Financial Data and Key Metrics Changes - Devon Energy generated $3.1 billion in free cash flow for 2025, enabling $2.2 billion in returns to shareholders through dividends, share buybacks, and debt retirement [16][17] - The quarterly dividend was increased by 9% to $0.24 per share, with plans for a further 31% increase post-merger [16][17] - The company ended the year with $1.4 billion in cash and a net debt to EBITDA ratio of less than one turn, indicating strong financial health [17] Business Line Data and Key Metrics Changes - Production optimization efforts led to oil production exceeding guidance, with a reserve replacement rate of 193% at a finding and development cost of just over $6 per BOE [9][10] - Capital spending was 4% better than guidance, reflecting efficiencies in drilling and completion [9] - The business optimization program achieved 85% of its $1 billion target within a year, with expectations to meet the full target by 2026 [12][22] Market Data and Key Metrics Changes - The merger with Coterra Energy is expected to create significant synergies, with a target of $1 billion in annual pre-tax run rate synergies by year-end 2027 [5][6] - The Delaware Basin is highlighted as a key area for production, expected to generate more than half of total production and cash flow [5][6] Company Strategy and Development Direction - The merger with Coterra Energy is positioned as a transformative opportunity for value creation, leveraging complementary portfolios and operational efficiencies [5][6][8] - The company is focused on enhancing free cash flow generation and returning capital to shareholders through dividends and share repurchases [8][16] - Devon is exploring opportunities for portfolio rationalization and investments in innovative technologies, such as geothermal energy through Fervo Energy [15][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture synergies from the merger and maintain strong operational performance [16][17] - The outlook for 2026 remains unchanged despite weather-related downtime in Q1, with production expected to average around 830,000 BOE per day [18][19] - Management emphasized a commitment to continuous improvement and operational efficiency as core to the company's culture [12][13] Other Important Information - The company has over 100 active work streams focused on driving sustained production gains while reducing capital requirements [12][13] - Devon's capital efficiency ranks among the best in the industry, with well productivity over 20% above peer averages [11] Q&A Session Summary Question: Business optimization progress and key milestones for 2026 - Management reported achieving 85% of the $1 billion target and expressed confidence in reaching the full amount, emphasizing the role of technology in unlocking potential [22][24] Question: Plans for the Delaware position and well targeting - Management confirmed ongoing focus on innovative technology and recovery improvements in the Delaware Basin, with plans to remain active in the area [28][29] Question: Exploration strategy and international opportunities - Management indicated interest in exploring international opportunities while maintaining confidence in the U.S. shale market, emphasizing long-term investments [34][39] Question: Cash operating expenses and optimization efforts - Management noted consistent improvements in workflow and maintenance approaches contributing to lower operating expenses [43][44] Question: 2026 program and capital allocation - Management indicated that capital allocation will remain similar to previous years, with a focus on maximizing value creation across regions [58] Question: Geothermal investment in Fervo Energy - Management highlighted the strategic partnership with Fervo Energy, emphasizing the potential for value creation through innovative geothermal technology [60][61]

RXO FY Conference Summary Company Overview - **Company**: RXO (NYSE: RXO) - **Event**: FY Conference held on February 18, 2026 Key Points Industry Context - RXO operates in the asset-light transportation sector, focusing on brokerage services for freight transportation - The company is experiencing a supply-driven market environment with significant changes in regulations impacting capacity and competition [4][35] Financial Performance - RXO's earnings have faced challenges in the last two quarters, particularly in Q4, with guidance for Q1 indicating adjusted EBITDA between $5 million and $12 million [8][9] - The company anticipates a volume decline of 5%-10% year-over-year in Q1, with truckload volumes expected to be down low double digits [12][12] - In Q4, LTL (Less Than Truckload) volumes were up 31% year-over-year, but tougher comparisons are expected in Q1 with LTL projected to be up 5% year-over-year [12][12] Business Model and Strategy - RXO's business model is heavily reliant on long-term relationships with large shippers, with top customers averaging 16 years of partnership [5] - The company is leveraging technology and AI to improve productivity and unlock new revenue opportunities, emphasizing the importance of exceptional customer service [4][5] - RXO's late-stage brokerage sales pipeline has increased by over 50% year-over-year, indicating strong potential for future growth [13][15] Market Dynamics - The company is currently facing a significant squeeze in gross margins due to a 15% month-on-month increase in industry-wide buy rates from November to December, the largest movement in 16 years [8][9] - RXO's brokerage gross profit per load was reported to be 30% below the five-year average, excluding COVID highs [45][46] - The company is optimistic about resuming truckload outperformance versus the market as early as mid-2026, driven by a strong pipeline and easing comparisons [14][17] Competitive Landscape - RXO has a network of approximately 120,000 carriers, which positions it well to capture market share as smaller, less compliant brokers exit the market due to regulatory pressures [25][30] - The company is focused on maintaining high-quality carrier partnerships, which is crucial for servicing complex freight needs [26][27] Cost Management and Efficiency - RXO has successfully realized $70 million in synergies from the Coyote acquisition, with $60 million in operating expenses and $10 million in CapEx [43][44] - The company has reduced its capital expenditure forecast for 2026 to $50 million-$55 million, reflecting a focus on efficient operations [55][56] Future Outlook - RXO is entering 2026 with significant momentum, aiming for profitable growth and improved cash flow generation [59] - The company is optimistic about the potential for demand recovery, citing lean inventories and positive economic indicators [20][21] - RXO's strategy emphasizes driving growth while maintaining a focus on margin improvement and operational efficiency [19][59] Conclusion - RXO is positioned to capitalize on market opportunities as it navigates current challenges, with a strong focus on technology, customer relationships, and operational efficiency [59]

