Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GOP margin of 40.2% and a hotel EBITDA margin of 33.2%, with GOP margins only down 30 basis points despite a 1.8% decline in RevPAR [28][23] - The company generated adjusted EBITDA of $20.2 million and adjusted FFO of $0.21 per share for Q4 2025 [28][30] - The overall GOP margin decline for the year was limited to 40 basis points, with labor and benefits costs increasing only 1.2% on a per occupied room basis [24][28] Business Line Data and Key Metrics Changes - The company sold four older, lower RevPAR hotels for a total of $71.4 million, which helped reduce net debt by $70 million and leverage ratio to 20% [8][29] - RevPAR for the company's predominantly leisure hotels grew by 50 basis points in the quarter, while RevPAR for Silicon Valley hotels grew only 1% [16][13] - The top five RevPAR hotels in Q4 included Residence Inn in White Plains at $200 and Residence Inn in Fort Lauderdale at $186 [21] Market Data and Key Metrics Changes - In Silicon Valley, RevPAR was up 1% for 2026, with a strong demand from major companies like Google and Apple [13][15] - San Diego's RevPAR declined by 8% due to a retraction from a strong convention calendar in 2024 [17] - Los Angeles saw a 4% increase in RevPAR, benefiting from fire-related business, while the D.C. area hotels are expected to have easier comps in 2026 [18][27] Company Strategy and Development Direction - The company plans to continue repurchasing shares and has already repurchased approximately 1.8 million shares under a $25 million plan [6][10] - The company aims to invest in markets benefiting from increased business investments, particularly in the Central and Southeastern U.S. [12] - A new hotel development in Portland, Maine, is expected to commence soon, with an opening planned before summer 2028 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term industry growth, citing a favorable supply-demand equation and healthy GDP growth [9][10] - Wage pressures are expected to moderate, with a projected increase of only 2% for the second half of 2025 [5][10] - The company anticipates a conservative outlook for RevPAR in 2026, with expectations of low single-digit declines in Q1 followed by growth in subsequent quarters [30][32] Other Important Information - The company completed the largest financing in its history, totaling $500 million, while reducing overall borrowing costs [8] - The company ranked 29th out of 95 listed companies in the GRESB Sustainability Benchmark [8] Q&A Session Summary Question: Are there plans for further asset sales in 2026? - Management indicated there may be one or two more opportunistic sales, following the six hotels sold in the last 18 months [35] Question: What are the expectations for acquisitions and leverage? - Management is comfortable with historical leverage levels and sees sellers becoming more realistic about pricing, which may lead to potential acquisitions [36][37] Question: What expense pressures are expected in 2026? - Management noted potential utility pressures early in 2026 but indicated that overall operating expenses are stable [39] Question: How much room is left for productivity improvements? - Management stated that headcount is down 13% year-over-year, and they will continue to focus on controlling wages and headcount [43][44] Question: What is the impact of the World Cup on business? - Management is cautiously optimistic about the World Cup's impact but remains conservative in expectations due to uncertainties in demand [48][50] Question: What is the expected RevPAR cadence for 2026? - Management expects low single-digit declines in Q1, followed by growth in the last three quarters of the year, aided by easier comps [55][56]

