Franklin BSP Realty Trust (NYSE:FBRT) FY Conference November 20, 2025 10:55 AM ET Company ParticipantsLindsey Crabbe - Director of Investor RelationsConference Call ParticipantsNone - AnalystNone - Analyst 1ModeratorAll right, everybody. Thank you, guys, for joining us and for your patience. Our next presenting company is Franklin BSP Realty Trust, traded on the New York Stock Exchange under the ticker symbol FBRT. Presenting for the company today is Lindsey Crabbe, Director of Investor Relations.Lindsey Cr ...

ProPetro (NYSE:PUMP) FY Conference Summary Company Overview - **Company**: ProPetro Holding Corp. - **Ticker**: PUMP - **Industry**: Oil and Gas Services, specifically hydraulic fracturing and power generation - **Headquarters**: Midland, Texas - **Key Executives**: Matt Augustine (VP of Finance and Investor Relations), Shelby Fietz (Chief Commercial Officer) Key Points Financial Performance - **Q3 Revenue**: $294 million - **Adjusted EBITDA**: $35 million - **Free Cash Flow from Completion Business**: $25 million - **Revenue Mix**: 71% hydraulic fracturing, 18% wireline, 11% cement [6][8][19] Investment Thesis - Built on four pillars: sustainable free cash flow, exposure to the Permian Basin, technology innovation, and a strong balance sheet [4][6] - Over $1 billion invested since 2022 to refresh assets and technology [4] ProPower Business - New business line generating revenue since December 2024, with 220 megawatts contracted [7][13] - Focus on long-term take-or-pay contracts to build sustainable free cash flow [5][12] - Initial contract for 80 megawatts for 10 years with a large E&P operator in the Permian Basin [12] - Anticipated installed capacity of at least 1 gigawatt by 2030, with projected EBITDA of $265 million-$280 million from this business [14][15] Market Position and Strategy - ProPetro is the second leading horsepower provider in the Permian Basin, with a significant market share [35] - Focus on capital efficiency and maintaining a strong balance sheet while investing in growth [21][26] - Emphasis on industrialized operations and technology to reduce operating expenses and emissions [10][20] Industry Dynamics - Current market characterized by high attrition rates among smaller players, leading to consolidation [33][34] - Stable free cash flow generation despite fluctuations in oil prices, with a focus on maintaining operational efficiency [30][31] - Anticipated increase in activity levels as production in the Permian Basin is expected to roll over [32] Challenges and Opportunities - Need for education among customers regarding the efficiency and cost savings of ProPower solutions compared to traditional diesel generators [46][49] - Growing demand for power generation in the Permian Basin and data center sectors, with ProPetro positioned to meet this demand [39][40] - Competitive advantage due to established relationships with suppliers like Caterpillar and existing customer bases [11][18] Future Outlook - ProPetro aims to leverage its strong free cash flow from the completion business to fund growth in the ProPower segment [13][21] - Continued focus on diversifying customer base beyond oil and gas to include data centers and utility-like projects [38][42] - Anticipation of a re-rate in valuation due to improved free cash flow generation and market positioning [25][26] Additional Insights - The company has a history of successful mergers and acquisitions to bolster its service offerings [22] - ProPetro's operational efficiency and technology investments are expected to yield long-term benefits, particularly in a challenging market environment [23][24]

Innoviz Technologies (NasdaqCM:INVZ) FY Conference November 20, 2025 10:45 AM ET Company ParticipantsOmer Keilaf - Founder and CEOConference Call ParticipantsNone - AnalystNoneOh, LinkedIn is much better.Omer KeilafOh, actually, yeah, I think LinkedIn is something I've really dealt with when COVID, when I couldn't travel. Now I can travel and talk to people.You can talk to people, and you can still post your videos on LinkedIn.Right, you're right.All right.I do that on Twitter, actually.Twitter. It is looki ...

