Financial Data and Key Metrics Changes - Full year 2025 revenue was $3.2 billion, reflecting an 8.7% year-over-year growth, primarily driven by the acquisition of Parker and strong international expansion [20] - Adjusted EBITDA for the full year was $913 million, an increase of $31 million compared to the prior year [20] - Fourth quarter adjusted EBITDA totaled $222 million, exceeding previous expectations, with an EBITDA margin of 27.8%, down 110 basis points sequentially [21][22] Business Line Data and Key Metrics Changes - International drilling revenue was $424 million, a sequential growth of 4.1%, with EBITDA for the segment increasing to $131 million [22][23] - U.S. drilling revenue for the fourth quarter was $241 million, reflecting a 3.7% sequential decline, while EBITDA totaled $93 million, a decrease of 1% [24][25] - The drilling solutions segment generated revenue of $108 million in the fourth quarter, with EBITDA of $41 million, resulting in an EBITDA margin of 38.3% [28] Market Data and Key Metrics Changes - The average daily rig count in the Lower 48 increased to 62 rigs by the end of the fourth quarter, with a current count of 66 rigs [10][26] - The gas-directed industry rig count in the Lower 48 increased by over 20% in 2025, with Nabors' gas rig count increasing by 50% [10] - International drilling average rig count increased to 93.3 rigs, exceeding expectations by 2.3 rigs [23] Company Strategy and Development Direction - The company aims to focus on performance excellence in the Lower 48 rig market and expand in the international drilling market, leveraging multi-year contracts and innovative technology [6][7] - The integration of Parker Wellbore is progressing well, with expectations to generate at least $70 million in adjusted EBITDA from retained Parker businesses in 2026 [36] - The company is committed to reducing debt, having reduced net debt by over $554 million, the lowest level since 2005 [18][44] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the second half of 2026 due to market uncertainties, but remains confident in customer momentum and operational performance [51][53] - The outlook for natural gas remains positive, with expectations for increased LNG exports and domestic consumption [9] - Management highlighted the potential for increased oil activity in Venezuela and ongoing expansion plans in the Middle East and North Africa [10][46] Other Important Information - The company generated adjusted free cash flow of $132 million in the fourth quarter, significantly exceeding the revised guidance of approximately $80 million [39] - Capital expenditures for the fourth quarter were $158 million, lower than previous guidance, with expectations for 2026 capital expenditures to be in the range of $730 million to $760 million [37][38] Q&A Session Summary Question: Lower 48 outlook and rig count increase - Management noted that the rig count is currently at 66, with a shift towards public operators and an increase in gas rig count, indicating favorable operator economics [49][50] Question: Confidence in Saudi Arabia's rig activation timelines - Management expressed confidence in the activation of suspended rigs and new builds in Saudi Arabia, with a positive outlook for the market driven by Aramco's actions [60][62] Question: Upstream spending in Mexico and additional rigs - Management confirmed ongoing discussions for additional rigs in Mexico, focusing on making current rigs profitable before expanding further [66]

Nabors Industries (NYSE:NBR) Q4 2025 Earnings call February 12, 2026 11:00 AM ET Company ParticipantsDerek Podhaizer - Director of Equity ResearchJohn Daniel - Founder and PresidentMiguel Rodriguez - CFOScott Gruber - Director of Oilfield Services and Equipment ResearchTony Petrello - Chairman, President and CEOWilliam Conroy - VP of Corporate Development and Investor RelationsConference Call ParticipantsKeith Mackey - Equity Research AnalystOperatorGood day, and welcome to the Nabors Industries Limited fou ...