Financial Data and Key Metrics Changes - The company's consolidated earnings for 2025 were $2.38 per diluted share, an increase from $2.29 in 2024 [3] - Non-GAAP utility earnings for 2025 were $2.55 per diluted share, compared to $2.38 per diluted share in 2024 [4] - For Q4 2025, consolidated earnings were $0.87 per diluted share, up from $0.84 per diluted share in Q4 2024 [4] - Non-GAAP utility earnings for Q4 2025 were $0.88 per diluted share, slightly down from $0.89 per diluted share in Q4 2024 [4] Business Line Data and Key Metrics Changes - Avista Utilities' results were impacted by a one-time adjustment related to Colstrip investments, which decreased earnings per share by $0.07 [6] - Despite headwinds, utility results were within the original guidance range, and excluding specific factors, results would have exceeded the midpoint of the 2025 utilities earnings guidance [6] Market Data and Key Metrics Changes - The company filed a four-year rate plan with the Washington Utilities and Transportation Commission, addressing rising costs related to grid modernization and clean energy compliance [6][10] - A significant deposit was received from a data center developer for a potential load of 125 MW, expected to ramp up to 500 MW by 2030 [8] Company Strategy and Development Direction - The company aims to reduce the frequency of regulatory proceedings and provide greater stability in cost recovery and shareholder returns through the four-year rate plan [6] - Selected projects from the RFP process include upgrades to natural gas turbines, a battery energy storage system, and a power purchase agreement for wind energy [7] - The company is exploring early acquisition of resources to capitalize on tax credit opportunities and enhance flexibility until more load is needed [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the combination of growth opportunities and uncertainty in the operating environment [5] - The long-term earnings growth expectation is set at 4%-6% from the midpoint of 2025 consolidated earnings guidance [21] - The company is targeting a competitive payout range of 60%-70% for dividends, with a commitment to shareholder returns [11] Other Important Information - Capital expenditures for Avista Utilities were $553 million in 2025, expected to rise to $585 million in 2026, with a five-year projection of $3.4 billion [15][16] - The board raised the dividend to $1.97 per share, marking 24 consecutive years of dividend increases [11] Q&A Session Summary Question: Financing decisions for 2026 - Management indicated that financing decisions would be sequenced based on capital investment opportunities and would likely follow a periodic offering program unless significant investment opportunities arise [26][28] Question: Integration of new large load customer - Management confirmed that a significant deposit from a potential customer would lead to an MOU, ensuring existing customers are insulated from any negative impacts if the customer does not materialize [30][31] Question: Financing plan for potential $350 million CapEx - Management expects a 50/50 debt and equity structure for the potential additional capital, considering hybrids if necessary [38][40] Question: Monetizing non-regulated investments - Management expressed intent to monetize non-regulated investments if opportunities arise, which could reduce the need for equity issuance [42] Question: Long-term EPS growth correlation with rate base CAGR - Management confirmed that the expected 4%-6% EPS growth correlates with a 5% rate base CAGR, with potential for higher growth if additional investments materialize [43][44]

Everus Construction (NYSE:ECG) Q4 2025 Earnings call February 25, 2026 10:30 AM ET Company ParticipantsBrian Brophy - Managing DirectorIan Zaffino - Managing DirectorJeff Thiede - CEOManish Somaiya - Managing DirectorMax Marcy - CFOPaul Bartolai - Head of Investor RelationsConference Call ParticipantsBrent Thielman - Managing Director and Senior Research AnalystJoseph Osha - Managing Director and Senior Research AnalystOperatorHello, thank you for standing by. My name is Regina, I will be your conference op ...

Chatham Lodging Trust (NYSE:CLDT) Q4 2025 Earnings call February 25, 2026 10:30 AM ET Company ParticipantsAri Klein - Director of Equity ResearchChris Daly - PresidentDennis M. Craven - EVP and COOJeffrey H. Fisher - Chairman, President, and CEOJeremy Wegner - SVP and CFOConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystTyler Batory - Executive Director and Senior AnalystOperatorGood morning, ladies and gentlemen, welcome to the Chatham Lodging Trust Fourth Quart ...

Financial Data and Key Metrics Changes - Fourth quarter revenues exceeded $1 billion for the first time, up 33% from the prior year period, driven by growth in both E&M and T&D segments [6][16] - Full-year revenues increased 32% to $3.75 billion, primarily from the E&M business, with EBITDA rising 52% to $320 million compared to 2024 [7][17] - Fourth quarter EBITDA margin was 8.4%, up 70 basis points from 7.7% in the prior year period [16][17] Business Line Data and Key Metrics Changes - E&M segment revenues increased 44% to $791.6 million in the fourth quarter, with EBITDA rising 57% to $67.1 million [18][19] - T&D segment revenues were $227.7 million, up 6.8% from the previous year, but EBITDA was flat at $30.5 million due to project mix and higher SG&A expenses [19][20] Market Data and Key Metrics Changes - The backlog at the end of 2025 was $3.2 billion, up 16% from the same period last year, with T&D backlog increasing by 41% and E&M backlog by 13% [8][18] - The company sees robust project pipelines across diverse markets, including data centers, hospitality, and semiconductor sectors [9][18] Company Strategy and Development Direction - The company focuses on its "Forever Strategy," which emphasizes employee retention, customer value creation, and operational excellence [10][12] - Plans for geographic expansion through satellite projects are in place, with a recent entry into a new market supporting a large semiconductor company [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth due to favorable market trends and a strong backlog entering 2026 [24] - The company anticipates revenue guidance for 2026 in the range of $4.1 billion to $4.2 billion, reflecting strong demand drivers [23][24] Other Important Information - The company ended 2025 with approximately 9,400 employees, up from 8,700 at the end of 2024, indicating a focus on workforce expansion [11] - Capital expenditures increased to $66.8 million in 2025, up from $43.8 million in 2024, to support growth initiatives [22] Q&A Session Summary Question: Guidance and Margins - Inquiry about whether exceptional execution in 2025 would be repeatable in 2026 and if management is being conservative in their guidance [27] - Management confirmed that exceptional margin upside was due to diversified contributions from various markets and expressed confidence in achieving forecasted margins for 2026 [28][29] Question: Leverage and Free Cash Flow - Questions regarding the company's low leverage and thoughts on optimal leverage levels, as well as free cash flow conversion going forward [30] - Management emphasized the importance of a strong balance sheet for organic growth and M&A opportunities, indicating a target leverage of 1.5-2 times [32] Question: Capacity Constraints and Backlog - Inquiry about potential capacity constraints given the record backlog and lead times for projects [37] - Management reassured that they have sufficient skilled labor to complete projects and that 80% of the backlog typically burns off within 12 months [39][41] Question: Satellite Operations and Expansion - Questions about opportunities for satellite expansions in 2026 and specific geographies of interest [47] - Management indicated a selective approach to satellite operations and mentioned potential opportunities in the South and Southeast [49] Question: Labor Costs and M&A Strategy - Inquiry about labor cost management and the company's approach to M&A in the current market [58][60] - Management stated that they are successfully incorporating labor cost increases into pricing and are open to both larger and smaller M&A transactions [61][63]