Dallas, TX 2025 Southwest IDEAS Conference November 20, 2025 Forward-looking statements and Non-GAAP information This presentation contains forward-looking statements with predictions, projections and other statements about future events. These statements are made on the basis of management's views and assumptions regarding future events and business performance. We use words such as "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "plan," "should" and similar express ...

Liquidity Services (NasdaqGS:LQDT) Q4 2025 Earnings Call November 20, 2025 10:30 AM ET Company ParticipantsJorge Celaya - EVP and CFOWill Angrick - Chairman and CEOMichael Patrick - VP and ControllerConference Call ParticipantsGary Prespettino - Managing Director and Senior Research AnalystGeorge Sutton - Partner and Senior Research AnalystOperatorWelcome to the Liquidity Services Fourth Quarter of Fiscal Year 2025 Financial Results Conference Call. My name is Liz, and I will be your operator for today's ca ...

Liquidity Services (NasdaqGS:LQDT) Q4 2025 Earnings Call November 20, 2025 10:30 AM ET Company ParticipantsJorge Celaya - EVP and CFOWill Angrick - Chairman and CEOMichael Patrick - VP and ControllerConference Call ParticipantsGary Prespettino - Managing Director and Senior Research AnalystGeorge Sutton - Partner and Senior Research AnalystOperatorWelcome to the Liquidity Services Fourth Quarter of Fiscal Year 2025 Financial Results Conference Call. My name is Liz, and I will be your operator for today's ca ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a GMV of $404.5 million, up 12% year-over-year, and revenue of $118.1 million, up 10% year-over-year, resulting in a revenue to GMV ratio of 29% for the quarter [18] - For the full fiscal year 2025, the company achieved a record GMV of $1.57 billion, surpassing the $1.5 billion milestone for the first time, and revenues of nearly $477 million, up 31% year-over-year [6][14] - Adjusted EBITDA for fiscal 2025 was $60.8 million, up 25% year-over-year, marking the highest EBITDA in 11 years [6][17] Business Line Data and Key Metrics Changes - The GovDeals segment achieved a record GMV of $903 million, up 8% year-over-year, driven by growth in new and active sellers [8] - The CAG segment's GMV grew 35% organically during the year, reflecting strong buyer relationships and recurring sales volumes [9] - The retail segment grew GMV by 30% year-over-year, leveraging new recurring program flows from clients [9] Market Data and Key Metrics Changes - The company surpassed 6 million registered buyers for the first time, with 4.1 million auction participants on its platform [8] - The company reported a strong buyer base and liquidity as competitive advantages, contributing to its growth in various market segments [8] Company Strategy and Development Direction - The company is focused on enhancing its capabilities through technology, including the integration of a new payment solution to improve buyer experience and operational efficiency [4][5] - The strategy prioritizes low-touch consignment services and software solutions with recurring revenue characteristics, targeting a $100 billion-plus GMV market opportunity [6] - The company aims for midterm goals of $2 billion in annual GMV and $100 million of annual adjusted EBITDA [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable long-term growth in the circular economy market, emphasizing the importance of innovation and technology [12][13] - The outlook for Q1 2026 includes expectations for double-digit year-over-year growth in profitability metrics, despite anticipated lower inventory purchases in the retail segment [21][22] Other Important Information - The company ended the quarter with $185.8 million in cash and cash equivalents, maintaining zero debt and a strong cash flow performance [19] - The company has received authorization for an additional $15 million in share repurchases, reflecting confidence in its financial position [19] Q&A Session Summary Question: Can you elaborate on the new payment solution and its impact on adjusted EBITDA margins? - Management highlighted operational leverage and the integration of AI-assisted technologies as key factors improving margins, along with enhanced payment processing capabilities [26][27] Question: What is the goal with GovDeals and the concept of government-adjacent markets? - Management explained that GovDeals aims to service public sector agencies and adjacent markets, providing a platform for lessors and service providers to sell assets [36][38] Question: What is the focus on consignment versus purchase in the retail segment? - Management indicated a shift towards consignment sales, emphasizing the benefits of higher margins and improved recovery rates for sellers [39][40]

