased by 2% compared to last year, while total RevPAR grew by 2.4% [14] - Adjusted EBITDA RE for the third quarter was $50 million, and adjusted FFO was $0.17 per diluted share [14] - For the first nine months of the year, comparable portfolio total RevPAR growth was 2.3%, with margins held within 20 basis points of the prior year [15] Business Line Data and Key Metrics Changes - Urban hotels experienced generally flat RevPAR growth, with Marriott Long Beach Downtown showing outsized growth post brand conversion [4] - Convention hotels reported better-than-expected performance with RevPAR growth of 3.5% [5] - San Francisco hotels achieved over 15% RevPAR growth, while Washington, D.C. faced weaker government-related demand [6] Market Data and Key Metrics Changes - The company booked 6% more rooms than the prior year, marking the strongest third-quarter booking volume since before the pandemic [6] - Positive group pace is anticipated for 2026, particularly in Orlando, Boston, Miami Beach, San Francisco, and Wine Country [7] - The resort portfolio faced softer performance due to weaker demand in South Florida and Maui, although there were signs of recovery in Maui [8] Company Strategy and Development Direction - The company aims to close the valuation discount and improve total shareholder returns through purposeful asset recycling [21] - Despite a challenging transaction market, the company disposed of over $600 million in lower-quality assets and acquired approximately $600 million in better real estate [22] - The company is focused on maintaining a strong balance sheet with net leverage of 3.5 times trailing earnings [16] Management's Comments on Operating Environment and Future Outlook - The operating environment remains choppy, with uncertainty from the government shutdown, but the company maintains its full-year earnings outlook [17] - The fourth quarter is projected to be the strongest for RevPAR growth, with total portfolio RevPAR growth expected in the mid-single-digit range [18] - Management is optimistic about benefiting from recent investments and delivering above-market growth in 2026 [10] Other Important Information - The company completed a renovation of the meeting space in San Antonio and is about to begin a similar project in San Diego [12] - The board has authorized a $0.09 per share common dividend for the fourth quarter [20] - The company has repurchased 11.4 million shares year-to-date at an average price of $8.83 per share, totaling $101 million [19] Q&A Session Summary Question: Thoughts on Q4 and mid-single-digit total RevPAR range - Management confirmed that Q4 was expected to be the strongest quarter for RevPAR growth, with Andaz Miami Beach contributing significantly to the growth [30] Question: Changes in the transaction market for 2026 - Management noted slight improvements in the transaction market, with expectations for continued improvement in 2026 [33] Question: Large buyers in the transaction market - Management indicated that while the market is challenging, they continue to look for opportunities to recycle assets [38] Question: EBITDA ramp for Andaz Miami Beach - Management expressed confidence in achieving the EBITDA range of $12 million-$16 million for next year, with strong bookings anticipated [41] Question: Group pace for 2026 - Management reported that they expect to have around 80% of room nights on the books for 2026, consistent with the prior year [45] Question: Ancillary spending and expense control - Management highlighted that out-of-room revenue growth has outpaced room revenue growth, contributing positively to overall performance [70] Question: G&A as a percentage of revenues - Management stated that G&A for the quarter was lower as a percentage, with guidance for the full year set at $20 million-$21 million [72]

Financial Data and Key Metrics Changes - Sales for Q3 2025 were $448 million, an increase of 10.9% compared to $404 million in Q3 2024, driven by higher volumes, pricing, and favorable foreign exchange [9][13] - Adjusted EBITDA was $92 million, or 20.4%, compared to $79 million, or 19.6% in the prior period [15] - Adjusted earnings per share increased to $0.69 from $0.61 year-over-year [15] - Adjusted free cash flow was $72 million, up from $65 million in the prior year [15] - The effective tax rate for Q3 2025 was 23.6%, compared to 18.4% last year, influenced by changes in earnings mix and U.S. tax legislation [15] Business Line Data and Key Metrics Changes - The company experienced a 6% increase in volumes, a 4% increase in pricing, and a 1% contribution from favorable foreign exchange [13][20] - The aftermarket segment is expected to remain flattish year-over-year, with ongoing challenges in freight activity [10][31] Market Data and Key Metrics Changes - The heavy-duty and medium-duty truck markets in the U.S. are expected to decline by 20%-25% [11] - Demand for trucks in India is anticipated to grow, supported by government infrastructure spending [11] - The company raised its total revenue expectations for the year to a range of $1.72-$1.745 billion, reflecting a 3%-4.5% increase compared to the prior year [11] Company Strategy and Development Direction - The company is focused on a four-pillar growth strategy: growing share in First Fit, accelerating profitable growth in the aftermarket, transforming the supply chain, and expanding into industrial filtration markets [6][8] - The operational separation from the former parent company has been completed, allowing the company to focus on growth and redeploy resources [3][4] - The company plans to continue its share repurchase program and has increased its quarterly dividend by 10% [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to challenging market conditions and deliver strong operational performance [11][12] - The outlook for the aftermarket remains cautious, with expectations of continued flat conditions through the first half of 2026 [31] - The company is optimistic about its growth strategy and the potential for share gains, particularly in the aftermarket and First Fit applications [21][22] Other Important Information - The company has completed its separation activities from Cummins and does not anticipate incurring additional one-time costs related to this in Q4 [15][36] - The company has a strong liquidity position with $218 million in cash and a $400 million revolving credit facility, providing operational flexibility [16] Q&A Session Summary Question: Insights on stronger-than-expected performance and share gains - Management noted that the strong quarter was driven by 8% share gains, despite market headwinds of 2% [20][21] Question: Details on volume growth impact from Stellantis - Management indicated that the 44% increase in Ram volumes was significant but not expected to repeat in future quarters [27][28] Question: Clarification on aftermarket pacing and its sustainability - Management expects the flat aftermarket conditions to persist through the first half of 2026, with no signs of improvement yet [31] Question: Opportunities from the operational separation - Management expressed excitement about focusing resources on growth following the completion of the separation [33][36] Question: Impact of Section 232 tariffs on pricing - Management confirmed ongoing evaluation of tariff implications and plans for price-cost neutrality [39] Question: Positioning for growth in data center engine capacity - Management is targeting new business development in both aftermarket and First Fit applications, while acknowledging limited aftermarket benefits from gensets [41][42] Question: Potential benefits from First Brands' bankruptcy - Management is actively seeking to expand aftermarket coverage and gain market share through existing and new partnerships [44][45]