Financial Data and Key Metrics Changes - The company expects consolidated net sales growth of 4% at the midpoint for fiscal 2026, reflecting confidence in its strategy and execution capabilities [8][10] - Inventory increased by $35 million or 48% to $107 million at the end of fiscal 2025, primarily driven by growth initiatives at Rise Wellness and Hiya [11] Business Line Data and Key Metrics Changes - Rise Wellness and Hiya are identified as key drivers of sales growth, with Rise expected to operate at approximately break-even in fiscal 2026 while supporting future growth [12] - The company is focusing on expanding its omni-channel reach and enhancing product innovation to drive sales momentum [8][9] Market Data and Key Metrics Changes - The company is diversifying its distribution channels to access a larger global base of health-conscious consumers, particularly through retail partnerships with major retailers like Target and Costco [24][33] - The core nutritional business is experiencing year-over-year sales declines but shows signs of stabilization [14] Company Strategy and Development Direction - The company aims to transition from a legacy Direct Selling business to a modern, science-driven nutritional products company [7] - Key strategic priorities include strengthening global brand positioning, enhancing customer experience, and improving operational efficiencies [6][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the evolving external environment and emphasizes the need for speed, focus, and precision in execution [6] - The company is committed to long-term strategic execution rather than short-term optimization, aiming to strengthen its foundation for future growth [8][14] Other Important Information - The effective income tax rate for fiscal 2026 is expected to range between 55% and 60%, influenced by geographic misalignment between revenue and costs [12] - The company plans to leverage technology modernization to improve customer experience and operational efficiencies [10][43] Q&A Session Summary Question: Can you walk us through the guidance for revenue and EPS? - Management discussed the potential for achieving the top end of guidance through improved macro conditions and specific brand performance [16][20] Question: What is the expected seasonality of the business? - Management indicated that seasonality is influenced by events like the Lunar New Year, with Q1 typically stronger due to promotional activities [33][35] Question: How much did the cost realignment impact headcount and what are the implications for gross margins? - Approximately 10% of the workforce was impacted, resulting in about $10 million in savings, with expectations for gross margins to be affected by the mix of different businesses [39][41] Question: What are the company's thoughts on integrating technology into consumer health management? - Management expressed interest in utilizing technology to personalize nutrition and enhance consumer engagement, emphasizing the importance of staying relevant in the market [50][52]

USANA Health Sciences (NYSE:USNA) Q4 2025 Earnings call February 18, 2026 11:00 AM ET Company ParticipantsAndrew Masuda - Director of Investor RelationsBrent Neidig - CCODoug Hekking - CFOIvan Feinseth - CIOKathryn Armstrong - CSOKevin Guest - Chairman and CEOWalter Noot - COOConference Call ParticipantsAnthony Lebiedzinski - Senior Equity AnalystOperatorGreetings! Welcome to the USANA Health Sciences Fourth Quarter and Fiscal Year 2025 Earnings Call. At this time, all participants will be in listen-only mo ...