InterDigital FY Conference Summary Company Overview - **Company Name**: InterDigital Corporation - **Ticker Symbol**: IDCC - **Industry Focus**: Wireless, visual, AI, and related technologies - **Founded**: 1972 - **Key Customers**: Apple, Samsung, Lenovo, Oppo [5][22] Core Points and Arguments - **Business Model**: InterDigital operates on an "IP as a service" model, focusing on long-term fixed-price agreements with customers, resulting in subscription-like revenue [9][22] - **Financial Performance**: - 2024 revenue exceeded $800 million - Adjusted EBITDA margin of 63% - Strong balance sheet with approximately $1 billion in cash [5][24] - **Patent Portfolio**: Over 34,000 patent assets, with a growth of more than 70% since 2017, averaging six new patents per day [20][21] - **Market Position**: Holds licenses for approximately 85% of the smartphone market and has significant penetration in PCs, tablets, and consumer electronics [30][31] Business Momentum and Growth Strategy - **Recent Agreements**: Since 2021, InterDigital has signed over 50 licenses with a total contract value exceeding $4 billion [21][22] - **Annualized Recurring Revenue (ARR)**: Increased from around $400 million in 2021 to approximately $588 million in 2025, targeting $1 billion by 2030 [23][27] - **Growth Pillars**: Focus on smartphones, consumer electronics, IoT, and emerging opportunities in streaming and cloud services [27][32] Industry Dynamics - **Technological Advancements**: InterDigital is involved in the development of standards for 5G and 6G technologies, collaborating with major industry players [10][19] - **Video Traffic Growth**: The company highlights the exponential growth of mobile network traffic, particularly driven by video content [12][13] - **Emerging Markets**: Significant opportunities in connected vehicles and cellular IoT, with a projected increase in connected cars and IoT devices [30][31] Legal and Competitive Landscape - **Litigation**: InterDigital has initiated legal actions against companies like Disney for patent infringement, achieving preliminary injunctions in Brazil and Germany [34] - **Competitive Position**: Recognized as one of the world's 100 most innovative companies by LexisNexis, indicating strong industry standing despite being less known to the general public [19][20] Capital Allocation and Future Outlook - **Cash Management**: InterDigital maintains a strong balance sheet with over $1.2 billion in cash, prioritizing organic investments in innovation and potential strategic acquisitions [35][36] - **Dividend Policy**: Since 2011, the company has returned nearly $2 billion to shareholders through buybacks and dividends, with a recent 17% increase in dividends [25][37] - **Future Goals**: Targeting a billion dollars in annualized recurring revenue by 2030, with a focus on maintaining high adjusted EBITDA margins [38][39] Additional Insights - **Management Team**: Led by experienced executives with backgrounds in major tech companies, enhancing credibility and strategic direction [6][7] - **Market Trends**: The shift towards video-on-demand services and the increasing importance of video compression technologies are critical to InterDigital's future growth [32][33] This summary encapsulates the key points from the InterDigital FY Conference, highlighting the company's strategic direction, financial performance, and industry positioning.

