Goldman Sachs BDC (NYSE:GSBD) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Company ParticipantsDavid Miller - Co-CEOEthan Kaye - VP of Equity ResearchJohn Silas - Member of Investor RelationsStan Matuszewski - CFOTucker Greene - President and COOVivek Bantwal - Co-CEOConference Call ParticipantsFinian O'Shea - Director and Senior Equity Research AnalystNone - AnalystJohn SilasGood morning. This is John Silas, a member of the investor relations team for Goldman Sachs BDC, Inc, I would like to welcome ...

Concentra Group Holdings Parent (NYSE:CON) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Company ParticipantsKeith Newton - Chairman and CEOMatthew DiCanio - EVP, CFO and TreasurerConference Call ParticipantsAnn Hynes - Md and Senior Equity Research AnalystBen Hendrix - VP and Equity Research AnalystBenjamin Rossi - Healthcare Facilities AnalystChristopher Mitchell - AnalystJoanna Gajuk - Equity Research AnalystJustin Bowers - Equity Research AnalystOperatorGood morning, thank you for joining us today ...

MasTec (NYSE:MTZ) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Company ParticipantsAndy Kaplowitz - Managing Director and U.S. Industrial Sector HeadAti Modak - VP of Energy Services and E&PsBrian Brophy - Director of Equity ResearchChris Mecray - VP of Investor RelationsJamie Cook - Managing Director of Equity ResearchJose Mas - CEOJustin Hauke - VP and Senior Research AssociateLiam Burke - Managing DirectorMaheep Mandloi - DirectorManish Somaiya - Managing DirectorMark Strouse - Executive DirectorP ...

Financial Data and Key Metrics Changes - Total company revenue for Q4 2025 was $539.1 million, a 15.9% increase from $465 million in Q4 2024 [6] - For the full year 2025, revenue reached $2.2 billion, up 13.9% from $1.9 billion in 2024 [7] - Adjusted EBITDA for Q4 2025 was $95.3 million, a 22.9% increase from $77.5 million in Q4 2024 [12] - Adjusted net income attributable to the company was $36.1 million for Q4 2025, compared to $22.2 million in the prior year [15] Business Line Data and Key Metrics Changes - Occupational health center segment revenue was $490.6 million in Q4 2025, a 12.2% increase year-over-year [18] - Workers' compensation revenue in Q4 2025 was $328.5 million, up 13.6% from the prior year [19] - On-site health clinics segment reported revenue of $36.2 million in Q4 2025, a 112% increase year-over-year, largely due to the acquisition of Pivot [21] Market Data and Key Metrics Changes - Total patient visits increased 9% to over 51,000 visits per day in Q4 2025 [7] - Workers' compensation visits per day increased 9.1%, while employer service visits increased 9.4% compared to the prior year [8] - The U.S. labor market grew at a rate of 0.1% in 2025, but the blue-collar economy added over 450,000 net jobs, growing at 0.4% [10] Company Strategy and Development Direction - The company plans to continue with smaller bolt-on acquisitions, which are expected to be highly accretive due to top-line and cost synergies [17] - The company is targeting 7 to 9 de novo openings in 2026, which would be a record for the company [32] - The company is actively monitoring the New York workers' compensation fee schedule for potential opportunities to expand into the state [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for the U.S. labor market, expecting to add 5.2 million jobs from 2024 through 2034 [10] - The company anticipates steady growth in revenue per visit and visits, with a focus on maintaining efficiency gains captured in 2025 [36] - Management noted that they are largely through the integration process for the Nova and Pivot acquisitions and have captured most expected synergies [32] Other Important Information - The company generated $118.7 million in operating cash flow in Q4 2025, compared to $93.7 million in Q4 2024 [27] - Free Cash Flow for the full year was $197.8 million, with a conversion rate of 114% [29] - The company declared a cash dividend of $0.0625 per share, payable on March 19, 2026 [37] Q&A Session Summary Question: How are you contemplating impacts from weather or potential elevated respiratory activity? - Management indicated that weather has not significantly impacted operations and does not anticipate material effects from respiratory activity [42] Question: Can you elaborate on your Return on Invested Capital assessment for new opportunities? - Management stated they closely monitor ROIC and have a track record of successful M&A and de novo execution, typically resulting in strong ROICs [44] Question: What are your expectations regarding the New York opportunity? - Management highlighted the need for a comprehensive look at the fee schedule and expressed readiness to move quickly into the market once conditions improve [51] Question: How do you view the 2026 outlook in terms of seasonality and de novo investments? - Management confirmed that they expect a pickup in Q1 from recent acquisitions and are working on spreading de novo openings throughout the year [58] Question: What is the impact of the Select services agreement expiration on margins? - Management noted that they are nearing completion of the hiring process and expect TSA costs to ramp down by mid-2026, which will have some impact on margins [62] Question: How is labor retention trending and what wage inflation is built into the guide? - Management reported normal wage inflation trends of 2%-3% and noted improvements in retention and reduced turnover [67][68]