Financial Data and Key Metrics Changes - The company reported full year 2025 core earnings of $1.50 per share, which is up 10% from 2024, marking the fourth consecutive year of double-digit core EPS growth [5][20] - The 2026 core EPS guidance range has been raised to $1.64-$1.66, implying a 10% EPS growth at the midpoint [5][6] - The company achieved a 43% reduction in serious injuries and fatalities compared to 2024, and a 30% improvement in serious preventable motor vehicle incident rate [6][7] Business Line Data and Key Metrics Changes - Operating and maintenance savings amounted to $0.20 for the year, with $0.09 redeployed back into the system for customer benefits [20] - The company has cut application intake time for new connections by 40%, from an average of 76 days to 45 days [20] - The company has seen significant growth in projects moving into the final engineering stage, now standing at almost 3.6 gigawatts, more than doubling from the previous quarter [18] Market Data and Key Metrics Changes - The company delivered its fourth reduction in electric rates in two years, with bundled residential electric rates now 11% lower than in January 2024 [8][15] - The average monthly bill for typical customers is about $20 less than before, indicating a positive impact on affordability [8][15] - The company reported an 18% EV penetration in the final quarter of the year, indicating strong demand for electric vehicle load [50] Company Strategy and Development Direction - The company aims for a growth outlook of 9%+ annually from 2027 through 2030, focusing on safety, reliability, and affordability [6][10] - The company is committed to addressing California's wildfire challenges and has initiated a new venture, Emberpoint, to integrate next-generation wildfire solutions [12][13] - The company plans to file for approximately 5,000 miles of additional undergrounding over 10 years, starting in 2028, as part of its wildfire mitigation strategy [14][15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of legislative outcomes related to wildfire risk and affordability, indicating that the current model is not sustainable for customers [27][36] - The company is focused on ensuring that the risk associated with the current legal construct is quantifiable and manageable for both customers and investors [36][39] - Management expressed confidence in the ongoing legislative process and the potential for positive outcomes that would benefit both customers and investors [36][81] Other Important Information - The company has a $73 billion 5-year capital plan, with no new common equity required through 2030 [21][22] - The company has doubled its annual share dividend to $0.20 for 2026, with expectations for consistent increases in the next two years [22] - The company reduced non-fuel O&M by 2.5% in 2025, exceeding its target for four consecutive years [24] Q&A Session Summary Question: What is the company's view on the CEA process and legislative timing? - Management indicated that the legislative effort is complex and emphasized the importance of getting it right, expressing hope for timely resolution [33][34] Question: How would the company prioritize capital allocation if progress on legislation stalls? - Management stated that all aspects of the plan would be on the table if progress halts, emphasizing the need for an attractive legislative construct to sustain valuation [37][40] Question: What are the expectations regarding the Kincade and Dixie cost recovery proceedings? - Management outlined the recovery of over $1 billion in claims related to the Kincade and Dixie wildfires, emphasizing the prudency of their actions [90][91]

Financial Data and Key Metrics Changes - The company generated adjusted EPS of $1.99, a 47% improvement from the prior year [5] - GAAP earnings were $2.05 per diluted share, with adjusted earnings including one-time benefits of $28 million or $0.20 per diluted share [12] - Adjusted revenue in the title segment was $1.9 billion, up 14% compared to the same quarter of 2024 [13] - Personnel costs increased by 11% to $581 million, primarily due to incentive compensation [16] - The effective tax rate was 25.7%, higher than the normalized rate of 24% [20] Business Line Data and Key Metrics Changes - Commercial revenue grew by 35% to $339 million, driven by higher average revenue per order and transaction volumes [13][14] - Closed orders increased by 10% in the commercial segment, while average revenue per order rose by 22% [14] - Residential purchase revenue decreased by 4%, with closed orders down by 7% [14] - Refinance revenue increased by 47%, driven by a 44% increase in closed orders [14] Market Data and Key Metrics Changes - Existing home sales are approximately 4 million units, below the normalized level of 5.5 million units [6] - Open purchase orders were down 7% in the fourth quarter, indicating continued weakness in purchase revenue [10] - Refinance open orders were up 72% in January, suggesting a positive trend for the first quarter [10] Company Strategy and Development Direction - The company aims to be the best title and escrow company in the industry, focusing on modern AI-powered products to improve customer experience and operational efficiency [11] - The launch of Endpoint and Sequoia AI is expected to provide a competitive advantage and improve margins over time [8][36] - The company plans to roll out Endpoint nationally over the next two years and expand Sequoia AI capabilities [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting growth across major revenue drivers despite uncertainty [9][10] - The company anticipates a record revenue year in the commercial segment, with a strong