Summary of Mattr's Conference Call Company Overview - **Company Name**: Mattr - **Stock Exchange**: Toronto Stock Exchange (Symbol: MTTR) - **CEO**: Mike Reeves - **Revenue**: Over $1.3 billion in trailing 12-month revenue - **Focus**: Infrastructure products manufacturing, primarily in North America, with a global reach [1][2] Business Segments - **Connection Technologies**: Driven by electrification, focusing on engineered wire, cable, and assemblies. Brands include ShoreFlex (Canada) and AmerCable (U.S.) [2][3] - **Composite Technologies**: Transitioning from traditional materials to composite materials for liquid management. Key brands include Flexpipe (oil and gas) and Xerxes (underground fuel storage tanks) [4][5] Market Dynamics - **Growth Opportunities**: - Shift towards composite materials due to their longevity, faster installation, and corrosion resistance [5] - Aging infrastructure in North America necessitating expansion and refreshment [6] - Increasing demand for clean water and pollution management due to tightening regulations [6] Financial Performance and Strategy - **Transformation**: Significant restructuring over the past four years, divesting eight businesses and acquiring one [3] - **Capital Expenditure**: Normalized capital spending expected to be around 1% for maintenance and 2%-3% for growth in 2026 [9] - **EBITDA Margins**: Expected to exceed 20% with revenue growth rates above 10% and free cash flow conversion rates above 70% [11] Challenges and Risks - **Economic Conditions**: Anticipated challenges in 2026 due to economic slowing in Canada and potential trade frictions [7][8] - **Debt Management**: Increased net debt due to the acquisition of AmerCable, with a focus on debt reduction moving forward [12][14] - **Tariff Risks**: Monitoring potential tariffs on copper and the implications for manufacturing costs and margins [18][33] Competitive Landscape - **Connection Technologies**: Competing with TE Connectivity and 3M in the heat shrink tubing market, with a fragmented competitive environment in wiring cable [21][22] - **Xerxes Business**: Strong demand for underground fuel storage tanks driven by the replacement cycle of aging tanks and new convenience store constructions [25][26] Future Outlook - **Data Center Construction**: Growing revenue stream from data centers, with expectations of continued growth over the next 12 months [20][21] - **Manufacturing Optimization**: Ongoing investments in automation to improve production efficiency and meet rising demand [31] Conclusion - Mattr is positioned for growth in critical infrastructure markets, with a focus on efficiency and strategic capital allocation. The company is navigating potential economic and regulatory challenges while capitalizing on market opportunities in electrification and composite materials [16][36]

Summary of Air T (NasdaqCM:AIRT) FY Conference Call Company Overview - **Company Name**: Air T - **Ticker Symbol**: AIRT - **Industry**: Aviation and Aircraft Asset Management - **Key Personnel**: Dan Philpe (Senior Vice President, Corporate Development), Nick Swenson (CEO) Core Business Model - Air T focuses on building aviation companies through acquisitions and starting new businesses, primarily in aircraft asset management [2][3] - The company typically acquires one to two businesses per year, emphasizing a patient and strategic approach to acquisitions [3] - Air T operates with a decentralized management structure, allowing individual business units to make local decisions [4][10] Financial and Shareholder Insights - Senior management owns 20% of the company, with CEO Nick Swenson owning 49% [5] - The company has conducted stock buybacks, removing 22% of its stock from the market over time [5] - Air T aims to improve shareholder communication and transparency [6] Business Units and Operations - Air T owns three feeder airlines for FedEx, which are cash-generative and asset-light [8] - The company has a diversified portfolio, including businesses focused on aircraft engines, airframes, and maintenance services [21][22] - Recent acquisitions include World ACD, a co-op database for cargo information, and Crestone, which manages aircraft joint ventures [19][24] Recent Developments - Air T is in the process of acquiring Regional Express, the third-largest airline in Australia, which is expected to close soon [36] - The company has developed a significant asset management platform, allowing it to manage aircraft and generate fee income [28][30] Financial Performance - The company reported a working capital high due to inventory levels in its de-icing manufacturing business [17] - Air T's capital structure includes $35 million in trust-preferred securities with an 8% coupon [16] - The company is approaching $1 billion in assets under management (AUM) for its aircraft joint ventures [29] Market Position and Strategy - Air T aims to capitalize on the aging aircraft market, with many older aircraft still in operation due to issues with newer technology [40] - The company is focused on making the end-of-life aircraft market more institutionalized and understandable [41] - Air T plans to grow its leasing capabilities and potentially acquire younger aircraft as it scales [41] Digital Initiatives - Air T has invested in digital solutions, including Amber Hill Technologies, which provides ERP solutions for maintenance and repair facilities [32][33] - The company is experiencing growth in annual recurring revenue (ARR) from its software and data businesses [31] Conclusion - Air T is strategically positioned in the aviation industry with a focus on aircraft asset management and a diversified portfolio of businesses. The company is committed to enhancing shareholder value through acquisitions, operational efficiency, and improved communication.