Financial Data and Key Metrics Changes - For the full year 2025, corporate adjusted EBITDA was $297.6 million, and adjusted FFO per share was $1.08, with free cash flow per share at $0.69, reflecting a 6% increase over 2024 and a 22% increase since 2023 [3] - Full year comparable total RevPAR grew by 1.2%, while comparable hotel adjusted EBITDA increased by 1.1% [3] - In Q4 2025, corporate adjusted EBITDA was $71.9 million, and adjusted FFO per share was $0.27, with comparable RevPAR declining by 30 basis points [3][4] Business Line Data and Key Metrics Changes - Business transient revenue grew by 2.5%, while group revenue declined by 1% and leisure transient revenue decreased by 2.5% [4] - Out-of-room revenue per occupied room at resorts increased nearly 7%, marking the strongest quarterly growth of the year [5] - Food and beverage revenues rose by 1.4%, with margins expanding by 120 basis points due to a modest increase in labor costs [5][6] Market Data and Key Metrics Changes - The urban portfolio, accounting for 62% of annual EBITDA, delivered 0.3% RevPAR growth in Q4, with notable performance from specific hotels [6] - Resort RevPAR declined by 1.8%, while total RevPAR increased by 1.1% [6] - The company expects to enter 2026 with $149 million of group room revenue on the books, the same as 2025, which was a peak year [9] Company Strategy and Development Direction - The company aims to drive outsized free cash flow per share growth, with a disciplined capital allocation strategy [17][18] - A five-year capital expenditure program is planned, equating to 7%-9% of total revenues, which is lower than the peer average [19] - The company is likely to be a net seller of hotels in 2026, focusing on transactions that advance its strategy to increase free cash flow per share [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the trajectory of resorts, citing the lowest year-over-year RevPAR decline in Q4 among all quarters [7] - The company anticipates benefiting from favorable year-over-year comparisons following the federal government shutdown and expects improved group business conversion [26] - The higher-end portfolio is expected to continue benefiting from affluent consumer spending patterns, with early signs of strong demand for spring break and upcoming events [27][28] Other Important Information - The company redeemed its Series A redeemable preferred shares, which is expected to generate a $0.03 tailwind to FFO per share in 2026 [9][10] - The company plans to declare quarterly dividends of $0.09 per share in 2026, with potential for a fourth-quarter sub-dividend [11] Q&A Session Summary Question: Thoughts on labor and benefits pace in 2026 - Management expects labor costs to increase around 3% in 2026, influenced by contract renewals in New York [36] Question: Insights on first quarter RevPAR - The first quarter is expected to be the toughest comparison of the year, with group pace weighted towards growth in the second and fourth quarters [39] Question: Impact of Westin Seaport franchise expiration - Management is pleased with interest from multiple brands regarding the Westin Seaport and is working towards finalizing a deal [43] Question: RevPAR lift from World Cup demand - Approximately 20 basis points of RevPAR growth is embedded in the 2026 guidance from World Cup demand, with early signs of rate strength [45] Question: Out-of-room spend performance - Management is cautiously optimistic about continuing to improve out-of-room spend, with a 10% increase in leads and tentatives for group bookings compared to last year [52] Question: CapEx plans for 2026 - Management indicated that CapEx will focus on value engineering and appropriate expenditures for each hotel, with larger successes expected in CapEx [56] Question: State of business transient travel - Management believes affluent consumers will continue to spend, while visibility on lower-level consumer trends is less clear [97]

Frontline (NYSE:FRO) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Speaker4Good day, and thank you for standing by. Welcome to the fourth quarter, 2025 Frontline plc Earnings conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To w ...