Financial Data and Key Metrics Changes - The company's consolidated earnings for 2025 were $2.38 per diluted share, an increase from $2.29 in 2024 [3] - Non-GAAP utility earnings for 2025 were $2.55 per diluted share, compared to $2.38 per diluted share in 2024 [4] - For Q4 2025, consolidated earnings were $0.87 per diluted share, up from $0.84 per diluted share in Q4 2024 [4] - Non-GAAP utility earnings for Q4 2025 were $0.88 per diluted share, slightly down from $0.89 per diluted share in Q4 2024 [4] Business Line Data and Key Metrics Changes - Avista Utilities' results were impacted by a one-time adjustment related to Colstrip investments, which decreased earnings per share by $0.07 [6] - Despite headwinds, utility results were within the original guidance range, and excluding specific factors, results would have exceeded the midpoint of the 2025 utilities earnings guidance [6] Market Data and Key Metrics Changes - The company filed a 4-year rate plan with the Washington Utilities and Transportation Commission, addressing rising costs related to grid modernization and clean energy compliance [6][10] - A significant deposit was received from a data center developer intending to locate in Washington, with an initial load expected to be 125 megawatts, ramping up to 500 megawatts by 2030 [8] Company Strategy and Development Direction - The company aims to reduce the frequency of regulatory proceedings and provide greater stability in cost recovery and shareholder returns through the 4-year rate plan [6] - Selected projects from the RFP process include upgrades to natural gas turbines, a 100 megawatt battery energy storage system, and a 200 megawatt wind power purchase agreement [7] - The company is exploring early acquisition of resources to capitalize on tax credit opportunities and enhance flexibility until more load is needed [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the combination of growth opportunities and uncertainty in the operating environment, emphasizing a focus on executing strategies [5] - The long-term earnings growth expectation is set at 4%-6% from the midpoint of 2025 consolidated earnings guidance, with a targeted return on equity of approximately 9% [21] Other Important Information - The board of directors raised the dividend to $1.97 per share, marking 24 consecutive years of dividend increases [11] - Capital expenditures for Avista Utilities were $553 million in 2025, expected to rise to $585 million in 2026, with a projected total of $3.4 billion from 2026 to 2030 [15][16] Q&A Session Summary Question: How are you sequencing financing decisions for 2026? - Management indicated that financing decisions would be reassessed based on additional capital investment opportunities, with a steady progress expected towards the $90 million equity issuance [26][28] Question: What is the internal threshold for committing to incremental CapEx for large load customers? - Management stated that a significant deposit from a potential customer would lead to an MOU, ensuring existing customers are insulated from any negative impacts if the large load does not materialize [30][31] Question: Should the potential $350 million CapEx be modeled as 50/50 debt and equity? - Management confirmed that a 50/50 funding approach would be expected for any additional capital beyond the base plan [38][40] Question: Will you consider monetizing non-regulated investments? - Management expressed intent to monetize non-regulated investments if opportunities arise, which could help reduce future equity issuance [42] Question: Is the upside CapEx included in the rate-based CAGR? - Management clarified that the upside CapEx is not included in the current CAGR projections, as it serves as a proxy for potential investment opportunities [56]