Financial Data and Key Metrics Changes - Net sales for Q4 2025 were $1.02 billion, with an adjusted net sales of $968 million, reflecting strong demand in other products and services and the banana segments [12][14] - Gross profit was $106 million, with a gross margin of 10.4%, while adjusted gross profit was $109 million with an adjusted gross margin of 11.3% [13][14] - For the full year 2025, net sales reached $4.3 billion, with adjusted net sales of $4.1 billion, driven by higher selling prices across all business segments [15][16] - Fresh Del Monte's net income was $91 million for the full year, with adjusted net income of $178 million [16][20] Business Line Data and Key Metrics Changes - Fresh and value-added products segment net sales were $2.6 billion, driven by higher selling prices in pineapples and fresh cut products, with adjusted net sales of $2.4 billion [17] - The banana segment reported net sales of $1.5 billion, with gross profit of $71 million, reflecting higher production costs and adverse weather impacts [18] - Other products and services segment net sales were $210 million, with gross profit of $29 million, driven by higher sales in third-party ocean freight [19] Market Data and Key Metrics Changes - Market demand in North America and Europe remains strong, while demand in Asia, particularly Japan and Korea, continues to trend lower year-over-year [24] - The U.S. is the largest market for fresh cut products, with strong performance also noted in the U.K. [31] Company Strategy and Development Direction - The company is focusing on core strengths by streamlining its portfolio and divesting from non-core distractions, which has strengthened its balance sheet and expanded margins [4][5] - Fresh Del Monte is in the process of acquiring select assets from Del Monte Foods, with the transaction expected to close before the end of Q1 2026, aiming to reunify the Del Monte brand under one company [5][10] - The strategy emphasizes operational efficiency and high-return investments, with a focus on long-term value creation [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage the upcoming acquisition and highlighted the unique position of Del Monte as a multinational with both fresh and processed food divisions [48] - The outlook for 2026 includes expectations for net sales to be 1%-2% higher, driven by higher selling prices, with gross margins projected at 12%-14% for the fresh and value-added segment [23][24] Other Important Information - The company declared a quarterly cash dividend of $0.30 per share, representing an annualized yield of approximately 3% [21] - Capital expenditures for the full year totaled $64 million, focusing on enhancing operations in Central America and North America [20][21] Q&A Session Summary Question: Margins in the fresh cut segment - Management is comfortable with the guidance of 12%-14% gross margin for the year, despite the last quarter's adjusted gross margin being 14.8% [29][30] Question: Trends in the fresh cut segment - Fresh-cut products are performing well with strong demand and volume increases expected to continue into 2026 [31] Question: Pineapple business supply issues - The company is expanding production in Costa Rica and Brazil, but land availability and government approvals are challenges [34][35] Question: Banana segment performance - North America has performed reasonably well, focusing on profitability rather than volume, while Asia has negatively impacted margins [38][40] Question: Capital spending estimates for 2026 - Management prefers to postpone capital spending estimates until the next quarter for better clarity [41] Question: Expected sales growth from Del Monte Foods acquisition - Management will provide guidance on the acquisition's financial impact in Q1 2026 [45]

Financial Data and Key Metrics Changes - As of December 31, GAAP book value was $13.20 per share, and economic book value was $13.75 per share, both showing modest increases from the end of September [14] - For the fourth quarter, MFA generated GAAP earnings of $54.3 million, or $0.42 per basic common share, with net interest income at $55.5 million, a slight decline from $56.8 million in the previous quarter [15][16] - Distributable earnings for the fourth quarter were approximately $27.8 million, or $0.27 per share, an increase from $0.20 per share in the third quarter [18] Business Line Data and Key Metrics Changes - In the fourth quarter, MFA acquired $1.9 billion of loans and securities, including $1.2 billion of agencies, $443 million of non-QM loans, and $226 million of new business purpose loans [10] - The agency book grew by over 50% to $3.3 billion during the quarter, with a focus on low payout spec pools [20] - Lima One originated $226 million of new loans in the fourth quarter, including various types of loans such as new construction and rehab loans [22] Market Data and Key Metrics Changes - The Bloomberg US Aggregate Index was up 7.3% in 2025, following a decline of 7.1% over the previous three years [5] - Treasury rates declined, with 2-year yields dropping 77 basis points and 10-year yields dropping by 39 basis points [5] - The delinquency rate across the entire loan portfolio ended the year at just over 7%, down from 7.5% a year ago [23] Company Strategy and Development Direction - MFA is focused on increasing earnings and growing return on equity (ROE) through strategic initiatives, including deploying excess cash into target assets [9] - The company is excited about 2026, starting the year with favorable market conditions and government support for housing affordability [6][7] - MFA plans to relaunch multifamily lending and has made investments in technology and sales force to enhance operational efficiency [11][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the mortgage market due to lower rates, reduced volatility, and a positively sloped yield curve [6] - The company expects to see results from its strategic initiatives in 2026, with a focus on resolving delinquent loans and reducing general and administrative expenses [12][13] - Management anticipates that distributable earnings will reconverge with the common dividend in the latter half of 2026 [30] Other Important Information - MFA paid a common dividend of $0.36 for the fourth quarter and $1.44 for the full year, with approximately 40% of dividends treated as a tax-deferred return of capital [14] - The company has rolled out several technology platforms to enhance borrower experience and drive operational efficiencies [11] Q&A Session Summary Question: Can you talk about the run rate ROE on your EAD once loss provisions are through? - Management indicated that DE on a lossless basis is expected to be in the 8%-9% range, potentially reaching 10-11% in the back half of next year [29] Question: Can you discuss the re-entry into the multifamily market? - The company is targeting higher quality loans with larger unit sizes and an originate-to-sell model to capture fees [31] Question: How do you think about the potential deals that could be called? - Management expects to unlock $50 million-$100 million of capital that can be redeployed, with several deals anticipated in the coming quarters [36] Question: How should we think about capital allocation going forward? - The expectation is to initially increase investments in the agency portfolio before transitioning to non-QM and BPL asset classes as capital is freed up [40] Question: What are your expectations for margins and total volumes throughout the year? - The company anticipates healthy spreads and significant growth potential, particularly in the back half of the year as new channels come online [54]

