Financial Data and Key Metrics Changes - As of December 31, 2025, the company surpassed $1.1 billion in total assets, achieving record quarterly and annual earnings, with full-year net income of approximately $16.65 million, reflecting a nearly 27% increase compared to 2024 [2][9][18] - The return on average equity reached nearly 15% on a GAAP basis and 21.6% on a core basis, indicating strong profitability metrics [9][10] - Net income for the fourth quarter was $4.85 million, an increase of about $500,000 from the third quarter and over $900,000 from the prior year's quarter [10][11] Business Line Data and Key Metrics Changes - Net interest income rose by more than $800,000 quarter-over-quarter to $11.87 million, supported by higher loan balances and improved funding costs [11][16] - Non-interest income totaled $1.73 million for the quarter, remaining well above year-ago levels despite lower loan prepayment activity [12][16] - Gross loans ended the year at $958.79 million, reflecting a year-over-year growth of 19.2% [19] Market Data and Key Metrics Changes - Total deposits reached $931.75 million, representing year-over-year growth of 20.7% [19] - Non-interest income for 2025 was $6.77 million, showing a 46.5% year-over-year growth [20] - The allowance for credit losses to loans ratio stood at 1.07%, with non-performing assets to total assets ratio at 0.32%, indicating strong credit quality [21][22] Company Strategy and Development Direction - The company aims to roll out a new subsidiary for HUD and FHA-insured financing solutions in early 2026, targeting multifamily and healthcare properties to diversify revenue [3][4] - The focus remains on disciplined growth, conservative risk management, and building long-term relationships with customers [26] - The company is positioned for the next phase of disciplined growth, with expectations to maintain profitability while expanding its asset base [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a quarterly earnings per share range of $0.18-$0.21, driven by loan growth and stable funding costs [40][41] - The company anticipates loan growth of 25% or higher, supported by strong relationships with loyal customers [43][56] - Management highlighted that the infrastructure is in place to support growth without significantly increasing costs, indicating a positive outlook for scaling operations [57][58] Other Important Information - The company celebrated its 25th anniversary in 2025, marking a milestone in its evolution into a high-performing institution [2][3] - The largest institutional investor, AllianceBernstein, increased its economic ownership in the company, reflecting confidence in its strategy and governance [4][5] Q&A Session Summary Question: Opportunities for bridge to HUD financing - Management discussed the potential for growth in the skilled nursing and senior housing sectors, expecting to reach $250 million in two to three years, with long-term goals of $1 billion to $2 billion [31][33] Question: EPS guidance assumptions - Management indicated that the EPS guidance of $0.18-$0.21 is based on current performance, with expectations for loan growth and stable margins [40][41] Question: Loan growth sustainability - Management expects sustainable loan growth of 25% or higher, supported by strong customer relationships [43] Question: AllianceBernstein's increased exposure - Management clarified that the preferred equity structure is designed to simplify ownership and that further conversions to common stock are anticipated [44][45] Question: Sectors driving loan growth - Management emphasized that strong relationships with customers mitigate stress in portfolios, driving consistent loan growth [54][56] Question: Regulatory thresholds impacting growth - Management reassured investors that the infrastructure is in place to support growth without significant cost increases, indicating readiness for scaling beyond $1 billion in assets [57][58]

Financial Data and Key Metrics Changes - The company achieved record revenue of $92.4 million for the full year 2025, representing a 480% increase year-over-year [4][14] - Fourth quarter revenue surged 457% year-over-year to $36.6 million, with a 55% sequential increase from Q3 [13] - Gross profit in Q4 grew over 800% year-over-year to $21.7 million, with a consolidated gross margin of 59% [13] - Adjusted EBITDA loss for Q4 was $2.3 million, a 70.4% improvement from the same period in the prior year [13][14] - Full year adjusted EBITDA loss improved by 27% to $13 million [14] Business Line Data and Key Metrics Changes - IM8 was the clear driver of revenue, generating $60.1 million for the full year 2025 at a healthy 63% gross margin [14] - IM8 reached a $120 million annualized revenue run rate in its first year, with Q4 revenue of $27.4 million [4][9] - The average order value for new customers more than doubled from $110 in 2025 to approximately $233 in early 2026 [10] Market Data and Key Metrics Changes - 40% of IM8's revenues came from the US, with the remaining 60% from international markets across 30 different countries [10] - The company plans to localize its website in at least five different markets by Q2 2026, expecting a 10%-15% revenue uplift in those markets [47] Company Strategy and Development Direction - The company completed a strategic pivot by divesting non-core assets to focus on becoming a pure-play consumer health leader [5][6] - The balance sheet is strong, with approximately $171 million in total liquidity and zero debt, allowing for investment in IM8's global expansion [8] - The company aims for adjusted EBITDA profitability by Q4 2027, supported by strong unit economics and significant operating leverage [5][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of IM8, with a revenue guidance of $180 million-$200 million for 2026, representing nearly 300% year-over-year growth [15] - The company is excited about launching two new products in Q4 2026, which are expected to enter large total addressable markets [16][26] Other Important Information - The company ceased all Bitcoin purchases as of December 4, 2025, and will not engage in any future Bitcoin or crypto purchases [8] - Research coverage has been initiated by Roth Capital Partners and Sidoti & Company, both with buy ratings and price targets of $36 and $30 respectively [12] Q&A Session Summary Question: Reasoning behind the 90-day offering - Management explained that the quarterly subscription option was well-received by consumers, providing savings and increasing average order value, which shortens the payback period for customer acquisition costs [20][21][22] Question: Timing and nature of new product launches - Two new SKUs are planned for release by the end of Q4 2026, focusing on health and performance supplements, targeting large total addressable markets [26] Question: Revenue guidance and trends - Management confirmed continued momentum in January and stated that new products are not included in the revenue guidance of $180 million-$200 million [27][28] Question: Customer acquisition costs and lifetime values - Customer acquisition costs are approximately $130, with a payback period of 3.4 months, and the average order value has increased significantly [33] Question: Use of AI in marketing - The company utilizes AI for digital marketing, rolling out numerous ads weekly and optimizing based on performance [34][35][36] Question: Strategic M&A strategy - The focus is on organic growth, but the company remains open to strategic M&A opportunities if they align with business goals [39] Question: Revenue growth sources - The majority of growth is expected from acquiring new customers, with significant potential in the US market [45][46]

Financial Data and Key Metrics Changes - The company reported fourth quarter Core FFO of $1.25 per diluted share, reflecting a 4.8% year-over-year increase in Q4 same-store NOI [12] - Revenues from same-store communities increased by 1% compared to the same quarter in 2024, driven by a 1.5% increase in average monthly revenue per occupied home, despite a 40 basis point decline in occupancy [12][13] - Same-store expenses decreased by 5.1% year-over-year, with improvements in both controllable and non-controllable expenses [12] Business Line Data and Key Metrics Changes - Same-store NOI growth of 3.5% outpaced peers, supported by steady occupancy and expense discipline [5] - Blended leasing spreads increased by 10 basis points, with renewal spreads showing their highest growth of the year at 3.9% [6] - Retention for the full year was 58.2%, indicating relative affordability for residents [6] Market Data and Key Metrics Changes - Favorable absorption in Minneapolis, the largest market, led to positive blended increases of 1.1%, while North Dakota saw blended increases of 4.5% in the quarter [7] - In Denver, blended rent trade outs decreased by 4.3% due to supply pressures, although absorption rates remained above historical norms [8] Company Strategy and Development Direction - The company is undergoing a strategic review to evaluate alternatives for maximizing shareholder value, initiated from a position of strength after transforming into a pure-play multifamily REIT [4][5] - The company executed $493 million in transaction activity in 2025, including entering new markets and pruning holdings, aimed at diversifying cash flow and improving portfolio metrics [9] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 to be a year of stability and growth, particularly in Minneapolis, while acknowledging ongoing pressures in Denver due to new deliveries and regulatory changes [10][11] - The company anticipates Core FFO per share to remain stable year-over-year, with guidance for same-store NOI increases of 75 basis points and revenues increasing by 88 basis points [13] Other Important Information - The company expanded its unsecured credit facility by $150 million and repurchased 3.5 million common shares, indicating confidence in its stock value [10] - The leverage profile improved to 7.5x net debt to EBITDA following a disposition in Minneapolis [15] Q&A Session Summary Question: Can you talk us through some of your assumptions within the 2026 revenue guide? - Management expects blended rent growth to be in the mid-1% range, with renewals leading the way and new lease trade outs improving in most Midwest markets [17][19] Question: How do you see the Denver market playing out in 2026? - Management anticipates continued concessionary