Financial Data and Key Metrics Changes - In 2025, the company reported $163.4 billion in originations, a 17% increase from 2024, with net income of $244 million, which was down from $329 million in 2024 [3][9] - For Q4 2025, the company achieved $49.6 billion in originations, a 28% year-over-year increase, with net income of $164.5 million, significantly up from $12.1 million in Q3 [4][8] - Adjusted EBITDA for the full year was over $697 million, while Q4 adjusted EBITDA was $232.8 million [4][9] Business Line Data and Key Metrics Changes - The servicing income for 2025 was $725 million, up from $637 million in 2024, indicating growth in this segment [9] - The company maintained a mortgage servicing rights (MSR) portfolio with a UPB of approximately $241 billion and a fair value of $4.1 billion [8] Market Data and Key Metrics Changes - The company continues to capitalize on the growing broker channel, driven by consumer preferences for rate shopping and the guidance provided by mortgage brokers [6][12] - The company is positioned uniquely in the market with a 100% broker model, which is seen as a significant competitive advantage [7] Company Strategy and Development Direction - The company is focused on bringing servicing in-house and completing the acquisition of Two Harbors, which are viewed as strategic inflection points for growth [5][10] - The company aims to enhance its operational capacity through disciplined investments in people, processes, and technology [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the mortgage and housing industry, citing potential benefits from government initiatives aimed at improving affordability and lowering rates [12] - The company anticipates maintaining its number one position in the market and is excited about the potential of AI to drive efficiency and production [12][14] Other Important Information - The company reported total revenue of $3.2 billion for 2025, up from $2.7 billion in 2024, reflecting strong overall performance [9] - The total equity at the end of Q4 was $1.6 billion, with total available liquidity of $1.8 billion [10] Summary of Q&A Session - The management did not conduct a traditional Q&A session but encouraged stakeholders to refer to SEC filings for more detailed information about the business and strategy [13]

Financial Data and Key Metrics Changes - In 2025, the company reported $163.4 billion in originations, a 17% increase from 2024, with net income of $244 million, which included a $435 million MSR write-down [5][9] - For Q4 2025, the company achieved $49.6 billion in originations, up 28% year-over-year, with a net income of $164.5 million, including a $28.8 million MSR write-down [5][9] - Adjusted EBITDA for the full year was over $697 million, while Q4 adjusted EBITDA was $232.8 million [5][9] Business Line Data and Key Metrics Changes - The servicing income for 2025 was $725 million, an increase from $637 million in 2024 [10] - The company maintained a MSR portfolio with a UPB of approximately $241 billion and a fair value of $4.1 billion [9][10] Market Data and Key Metrics Changes - The company noted a growing trend of consumers entering the broker channel, driven by factors such as rate shopping and the ability of mortgage brokers to guide consumers [8] Company Strategy and Development Direction - The company is focused on bringing servicing in-house and has a strategic partnership with Bilt, which is expected to enhance lead flow and consumer engagement [6][7] - The pending acquisition of Two Harbors is viewed as a strategic inflection point that will enhance operational capabilities and market position [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the mortgage and housing industry, citing potential benefits from government initiatives aimed at improving affordability and lowering rates [13] - The company anticipates maintaining its number one position in the market and is excited about the potential of AI to reduce expenses while increasing production [13][14] Other Important Information - The company reported total revenue of $3.2 billion for 2025, up from $2.7 billion in 2024 [9][10] - The total equity at the end of Q4 was $1.6 billion, with total available liquidity of $1.8 billion [10][11] Summary of Q&A Session Questions and Answers - The management did not engage in a traditional Q&A session but encouraged stakeholders to refer to SEC filings for more detailed information about the business and strategy [15][16]