Financial Data and Key Metrics Changes - The consolidated net sales outlook for fiscal 2026 is projected to grow by 4% at the midpoint, reflecting confidence in the company's strategy and execution capabilities [8][10] - Inventory increased by $35 million or 48% to $107 million at the end of fiscal 2025, primarily driven by growth initiatives at Rise Wellness and Hiya [11] Business Line Data and Key Metrics Changes - Rise Wellness and Hiya are expected to drive sales growth, with Rise Wellness anticipated to operate at approximately break-even in fiscal 2026 while supporting future growth [12] - The company is focusing on expanding its omni-channel reach and enhancing product innovation to support these brands [8][9] Market Data and Key Metrics Changes - The company is diversifying its distribution channels to access a larger global base of health-conscious consumers, particularly through retail expansions in Target and Costco [24][25] - The company is also entering new markets, including Canada and the United Kingdom, for Hiya products [11][24] Company Strategy and Development Direction - The company aims to transition from a legacy Direct Selling business to a modern, science-driven nutritional products company [6] - Key strategic priorities include strengthening global brand positioning, enhancing customer experience, reinvigorating sales momentum, advancing product innovation, and improving operational efficiencies [6][7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the evolving external environment but believes the company is well-positioned with strong fundamentals and growth opportunities [5][14] - The company emphasizes the importance of speed, focus, and precision in executing its strategic plans to drive sustainable growth [5][6] Other Important Information - The effective income tax rate for fiscal 2026 is expected to range between 55% and 60%, influenced by geographic misalignment between revenue and costs [12] - The company is committed to leveraging technology and AI to enhance customer interactions and improve operational efficiencies [44][45] Q&A Session Summary Question: Can you walk us through the guidance for revenue and EPS? - Management discussed the potential for revenue growth driven by Rise Wellness and Hiya, emphasizing the importance of achieving top-line growth to reach the upper end of EPS guidance [17][19] Question: What is the expected seasonality of the business? - Management indicated that seasonality is influenced by events like the Lunar New Year, with Q1 typically seeing stronger sales due to promotional activities [35][36] Question: How much did the cost realignment lower headcount and what are the implications for gross margins? - The cost realignment impacted about 10% of the workforce, resulting in approximately $10 million in savings, which will primarily affect SG&A rather than gross margins [40][41] Question: What are the company's thoughts on integrating technology into consumer health management? - Management expressed interest in utilizing technology to personalize nutrition and enhance consumer engagement, while ensuring scientific integrity in product offerings [52][54]

EMPIRE STATE REALTY TRUST Investor Presentation February 2026 North Sixth Street Collect Multi-Purpose Space at ESB Williamsburg, Brooklyn Rooftop and Penthouse Lounge at 501 Seventh Ave Sol de Janeiro at One Grand Central Place 34th Street Empire Lounge at ESB CLA at One Grand Central Place Empire State Empire State Building REALTY TRU Contents ESRT's Transformation Quarterly Highlights ESRT Overview ESRT Property Sector Highlights Key Takeaways Appendix 2 | 38 RE STATE REALTY TRUST ESRT's Transformation 3 ...

Select Water Solutions (NYSE:WTTR) Q4 2025 Earnings call February 18, 2026 11:00 AM ET Speaker10Greetings, and welcome to the Select Water Solutions fourth quarter earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to intro ...

Sonic Automotive (NYSE:SAH) Q4 2025 Earnings call February 18, 2026 11:00 AM ET Speaker11Good morning, and welcome to the Sonic Automotive fourth quarter 2025 earnings conference call. This conference call is being recorded today, Wednesday, February 18, 2026. Presentation materials which accompany management's discussion on the conference call can be accessed at the company's website at ir.sonicautomotive.com. At this time, I would like to refer to the Safe Harbor statement under the Private Securities Lit ...