pressure in the first half of 2026, but expects improvements as supply dynamics normalize [21][22] Question: Is the underlying plan for the company continuing while the strategic review is ongoing? - Management confirmed that strategic initiatives executed in 2025 are still in effect, while the strategic review focuses on capital allocation [26][27] Question: Do you have any January or quarter-to-date leasing stats? - Management reported that overall blends were flat to slightly negative, with renewals remaining strong [28] Question: What is driving the lower retention rate forecast for 2026? - Management indicated a conservative approach to retention expectations, reflecting a slight downtick in Q4 [53] Question: How has the experience in Denver and Minneapolis affected assessments of other markets? - Management noted that business friendliness and regulatory environments are key considerations for new market assessments [36][38] Question: Are there concerns about affordability given the current economic conditions? - Management reported strong affordability metrics, with income growth outpacing rent increases across markets [59]

Financial Data and Key Metrics Changes - Total revenue increased from $29.3 million in Q4 2024 to $30.9 million in Q4 2025, representing a 5.6% annual growth [11] - FFO in Q4 2025 was $13.3 million, a 4.6% increase year-over-year compared to $12.7 million in Q4 2024 [13] - AFFO totaled $14.9 million in Q4 2025, a 2.1% increase year-over-year from $14.6 million in Q4 2024 [14] - The company declared a dividend of $0.4775 per common share for Q4 2025, raising the annualized dividend to $1.91 per share [10] Business Line Data and Key Metrics Changes - Occupancy increased from 90.1% to 90.6% during the quarter [6] - The weighted average lease term increased from 6.7 years to 7 years [6] - The company sold an inpatient rehab facility at a 7.9% cap rate, resulting in a gain of approximately $11.5 million [7] Market Data and Key Metrics Changes - The company acquired three properties totaling 113,000 sq ft for $64.5 million, which were 100% leased [8] - The expected return on new investments ranges from 9.1% to 9.75% [9] - The indicative cap rate for the sale of the inpatient rehab facility was 7.9%, with expectations for similar pricing on other dispositions [26] Company Strategy and Development Direction - The company is focused on capital recycling and selective acquisitions, maintaining modest leverage levels [9][23] - There are ongoing redevelopment projects expected to come online in mid-2026 and late 2026, which are anticipated to provide growth [27] - The company aims to execute transactions without adding meaningful leverage to the balance sheet [24] Management's Comments on Operating Environment and Future Outlook - Management noted that the transaction with the behavioral hospital operator is progressing, with expectations for a simultaneous closing of all six hospitals [20] - Leasing activity is strong, and management expects occupancy to remain stable in the low nineties for the next couple of quarters, with potential growth in the second half of the year [32] - The company sees a high level of demand for its assets and is optimistic about future acquisition opportunities [26][34] Other Important Information - The company has signed definitive purchase and sale agreements for five properties expected to be acquired after completion and occupancy [9] - The company did not issue any shares under its ATM last quarter, indicating a focus on using capital from asset sales for acquisitions [9] Q&A Session Summary Question: Update on the JRF Behavioral Hospital operator transaction - Management indicated that the transaction is expected to occur all at once, with no plans for a staged closing [20] Question: Balancing transactions and potential leverage increases - Management emphasized the goal of sequencing dispositions and acquisitions to maintain leverage levels [23] Question: Changes in cap rates for acquisitions or dispositions - Management noted a high demand for assets and expected similar pricing on other dispositions [26] Question: Future occupancy expectations - Management anticipates occupancy to remain stable in the low nineties for the next couple of quarters, with potential increases in the second half of the year [32] Question: Investment pipeline and opportunities - Management confirmed that opportunities still exist, and they are in touch with brokers to identify potential acquisitions [34] Question: Status of the dialysis term sheet pipeline - Management stated that the relationship is on the back burner, with no immediate focus on executing transactions [36]

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Huntsman (NYSE:HUN) Q4 2025 Earnings call February 18, 2026 10:00 AM ET Company ParticipantsAdam Trigg - Head of ChemicalsHassan Ahmed - Partner and Head of ResearchIvan Marcuse - VP of Investor Relations and Corporate DevelopmentJosh Spector - Director of Equity ResearchMatthew Blair - Managing Director of Refiners, Chemicals, and Renewable Fuels ResearchMike Sison - Managing DirectorPeter Huntsman - Chairman, CEO and PresidentPhil Lister - EVP and CFORyan Pirnat - Managing DirectorTurner Hinrichs - Equity ...