Financial Data and Key Metrics Changes - In 2025, the company reported $163.4 billion in originations, a 17% increase from 2024, with net income of $244 million, which included a $435 million MSR write-down [3][4] - For Q4 2025, the company achieved $49.6 billion in originations, up 28% year-over-year, with a net income of $164.5 million, including a $28.8 million write-down of MSRs [4][8] - Adjusted EBITDA for the full year was over $697 million, while Q4 adjusted EBITDA was $232.8 million [4][8] Business Line Data and Key Metrics Changes - The servicing income for 2025 was $725 million, an increase from $637 million in 2024 [9] - The company maintained a MSR portfolio with a UPB of approximately $241 billion and a fair value of $4.1 billion [8] Market Data and Key Metrics Changes - The company noted a growing trend of consumers entering the broker channel, driven by factors such as rate shopping and the ability of mortgage brokers to guide them [6] Company Strategy and Development Direction - The company is focused on bringing servicing in-house and completing the acquisition of Two Harbors, which are seen as strategic inflection points for operational improvements and market dominance [5][6] - The company aims to enhance its broker channel growth and consumer retention through a closed-loop platform that integrates various services [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the mortgage and housing industry, citing support from government entities aimed at improving affordability and lowering rates [12] - The company anticipates maintaining its number one position in the market and is excited about the potential of AI to drive efficiency and production [12][14] Other Important Information - The company reported total revenue of $3.2 billion for 2025, up from $2.7 billion in 2024 [8][9] - The total equity at the end of Q4 was $1.6 billion, with total available liquidity of $1.8 billion [9][10] Summary of Q&A Session - The management did not conduct a traditional Q&A session but encouraged stakeholders to refer to SEC filings for more detailed information about the business and strategy [13]

Financial Data and Key Metrics Changes - The company's consolidated earnings for 2025 were $2.38 per diluted share, an increase from $2.29 in 2024 [3] - Non-GAAP utility earnings for 2025 were $2.55 per diluted share, compared to $2.38 per diluted share in 2024 [4] - For Q4 2025, consolidated earnings were $0.87 per diluted share, up from $0.84 per diluted share in Q4 2024 [4] - Non-GAAP utility earnings for Q4 2025 were $0.88 per diluted share, slightly down from $0.89 per diluted share in Q4 2024 [4] Business Line Data and Key Metrics Changes - Avista Utilities' results were impacted by a one-time adjustment related to Colstrip investments, which decreased earnings per share by $0.07 [6] - Despite headwinds, utility results landed within the original guidance range, and excluding specific factors, results would have exceeded the midpoint of the 2025 utilities earnings guidance [6] Market Data and Key Metrics Changes - The company filed a 4-year rate plan with the Washington Utilities and Transportation Commission, addressing rising costs related to grid modernization and clean energy compliance [6][10] - A significant deposit was received from a data center developer intending to locate in Washington, with an initial load expected to be 125 megawatts, ramping up to 500 megawatts by 2030 [8] Company Strategy and Development Direction - The company aims to reduce the frequency of regulatory proceedings and provide greater stability in cost recovery and shareholder returns through the 4-year rate plan [6] - Selected projects from the RFP process include upgrades to natural gas turbines, a 100 megawatt battery energy storage system, and a 200 megawatt wind power purchase agreement [7] - The company is exploring early acquisition of resources to capitalize on tax credit opportunities and enhance flexibility until more load is needed [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term strength of the utility, despite facing unprecedented uncertainty [5] - The company expects earnings to grow 4%-6% from the midpoint of 2025 consolidated earnings guidance, raising the long-term expected return on equity to approximately 9% [20] Other Important Information - The board of directors raised the dividend to $1.97 per share, marking 24 consecutive years of dividend increases with a compound annual growth of over 5% [11] - Capital expenditures for Avista Utilities were $553 million in 2025, expected to rise to $585 million in 2026, with a projected $3.4 billion in capital expenditures from 2026 to 2030 [15][16] Q&A Session Summary Question: Financing decisions for 2026 - Management indicated that financing decisions would be sequenced based on capital investment opportunities and would likely follow a periodic offering program unless significant investment opportunities arise [26][28] Question: Integration of new large load customer - The next step involves moving towards a Memorandum of Understanding (MOU) with the new customer, ensuring existing customers are insulated from potential impacts if the large load does not materialize [29][30] Question: Financing plan for potential $350 million CapEx - Management expects a 50/50 debt and equity structure for the potential $350 million CapEx, considering hybrids if additional capital is needed [38][40] Question: Monetizing non-regulated investments - The company is open to monetizing non-regulated investments if opportunities arise, which could help reduce the need for equity issuance [41] Question: Long-term EPS growth expectations - Management remains confident in achieving a 4%-6% growth rate, despite a lower result in 2025, with a long-term ROE target of 9% [51][53] Question: Rate-based CAGR and CapEx inclusion - The upside CapEx is not included in the current CAGR projections, but it is considered a proxy for potential investment opportunities [54]