pipeline [9] - Management noted that the rate lock-in effect is expected to fade, allowing for improved affordability in the housing market [10] Other Important Information - The company has gained 90 basis points of organic market share over the last 12 months [10] - The bank subsidiary has quickly grown 1031 exchange deposits from $94 million to over $300 million [9] - The company is focused on investing in technology and maintaining a strong balance sheet while returning capital to shareholders [60] Q&A Session Summary Question: Can you help us think about the potential improvement over 2025 in commercial? - Management is optimistic about 2026, noting broad-based strength and a strong pipeline, but specific growth percentages are uncertain [24] Question: What is the contribution from data centers to commercial premiums? - Data centers accounted for roughly 10% of premiums, with significant growth expected [25][26] Question: How should we think about margin impacts from Sequoia and Endpoint? - The margin drag is expected to gradually alleviate as investments in modern platforms increase [36] Question: What are the primary drivers of the adjusted pretax margin expansion? - The higher margin is driven by commercial tailwinds and effective expense management [50] Question: What are the capital allocation priorities heading into 2026? - The first priority is investing in core business technology, followed by acquisitions and returning capital to shareholders [56][58] Question: What is the expected impact of the Texas title insurance rate reduction? - The rate change is expected to lower total revenue and net operating revenue in the title segment by about 50 basis points [86] Question: What is the guidance for investment income for Q1 or the full year? - Investment income for 2026 is expected to be roughly flat compared to 2025 [93]

Sun Life Financial (NYSE:SLF) Q4 2025 Earnings call February 12, 2026 11:00 AM ET Company ParticipantsDavid Garg - EVP, Head of U.S. BusinessKevin Strain - CEOManjit Singh - President, AsiaNatalie Brady - SVP, Capital Management and Investor RelationsSteve Peacher - CEOTed Maloney - CEOTim Deacon - EVP and CFOTom Murphy - Head of Asset ManagementConference Call ParticipantsAlex Scott - AnalystDarko Mihelic - AnalystDoug Young - AnalystGabriel Dechaine - AnalystJohn Aiken - AnalystMario Mendonca - AnalystMik ...

Financial Data and Key Metrics Changes - The company generated adjusted EPS of $1.99, a 47% improvement from the prior year [5] - GAAP earnings were $2.05 per diluted share, with adjusted earnings including one-time benefits of $28 million or $0.20 per diluted share [12] - Adjusted revenue in the title segment was $1.9 billion, up 14% compared to the same quarter of 2024 [13] - Personnel costs increased by 11% to $581 million, primarily due to incentive compensation [16] Business Line Data and Key Metrics Changes - Commercial revenue grew by 35% to $339 million, driven by higher average revenue per order and transaction volumes [13][14] - Closed orders increased by 10% year-over-year, while average revenue per order rose by 22% to a record $18,600 per closing [14] - Residential purchase revenue decreased by 4%, reflecting a 7% decline in closed orders [14] - Refinance revenue increased by 47%, driven by a 44% increase in closed orders [14] Market Data and Key Metrics Changes - Existing home sales are running at approximately 4 million units, below the normalized level of 5.5 million units [6] - Open purchase orders were down 7% in the fourth quarter, indicating continued weakness in purchase revenue [10] - Refinance open orders were up 72% in January, suggesting a positive trend for the first quarter [10] Company Strategy and Development Direction - The company aims to be the best title and escrow company in the industry, focusing on modern AI-powered products to improve customer experience and operational efficiency [11] - The launch of the Endpoint platform and the Sequoia title production engine are key strategic initiatives, with plans for national rollout over the next two years [8][36] - The company is also focused on enhancing its competitive advantage through data assets and adjacent businesses [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting growth across major revenue drivers: commercial, purchase, and refinance [9] - The company anticipates a record revenue year for commercial, with a strong pipeline despite uncertainty [9] - Management noted that the rate lock-in effect is expected to fade, allowing for improved affordability in many markets [10] Other Important Information - The company ended the year with $94 million in 1031 exchange deposits, which have grown to over $300 million [9] - The effective tax rate for the quarter was 25.7%, higher than the normalized rate of 24% due to higher income from non-insurance businesses [20] Q&A Session Summary Question: Potential improvement in commercial revenue for 2026 - Management is optimistic about commercial revenue growth in 2026, citing strong momentum and a robust pipeline, but specific growth percentages are uncertain [24] Question: Contribution from data centers to commercial premiums - Data centers accounted for roughly 10% of commercial premiums, with significant growth expected [25][26] Question: Impact of Sequoia and Endpoint on margins - Management indicated that margin drag from legacy platforms will gradually alleviate as investments in modern platforms increase [34] Question: Drivers of adjusted pretax margin expansion - The higher margin is attributed to commercial tailwinds, effective expense management, and a favorable revenue mix [50] Question: Texas title insurance rate reduction impact - The rate change is expected to lower total revenue and net operating revenue in the title segment by about 50 basis points [86]