Wingstop (NasdaqGS:WING) Q4 2025 Earnings call February 18, 2026 10:00 AM ET Company ParticipantsAlex Kaleida - SVP and CFOAndy Barish - Managing DirectorChris O'Cull - Managing DirectorChristine Cho - VP of Equity ResearchGregory Francfort - Managing DirectorJon Tower - Director of Equity ResearchMichael Skipworth - President and CEOPeter Saleh - Managing DirectorSarah Niehaus - Senior Director of Investor RelationsConference Call ParticipantsBrian Harbour - Equity AnalystDanilo Gargiulo - Senior Research ...

Financial Data and Key Metrics Changes - In 2025, EQT generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [9][17] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [17] - Free cash flow attributable to EQT in the fourth quarter was nearly $750 million, approximately $200 million above consensus expectations [17] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [7][8] - Average well cost per lateral foot was 13% lower year-over-year and 6% below internal forecasts, while per unit lease operating expenses (LOE) were nearly 15% below expectations and approximately 50% lower than the peer average [8][9] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [21] - Eastern storage levels are now 13% below the 5-year average, indicating a structural demand growth in the market [22] Company Strategy and Development Direction - EQT's strategy focuses on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation [6] - The company plans to allocate the first $600 million of post-dividend free cash flow to high-return growth projects in 2026, including compression projects and strategic leasing [15][16] - EQT is investing in infrastructure to connect low-cost natural gas supply to demand centers, emphasizing the need for more pipeline infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of reliability and operational strength during extreme weather events, such as Winter Storm Fern, which showcased the company's integrated operations [10][27] - The company anticipates generating approximately $6.5 billion in Adjusted EBITDA and $3.5 billion in Free Cash Flow attributable to EQT in 2026, with a projected cumulative free cash flow of over $16 billion over the next five years [15][16] Other Important Information - EQT's position as the second-largest marketer of natural gas in the U.S. is expected to have recurring positive impacts on financial performance due to persistent price volatility [8] - The company is focused on maintaining a disciplined maintenance capital program while investing in growth projects to strengthen its platform [14][15] Q&A Session Summary Question: Can you provide insight into the trend in your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20 and is rapidly decreasing as debt is repaid [32] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, showcasing a two-times factor outperformance compared to peers, and emphasized the importance of being opportunistic during volatility [36][38] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management highlighted a focus on Mountain Valley projects and emphasized the importance of creating structural demand for volumes before considering upstream growth [52][56] Question: What is your gas sales strategy in light of market volatility? - Management explained that they aim to sell a significant portion of gas at first-of-month pricing to de-risk operations while maintaining flexibility to capture value during volatile periods [60][66] Question: When do you expect to see growth emerge in your production? - Management suggested that sustainable upstream growth discussions may begin around 2027, contingent on infrastructure development and demand visibility [81]