Globalstar (NYSEAM:GSAT) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Speaker4Good day. Thank you for standing by. Welcome to the Globalstar fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdr ...

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $31 million of net income, $45 million of operating cash flow, and $46 million of free cash flow. For the full year 2025, net income was $136 million, operating cash flow was $166 million, and free cash flow was $169 million [10] - The Mineral Rights segment reported a decrease in net income, operating cash flow, and free cash flow by $13 million in Q4 and $41 million for the full year compared to the prior year [11] - The Soda Ash segment's net income decreased by $3 million in Q4 and $15 million for the full year compared to the prior year periods [12] Business Line Data and Key Metrics Changes - The Mineral Rights segment accounted for approximately 70% of coal royalty revenues and 45% of coal royalty sales volumes in Q4 2025, with a similar mix for the full year [11] - The Soda Ash segment faced challenges due to lower international sales prices and weak demand, leading to a decrease in operating and free cash flow by $11 million in Q4 and $31 million for the full year compared to the prior year [12] Market Data and Key Metrics Changes - Metallurgical and thermal coal prices are at cyclically low levels, while soda ash prices are at generational lows, with no immediate catalysts expected to improve this outlook [4][5] - The company noted that the global soda ash market is experiencing a downturn that may last several years, with international prices below production costs for most producers [6] Company Strategy and Development Direction - The company is focused on managing the partnership under the assumption that demand for North American thermal coal is in long-term decline, while also investing in safety and operational integrity [5][6] - The company plans to retire all outstanding debt and increase unitholder distributions, although the recent $39 million investment in Sisecam Wyoming may delay this timeline [9] Management Comments on Operating Environment and Future Outlook - Management expressed concerns about the prolonged downturn in the soda ash market, indicating that the extent and duration of the downturn have exceeded expectations [5][6] - The company remains disciplined in its capital allocation decisions, prioritizing intrinsic value maximization while navigating a challenging market environment [7] Other Important Information - The company retired $109 million of debt in 2025, finishing the year with $33 million of debt and no other financial obligations [9] - A special distribution of $0.12 per common unit was announced to help cover unitholder tax liabilities associated with owning NRP's common units in 2025 [14] Q&A Session Summary Question: Is the joint venture now debt-free following the capital contribution? - The joint venture has over $50 million of debt remaining after the contribution [16] Question: Are there plans to continue making contributions to pay down the remaining debt? - Currently, there are no plans to make further contributions, but it remains a possibility if market conditions worsen [18] Question: Will distributions be substantially increased in the May quarter? - No, the timing for potential distribution increases is likely pushed back to November due to the ongoing bear market and the recent capital contribution [27][29] Question: Why did the company not bid at the recent mineral rights auction? - The company typically does not find attractive opportunities at auctions and is focused on de-leveraging before returning capital to unitholders [32]

MasTec (NYSE:MTZ) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Speaker13Good day. Thank you for standing by. Welcome to the Q4 2025 MasTec Inc Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will hear an automated message advising that your hand is raised. To withdraw your question, please pr ...

YPF (NYSE:YPF) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Speaker10Hello everyone. Welcome to YPF Fourth Quarter 2025 and full year 2025 earnings webcast presentation. Please note that this call is being recorded. After the prepared remarks, there will be a question and answer session. If you'd like to ask a question during that time, please press star followed by 1 on your telephone keypad. Thank you. I'd now like to hand the call over to Margarita Chun, YPF's IR manager. Please go ahead.Speaker6G ...