Summary of Cullinan Therapeutics 2026 Conference Call Company Overview - **Company**: Cullinan Therapeutics (NasdaqGS: CGEM) - **Focus**: Development of T cell engager programs for autoimmune diseases and oncology Key Priorities and Portfolio - **2026 Significance**: First year with catalysts across the entire portfolio, particularly for two high-priority T cell engager programs: - **CLN-978**: CD19 x CD3 bispecific T cell engager for autoimmune diseases - **CLN-049**: FLT3 x CD3 T cell engager for acute myeloid leukemia (AML) [5][6] CLN-978 Program - **Potential**: Considered a best-in-class molecule for autoimmune diseases with a global development program targeting lupus, rheumatoid arthritis (RA), and Sjögren's disease [6] - **Differentiation**: High binding affinity for CD19, small molecular size for better tissue penetration, and subcutaneous administration convenience [6] - **Data Readouts**: Planned throughout 2026 for all three indications [6] - **Market Interest**: B cell depletion remains a hot area, with strategic acquisitions in the sector, indicating strong market interest [7] CLN-049 Program - **Potential**: First-in-class potential for a broad group of AML patients, with compelling monotherapy efficacy data presented at ASH [8] - **Regulatory Designation**: Received Fast Track designation from the FDA, facilitating a pivotal single-arm study for potential approval [8] - **Commercial Opportunity**: Aiming for significant commercial potential in the AML market, with plans for a combination study later in the year [8][34] Financial Position - **Cash Reserves**: Over $430 million reported at the end of 2025, providing a runway into 2029 to advance programs without immediate capital raising needs [9] Clinical Development Updates - **Enrollment Progress**: Completed first two dose cohorts for CLN-978 and currently accruing into the 30 microgram dose level for lupus and RA studies [11] - **Efficacy Expectations**: Anticipating a dose-response effect for B cell depletion in upcoming data releases [14][15] Competitive Landscape - **Market Position**: The company aims to be the first to present company-sponsored data for a CD19 T-cell engager, enhancing competitive positioning [19] - **Strategic Acquisitions**: Acquired a BCMA TCE to expand the reach in autoimmune diseases, allowing for a broader patient base [27][28] Future Plans - **Pivotal Studies**: Plans to initiate a phase 2 single-arm study for CLN-049 in 2027, targeting relapsed refractory AML patients [40] - **Combination Studies**: Intent to begin a phase 1b/2 combination study with AZA in previously untreated AML patients [37] Zipalertinib Program - **NDA Submission**: Completion of the relapsed study marks a significant milestone, with Taiho leading further development [41] - **Financial Impact**: Potential for $130 million in regulatory milestones and a 50/50 profit share in the U.S. [42] Conclusion - **Outlook for 2026**: A defining year for Cullinan Therapeutics with multiple catalysts and significant potential in both autoimmune diseases and oncology, supported by a strong financial position and strategic development plans [9][43]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $3.91 for 2025, which is in the top half of the guidance range, with expectations of over 8% annual growth through 2029 [3][25] - Retail sales increased approximately 4% in 2025, with industrial sales contributing a 7% increase [25][26] - The company anticipates an 8% compound annual growth rate in retail sales through 2029, driven by a 15% growth in industrial sales [4][26] Business Line Data and Key Metrics Changes - The company achieved 4% sales growth in 2025, primarily driven by industrial sales [4] - Significant electric service agreements totaling approximately 3.5 gigawatts were signed in 2025, indicating strong demand from data centers and traditional industrial segments [5][6] - The company has a pipeline of 7-12 gigawatts for data centers and 3-5 gigawatts for other industries, with a clear line of sight on equipment to serve 8 gigawatts of incremental load [6][12] Market Data and Key Metrics Changes - Entergy's utility remains in the first quartile for Net Promoter Score for both residential and business customers, with Entergy Texas ranked number one in customer satisfaction for business electric service in the South [4] - The company noted record employment milestones across all states in 2025, reflecting positive economic development activity [8] Company Strategy and Development Direction - The company is focused on a customer-first strategy that aims to create value for all stakeholders, with a $43 billion capital plan through 2029 to support customer needs [11][25] - The company is exploring new rate offerings such as demand response and time of use rates to complement existing billing options [10] - Entergy is committed to maintaining low rates while improving customer experience and reliability through investments in infrastructure [4][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook, citing strong demand from data centers and industrial sectors [5][25] - The company is proactive in addressing equity needs and has secured significant credit requirements to protect existing customers [31][43] - Management acknowledged the impact of Winter Storm Fern on operations, estimating restoration costs of up to $300 million for Louisiana and up to $200 million for Mississippi [31] Other Important Information - The company plans to host an Investor Day on June 9 in New York City to discuss significant opportunities and provide a five-year outlook [24] - The company has implemented various programs to improve reliability and reduce outages, funded by data center revenues [9][10] Q&A Session Summary Question: On the large load ramp, was phase one of Hut 8 already partially in plan? - Management indicated that Hut 8 is included in the probability-weighted growth but does not add to the capital plan at this stage [38][39] Question: What protections are in place for large load customers? - Management confirmed that significant credit requirements, including termination fees and minimum bills, are in place to protect against customer walkaways [42][43] Question: What updates should be expected at the Investor Day? - Management stated that the Investor Day will provide more clarity on data center contracts and a longer-term outlook, with potential announcements depending on timing [68] Question: How is the company addressing customer benefits from data centers? - Management explained that the $5 billion in rate offsets is related to contributions to fixed costs and investments in resilience and reliability [60][61] Question: What is the status of the Cottonwood addition to the capital plan? - Management confirmed that Cottonwood is included in the capital plan and is pending regulatory approval [61]

Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION Q4 2025 FORWARD LOOKING STATEMENTS AND DISCLAIMERS Cautionary note regarding forward-looking statements: This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward- looking statements include all statements that are not historical statements of fact and those regarding FCPT's intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss attributable to common stockholders of $27.4 million, or -$0.58 per basic common share, which includes a provision for credit losses of $14.4 million and an impairment loss in the Miami Beach REO asset of $6.8 million [16] - The book value at December 31 was $7.29 per common share, a decline of $0.65 per share from Q3, primarily due to the provision for credit losses and impairment loss on REO [16] - The aggregate CECL reserve at December 31 was approximately $148 million, an increase from $134 million in the previous quarter, mainly due to an increase in specific reserves on collateral-dependent loans [17] Business Line Data and Key Metrics Changes - The total loan portfolio commitments at year-end were $1.8 billion, with an outstanding principal balance of $1.7 billion and about $77 million of future fundings, accounting for only 4% of total commitments [10] - The realized loan portfolio yield for Q4 was 6.7%, which would have been 8% excluding nonaccrual loans [10] - The company had an active year of loan repayments and resolutions totaling about $469 million during 2025, with $45 million of loan repayments in Q4 [11] Market Data and Key Metrics Changes - The commercial real estate industry experienced strong momentum in 2025, with increased capital availability and improved fundamentals across many markets and property types [5] - Larger commercial banks became more active in warehouse financing, and regional banks began returning to the market, contributing to greater liquidity [6] - The market momentum from 2025 continued into early 2026, setting the stage for potentially stronger transaction activity across property types [7] Company Strategy and Development Direction - The company aims to reduce higher-cost debt and focus on asset resolutions in the first half of 2026, with plans to begin regrowing the portfolio in the latter half of the year [9] - The strategy includes reallocating capital in the portfolio and recycling into new originations as a high priority [9] - The company is focused on loan and REO resolutions, expecting the portfolio balance to trend lower in the near term until new originations begin [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market conditions, indicating that 2026 could be a stronger year for the industry with forecasted growth in transaction activity and increased liquidity from traditional lenders [7] - The management acknowledged the risks associated with credit migration and potential future losses, emphasizing that the current reserves are appropriate [25][26] - The company is monitoring the situation closely regarding specific loans and expects to have more updates in the coming quarters [12] Other Important Information - The company has received two full loan repayments of $174 million combined post-quarter end [9] - The company continues to invest in its REO assets to maximize outcomes and is actively engaged in value-enhancing repositioning opportunities [13] Q&A Session Summary Question: How does the company view the economics of new origination versus returning capital to shareholders? - The company plans to focus on resolving loans and decreasing leverage until it resumes origination later in the year [20] Question: What is the current reserve position and likelihood for further reserve build? - The company updates its CECL process quarterly, with the current reserve reflecting the latest economic forecasts, and believes it is appropriately reserved for collateral-dependent loans [21][22] Question: What are the expectations for book value per share and future losses? - Management acknowledged the risk of upgrades and downgrades in credit migration and indicated that future losses may occur, but they are embedded in the current reserves [25] Question: What is the visibility on scheduled maturities and portfolio size? - The company expects the portfolio to decrease through mid-2026 before stabilizing and regrowing later in the year, with ongoing communication with borrowers regarding upcoming maturities [36][40]